Dear Friends,
Tangents: Happy Monday.
Carolann is away from the office attending the Bloomberg Conference, so I will be writing the newsletter on her behalf.
March 2, 1807: The United States Congress passes the Act Prohibiting Importation of Slaves, banning the import of enslaved people into the country, effective January 1, 1808. Britannica.com
March 2, 1836: The Texas Declaration of Independence is adopted at Washington-on-the-Brazos, declaring independence from Mexico. TSHAonline.org
March 2, 1877: Rutherford B. Hayes is declared the winner of the disputed 1876 U.S. presidential election following the Electoral Commission decision. History.com
March 2, 1962: Wilt Chamberlain scores 100 points in a single NBA game for the Philadelphia Warriors against the New York Knicks. NBA.com
March 2, 2022: The United Nations General Assembly votes overwhelmingly to demand that Russia withdraw its forces from Ukraine following the invasion. UN.org
Dr. Seuss (Theodor Seuss Geisel), American author and cartoonist, b. 1904.
Mikhail Gorbachev, Soviet statesman and leader of the USSR, b. 1931.
Jon Bon Jovi, American singer-songwriter, b. 1962.
Rebel Wilson, Australian actress and comedian, b. 1980.
Giant string of organic molecules on Mars may be one of the best signs of life yet.
A NASA analysis suggests long chains of organic molecules found in Martian rock could possibly have biological origins — though not confirmed as life.
March could be the best month for the northern lights for nearly a decade — if the sun stays active.
Scientists say solar activity combined with the equinox effect might make auroras unusually strong in March.
NASA telescope spots first alien “astrosphere” around a sun‑like star.
The Chandra X‑ray Observatory captured the first hot gas bubble around a star 117 light‑years away, hinting at how stars protect planets.
‘We’re starting to find a lot more weirdness’: These strange animals can control their body heat.
Scientists describe how some animals use heterothermy — changing their body temperature to survive extreme conditions.
Do you weigh more when an elevator goes up or when it comes down?
Physicists explain why elevators briefly make you feel heavier or lighter — and what’s really happening with forces and acceleration.
A total lunar eclipse will turn the moon red. Here’s how to watch
A total lunar eclipse will turn the moon a deep reddish-orange on Tuesday for sky-gazers in Asia, Australia, the Pacific Islands and the Americas.
14th century shipwreck reveals huge cargo of rare Yuan Dynasty blue-and-white porcelain
In the waters off Singapore, a recently uncovered a shipwreck with a huge cargo of blue-and-white porcelain is shedding light on the storied Chinese craft produced during the turbulent era of the Mongol Empire.
PHOTOS OF THE DAY
Nice, France
A float inspired by the film Thelma and Louise takes part in the city’s carnival parade
Photograph: Philippe Magoni/AP
Sydney, Australia
Revellers in Alice in Wonderland costumes at the city’s Gay and Lesbian Mardi Gras
Photograph: AFP/Getty Images
Zhangping, China
Cherry blossom trees in full bloom at a tea garden
Photograph: China News Service/Getty Images
Market Closes for March 2nd, 2026
| Market Index |
Close | Change |
| Dow Jones |
48904.78 | -73.14 |
| -0.15% | ||
| S&P 500 | 6881.62 | +2.74 |
| +0.04% | ||
| NASDAQ | 22748.86 | +80.65 |
| +0.36% | ||
| TSX | 34541.27 | +201.28 |
| +0.59% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 58057.24 | -793.03 |
| -1.35% | ||
| HANG SENG |
26059.85 | -570.69 |
| -2.14% | ||
| SENSEX | 80238.85 | -1048.34 |
| -1.29% | ||
| FTSE 100* | 10780.11 | -130.44 |
| -1.20% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.212 | 3.127 |
| CND. 30 Year Bond |
3.695 | 3.625 |
| U.S. 10 Year Bond |
4.0345 | 3.9375 |
| U.S. 30 Year Bond |
4.6797 | 4.6106 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7312 | 0.7328 |
| US $ |
1.3675 | 1.3645 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6255 | 1.5987 |
| US $ |
0.8555 | 1.1690 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
5222.30 | 5167.35 |
| Oil | ||
| WTI Crude Future | 71.30 | 67.39 |
Market Commentary:
On this day in 2000, the maker of Palm Pilots—one of the hottest devices of the dotcom era—went public. Shares in Palm soared on their debut, giving it a value of more than $53 billion, and implying the rest of parent company 3Com was worth far less than nothing. The anomaly, fueled by a lack of tradable stock, lasted for weeks.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.6% at 34,541.27 in Toronto.
The move follows the previous session’s decrease of 0.5%.
Cameco Corp. contributed the most to the index gain, increasing 6.5%.
Energy Fuels Inc/Canada had the largest increase, rising 9.6%.
