Dear Friends,
Tangents: Happy Friday.
March 13, 1781: Sir William Herschel discovers Uranus, expanding the known Solar System for the first time in the modern scientific era. Go to article.
1887: Earmuffs patented.
Which films are likely to win Oscar gold this weekend
With the Oscars coming up Sunday, CNN’s David Daniel looks at this year’s favorites in the top categories.
There’s a new Ozzy Osbourne
Jack Osbourne, son of the late rocker, announced that his newborn daughter has been named after his dad.
How wildflowers survived California’s worst drought in 1,200 years
Some populations of flowers survived a historic drought by undergoing rapid evolution, marking the first time this process has been observed in the wild.
‘Use it or lose it’: Pentagon spending binge set record in final days of fiscal year
Pentagon spending in September included nearly $9 million on Alaskan king crab and lobster tails, more than $200 million on furniture and $5.3 million on Apple devices.
| Exceptionally rare sighting of planets colliding may shed light on the crash that formed the moon |
Astronomers say a distant, sunlike star shows signs of a catastrophic planet-on-planet crash that may mirror the ancient impact that formed Earth’s moon. Read More.
| Children wearing bronze ‘warrior’ belts discovered in 2,500-year-old cemetery in Italy |
Archaeologists have uncovered the graves of two pre-Roman children who were buried like male warriors. Read More.
| Early warning indicator hidden within the Gulf Stream could signal the collapse of key Atlantic currents, study finds |
Shifts in the Gulf Stream could help researchers predict the human-driven failure of a huge system of ocean currents known as the Atlantic Meridional Overturning Circulation. Read More.
| Scientists use ‘negative light’ to send secret messages hidden inside heat |
Using a phenomenon called "negative light," scientists invisibly transferred data disguised as background thermal radiation. Read More.
| ‘Interstellar messenger’ 3I/ATLAS could be nearly as old as the universe itself, James Webb telescope observations reveal |
The comet formed in a cold and distant part of the early Milky Way up to 12 billion years ago, potentially putting it just under 2 billion years the age of the universe. Read More.
| ‘Blackwater’ lakes and rivers in the Congo Basin are now emitting ancient carbon into the atmosphere |
Carbon that has been buried in the Congo Basin’s peatlands for millennia is seeping into lakes and rivers. Why this is happening remains unclear, but researchers warn that tropical peatlands could be nearing a tipping point. Read More.
PHOTOS OF THE DAY
Golden hour … two swans on Lake Lucerne, near Stansstad, Switzerland
Photograph: Urs Fl?eler/EPA
A ring-necked parakeet feeds on cherry tree blossom nectar in St James’s Park, London, UK
Photograph: Amer Ghazzal/Shutterstock
Cortina d’Ampezzo, Italy
Norwegian athlete Bernt Marius Roerstad competes in the ski Super G during the Milano Cortina Winter Paralympics.
Photograph: Jeff Pachoud/AFP/Getty Images
Market Closes for March 13th , 2026
| Market Index |
Close | Change |
| Dow Jones |
46558.47 | -119.38 |
| -0.26% | ||
| S&P 500 | 6632.19 | -40.43 |
| -0.61% | ||
| NASDAQ | 22105.36 | -206.62 |
| -0.93% | ||
| TSX | 32541.93 | -298.67 |
| -0.91% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 53819.61 | -633.35 |
| -1.16% | ||
| HANG SENG |
25465.60 | -251.16 |
| -0.98% | ||
| SEN SEX | 74563.92 | -1470.50 |
| -1.93% | ||
| FTSE 100* | 10261.15 | -44.00 |
| -0.43% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.507 | 3.527 |
| CND. 30 Year Bond |
3.934 | 3.955 |
| U.S. 10 Year Bond |
4.2767 | 4.2609 |
| U.S. 30 Year Bond |
4.9039 | 4.8816 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7288 | 0.7334 |
| US $ |
1.3720 | 1.3635 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6356 | 1.5733 |
| US $ |
0.8721 | 1.1466 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
5130.10 | 5182.40 |
| Oil | ||
| WTI Crude Future | 98.71 | 95.73 |
Market Commentary:
| On this day in 1986, Microsoft went public at an initial offering price of $21 a share, raising $61 million. The listing came just one day after Oracle’s IPO. |
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.9%, or 298.67 to 32,541.93 in Toronto.
