TSX Near Record Highs, Wall Street Rallies Into the Weekend Ahead of Bank of Canada Decision

 

 

Monday, July 13, 2026

Canadian and U.S. markets closed out last week on a strong note, with the TSX inching closer to record territory on the back of a surprisingly strong jobs report and Wall Street extending its rally as a blockbuster IPO stole the spotlight. Here's everything Canadian investors need to know heading into a big week that includes Wednesday's Bank of Canada rate decision.

Note: Figures below reflect confirmed closing prices from Friday, July 10, 2026, the last completed trading session. Markets were closed over the weekend.

🇨🇦 Canadian Markets

S&P/TSX Composite: 35,305.31 ▲ 104.86 (+0.30%)

Toronto's benchmark index closed higher for a second straight session, edging closer to record territory after Statistics Canada reported that the economy added 18,200 jobs in June, well ahead of expectations, while the unemployment rate unexpectedly fell to its lowest level in nearly two years. Financials led the way, with RBC, TD, and BMO all posting gains, while Shopify jumped following a chip-sector rally south of the border. Mining stocks were the notable laggard as gold prices pulled back, with Agnico Eagle and Barrick both lower on the session.

🇺🇸 U.S. Markets

Dow Jones Industrial Average: 52,637.01 ▲ 149.60 (+0.29%)

S&P 500: 7,575.39 ▲ 31.75 (+0.42%)

Nasdaq Composite: 26,281.61 ▲ 74.72 (+0.29%)

VIX (Volatility Index): 15.03 ▼ 5.1%

Wall Street closed out a choppy week on a high note, with all three major indices notching weekly gains. The session's marquee event was the Nasdaq debut of South Korean memory chipmaker SK Hynix, whose U.S. shares jumped roughly 13% after the company raised $26.5 billion in the largest-ever U.S. listing by a foreign company — a deal that lifted chip stocks broadly, with Nvidia up about 4% and AMD gaining 2%. Meta also rallied about 6% on a positive analyst note about its AI cost structure. The VIX tumbled more than 5% to break below its recent trading range, a sign that investor anxiety around the U.S.-Iran conflict has eased somewhat, even as tensions remain unresolved.

🌍 European Markets

FTSE 100 (UK): 10,497.29 ▲ 0.24%

DAX (Germany): ▼ 0.20%

CAC 40 (France): ▲ 0.15%

FTSE MIB (Italy): ▲ 0.44%

European markets finished mixed on Friday. London and Paris edged higher along with Milan, while Frankfurt's DAX slipped slightly as chip-linked names ASML and Infineon gave back some recent gains. French inflation data continued to show cooling price pressures, reinforcing expectations that the European Central Bank has room to stay patient on rates.

🌏 Asian Markets

Nikkei 225 (Japan): 68,557.53 ▲ 1.2%

Kospi (South Korea): 7,475.94 ▲ 2.5%

Hang Seng (Hong Kong): 24,175 ▲ 0.6%

ASX 200 (Australia): 8,806 ▲ 0.5%

Shanghai CSI 300 (China): ▼ 1.96%

Asian markets led global gains Friday, with South Korea's Kospi jumping 2.5% on excitement tied to the SK Hynix U.S. listing, while Japan's Nikkei climbed 1.2%. Mainland Chinese stocks were the exception, falling as technology and industrial shares came under pressure.

💰 Commodities & Currency

WTI Crude Oil: US$71.41/barrel ▼ $0.67

Gold: US$4,093.90/oz ▼ 0.48%

USD/CAD: 1.4169 (1 CAD ≈ 70.6 US¢)

Oil eased for a second straight session as markets weighed reports that the U.S. and Iran may resume technical talks despite renewed strikes over the weekend, though crude still finished the week up roughly 4% given the ongoing disruption to shipping through the Strait of Hormuz. Gold pulled back modestly after a strong run higher. The loonie held steady against the greenback, supported by Friday's strong jobs report even as softer oil prices capped further gains.

What It Means For You

A strong Canadian jobs report and a resilient TSX are good news if you're near retirement or drawing down a portfolio, but they also reduce the odds the Bank of Canada signals any dovish surprises at Wednesday's rate announcement. If you're carrying a variable-rate mortgage or HELOC, plan around rates staying at 2.25% for now rather than betting on near-term relief. And if energy and mining make up a chunk of your portfolio, keep an eye on the Strait of Hormuz situation — it's still the single biggest swing factor for oil, gold, and by extension, a large slice of the TSX.

Looking Ahead

All eyes turn to Wednesday, July 15, when the Bank of Canada delivers its next interest rate decision. Markets widely expect a hold at 2.25%, with the strong June jobs report giving the central bank little reason to move in either direction. We'll have full coverage and a breakdown of what it means for your mortgage, savings, and investments right here on MoneySavings.ca.

This article is for informational purposes only and does not constitute financial advice. Market data reflects confirmed closing prices as of Friday, July 10, 2026, sourced from multiple financial data providers. Always consult a licensed financial advisor before making investment decisions.

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