Dear Friends,
Tangents: Happy 50th birthday Apple!
April 1, 1976: Apple Computer is founded, helping trigger the personal computer revolution that put computing into ordinary homes.
April 1, 1970: Cigarette ads banned from TV
Abraham Maslow, psychologist, b.1908.
Debbie Reynolds, actress, b. 1932
Apple’s 50th anniversary
Apple today is celebrating 50 years since its founding. Its most iconic product surprised even the engineers who built it.
Gen Z’s love for retro watches has little to do with keeping time
Wristwatches are ticking back into style with the under-30 crowd. Just don’t ask them to tell the time.
This small city has the world’s worst air
Breathing is an act of endurance for 700,000 residents in this small city.
Latin America’s generational shift
Birth rates in Latin America are falling at an unprecedented pace, ushering in a new era in which motherhood is no longer a presumed role.
CNN producer beats 1 in 2 billion odds of nailing final four bracket
A CNN booking producer just beat the odds to nail down the NCAA’s Final Four bracket. CNN’s Erin Burnett and Harry Enten talk about how rare this is, especially this year.
| Artemis II launch LIVE: NASA begins final checks before today’s planned launch of historic moon mission |
Wednesday, April 1, 2026: Get the latest news and updates on the Artemis II mission as NASA makes final preparations to return humanity to the moon. Read More.
| ‘It blew my mind’: Long-lost ice-age ecosystem, including fossils of lion-size armadillo and giant ground sloth, discovered in Texas ‘water cave’ |
Two researchers snorkeling in a subterranean stream in Texas discovered fossils from the Late Pleistocene epoch, revealing new details about what lived in this ancient ecosystem. Read More.
| How to watch NASA’s historic Artemis II launch for the moon |
NASA’s Artemis II mission is set to take four astronauts on a record-breaking spaceflight around the moon, bringing humans farther into space than ever before. Here’s how to watch it. Read More.
| ‘80% chance of a go,’ launch weather officer says at NASA’s Artemis II prelaunch conference |
NASA said an X-class solar flare is not currently expected to affect the Artemis II mission, while weather on Earth looks favorable for a smooth launch. Read More.
| Artemis II timeline: 12 key steps that will take NASA astronauts to the moon and back |
NASA is gearing up to send astronauts back to the lunar environment for the first time in nearly 55 years. We’ve broken the 10-day mission into 12 key steps, from the historic liftoff to a record-breaking splashdown. Read More.
| Quantum computers need just 10,000 qubits — not the millions we assumed — to break the world’s most secure encryption algorithms |
Future quantum computers will need to be far less powerful than we thought to threaten the security of encrypted messages, banking information and other sensitive data. Read More.
Pause for Poetry:
POEM # 63
– e.e.cummings
…come quickly come
run run
with me now
jump shout (laugh
dance cry
sing) for it’s Spring…
Fix one small annoyance each day. A drawer, a beep, a loose cable…tiny frictions add up more than you think.
