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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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White House Warns of Federal Layoffs as Shutdown Stalemate Deepens

Signage indicates the closure of the National Gallery of Art during the fifth day of a partial government shutdown in Washington, D.C., U.S., October 5, 2025

The White House has signaled that mass layoffs of federal workers could begin if negotiations with congressional Democrats to end the ongoing partial government shutdown fail to make progress.

White House National Economic Council Director Kevin Hassett said on Sunday that President Donald Trump is prepared to act if talks remain “absolutely going nowhere,” though officials still hope a deal can be reached to avoid job losses. The shutdown, now in its fifth day, began on October 1 after Senate Democrats rejected a short-term funding measure.

President Trump told reporters that layoffs were already “taking place right now,” while placing blame on Democrats for the impasse. Meanwhile, Senate Democratic leader Chuck Schumer insisted that only renewed talks between Trump and congressional leaders could resolve the standoff.

At the center of the dispute are Democratic demands for a permanent extension of enhanced health insurance tax credits under the Affordable Care Act, along with assurances that the White House will not unilaterally cut spending agreed to in any deal. Senate Republicans, led by Majority Leader John Thune, have said they are open to discussions but insist the government must first be reopened.

The Senate is expected to vote again on competing funding bills, though neither is likely to secure the 60 votes needed to advance. With nearly 750,000 federal employees facing furloughs and billions in economic costs looming, the pressure to break the deadlock is mounting.


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