The Canadian Vanguard Stock Market Report – Weekend February 20 – 22, 2026 Edition
Tariff Decision Spurs Broad Gains, but Small-Caps Fall Behind
. The Canadian Vanguard Stock Market Report is updated regularly during the weekend
The Toronto Market on Friday
The Toronto Market Index
The S&P/TSX Composite Index advanced 222.53 points, or 0.66%, to close at 33,817.51. The Toronto market opened at the previous session’s closing level and rose steadily throughout the day. The index finished the session on a strong upward note, marking a positive performance overall. This gain represents the third consecutive session of solid advances.
TSX Market Statistics
On the TSX, advancing issues outnumbered declining issues. There were 1,515 advancers and 661 decliners, resulting in an advancer-to-decliner ratio of 2.29 to 1, or approximately two advancers for every decliner, with 150 issues unchanged.
The exchange recorded 356 new 52-week highs and 20 new 52-week lows, compared with 207 new highs and 23 new lows on Thursday.
Total trading volume on the TSX reached 558,609,068 shares, representing a 20% increase from the 459,520,794 shares traded on Thursday.
Friday’s Toronto Market Wrap-Up Report
The Toronto market closed higher on Friday, although only six of the ten major sectors posted gains—two of them marginally. Technology (+1.92%) and Basic Materials (+1.70%) led the advance. Energy (-0.75%) and Consumer Discretionary (-1.59%) were the session’s laggards. Financials rose 0.89%, with both Canadian Imperial Bank of Commerce and Bank of Montreal recording strong gains for the week.
Weekly performance was even more impressive. Technology surged 11.43%, while Basic Materials advanced 7.42%. Consumer Discretionary gained 5.6%. Nine of the ten sectors finished the week in positive territory, with only Consumer Discretionary posting a decline.
Precious metals stocks were higher on Friday. Agnico Eagle Mines Limited (TSX: AEM) reached a new 52-week high, though trading volume was slightly below its 50-day average.
Silver prices also climbed. First Majestic Silver Corp. (TSX: AG) jumped 11%, rising $3.74 to close at $37.70 on volume of 2.5 million shares. Pan American Silver Corp. (TSX: PAAS) gained 5.65%, up $4.74 to close at $88.59, with 1.5 million shares traded. Both stocks warrant close monitoring.
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The US Markets on Friday
The U.S. Market Indexes
All major U.S. indexes closed in positive territory today. The Dow Jones Industrial Average advanced 230.81 points, or 0.47%, to finish at 49,625.97. The S&P 500 climbed 47.62 points, or 0.69%, ending the session at 6,909.51. The Nasdaq Composite rose 203.34 points, or 0.90%, to close at 22,886.07.
Technology stocks rebounded today after finishing lower in the previous session. However, the Nasdaq is not yet out of the woods. Ongoing volatility and the inability to establish even short-term consistency continue to weigh on the index.
Meanwhile, the Russell 2000 slipped 1.31 points, or 0.05%, to close at 2,663.78. The small-cap benchmark narrowly missed finishing in positive territory, even as the other major indexes posted solid gains. Market uncertainty—particularly surrounding tariffs—often has a more pronounced negative impact on small-cap stocks than on mid- and large-cap names.
Caution remains warranted for Nasdaq stocks, as the index closed below its 50-day moving average. The Russell 2000, however, posted a modest gain for the week, rebounding from its 10-week moving average and holding above its 21-day line. The S&P 500 has now reclaimed its 50-day moving average.
U.S. Market Statistics
New York Stock Exchange (NYSE): Advancing issues outnumbered declining issues. There were 1,640 advancers, 1,115 decliners, and 83 issues unchanged, resulting in an advancer-to-decliner ratio of 1.47 to 1—approximately three advancers for every two decliners.
The exchange recorded 168 new 52-week highs and 51 new 52-week lows, compared with 288 new 52-week highs and 84 new 52-week lows reported yesterday.
Total NYSE trading volume reached 5,501,487,268 shares, approximately 5% higher than the 5,247,694,035 shares traded yesterday.
NASDAQ: Advancing stocks also outpaced declining stocks, with roughly six advancers for every five decliners. There were 2,578 advancers and 2,183 decliners, producing an advancer-to-decliner ratio of 1.18 to 1, with 215 issues unchanged.
The exchange posted 197 new 52-week highs and 176 new 52-week lows, compared with 103 new highs and 181 new lows yesterday.
Total NASDAQ trading volume amounted to 8,222,060,324 shares, up 14% from yesterday’s volume of 7,196,296,018 shares. The index is up and the volume of shares is up. That is a very positive sign for the market.
U.S. Market Wrap-Up Report
Tariff announcements were the primary market movers on Friday. A panel at the United States Court of International Trade unanimously ruled that certain tariffs were illegal under the International Emergency Economic Powers Act (IEEPA). The administration appealed to the Supreme Court of the United States, which ruled 6–3 that IEEPA does not authorize the President to impose tariffs. However, industry-specific Section 232 tariffs remain unaffected. The administration subsequently announced a 10% across-the-board tariff as a replacement measure.
Markets remain highly sensitive to tariff developments. The Russell 2000 was particularly volatile around the time of the announcements, reflecting the small-cap index’s heightened sensitivity to trade uncertainty.
Technology led all sectors on Friday, followed by Basic Materials and Consumer Discretionary. Energy (-0.42%) and Healthcare (-0.45%) were the session’s laggards. The advance was broad-based, with eight sectors closing higher.
For the week, Energy (+2.54%) and Basic Materials (+2.35%) were the top-performing sectors. It was also a strong week for precious metals. Telecommunications Services (-1.12%) and Consumer Durables & Apparel (-1.42%) lagged for the week. Tariff-related uncertainty often increases market volatility, prompting investors to seek safe-haven assets. As a result, prices of precious and certain industrial metals tend to rise, along with shares of related mining companies.
Artificial intelligence infrastructure stocks also posted solid gains Friday. Ciena Corporation (CIEN) rose 5.21%, gaining $16.58, with 2.5 million shares traded. Lumentum Holdings Inc. (LITE) advanced 5.05%, up $32.13, closing at $667.77 on volume of 4.3 million shares. Corning Inc. (GLW) climbed 7.32%, gaining $9.52 to close at $139.51, with 10.97 million shares traded.
AI systems require not only rapid computational processing but also extremely high-speed data transmission. Optical communication technologies, including fiber-optic cables, are critical for fast data transfer and are widely used in data centers—particularly in AI hosting environments where maximum speed and low latency are essential.
In the retail sector, Etsy Inc. (ETSY) gained 8.45%, rising $4.07 to close at $52.21, with 9.9 million shares traded. Etsy Inc. is worth being considered for your watchlist.
Commodities and Bonds
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(c) This article is published by The Canadian Vanguard on February 21, 2026
