U.S. Equities Post Gains as Oil Prices Extend Decline
The Canadian Vanguard Stock Market Report – Monday March 23, 2026 Edition.
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The Toronto Market
The Toronto Market Index : The S&P/TSX Composite Index advanced by 566.40 points, or 1.81%, to close at 31,883.81. The index rose sharply at the opening and maintained its upward momentum throughout the session. This gain more than offset the decline recorded on Friday.
Market performance was primarily driven by geopolitical developments. Equity futures had trended lower Sunday evening and early Monday morning until reports emerged that Donald Trump had agreed to suspend, for a period of five days, his threat to target Iran’s power supply infrastructure, contingent upon the reopening of the Strait of Hormuz to all shipping traffic.
From a technical perspective, the TSX demonstrated notable strength. The session low remained above Friday’s low, while the session high exceeded the previous session’s high by a considerable margin. In the absence of adverse developments, the index may approach the 32,000 level within the five-day “grace period” referenced by President Trump.
Monday’s TSX Market Statistics
On the S&P/TSX Composite Index, advancing issues significantly outnumbered declining issues. A total of 1,783 securities advanced, compared to 421 decliners, resulting in an advancer-to-decliner ratio of approximately 4.23 to 1. An additional 103 issues closed unchanged. This breadth of participation reflects a notable shift toward bullish sentiment following several sessions of pronounced selling pressure.
The exchange recorded 33 new 52-week highs and 40 new 52-week lows. This compares with Friday’s figures of 39 new highs and 145 new lows, indicating a meaningful improvement in market internals.
Total trading volume on the TSX amounted to 695,745,165 shares, representing a decline of approximately 47% from the 1,302,854,072 shares traded on Friday. The elevated volume observed in the prior session was largely attributable to heavy selling activity. By contrast, Monday’s trading volume—approximately 696 million shares—was only modestly above the exchange’s typical daily levels.
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The US Markets
U.S. Market Indexes: All major U.S. equity indexes advanced during the session. The Dow Jones Industrial Average rose by 631.00 points, or 1.38%, to close at 46,208.47. The S&P 500 gained 74.52 points, or 1.15%, ending the session at 6,581.00. Meanwhile, the Nasdaq Composite advanced 299.15 points, or 1.38%, to finish at 21,946.76.
The indexes opened strongly, posting robust gains at the start of trading; however, they retraced a significant portion of those gains around mid-day. Despite the pullback, all three indexes closed notably above their previous session levels, albeit well below their intraday highs.
U.S. equity markets have experienced considerable declines since the onset of the Middle East conflict. While today’s positive performance is encouraging, the technical damage to the charts remains substantial and will likely require several sessions of sustained strength to repair. Notably, all three major indexes continue to trade below their respective 200-day moving averages.
The Russell 2000 Index rose by 55.78 points, or 2.29%, to close at 2,494.23, making it the strongest performer among the major indexes for the day. Nevertheless, the Russell 2000 also remains below its 200-day moving average.
Monday’s U.S. Market Statistics
On the New York Stock Exchange (NYSE), advancing issues outnumbered declining issues by a wide margin. A total of 3,595 securities advanced, compared to 998 decliners, while 344 issues remained unchanged. This resulted in an advancer-to-decliner ratio of approximately 3.60 to 1, equivalent to roughly seven advancers for every two decliners.
The NYSE recorded 59 new 52-week highs and 109 new 52-week lows. This compares with Friday’s figures of 1 new high and 4 new lows, indicating a notable increase in both upward and downward price breakouts.
Total trading volume on the NYSE reached 6,096,456,844 shares, representing a decline of approximately 42% from the 10,407,536,769 shares traded in the previous session.
On the NASDAQ, advancing stocks also exceeded declining stocks. The exchange reported 3,613 advancers and 1,232 decliners, with 298 issues unchanged. This corresponds to an advancer-to-decliner ratio of approximately 2.93 to 1.
The NASDAQ posted 54 new 52-week highs and 199 new 52-week lows, compared with 2 new highs and 2 new lows recorded on Friday, reflecting a broad expansion in market activity.
Total trading volume on the NASDAQ amounted to 9,109,187,755 shares, down approximately 25% from Friday’s volume of 12,158,015,038 shares.
Today’s U.S. Market Wrap-Up Report
Today’s session represented a notable reversal from Friday’s broad-based weakness, with all major sectors closing in positive territory. Market sentiment improved significantly following an announcement by Donald Trump granting a five-day reprieve on potential military action targeting Iranian power infrastructure, contingent upon the reopening of shipping lanes through the Strait of Hormuz. This development contributed to a sharp decline in energy prices and a corresponding rebound in risk assets.
Equity markets advanced alongside strength in fixed income. The yield on the benchmark U.S. 10-year Treasury note declined by six basis points to 4.33%, reflecting increased demand for bonds. At the same time, crude oil prices fell sharply—declining approximately 9% to trade near $89 per barrel earlier in the session—easing inflationary concerns and supporting equity valuations.
Among the major indexes, the Russell 2000 Index led the advance, rising 2.29% and fully offsetting its 2.26% decline from the previous session. This outperformance underscores renewed investor interest in small-cap equities, which were the strongest performers of the day.
Sector performance was broadly positive, with Basic Materials emerging as the top-performing sector, advancing 2.92%. This marks a notable shift, as the sector had underperformed since the onset of the Middle East conflict. However, caution remains warranted—particularly within gold-related equities. Prices for gold and silver have continued to trend lower in recent weeks, and declining commodity prices may limit upside potential for mining stocks in the near term. Technology (+1.50%), Financials (+1.48%), and Industrials (+1.43%) also posted solid gains, while Healthcare (+0.27%) lagged the broader market.
The two charts: Anglo Ashanti (AU) and Agnico Eagle Mines (AEM), like most gold miner stocks currently have only one message which is “High Risk Until Repair is Completed“.
Market breadth further supported the constructive tone of the session. On the New York Stock Exchange, advancing issues significantly outpaced decliners, while trading volume declined relative to Friday’s elevated levels, suggesting reduced selling pressure. A similar pattern was observed on the NASDAQ, where advancers also exceeded decliners, reinforcing the day’s bullish sentiment.
Several technology-oriented stocks delivered notable gains. Celestica Inc. advanced 6.64% to close at $286.98 on volume of approximately 2.1 million shares. International Business Machines Corporation rose 2.78% to $248.44, with 4.97 million shares traded, while Palantir Technologies gained 6.78% to close at $160.90 on volume of 57.5 million shares.
Despite today’s positive momentum, a degree of caution remains appropriate. Certain equities, including IBM, continue to trade below their 200-day moving averages, which may indicate lingering technical weakness. Additionally, ongoing geopolitical risks tied to the Middle East conflict could contribute to continued market volatility. As such, a prudent approach may be to monitor these securities closely or maintain them on a watchlist pending further confirmation of sustained upward trends.
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(c) This article is published by The Canadian Vanguard on March 23, 2026
