Dear Friends,
Tangents: Happy Friday.
January 9, 2007: Steve Jobs unveils the Apple iPhone, accelerating the modern smartphone era. Go to article.
| James Webb telescope confirms a supermassive black hole running away from its host galaxy at 2 million mph, researchers say |
JWST peered at the glowing trail of stars left behind by a candidate runaway supermassive black hole deep in space, revealing new insights after other telescopes looked at the event. Read More.
| Rare 2,000-year-old war trumpet, possibly linked to Celtic queen Boudica, discovered in England |
Archaeologists have announced their discovery of a metal hoard that contained an extremely rare example of a Celtic battle trumpet. Read More.
| Orbiting satellites could start crashing into one another in less than 3 days, theoretical new ‘CRASH Clock’ reveals |
Researchers have proposed a theoretical timepiece, dubbed the "CRASH Clock," which tells us how quickly satellites would start colliding if they lost the ability to avoid each other, such as during a powerful solar storm. And its value is rapidly decreasing. Read More.
| Jupiter will outshine every star in the sky this weekend — how to see the ‘king of planets’ at opposition |
Jupiter reaches opposition on Jan. 10, when it will shine all night at its brightest as Earth moves between the giant planet and the sun. Read More.
| New US food pyramid recommends very high protein diet, beef tallow as healthy fat option, and full-fat dairy |
The federal government has released new dietary guidelines, introducing an emphasis on consuming meat and dairy and avoiding highly processed foods. Read More.
GM takes $6 billion hit as cost of backing away from EVs
General Motors on Thursday said it will take an additional $6 billion hit against its earnings as a result of pulling back on its electric vehicle plans.
A life-changing move
An American mom left Tennessee for a remote Italian town, where she says her autistic son’s breathing improved overnight.
The London Stock Exchange traces back to Jonathan’s Coffee House, where broker John Castaing began publishing stock and commodity prices in 1698.
PHOTOS OF THE DAY
Denver, Colorado
Longhorn steer are herded through downtown Denver in a modern-day homage to historical cattle drives during a parade to mark the opening of the National Western Stock Show
Photograph: Kevin Mohatt/Reuters
Rome, Italy
Workers clean the Trevi fountain and collect coins thrown by tourists. From 1 February, people will have to pay a €2 entrance fee to get close to the fountain, as part of efforts to tackle over-tourism
Photograph: Filippo Monteforte/AFP/Getty Images
Birmingham, England
Overnight snow blankets homes and roads as pink light from grow lights at Birmingham City football club illuminates the sky. Snow and ice was expected to grip much of the UK over the weekend as parts of the country reels from the effects of Storm Goretti, which caused power cuts, school closures and travel disruption
Photograph: Christopher Furlong/Getty Images
Market Closes for January 9th, 2026
| Market Index |
Close | Change |
| Dow Jones |
49504.07 | +237.96 |
| +0.48% | ||
| S&P 500 | 6966.28 | +44.82 |
| +0.65% | ||
| NASDAQ | 23671.35 | +191.33 |
| +0.81% | ||
| TSX | 32612.93 | +234.29 |
| +0.72% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 51939.89 | +822.63 |
| +1.61% | ||
| HANG SENG |
26231.79 | +82.48 |
| +0.32% | ||
| SENSEX | 83576.24 | -604.72 |
| -0.72% | ||
| FTSE 100* | 10124.60 | +79.91 |
| +0.80% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.384 | 3.400 |
| CND. 30 Year Bond |
3.824 | 3.842 |
| U.S. 10 Year Bond |
4.1653 | 4.1672 |
| U.S. 30 Year Bond |
4.8121 | 4.8365 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7186 | 0.7211 |
| US $ |
1.3915 | 1.3867 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6197 | 1.6173 |
| US $ |
0.8590 | 1.1640 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4429.35 | 4438.00 |
| Oil | ||
| WTI Crude Future | 59.12 | 57.76 |
Market Commentary:
On this day in 1790, Congress learned about insider trading. Treasury Secretary Alexander Hamilton proposed buying up distressed bonds trading at a fraction of their value to consolidate the national debt. Several members of Congress hired sailboats and stagecoaches to take them south faster than the news could travel by foot so they could snap up bonds cheaply.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.7%, or 234.29 to 32,612.93 in Toronto.
Agnico Eagle Mines Ltd. contributed the most to the index gain, increasing 2.9%.
Endeavour Silver Corp. had the largest increase, rising 9.4%.
Today, 175 of 218 shares rose, while 43 fell; 9 of 11 sectors were higher, led by materials stocks.
