Dear Friends,
Tangents: Happy Friday.
April 10, 1912: RMS Titanic departs on its maiden voyage, setting up one of the most consequential maritime disasters in modern history.
April 10, 1947 Brooklyn Dodgers president Branch Rickey announced he had purchased the contract of Jackie Robinson from the Montreal Royals, paving the way for Robinson to become the first black to play in the major leagues. Go to article
April 10, 1949: Safety pin patented.
Paul Theroux, writer, b.1941.
| James Webb telescope spots ‘stingray’ galaxy system that could solve the mystery of ‘little red dots’ |
A study of the fascinating galaxy system nicknamed "The Stingray" suggests that mysterious little red dots could be a phase in the evolution of galaxies powered by actively feeding black holes, rather than a distinct class of objects. Read More.
| Ancient Korean society practiced human sacrifice and high inbreeding, researchers find |
A genomic analysis of dozens of ancient Korean skeletons revealed a special "sacrificial caste" of people. Read More.
| Chimpanzees in Uganda are locked in a deadly ‘civil war’ after their group split apart — and scientists don’t know why |
The first well-observed "civil war" in wild chimpanzees reveals that shifting social ties alone can fracture a group, igniting deadly conflict between former friends. Read More.
| AI war games almost always escalate to nuclear strikes, simulation shows |
A new study reveals that AI decision-making during conflicts is naturally prone to escalation. Read More.
| Scientists create new type of encryption that protects video files against quantum computing attacks |
A newly developed encryption framework aims to protect video data from future quantum attacks, all while running on today’s conventional hardware. Read More.
Spring’s hottest fashion trend
Elle Fanning makes the case for slouchy, boy-ish, old-school femininity. It’s tradwife with a twist.
Is that a T-rex in your living room?
The ultra-rich, including celebrities such as Nicolas Cage and Russell Crowe, are spending big money to acquire dinosaur fossils. That’s raising some alarm bells in the scientific community.
Beyond Europe’s ‘big four’
Forget Italy, Spain, France and Portugal: a growing number of Americans are moving to Central and Eastern Europe. Here’s what’s driving the move.
PHOTOS OF THE DAY
Space
The Earth sets over the moon in a photograph captured by the Artemis II crew during a lunar flyby. The crew of Artemis II return to Earth this weekend after their historic 10-day lunar flyby mission. The astronauts have hailed a golden age of space travel, saying they hoped the mission would inspire the next generation
Photograph: Nasa/AFP/Getty Images
Holloko, Hungary
Young men douse women with buckets of cold water during the Easter folk festival in the ethnographic village of Hollókő, a Unesco World Heritage site in north-east Hungary
Photograph: Péter Komka/EPA
Milan, Italy
‘A late-night walk through Piazza Pio XI.’
Photograph: Terry Carter
Market Closes for April 10th, 2026
| Market Index |
Close | Change |
| Dow Jones |
47916.57 | -269.23 |
| -0.56% | ||
| S&P 500 | 6816.89 | -7.77 |
| -0.11% | ||
| NASDAQ | 22902.89 | +80.47 |
| +0.35% | ||
| TSX | 33695.76 | +218.05 |
| +0.65% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 56924.11 | +1028.79 |
| +1.84% | ||
| HANG SENG |
25893.54 | +141.14 |
| +0.55% | ||
| SEN SEX | 77550.25 | +918.60 |
| +1.20% | ||
| FTSE 100* | 10600.53 | -2.95 |
| -0.03% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.469 | 3.451 |
| CND. 30 Year Bond |
3.910 | 3.889 |
| U.S. 10 Year Bond |
4.3170 | 4.2754 |
| U.S. 30 Year Bond |
4.9091 | 4.8806 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7226 | 0.7236 |
| US $ |
1.3838 | 1.3819 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6163 | 0.6159 |
| US $ |
1.6226 | 0.8551 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4762.60 | 4792.55 |
| Oil | ||
| WTI Crude Future | 96.57 | 97.87 |
Market Commentary:
On this day in 1792, in the wake of America’s first stock market crash a month earlier, the New York state legislature enacted a law banning public stock auctions, the Act to Prevent the Pernicious Practice of Stock-Jobbing and for Regulating Sales at Public Auction. Stock trading continued.
🍒Canada🍓
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.7% at 33,695.76 in Toronto.
The index advanced to the highest closing level since March 4 after the previous session’s decrease of 0.4%.
Celestica Inc. contributed the most to the index gain and had the largest move, increasing 7.3%.
