“You don’t have to be brilliant, only a little bit wiser than the other guys, on average, for a long time.” - Charlie Munger
Last Week’s Overview
| Index | Performance |
| TSX Composite | 0.23% |
| Dow Jones |
0.08% |
| S&P 500 | -0.01% |
| NASDAQ | -0.65% |
Source: Bloomberg (July 9, 2026)
Weekly Insights
Each week, we break down the key events and market movements shaping the investing landscape. From economic data to investor sentiment and global headlines, this section captures what mattered most, and how it impacted markets.
Housing Market Continues to Stabilize as Affordability Gradually Improves
Existing home sales eased 2.4% in June to an annualized pace of 4.09 million, while the median home price reached a record $440,600, up 1.8% from a year ago. Inventory continues to improve, giving buyers greater selection and moving the housing market toward a healthier, more sustainable balance.
For our portfolios, this normalization is constructive for long-term holdings tied to housing activity, including home improvement, building materials, mortgage services, and select financial institutions.
Source: Bloomberg (July 9, 2026)
Major Banks Enter Earnings Season from a Position of Strength
Five of the six largest U.S. banks report second-quarter results on the same day, and expectations are encouraging: the largest institutions are on pace for one of their strongest equity trading quarters on record.
The KBW Bank Index has outperformed the broader S&P 500 for much of the year, reflecting renewed confidence in well-capitalized banks that earn across lending, wealth management, trading, and investment banking. Because banks sit at the centre of consumer and business activity, their commentary on credit conditions and household spending gives us a valuable read on the health of the economy.
Source: Bloomberg (July 9, 2026)
Energy Markets Highlight the Value of Diversification
Oil prices moved higher during the week as commodity markets responded to shifting global supply and demand expectations, with Brent crude approaching $80 per barrel and West Texas Intermediate nearing $74. North America's status as a leading global energy producer typically helps insulate the domestic economy from international supply shocks.
When prices firm up, this dynamic can create opportunities for producers, pipeline operators, and energy service providers. Periods like this reinforce why we build diversified portfolios: rather than reacting to short-term price moves, we stay focused on company fundamentals, earnings growth, and disciplined portfolio construction across sectors and asset classes.
Source: Bloomberg (July 9, 2026)
Key Drivers of Our Outperformance
We believe in transparency when it comes to where our outperformance is coming from. This section spotlights a top-performing company we hold, a sector where we've taken a winning position, and a strategy that has driven recent success across our portfolios.
- Top Company: Apple Inc. (AAPL)
- Apple was our top-performing holding last week, advancing 6.46% as investors responded positively to the company's artificial intelligence strategy and steady consumer demand. As Apple weaves AI capabilities across its devices and services, it strengthens both customer loyalty and the recurring services revenue that supports long-term earnings visibility.
- With a $4.62 trillion market value, a large and growing installed base, and industry-leading profitability, Apple is exactly the kind of durable, cash-generating business we want anchoring our portfolios.
- Source: Optimize Asset Management (July 9, 2026)
- Top Sector: Information Technology
Information Technology led our performance last week. The strength reflects sustained corporate investment in AI infrastructure, healthy semiconductor demand, and improving enterprise software spending, all supported by strong free cash flow generation. - Valuations are elevated, and we monitor them closely; the earnings momentum and structural growth behind these businesses continue to justify our meaningful allocation.
- Source: Optimize Asset Management (July 9, 2026)
- Top Quant Strategy: Size
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Our Size strategy was the strongest contributor last week, with large-cap holdings including Apple, Tesla, Amazon, Alphabet, and NVIDIA all delivering gains. Mega-cap companies bring resilient earnings, substantial liquidity, and the financial strength to keep investing in innovation through every kind of market environment.
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That combination of earnings quality, balance sheet strength, and structural growth is why we continue to emphasize large, established leaders across our portfolios.
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Source: Optimize Asset Management (July 9, 2026)
What To Look For Next Week
We look ahead to the economic reports, events, and earnings that may influence the week ahead. We also look ahead to the economic reports, events, and earnings that may influence the week ahead. From inflation and jobs data to corporate updates from key market players, this section keeps you informed on what's coming, and why it matters.
- U.S. Consumer Price Index (Tuesday, July 14): Tuesday brings the latest U.S. inflation report, which measures how prices are changing across the everyday goods and services households buy. In the most recent reading, prices rose 0.5% month over month, slowing from 0.6% the prior month and matching forecasts. Energy accounted for more than 60% of the increase, while shelter rose 0.3% and food rose 0.2%. Motor vehicle insurance, household furnishings, and new vehicles all declined. Inflation data helps shape expectations for interest rates, which influence both stock valuations and bond yields, so we watch it closely to evaluate what it means across our portfolios.
Sources: U.S. Bureau of Labor Statistics (July 9, 2026)- Bank of Canada Interest Rate Decision (Wednesday, July 15): On Wednesday, the Bank of Canada announces its next interest rate decision, setting the benchmark rate that shapes borrowing costs across the country. At its most recent meeting, the Bank held its overnight rate steady at 2.25% for a fifth consecutive time, with the Bank Rate at 2.50% and the deposit rate at 2.20%, noting limited evidence that higher energy prices have passed through to broader consumer prices. Canadian inflation was 2.8% in April while the core rate eased to 2.1%, and the Bank expects inflation to hover near 3% before gradually settling toward its 2% target, making this decision an important signal for Canadian bonds, banks, and rate-sensitive holdings.
Source: Bank of Canada | Trading Economics: BoC Interest Rate Decision (July 9, 2026)- U.S. Retail Sales (Thursday, July 16): Thursday's retail sales report tells us how much Americans are spending, offering one of the clearest windows into consumer health. The last reading was robust: sales rose 0.9% month over month against forecasts of 0.5%. Excluding gasoline stations, sales still climbed a firm 0.7%, led by nonstore retailers at 1.5% and autos at 1.2%. The control group used to calculate GDP rose 0.7%. Consumer spending powers roughly two-thirds of the U.S. economy, so a healthy result supports corporate earnings and reinforces our focus on quality businesses with pricing power.
Source: U.S. Census Bureau (July 9, 2026)
Sources: Bloomberg (July 9, 2026), Optimize Asset Management (July 9, 2026), U.S. Bureau of Labor Statistics (July 9, 2026), Bank of Canada | Trading Economics: BoC Interest Rate Decision (July 9, 2026), U.S. Census Bureau (July 9, 2026).
Disclaimer: This report is for informational purposes only and does not constitute investment advice. Please consult with your financial advisor before making any investment decisions.