Dear Friends,
Tangents: Happy Friday Eve.
March 19, 1918: The Standard Time Act establishes US time zones in law, formalizing the timekeeping system modern railways and commerce depend on.
March 19, 1962: Bob Dylan’s self-titled debut album was released by Columbia Records. Go to article.
March 19th: Swallows return to San Juan, Capistrano, yearly since 1776.
Wyatt Earp, gunslinger, b. 1848
William Jennings Bryan, orator, politician, b. 1860.
Glen Close, actress, b. 1947.
The world’s largest waterfall is underwater at the Denmark Strait, where denser cold water from the Nordic Seas drops nearly two miles at over 123 million cubic feet per second.
Happiness lives here
A Nordic nation is the world’s happiest country for the ninth year in a row.
| Dark message warning enemy to ‘learn your lesson’ found inscribed on 2,000-year-old sling bullet from ancient Holy Land |
Archaeologists have discovered a 2,000-year-old lead bullet in the Holy Land with a darkly sarcastic inscription in Greek. Read More.
| Divers find marble treasure from Athens’ Acropolis in Lord Elgin’s shipwrecked brig at the bottom of the Aegean Sea |
Divers investigating a shipwrecked brig once owned by Lord Elgin have discovered an overlooked piece of marble from the Acropolis in Athens. Read More.
| 7 best deep-sky targets to observe this galaxy season |
Spring in the Northern Hemisphere is the time to explore and capture breathtaking deep-sky galaxies, from bright showpieces to faint cosmic challenges. Read More.
| Artemis II: NASA is preparing for a return to the moon, but why is it going back? |
NASA’s Artemis II mission is sending humans back to the moon for the first time since the Apollo era. Here are the reasons why the U.S. wants to return. Read More.
| All 5 ‘letters’ of DNA found on an asteroid speeding through our solar system. What do they tell us about the origins of life? |
JAXA samples reveal that asteroid Ryugu has a complete set of nucleobases, the building blocks of DNA, suggesting these ingredients of life may be common in the solar system. Read More.
Let the madness begin
Here are 4 things to know for the start of the March Madness and the journey to the Final Four.
Why Japan’s iconic vending machines could vanish
The big companies behind Japan’s iconic vending machines are struggling. CNN’s Hanako Montgomery takes a look at the possible reasons behind the industry’s decline.
PHOTOS OF THE DAY
Mumbai, India
Women take part in a procession to celebrate Gudi Padwa, the Maharashtrian new year
Photograph: Divyakant Solanki/EPA
Leipzig, Germany
A cosplayer attends the opening day of the city’s book fair
Photograph: Filip Singer/EPA
New York City
A woman takes a picture of artist Andro Wekua’s Untitled from the exhibition New Humans: Memories of the Future at the New Museum
Photograph: Timothy A Clary/AFP/Getty Images
Market Closes for March 19th , 2026
| Market Index |
Close | Change |
| Dow Jones |
46021.43 | -203.72 |
| -0.44% | ||
| S&P 500 | 6606.49 | -18.21 |
| -0.27% | ||
| NASDAQ | 22090.69 | -61.73 |
| -0.28% | ||
| TSX | 31854.98 | -457.69 |
| -1.42% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 53372.53 | -1866.87 |
| -3.38% | ||
| HANG SENG |
25500.58 | -524.84 |
| -2.02% | ||
| SEN SEX | 74207.24 | -2496.89 |
| -3.26% | ||
| FTSE 100* | 10063.50 | -241.79 |
| -2.36% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.438 | 3.454 |
| CND. 30 Year Bond |
3.850 | 3.892 |
| U.S. 10 Year Bond |
4.2493 | 4.2650 |
| U.S. 30 Year Bond |
4.8372 | 4.8806 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7280 | 0.7280 |
| US $ |
1.3736 | 1.3735 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6287 | 1.5903 |
| US $ |
0.8637 | 1.1577 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4869.95 | 5016.80 |
| Oil | ||
| WTI Crude Future | 96.14 | 96.32 |
Market Commentary:
On this day in 1792, Wall Street crashed for the first time. On “Black Monday,” 6% Treasury bonds lost 10% of their value and shares in the Bank of the United States dropped 12%. Speculator William Duer, a friend of Alexander Hamilton, had borrowed too much money and was about to be thrown into debtors’ prison.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.4%, or 457.69 to 31,854.98 in Toronto.
