Market Recap* – Week of March 23, 2026

1. What happened in the markets?

Canadian stocks bucked the global trend and rose modestly over the week. Energy and mining stocks provided a critical cushion as oil and gold prices remained elevated, with major energy producers and gold miners posting gains amid ongoing disruptions in the Middle East. The TSX’s heavy weighting in resources helped it hold up considerably better than markets in the U.S. and elsewhere.

U.S. stocks fell again, with the S&P 500 closing at a seven-month low and posting its fifth straight weekly decline. The Dow also fell into correction territory during the week. The key driver remained rising oil prices, which settled at their highest level since the conflict began as investors grew increasingly skeptical that a diplomatic resolution was close.

Canadian bond prices edged lower again over the week. The market took its cues from the broader global environment. Rising Treasury yields on both sides of the border reflected growing concern that elevated energy prices could keep inflation higher for longer, which weighed on bond prices. The combination of geopolitical uncertainty and sticky inflation expectations continued to make conditions difficult for fixed income.

The money market holding edged up very slightly over the week, continuing to offer a stable and predictable return. Short-term investments remained one of the few reliable sources of positive returns during a turbulent period for markets.

The Canadian dollar weakened against the U.S. dollar over the week. The loonie came under pressure as hawkish Federal Reserve expectations and persistent geopolitical uncertainty bolstered demand for the U.S. dollar. Although oil prices remained elevated, which would normally support the Canadian dollar, the broad strength of the greenback and risk-off sentiment proved to be the stronger force.

2. What does it mean for Embark Funds?

Asset class	Change	Impact on cohorts
Canadian Equities	↑	A modest positive for younger cohorts with higher equity exposure. Canadian stocks rose as energy and mining stocks held up well amid elevated oil and gold prices.
U.S. Equities	↓	Negative for younger, growth-oriented cohorts. Markets declined for a fifth consecutive week as rising oil prices and geopolitical uncertainty continued to weigh on sentiment.
Bonds	↓	A modest negative for older and more conservative cohorts. Bond prices edged lower as rising inflation expectations kept 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	The weaker Canadian dollar provided a small lift to portfolios holding foreign assets, as those assets are worth more when converted back to Canadian dollars.