PHOTOS OF THE DAY
Washington DC
Cherry trees blooming at the tidal basin
Photograph: Gage Skidmore/Zuma Press Wire/Shutterstock
Jiangsu province, China
Students take part in an outdoor drawing activity during the spring break in Jiangyan district, Taizhou
Photograph: AFP/Getty Images
Uttar Pradesh, India
A ringneck parrot flies with a piece of wheat near a wheat field in Prayagraj
Photograph: Prabhat Kumar Verma/Zuma Press Wire/Shutterstock
Market Closes for April 1st, 2026
| Market Index |
Close | Change |
| Dow Jones |
46565.74 | +224.23 |
| +0.48% | ||
| S&P 500 | 6575.32 | +46.80 |
| +0.72% | ||
| NASDAQ | 21840.95 | +250.32 |
| +1.16% | ||
| TSX | 32957.95 | +189.91 |
| +0.58% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 53739.68 | +2675.96 |
| +5.24% | ||
| HANG SENG |
25294.03 | +505.89 |
| +2.04% | ||
| SEN SEX | 73134.32 | +1186.77 |
| +1.65% | ||
| FTSE 100* | 10364.79 | +188.34 |
| +1.85% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.501 | 3.473 |
| CND. 30 Year Bond |
3.929 | 3.896 |
| U.S. 10 Year Bond |
4.3186 | 4.3166 |
| U.S. 30 Year Bond |
4.8978 | 4.9101 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7206 | 0.7190 |
| US $ |
1.3875 | 1.3906 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6218 | 1.6082 |
| US $ |
0.8628 | 1.1590 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4608.35 | 4529.15 |
| Oil | ||
| WTI Crude Future | 101.38 | 101.38 |
Market Commentary:
| On this day in 1901, Northern Pacific stock hit $96 a share as E.H. Harriman and J.P. Morgan fought for control of the railroad. By May 9, the stock would peak at an astonishing $1,000 per share—a 942% return in five weeks. Then its price collapsed. |
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.6%, or 189.91 to 32,957.95 in Toronto.
The index advanced to the highest closing level since March 11.
Today, materials stocks led the market higher, as 10 of 11 sectors gained; 146 of 221 shares rose, while 71 fell.
Agnico Eagle Mines Ltd. contributed the most to the index gain, increasing 3.4%. Discovery Silver Corp. had the largest increase, rising 9.8%.
Insights
* The index advanced 32% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is 4.6% below its 52-week high on March 2, 2026 and 48.3% above its low on April 7, 2025
* The S&P/TSX Composite is up 1.8% in the past 5 days and fell 4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.7 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$5.19t
* 30-day price volatility little changed to 18.59% compared with 18.60% in the previous session and the average of 19.07% over the past month
Index Points
Materials | 199.1499| 3.1| 54/6
Financials | 77.8224| 0.8| 15/9
Industrials | 25.6256| 0.8| 25/4
Consumer Discretionary| 9.4397| 0.9| 8/0
Utilities | 6.3396| 0.5| 10/4
Real Estate | 5.8178| 1.3| 14/4
Health Care | 3.2073| 3.8| 4/0
Information Technology| 2.2610| 0.1| 5/3
Consumer Staples | 2.0362| 0.2| 6/4
Communication Services| 0.2997| 0.0| 2/3
Energy | -142.0954| -2.4| 3/34
Agnico Eagle Mines Ltd | 33.6800| 3.4| -31.5| 25.4
Wheaton Precious Metals | 23.9100| 4.1| -6.4| 17.8
Barrick Mining | 21.5900| 3.2| -3.1| -1.8
Enbridge | -13.2900| -1.2| -43.9| 13.5
Suncor | -14.3300| -1.9| -45.2| 48.2
Canadian Natural Resources | -46.9400| -4.8| -30.7| 39.0
(MT Newswires)
The Toronto Stock Exchange on Wednesday took total gains for the last two sessions to more than 1,000 points amid cautious optimism that the Middle East war will soon come to an end, while Desjardins sees the Bank of Canada on hold for the remainder of this year, despite talk of it being forced to move quick on rates due to the most recent oil price shock.
Today the TSX was up 189.91 or near 0.6% at 32,957.95, adding to the 833 points gained Tuesday.
Most sectors were higher, led by the Battery Metals Index (up 8.5%), Base Metals (up 2.65%) and Health Care (up near 3.35%).
Energy was the biggest loser (down near 3.8%) on the prospect of a quick end to the Middle East war.
According to Thierry Wizman, Global FX & Rates Strategist at Macquarie Group, risk-taking found an "important reason to make a comeback" yesterday and today, after U.S. President Donald Trump suggested U.S. forces would withdraw from Iran in "maybe two weeks, maybe three", and possibly even without an agreement from Iran ("Iran doesn’t have to make a deal, no.").
