Markets head into March facing new geopolitical risks following military conflict in the Middle East. This could drive crude oil higher during a seasonally strong period, potentially pushing prices toward previous highs. Gold has also been strong but remains overbought, while Canadian equities have benefited from continued strength in energy and metals.
Volatility is rising, and historically this suggests sideways or declining equity markets. U.S. stocks, especially technology and banking, are showing weakness, while energy and gold stocks continue advancing. Semiconductor momentum may be fading after NVIDIA reversed post-earnings, increasing the likelihood of further market pressure.
Stephen Whiteside
Sunday, March 1, 2026
