Stocks are sliding again as uncertainty around U.S.-Iran negotiations deepens, keeping markets volatile and pushing oil prices higher.
BNN Bloomberg spoke with Colin Cieszynski, portfolio manager and chief market strategist at SIA Wealth Management, about sector rotation, commodity trends and what investors should watch as geopolitical risks evolve.
Key Takeaways
- Markets are moving in a volatile, range-bound pattern as geopolitical uncertainty drives rapid swings in sentiment.
- Oil prices have shifted into a higher trading range, supporting energy stocks while signalling inflation risks.
- Sector rotation is accelerating, with energy and fertilizer stocks gaining while discretionary sectors weaken.
- Metals are under pressure as a stronger U.S. dollar and rising yields offset earlier gains in gold and silver.
- Corporate outlooks remain uncertain, with companies facing unclear demand trends as the war’s economic impact unfolds.
Read the full transcript below:
LINDSAY: And as you just saw, markets are once again losing ground amid uncertainty over U.S.-Iran talks. There are reports suggesting both sides have demands that go well beyond what was on the table before the war, sparking anxiety among investors that the conflict could drag on.
Let’s get some perspective from Colin Cieszynski, portfolio manager and chief market strategist at SIA Wealth Management. It’s great to have you join us. Good morning.
COLIN: Thanks. Good morning, Lindsay.
LINDSAY: What’s your take on the direction markets are heading right now? They seem to be moving in different directions every day this week.
COLIN: Absolutely. I think what’s important is that overall, right now, we’re in more of a sideways situation. We have some days where things look fantastic and markets surge, and then the next day they give it all back.
We had a big rally yesterday, and futures before the open were pretty much giving it all back. Then after the open, we saw another move upward again. So we’re back to where we were a year ago, with markets moving back and forth quite abruptly on developments, whether it’s news, tweets, rumours or speculation.
It’s even more pronounced this time because it’s not just about one issue like tariffs — it’s about a war, which is much more unpredictable. Things can change quickly in both directions. Sometimes markets move up quickly, sometimes they move down quickly.
But overall, it looks like we’re settling into a range, with swings within it — across stocks, energy and metals. That’s what we’re seeing at the moment.
LINDSAY: It’s so hard to read. With all this uncertainty, how should investors be approaching this and trying to figure out what to do?
COLIN: What’s important right now is to cut through the noise and look at signals. That’s where analysis of capital flows and relative strength can help identify where the bigger shifts in money are happening.
At the moment, indexes have been fairly flat and range-bound for several months. We saw a big move up in metals, but they’ve pulled back and settled into a range below their highs.
The most significant move has been in energy. Before the war, crude oil was trading between $65 and $75 for a long period. Now we’re seeing it more in the $85 to $95 range.
That has implications — energy stocks have performed particularly well. Another area benefiting from the disruption, especially with the Strait of Hormuz blocked, is fertilizer stocks, which have picked up since the war began.
LINDSAY: Do you think now is a good time to buy the dip, or does it depend on the sector?
COLIN: It’s very much about rotation between sectors at the moment, and that can shift day to day because of swings in sentiment.
What’s important is that until something concrete is actually agreed to and signed, the war continues. There’s a lot of noise around that, but the bottom line is the war continues until it’s over.
LINDSAY: I want to focus on metals for a moment — not just gold, but silver and copper as well. What do you see happening there? It’s been interesting to watch the divergence.
COLIN: Metals have been more volatile, but it’s important to remember that gold and silver had a huge move up before the war started. The U.S. dollar had moved down, and they tend to move in the opposite direction.
Copper is different because it’s more tied to expectations for the global economy. Weakness in copper could reflect concerns that the war could disrupt global growth, which is certainly possible given what we’re seeing with energy shipments, fertilizers and other areas.
Since the war started, Treasury yields have begun to creep higher on inflation concerns. That’s pushed up the U.S. dollar and turned what had been a tailwind for metals into more of a headwind in recent weeks.
LINDSAY: There are two days left in President Donald Trump’s pause on attacks against Iran’s energy infrastructure. What are you watching over the next couple of days?
COLIN: We’ll be watching how markets react over the next few days. One short-term pattern we’ve seen is some softness on Fridays, as investors weigh uncertainty over what could happen over the weekend.
Then markets often rebound early the following week if things don’t worsen significantly. Around these kinds of deadlines, and with shifting headlines and threats, you can get short-term swings.
In many cases, those moves offset each other, so there’s a lot of volatility. It’s important to stay focused on the bigger picture.
LINDSAY: I want to get your thoughts on BRP before we wrap up. The company reported fourth-quarter earnings today, with revenue and profit beating expectations and a dividend increase. What’s your reaction?
COLIN: So far, so good. It was a nice positive surprise for the stock this morning and helped it move higher after a decline.
It’s interesting because we used to own this stock in the BMO SIA Focused Canadian Fund. Up until mid-February, it was doing very well, but we saw relative strength begin to weaken and exited about a month ago.
Since the war began, BRP has declined along with other large-ticket discretionary names like auto stocks. Today we’re seeing a bounce, but relative strength remains weak compared with the broader Canadian market.
The results are encouraging, but we’d want to see more sustained improvement in performance over the coming days.
LINDSAY: Looking ahead, could higher oil and fuel costs weigh on demand for products like those BRP makes?
COLIN: It’s possible — not just for BRP, but for many manufacturers. We just don’t know yet how long the war will last or what the full impact on the global economy will be.
Management’s outlook was positive, but the quarter being reported was before the war began. So in many ways, it’s still too early to tell. There’s a lot of uncertainty, and no one really knows how this will play out.
LINDSAY: Right, it’s probably too early to say. Colin Cieszynski, portfolio manager and chief market strategist at SIA Wealth Management, thanks for your time.
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This BNN Bloomberg summary and transcript of the March 26, 2026 interview with Colin Cieszynski are published with the assistance of AI. Original research, interview questions and added context was created by BNN Bloomberg journalists. An editor also reviewed this material before it was published to ensure its accuracy and adherence with BNN Bloomberg editorial policies and standards.
