Dear Friends,
Tangents:
March 31, 1889: The Eiffel Tower is inaugurated, becoming a defining feat of modern engineering and an icon of the industrial age.
March 31, 1917: The United States took possession of the Virgin Islands from Denmark. Go to article.
March 31,1959: Dalai Lama flees Tibet.
René Descartes, philosopher, b. 1596.
Charlotte Brontë, writer, d.1855.
Cesar Chavez, labor leader, b.1927.
| ‘Something really big is going to happen’: NASA’s historic Artemis II mission approved for April 1 launch |
NASA has given the 10-day Artemis II mission the green light after its flight readiness review, and the weather outlook remains favorable. Read More.
| Scientists discover potentially huge freshwater reservoir hidden beneath Great Salt Lake |
Researchers have found a layer of fresh water beneath Utah’s Great Salt Lake that reaches up to 2.5 miles deep and could turn out to be as big, or bigger, than the lake. Read More.
| AI systems are enabling mass surveillance in the US, and there is no national law that ‘meaningfully limits’ the use of this data |
A technology policy researcher explores the ethics of implementing AI in current camera surveillance systems. Read More.
| ‘We are getting very, very close’: NASA makes final Artemis II preparations as expectation grows for Wednesday launch |
NASA’s Artemis II crew is ready to fly around the moon, with promising weather forecasts for a Wednesday launch. Read More.
| Farthest, fastest and most diverse: 6 major records the Artemis II astronauts will smash as NASA returns to the moon |
The Artemis II astronauts will soon launch on the first crewed mission to the moon in more than 50 years. During this trip, they will travel farther and faster than any humans in history — and will each claim a different individual record. Read More.
Eurovision is heading to Asia this year
The world-famous TV pop spectacle is setting up stage on a new continent.
‘And then we saw the little head.’
Scientists share what it was like to witness a rare sperm whale birth.
Bald is beautiful
Three men confront hair loss and find confidence in shaving it off — and experts explain why it feels empowering.
Why China and the US are racing to grab these ocean ‘lumps’
China is leading a race to collect metal-rich nodules from the ocean floor, resources seen as key to clean energy. But experts say some of that maritime activity could also have military uses.
Pause for Poetry:
All That’s Past
Very old are the woods;
And the buds that break
Out of the brier’s boughs,
When March winds wake,
So old with their beauty are—
Oh, no man knows
Through what wild centuries
Roves back the rose.
Very old are the brooks;
And the fish that dwell
In quiet waters, deep
From the day that they fell,
All the world’s galleons
To our heart they say:
“We—of the foam that many a ship
Has drifted away.”
Very old are we men;
Our dreams are tales
Told in dim Eden
By Eve’s nightingales;
We wake and whisper awhile,
But, the day gone by,
Silence and sleep like fields
Of amaranth lie.
-Walter de la Mare
PHOTOS OF THE DAY
Termitaria, Larrakia land
Often called ‘compass’ mounds, they are aligned precisely on a north-south axis to minimise sun exposure and keep the colony cool.
Marseille, France
A person stands with arms outstretched as waves crash against rocks during the strong mistral winds that blow from the north every winter
Photograph: Thibaud Moritz/AFP/Getty Images
California, US
A nasturtium bloom in a suburban garden in Placentia
Photograph: Bruce Chambers/Zuma Press Wire/Shutterstock
Market Closes for March 31st, 2026
| Market Index |
Close | Change |
| Dow Jones |
46341.51 | +1125.37 |
| +2.49% | ||
| S&P 500 | 6528.52 | +184.80 |
| +2.91% | ||
| NASDAQ | 21590.63 | +795.99 |
| +3.83% | ||
| TSX | 32768.04 | +833.10 |
| +2.61% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 51063.72 | -822.13 |
| -1.58% | ||
| HANG SENG |
24788.14 | +37.35 |
| +0.15% | ||
| SEN SEX | 71947.55 | -1635.67 |
| -2.22% | ||
| FTSE 100* | 10176.45 | +48.49 |
| +0.48% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.473 | 3.508 |
| CND. 30 Year Bond |
3.896 | 3.901 |
| U.S. 10 Year Bond |
4.3166 | 4.3562 |
| U.S. 30 Year Bond |
4.9101 | 4.9182 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7190 | 0.776 |
| US $ |
1.3906 | 1.3934 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6217 | 1.6084 |
| US $ |
0.8645 | 1.1566 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4529.15 | 4504.15 |
| Oil | ||
| WTI Crude Future | 101.38 | 102.88 |
Market Commentary:
On this day in 1928, alarmed at the feverish speculation in the bull market, Charles E. Merrill, the head of Merrill Lynch & Co., warned his clients to get out of stocks. “Take advantage of present high prices and put your own financial house in order,” he pleaded. Few listened, and Merrill looked like a fool. By the end of 1929, however, he looked pretty smart.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 2.6% at 32,768.04 in Toronto.
