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 (DJI)
- The Dow Jones Industrial Average (^DJI) closed down 0.2%, ending its eight-day winning streak.
- Investors largely adopted a wait-and-see approach, with attention focused on an upcoming inflation report that could signal potential interest rate cuts.
GameStop (GME) and the Meme Stock Rally
- GameStop shares jumped a remarkable 74%, adding to the recent run-up for the video game retailer.
- The resurgence in GameStop’s stock price was triggered by the return of “Roaring Kitty,” the retail trader who played a pivotal role in the 2021 meme stock craze. Keith Gill, known as “Roaring Kitty,” had been bullish on GameStop and contributed to the stock’s meteoric rise last year.
- Other meme stocks also rallied, including AMC Entertainment (AMC), Tupperware Brands (TUP), and BlackBerry (BB).
Nasdaq Composite (IXIC) and S&P 500 (GSPC)
- The tech-heavy Nasdaq Composite (^IXIC) moved up approximately 0.2%.
- The S&P 500 (^GSPC) closed just below the flatline.
Market Sentiment and Economic Factors
- Stocks have rebounded strongly in May, driven by better-than-expected earnings and renewed optimism regarding Federal Reserve monetary policy.
- The Dow had notched eight consecutive daily wins before today, although the lack of significant economic releases likely played a part.
- Recent inflation data has made investors more cautious, as they increasingly factor in the possibility of no interest rate hikes despite rising prices.
In summary, while the Dow’s winning streak came to an end, meme stocks stole the spotlight once again. Keep an eye on upcoming economic reports and central bank decisions as they continue to shape market sentiment.
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