Dear Friends,
Tangents: Happy Monday.
April 20, 1972: The manned lunar module from Apollo 16 landed on the moon.
Adolph Hitler, b. 1889.
Jessica Lange, actress, b. 1949.
| Experimental drug doubles one-year survival in pancreatic cancer |
A new drug that works by making tumors more susceptible to chemotherapy and the immune system has increased survival in those with advanced pancreatic cancer in a trial. Read more.
| Archaeologists discover perfectly circular ancient Egyptian temple that may have been used for sacred water rituals |
The temple included a network of water infrastructure, revealing the importance of the ancient city and the Nile. Read more.
| Lyrid meteor shower 2026: See spring’s first rain of ‘shooting stars’ peak in moonless skies |
Expect bright fireballs during the Lyrid meteor shower, which will peak in moonless skies on April 22, 2026. Read more.
| Loneliness may contribute to memory issues, but not dementia — they are ‘not the same thing’ |
OPINION | A researcher explains what we know — and what we don’t — about the link between loneliness and memory problems. Read more.
| ‘The chances of you living 50 years are very small’: Theoretical physicist explains why humanity likely won’t survive to see all the forces unified |
Live Science spoke with Nobel prize-winning physicist David Gross, who recently received the $3 million Special Breakthrough Prize in Fundamental Physics, about the quest to unite all the forces and why humanity might not live to see a unified theory. Read more.
‘Once in a generation’ sale
A Titanic survivor’s life jacket sold for over $900,000 in a landmark auction.
Video: DJs over 60 take the stage at music festival
Proof that cool has no age limit.
Potency of weed has skyrocketed
Levels of THC, the primary psychoactive compound in cannabis, have risen dramatically over the years — from approximately 4% in the 1970s to more than 20% today. CNN’s Sandee LaMotte shares how she discovered the cannabis of her youth is long gone.
Hot air balloon makes emergency landing in backyard
A California couple got quite a surprise when a hot air balloon carrying several people made an emergency landing in their backyard.
PHOTOS OF THE DAY
North Berwick, UK
Sunrise behind Bass Rock in the Firth of Forth east of Edinburgh
Photograph: Jane Barlow/PA
Beijing, China
Spring tulips blooming at Zhongshan Park
Photograph: Adek Berry/AFP/Getty Images
Strait of Hormuz, Iran
The sun rises behind a tanker off the coast of Qeshm Island
Photograph: Asghar Besharati/AP
Market Closes for April 20th, 2026
| Market Index |
Close | Change |
| Dow Jones |
49442.56 | -4.87 |
| -0.01% | ||
| S&P 500 | 7109.14 | -16.92 |
| -0.24% | ||
| NASDAQ | 24404.39 | -64.09 |
| -0.26% | ||
| TSX | 34360.03 | +13.74 |
| +0.04% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 58824.89 | +348.99 |
| +0.60% | ||
| HANG SENG |
26361.07 | +200.74 |
| +0.77% | ||
| SEN SEX | 78520.30 | +26.76 |
| +0.03% | ||
| FTSE 100* | 106029.08 | -58.55 |
| -0.55% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.439 | 3.448 |
| CND. 30 Year Bond |
3.872 | 3.887 |
| U.S. 10 Year Bond |
4.2510 | 4.2480 |
| U.S. 30 Year Bond |
4.8786 | 4.8836 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7329 | 0.7303 |
| US $ |
1.3644 | 1.3691 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6219 | 1.6078 |
| US $ |
0.8486 | 1.1784 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4870.50 | 4793.60 |
| Oil | ||
| WTI Crude Future | 89.61 | 83.85 |
Market Commentary:
On this day in 1720, Isaac Newton sold 7,000 worth of South Sea Co. stock at a 100% profit, declaring that he “can calculate the motions of the heavenly bodies, but not the madness of the people.” But the excitement around the historic bubble proved too much even for him and he soon got back in. Newton ended up losing 20,000 when the bubble burst.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 34,360.03 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 2.8%.
Superior Plus Corp. had the largest increase, rising 13.7%.
Today, 100 of 220 shares rose, while 120 fell; 7 of 11 sectors were higher, led by information technology stocks.
