Dear Friends,
Tangents:
Good afternoon. Carolann here. Last night I decided to study some more about AI because I’ve been curious as to why Dario Amodei, Anthropic’s CEO, has been so cautious and selective about releasing his firm’s various AI models and to whom – recall that he denied Peter Hegseth access for use with the US military. Anthropic’s most recent model, Mythos, is causing much consternation. Amodei is reluctant to release it to the public at all in case it gets into the wrong hands and many CEOs are convening to discuss the capabilities and dangers posed by Mythos, especially in the banking world.
During my study, I came across an article by Michael Cembalest who is the Chairman of Market and Investment Strategy for J.P. Morgan Asset & Wealth Management.
On April 13, 2026, Cembalest published a prominent installment of his "Eye on the Market" series titled "Misanthropic."
Disclosures released by Anthropic include examples of Mythos engaging in deception, concealment and sabotage Cembalest wrote. In one instance, he noted, the model effectively boasted about its own wrongdoing:
“An A.I. researcher at Anthropic was eating a sandwich in a park when he got an email from Mythos even though that instance of the model wasn’t supposed to have access to the internet. Mythos developed a multi-step exploit to gain access, notified the researcher by emailing them and then essentially bragged about it on publicly accessible websites. Why? Anthropic doesn’t know for sure but suggests it was ‘an unasked-for effort to demonstrate its success.’ ” Thought you’d find that as interesting as I did.
On April 15, 1912, the British luxury liner Titanic sank in the North Atlantic off Newfoundland, less than three hours after striking an iceberg. About 1,500 people died. Go to article.
April 15, 1955: First McDonald’s opens.
Leonardo da Vinci, artist, b.1452.
Henry James, writer, b. 1843.
| Physicists just witnessed pinpricks of darkness moving faster than the speed of light — without breaking the laws of relativity |
For the first time, researchers measured singularities in combined light and sound waves moving faster than the speed of light. The findings have implications in fluid dynamics, optics and many other fields. Read more.
| Triassic croc relative from Ghost Ranch, New Mexico finally identified after nearly 80 years in museum basement |
During the Triassic, a newly described species related to modern crocodiles and alligators stalked prey on land, not the water, a new study finds. Read more.
| 73 moon landings? NASA’s ‘Moon Base User’s Guide’ reveals the agency’s ‘most ambitious space project’ will be fraught with challenges |
NASA has released a "Moon Base User’s Guide" to expand on its plans for a permanent lunar base and a trip to Mars. The guide reveals the major gaps that NASA and its partners must fill in to land and live on the moon. Read more.
| There were ‘audible screams of delight’: Why Artemis II sightings of meteor flashes on the moon have scientists giddy |
Meteorite strikes spotted on the moon by the Artemis II crew will help scientists assess dangers to future moon bases, infrastructure and astronauts. Read more.
| Do the microbes in your gut influence what foods you like? |
Can the microbes in your gut influence the foods you crave? Read more.
A $1 million Picasso has sold for just $117
One lucky raffle winner has walked away with an original Pablo Picasso painting valued at more than $1 million. The price of a ticket was 100 euros — about $117, or what you might spend on dinner and drinks in most cities.
Rare wines head to auction
An upcoming auction will spotlight two "legendary" 1870 magnums, discovered decades ago in Scotland’s Glamis Castle.
A 250-million-year-old fossil
Researchers say this 250-million-year-old fossil may offer the first proof that early mammal ancestors laid eggs.
Powerball is going international
Powerball, the lottery game that has made millionaires in the US, will expand this summer to include players in England, Scotland and other parts of the United Kingdom.
Oklahoma high school principal tackles gunman
This surveillance footage shows the moment a high school principal tackled a gunman in the school’s lobby, stopping what could have been a tragedy.