Meanwhile, on the home front, Tiago Figueiredo of Desjardins in response to the release of the ‘Summary of Deliberations’, an account of the deliberations of the Bank of Canada’s Governing Council leading to the monetary policy decision on March 18, 2026, said Canadian central bankers appear comfortable waiting on the sidelines for now.
He added: "The conflict in Iran injected another source of uncertainty and members agreed that it was too early to reliably estimate the net impact on Canadian growth and inflation.
In response, officials emphasized a preference for gathering more information, keeping policy options open, and explicitly reintroduced the language for a risk management approach to policy setting."
Figueiredo noted Governing Council acknowledged that risks to the Canadian economy looked tilted to the downside.
He added: "Higher oil prices should provide a boost to aggregate growth but tighter financial conditions and the potential drag from rising energy prices on businesses and consumers remained in focus. Furthermore, the starting point for economic activity was weaker than policymakers had expected in January."
According to Figueiredo, the weaker starting point for the economy limits the risk inflation spreads to other sectors quickly.
Specifically, he said, the BoC release noted "the economy was starting from a position of excess supply, with inflation around target, which could limit the pass-through of energy costs to other goods and services.
" Furthermore, he added, officials indicated when the economy is weak, "firms often look for ways to avoid raising prices so that they don’t lose customers.
" Figueiredo said these points led policymakers to the conclusion they had time to assess how the conflict would develop.
"That said," he added, "officials indicated they would remain vigilant for any signs of inflation spreading to other goods and services and any changes in inflation expectations."
Figueiredo said all of this is consistent with a central bank that is likely to remain on hold.
"The conflict adds another layer of uncertainty, but governing council is still monitoring the ongoing structural shifts in the economy and the upcoming CUSMA review. Ultimately, we continue to see the Bank of Canada on hold for the remainder of this year."
Of commodities, The Wall Street Journal reported precious metals rose to start April, with the gold closing up 2.9% to US$4,783.20 a troy ounce and silver rising 1.6% to $75.867 a troy ounce.
The WSJ noted gold and silver have gained for four consecutive sessions, making up ground after the outbreak of the war in Iran made speculation on precious metals futures less attractive for investors.
It said analysts pointed to a weaker U.S. dollar and speculation over what President Trump will say in his prime-time speech tonight as drivers for precious metals.
Indications of a coming end to the war in Iran is underpinning gains for precious metals, as money moved out of crude oil, it added.
The Wall Street Journal also reported that crude futures ended the session lower as the market cautiously holds out hope for a quick end to the Middle East conflict while awaiting President Trump’s planned address on Iran at 9pm ET.
Trump posted that Iran’s president has asked the U.S. for a cease-fire, and Iranian state media said the foreign ministry called the statement false.
"From a geopolitical perspective, a premature U.S. withdrawal would be framed as a strategic victory for Tehran," Samer Hasn of XS.com is cited saying in a note.
It’s unlikely Trump will accept a resolution that risks domestic political humiliation or leaves a resurgent Iranian regime emboldened, he reportedly added. "The structural threat to global energy stability remains acute."
US
By Ira Iosebashvili, Rose Henderson and Andre Janse van Vuuren
(Bloomberg) — US stocks rallied for a second day as hopes grew that the war in the Middle East may be nearing a conclusion, while Brent briefly fell below $100 a barrel.
Treasuries wavered and the dollar marked a second day of declines.
The S&P 500 closed up 0.7%, adding to gains from the previous session as investors assessed comments by President Donald Trump on the war’s trajectory.
Trump said on Wednesday that Iran has asked for a ceasefire, adding that the US would only consider it if the Strait of Hormuz were reopened.
Iran’s foreign ministry said the claim of a ceasefire request was “false and baseless,” according to state TV.
On Tuesday, Trump said he foresaw the US ending the conflict within two to three weeks, sparking a sharp rally in stocks.
