Discover & Learn

If you had slept through the first half of 2025 and woke up at the end of that year, you’d have been surprised to learn that the TSX was up 32% as of December 31. On the surface, it looked like a steady climb. But for anyone watching closely, it was anything but calm. Markets swung on headlines: Trump issued tariff threats, then backpedaled, then threatened again. Mix in recession fears and it's no wonder investors felt whiplash. From January to mid-April, the TSX dropped 12%. By May, it had recovered most of that loss. The ride felt turbulent, but if you slept through the whole thing, you’d wake up thinking not much happened. https://www.rbcgam.com/documents/en/ns/cf-dmu/big-drop-bigger-lesson-2026.pdf