PHOTOS OF THE DAY
Jinghong, China
People splash water to send blessings during celebrations of the Dai new year
Photograph: Liu Ranyang/China News Service/Getty Images
Cologne, Germany
Trainee police officers throw their hats in the air after taking their oath of service to officially enter the service
Photograph: Martin Meissner/AP
Bhaktapur, Nepal
Revellers cover each other in vermillion powder during Biska Jatra celebrations marking the Nepali new year
Photograph: Safal Prakash Shrestha/Zuma Press/Shutterstock
Market Closes for April 15th, 2026
| Market Index |
Close | Change |
| Dow Jones |
48463.72 | -72.27 |
| -0.15% | ||
| S&P 500 | 7022.95 | +55.57 |
| +0.80% | ||
| NASDAQ | 24016.02 | +376.94 |
| +1.59% | ||
| TSX | 34155.99 | +53.63 |
| +0.16% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 58134.24 | +256.85 |
| +0.44% | ||
| HANG SENG |
25947.32 | +75.00 |
| +0.29% | ||
| SEN SEX | 78111.24 | +1263.67 |
| +1.64% | ||
| FTSE 100* | 10559.58 | -49.48 |
| -0.47% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.472 | 3.429 |
| CND. 30 Year Bond |
3.902 | 3.867 |
| U.S. 10 Year Bond |
4.2834 | 4.2479 |
| U.S. 30 Year Bond |
4.8979 | 4.8603 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7281 | 0.7263 |
| US $ |
1.3732 | 1.3767 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6167 | 1.6213 |
| US $ |
0.8470 | 1.1806 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4794.75 | 4722.65 |
| Oil | ||
| WTI Crude Future | 91.29 | 91.28 |
Market Commentary:
| On this day in 1926, Charles Lindbergh made one of the earliest commercial air flights, zipping between Chicago and St. Louis in a De Havilland DH-4 biplane to deliver a sack of mail for Robertson Aircraft Corp. Robertson later grew into American Airlines. |
🍒Canada🍓
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.2%, or 53.63 to 34,155.99 in Toronto.
The index advanced to the highest closing level since March 2.
Today, information technology stocks led the market higher, as 6 of 11 sectors gained; 97 of 220 shares rose, while 123 fell.
Shopify Inc. contributed the most to the index gain, increasing 8.1%.
Curaleaf Holdings Inc. had the largest increase, rising 8.4%.
Insights
* The index advanced 42% in the past 52 weeks. The MSCI AC Americas Index gained 31% in the same period
* The S&P/TSX Composite is 1.1% below its 52-week high on March 2, 2026 and 43.4% above its low on April 21, 2025
* The S&P/TSX Composite is up 1.6% in the past 5 days and rose 5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.4 on a trailing basis and 16.9 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$5.39t
* 30-day price volatility fell to 17.35% compared with 17.40% in the previous session and the average of 18.38% over the past month
Index Points
Information Technology| 133.1470| 5.4| 8/1
Financials | 101.0908| 0.9| 20/4
Consumer Staples | 6.2164| 0.6| 6/4
Health Care | 2.1551| 2.5| 4/0
Real Estate | 1.5345| 0.3| 11/8
Utilities | 1.4735| 0.1| 8/6
Communication Services| -0.1481| 0.0| 2/3
Energy | -18.4945| -0.3| 19/18
Consumer Discretionary| -20.4629| -1.9| 3/6
Industrials | -31.3770| -0.9| 10/19
Materials | -121.4931| -1.8| 6/54
Shopify | 113.0000| 8.1| 23.4| -20.7
Brookfield Corp | 18.2100| 1.9| 2.6| 1.4
Constellation Software | 16.1500| 4.6| 49.2| -20.3
Canadian National | -12.3800| -2.1| -50.6| 11.2
Barrick Mining | -14.0800| -2.0| -58.4| -0.9
Agnico Eagle Mines Ltd | -27.8900| -2.6| -39.4| 26.6
MT Newswires:
The Toronto Stock Exchange closed higher again on Wednesday, continuing a streak that has seen in rise in all but one of the past 11 sessions as investors, already bullish on market fundamentals even amid geopolitical turbulence, were further buoyed by optimism around the Canadian economy ahead of the federal government’s Spring Fiscal Update scheduled for April 28.
The S&P/TSX Composite Index closed up 53.63, or 0.15%, to 34,155.99, with most sectors higher and Info Tech, up near 3.6%, leading the way for the third successive day.
Industrials, down near 0.9%, was the biggest loser.
Tuesday’s gains leave the TSX within 400 points of its record close of 34,541.27 hit on March 2.
According to FactSet the TSX going in to today was up 4.07% over the past month and up 2,389.60, points or 7.54%, since the start of the year.
