Dear Friends,
Tangents:
February 25, 1947: The state of Prussia is dissolved. At its peak, the most important state of the German empire encompassed parts of modern-day Germany, Poland, and Russia.
February 25, 1964: Cassius Clay (who later changed his name to Muhammad Ali) became the world heavyweight boxing champion by defeating Sonny Liston in Miami Beach.
Auguste Renoir, artist, b.1841.
Video: Seal naps on snow-covered road
This week’s snowstorm in the Northeast was exhausting for many, humans and animals alike.
Women discover world’s largest coral colony
A mother-and-daughter team of scientists has identified the world’s largest known coral colony, found on the Great Barrier Reef off the coast of Australia.
Young Americans are embracing ‘Chinamaxxing’
Read about the Western fascination with Chinese culture and aesthetics.
| Far fewer people are related to Genghis Khan than previously assumed, new genomic study suggests |
Some experts have suggested as many as 1 in 200 men in the world are related to Genghis Khan. But a new genomic study reveals the number is significantly lower. Read More.
| 14,000-year-old ivory tools found in Alaska hint at how Clovis ancestors first arrived in the New World |
Ancient artifacts unearthed in Alaska revealed migrants from Asia might have come to the Americas via an inland route, and not a coastal path. Read More.
| How to see the March 3 ‘blood moon’ eclipse from anywhere on Earth |
The final "blood moon" total lunar eclipse until 2029 is coming to North America this Tuesday (March 3). Here’s how to watch it online. Read More.
| James Webb telescope spots giant auroras rolling through Uranus’ atmosphere |
JWST observed Uranus for nearly a full rotation, charting the planet’s upper atmosphere and magnetic environment for the first time. Read More.
PHOTOS OF THE DAY
London, UK
Daffodils bring a splash of colour to St James’s park. Temperatures could rise to 18C in parts of the UK on 25 February
Photograph: Neil Hall/EPA
Wuxi, China
Performers take part in a temple fair featuring folk parades and markets
Photograph: Xinhua/Shutterstock
London, UK
The artwork Les Graces Naturelles, c 1961 by Ren? Magritte is displayed during a media preview for The Art of the Surreal, Evening Sale at Christie’s auction house in central London. The sale will take place on 5 March
Photograph: Adrian Dennis/AFP/Getty Images
Market Closes for February 25th, 2026
| Market Index |
Close | Change |
| Dow Jones |
49482.15 | +307.65 |
| +0.63% | ||
| S&P 500 | 6946.13 | +56.06 |
| +0.81% | ||
| NASDAQ | 23152.08 | +288.40 |
| +1.26% | ||
| TSX | 34127.33 | +156.95 |
| +0.46% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 59219.29 | +633.17 |
| +1.08% | ||
| HANG SENG |
26765.72 | +175.40 |
| +0.66% | ||
| SENSEX | 82276.07 | +50.15 |
| +0.06% | ||
| FTSE 100* | 10806.41 | +125.82 |
| +1.18% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.205 | 3.188 |
| CND. 30 Year Bond |
3.967 | 3.682 |
| U.S. 10 Year Bond |
4.0461 | 4.0328 |
| U.S. 30 Year Bond |
4.6933 | 4.6865 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7312 | 0.7299 |
| US $ |
1.3675 | 1.3700 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6189 | 1.6155 |
| US $ |
0.8464 | 1.1813 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
65.32 | 5191.40 |
| Oil | ||
| WTI Crude Future | 5120.25 | 65.94 |
Market Commentary:
On this day in 1862, President Abraham Lincoln signed the Legal Tender Act, putting the U.S. government in the business of printing paper money. The Act also authorized the Treasury to sell 6% bonds callable in five years, maturing in 20, which are nicknamed “5-20s.” Philadelphia broker Jay Cooke then pursued what he called the “democratic distribution” of investments, slicing the 5-20s into denominations as small as $50, advertising them in newspapers and hiring an army of “traveling agents” to sell them. He raised $361 million, introducing thousands of Americans to investing for the first time.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.5%, or 156.95 to 34,127.33 in Toronto.
Today, financials stocks led the market higher, as 5 of 11 sectors gained; 112 of 217 shares rose, while 105 fell.
Bank of Montreal contributed the most to the index gain, increasing 3.8%.
Thomson Reuters Corp. had the largest increase, rising 10.1%.
