Canada’s main stock market moved higher on Friday. Investors stayed cautious while waiting for key news from the U.S. This includes fresh jobs data and a possible court ruling on import tariffs linked to the Trump administration.
The S&P TSX composite index rose 297 points. That is a gain of 0.92%. The index stood at 32,676.36.
On Thursday, the index had already gained 0.8%. It closed at 32,378.64. This helped it recover from a brief dip earlier in the week. It is still trading close to record highs. Higher oil and gold prices supported the market, which is heavily weighted toward commodities.
Shares of MDA Space also jumped sharply. The company announced a deal that allows it to bid for future work tied to a U.S. missile defense program. Investors welcomed the news.
Canada’s job market showed signs of slowing. Data from Statistics Canada showed the economy added only 8,200 jobs in December. That is almost no change. Job growth cooled after a strong autumn.
The unemployment rate rose to 6.8%. That is up 0.3 percentage points. The increase was mainly due to more people looking for work, not mass layoffs. This made the labor picture look softer overall.
U.S. stocks also moved higher. The Dow Jones gained 189 points. The S&P 500 rose 35 points. The Nasdaq climbed 160 points.
Wall Street had a mixed close on Thursday. The S&P 500 ended flat. The Nasdaq slipped 0.4%. The Dow rose 0.6%.
For the week, U.S. stocks are heading higher. The S&P 500 is up about 0.9%. The Dow has gained 1.8%. The Nasdaq is up 1.1%.
Investors are closely watching U.S. jobs data. December payroll growth came in weaker than expected. The economy added 50,000 jobs. That was below forecasts of 66,000. November’s figure was 56,000.
Despite slower hiring, the unemployment rate edged lower. This has strengthened expectations that the Federal Reserve may keep interest rates unchanged this month. Markets are now pricing in two rate cuts of 25 basis points in 2026.
Attention is also shifting to the upcoming earnings season. Investors want clarity on how companies are handling high borrowing costs and slower global growth.
Another major focus is a possible U.S. Supreme Court ruling on tariffs. The court is reviewing whether President Donald Trump had the authority to impose broad import duties using emergency economic powers. Judges from both sides have raised doubts about the move.
If the tariffs are overturned, the U.S. government could be forced to refund about $150 billion in duties already paid by importers. This has added to market uncertainty.
Oil prices rose again on Friday. They are on track for a weekly gain. Brent crude climbed to $62.57 a barrel. U.S. crude rose to $58.30.
Both benchmarks jumped more than 3% on Thursday. This puts oil on course for a third straight weekly gain. Supply concerns are driving prices higher.
Unrest in Iran has raised fears of disruptions. Tensions also remain high after the U.S. seized Venezuela’s president last week. President Trump has said the U.S. will take control of Venezuela’s oil sector. He is also set to meet with major oil executives.
Gold prices held steady. Spot gold traded near $4,478 an ounce. U.S. gold futures moved higher to $4,487.
Gold is heading for a weekly gain of more than 3%. Prices jumped earlier in the week after the U.S. military action in Venezuela. Ongoing global tensions continue to support demand for the safe haven metal.