04:22 PM EDT, 08/08/2025 (MT Newswires) -- The Toronto Stock Exchange edged down Friday to end a mixed holiday-shortened week that produced two successive record closes before two negative sessions, as Canada Prime Minister, Mark Carney, moved to allay market concerns around an ongoing trade spat with the United States, and a weak domestic jobs report for July.

Reflecting volatility in closing commodity prices, the S&P/TSX Composite Index edged in to negative territory late in Friday's session and finished 2.59 points lower at 27,758.68, even with most sectors higher.

In the latest on trade, Prime Minister Carney took questions on the fringes of an event in Ontario on Friday. Almost inevitably he was asked about the ongoing trade spat with the United States, and specifically about the warning this week from Ontario Premier Doug Ford that he believes President Donald Trump will be coming at Canada with "double barrels" when it comes to renegotiating the existing free trade deal between the countries, known as the Canada-U.S.-Mexico Agreement (CUSMA). Ford said the U.S. president could move to reopen talks as early as November 2025.

Carney began by noting that 85% of Canadian exports to the U.S. are currently tariff free, while retaliatory tariffs are set in such a way that they a "minimum impact" on Canadians. He also noted many of the issues that have come up in tariff talks with the U.S. are likely to be issues too when CUSMA talks start, they being issues around strategic sectors like steel, aluminum, autos, lumber. "From our perspective, we are concentrating on those areas where our economies are deeply integrated and working for win-win solutions between the two countries."

A CUSMA review, Carney noted, is slated for about nine months from now, and he said it is natural that consultations will begin in advance of that. "We [the Canadian federal government ministers] are very conscious that there are a couple of negotiations in sequence and the extent to which those negotiations can be brought together ... that is in the interests of all parties." A sign, perhaps, that the Canadian government is looking to at least delay the possibility of all out trade war between the North America neighbors.

On the jobs front, Statistics Canada on Friday reported 41,000 job losses last month, while economists had expected a slight gain. The unemployment rate was steady at 6.9% in July as StatCan said the number of job seekers held steady month-to-month. Average hourly wages rose 3.3% on an annual basis in July.

Carney when asked about the jobs data noted the gains had been strong in June, while down in July. He said it was interesting that, in terms of geographic spread, there were more job losses in Alberta and Saskatchewan, and in terms of sectors, less in manufacturing. He noted the jobless rate held steady, and that wage growth was "outpacing" inflation. Carney said wage growth, combined with recent federal tax cuts and the removal of a consumer carbon tax, indicate "progress" in terms of living costs for Canadians, even if more work still needs to be done.

Of commodities today, gold surged to a intraday record high of US$3,534.10 on Friday after the Financial Times reported the Trump Administration will put tariffs on imports of gold bars. However, Bloomberg News later on Friday reported the administration called news of the tariff "misinformation" and it will issue an executive order to clarify that gold bars are not subject to tariffs. The precious metal's futures price immediately gave up the session's gains and was last seen up $4.00 to US$3,457.70 per ounce.

West Texas Intermediate crude oil closed unchanged at a two-month low after falling for six-straight sessions with traders looking to the potential end of Russia's war on Ukraine as President Trump and his Russian counterpart, Vladimir Putin, are expected to meet as soon as next week to discuss a ceasefire amid rising supply. WTI crude oil for September delivery closed steady at $63.88 per barrel, while October Brent crude was last seen up up $0.17 to US$66.60. An Israeli plan to take control of Gaza is also in focus.