The index has climbed 36.04% since the Jan.29, 2025 U.S. Inauguration Day.
With the 2026 provincial budget season largely in the rearview mirror, the only major government left to update its fiscal outlook is the Government of Canada, Desjardins noted.
Among highlights in its Federal Spring Economic Statement 2026 Preview, Desjardins said many of the changes since the introduction of Budget 2025 have been in the federal government’s favor, particularly in relation to the economy.
That, it added, has freed up fiscal room to increase defense spending and transfers to households while still posting an improved deficit and debt outlook relative to the budget.
Desjardins said Canada remains one of the "cleanest fiscal dirty shirts" among advanced economies, and investor demand for government debt reinforces that positive sentiment.
Desjardins does not expect a credit downgrade is in the Government of Canada’s future, "at least not in the near term".
"But this shouldn’t be taken for granted," Desjardins said, before adding: "Despite the economic tailwind, risks loom on the horizon.
These include the Canada-United States-Mexico Agreement (CUSMA) joint review and rising interest rates.
The Government of Canada would be wise to keep some fiscal powder dry in case it needs to confront these risks."
Last month, National Bank noted, Bank of Canada Governor Tiff Macklem was asked if an oil price shock is net positive or negative for the Canadian economy.
Too early to tell was his dissatisfying answer, but he did explain that "the energy sector will do better, while consumers will be more squeezed".
According to National Bank, one beneficiary he failed to mention were governments.
It said: "Fiscal upside is easy to identify in oil-producing provinces, where crude futures curves imply a significant boost to non-renewable resource revenues.
While not directly clipping oil royalties, the federal government stands to benefit too."
For resource-rich nations like Canada, National Bank said, rising commodity prices are "a boon" to the terms of trade.
All else equal, this boosts the GDP deflator and overall nominal output, which is strongly correlated with government revenue.
Even before the Middle East conflict began, National Bank noted, GDP was trending on a higher plane due to economic resilience in 2025 and positive historical revisions.
Together, it suggests that 2026 nominal output could be 4%, or $130 billion, higher than the feds assumed in their fall budget, National Bank added.
National Bank estimates this GDP surprise is consistent with at least $20 billion in additional revenue in 2026-27, plus some upside to 2025-26.
It said extra cash last fiscal year is consistent with Ottawa under-borrowing relative to their DMS plan, and interim fiscal results imply the same.
However much upside revenue is realized, one key fiscal benchmark has materially improved.
Canada’s 2026-27 net debt-to-GDP ratio is tracking 1.6%-pts below the budget plan due to the extra GDP.
A natural comparison to this episode, National Bank noted, came in 2022.
Back then, surging commodity prices saw an additional $56 billion flow into government coffers relative to earlier plans.
National Bank said the windfall will not be as large this time as the demand backdrop is weaker and the basket of commodity prices rising is narrower.
"Like four years ago though, it will be difficult to resist spending some of the surprise income. And right on cue, Ottawa temporarily cut federal gas taxes.
Still, we’d imagine a government that aims to "spend less" will let some revenue flow to the bottom line."
Of commodities, West Texas Intermediate crude oil closed up by a penny Wednesday as U.S. President Trump again declared the war on Iran is near an end while traders continue to scramble for supply with the closure of the Strait of Hormuz keeping a fifth of daily oil demand off the market.
WTI crude oil for May delivery closed up US$0.01 to settle at US$91.29 per barrel, while June Brent oil was up US$0.23 to US$95.02.
Gold moved lower on Wednesday even as the dollar eased, with the price of the precious metal rangebound amid faltering hopes for lower U.S. interest rates as the war on Iran pushes up energy prices.
Gold for May delivery was down US$33.80 to US$4,816.30 per ounce.
US
By Ira Iosebashvili and Isabelle Lee
(Bloomberg) — US stocks closed at record highs on Wednesday, as a potential peace deal in the Middle East and a strong start to corporate earnings season stoked investor optimism.
The S&P 500 finished the day up 0.8%, extending a dramatic two-week surge from its late March lows.
The tech-heavy Nasdaq 100 was up 1.4%, also a record.
Bank of America Corp. and Morgan Stanley rose as their equity traders posted strong revenue beats.
