If the past two weeks have felt chaotic, that’s because they have been.

A war in Iran. Oil jumping from under $70 to over $130 on the weekend… and then back toward $80, before bouncing up dramatically once again. Bond yields dropping, spiking, and settling again. And the stock market swinging from -2% to +1% in a single trading session.

Source: LSEG [.SPX-UT and CL/1-NM]. Data retrieved Mar 12, 2026

In other words, just a normal couple of weeks in the markets. It’s also a perfect reminder of why diversification matters. Different assets react differently to the same news. Energy stocks can benefit when oil spikes. Bonds can rally when growth fears creep in.

Markets can turn on a dime, but portfolios shouldn’t!

That’s why we diversify. We can’t predict the next headline. But we can build portfolios that don’t depend on getting every headline right.

I have also included a piece from our CIBC Economics team entitled “No comment”.

If you are interested in attending an exclusive CIBC Private Wealth webcast regarding the current geopolitical uncertainty, please see below invitation.

As always, if you have any questions, please feel free to give us a call at any time.

Have a great day.

Milan