Today, 114 of 217 shares rose, while 102 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* This quarter, the index rose 8.9%
* The index advanced 36% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is at its 52-week high and 55.4% above its low on April 7, 2025
* The S&P/TSX Composite is up 2.3% in the past 5 days and rose 7.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.4 on a trailing basis and 17.9 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$5.42t
* 30-day price volatility rose to 18.66% compared with 18.61% in the previous session and the average of 16.84% over the past month
Index Points
Energy | 129.9493| 2.3| 34/3
Financials | 57.2818| 0.5| 12/12
Industrials | 43.3592| 1.2| 19/10
Consumer Discretionary | 2.9573| 0.3| 5/4
Communication Services | 2.7010| 0.4| 3/2
Consumer Staples | 0.3232| 0.0| 4/6
Health Care | -0.7015| -0.8| 1/3
Utilities | -1.1326| -0.1| 5/9
Real Estate | -2.8919| -0.6| 5/13
Materials | -14.0332| -0.2| 22/34
Information Technology | -16.5303| -0.7| 4/6
Cameco | 32.0500| 6.5| 1.9| 36.8
RBC | 26.2000| 1.2| -18.7| -1.4
Enbridge | 19.0600| 1.7| -32.4| 12.2
Manulife Financial | -9.0710| -1.6| 3.6| -4.1
Celestica | -11.0800| -3.6| -3.8| -10.1
Shopify | -11.5400| -0.8| -42.1| -26.1
Energy Fuels | 9.6| 4.6450| 5.0| 60.6
Novagold | Resources | 6.8| 2.4850| 78.3| 51.8
Cameco | 6.5| 32.0500| 1.9| 36.8
Air Canada | -6.7| -2.8580| 96.3| -0.2
Hudbay Minerals | -5.4| -5.7880| 60.1| 34.2
Endeavour Silver| -5.3| -2.0570| 26.7| 39.3
(MT Newswires)
The Toronto Stock Exchange closed at a fresh record high on Monday, its 18th of 2026 driven by a rally in energy prices after the United States and Israel launched attacks on Iran over the weekend, a development that boosted global crude oil prices amid supply concerns through the crucial Strait of Hormuz.
The resources-heavy S&P/TSX Composite Index closed up 201.28 points, or 0.59%, to 34,541.27, topping the prior record close of 34,501.96 set of Feb.26.
Sectors mixed over Monday’s session.
Energy led the gainers, up 1.8%, followed by Industrials, up 1.22%, Telecom, up 0.97%, Financials up 0.54%, Healthcare led decliners, down 1.13%, while Info Tech was down near 0.65%.
Gold traded higher Monday as investors sought hard assets following the escalation of violence in the Middle East, though prices pulled back from early record levels.
Gold for April delivery was last seen up US$105.60 to US$5,353.50 per ounce, just under Jan. 29 record close of US$5,354.80.
The rise comes as oil prices surged sharply after the United States and Israel launched widespread airstrikes on Iran, prompting retaliatory attacks across the region and raising concerns about supply disruptions.
Shipping through the Strait of Hormuz, a chokepoint for roughly a fifth of global oil exports, was halted, marking one of the most significant supply shocks in years.
WTI oil for April delivery closed up US$4.21 to settle at US$72.40 per barrel, the highest since June 20, while May Brent oil was last seen up US$4.71 to US$77.18.
According to Scotiabank, as a net energy exporter, Canada benefits from an improvement in its terms of trade when oil prices rise.
Energy sector profits and investment rise, supporting employment and eventually household spending, the lender said in a note on Monday.
However, these gains are partly offset by a squeeze on real disposable income; higher gasoline prices act as a regressive tax, reducing discretionary purchasing power, it added.
“We have to recognize the strategic importance and the historic importance of what’s happened just in the last 24 hours,” Bloomberg quoted Eric Nuttall, senior portfolio manager at Ninepoint Partners, as saying.
“We’re finding the very best opportunities remain in Canada … We are gifted with decades worth of inventory in the oil sands, in the Clearwater, in different places, and we don’t think that equity prices are reflective of where we think oil is either trading now or is going in the years to come,” Nuttall said.
The seasonally adjusted S&P Global Canada Manufacturing Purchasing Managers’ Index (PMI), designed to provide an overview of the health of the manufacturing sector, registered 51.0 in February, up from 50.4 in January and slightly above the crucial 50.0 no-change threshold, said S&P Global on Monday.
The latest reading was the highest since January 2025.
Any reading over 50 implies growth in the sector.
The rate of job creation edged up since January and was the strongest for 13 months, pointed out S&P Global.
February data indicated a sharp rise in purchasing costs, with many firms noting higher prices paid for aluminum and steel.
Canadian manufacturers were upbeat about their overall prospects for output growth during the next 12 months, added S&P Global.
