Bonds Are Collapsing
Friday’s market outlook highlights a market facing increasing pressure despite stronger pre-market futures. The S&P 500 and Nasdaq remain below their recent highs, the VIX has surged more than 22% for the week, and the Nasdaq 100 returned to a sell signal. The Russell 2000 is approaching its July lows, while Canadian equities have also weakened, with the TSX Composite down 2.76% for the week. Bonds experienced a particularly sharp decline Thursday, with yields moving higher, while commodities were mixed as crude oil remained near $100 and gold pulled back.
The key takeaway is that investors should focus on market trends and signals rather than isolated strength in individual stocks or commodities. Energy stocks, for example, can decline even when crude oil rises if broader indexes are under selling pressure. Materials, copper, gold and silver stocks were particularly weak, while only financials provided meaningful strength in Canada. With CPI data potentially influencing interest-rate expectations and a historically volatile period approaching, the current environment calls for careful attention to sell signals, support levels and downside targets.
Stephen Whiteside
Friday, September 11, 2026
