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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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Trump Warns Democrats of Lasting Cuts as Shutdown Looms

The sun sets behind the U.S. Capitol dome, on the day U.S. President Donald Trump met with top congressional leaders from both parties, just ahead of a September 30 deadline to fund the government and avoid a shutdown, in Washington, D.C., U.S., September 29, 2025.

President Donald Trump warned congressional Democrats that a looming government shutdown could trigger “irreversible” actions, including permanent cuts to programs and benefits they support. Speaking from the Oval Office, Trump suggested that his administration could use the shutdown to downsize federal operations in ways that would be difficult to reverse later.

Trump praised budget director Russell Vought for his ability to trim spending, framing the shutdown as an opportunity to reduce what he described as “fraud, waste, and abuse” in government programs. He emphasized that Democrats were “taking a risk” by holding out for expanded health benefits and other provisions in the funding bill.

The standoff comes as Congress faces a midnight deadline to keep the government open. Without a deal, federal agencies will begin furloughing workers and suspending non-essential services. Past shutdowns have disrupted air travel, delayed small business loans, and halted environmental cleanup efforts.

Democrats argue that Republicans are refusing to extend critical health subsidies, while Trump insists that the shutdown could be avoided if Democrats drop their demands. With no breakthrough in sight, the U.S. is bracing for its 15th government shutdown since 1981.


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