Market Recap* – Week of April 13, 2026

1. What happened in the markets?

The dominant story was Iran declaring the Strait of Hormuz fully open, combined with the start of Q1 earnings season in the U.S.

Canadian stocks rose for a fourth consecutive week, nearing February record highs after Iran declared the Strait of Hormuz fully open to commercial shipping. Information technology led the way while energy producers fell sharply on the week as crude prices declined but gains elsewhere were strong enough to carry the broader market higher.

U.S. stocks extended their winning streak, with major indexes posting their third straight weekly gain. The news that Iran had declared the Strait of Hormuz completely open to commercial traffic drove oil prices sharply lower, easing fears of a prolonged inflation shock and lifting investor confidence broadly. The start of the first quarter earnings season also provided support, with early results from financial sector companies coming in ahead of expectations.

Canadian bond prices rose over the week. The reopening of the Strait of Hormuz triggered a sharp drop in oil prices as fears of global supply disruptions faded. With the immediate inflation threat receding, bond prices recovered as the outlook improved.

The money market holding edged up very slightly over the week, continuing to offer stable and predictable returns.

The Canadian dollar strengthened against the U.S. dollar over the week, hitting a one-month high as the reopening of the Strait of Hormuz reduced demand for the U.S. dollar as a haven. Although falling oil prices would normally weigh on the loonie given Canada’s role as a major energy exporter, the broad weakness in the U.S. dollar proved to be the stronger force, pushing the Canadian dollar higher on the week.

2. What does it mean for Embark Funds?

Asset class	Change	Impact on cohorts
Canadian Equities	↑	Positive for younger cohorts with higher equity exposure. Canadian stocks rose for a fourth consecutive week, lifted by gains in tech stocks as the Strait of Hormuz reopened.
U.S. Equities	↑	Positive for younger, growth-oriented cohorts. U.S. markets extended their winning streak as the Strait of Hormuz reopening eased inflation fears and early earnings results came in ahead of expectations.
Bonds	↑	Positive for older and more conservative cohorts. Bond prices rose as falling oil prices reduced inflation concerns, easing pressure on fixed income.
Money Market	↑	Continued to support older cohorts and capital-preservation strategies. Short-term returns remained stable and predictable.
Canadian Dollar	↑ CAD	Modestly negative for cohorts with foreign asset exposure. The stronger Canadian dollar reduced the translated value of U.S. and other foreign holdings when converted back to Canadian dollars.