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Weekly Market Snapshot: TSX Hits Record High, Then Retreats as Fed Shocks Markets

  Week of June 16–20, 2026  |  Published June 20, 2026 It was a week of records and reversals for Canadian investors. The TSX touched an all-time high midweek before a hawkish surprise from the U.S. Federal Reserve and falling oil prices — triggered by the U.S.–Iran interim peace deal — pulled markets lower into Thursday's close. Here's everything that moved the needle for your portfolio and wallet this week. 📊 Weekly Market Scorecard Index / Asset Level (June 19 Close) Week Change S&P/TSX Composite 34,857 ▼ Mixed (high: 35,629 Wed.) S&P 500 (USD) 7,500.58 ▲ +1.08% (Wed.) Dow Jones (USD) 51,564.70 ▲ +0.14% (Wed.) Nasdaq (USD) 26,517.93 ▲ +1.91% (Wed.) WTI Crude Oil (USD/barrel) ~$76.54 ▼ Sharp weekly decline Gold (USD/oz) ~$4,157 ▼ Fell on hawkish Fed CAD/USD (Loonie) ~$0.7068 ▼ Under pressure Note: U.S. markets were closed Friday, June 20, for the Juneteenth National Independence Day holiday. TSX figures reflect Thursday's close. 🇨🇦 TSX: A Record High That Did...
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Elon Musk's Ultimatum to Federal Workers: A New Era of Accountability

 

In a move that has sent shockwaves through the federal workforce, Elon Musk has issued an ultimatum to all federal employees, demanding that they provide a detailed account of their accomplishments over the past week within 48 hours. This directive, announced via Musk's social media platform, X, has sparked confusion and concern across various government agencies.

Musk, who serves as President Donald Trump's cost-cutting chief, emphasized that failure to comply with this request would be interpreted as a resignation. The email sent to federal employees instructed them to list approximately five bullet points of their weekly achievements and to cc their managers.

The directive has been met with mixed reactions. Some agencies have advised their employees not to respond, while labor union leaders have condemned the move as an example of the administration's disregard for federal workers and the essential services they provide. The American Federation of Government Employees (AFGE) has threatened legal action, arguing that the order is both cruel and disrespectful.

As the deadline approaches, the federal workforce remains in a state of uncertainty, with many employees questioning the authenticity and implications of Musk's directive.


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