Market Recap* – Week of March 16, 2026

1. What happened in the markets?

Canadian stocks fell for a fourth week in a row. Materials stocks were among the biggest decliners as gold prices dropped, while financial stocks also faced selling pressure. Energy producers held up better than most, with some names posting modest gains as oil prices remained elevated.

U.S. stocks also fell, with the S&P 500 and the Nasdaq both closing lower on Friday, capping another difficult week for markets. The ongoing conflict in the Middle East continued to push oil prices higher, keeping investors cautious. Most sectors finished the week in the red, with only energy posting a gain.

Canadian bond prices edged lower over the week. The Bank of Canada held its interest rate steady at 2.25% on March 18, noting that higher energy prices from the Middle East conflict are likely to push inflation higher, while also pointing out that it is too soon to know the full impact on the Canadian economy. With uncertainty pulling in two directions at once, conditions for bonds remained difficult.

The money market holding was essentially unchanged over the week, edging up by a very small amount. With the Bank of Canada holding its rate steady, short-term investments continued to offer stability and a modest level of income at a time when most other asset classes declined.

The Canadian dollar was virtually unchanged against the U.S. dollar over the week, closing at nearly the same level as the prior Friday. The Canadian dollar received some support from elevated energy prices, which benefit Canada as a major energy exporter, helping to offset broader pressure from global uncertainty and demand for the U.S. dollar as a haven. The two forces largely cancelled each other out, leaving the currency little changed on the week.

2. What does it mean for Embark Funds?

Asset class	Change	Impact on cohorts
Canadian Equities	↓	Negative for younger cohorts. Canadian stocks fell for a fourth consecutive week amid declining gold prices and broad selling pressure.
U.S. Equities	↓	Negative for younger, growth-oriented cohorts. Markets declined for a fourth consecutive week as the Middle East conflict kept oil prices high and sentiment weak.
Bonds	↓	A modest negative for older and more conservative cohorts. Bond prices edged lower, offering limited protection during a difficult week.
Money Market	–	Continued to support older cohorts and capital-preservation strategies. Short-term returns remained stable and predictable.
Canadian Dollar	– CAD	The Canadian dollar was virtually unchanged. Little to no currency impact on portfolios with foreign holdings.