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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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Crombie Steps Down: Ontario Liberals Head to Third Leadership Race in Five Years

 

In brief remarks after the results were announced, Ontario Liberal Leader Bonnie Crombie said it's "not the finish line" for her.


Ontario Liberal Leader Bonnie Crombie has announced she will resign after receiving only 57% support in a mandatory leadership review at the party’s annual general meeting. While the result was technically enough to keep her position under party rules, the narrow margin fell short of the two-thirds backing many members felt was necessary for a strong mandate.

Crombie, who took the helm in late 2023 after serving as Mississauga’s mayor, initially vowed to stay on, arguing that a leadership race now would harm the party. However, just hours later, she reversed course, saying the decision was “more important than ego” and that an orderly transition was in the party’s best interest.

Her resignation comes after a February election in which the Liberals increased their seat count from nine to 14, regaining official party status but failing to secure Official Opposition. Crombie herself did not win a seat in the legislature, a point of contention among some caucus members.

Premier Doug Ford thanked Crombie for her years of public service, while party insiders acknowledged the move clears the way for a fresh leadership contest — the Liberals’ third since 2020. Details on the race are expected in the coming weeks.


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