The index dropped to the lowest closing level since Dec. 31.
Agnico Eagle Mines Ltd. contributed the most to the index decline, decreasing 5.7%.
B2Gold Corp. had the largest drop, falling 8.3%.
Today, 166 of 217 shares fell, while 50 rose; 10 of 11 sectors were lower, led by materials stocks.
Insights
* In the past year, the index had a similar or greater loss 15 times. The next day, it advanced 11 times for an average 1.4% and declined four times for an average 2.3%
* This quarter, the index rose 0.5%
* So far this week, the index fell 2.1%
* The index advanced 27% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 7.8% below its 52-week high on March 2, 2026 and 43.3% above its low on April 7, 2025
* The S&P/TSX Composite is down 3% in the past 5 days and fell 5.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.8 on a trailing basis and 16.3 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$5.11t
* 30-day price volatility fell to 18.67% compared with 18.95% in the previous session and the average of 19.11% over the past month
Index Points
Materials | -308.1456| -5.1| 2/54
Financials | -123.6836| -1.2| 2/22
Industrials | -41.7043| -1.3| 4/25
Consumer Staples | -23.6754| -2.2| 0/10
Consumer Discretionary| -20.9680| -2.0| 1/8
Utilities | -9.4427| -0.8| 4/10
Information Technology| -9.3647| -0.4| 5/5
Real Estate | -8.1109| -1.8| 1/18
Communication Services| -3.0785| -0.5| 1/4
Health Care | -1.1899| -1.4| 0/3
Energy | 91.6726| 1.6| 30/7
Agnico Eagle Mines Ltd | -53.9300| -5.7| 123.1| 8.9
Barrick Mining | -35.6300| -5.5| 13.4| -12.3
Wheaton Precious Metals | -32.8500| -5.9| 41.6| 3.1
Suncor | 15.7900| 2.2| -13.5| 42.8
Enbridge | 16.7700| 1.5| -22.9| 12.9
Canadian Natural Resources | 29.2700| 3.0| 23.5| 49.5
MT Newswires:
The Toronto Stock Exchange slumped again Thursday, taking total losses for the last two days to more than 1,000 points, amid more broad-based selling as growing concern around how long the Middle East war will last overshadows everything.
The resources heavy S&P/TSX Composite Index closed down 457.69 points, or 1.4%, to 31,854.98, adding to the 616 points lost yesterday.
This is the second straight day that Canada has underperformed the United States, with both the S&P 500 and Nasdaq down near 0.3% today.
For a second successive day, the Energy sector was the biggest gainer, up 2.6%, even as West Texas Intermediate crude oil closed lower amid volatile trading with no end to the war on Iran in sight as Iran retaliated to an Israeli attack on infrastructure at its South Pars natural-gas field by striking at energy assets in neighboring countries.
WTI crude oil for April delivery closed down US$0.18 to settle at US$96.14 per barrel in a session that saw prices range between US$95.27 and US$101.48.
May Brent oil was last seen US$0.81 to US$108.19 keeping the gap wide between the two benchmarks.
Info Tech sector was the only other sector to rise, up 0.2%.
Base Metals was down 4% as gold prices plunged, dropping 5.9% to a lowest in more than two months on profit-taking and the fading hopes for lower U.S. interest rates.
Gold for April delivery was down $288.30 to US$4,607.900 per ounce, the lowest since Jan. 16, but up from session lows of US$4,505.00.
The Battery Metals Index was the biggest loser, down more than 6%.
US
By Rita Nazareth
(Bloomberg) — Volatility eased across asset classes as oil’s early surge petered out, with stocks and bonds bouncing from session lows after Israel said it’s helping the US open the vital Strait of Hormuz.
The S&P 500 pared most of a 1% drop. US oil fell to $95 in post-settlement trading.
