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Weekly Market Snapshot: Records Everywhere as a Blowout Canadian Jobs Report Meets a Shock U.S. Loss

  August 8, 2026 A short, holiday-shortened week still managed to deliver record after record. The TSX, the S&P 500, the Nasdaq, and Europe's major indices all closed the week at or near all-time highs — even as Friday's jobs numbers told two very different stories on either side of the border. Here's everything that moved your money this week, and what to watch next. The Bottom Line The TSX capped its biggest weekly advance in about four months, closing Friday at a record 36,381.23 after Canada added a blowout 75,100 jobs in July (versus 17,800 expected). Wall Street also hit fresh records — but for the opposite reason: US employers unexpectedly cut 23,000 jobs, which markets read as reducing the odds of any further Fed rate hikes. Add in a fourth straight record close for European stocks, a wild swing in oil, and gold pushing toward US$4,400/oz, and it was a week where almost every major asset class ended up higher. 🇨🇦 Canada: TSX's Best Week Since April Canadia...
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S&P 500 Inches Closer to Record High Amid Optimism About Fed’s Policy and Year-End Effect

 

The S&P 500 index closed just shy of a new record high on Thursday, with the broad index gaining 0.04%. The tech-heavy Nasdaq Composite fell 0.03%, while the Dow Jones Industrial Average rose 0.1%. Markets are ending 2023 on a hot streak, with all three indexes on pace for a ninth consecutive weekly gain. For the S&P 500, that would mark the longest streak since January 2004. The index is now within 0.3% of its all-time high, set in January 2022. With one trading session remaining in 2023, the S&P 500 is up 25%.

Investors are optimistic that the Federal Reserve can successfully cool inflation without inducing a major economic slowdown, which has powered the market’s recent advance. Now, some investors say the looming end of the calendar year is giving markets an extra boost. “Nobody who has caught this rally wants to incur a taxable event,” said Michael Green, chief strategist at Simplify Asset Management. “If nobody wants to sell, prices will push higher on low volume”.

The jobless claims data released by the Labor Department on Thursday indicated a gradual cooling of the economy. Initial jobless claims, considered a proxy for layoffs, were 218,000 in the week ending Dec. 23, slightly more than the 215,000 that economists expected.

Bond yields rose as prices fell, reflecting expectations of higher inflation and interest rates. The yield on the benchmark 10-year Treasury note rose to 3.849%, up from 3.7%.

Some investors are increasing their exposure to energy and industrial stocks, which could benefit from a strong economic recovery. Matt Dmytryszyn, chief investment officer at Telemus Capital, said his fund is boosting its position in shares of energy and industrial firms.


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