Bank of Canada’s Deputy Governor Sharon Kozicki also delivered a speech in Oslo, Norway, at the Norges Bank Monetary Policy Mandate Conference.
She said flexible inflation targeting has served the economy well in good times and bad and that the central bank is prepared to renew the monetary framework.
US
By Rita Nazareth
(Bloomberg) — Oil surged as the Iran war threatened to snarl shipping lanes, stoking inflation fears that pummeled bonds amid diminishing odds for a rate cut.
The dollar rose.
Stocks erased losses.
Also weighing on Treasuries were figures showing manufacturing expanded, with input prices jumping.
Ten-year yields saw their biggest advance since October.
The S&P 500 was little changed after a slide that earlier topped 1%.
Energy and defense shares gained.
Several tech firms with solid balance sheets rallied.
Airlines sank.
Gold topped $5,300.
The near halt to traffic through the Strait of Hormuz and disruption at a big refinery in Saudi Arabia underscored the threat to oil supplies.
West Texas Intermediate jumped 6.3% to settle at $71.23. European natural gas prices soared as Qatar shut the world’s largest LNG export plant.
For now, the global economy appears capable of absorbing a moderate, temporary rise in energy prices, but fragilities remain, according to Seema Shah at Principal Asset Management.
“A sustained rise in oil prices would place renewed pressure on consumers while potentially delaying anticipated rate cuts,” she said.
As US-Israeli strikes on Iran reverberated across the Middle East, President Donald Trump called on the nation’s leaders to capitulate, while the Islamic Republic’s security chief ruled out negotiations.
Secretary of State Marco Rubio said the military would step up its attacks while reiterating Trump’s claim that Iran posed an “imminent threat” to the US. Meantime, Defense Secretary Pete Hegseth rejected the idea of an “endless” war.
The recovery in major equity indexes from session lows suggests that, for now, the market views the conflict as a relevant geopolitical risk, but one that remains financially contained in the immediate term, according to Antonio Di Giacomo at XS.com.
The yield on 10-year Treasuries climbed 10 basis points to 4.03%.
Traders are now fully pricing in a first Federal Reserve rate cut for September, with bets on a third reduction in 2026 almost evaporating.
The dollar rose 0.7%.
“We believe the market has already been pricing in the possibility of a conflict for a month, which may limit the size of a further move and may cause a quicker rebound when the market sees a likely path to resolution,” said Ryan Detrick at Carson Group.
Morgan Stanley strategists led by Mike Wilson see the conflict in the Middle East as unlikely to derail their bullish view on US stocks, barring a sharp and sustained surge in oil.
“In the end, the Iran military action should remove major uncertainty in the world, and the stock market is expected to have a relief rally as new, pro-Western leadership in Iran emerges and crude oil exports resume,” said veteran strategist Louis Navellier.
The current geopolitical escalation should ultimately be a buying opportunity in stocks as fundamentals remain positive, according to JPMorgan Chase & Co. strategists led by Mislav Matejka.
Meantime, Lori Calvasina says investors should be careful about paying too much attention to studies that suggest always buying stocks after geopolitical conflicts.
The RBC Capital Markets strategist warns that evidence for rebounds doesn’t always reflect the risks around wider wars.
Corporate Highlights:
* Anthropic PBC’s artificial intelligence chatbot Claude and related consumer-facing applications went down on Monday, with the startup saying it has been grappling with “unprecedented demand” for its services over the past week.
* Nvidia Corp. agreed to invest $4 billion in two companies that develop data center optics that are essential for artificial intelligence.
* BlackRock Inc.’s Global Infrastructure Partners LP and EQT AB agreed to buy AES Corp. for about $10.7 billion in cash as the market heats up for power plant developers that can provide electricity for AI data centers.
Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World Index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 1% to $1.1690
* The British pound fell 0.6% to $1.3403
* The Japanese yen fell 0.8% to 157.36 per dollar
Cryptocurrencies
* Bitcoin rose 5.7% to $69,423.73
Bonds
* The yield on 10-year Treasuries advanced 10 basis points to 4.03%
* Germany’s 10-year yield advanced seven basis points to 2.71%
* Britain’s 10-year yield advanced 14 basis points to 4.37%
Commodities
* Spot gold rose 0.8% to $5,322.12 an ounce
* West Texas Intermediate jumped 6.3% to settle at $71.23 a barrel
–With assistance from Lu Wang and Chris Nagi.
Have a wonderful week ahead.
Be magnificent!
As ever,
Shima
“It always seems impossible until it’s done.”– Nelson Rolihlahla Mandela-1918 – 2013
Shima Zangeneh
Assistant to Carolann Steinhoff
Queensbury Securities Inc.
340A – 730 View Street
Victoria BC V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828