Dear Friends,
Tangents:
Carolann is away from the office attending the Bloomberg Conference, so I will be writing the newsletter on her behalf.
March 3, 1845: Florida is admitted as the 27th state of the United States. History.com
March 3, 1863: President Abraham Lincoln signs the Enrollment Act into law, the first federal draft in U.S. history. History.com
March 3, 1875: The United States Congress authorizes the creation of United States Weather Bureau (now the National Weather Service). Weather.gov
March 3, 1931: “The Star-Spangled Banner” is officially adopted as the national anthem of the United States. History.com
March 3, 2005: Adventurer Steve Fossett becomes the first person to fly solo nonstop around the world without refueling. Britannica.com
Alexander Graham Bell, Scottish-born inventor of the telephone, b. 1847.
Jean Harlow, American actress, b. 1911.
Ronan Keating, Irish singer-songwriter, b. 1977.
Jessica Biel, American actress, b. 1982.
‘Blood moon’ total lunar eclipse dazzles millions around the world (photos)
As the full moon started to set over North America in the early hours of March 3, it briefly plunged into the darkest part of Earth’s shadow — resulting in the last total lunar eclipse visible to the U.S. until 2029.
A rare Japanese ant is the only species known to lack female workers and males; all of its young develop into parasitic queens that try to take over other colonies.
A new study suggests that "little red dots" spied by the James Webb Space Telescope could be the universe’s short-lived first generation of gigantic stars, challenging an existing theory.
Collective hum’ of black holes could mend our broken understanding of the universe, physicists say
Ripples in the fabric of space-time called gravitational waves may be the key to solving the Hubble tension — one of the biggest nagging problems in physics.
A study of 125 skeletons from two Neolithic cemeteries in Hungary has revealed that men and women had clear gender roles — but sometimes those roles were fluid.
A gold coin featuring the son of Charlemagne may have been a keepsake from a Viking invader who fought in the Great Heathen Army.
3 rivers merge into striking half-and-half waterway in Guyana — Earth from space
A 2023 satellite photo highlights the point where a trio of rivers converges in Guyana. One of the waterways has been significantly altered by mining waste, creating a striking color contrast.
NASA’s Hubble spots galaxy made of 99% dark matter | CNN
Astronomers have spotted a galaxy so faint, it’s almost invisible — a discovery that could help illuminate one of the most elusive substances in the universe.
PHOTOS OF THE DAY
Seoul, South Korea
A full moon rises behind N Seoul Tower
Photograph: Kim Hong-Ji/Reuters
Amsterdam, the Netherlands
A newly discovered work by the Dutch painter Rembrandt van Rijn, ‘The Vision of Zechariah in the Temple’, in the Rijksmuseum
Photograph: Koen van Weel/ANP/AFP/Getty Images
Kaohsiung, Taiwan
A giant Ultraman inflatable at Kaohsiung Wonderland
Photograph: Ann Wang/Reuters
Market Closes for March 3rd , 2026
| Market Index |
Close | Change |
| Dow Jones |
48501.27 | -403.51 |
| -0.83% | ||
| S&P 500 | 6816.63 | -64.99 |
| +0.94% | ||
| NASDAQ | 22516.69 | -232.17 |
| -1.02% | ||
| TSX | 33784.94 | -756.33 |
| -2.19% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 56279.05 | -1778.19 |
| -3.06% | ||
| HANG SENG |
25768.08 | -291.77 |
| -1.12% | ||
| SENSEX | 80238.85 | -1048.34 |
| -1.29% | ||
| FTSE 100* | 10484.13 | -295.98 |
| -2.75% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.242 | 3.212 |
| CND. 30 Year Bond |
3.720 | 3.695 |
| U.S. 10 Year Bond |
4.0594 | 4.0345 |
| U.S. 30 Year Bond |
4.7039 | 4.6797 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7312 | 0.7312 |
| US $ |
1.3675 | 1.3675 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6298 | 1.5879 |
| US $ |
0.8612 | 1.1611 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
5313.90 | 5222.30 |
| Oil | ||
| WTI Crude Future | 75.07 | 71.30 |
Market Commentary:
On this day in 2020, the Federal Reserve undertook an emergency rate cut of 0.5 percentage point to combat the economic fallout from the growing Covid-19 pandemic. It was the central bank’s first rate change between scheduled policy meetings since the 2008 financial crisis.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 2.2% at 33,784.94 in Toronto.
The move was the biggest since falling 2.4% on Feb.
12 and follows the previous session’s increase of 0.6%.
Agnico Eagle Mines Ltd. contributed the most to the indexdecline, decreasing 7.1%.
Pet Valu Holdings Ltd. had the largest drop, falling 10.9%.
Today, 160 of 217 shares fell, while 56 rose; 9 of 11 sectors were lower, led by materials stocks.