Hopes that peace efforts between the US and Iran will succeed have pushed investors to increasingly price out the risk premium built up since the conflict started in late February and renew their focus on artificial intelligence and Corporate America’s resilience.
The warring sides are considering a two-week ceasefire extension to allow more time to negotiate a peace deal, according to a person familiar with the matter, reducing the prospect of a return to fighting despite an intensifying standoff over the Strait of Hormuz.
“Stocks are basically expressing their view that the war in the Persian Gulf is all but over,” wrote Steve Sosnick, chief strategist at Interactive Brokers LLC.
Brent rose 0.1% toward $95 a barrel as the US pressed ahead with a naval blockade of the Strait of Hormuz.
Treasuries slipped, with the two-year yield rising to 3.76%.
The dollar was lower while gold fell toward $4,800 an ounce.
Investors have been piling back into stocks even as there remains little clarity around the trajectory of the war, which has choked off around a fifth of global crude supplies and risked a surge in inflation that could still prompt central banks to tighten policy.
Technology shares in particular have been snapped up after lagging the market for much of the year.
A popular exchange- traded fund that tracks the software industry was up around 4% on Wednesday.
Oracle Corp. soared 4.2% and Microsoft Corp. rose 4.6%.
“It looked like a rotation day today within the tech sector, as investors sold the high-flying chip stocks and bought the beaten down software names,” said Matt Maley of Miller Tabak.
“That said, after such a big run, we could see a near- term breather in the tech sector, but that would be normal and healthy.”
Earnings Watch
Technical analysts, who study charts for clues on stock moves, said some indicators of market health are painting an optimistic picture.
“While we believe it is prudent to maintain a healthy sense of skepticism regarding this headline-driven optimism, underlying breadth and trend indicators are improving off March lows, or at least until the next headline proves otherwise,” according to Craig Johnson at Piper Sandler.
With the earnings season now in full swing, investors will watch for signs of whether the conflict is denting the outlook for earnings and whether corporates and consumers are cutting back on spending amid the uncertainty.
“We continue to see healthy potential for a rally for the remainder of this year from the current S&P 500 levels amid solid profit growth and a supportive macroeconomic backdrop,” said Ulrike Hoffmann-Burchardi, CIO Americas and global head of equities, UBS Chief Investment Office.
What Bloomberg Strategists Say:
“US stocks have played a key role in the global equity rebound, with the S&P 500 once again climbing above the 7,000-milestone level.
Yet valuations show they have not truly fully shaken off the shock. A return to pre-war multiples of 21.3x forward earnings implies a move past 7,200, or about 3% higher from current levels.”
— Tatiana Darie, macro strategist.
Corporate Highlights:
* Jane Street Group has taken an additional $1 billion stake in AI cloud services provider CoreWeave Inc. and plans to spend about $6 billion on the company’s technology offerings.
* Morgan Stanley’s stock traders joined the rest of Wall Street with a record-breaking first quarter.
* Bank of America Corp.’s traders pulled in the business’s highest quarterly revenue in more than a decade, riding a wave of volatility that pushed the firm’s stock-trading desk to an all-time record.
* Allbirds Inc., the once-buzzy maker of wool sneakers valued at more than $4 billion in its heyday, announced a new business plan just days before it planned to close down for good: AI computing infrastructure.
* Bank of America Corp.’s stock-trading desk set a record, riding a wave of volatility that helped push the bank’s earnings to the highest in nearly two decades.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4:05 p.m. New York time
* The Nasdaq 100 rose 1.4%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World Index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1797
* The British pound was unchanged at $1.3567
* The Japanese yen fell 0.1% to 158.99 per dollar
Cryptocurrencies
* Bitcoin rose 1% to $74,884.04
* Ether rose 2.4% to $2,370.32
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.28%
* Germany’s 10-year yield advanced two basis points to 3.04%
* Britain’s 10-year yield advanced three basis points to 4.81%
Commodities
* West Texas Intermediate crude fell 0.2% to $91.14 a barrel
* Spot gold fell 1% to $4,794.10 an ounce This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric.
Have a lovely evening.
Be magnificent!
As ever,
Carolann
The longer you can look back, the farther you can look forward. –Winston Churchill, 1874-1965.
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