Insights
* So far this week, the index rose 2.3%, heading for the biggest advance since the week ended Nov. 28
* The index advanced 30% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is at its 52-week high and 46.7% above its low on April 7, 2025
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.1 on a trailing basis and 20.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$5.15t
* 30-day price volatility fell to 9.48% compared with 9.60% in the previous session and the average of 12.03% over the past month
Index
Materials | 111.8163| 1.8| 48/8
Energy | 69.4655| 1.5| 33/5
Financials | 29.2246| 0.3| 17/7
Industrials | 22.0286| 0.7| 24/5
Consumer Discretionary | 7.3339| 0.7| 7/2
Real Estate | 5.6932| 1.2| 18/1
Utilities | 2.7032| 0.3| 11/3
Consumer Staples | 2.6749| 0.3| 7/3
Communication Services | 1.6979| 0.3| 4/1
Health Care | -1.5679| -1.8| 0/4
Information Technology | -16.7837| -0.5| 6/4
Agnico Eagle Mines |Ltd | 26.0500| 2.9| 0.5| 14.2
Celestica | 16.4600| 5.1| -28.5| 3.5
Suncor | 14.0200| 2.6| -54.0| 6.7
Scotiabank | -3.9740| -0.5| -57.2| -0.6
CIBC | -5.5160| -0.7| -33.6| 1.5
Shopify | -37.6800| -1.9| -10.2| 3.6
MT Newswires:
The Toronto Stock Exchange on Friday set its third record close of the week and the first above 32,600, buoyed by confidence around an improved labor market in 2026 and economic resilience, in addition to elevated commodity prices, even as Rosenberg Research said the medium term momentum for commodities at the turn of the year was downward.
The resources-heavy S&P/TSX Composite Index closed up 234.29 points, or 0.7%, to 32,612.93.
According to Dow Jones Market Data, FactSet, going in to Friday’s session month and year to date the index was up 2.1% or 665.88 points.
The only blip to date for 2026, so far, came on Wednesday, when nearly 270 points were lost.
On the economics front, David Doyle, head of economics at Macquarie Group, noted employment in Canada increased by a modest 8,000 in December, marking a slowdown after three consecutive months of strong gains.
The unemployment rate partially rebounded to 6.8% on firmer participation, a development that was anticipated after the sharp fall in November.
Actual hours worked declined by 0.3% month over month, partially reversing November’s gain.
"Looking ahead to 2026," Doyle said, "we anticipate a gradual improvement in the labour market. Federal government’s updated immigration levels plan should support a decline in unemployment."
Meanwhile, Macquarie’s view for the Bank of Canada remains unchanged.
It believes the October cut to be the final move of the recent easing cycle.
The next adjustment is likely to be a rate hike, potentially occurring in Q4 2026, the bank said.
Elsewhere, BMO Capital Markets chief economist Douglas Porter in his weekly ‘Talking Points’ note said he has seen nothing to disrupt BMO’s call that the BoC will stay on the sidelines this year.
According to Porter, the bigger story for Canada’s economy is that "it has hung in there" in the face of deep trade uncertainty and hefty tariffs on some key industries.
Porter noted "heavy support" from both monetary policy, the BoC did, after all cut rates by 100 basis points in 2025, despite many protests that they could not fix a trade war, and fiscal policy, which helped keep the economy "on the rails".
Of commodities, gold prices were up midafternoon on Friday as the dollar weakened after the United States reported employment rose less than expected in December.
Gold for February delivery was up $50.90 to US$4.511.60 per ounce.
Also, West Texas Intermediate crude oil rose for a second day, with geopolitical concerns dominating trade as widespread protests in Iran threaten to disrupt the OPEC+ member’s exports.
WTI oil for February delivery closed up $1.36 to settle at US$59.12 per barrel, while March Brent oil was last seen up $1.56 to US$63.55.
Rosenberg Research today published ‘Technical Analysis’ on the year ahead and included commentary on commodities in it.
Last year, the research noted, the S&P GSCI Commodity Index fell by 0.2%.
It said this was its smallest year over year change in either direction since 1982.
However, it added, this modest change hid a large range in returns among the five sub-groups.
For example, the largest of the five by weighting, Energy fell by 15.87%, and the second-largest, Agriculture, lost 7.97%.
Nonetheless, the three smaller commodity groups; Industrial Metals, Livestock, and Precious Metals, almost made up for those losses with gains of 26.12%, 19.45%, and 70.64%, respectively.
Earlier this week, Rosenberg Research noted that the S&P GSCI Commodity Index’s monthly Coppock Curve is currently on pace to spend much of this year flatlining near its zero line, suggesting the index’s multi-year trading range is likely to continue.
As such, a rally through 605-625 or a breakdown through 504-492 would imply that the trading range is finally giving way to a new trend, it noted.
Rosenberg Research said: "This potential for a continuing trading range seems to be bolstered by the observation that the monthly Coppock oscillator is likely to have a bearish bias for most of the sub-groups, and for most of the year. The indicator is currently positioned to spend most of this year in negative territory below the neutral zero line for both Energy and Agriculture, but above that line for the other three.
This suggests that the same performance line-up that was evident last year will continue this year."
It added: "A bottom-up look at the sixteen commodities that we most regularly monitor also supports the more-of-the-same outlook.
The monthly Coppock indicator is currently on pace to remain near the zero line for most of the individual commodities through much of the year, though pressures may increase in the second half, particularly in the fourth quarter."
US
By Cristin Flanagan and Andre Janse van Vuuren
(Bloomberg) — Wall Street brushed aside concerns about the Trump administration’s tariff regime to send US stocks to all- time highs in the first trading week of the new year.
