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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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Republicans Break Ranks as House Moves to Roll Back Trump-Era Tariffs on Canada

An officer patrols the grounds of the U.S. Capitol on Feb. 6, 2026. The House of Representatives voted Wednesday on a resolution to nullify the basis of President Donald Trump's tariffs against Canadian goods.

In a rare departure from party unity, the U.S. House of Representatives voted to roll back portions of former President Donald Trump’s tariffs on Canadian goods. The bipartisan measure reflects growing concern among lawmakers—particularly Republicans from agricultural and manufacturing districts—about the economic strain these duties have placed on U.S. businesses.

The vote signals a notable shift within the GOP, where skepticism toward tariffs has been rising as industries report higher costs and disrupted supply chains. Supporters of the rollback argue that easing tensions with Canada, one of America’s closest trading partners, will help stabilize cross‑border commerce and reduce pressure on domestic producers.

Opponents, however, maintain that the tariffs were originally imposed to protect U.S. industries from unfair competition and warn that reversing them could weaken America’s leverage in future trade negotiations.

While the measure still faces hurdles in the Senate, the House vote underscores a broader debate within the Republican Party about the long‑term economic impact of protectionist policies—and whether recalibrating trade relations with allies is now a political necessity.


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