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Daily Markets Update: TSX Slips as Wall Street Hits Fresh Records Ahead of Bank of Canada Decision

  Tuesday, July 7, 2026 Canadian and U.S. markets pulled in opposite directions to start the week, with the TSX easing back from Friday's record close while the Dow and Nasdaq pushed to fresh highs south of the border. Here's what moved markets on Monday, and what's on deck heading into Tuesday's session. 🇨🇦 TSX: Small Pullback After Record Close The S&P/TSX Composite Index slipped 62.52 points, or 0.18%, to close at 35,212.32 on Monday, giving back a small piece of Friday's record-setting 308-point rally. Healthcare and utilities names led the retreat, while the TSX 60 managed a marginal gain of 0.02% to 2,069.26. The TSX Venture Composite fell further, down 1.50% to 924.21. The pullback comes just ahead of the Bank of Canada's Q2 Business Outlook Survey and Consumer Expectations Survey, both released Monday morning, with markets now firmly focused on the central bank's rate decision on July 15. The policy rate has held at 2.25% through the spring, an...
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Stock Market Today: S&P 500 and Nasdaq Surge as Tesla Leads Earnings Rally

 

In today’s stock market, the S&P 500 and Nasdaq Composite made significant gains, fueled by a fresh wave of earnings reports. Here are the highlights:

  1. S&P 500 Rebounds: The benchmark S&P 500 (^GSPC) rose more than 1% after staging a comeback from a six-day run of losses in the previous session. Investors are optimistic about tech-focused companies’ earnings, which could help pull stocks out of the slump they’ve faced since the start of the year.

  2. Tesla’s Impact: Tesla (TSLA), often referred to as one of the “Magnificent Seven,” is in the spotlight. The electric vehicle (EV) maker’s earnings report is highly anticipated, given its weight in the S&P 500 index. Tesla’s shares have faced headwinds due to a disappointing delivery outlook, the cancellation of plans for a sub-$30,000 model, and a shift in strategy toward robotaxis. As the first major tech company to report this week, Tesla’s results set the stage for other giants like Meta (formerly Facebook), Microsoft, and Alphabet.

  3. Other Earnings: Legacy automaker General Motors (GM) kicked off earnings season with strong first-quarter results and an upward revision to its full-year guidance. GM’s shares rose around 5%. Meanwhile, Spotify (SPOT) stock jumped after the audio streaming company swung to a profit, beating expectations.

  4. Market Bottom? Fundstrat’s head of research, Tom Lee, suggests that US stocks may be near a market bottom. Elevated inflation expectations and hedge fund short interest surging to 2022 levels are among the signs. Lee points to technical levels for the S&P 500 to watch: 5019.02 (a positive sign if surpassed) and 4953.56 (a potential setup for a buy signal).

Overall, today’s market performance reflects optimism driven by earnings reports and the anticipation of tech giants’ results. Keep an eye on Tesla and other major players as they continue to shape market sentiment.


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