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Weekly Market Snapshot: Records Everywhere as a Blowout Canadian Jobs Report Meets a Shock U.S. Loss

  August 8, 2026 A short, holiday-shortened week still managed to deliver record after record. The TSX, the S&P 500, the Nasdaq, and Europe's major indices all closed the week at or near all-time highs — even as Friday's jobs numbers told two very different stories on either side of the border. Here's everything that moved your money this week, and what to watch next. The Bottom Line The TSX capped its biggest weekly advance in about four months, closing Friday at a record 36,381.23 after Canada added a blowout 75,100 jobs in July (versus 17,800 expected). Wall Street also hit fresh records — but for the opposite reason: US employers unexpectedly cut 23,000 jobs, which markets read as reducing the odds of any further Fed rate hikes. Add in a fourth straight record close for European stocks, a wild swing in oil, and gold pushing toward US$4,400/oz, and it was a week where almost every major asset class ended up higher. 🇨🇦 Canada: TSX's Best Week Since April Canadia...

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Elon Musk's Federal Worker Ultimatum: A New Chapter

In a bold move, Elon Musk has renewed his threat to fire federal workers who fail to justify their jobs, despite pushback from various agencies. This ultimatum comes after the U.S. Office of Personnel Management (OPM) directed agencies that responses to Musk's email were optional. Musk, undeterred, reiterated his stance on his social media platform, X, warning that failure to respond a second time would result in termination.

The directive, which required federal employees to list five accomplishments from the past week, sparked widespread confusion and resistance across the government. While some agencies, like the U.S. Treasury Department, complied with the request, others, including the Pentagon, advised their employees to ignore it. The OPM ultimately told agencies that their workers could disregard the email, further complicating the situation.

Musk's actions have opened new fissures within the Trump administration, raising questions about the limits of his authority. Despite the controversy, Musk remains steadfast in his mission to radically downsize the federal government through his Department of Government Efficiency (DOGE).

As the federal workforce grapples with this new reality, the impact of Musk's ultimatum on government operations and employee morale remains to be seen.


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