Insights
* This month, the index rose 6.9%
* The index advanced 35% 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 53.5% above its low on April 7, 2025
* The S&P/TSX Composite is up 2.2% in the past 5 days and rose 3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.1 on a trailing basis and 22.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$5.37t
* 30-day price volatility rose to 18.30% compared with 18.27% in the previous session and the average of 14.95% over the past month
Index Points
Financials | 175.0409| 1.7| 19/5
Information Technology | 49.2708| 2.1| 9/1
Industrials | 9.1503| 0.3| 20/9
Real Estate | 1.1693| 0.2| 11/8
Health Care | 0.4150| 0.5| 3/1
Utilities | -0.9995| -0.1| 6/8
Communication Services | -1.1117| -0.2| 3/2
Consumer Discretionary | -2.0135| -0.2| 3/6
Materials | -17.6078| -0.2| 31/25
Consumer Staples | -23.9487| -2.1| 2/8
Energy | -32.4249| -0.6| 5/32
Bank of Montreal | 37.1200| 3.8| -19.2| 13.6
Shopify | 35.7400| 2.6| -35.2| -25.5
National Bank of | Canada | 32.1700| 6.6| 71.1| 9.6
Canadian National | -12.8700| -2.2| 44.6| 9.8
Loblaw | -14.7600| -5.5| 93.2| 2.8
Agnico Eagle Mines | Ltd | -20.9800| -1.8| -36.7| 41.2
MT Newswires:
The Toronto Stock Exchange set a fifth record close in the last six sessions on Wednesday, and the 16th of 2026 already, with the resources-heavy index getting a fresh lift from a rebound in gold prices, while Desjardins’ Tiago Figueiredo bullishly noted the index "has had a good run, but there’s probably more to come".
The S&P/TSX Composite Index rose another 156.95 points, or 0.5%, to 34,127.33, with most sectors higher, led by the Battery Metals Index, up near 4.3%, and then Base Metals, Info Tech and Financials, each of which was up about 1.6%.
Energy led decliners, down 0.7%.
According to Dow Jones Market Data, FactSet going in today’s session the TSX was month to date up 6.41% and year to date up 2,257.62 points or 7.12%.
Reflecting a higher Precious Metals sector, gold traded higher by midafternoon Wednesday, rebounding from day-prior losses on demand from Asia.
Gold for April delivery was up US$50.10 to US$5,226.4 per ounce.
But in reflecting some unease in the Energy Sector, West Texas Intermediate crude oil closed lower, giving up early gains on tensions between the United States and Iran after a report showed an outsized rise in U.S. inventories last week.
WTI crude oil for April delivery closed down US$0.21 to settle at US$65.42 per barrel, while April Brent oil was up $0.09 to US$70.86.
The Financial sector was up as three of Canada’s six largest banks have over the last two days reported earnings beats for their fiscal first quarters, likely leading to optimism that CIBC (CM.TO), RBC (RY.TO) and TD Bank (TD.TO) will follow the same path when they report tomorrow.
Not even lingering concerns around the outlook for trade talks between Canada and the U.S. have been able to dent investors’ enthusiasm, at least of late.
CTV News reported Canadian and U.S. trade officials spoke Wednesday morning ahead of a Canadian visit to Washington in a few weeks, according to U.S.
Trade Representative Jamieson Greer. Greer on Fox Business Network said he spoke with his counterpart, likely referring to Canada-U.S. Trade Minister Dominic LeBlanc, who shared that Canada has a few ideas on the future of a deal.
"We don’t necessarily want to be dependent on China, Canada, or anybody else for things like cars and that kind of thing," Greer said. "But we’re open to talk, and we’ll see what they have to say."
Maybe Desjardins’ Macro Strategist Tiago Figueiredo put his finger on one reason for the TSX buying when pointing out that many global investors are broadly underweight Canadian stocks relative to Canada’s market share.
Figueiredo published a note entitled ‘Strategic View: Better Than a Gold Medal Run’ in which he said Canada stands out as a clear beneficiary of efforts to diversify away from the United States.
Figueiredo pointed out what favors Canada over the United States, saying
valuations are "generally more attractive, dividend income is higher, and the TSX’s resource tilt provides a natural hedge against geopolitical and inflation risks".
Figueiredo noted the materials sector is boosting index-level EPS growth but said that should not be viewed as a problem.
"Persistent macro uncertainty is likely to keep precious metals prices well supported," he added.
Excluding materials, Figueiredo noted the TSX’s equal weighted distribution of forward EPS growth looks very similar to the equal-weighted S&P 500, underscoring that "Canada’s story is broader than a single commodity trade".
