2025-07-21 21:35:00 ET

By Garey J. Aitken, CFA & Michael Richmond, CFA

Market Overview

The second quarter proved volatile for equity markets, with the VIX index hitting levels not experienced since the onset of the COVID-19 pandemic. Canadian small cap investors had to contend with the fallout from U.S. President Trump’s “Liberation Day” tariff announcement and the subsequent news flow from trade deal negotiations; volatility in the energy market from OPEC+ volume increases and the Israel-Iran conflict; a new federal government in Canada; and the ongoing implications of the AI revolution....

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