S&P 500

What moves it

• United States mega-cap technology earnings, which now dominate index weight.
• The Federal Reserve's rate path and the resulting discount rate on long-duration growth.
• United States macro prints — payrolls, CPI, ISM — that reset those expectations.

The Canadian angle

The S&P 500 sets the tone for the TSX open and is the benchmark behind the most widely held Canadian-listed ETFs. Unhedged Canadian holders also carry a USD/CAD exposure on top of the index return.