Israeli Prime Minister Benjamin Netanyahu said Iran is no longer able to enrich uranium or manufacture ballistic missiles, adding the war will end a lot faster than people think.
The US authorized the delivery and sale of some Russian crude.
In late hours, FedEx Corp. gave a bullish outlook.
Treasuries rebounded from their worst point of the session after a slide driven by concerns major central banks will be forced to tighten policy to keep price pressures in check.
Across the Atlantic, Britain’s short-term yields jumped as theBank of England said it “stands ready to act” against inflation.
Traders are parsing every geopolitical headline for indications on how long the war in Iran will last and whether tensions will continue to escalate from here.
Three weeks of conflict in the Middle East have upended the entire energy supply chain.
With the Strait of Hormuz all but closed, gasoline and jet fuel prices are surging, cooking gas shortages are triggering fistfights in India and farmers are fretting about diesel and fertilizers.
“All the near-term action depends on the Strait opening,” said Scott Wren at Wells Fargo Investment Institute. “We think it opens in a matter of weeks, not months.”
Treasury Secretary Scott Bessent noted the US is looking to remove sanctions that it has long imposed on Iranian oil in an effort to lower surging energy prices triggered by the war.
The White House doesn’t plan to ban the export of oil and gas, a Trump administration official said Thursday.
“The duration of this oil price spike is exactly what the market is trying to figure out, and that’s why there is volatility,” said Dennis Follmer at Montis Financial.
Wall Street is bracing for a large tally of options expiring Friday, which risks causing even more volatility.
Roughly $5.7 trillion in notional options tied to individual US stocks, indexes and exchange-traded funds are due, according to Citigroup Inc., in the quarterly “triple-witching” event.
Iran maintained attacks on energy assets even after US President Donald Trump called for restraint.
Complacent investors who assume there will be a swift resolution to the war are making a high-risk bet given how bad surging oil prices typically end up being for stocks, according to JPMorgan Chase & Co.’s Dubravko Lakos-Bujas.
“While a less damaging outcome in the Strait of Hormuz remains possible, recent events have narrowed that path and heightened the risk of continued volatility,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
While the S&P 500 bounced into the close, it was not able to finish above the key 200-day moving average.
“Sentiment likely still leaning negative and more downside in store,” said Wren at Wells Fargo Investment Institute.
“We see a pullback in the 7-10% range from the record high as a good opportunity to step in.”
Corporate Highlights:
* Micron Technology Inc. warned that it will need to spend heavily on production to meet burgeoning demand, overshadowing a generally upbeat forecast.
* Alibaba Group Holding Ltd. aims to quintuple cloud and AI revenue to $100 billion annually in five years.
* One of Eli Lilly & Co.’s most highly anticipated experimental medicines helped diabetic patients lose more weight than any drug currently on the market.
* Darden Restaurants Inc. raised its full-year outlook as it expects an extra week of promotions at Olive Garden to lift sales.
* Uber Technologies Inc. plans to invest as much as $1.25 billion in Rivian Automotive Inc. to help launch a robotaxi fleet that will be available in the US, Canada and Europe over the next five years.
What Bloomberg Strategists say…
“It’s no panic just yet but markets are waking up to a broader, more prolonged Middle East commodity shock than previously anticipated. If it persists, earnings will be next to crack.”
—Tatiana Darie, Macro Strategist, Markets Live
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World Index fell 0.7%
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 1.2% to $1.1586
* The British pound rose 1.3% to $1.3432
* The Japanese yen rose 1.4% to 157.64 per dollar
Cryptocurrencies
* Bitcoin fell 1.3% to $70,278.74
* Ether fell 2% to $2,142.87
Bonds
* The yield on 10-year Treasuries was little changed at 4.26%
* Germany’s 10-year yield advanced two basis points to 2.96%
* Britain’s 10-year yield advanced 11 basis points to 4.84%
Commodities
* West Texas Intermediate crude fell 1.3% to $95.10 a barrel
* Spot gold fell 3.5% to $4,651.07 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Perhaps home is not a place but simply an irrevocable condition. –James Baldwin, 1924-1987, Giovanni’s Room.
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