With population growth set to reaccelerate next year, some headwinds to sectors such as communications, real estate and consumer staples could shift into modest tailwinds, supporting broader earnings growth, he said.
Figueiredo noted fund flows into the broad TSX also show little correlation with moves in precious metals prices.
Even at the end of January, when gold and silver prices saw unusually large volatility, fund flows into the TSX remained positive, he said.
While selling could still materialize at the individual or sector level if there is a pullback in precious metals prices, this should help quell some fears that cash will run for the exit at the index level, he added.
"The TSX has had a good run, but there’s probably more to come," said Figueiredo, before adding: "As the market becomes more concerned with AI related volatility, reducing exposure appears prudent given most portfolios are extremely overweight the sector. In the absence of a clear catalyst for a drawdown, cash is likely to be redistributed within equities rather than moved to the sidelines.
Canada is well positioned to capture some of that redistribution, especially considering that many global investors are broadly underweight Canadian stocks relative to Canada’s market share."
US
By Rita Nazareth
(Bloomberg) — Stocks climbed in late hours on speculation that Nvidia Corp.’s strong outlook will help reignite confidence in Wall Street’s artificial-intelligence trade.
A $700 billion exchange-traded fund tracking the S&P 500 rose after the close of regular trading.
The giant chipmaker that’s seen as a barometer for the revolutionary technology’s first-quarter revenue projection beat estimates.
The shares rallied 3.5%.
Salesforce Inc. gave a lukewarm outlook.
In regular hours, equities notched their second straight day of gains, with tech shares leading the charge.
Bitcoin topped $69,000.
A rally in bonds stalled.
President Donald Trump is convening tech executives from firms including Amazon.com Inc., Meta Platforms Inc., Microsoft Corp. and Alphabet Inc. at the White House next week to sign pledges committing their companies to foot the electricity bill for energy-hungry data centers.
Investors have been so sensitive that a report from a little-known firm called Citrini Research outlining the potential AI risks to various industries — using hypothetical scenarios set in the future — jolted markets earlier this week.
Wolfe Research conducted a poll that suggests most investors bet the AI “wrecking ball” that’s roiled markets is largely “overblown,” said Chris Senyek. However, participants viewed the “broadening out” trade as alive.
Recent price action tied to AI disruption risk presents opportunities in well-positioned incumbents and AI adopters with pricing power, according to Morgan Stanley strategists including Andrew Pauker.
The strategists also noted that an analysis of over 10,000 earnings and conference transcripts shows a steady increase in the share of companies seeing quantifiable benefits from AI adoption.
“We emphasize the importance of broadening AI exposure to capture the full range of opportunities the technology offers,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
“So, we recommend diversifying AI exposure across sectors and geographies as the landscape continues to evolve amid rapid development.”
Corporate Highlights:
* Paramount Skydance Corp. reported fourth-quarter earnings that beat projections, just days after submitting a new bid to acquire Warner Bros. Discovery Inc.
* Advanced Micro Devices Inc. will buy $150 million in Nutanix Inc. stock as part of a new partnership that also includes joint engineering and sales efforts.
* Circle Internet Group Inc. said strong demand for its stablecoin bolstered profit and revenue during the fourth- quarter downturn in digital assets.
* Lowe’s Cos.’s sales guidance for the full year fell short of expectations, a sign the housing market will remain lackluster in the near term.
* First Solar Inc. issued a 2026 sales forecast below analysts’ estimates.
* Intuitive Machines Inc. announced a $175 million strategic equity investment to support projects such as an expansion into technology for orbital data centers.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.4%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World Index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.3% to $1.1806
* The British pound rose 0.5% to $1.3554
* The Japanese yen fell 0.4% to 156.46 per dollar
Cryptocurrencies
* Bitcoin rose 8% to $69,164.26
* Ether rose 12% to $2,075.45
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.05%
* Germany’s 10-year yield was little changed at 2.71%
* Britain’s 10-year yield advanced one basis point to 4.32%
Commodities
* West Texas Intermediate crude fell 0.2% to $65.47 a barrel
* Spot gold rose 0.2% to $5,152.13 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Habits are either the best or the worst things in the world; they either carry us to heaven or hurl us to hell.
Form only those that will prove an honor to you. -Philip Dormer Stanhope, the 4th Earl of Chesterfield, 1694-1773, Letters to His Son (1746-1770).
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