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Shopify Just Pushed the TSX to a Record — Should You Be Buying, or Is It Too Late?

  Published August 6, 2026 If you glanced at the markets on Wednesday and saw the TSX hit another record high, there's a good chance one company did most of the heavy lifting: Shopify. The S&P/TSX Composite closed up 344.83 points, or 1%, at 36,146.42 on August 5 — its second straight record close. Shopify shares jumped 16.5%, their biggest one-day move in a year, after the Ottawa-based e-commerce company beat earnings expectations and issued a stronger-than-expected outlook for the rest of the year. Gold miners added to the rally too, as bullion prices climbed. What It Means for You: If you own a Canadian equity index fund or ETF in your RRSP or TFSA, you almost certainly own a slice of this move already — whether you meant to or not. What actually happened Shopify reported second-quarter revenue of $3.58 billion (U.S.), up 34% from a year earlier and well ahead of the roughly $3.45 billion analysts expected. Adjusted earnings came in at $0.42 a share versus the $0.40 expecte...
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S&P 500 Plummets Amid Weak Jobs Report

 


The S&P 500 experienced its worst jobs day since October 2022, as a weak jobs report fueled concerns about the health of the U.S. economy. The index fell by 1.8%, while the Nasdaq 100 and Russell 2000 also saw significant declines, dropping 2.4% and 3.5% respectively.

The disappointing jobs data has intensified fears that the Federal Reserve’s decision to maintain interest rates at a two-decade high could lead to a more pronounced economic slowdown. This sentiment was echoed by Wall Street giants like Citigroup Inc. and JPMorgan Chase & Co., who are now calling for more aggressive Fed action.

The selloff was further exacerbated by a plunge in key technology companies, with Intel Corp. experiencing a 26% drop due to a grim growth forecast. The volatility index, often referred to as Wall Street’s “fear gauge,” hit its highest level since March 2023.

As traders project that the Fed will cut rates by more than a full percentage point in 2024, the market’s focus has shifted from “when and how much will the Fed ease” to concerns about a potential economic downturn. This shift in sentiment has led to increased volatility and a flight from riskier assets.

The latest jobs figures suggest that the Fed’s policies may be cooling the labor market too much, raising questions about whether the central bank has been too slow to act. As the market grapples with these uncertainties, investors are taking money off the table and booking profits, leading to continued near-term volatility.


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