The US leader will hail his military campaign in Iran as a success during a Wednesday prime-time address and stress that the conclusion of operations may come within that time frame, according to a White House official.
“The violent recovery in the last two days could be either the smart money betting on de-escalation in the Middle East, or it could be a touch of desperation driving fear of missing out on a recovery,” said Michael Bailey, director of research at wealth management firm FBB Capital Partners. However, “any mixed or bad news at these higher levels could drive markets back down.”
The Nasdaq 100 Index rose 1.2%. Brent was down 2.8% at around $101 per barrel.
The two-year Treasury yield edged higher to 3.81% following solid data on the US labor market and retail sales.
“The sharp rally in stocks over the past 24 hours demonstrates how a resolution to the conflict, or hopes thereof, may quickly drive markets higher,” said Ulrike Hoffmann- Burchardi at UBS Global Wealth Management.
“We continue to believe global stock markets will end the year higher than they are today.”
US travel, mining and technology stocks rose, with Sandisk Corp. up around 9%. Miners including AngloGold Ashanti Plc and Newmont Corp. climbed as gold advanced for a fourth day.
At the same time, Nike Inc. plunged more than 15% after a gloomy outlook, while energy shares were weaker.
What Bloomberg strategists say…
“The sea of green in stocks is a classic sign of markets starved for good news latching onto a sliver of hope, but traders need to look at crude prices — not headlines — as a true barometer of what the global economy is up against.”
Traders at Goldman Sachs Group Inc. and JPMorgan Chase & Co. suggested Tuesday’s sharp rebound in US stocks was more about the unwinding of negative positioning by market participants than a shift in sentiment over the war.
Some market participants are also wary of a late-week selloff in US stocks, a pattern that has taken hold since the start of the Iran war.
Meanwhile, investors said it would take time for oil flows to return to normal even if the war ends within Trump’s timeframe, especially given the damage to some energy facilities. Trump’s team has also suggested that reopening the Hormuz strait, which carries 20% of global crude, may not be necessary to end the hostilities.
“Each passing week increases the global economic costs of the Iran conflict,” wrote Tiffany Wilding, economist at Pacific Investment Management Co.
At some point, “the economic effects of persistent disruptions will start to build, with recessionary implications for the global economy.”
Corporate News:
* Eli Lilly & Co.’s weight-loss pill won US approval, ratcheting up pressure on Novo Nordisk A/S, which launched an obesity pill earlier this year.
* OpenAI has completed a deal to raise $122 billion from investors at an $852 billion valuation, marking the company’s largest funding round to date.
* Microsoft Corp. is in exclusive talks with Chevron Corp. and investment fund Engine No. 1 over a long-term deal that would underpin a giant energy complex in West Texas.
* SpaceX has filed confidentially for an initial public offering, according to people familiar with the matter, bringing billionaire Elon Musk’s rocket, satellite and AI company closer to delivering the biggest-ever listing.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4:07 p.m. New York time
* The Nasdaq 100 rose 1.2%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World Index rose 1.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.3% to $1.1587
* The British pound rose 0.6% to $1.3303
* The Japanese yen was little changed at 158.87 per dollar
Cryptocurrencies
* Bitcoin fell 0.2% to $68,085.46
* Ether rose 1.3% to $2,134.51
Bonds
* The yield on 10-year Treasuries advanced one basis point to 4.33%
* Germany’s 10-year yield declined two basis points to 2.99%
* Britain’s 10-year yield declined nine basis points to 4.83%
Commodities
* West Texas Intermediate crude fell 1.8% to $99.59 a barrel
* Spot gold rose 2.1% to $4,765.03 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Julien Ponthus, Subrat Patnaik, Jan- Patrick Barnert, Isabelle Lee and Vildana Hajric.
Have a lovely evening.
Be magnificent!
As ever,
Carolann
When asked how does fascism start, Bertrand Russell replied, "First they fascinate the fools and then they muzzle the intelligent.” –Bertrand Russell, 1872-1970.
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