“The most important rule of trading is to play great defence, not great offence.”
–– Paul Tudor Jones
Last Week’s Overview
| Index | Performance |
| TSX Composite | 1.04% |
| Dow Jones |
-0.55% |
| S&P 500 | 0.55% |
| NASDAQ | 1.29% |
Source: Bloomberg (September 17, 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.
Markets Rebound as Lower Oil Prices Ease Inflation Concerns
U.S. stocks and bonds both rallied after the Federal Reserve's latest rate increase, with the S&P 500 gaining about 1%, the Nasdaq 100 rising 1.6%, and the 10-year Treasury yield falling to 4.95%, ending an 8-day climb. A key driver was oil, which slipped 1.9% to $100.48 per barrel; if energy prices stay in check, inflation could move meaningfully closer to the Fed's target by next spring. When stocks and bonds rise together, it tells us investors are looking past the rate hike toward solid earnings and economic growth, which supports our balanced approach of owning quality businesses alongside high-quality bonds.
Source: Bloomberg (September 10, 2026)
Homebuyers Return Despite Higher Mortgage Rates
Pending U.S. home sales, which track signed contracts before they close, rose 0.3% in August, the first increase since May and better than the small decline economists expected. Buyers stepped in even as mortgage rates climbed, led by a 2.3% gain in the South, a sign that pent-up demand is waiting for better borrowing conditions. While activity remains about 5% below last year, this resilience shows households are still willing to make major purchases, and any easing in mortgage rates could unlock further activity across housing and related parts of the economy.
Source: Bloomberg (September 18, 2026)
AI Leaders Focus on Building the Technology Responsibly
NVIDIA CEO Jensen Huang joined leaders from OpenAI, Google DeepMind, and Anthropic at a gathering on the future of artificial intelligence, where he emphasized rigorously testing AI products before releasing them. The message was constructive: industry leaders see careful testing and continued innovation working hand in hand, with Google DeepMind's Demis Hassabis expressing confidence that the industry can solve key challenges. For investors, responsible deployment helps AI move from experiments into everyday business and consumer products, reinforcing our long-term view on the broader ecosystem of semiconductors, computing infrastructure, software, and data centres.
Source: Bloomberg (September 18, 2026)
Key Drivers of Our Outperformance
We believe in transparency when it comes to where 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.
- Company Highlight: Accenture PLC (ACN)
- Accenture was our top-performing company last week, rising 7.87% as investor sentiment improved after a long stretch of underperformance and Morgan Stanley raised its price target to $175 from $130. The global consulting leader continues to expand its digital and AI capabilities, including a new MotoGP partnership that helps deliver streaming content directly to fans. With shares trading at a reasonable valuation ahead of its upcoming fiscal year-end results, we believe Accenture is well positioned to benefit as businesses turn to trusted partners to put AI to work.
- Source: Optimize Asset Management (September 18, 2026)
- Sector Highlight: Communication Services
- Communication Services led our portfolio last week, with gains from Alphabet, Meta, AT&T, and Disney. Alphabet and Meta benefited as investors grew more comfortable with the pace of AI spending, while enthusiasm around Meta's AI initiatives and Alphabet's strength in cloud, advertising, and AI infrastructure added momentum. Telecom holdings like Verizon and AT&T contributed steady earnings and dividends, giving the sector a valuable mix of growth and stability that we believe serves portfolios well.
- Source: Optimize Asset Management (September 18, 2026)
- Style Highlight: Quality
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Our Quality strategy, which focuses on consistently profitable companies with strong balance sheets, was our strongest style last week, led by Berkshire Hathaway, Salesforce, ADP, and Procter & Gamble. These businesses stood out as markets navigated shifting interest rate expectations around the Fed's September 16 decision, a period when reliable earnings and financial strength matter most. With holdings spanning financials, software, business services, and consumer staples, Quality gives our portfolios a balance of long-term growth potential and resilience through changing conditions.
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Source: Optimize Asset Management (September 18, 2026)
What To Look For Next Week
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.
- Canadian Retail Sales (Thursday, September 24): Thursday brings Statistics Canada's retail sales report, one of the clearest reads on how comfortable Canadian households feel about spending. An early estimate points to a 0.8% decline in July, which would erase June's 0.6% gain. However, that June figure was revised higher and showed real strength in general merchandise (+2.7%), clothing and accessories (+3.1%), and auto dealers (+1%). Much of the expected pullback reflects a 4.1% drop at gas stations on lower fuel prices even as volumes rose 4.2%. With sales still up 5.2% from a year ago, we see this as a pause rather than a retreat in Canadian consumer spending.
Source: Statistics Canada (September 18, 2026)- U.S. Durable Goods Orders (Friday, September 25): Friday's report on durable goods, long-lasting items like aircraft, machinery, and equipment, offers insight into how confident businesses feel about investing in their future. July orders jumped 1.1% to $339.3 billion, the strongest gain since April and more than double what economists expected, led by a 2.3% rise in transportation equipment and solid gains in machinery and capital goods. A key measure of business investment plans rose a more modest 0.2%, so we'll be watching whether companies keep spending, since healthy business investment supports job growth, corporate earnings, and industrial sectors of the market.
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Source: U.S. Census Bureau (September 18, 2026)
Source of All Economic Data: Bloomberg, Statistics Canada, U.S. Census Bureau
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.