Podcast
The Aretec Wealth Triangle
Will Simpson and Greg Wise
August 8, 2026
How the right portfolio, the right plan and the right people work together to help you make the most of your wealth.
Markets kept the momentum going this week, with the TSX up 2.9% and the S&P 500 gaining 2.6% in CAD terms, while the Nasdaq led the way with a 4.0% advance. Japan was another standout at +3.8%, while Europe gained 2.3% and emerging markets lagged at +1.2%. At the sector level, tech led in the U.S., while Canadian materials and technology both posted outsized gains. The strength pushed both the S&P 500 and TSX to fresh all-time highs throughout the week.
A big part of the move was a fairly dramatic rethink of the Fed outlook. After Chair Warsh left the door open to further hikes last week, a softer July employment report, easing wage growth and falling oil prices quickly took some of the heat out of that conversation. U.S. payrolls actually declined by -23,000 in July, prior months were revised lower and average hourly earnings rose just 0.1%. Last week, the odds of a rate hike in September were at 70%, one week later those odds have fallen to 43%. Markets certainly did not mind the weaker jobs print, with investors instead focusing on the friendlier rate backdrop and what has otherwise been a very strong earnings season.
Interestingly, the employment story looks quite different north of the border. Canada added more than 75,000 jobs in July and the unemployment rate is down to 6.4% from 7.1% a year ago. The Canadian dollar climbed to its strongest level in more than two months against the USD. It was a tale of two jobs markets and we were certainly the beneficiary this round.
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