The move was the biggest since rising 5.4% on April 9, 2025 and follows the previous session’s decrease of 0.1%.
Today, materials stocks led the market higher, as 10 of 1 sectors gained; 183 of 221 shares rose, while 36 fell.
Shopify Inc. contributed the most to the index gain, increasing 6.0%.
G. Mining Ventures Corp. had the largest increase, rising 13.6%.
Insights
* In the past year, the index had a similar or greater gain once
* This quarter, the index rose 3.3%
* This month, the index fell 4.6%, heading for the biggest decline since May 2023
* The index advanced 32% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 5.1% below its 52-week high on March 2, 2026 and 47.4% above its low on April 7, 2025
* The S&P/TSX Composite is up 2.6% in the past 5 days and fell 4.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.3 on a trailing basis and 16.4 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$5.06t
* 30-day price volatility rose to 18.60% compared with 17.42% in the previous session and the average of 19.09% over the past month
Index Points
Materials | 366.7899| 6.1| 56/4
Financials | 248.4958| 2.5| 24/0
Information Technology | 119.8713| 5.3| 10/0
Industrials | 35.0842| 1.1| 27/1
Consumer Discretionary | 22.6086| 2.3| 9/0
Consumer Staples | 7.2384| 0.7| 6/4
Real Estate | 5.0317| 1.1| 19/0
Utilities | 4.4997| 0.4| 7/6
Health Care | 3.2036| 4.0| 4/0
Communication Services | 0.7697| 0.1| 3/2
Energy | -0.7006| 0.0| 18/19
Shopify | 79.6800| 6.0| 19.1| -25.3
Agnico Eagle Mines Ltd | 54.4500| 5.8| 28.6| 21.3
RBC | 49.8200| 2.3| 49.2| -3.9
Enbridge | -3.9720| -0.3| 2.8| 14.8
Tourmaline Oil | -6.0530| -3.4| -40.4| 8.1
Canadian Natural |Resources | -14.1400| -1.4| -47.3| 46.0
MT Newswires:
The Toronto Stock Exchange soared Tuesday amid fresh hopes for an end to the Iran war that has cast a shadow over, and dictated movements in financial markets for weeks, while BMO sees "some growth below the surface" in the Canadian economy.
The S&P/TSX Composite Index closed up 833.10 points, or 2.6%, to 32,768.04.
Most sectors were higher, led by Base Metals up near 7%, Health Care up 5.7% and Info Tech up near 4.8%.
In contrast, the Battery Metals Index was down 1% and Energy down 0.6%.
According to FactSet going in to today the TSX was month-to-date down 7%, but year-to-date was up 222.18 points or 0.70%.
Optimism returned to markets today after a report from The Wall Street Journal said U.S. President Donald Trump told aides he’s willing to end the U.S. military campaign against Iran without forcing the reopening of the Strait of Hormuz.
The Associated Press cited a news report from the Middle East quoting Iran’s president Masoud Pezeshkian as saying it has "the necessary will to end the war" as long as certain requirements are met.
On the Canadian economy, BMO in a note published just as the markets closed, and reflecting on GDP data for January and February released early today, noted it has grown "just" 0.6% in the past year, But the bank said "there are some noteworthy supports below the surface that are consistent with the broader narrative".
BMO noted real defense service output is up almost 5% from a year ago, as Canada pushes up its spending target; and Infrastructure as measured by engineering and other construction (e.g., highways, utilities, etc.) is up almost 6% from a year ago.
"That’s consistent with the federal and provincial governments rolling out more infrastructure investment," BMO added.
Data centers. BMO also noted, have contributed to a more than 7% increase in output in the related sector as a few major projects are underway across Canada.
"This isn’t enough to drive above-potential growth by any means, partly because some heavyweight sectors, like manufacturing, are contracting outright. But it does help keep the economy grinding ahead," according to BMO.
Of commodities, gold traded up for a third-straight session on Tuesday as the dollar and yields fell after Federal Reserve Chair Jerome Powell said the central bank sees no need to raise interest rates despite higher energy prices.
Gold for May delivery was up $150.10 to US$4,707.60 per ounce.
But West Texas Intermediate crude oil closed lower Tuesday following reports U.S. President Trump is readying to end the war he and Israel launched against Iran.
WTI crude oil for May delivery closed down $1.50 to settle at US$101.38 per barrel, while May Brent oil was down $3.16 to US$104.23.
US
By Rita Nazareth
(Bloomberg) — Wall Street staged a dramatic comeback at the end of March, with stocks climbing as oil fell on hopes that the war that has jolted global markets and disrupted energy supplies may be nearing a conclusion.
Equities saw their biggest rally since May on speculation that both the US and Iran might be looking for a way out of the conflict.
