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
Canadian markets were closed Monday for the Civic Holiday, but made up for lost time once trading resumed — rallying on falling oil prices, a Shopify-fuelled earnings surge, and a much stronger-than-expected jobs report to close out the week.
| Day | TSX Close | Change | Why |
|---|---|---|---|
| Mon, Aug 3 | Closed | — | Civic Holiday — banks and the TSX were closed; oil crashed ~6% after Trump halted a planned Iran strike |
| Tue, Aug 4 | 35,801.59 | +1.63% | Reopened with a 575-point catch-up rally as Wall Street hit fresh records (Amazon topped $3T market cap) |
| Wed, Aug 5 | 36,146.42 | +0.96% | Fresh record close on Shopify's post-earnings surge (+20%+) and Thomson Reuters' 9% revenue growth |
| Thu, Aug 6 | 36,136.31 | ~flat | Held steady just off Wednesday's record as global chip stocks (Kospi -4.6%) wobbled overnight |
| Fri, Aug 7 | 36,381.23 | +0.68% | New record on gold-miner strength (B2Gold +22.5%, IAMGOLD +13.7%) plus a blowout July jobs report: +75,100 jobs vs. 17,800 expected, unemployment falling for a third straight month |
| Week Net | 36,381.23 | +3.3% | Biggest weekly advance in about four months, up from last Friday's 35,226.14 close |
🇺🇸 United States: Records Fuelled by a "Bad News Is Good News" Jobs Report
Wall Street's week was defined by de-escalation and earnings. Monday's rally kicked off after Trump called off a planned Iran strike, pushing the Dow to a record (53,178.41) as Amazon's market cap crossed $3 trillion. Tuesday brought another record, with the Dow closing above 54,000 for the first time (54,085.88), followed by a Wednesday record high (54,349). Thursday brought a pause that snapped a five-session win streak on mixed earnings reactions and an overnight chip-stock wobble in Asia. Friday's July jobs report was the week's real twist: US employers unexpectedly cut 23,000 jobs (economists had expected an 80,000-plus gain), and unemployment ticked down to 4.1% as workers left the labour force. Markets read the miss as reducing the odds of a Fed rate hike at its next meeting — priced by traders at roughly 44%, down from about 55% the prior session — and rallied into the close.
| Index | Friday Close | Friday Change | Week Change |
|---|---|---|---|
| Dow Jones | 54,036.93 | +0.28% | Part of a second straight winning week for US stocks overall |
| S&P 500 | 7,757.64 (record) | +0.62% | +3.6% |
| Nasdaq Composite | 26,690.62 (record) | +1.30% | +5.2% |
The S&P 500 closed above 7,700 for the first time this week, and the Nasdaq's semiconductor names led a broad chip-stock bounce-back. Of the 436 S&P 500 companies that had reported earnings by Friday morning, 85.1% beat analyst expectations — well above the historical average.
🇪🇺 Europe: A Fourth Straight Record Close
European markets had their best week since June. The pan-European STOXX 600 notched its fourth consecutive record close on Friday, riding a wave of strong corporate earnings and tech-sector strength that tracked Wall Street's exuberance. Germany's DAX 40 led the region, closing at a record 26,355 (+0.7% Friday, +2.8% for the week) on strength in SAP and Infineon. London's FTSE 100 also finished near record highs — up modestly for the week, even as weaker US jobs data reduced expectations of further Fed hikes and gold-miner strength (Fresnillo, Endeavour) offset softer energy shares. France's CAC 40 and Italy's FTSE MIB also posted gains.
🌏 Asia: A Choppier, More Mixed Week
Asian markets had a bumpier ride than their Western counterparts. Tuesday brought a strong tech-led rally (Japan's Nikkei 225 +3.66% to 66,300, South Korea's Kospi +3.76% to 6,598) on optimism following the prior week's chip-stock swings. That reversed overnight into Wednesday, with the Kospi sliding 4.59% on renewed SK Hynix and Samsung weakness and the Nikkei down 0.93%. By Friday, the region settled into a calmer, mixed close: Japan's Nikkei 225 eased slightly to 65,606.71 (-0.12%), Hong Kong's Hang Seng gained 0.54% to 25,668.03, and mainland China's Shanghai Composite (+1.02%) and Shenzhen Index (+1.42%) both advanced.
🛢️ Oil, Gold, and the Loonie
| Asset | Friday Level | The Story |
|---|---|---|
| Brent / WTI Crude | High-$70s | Crashed ~6% Monday (Brent $83.77, WTI $79.77) after Trump called off a planned Iran strike, then kept sliding through the week toward $77-80 as Strait of Hormuz reopening talks progressed — a rare, sustained pullback after weeks of spikes |
| Gold | ~$4,350-4,400/oz | Extended its climb for a fourth straight session to reach one of its strongest weekly runs in recent memory, powered by Friday's weak US jobs report boosting Fed rate-cut odds |
| USD/CAD | ~1.401 | Loonie held firm near its best levels of the summer, supported by the blowout Canadian jobs report and a broadly softer US dollar |
💡 What It Means for You
- Mortgage renewers: Despite the blowout Canadian jobs number, economists say it doesn't change the outlook for the Bank of Canada's September 2 decision — markets still expect the benchmark rate to hold at 2.25%. Watch bond yields in the meantime, since they continue to feed into fixed mortgage rate quotes.
- RRSP/TFSA holders: With the TSX, S&P 500, and Nasdaq all closing the week at or near records, this was a strong week for most diversified portfolios — though the sharp Tuesday-to-Wednesday reversal in Asian chip stocks is a reminder that tech-heavy holdings can still swing hard.
- Gold and precious-metals investors: With bullion pushing toward US$4,400/oz, this has been one of the best runs for gold in years — worth checking in on any mining-stock or bullion ETF exposure.
- Drivers: Oil's sustained slide toward the high $70s should start showing up at the pumps if it holds — a welcome change after a summer of spikes.
📅 What to Watch Next Week
- The Aug 19 tariff deadline — now just under two weeks away, with the new US 50% tariff on Canadian goods (wine, dairy, furniture, hockey gear) still looming and no deal announced yet.
- US CPI data — next week's US inflation print will be closely watched for how it balances against Friday's weak jobs report heading into the Fed's next meeting.
- Strait of Hormuz negotiations — continued progress (or setbacks) here remain the key swing factor for oil prices and, by extension, gas prices at home.
- Bank of Canada, September 2 — this week's blowout jobs report adds a new wrinkle to the rate-decision outlook; watch for economist commentary in the coming days.
- Earnings season winding down — a handful of notable reports remain; watch for continued volatility in individual tech and industrial names.
This Weekly Market Snapshot is provided for informational purposes only and does not constitute investment, tax, or financial advice. Market data reflects closing levels as of Friday, August 7, 2026, and is sourced from public market data providers. Always consult a licensed financial advisor before making investment decisions.
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