TSX Gains as Markets Assess Jobs Data

2026-05-08 14:01 By Isabela Couto 1 min. read

The S&P/TSX Composite gained more than 0.5% to trade above 34,000 on Friday, as investors assessed the North American labor backdrop and the outlook for Middle East energy supply.

Although clashes continued and attacks on the UAE renewed tensions near the Strait of Hormuz, the US is still awaiting Iran’s response to its proposal to end the conflict, keeping oil prices elevated.

Meanwhile, the unexpected decline in Canadian employment reinforced expectations that the Bank of Canada will refrain from raising interest rates this year.

Most banks traded higher, with BMO up more than 1% and Canadian Imperial Bank advancing nearly 1%.

On the earnings front, Enbridge (-0.1%) and Wheaton Precious Metals (+4.1%) both reported results above expectations.

Cardinal Energy (-0.5%) posted higher first-quarter revenue on record production, while Emera (+1.4%) reported adjusted EPS above forecasts.

Rogers Sugar (+1.7%), however, posted weaker-than-expected second-quarter revenue.



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