Insights
* In the past year, the index had a similar or greater loss five times. The next day, it advanced three times for an average 1.7% and declined twice for an average 3.1%
* This quarter, the index rose 6.5%
* 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 2.2% below its 52-week high on March 2, 2026 and 52% above its low on April 7, 2025
* The S&P/TSX Composite is down 0.5% in the past 5 days and rose 4.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.8 on a trailing basis and 17.5 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$5.45t
* 30-day price volatility rose to 19.66% compared with 18.66% in the previous session and the average of 17.14% over the past month
Index Points
Materials | -545.1057| -7.2| 1/55
Financials | -139.5957| -1.3| 5/19
Energy | -57.9963| -1.0| 17/20
Industrials | -30.9707| -0.9| 9/20
Consumer Discretionary| -10.4928| -1.0| 2/7
Consumer Staples | -9.8785| -0.9| 2/7
Real Estate | -3.3896| -0.7| 2/17
Utilities | -1.5053| -0.1| 6/8
Health Care | -1.0363| -1.2| 1/3
Communication Services| 4.2342| 0.6| 4/1
Information Technology| 39.3957| 1.7| 7/3
Agnico Eagle Mines |Ltd | -85.4100| -7.1| 48.8| 37.7
Barrick Mining | -69.2500| -8.5| 23.7| 5.9
Wheaton Precious | Metals | -62.6300| -8.7| 30.1| 28.2
Enbridge | 8.8440| 0.8| -18.3| 13.1
Constellation | Software | 17.6100| 4.9| 4.6| -18.4
Shopify | 28.6400| 2.1| 6.9| -24.6
Paramount Resources | 7.5| 1.0930| 139.0| 21.6
Thomson Reuters | 6.0| 7.6070| -37.2| -20.4
Constellation | Software | 4.9| 17.6100| 4.6| -18.4
Pet Valu | -10.9| -1.4810| 398.2| -9.7
New Gold | -10.7| -10.8500| 4.5| 36.2
Energy Fuels | -10.6| -5.6240| 11.7| 43.6
(MT Newswires)
The Toronto Stock Exchange closed sharply lower Tuesday in a broad risk-off session, paring earlier steeper losses but pulling back to levels last seen on Feb. 23, as investors reacted to escalating Middle East tensions following U.S. and Israeli strikes on Iran and Lebanon.
The resources-heavy S&P/TSX Composite Index closed down 756.33 points, or 2.2%, to 33,784.94, pulling back from yesterday’s record close of 34,541.27.
Most sectors finished lower over Tuesday’s session.
Base Metals led decliners, down 5.64%, followed by Battery Metals Index, down 2.09%, Financials, down 1.32%, Health Care, down 1.00%, Industrials, down 0.86%, Energy, down 0.48%, and Utilities, down 0.13%.
Information Technology led the gainers, up 1.21%, followed by Telecom, up 0.48%.
West Texas Intermediate (WTI) crude oil prices rose for a third straight session Tuesday, climbing more than 4% as the United States and Israel expanded military operations against Iran into Lebanon, while the Strait of Hormuz, a chokepoint for about 20% of global oil exports, remained closed amid ongoing regional tensions.
WTI crude oil settled up US$3.33 at US$74.56 per barrel, the highest since January 2025, while May Brent crude was last seen up US$3.39 at US$81.13.
Oil has now gained more than US$7.50 per barrel since strikes over the weekend disrupted crude and LNG shipments from the Persian Gulf, escalating concerns about supply constraints with no clear timeline for de-escalation.
Bjarne Schieldrop, chief commodities analyst at SEB Research, wrote: "Brent is now unavoidably heading to $100/b and above unless Trump finds some kind of offramp, or in other words backs down."
Global energy market disruption may create opportunities for Canada to diversify into new markets.
"The world right now is feeling incredibly insecure as a result of this weekend.
So, we’ve already seen an uptick in inquiries about how quickly Canada can expand its clean and conventional energy exports," Energy Minister Tim Hodgson said in an interview with CBC News.
Prime Minister Mark Carney also arrived in Australia to discuss defence and minerals.
He is expected meet his Australian counterpart before leaving for Tokyo on Thursday.
Elsewhere in commodities, gold prices retreated mid-afternoon Tuesday on profit-taking and a stronger U.S. dollar, declining even as equities weakened amid continued geopolitical uncertainty.
Gold for April delivery was last seen down US$197.10 at US$5,114.50 per ounce after challenging its Jan. 29 record high of US$5,354.80 during Monday’s intraday trading but failing to close above that level.
In currency markets, the Canadian dollar came under renewed pressure as investors weighed the domestic monetary outlook against developments in the United States.
The Canadian dollar weakened in February, and it performed relatively poorly given the surge in crude oil prices, noted MUFG.
Australian dollar (AUD) and Norway’s krone (NOK) were the best performers, helped by crude oil gains and the rebound in commodity prices.
The Canadian dollar is being held back by the monetary outlook relative to the United States and the continued downside risks to the economic outlook, stated Mitsubishi UFG.