Insights
* This month, the index rose 4.9%
* The index advanced 42% in the past 52 weeks. The MSCI AC Americas Index gained 35% in the same period
* The S&P/TSX Composite is 0.5% below its 52-week high on March 2, 2026 and 44.2% above its low on April 21, 2025
* The S&P/TSX Composite is up 1.4% in the past 5 days and rose 9.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.5 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$5.43t
* 30-day price volatility little changed to 16.49% compared with 16.50% in the previous session and the average of 18.12% over the past month
Index Points
Information Technology | 56.2891| 2.1| 8/1
Financials | 33.5849| 0.3| 11/13
Energy | 21.6446| 0.4| 30/7
Consumer Staples | 6.6669| 0.6| 9/1
Consumer Discretionary | 2.0513| 0.2| 6/3
Health Care | 1.1304| 1.2| 1/3
Industrials | 0.0034| 0.0| 15/14
Communication Services | -3.6918| -0.6| 1/4
Utilities | -5.3078| -0.4| 6/8
Real Estate | -5.5588| -1.1| 2/17
Materials | -93.0556| -1.4| 11/49
Shopify | 43.2700| 2.8| -39.9| -16.5
RBC | 15.8600| 0.7| 145.2| 5.1
TD Bank | 14.5700| 0.9| -54.6| 12.4
Enbridge | -11.7600| -1.1| 93.3| 8.6
Wheaton Precious Metals | -15.9900| -2.4| -21.0| 26.2
Agnico Eagle Mines Ltd | -20.4500| -1.9| -11.9| 26.9
MT Newswires:
The Toronto Stock Exchange rallied late to post a modest gain Monday with investors buoyed by two domestic economic updates, RBC Economics noting business sentiment was "stable" in Canada amid the Iran conflict, while National Bank said Canada’s current inflation environment "calls for a bit of patience".
The S&P/TSX Composite Index closed up 13.74 to 34,360.03, with sectors mixed after the index was lower for most of the session on some profit taking after a strong recent run up and some nerves as market watchers await an end to the Iran war.
Among gainers, Health Care was up 2.85% and Info Tech up near 1.6%.
The Battery Metals Index was down near 1.5%.
Perhaps in reflecting global investor sentiment, Thierry Wizman, Global FX & Rates Strategist at Macquarie Group, published a note entitled ‘Traders haven’t given up the prospect of permanent US-Iran deal’ in which he said despite the "disturbing" news flow from the weekend, financial market prices were largely stable to start the week.
Wizman added: "This means that traders haven’t given up on the prospect of reaching a permanent deal within a multiweek timeframe.
We believe that this is the ‘correct’ attitude so long as traders also recognize that the peace process is likely to be long and jagged. As most peace processes are."
Edward Jones in its ‘Weekly wrap’, noted markets have rapidly priced out worst-case risks, with easing oil pressures, stabilizing rates, and resilient earnings helping drive one of the fastest rebounds to new highs on record for the S&P 500.
Edward Jones said corporate profits remain the most durable support, in its view, with double-digit TSX and S&P 500 earnings growth expected to continue in the quarters ahead.
"While a near-term pause or consolidation is likely, we think a credible path toward de-escalation could see markets revert to earlier year leadership, favouring cyclicals, small- and mid-caps, emerging markets, and a balanced growth value approach," it added.
RBC said this morning’s Q1 Bank of Canada Business Outlook Survey revealed healthier than expected business sentiment and investment/hiring intentions in February and March amid the Middle East conflict but concerning signs of business inflation expectations edging higher through March.
"Taken together, the results are broadly consistent with our expectations for per-capita domestic demand to slowly improve in 2026, absorbing remaining economic slack.
The full impact of high oil prices will take time to play out and to date poses no real urgency for the BoC to intervene," the bank added RBC’s base case assumes declining but still elevated oil prices will have a relatively neutral impact on Canada’s economy with limited second-round effects on non-energy consumer prices. It expects the BoC to monitor inflation expectations closely but won’t make a move this year.
Elsewhere, National Bank said the BoC’s Business Outlook Survey, "arguably the most important soft data release in Canada", had signaled improvements in the outlook.
It noted the latest survey (2026 Q1, conducted between February 5-25), highlighted an improved outlook on future sales, hiring, and investment intentions prior to the onset of the Mideast conflict, a topic that was discussed in survey follow-up calls.
In a separate note, National Bank wrote while inflationary pressures increased here in March on the crisis in the Middle East, they were "generally less pronounced than economists had widely expected", with the bank noting annual inflation rose from 1.8% in February to 2.4% in March, but remained well below the 2.6% forecast by economists.