Today, 145 of 220 shares rose, while 72 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* So far this week, the index rose 1.8%
* The index advanced 46% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The S&P/TSX Composite is 2.5% below its 52-week high on March 2, 2026 and 48.4% above its low on April 10, 2025
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.1 on a trailing basis and 16.7 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$5.29t
* 30-day price volatility rose to 18.54% compared with 18.44% in the previous session and the average of 18.74% over the past month
Index Points
Materials | 121.5087| 1.8| 45/13
Financials | 59.8476| 0.6| 12/12
Energy | 41.5765| 0.7| 27/10
Utilities | 8.1097| 0.7| 12/2
Consumer Discretionary | 5.3145| 0.5| 8/1
Real Estate | 3.6049| 0.8| 14/5
Health Care | 0.5764| 0.7| 3/1
Information Technology | -0.2292| 0.0| 3/6
Consumer Staples | -7.0581| -0.6| 3/7
Communication Services | -7.1258| -1.2| 1/4
Industrials | -8.0658| -0.2| 17/11
Celestica | 26.7300| 7.3| 4.2| 19.8
RBC | 19.8800| 0.9| -12.5| 1.7
Barrick Mining | 18.0700| 2.6| -33.3| 0.8
Waste Connections | -5.1580| -1.3| 28.7| -7.2
Constellation Software | -9.0050| -2.7| -0.2| -30.5
Shopify | -16.1500| -1.2| 42.1| -30.5(MT Newswires)
The Toronto Stock Exchange returned to winning ways Friday, rising for the seventh session in the last eight, as investors seem to still see fundamental value in the broader market, even amid the noise created by continuing tariff disputes and lingering geopolitical tensions.
The resources-heavy S&P/TSX Composite Index closed up 218.05 points, or 0.65%, to 33,695.76.
Ironically, perhaps, the index was led higher by Base Metals, up near 1.7%, and Energy, up 1.5%, even with commodity prices lower and with Rosenberg Research flagging a bearish bias on WTI Crude Oil possibly continuing into August and only a short-term relief rally in gold "within a still-developing medium-term downtrend".
BMO Capital Markets chief economist Douglas Porter, in his regular ‘Talking Points’ note, noted the Middle East conflict began nearly six weeks ago.
He said "despite the wild swings in oil prices over that period, perhaps the big surprise is what little impact the war made on other financial markets."
Porter noted the gold-heavy TSX was down about 2% from six weeks ago, but added "that’s barely a ripple", given that bullion prices are down more than 9%, "shattering gold’s reputation as a safe harbour".
On the economic front today, most focus here was on the release of employment data for March.
But Derek Holt, Head of Capital Markets Economics at Scotiabank, published a note entitled ‘Markets Rightly Ignored Canadian Jobs’ after the data released early Friday showed Canada added 14,000 jobs, with "mixed details".
Among highlights to his note, Holt noted "sickies and weather remained as drag factors" for the month, which "may point to later gains".
Holt also noted wages "exploded" but with "two-sided interpretations" as Statistics Canada said wages were distorted by compositional shifts.
According to Holt, Bank of Canada watchers should continue to fade backward data.
"Markets largely ignored Canadian jobs numbers as they should. They’re backward looking and peering into the abyss where surging commodity prices in a commodity producing country dominate attention alongside the outlook for the US economy and trade policy," Holt said.
On commodities, this week’s issue of ‘Technicals with Dave’ from Rosenberg Research focuses on commodities.
Author Walter Murphy notes the 14-commodity S&P GSCI Equal Weight Select Index continued to post multi-year highs since the last Rosenberg Research commentary.
But, he says, its weekly Coppock Curve is leading that for the S&P GSCI Commodity Index, and he adds it would "not be surprising to see it move into a confirmed downtrend either this week or next".
As a result, Murphy says, last week’s rally through 592-630 resistance could prove to be a "last gasp".
That range is expected to provide initial support for a coming pullback.
In the five weeks since then, he says, oil initially rallied above resistance intra-day but quickly settled back and has had a difficult time pulling away from resistance on a daily closing basis.
"While we could easily make the case that oil decisively left that range behind late last week, Wednesday’s reversal casts doubt on the decisive nature of the breakout," he adds.
Murphy says the Coppock indicator "still has some life left in it, but probably not much".
His sense is that it could peak within the next two to four weeks and be in a confirmed downtrend by late May.
"From there, it would not be a surprise to see the resulting bearish bias continue well into July, and potentially into August," he adds.
Murphy notes previous US$87.64 to US$95.03 per barrel resistance is now support.
Below that, Rosenberg Research would look to the US$84 area and then the US$78.40 breakout point.
He says there is a "decent amount of chart and Fibonacci resistance" in the US$113 to US$129 area on an "arithmetic chart".
The US$129 level is the point where the current rally from December’s low will be 61.8% of the 2020-2022 uptrend, he adds.
On gold, "what a difference a couple of weeks makes", says Murphy.
He noted the early-March comment noted gold, which was then at US$5,149 per ounce, had been on a point-and-figure "buy" since September, but the weekly Coppock Curve was positioned to be in a confirmed downtrend by the end of that month.
Murphy noted the resulting bearish bias could continue into June, and gold subsequently broke down below US$5,000 and continued to as low as US$4,098 before recovering.
He says that decline generated a point-and-figure "sell;" the Coppock indicator has continued its downtrend.
Murphy adds: "The overbought and deteriorating Coppock Curve is still on pace to be weak into late May or early June.
