Daily Markets Update: TSX Holds Near Highs as Wall Street Reopens - July 6, 2026
Monday, July 6, 2026 |
Canada's benchmark index closed out last week just shy of a fresh record, and Wall Street is back in action today after Friday's Independence Day holiday closure. Here's everything Canadian investors need to know about global markets this morning.
🇨🇦 Canada: TSX Closes Higher, Just Off Its 52-Week High
The S&P/TSX Composite Index closed Friday, July 3 at 35,274.84, up 308.17 points (+0.88%). That leaves the index within about 350 points of its 52-week high of 35,629.89, set earlier this summer. Since Canadian markets were closed over the weekend, Friday's print remains the most recent TSX close heading into today's session.
The loonie remains under pressure. USD/CAD was trading near 1.421 this morning, keeping the Canadian dollar close to its weakest levels of the past year. Higher-for-longer U.S. rate expectations and softer Canadian growth data have been the main drags, though a pullback in oil prices has also limited support for the currency.
All eyes remain on the Bank of Canada's July 15 rate decision. The central bank held its policy rate at 2.25% at its last meeting and signalled it sees risks on both sides of its inflation and employment mandate — language markets are reading as a genuine toss-up heading into next week's announcement.
🇺🇸 United States: Markets Reopen After Holiday, Dow Sitting at Record
U.S. markets were closed Friday for the Independence Day holiday (observed), so Thursday, July 2 remains the most recent session — and it was a split one. The Dow Jones Industrial Average jumped 594.83 points (+1.14%) to a record close of 52,900.07, lifted by strength in traditional, non-tech sectors. The S&P 500 finished essentially flat at 7,483.24 (+0.00%), while the Nasdaq Composite fell 207.36 points (-0.80%) to 25,832.67 as chip stocks extended a multi-day slide. The Russell 2000 small-cap index slipped 0.55% to 2,996.11.
The catalyst was a much softer-than-expected June jobs report: the U.S. economy added just 57,000 jobs versus the roughly 113,000 expected, with prior months revised lower. The unemployment rate held at 4.2%. Markets read the miss as reducing the odds of any near-term Fed rate hike, which helped the Dow but did little to steady semiconductor names, where Micron, Applied Materials, and AMD all posted sharp declines. Tesla fell 7.5% despite beating delivery estimates.
Wall Street reopens today, Monday, July 6. Futures were pointing modestly higher in early trading, with the S&P 500 and Nasdaq both indicated up (+0.3% and +0.7% respectively) as investors return from the long weekend.
🌍 Europe: Stoxx 600 Hits a Fresh 52-Week High
European markets traded through Friday while Wall Street was closed, and the region closed out the week on a strong note. The pan-European Stoxx 600 gained 0.69% to a new 52-week high, marking its fourth straight weekly advance. Germany's DAX led the major bourses, up 0.85%, followed by Italy's FTSE MIB (+0.77%) and France's CAC 40, which rose 41 points (+0.48%) to close at 8,516. London's FTSE 100 added 21 points (+0.19%) to finish at 10,673, and was trading roughly 0.4% higher again in early Monday dealing.
Utilities led regional gains as investors leaned into defensive positioning, while easing eurozone inflation data gave the European Central Bank room to stay patient on further cuts.
🌏 Asia-Pacific: Mixed Start to the Week
Asian markets showed no clear direction in Monday trading. Japan's Nikkei 225 was roughly flat (-0.01%) at 69,737.69. Hong Kong's Hang Seng outperformed, up 1.14% to 23,616.32, while mainland China's Shanghai Composite slipped 0.06% and the Shenzhen index dropped 1.16%. India's Sensex gained 0.67% to 78,285.07. South Korea's Kospi was under pressure after Samsung hiked memory chip prices 20%, unsettling some investors about downstream costs, while Australia's S&P/ASX 200 eased 0.15%.
📊 Commodities & Currencies
- Oil: WTI crude was trading near US$68.70, while Brent crude sat around US$72.30, up slightly on word that OPEC+ will raise output only gradually.
- Gold: Bullion held near US$4,172 an ounce, staying close to recent highs as a safe-haven bid persists.
- USD/CAD: Trading near 1.4210 this morning.
👀 What to Watch Today
- Wall Street's first full session since Thursday, with futures pointing to a modestly higher open
- Any further follow-through in the semiconductor sell-off after last week's declines
- Positioning ahead of the Bank of Canada's July 15 rate announcement
- Oil price direction following OPEC+'s output guidance
This article is for informational purposes only and does not constitute financial advice. Market data is sourced from multiple providers and cross-verified at the time of publication; figures may shift intraday. Always do your own research or consult a licensed financial advisor before making investment decisions.
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