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Open Edition. Tuesday, September 1, 2026

Curated market context for passive investors.

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$45.41
-0.48%

Headline

XEQT slides 0.48% as rising rates and oil prices weigh on U.S. tech and Canadian materials.

XEQT was down 0.48% in early trading as rising bond yields and oil prices weighed on equities across three of the four sleeves. The U.S. sleeve, the largest at 45% of the fund, declined 0.58%, led by a 1.66% drop in the information-technology sector. Canada fell 0.83%, with materials down 3.03% offset slightly by energy strength as crude oil surged 3.07%. International developed markets were little changed, down just 0.25%, while emerging markets managed a small gain of 0.34% as Taiwan jumped 2.26%, buoyed by reports of Nvidia investment in MediaTek.

How large is this morning's move?

Larger-than-usual day · This morning's -0.48% move is 1.3× the 20-day average move.

This scale measures size, not what to do. Larger moves are a normal part of holding a global all-equity fund.

The Regions

  • Canada

    25.70% of XEQT

    • XIC.TO
    -0.83% -0.21 pts from XEQT

    The Canadian sleeve fell 0.83%, dragged primarily by a 3.03% decline in materials as gold retreated 1.63%. Energy delivered notable support, rising 1.44% as crude oil climbed above $88 per barrel, though the sector's 16.5% weight within the sleeve was not enough to offset materials losses. Financials, which account for over one-third of the sleeve, were nearly flat at plus 0.03%.

    Canada market region icon

  • United States

    45.02% of XEQT

    • XTOT.TO
    • ITOT
    -0.58% -0.26 pts from XEQT

    The U.S. sleeve declined 0.58%, with technology as the principal driver, falling 1.66% and contributing 0.59 percentage points of the sleeve's loss. Consumer discretionary dropped 1.22%, while industrials and financials posted smaller declines. Health care and consumer staples showed resilience with small gains. Rising Treasury yields, which touched 4.77%, dampened growth-oriented equities and magnified the rotation into rate-insensitive sectors.

    United States market region icon

  • Intl Developed

    24.39% of XEQT

    • XEF.TO
    -0.25% -0.06 pts from XEQT

    International developed markets edged lower by 0.25%, moderated by the UK's near-flat performance that offset declines in Germany, the Netherlands, and Japan. Japan's 10-year government bond yield reached 3%, a 30-year high, reflecting inflationary pressures from rising oil prices transmitted through a global bond selloff. The small net decline within the sleeve underscores how heterogeneous developed-market responses can partially cushion broader weakness.

    Intl Developed market region icon

  • Emerging Mrkts

    4.77% of XEQT

    • XEC.TO
    +0.34% +0.02 pts to XEQT

    Emerging markets rose 0.34%, sustained by Taiwan's strong 2.26% advance following the Nvidia-MediaTek partnership announcement, which boosted semiconductor sentiment. This gain masked widespread weakness elsewhere: South Korea fell 0.94%, India slipped 0.11%, and China edged up just 0.05%. Brazil added 1.30%, providing secondary support. Taiwan's outsized contribution to the sleeve's positive result highlights how concentrated gains in a single large market can offset broader regional pressure from rising yields and crude oil.

    Emerging Markets market region icon

Colored bars represent biggest contributors to XEQT's move this morning (threshold = ±0.1 percentage points). Returns are daily ETF price moves for tracked regional or sector categories and may differ slightly from raw index movements.

The Hold Line

XEQT's composition reveals how rising rates and energy inflation can create divergent pressures across a global portfolio. Energy and defensive sectors found support, but technology and rate-sensitive segments absorbed sharper losses. This opening session sits above the recent daily average, reflecting the magnitude of the bond-yield and commodity moves at work globally. For a disciplined long-term holder, this breadth of weakness across three of four sleeves signals a macro rebalancing in progress, not a pivot away from the portfolio thesis.

Signals

  • 01

    Oil-rate axis reshapes sector leadership

    Crude oil jumped 3.07% to near $88 per barrel on Iran tensions, lifting energy equities sharply while stoking inflation fears that pushed the U.S. 10-year Treasury yield up 34 basis points to 4.77%. Rising rates typically pressure technology stocks more than industrials or utilities, since their future cash flows are discounted at higher rates. This dynamic explains why U.S. technology fell 1.66% while energy rose 0.75%, a sector rotation worth monitoring if the oil-rate nexus persists.

  • 02

    VIX spike reflects rate shock, not panic

    The VIX spiked 6.5% to 15.89, suggesting a material uptick in perceived equity risk tied to the geopolitical flare-up and bond-market volatility, yet XEQT fell only 0.48%, well within the recent 20-day average move of 0.36%. This 1.3-times average magnitude indicates the market is responding proportionately to genuine rate and energy shocks, not capitulating to panic. For long-term holders, controlled volatility in response to real macro moves is healthier than suppressed pricing.

  • 03

    Taiwan semiconductor rally drives EM gains

    Taiwan soared 2.26% on Nvidia-MediaTek deal optimism, lifting the emerging-markets sleeve to a gain despite weakness in South Korea, India, and China. This 27.5% weight in the emerging-markets sleeve demonstrates how semiconductor sentiment can dominate emerging-market returns when tech investment is concentrated in Taiwan. The concentrated upside is worth noting, as it suggests emerging-markets gains today were driven by a single pivotal narrative rather than broad regional recovery.

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Aug 5 to Sep 1 · $45.97 → $45.41

-1.22%