At the same time, the oversold and improving daily indicator could begin a topping process by the middle of this month.
This combination is an indication that any further strength in the days immediately ahead will prove to be a short-term relief rally within a still-developing medium-term downtrend."
Murphy notes previous US$5,064 to US$4,700 per ounce support will likely act as strong resistance to the relief rally.
Second resistance is on the order of US$5,419 to US$5,608.
He says gold’s recent decline to US$4,098 per ounce was only a brief break of US$4,550 to US$4,275, adding that breach is not regarded as decisive, and US$4,550 to US$4,275 is still important support.
"That said, a decline back through $4,098 would be a trigger for further weakness to the $3,885 area, and potentially beyond."
Of commodities today, West Texas Intermediate crude oil closed lower amid doubts over the state of the ceasefire between Iran and the United States as Israel continues its attacks on Lebanon and the Strait of Hormuz remains closed.
WTI crude oil for May delivery closed down US$1.30 to settle at US$96.57 per barrel, while June Brent oil was down US$0.60 to US$95.32.
Gold futures had eased by midafternoon on Friday even as the dollar weakened after a report showed U.S. inflation surged in March on higher gasoline prices, cutting hopes for a cut to interest rates from the Federal Reserve.
Gold for May delivery was down US$40.00 to US$4,778.00 an ounce.
US
By Rita Nazareth
(Bloomberg) — Wall Street traders bracing for talks between the US and Iran halted a rally in stocks as oil whipsawed, with the negotiations set to dictate the path ahead for a fragile ceasefire.
While the S&P 500 notched its best week since November, the equity benchmark lost steam after a seven-day advance.
Earlier gains were driven by inflation data that matched expectations.
In a volatile session, US crude settled below $97.
Treasury yields rose.
The dollar barely budged.
President Donald Trump sought to ratchet up pressure on Iran to cut a deal in Pakistan this weekend, with the New York Post reporting the US is preparing the military if peace talks fail.
While the two-week ceasefire was broadly holding across the Middle East, the continued closure of the Strait of Hormuz and fighting between Israel and Hezbollah in Lebanon threatened to complicate negotiations.
“The focus in the short term will remain on what happens in Iran,” said veteran strategist Louis Navellier.
“If it unwinds and the missiles fly again, we will certainly see some downside volatility again.”
Investors also parsed the first inflation snapshot of the war-fueled spike in energy costs.
While consumer prices jumped the most since 2022, the core measure was relatively tame.
“There are no signs, yet, that high energy prices are seeping into core inflation,” said Brian Jacobsen at Annex Wealth Management.
“That could be a process that plays out over time as companies absorb the brunt of the blow, at least initially.
Given the global situation and strong earnings growth, some investors may view the current inflation data as manageable and expect energy pressures to moderate, according to David Russell at TradeStation.
“But a resolution to the Hormuz crisis will be key to improvement,” he added.
Meantime, earnings season starts Monday with Goldman Sachs Group Inc., followed by JPMorgan Chase & Co., Citigroup Inc., Wells Fargo & Co., Bank of America Corp. and Morgan Stanley later in the week.
They’re expected to post solid results as market volatility lifted trading activity.
Corporate Highlights:
* Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell summoned Wall Street leaders to an urgent meeting on concerns that the latest artificial intelligence model from Anthropic PBC will usher in an era of greater cyber risk.
* Anthropic agreed to tap data center capacity from CoreWeave Inc. as part of efforts to handle increasing demand for its artificial intelligence services.
* Ares Management Corp. is planning a significantly smaller flagship US direct lending fund than its previous record-breaking vehicle of $33.6 billion to speed up the deployment of capital amid broader dislocations in private markets.
* Berkshire Hathaway Inc. sold ¥272.3 billion ($1.7 billion) of yen-denominated bonds, marking its first such deal since Warren Buffett stepped down as chief executive officer.
* US regulators denied Replimune Group Inc.’s skin cancer treatment for a second time, a sign that they are maintaining their tough stance on drug reviews.
What Bloomberg Strategists say…
“US banks start reporting next week, which will help give a read on the health of credit markets including any bank exposure to private markets.”
—Edward Harrison, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World Index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.1728
* The British pound rose 0.2% to $1.3468
* The Japanese yen fell 0.2% to 159.31 per dollar
Cryptocurrencies
* Bitcoin rose 1.2% to $73,263.87
* Ether rose 1.8% to $2,254.02
Bonds
* The yield on 10-year Treasuries advanced four basis points to 4.32%
* Germany’s 10-year yield advanced seven basis points to 3.06%
* Britain’s 10-year yield advanced nine basis points to 4.84%
Commodities
* West Texas Intermediate crude fell 1.7% to $96.25 a barrel
* Spot gold fell 0.2% to $4,757.60 an ounce
Have a wonderful weekend everyone.
Be magnificent!
As ever,
Carolann
Believe me, every heart has its secret sorrow which the world knows not; and oftentimes we call a man cold,
when he is only sad. –Henry Wadsworth Longfellow, 1807-1882.
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