The index dropped to the lowest closing level since Feb. 12.
Agnico Eagle Mines Ltd. contributed the most to the index decline, decreasing 4.3%.
Methanex Corp. had the largest drop, falling 10.2%.
Today, 119 of 217 shares fell, while 96 rose; 4 of 11 sectors were lower, led by materials stocks.
Insights
* In the past year, the index had a similar or greater loss 19 times. The next day, it advanced 15 times for an average 1.3% and declined four times for an average 2.3%
* This quarter, the index rose 2.6%
* So far this week, the index fell 1.6%
* The index advanced 34% in the past 52 weeks. The MSCI AC Americas Index gained 21% in the same period
* The S&P/TSX Composite is 5.8% below its 52-week high on March 2, 2026 and 46.4% above its low on April 7, 2025
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.3 on a trailing basis and 16.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$5.18t
* 30-day price volatility fell to 18.11% compared with 20.65% in the previous session and the average of 19.09% over the past month
Index Points
Materials | -280.3436| -4.2| 3/53
Information Technology| -39.1041| -1.6| 4/6
Financials | -31.1140| -0.3| 11/13
Health Care | -0.6564| -0.8| 1/3
Communication Services| 1.7846| 0.3| 3/2
Consumer Discretionary| 1.8588| 0.2| 5/3
Real Estate | 2.9230| 0.6| 16/3
Energy | 4.0486| 0.1| 19/18
Utilities | 7.5205| 0.6| 9/5
Industrials | 17.1084| 0.5| 15/13
Consumer Staples | 17.3195| 1.6| 10/0
Agnico Eagle Mines Ltd | -44.6600| -4.3| 7.7| 22.4
Barrick Mining | -30.0800| -4.2| -53.4| -2.8
Cameco | -27.2700| -5.7| 42.1| 17.9
Canadian National | 9.6130| 1.8| -28.7| 6.1
TC Energy | 10.2600| 1.6| -46.7| 15.8
Enbridge | 17.6900| 1.6| -75.5| 13.1
MT Newswires:
The Toronto Stock Exchange closed lower for a third-straight session Friday on growing concerns the U.S.-Israel war on Iran war will be an extended one, while Rosenberg Research says a key indicator suggests the index "may not regain a majority bullish condition until June" and both RBC and BMO hav’Dire Straits’ in mind as they analyze the economy ahead of next Wednesday’s interest-rates update.
The S&P/TSX Composite Index closed down 298.67 points, or 0.9%, to 32,541.93, taking total losses for the last three sessions to more than 700 points.
Most sectors were lower, led down by Base Metals (-3.5%) and the Battery Metals Index (-2.6%) and Info Tech (-1,4%).
No sector rose by even as much as 1%.
Rosenberg Research’s Walter Murphy within a Technical Analysis on Global Equity Markets noted the TSX index has continued higher in the five weeks since his last note on it.
Most recently, Murphy said, it has been probing Fibonacci resistance in the 33,851 area.
That is the point where the rally from last April’s low is 1.618 times the earlier 2023-2025 uptrend.
In that regard, it will take a rally through 34,530 to deem a breakout as being decisive, he added.
Murphy said such a decisive rally seems unlikely, mostly because the post-April rally is running out of steam on both the index and sector level.
For example, he noted, the weekly Coppock Curve recorded a lower high compared to its October peak two weeks ago, and it is on pace to maintain a bearish bias until at least late May.
Similarly, he also noted, the indicator has moved into a bearish condition for a majority of the index’s 11 sectors and may not regain a majority bullish condition until June.
"Those potential pressures would seem to provide ample time for a challenge of 30,808-29,378 support.
This range is a combination of chart support and previous Fibonacci resistance that is now support," Murphy added.
