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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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Markets Waver as Trump Targets Fed Governor Lisa Cook, Raising Independence Concerns

 

US stock futures edged lower Tuesday morning as investors digested President Donald Trump’s unprecedented move to remove Federal Reserve Governor Lisa Cook — a decision that has sparked legal questions and heightened worries over central bank independence.

Dow Jones Industrial Average futures slipped about 0.2%, S&P 500 futures eased 0.1%, and Nasdaq 100 futures fell 0.2%. The announcement, made late Monday on social media, alleged “sufficient cause” for Cook’s removal over mortgage fraud claims — allegations she denies, insisting the president lacks authority to fire her.

The political shock rippled through markets: Treasury yields on the 10-year and 30-year notes climbed to roughly 4.3% and 4.9%, respectively, as traders weighed the potential for a more dovish Fed majority under Trump’s influence. The dollar weakened, while gold prices firmed as some investors sought safety.

Adding to the unease, Trump threatened new tariffs on countries taxing US digital services, risking fresh trade tensions with the EU. Meanwhile, Wall Street is bracing for Nvidia’s earnings on Wednesday, with expectations sky-high after a 34% year-to-date rally.

Analysts warn that the combination of political pressure on the Fed, looming trade disputes, and key economic data releases could inject fresh volatility into markets in the days ahead.

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