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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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Air Canada Strike Sparks Calls to Scrap Section 107 of Labour Code

                                           

In the wake of Air Canada’s recent flight attendants’ strike, Canadian Labour Congress president Bea Bruske has declared Section 107 of the Canada Labour Code “effectively dead”. The provision, which allows the federal labour minister to order an end to strikes or lockouts in the interest of “industrial peace,” was invoked by Jobs Minister Patty Hajdu on August 16 to force binding arbitration and return crews to work.

Flight attendants defied the order, remaining on strike until a deal was reached early the following Tuesday. The breakthrough came after eight months of bargaining and included significant pay increases and new ground-time compensation.

Bruske hailed the defiance as a precedent-setting moment, arguing that the section no longer holds sway over organized labour. The Canadian Labour Congress is now calling for its removal, noting its increased use in recent years to end high-profile work stoppages.

Labour experts say the episode could prompt a rethink of how Ottawa intervenes in disputes, as the government’s back-to-work order appeared to strengthen the union’s bargaining position rather than weaken it.

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