Bonds remained under pressure.
The S&P 500 rose 0.6% Friday to a record while the Nasdaq 100 jumped 1%.
Stocks had dipped briefly after the Supreme Court failed to weigh in on the fate of President Donald Trump’s import levies with consumer names, like Mattel Inc. and Deckers Outdoor Corp., lagging.
Small-cap and blue-chip benchmarks also hit new peaks as the rally broadened beyond just big tech names.
Mark Malek, chief investment officer at Siebert Financial said Friday’s move higher in stocks was unsurprising.
“This morning many folks became hyper focused on the SCOTUS ruling and perhaps quickly dismissed the jobs data with a ‘meh,’” he said.
“Once we learned that there would be no ruling, many may have circled back to the employment numbers and viewed them as being slightly positive. Not bad, not good either, but slightly positive.”
Malek expects any relief rally to be short-lived once investors turn their focus back to the deficit.
All eyes will be on the labor market, according to David Lebovitz of JPMorgan Asset Management, he has a more sanguine view of the year to come.
“A stable market should allow forecasts for above trend growth to materialize and further disinflation. Not too hot, not too cold, just right,” he said.
“We don’t think AI is a bubble, and expect that the application of this technology – and the associated profits – will broaden over the course of 2026.”
Friday’s US jobs report reinforced Wall Street’s bets that the Federal Reserve will leave interest rates on hold for the near term.
The yield on two-year Treasuries rose around 4 basis points to 3.53%.
Nonfarm payrolls increased by 50,000 in December, according to Bureau of Labor Statistics data out Friday.
The unemployment rate was 4.4% last month, down from 4.6% in November.
Economists anticipated 70,000 new positions and an unemployment rate of 4.5%.
Art Hogan, B. Riley Wealth’s chief market strategist, called the report a mixed bag.
“We continue to see an environment where companies are slow to hire and slow to fire. The overarching takeaway in today’s report is that there is mor good news than bad in the first on time jobs report in three months.”
Swaps traders are still expecting around half a percentage point of Fed interest rate cuts in 2026 with a January cut largely off the table.
“The unemployment rate dropped to 4.4%, a positive given its rise had been a key concern and marker of labor weakness over the past year.
On the negative side, revisions revealed fewer jobs created than previously believed with private payrolls bearing the brunt of the downgrade,” according to Jeff Schulze, head of economic and market strategy at ClearBridge Investments. “This outcome should keep the Fed on hold for now, although the committee will remain vigilant for signs of further labor softening.”
To Karen Georges, a fund manager at Ecofi Investissements in Paris, the readout was “not catastrophic and the market is taking the view that the Fed will be content with these mediocre numbers for now.”
The rate on the benchmark 10-year was little changed at 4.16% with bond investors remaining in wait-and-see mode.
The dollar rallied to a one-month high while the yen weakened the most among Group-of-10 currencies.
What Bloomberg Strategists say…
“With jobs data and SCOTUS/tariff angst out of the way, the focus will shift to the return of supply next week.
This advances the prospect of higher yields in the coming week.”
—Alyce Andres, Macro Strategist, Markets Live
In commodities, oil notched its longest streak of weekly gains since June as Iran intensified a crackdown on protests across the country and President Trump threatened repercussions if demonstrators were targeted.
Corporate News:
* Meta Platforms Inc. agreed to a series of electricity deals for its data centers that will make it the biggest buyer of nuclear power among its hyperscaler peers.
* Rio Tinto Group is in talks to buy Glencore Plc to create the world’s biggest mining company with a combined market value of more than $200 billion, a little over a year after earlier talks between the two collapsed.
* China Vanke Co. is preparing a debt restructuring plan at the request of authorities, people familiar with the matter said, pushing one of the country’s largest real estate developers closer to default.
* Dutch telecommunications group Odido is considering launching an initial public offering as soon as this month that couldraise about €1 billion ($1.2 billion) or more, according to people familiar with the matter.
* General Motors Co. will take another $6 billion in charges tied to production cutbacks in its electric vehicle and battery operations as the financial fallout spreads from the weakening US market for EVs.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 1%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World Index rose 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.1634
* The British pound fell 0.2% to $1.3407
* The Japanese yen fell 0.7% to 157.89 per dollar
Cryptocurrencies
* Bitcoin fell 1.1% to $90,164.54
* Ether fell 1.5% to $3,068.66
Bonds
* The yield on 10-year Treasuries was little changed at 4.17%
* Germany’s 10-year yield was little changed at 2.86%
* Britain’s 10-year yield declined three basis points to 4.37%
Commodities
* West Texas Intermediate crude rose 1.7% to $58.76 a barrel
* Spot gold rose 0.6% to $4,506.63 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Peyton Forte, James Hirai, Sujata Rao, Julien Ponthus, Daniel Curtis, Isabelle Lee and Neil Campling.
Have a wonderful weekend everyone.
Be magnificent!
As ever,
Carolann
You’re braver than you believe, stronger than you seem, and smarter than you think. -A.A. Milne, 1882-1956.
Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor
Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7
Tel: 778.430.5808
(C): 250.881.0801 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828