The two-year U.S.-Canadian swap rate spread is currently trading at a level more consistent with USD/CAD trading at around the 1.4000 level.
The BoC will likely keep the policy rate on hold this year, although softer inflation in February does offer some flexibility, potentially if growth is weaker than expected, pointed out the bank.
In fixed income, National Bank said Canada’s municipal and local government authority (MLGA) bond sector continues to offer both quality and quantity despite a slower start to issuance this year.
Just $650 million has been raised so far in 2026, compared with $1.65 billion over the same period last year, though the bank still projects total annual supply of $7.8 billion to $9.6 billion.
It added that most MLGA issuers maintain balanced operating budgets and retain a credit-rating advantage over their underlying provinces.
US
By Rita Nazareth
(Bloomberg) — A selloff in stocks and bonds was trimmed as assurances on American action to secure shipping lanes through the Strait of Hormuz amid the Iran war pared what had been an over 9% surge in oil.
Following an earlier slide in the S&P 500 that reached 2.5%, the equity benchmark dropped less than 1%.
President Donald Trump said the US will escort and ensure tankers and other vessels through the world’s most-critical energy chokepoint.
Oil prices waned in post-settlement trading, with Brent trading near $80 a barrel.
“No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD,” Trump posted on social media.
The latest development helped reduce fears of a major global supply shock, easing inflation jitters while fading a surge in Treasury yields, according to Adam Turnquist at LPL Financial.
“For now, markets are trading headline to headline,” saidFawad Razaqzada at Forex.com.
“Much will depend on whether tensions stabilize — or whether this proves to be the start of a more prolonged disruption to global supply.”
The war in the Middle East reverberated across the region, with Israel bombarding Tehran in a fresh wave of strikes.
The Islamic Republic fired missiles at Qatar, Bahrain and Oman, with Doha saying targets weren’t limited to military interests.
Qatar and Iraq halted production at major energy sites.
With the conflict disrupting shipments, fuel costs have been on the rise.
A sustained surge in prices for diesel — used in freight, power and heating — could add to the cost of transportation — a key inflation component.
Gasoline has also surged, intensifying those risks.
The Dow Jones Industrial Average lost almost 1,300 points before paring its slide to around 400 points.
The yield on 10- year Treasuries rose three basis points to 4.06%.
The dollar added 0.6%.
The choppy trading and wide intraday ranges show investors are struggling to price in the risks from the conflict in Iran, according to Will Compernolle at FHN Financial.
“You do have to let these things settle, and it could take a couple of weeks,” said Nancy Tengler at Laffer Tengler Investments. “I don’t think this is the beginning of a bear market.”
Barring a prolonged disruption of oil supplies, the conflict is unlikely to end the cyclical stock bull market by itself, according to Ed Clissold and Thanh Nguyen at Ned Davis Research, which has tracked crisis events for decades.
While there’s a prevailing fear that a significant oil spike could trigger a recession, history suggests that’s not a foregone conclusion, said Jeffrey Yale Rubin at Birinyi Associates Inc.
Since 1989, there have been several instances when crude prices doubled without forcing the economy into downturn, he noted.
Generally speaking, military actions cause a short-term disruption in markets, but as long as the economic damage is limited, they fully recover once there is more clarity in the scope of the intervention, according to Chris Zaccarelli at Northlight Asset Management.
“It is too soon to tell how events will unfold this month, but we are looking for opportunities to present themselves if traders overreact and throw the baby out with the bathwater,” he said.
Corporate Highlights:
* CrowdStrike Holdings Inc. projected quarterly sales that were roughly in line with estimates.
* Target Corp. forecast better-than-expected profit for the full year.
* Best Buy Co. reported profit for the holiday-shopping season that beat estimates.
* Apple Inc. updated the MacBook Air and MacBook Pro, adding faster processors and raising prices.
What Bloomberg Strategists say…
“The floor for the SPX is expected to be 6,600, where positioning lightens, but dealer hedging flows and increasingly negative gamma will make the area below 6,800 much more choppy.”
—Michael Ball, Macro Strategist, Markets Live
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.9% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.1%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World Index fell 1.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.6% to $1.1614
* The British pound fell 0.4% to $1.3360
* The Japanese yen fell 0.2% to 157.69 per dollar
Cryptocurrencies
* Bitcoin fell 2% to $68,035.32
* Ether fell 3.7% to $1,967.97
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.06%
* Germany’s 10-year yield advanced four basis points to 2.75%
* Britain’s 10-year yield advanced 10 basis points to 4.47%
Commodities
* West Texas Intermediate crude rose 4.7% to $74.59 a barrel
* Spot gold fell 4.2% to $5,098.56 an ounce
Have a wonderful day.
Be magnificent!
As ever,
Shima
"A theory is only a hypothesis verified by facts."– Antoine Laurent De Lavoisier.-1743 – 1794.
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