The S&P 500 gained 2.9% and the Nasdaq Composite added 3.8%.
Airlines jumped while energy producers slipped. US crude closed near $101.
Its retreat from multiyear highs extended an advance in Treasuries.
The dollar dropped and gold rose.
Those moves came after Iran’s state news agency reported a phone call between European Union Council President Antonio Costa and President Masoud Pezeskhian, who said the Islamic Republic has “the necessary will to end this war,” but only with guarantees “to prevent the recurrence of aggression.”
The Wall Street Journal reported President Donald Trump and his aides assessed that a mission to reopen the Strait of Hormuz would push the war beyond his timeline of four to six weeks.
He later told the New York Post the US is “not going to be there too much longer,” adding that the waterway would open “automatically” after the US leaves.
“Markets have taken it on the chin for over a month and expectations may have hit a low enough point that any glimmer of hope is now much more valuable,” said Michael Bailey at FBB Capital Partners.
The Tick Index, which measures the amount of equities on the New York Stock Exchange moving higher versus lower on a second-by-second basis, spiked to the highest on record at one point Tuesday.
“While Trump may be considering an end to hostilities, the key issue — the status of the Strait — remaining unresolved will be what’s more important from the market’s point of view,” said Fawad Razaqzada at Forex.com.
“It’s difficult to see Iran stepping back without extracting concessions.”
The war, now in its fifth week, has caused extensive infrastructure damage and effectively closed the strait.
That has choked off energy supplies, spurring a surge in oil prices while triggering concern about a simultaneous jump in inflation and slowdown in growth.
On the economic front, data showed consumer confidence unexpectedly rose in March on slightly more upbeat views of business and labor-market conditions.
Job openings fell and hiring slowed in February, pointing to cooler labor demand before the war.
“There do appear to be some early signs of stabilization in both consumer confidence and job openings after a clear fourth- quarter downtrend,” said Bret Kenwell at eToro.
“While that doesn’t yet signal a meaningful rebound, it may suggest the consumer and labor backdrop are no longer deteriorating at the same pace.”
Ultimately, both investors and consumers need to see notable de-escalation in the Middle East and some relief at the gas pump before confidence can rebound significantly, he added.
Corporate Highlights:
* Nvidia Corp. is taking a $2 billion stake in Marvell Technology Inc. and is opening up its system to allow Marvell to integrate custom AI chips and networking equipment on the platform.
* CoreWeave Inc. has raised $8.5 billion from a group of banks and investors to help finance an expansion of its cloud computing capacity.
* Eli Lilly & Co. agreed to buy sleep drugmaker Centessa Pharmaceuticals Plc in a deal worth up to $7.8 billion, a sign the weight-loss medication giant is looking to bulk up its treatment pipeline for other conditions.
* Biogen Inc. has agreed to acquire Apellis Pharmaceuticals Inc. for $5.6 billion, expanding its treatments in immunology and rare diseases.
* Unilever Plc agreed to combine its food business with spic maker McCormick & Co. in a $44.8 billion deal that will create a global seasonings, sauces and condiments company.
What Bloomberg strategists say…
“The euphoria on Tuesday around Iran signaling a willingness to end hostilities looks a touch premature.
Many hinges on what Tehran defines as ‘essential guarantees’ — particularly if they mirror the conditions outlined in its response to the US ceasefire proposal, which could prove a high bar for Washington to meet.”
— Brendan Fagan, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.9% as of 4 p.m. New York time
* The Nasdaq 100 rose 3.4%
* The Dow Jones Industrial Average rose 2.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.6%
* The euro rose 0.8% to $1.1559
* The British pound rose 0.4% to $1.3235
* The Japanese yen rose 0.6% to 158.72 per dollar
Cryptocurrencies
* Bitcoin rose 1.8% to $67,791.18
* Ether rose 3.7% to $2,096.04
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.32%
* Germany’s 10-year yield declined three basis points to 3.00%
* Britain’s 10-year yield declined two basis points to 4.92%
Commodity
* West Texas Intermediate crude fell 0.7% to $102.13 a barrel
* Spot gold rose 3.8% to $4,684.45 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
To be hopeful in bad times is not just foolishly romantic. It is based on the fact that human history is a history not only of cruelty, but also of compassion, sacrifice, courage, kindness. What we choose to emphasize in this complex history will determine our lives. If we see only the worst, it destroys our capacity to do something. If we remember those times and places—and there are so many—where people have behaved magnificently, this gives us the energy to act, and at least the possibility of sending this spinning top of a world in a different direction. And if we do act, in however small a way, we don’t have to wait for some grand utopian future. The future is an infinite succession of presents, and to live now as we think human beings should live, in defiance of all that is bad around us, is itself a marvelous victory. -Howard Zinn, 1922-2010.
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