Published July 5, 2026 Your morning rundown on the Canadian economy, markets, and money moves — TSX hits a record close, CUSMA talks roll past the deadline, the first CGEB payment lands, and what to expect ahead of the Bank of Canada's July 15 decision. 1. TSX closes at a record high on gold-miner strength The S&P/TSX Composite climbed 0.9% to close at a record 35,275 on Friday, July 3, powered by gold mining stocks. Gold prices firmed after U.S. nonfarm payrolls for June came in at roughly half the expected pace, fuelling bets that the Federal Reserve could turn more dovish. Agnico Eagle, Wheaton Precious Metals, and Barrick all posted solid gains, while financials like Scotiabank and BMO also moved higher on easing oil-supply concerns. Why it matters: if you hold Canadian equity index funds in your TFSA or RRSP, resource and financial-sector strength has been doing a lot of the heavy lifting this year — worth knowing if your portfolio feels more concentrated than you'd...
Weakness in several sectors, including financials and utilities, led Canada’s main stock index down almost 100 points on Tuesday. Simultaneously, U.S. markets experienced a mixed day of trading. Here’s a closer look at the market dynamics:
Canadian Market Overview
- The S&P/TSX composite index closed down 97.33 points at 21,642.87.
- Industrials, utilities, and base metals were among the sectors that contributed to the decline.
- Investors grappled with ongoing uncertainty surrounding interest rates, which impacted market sentiment.
U.S. Market Insights
- U.S. equity markets showed resilience by bouncing back from Monday’s fall.
- The Dow Jones industrial average gained 63.86 points, closing at 37,798.97.
- The S&P 500 index dipped 10.41 points, settling at 5,051.41.
- The Nasdaq composite declined 19.77 points, ending at 15,865.25.
Interest Rate Tensions
- Recent strong economic data reports have made it clear that the U.S. Federal Reserve won’t cut interest rates as soon as many investors had hoped.
- Fed Chairman Jerome Powell emphasized that the central bank needs more confidence that inflation is sustainably heading toward its target before considering rate cuts.
- Powell’s comments sent “tremors” through the market, leading to an immediate climb in Treasury yields.
Canadian Perspective
- In Canada, the latest inflation data supports the case for the central bank to start cutting rates.
- March’s inflation ticked higher to 2.9%, driven by rising gas prices, but core inflation continued to cool.
- Senior economist Jules Boudreau believes it’s only a matter of time before the Bank of Canada implements rate cuts.
Currency and Commodities
- The Canadian dollar traded at 72.35 cents US, slightly weaker than the previous day.
- Crude oil prices remained steady, with the May contract at US$85.36 per barrel.
- Natural gas prices saw a modest increase, with the May contract at US$1.73 per mmBTU.
In summary, the markets remain on edge due to interest rate uncertainties. Investors are closely monitoring economic indicators and central bank decisions as they navigate this volatile landscape. Stay tuned for further developments.
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