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Global Markets Weekly Wrap: TSX Hits 35,274 as Wall Street and Europe Rally

  Week of June 29 – July 3, 2026 It was a strong week for equities almost everywhere you looked. Canadian, U.S., and European markets all closed higher, with a softer U.S. jobs report cooling rate-hike fears and giving stocks room to run into the long weekend. Here's how Canada, the U.S., and the rest of the world's major markets performed. Canada Index Close Weekly Change S&P/TSX Composite 35,274.84 +294.84 (+0.84%) TSX Venture Composite 938.28 +2.61% (Fri.) Canadian Dollar (CAD/USD) US$0.7043 -0.10% (Fri.) Gold and materials stocks led the TSX higher on the week. Canadian markets were closed Wednesday, July 1 for Canada Day. United States Index Close Weekly Change S&P 500 7,483.24 +1.8% Dow Jones Industrial Average 52,900.07 +2.0% (record high) Nasdaq Composite 25,832.67 +2.1% Figures reflect Thursday, July 2 closing levels; U.S. markets were closed Friday, July 3 for Independence Day (observed). A softer-than-expected June jobs report drove gains by easing fears of f...

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US Claims Russian Air Defenses Downed Azerbaijani Plane

                                         

The United States has suggested that Russian air defenses may have been responsible for the downing of an Azerbaijan Airlines plane that crashed in Kazakhstan earlier this week. The Embraer 190 aircraft, which was en route from Baku to Grozny, crashed near Aktau, killing 38 people and injuring all 29 survivors.

According to White House national security spokesman John Kirby, early indications point to the possibility that the plane was brought down by Russian air defense systems. Kirby emphasized that the U.S. has seen some evidence supporting this theory but declined to provide further details, citing an ongoing investigation.

Azerbaijan's Minister of Digital Development and Transportation, Rashad Nabiyev, also suggested that the plane was subjected to "external interference" before the crash. Survivors reported hearing loud noises and explosions while the aircraft was circling over Grozny.

The Kremlin has yet to respond to these claims, with Russian officials stating that it is premature to draw conclusions before the investigation is complete.

The incident has raised tensions between Azerbaijan and Russia, with Azerbaijan pausing flights to several Russian cities citing potential flight safety risks.

As the investigation continues, the international community awaits further clarity on the circumstances surrounding this tragic event.


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