Market Recap* – September
September delivered broad gains: TSX +5.4%, S&P 500 +3.65%, MSCI EAFE +3.28%. Canadian bonds rose 1.89%, T-bills gained 0.27%, and a weaker Canadian dollar modestly lifted foreign returns.
Market recap
Embark’s Head of Investments shares regular market recaps to help families understand what moved the markets—and what it could mean for education savings.
About Yelena Stepanyan, CFA, MBA
Yelena Stepanyan, CFA, MBA, is Head of Investments at Embark, overseeing approximately CAD $6.4 billion. With 25+ years in finance, she leads investment strategy, asset allocation, external manager oversight, new product development, and customer education. Yelena holds an MBA from the Ivey Business School and is a CFA Charterholder. She previously served as Chair of the Institutional Asset Management Committee at CFA Society Toronto and is a member of the Secondary School Relations Committee.
Outside of work, Yelena is a proud mother of three who strongly believes in education savings. She speaks four languages and is active in the community, giving back as a leader.
Latest Market Recaps
Market Recap* – Week of September 22
Early optimism faded as U.S. tech-led gains cooled; the TSX drifted lower, bonds were flat to slightly weaker, and a softer Canadian dollar lifted foreign equity returns.
Market Recap* – Week of September 15
The Bank of Canada and the U.S. Federal Reserve cut rates by 25 bps, pushing U.S. stocks to records and the TSX to new highs. Bonds held steady and the Canadian dollar firmed slightly, ending around 1.37 versus the U.S. dollar.
Market Recap* – Week of September 8
Stocks mostly rose on expectations of rate cuts, led in Canada by resources and tech, though a hotter U.S. inflation reading cooled sentiment. Bonds advanced on lower rate expectations, and the Canadian dollar stayed range bound near 1.38.
Market Recap* – Week of September 1
Markets rebounded midweek on Fed-cut hopes; the TSX rose on resource strength and gold hit a record above $3,600/oz. Bonds advanced, while the Canadian dollar edged slightly lower.