On the economics front, RBC Capital Markets in a ‘Canada Rates Strategy’ note Friday said it is "uncontroversial" the Bank of Canada will remain on hold with rates at its March 18 meeting.
In a summary it added: "The oil shock is inflationary and at best marginally growth positive, more likely around neutral, but could even tilt toward the negative side."
It added: "The conflicting paths and high level of uncertainty could put the economy in dire straits or it could sail through the choppy waters." RBC said this is a time for patience.
"There is no need [for the BoC] to pivot to an overly hawkish or tightening bias now (especially with soft core inflation, a weak employment report and Q1 GDP tracking below forecast), but a nod to watching the developments and acting accordingly will surely be part of the BoC’s lexicon.
The magnitude and duration of the shock and how it feeds into the economy will dictate the policy evolution. 1-2 months of high oil prices (a big question mark) is too quick to elicit a reaction, and 9 months is probably too long, so the sweet spot lands at 4-6 months before policy actions would even be contemplated."
Meanwhile, Douglas Porter, chief economist at BMO Capital Markets, in his regular ‘Talking Points’ column headlined ‘Dire Strait’ noted he and the team bumped up the average WTI price a bit further for 2026 to US$75, including an average of over US$90 for this month and next.
As a result, BMO nudged up its calls on U.S. and Canadian inflation for this year a bit further yet, to 3.0% average inflation stateside and just under that for Canada, and shaved GDP growth estimates for both for this year.
"Naturally," Porter said, "we stand ready to adjust those calls as needed in coming weeks as the oil outlook comes into better focus."
Of commodities today, West Texas Intermediate crude oil closed near US$100.00 per barrel, with Brent oil topping the mark, with traders boosting their holdings prior to the weekend as the Strait of Hormuz remains blocked as the U.S.
Israel war on Iran continues.
WT crude oil for April delivery closed up US$2.98 to settle at US$98.71 per barrel, while May Brent oil was up US$2.95 to US$103.41 after closing above US$100 per barrel on Thursday for the first time since August 2022.
Gold trader lower by midafternoon Friday as the U.S. dollar rose to a four-month high after a report showed a key U.S. inflation measure eased in January, while a first revision to U.S. first-quarter gross domestic product data slashed estimated growth for the period.
Gold for April delivery was down US$61.80 to US$5,064.00 per ounce.
US
By Rita Nazareth
(Bloomberg) — Volatility gripped Wall Street, with stocks falling and oil hitting an over three-year high as the war in Iran raged on.
A rally in bonds waned as higher energy prices kept fueling inflation angst.
The S&P 500 erased a nearly 1% gain, with the US stepping up strikes on Iran to unprecedented levels as both sides threatened to escalate a conflict hitting its two-week mark.
Brent closed above $100.
After climbing in the aftermath of sluggish economic data, Treasuries lost steam, with longer-term maturities underperforming.
The plunge in a gauge of mega caps from a record topped 10%.
The dollar rose to its highest since December.
Traders also monitored developments related to a federal judge’s decision to reject as improper Justice Department subpoenas issued to the Fed Board seeking records on its headquarters renovations and Jerome Powell’s comments to Congress about that.
The US will appeal, said Jeanine Pirro, who leads the US Attorney’s Office for the District of Columbia.
The worst supply disruption in the history of the oil market is showing no signs of abating, offering the global economy little respite from crude prices that have soared since the Iran war began.
Recent comments from President Donald Trump and Iran’s new leader have suggested there will be no letup in the conflict soon.
The Pentagon sent a Marine expeditionary unit to the Middle East, the Wall Street Journal reported, citing two US officials.
But pressure is building for a de-escalation as oil surges.
“There are two paths at this time for markets and the better outcome is a shorter war,” said Chris Zaccarelli at Northlight Asset Management.
“Likewise, if the length of the military conflict stretches out much longer than expected, we could see even more negative impacts on the markets.”
The US issued a second authorization letting countries buy more Russian oil that’s stuck on tankers due to sanctions, part of the White House’s push to prevent prices from surging.
