Toronto, Feb 22, 2026, 01:49 EST — Market closed
- The S&P/TSX Composite pushed to a record close of 33,817.51 Friday, climbing 0.7% for the session and picking up 2.25% over the week.
- Earnings season kicks off for Canada’s major banks on Tuesday. GDP and current account data follow later in the week.
- Canadian stocks tied to trade and commodities continue to react to U.S. tariff news and the latest moves in oil prices.
Canada’s main stock index hit a fresh record Friday, financials and metal miners leading gains after the U.S. Supreme Court struck down President Donald Trump’s tariffs. The S&P/TSX Composite advanced 222.53 points, or 0.7%, to close at 33,817.51. Materials climbed 1.7%, while financials added 0.9%. “That’s a crack in the armor… There are limits to what Trump can do,” said Colin Cieszynski, chief market strategist at SIA Wealth Management. Reuters
The market’s record finish kicks off a packed stretch for the sector, with the big banks about to take center stage. “The banks will dominate given their heavy weights in equities and credit,” said Scotiabank economist Derek Holt. Here’s the lineup: Bank of Nova Scotia reports Tuesday; Wednesday brings Bank of Montreal and National Bank; Thursday, TD, CIBC, and RBC step up; and Laurentian rounds things out Friday. Scotiabank
Traders will get their first solid look at how Canada wrapped up 2025 and stepped into 2026 as a flurry of data hits this week. Statistics Canada’s calendar puts the current account figures and payroll jobs and vacancies on deck for Thursday. Then on Friday, the agency drops fourth-quarter GDP (income and expenditure) and December GDP by industry. StatsCan’s “The Daily” comes out at 8:30 a.m. Eastern, and media get a sneak peek at embargoed “lockup” releases. Statistics Canada
Washington, not Ottawa, could still swing the market. On Saturday, Trump announced plans to bump up a temporary global tariff to 15% from 10%, using Section 122—a different U.S. law—after the Supreme Court tossed out his earlier attempt under the International Emergency Economic Powers Act, an emergency statute. The White House clarified that Section 122 would carve out exemptions for some goods, including critical minerals, metals, and energy products.
The Canadian dollar slipped 0.5% this week, finishing Friday at 1.3687 per U.S. dollar in Toronto trading. The 10-year Canadian yield, after falling to its lowest since Dec. 1, managed to nudge higher by the close. “The ruling will have less impact on Canadian trade than most other countries,” wrote RBC’s Claire Fan and Nathan Janzen. Over at BMO, Shelly Kaushik noted, “consumer spending is holding in despite ongoing economic uncertainty.” Reuters
Stocks outside Canada jumped after the court ruling, offering TSX bulls momentum for Monday. The S&P 500 added 0.69% on Friday, and the Nasdaq picked up 0.90%, as investors balanced the tariff decision against weaker growth and higher inflation numbers. “Striking down of these tariffs will benefit corporate bottom lines,” said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder. Reuters
Oil futures wrapped up Friday almost flat, holding close to their highest levels in six months, as traders eyed U.S.-Iran developments. Brent finished at $71.76 and U.S. crude closed at $66.39 a barrel, both marking weekly gains north of 5%. “The tariffs decision didn’t seem to move us too much,” said Phil Flynn at Price Futures Group. Reuters
TSX traders are weighing whether Friday’s tariff relief lasts long enough to let earnings and data take center stage. Financials and materials have the muscle to lift the index when they move, though both groups quickly respond to changes in trade policy, rates, or commodity prices.
Here’s the risk: tariff news turns negative, bank earnings disappoint, or a weak GDP reading knocks rate bets back into play. A sudden drop in oil or metals would pressure the index’s commodity tilt right when traders are trying to gauge the next shift in U.S. trade policy.
