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Weekly Market Snapshot: TSX Rises as Oil Rebounds and U.S. Markets Cool

  TSX Edges Higher on Energy Strength The TSX posted a modest gain this week, supported by rising energy and financial stocks as oil prices rebounded from recent lows. Investor sentiment improved as commodity demand projections stabilized and geopolitical tensions eased. S&P 500 Cools After Strong Run The S&P 500 paused its recent rally, with tech names seeing mild pullbacks as traders reassessed earnings expectations and upcoming Federal Reserve commentary. Defensive sectors saw renewed interest as investors rotated toward value. Oil Rebounds, Supporting Canadian Markets Oil prices climbed on supply concerns and improving global demand forecasts. The rebound helped lift Canadian energy producers and contributed to the TSX’s relative outperformance. Canadian Dollar Holds Steady The CAD traded in a narrow range, balancing stronger commodity prices against softer domestic economic data. Markets continue to watch for Bank of Canada signals on future rate direction. Wi...

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Trump Signs Sweeping Tax and Spending Bill Amid July 4 Festivities

In a dramatic display of political theater and patriotic pageantry, President Donald Trump signed his landmark tax and spending cut bill into law during the White House’s Fourth of July picnic on Friday. The event, complete with military flyovers and red-white-and-blue bunting, marked a pivotal moment in Trump’s second-term agenda.

Flanked by Republican lawmakers and Cabinet members, Trump signed the multitrillion-dollar legislation on the South Lawn, using a ceremonial gavel gifted by House Speaker Mike Johnson. The bill, which narrowly passed both chambers of Congress, extends Trump’s 2017 tax cuts while slashing $1.2 trillion from Medicaid and food assistance programs. It also ramps up immigration enforcement and repeals key provisions from the Obama and Biden administrations.

“This is going to make our country into a rocket ship,” Trump declared, calling the bill “very popular” despite polling that suggests otherwise. Fighter jets and a stealth bomber soared overhead as the president and First Lady Melania Trump appeared on the White House balcony, underscoring the administration’s message of strength and celebration.

Democrats fiercely opposed the bill, with House Minority Leader Hakeem Jeffries delivering a record-breaking eight-hour speech condemning it as a “crime scene” targeting the nation’s most vulnerable. The Congressional Budget Office estimates the legislation will add $3.3 trillion to the deficit over the next decade and leave nearly 12 million more Americans without health insurance.

As fireworks lit up the Washington sky, Trump hailed the bill as a “birthday present for America,” setting the stage for what is sure to be a contentious election-year debate over its long-term impact.

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