Defense Secretary Pete Hegseth said Friday marked the largest attacks against the Islamic Republic, putting the total number of targets hit by the US-Israeli alliance since the beginning of the war at around 15,000.
Iran’s new supreme leader is wounded and likely disfigured, he noted.
“It will likely continue to be a ‘headlines-driven’ market,” said Matt Maley at Miller Tabak.
“Investors are starting to worry that the situation in the Middle East could drag on for a long enough period of time for it to have an impact on the economy.”
President Trump signed two executive orders on Friday aimed at making homeownership more affordable, the latest step by the administration to ease cost-of-living concerns as the Iran conflict drives up gas prices and rattles markets.
Market stress is building at the fastest pace since April’s tariff shock, with a Bank of America Corp. index measuring future price swings implied by options markets in equities, rates, currencies and commodities jumping to 0.79, not far from the 0.89 peak it reached during the Liberation Day turmoil.
The spike in oil prices and growing concerns around private credit are causing market activity to resemble the lead-up to the global financial crisis, according to Bank of America’s Michael Hartnett.
Traders also kept a close eye on a slew of economic reports.
Consumer spending barely rose in January after gross domestic product was weaker than previously reported at the end of last year, suggesting the economy lost some momentum before the war.
Job openings rose and layoffs fell, signaling demand for workers was improving before the labor market showed signs of weakness.
The core personal consumption expenditures price index — the Fed’s preferred inflation gauge — matched estimates.
Consumer sentiment hit a three-month low.
Fed officials are widely expected to hold rates steady next week, and investors will focus on any potential change in the central bank’s outlook amid the war.
Underlying inflation pressures will continue to boil under the surface, impacted by the conflict, according to Jeffrey Roach at LPL Financial.
“We expect the Fed to highlight the uncertainty on both sides of the mandate,” he added.
“Inflation will be impacted by the war and unemployment will be impacted by the disruptions in the labor market. Expect to see some important revisions in the upcoming Summary of Economic Projections next week.”
Corporate Highlights:
* Charles Schwab Corp. expects revenue growth of around 16% for the first quarter as retail investors remain engaged despite uncertainty about the direction of the economy and the war.
* Boeing Co. is repairing damaged wiring in as many as 25 undelivered 737 Max jets, disrupting near-term deliveries of the aircraft, people familiar with the matter said.
* Apple Inc. is lowering the fees it collects from app developers in China, a major concession in a hugely lucrative market where the company faced the risk of antitrust intervention by local regulators.
* Adobe Inc. slipped as Chief Executive Officer Shantanu Narayen will resign from his position atop the creative software giant amid deep skepticism about the company’s ability to thrive in the AI era.
* Carvana Co.’s board approved a 5-for-1 stock split, a move to bring down the automotive retailer’s lofty share price following a staggering multiyear rally from the depths of the pandemic.
* Ulta Beauty Inc. sank after the cosmetics retailer offered guidance for the current year that was toward the low end of Wall Street’s expectations.
What Bloomberg Strategists say…
“Stocks have recently shifted into a ‘good-data-is-bad- news’ regime, not because they’re reacting to the economic news necessarily, but instead because they’re anticipating a worsening ahead.”
—Tatiana Darie, Macro Strategist, Markets Live
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.6%
* The Dow Jones Industrial Average fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.8% to $1.1422
* The British pound fell 0.9% to $1.3227
* The Japanese yen fell 0.2% to 159.68 per dollar
Cryptocurrencies
* Bitcoin rose 1.4% to $71,173.77
* Ether rose 1.9% to $2,101.9
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.28%
* Germany’s 10-year yield advanced three basis points to 2.98%
* Britain’s 10-year yield advanced five basis points to 4.82%
Commodities
* West Texas Intermediate crude rose 2.7% to $98.28 a barrel
* Spot gold fell 1.2% to $5,018.56 an ounce
Have a wonderful weekend everyone.
Be magnificent!
As ever,
Carolann
In the beginner’s mind there are many possibilities, but in the expert’s mind there are few. –Shunryu Suzuki, 1904-1971, Japanese Zen Master.
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