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Weekly Market Snapshot: TSX Recovers, BoC Holds Steady & Jobs Miss

  Week of May 4–9, 2026 | Canadian Money Brief It was a week of cross-currents for Canadian investors — geopolitical tension, a rate hold in Ottawa, a disappointing jobs print, and a market that ultimately found its footing heading into the weekend. Here's everything you need to know. TSX: A Wobbly Week With a Friday Bounce The S&P/TSX Composite had a rough mid-week stretch but clawed back lost ground by Friday. The index fell 0.4% to close at 33,857 on Thursday, as investors locked in recent gains ahead of Friday's U.S. and Canadian jobs data. By Friday morning, however, sentiment improved: the S&P/TSX gained more than 0.5%, trading back above 34,000, as markets assessed the North American labour backdrop and the outlook for Middle East energy supply. The week's volatility was largely geopolitics-driven. Markets came into the week focused on earnings, but oil and geopolitics stole the spotlight — pulling investors between a constructive earnings backdrop and...
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NATO head pushes Canada to meet 2% defence spending target

 

Speaking in Ottawa on Wednesday, NATO Secretary-General Jens Stoltenberg urged Canada to meet the target agreed upon by members of the military alliance: spending at least two percent of its gross domestic product (GDP) on defense. 

While Canada has made commitments in this regard, Stoltenberg expects all allies to do more and follow through on their pledges. Notably, in 2023, there was an unprecedented 11% increase in defense spending across European Allies and Canada, with 18 Allies expected to meet the 2% GDP target in 2024—a significant rise since 2014 when only three Allies achieved it. 

Canada’s current forecasted defense spending is around 1.36% of GDP, projected to reach 1.43% by fiscal year 2024-25. 

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