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...
Dow Jones Industrial Average Closes Above 40,000 for the First Time
In a historic milestone, the Dow Jones Industrial Average (Dow) achieved a significant feat by closing above 40,000 points for the first time ever. This remarkable achievement capped off a winning week for stocks, as major indices notched weekly gains.
Record Highs and Weekly Wins
- The Dow rose 0.3% on Friday, reaching a record high of 40,003.59 points.
- The broader market also performed well:
- The S&P 500 ticked up 0.1%.
- The tech-heavy Nasdaq Composite slipped 0.1% but still secured a weekly win.
Fed Officials and Inflation Concerns
The stock market rally faced a minor setback due to comments from Federal Reserve officials. They warned that interest rates are likely to remain at historic highs for some time. Encouraging inflation data earlier in the week had raised hopes of a September rate cut, but these remarks tempered expectations.
Fed Chair Jerome Powell’s Pre-Recorded Remarks
- Fed Chair Jerome Powell, who recently tested positive for COVID-19, delivered his remarks through a pre-recorded video. He emphasized the central bank’s commitment to monitoring inflation and adjusting rates as needed.
- US Federal Reserve Governor Michelle Bowman reiterated her view that the central bank has not made sufficient progress in curbing inflation this year. She expressed readiness to raise rates if incoming data indicates further inflationary pressures.
Individual Movers
- Reddit (RDDT) shares surged 10% after the social media platform announced a partnership with OpenAI. This collaboration will integrate content from Reddit forums into ChatGPT.
- GameStop (GME) shares, on the other hand, declined over 19%. The games retailer expects first-quarter sales to drop as shoppers shift to online outlets. Despite an initial rally reminiscent of the 2021 frenzy, the stock has faced recent downward pressure.
Looking Ahead
As corporate earnings season winds down, several key players are set to report next week. Notable names include Zoom, Lowe’s, Target, and Nvidia—the latter capitalizing on the growing demand for AI technology.
In summary, the Dow’s breakthrough above 40,000 points reflects both market optimism and cautious attention to inflation dynamics. Investors will closely monitor future developments as the economy continues to recover and adapt to changing circumstances.
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