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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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Fed Turmoil Sends U.S. Futures Lower as DOJ Targets Powell

U.S. stock futures retreated as investors reacted to an unprecedented clash between the Federal Reserve and the Department of Justice. The downturn followed news that the DOJ has launched a criminal investigation involving Fed Chair Jerome Powell, injecting fresh uncertainty into financial markets already sensitive to policy signals.

Dow, S&P 500, and Nasdaq futures all slipped in early trading, reflecting a broad pullback from recent highs. Tech‑heavy Nasdaq futures led the decline as traders reassessed risk appetite.

The investigation centers on Powell’s testimony regarding renovations to Federal Reserve facilities. Powell has characterized the probe as politically motivated, suggesting it stems from tensions over the Fed’s resistance to political pressure on interest‑rate decisions.

The episode has raised renewed concerns about the independence of the central bank — a foundational element of market stability. Investors are now weighing whether the conflict could influence upcoming policy decisions or disrupt the Fed’s communication strategy.

Despite the immediate volatility, some analysts believe strong economic fundamentals may help markets stabilize once the political dust settles. For now, though, the Powell‑DOJ confrontation has added a new layer of uncertainty to the market outlook.


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