According to National Bank, what surprised economists most in March was the stagnation of prices in the basket excluding food and energy.
On a three-month annualized basis, these prices rose by only 0.5%, the slowest pace in two years.
As for the measures favored by the Central Bank, National Bank noted they are growing at rates that are "comfortable", at 2.0% and 1.3%, respectively.
For reference, the central bank had projected last January that the average of mthese two measures would be 2.5% (y/y) during the quarter, which is materially higher than what actually occurred (2.3%).
"This morning’s report reinforces our view that the Central Bank should, for now, overlook the rise in energy prices by keeping rates unchanged.
Core inflation remains contained, reflecting an economy with excess supply.
We believe that the risk of second-round effects (wage-push inflation) from the surge in energy prices is unlikely.
As for interest rates, they seem far from accommodative in the current environment marked by geopolitical uncertainty and trade tensions with Washington.
Indeed, the labour market stumbled at the start of the year, and the housing market continues to weaken.
All in all, the current environment calls for a bit of patience," National Bank said.
Of commodities today, West Texas Intermediate crude oil surged 6.9% after Iran again closed the Strait of Hormuz after the United States refused to end a blockade of country’s ports while firing on and seizing an Iranian cargo ship.
WTI crude oil for May delivery closed up US$5.76 to settle at US$89.61 per barrel, while June Brent oil was up US$4.74 to US$95.12.
But gold traded lower as the dollar rose while hopes for an end to the war on Iran faded after Iran on Friday opened and then closed the Strait of Hormuz, pushing up oil prices and the dollar on worries over higher inflation and interest rates.
Gold for May delivery was down US$51.80 to US$4,827.80 per ounce.
US
By Rita Nazareth
(Bloomberg) — A rally in oil drove stocks lower as a turbulent weekend in the Middle East cast doubt on prospects for peace talks between the US and Iran before their fragile ceasefire deal expires.
Equities fell from record highs, with the S&P 500 halting a five-day advance amid losses in several tech giants.
President Donald Trump said it’s unlikely he would extend a truce with Tehran if an agreement were reached before it ends, adding the Strait of Hormuz would remain blocked until an accord is finalized.
Brent settled above $95.
Treasuries and the dollar wavered.
“I’m not going to be rushed into making a bad deal,” Trump said. In a phone interview, he added the truce expires “Wednesday evening Washington time.”
The US president noted a delegation was on its way to Pakistan even as Iran held back from saying whether it would take part in further talks.
Transits through Hormuz have reduced to a trickle as Iran tightens control in retaliation for strikes.
On Friday, that paralysis appeared to be at an end, with Tehran saying it would reopen the waterway, before reversing course as the US maintained a naval blockade and attacked an Iranian ship.
“Well, that didn’t last long, did it? The much-talked-about ‘reopening’ of the Strait of Hormuz barely made it through a day before Friday’s tensions came straight back into play,” said Fawad Razaqzada at Forex.com.
“Still, there’s a sense that both sides might be posturing — talking tough with the deadline looming to strengthen their negotiating hands.”
Oil prices could rise to $110 per barrel if traffic in the Strait of Hormuz remains disrupted for another month, according to Citigroup Inc. analysts.
They predict a preliminary agreement between Iran and the US will be signed or the ceasefire will be extended, and that could turn into a more comprehensive deal.
“That said, we remain prepared to pivot toward a more protracted disruption scenario should negotiations falter,” the analysts wrote.
While investors will keep their eyes on the situation in the Middle East, a relevant catalyst could come from Trump’s pick to lead the Federal Reserve, Kevin Warsh, who is scheduled to testify before the Senate Banking Committee at 10 a.m. Tuesday.
“I believe that monetary policy independence is earned — and better policy decisions crafted — by steering clear of distractions,” according to a copy of his prepared remarks viewed by Bloomberg.
“I am committed to ensuring that the conduct of monetary policy remains strictly independent.”
This week’s marquee economic report is also due Tuesday.
Analysts project a jump in overall retail sales for March.
Excluding gasoline and autos, the data could signal more tepid demand as high fuel costs prompted budget-constrained consumers to squeeze spending on other things.
Corporate Highlights:
* Companies involved in psychedelic-tied therapies rallied after President Donald Trump signed an executive order to expedite research and access.
* Marvell Technology Inc. climbed after the Information reported that Google is in discussions with the semiconductor company to develop two new chips to run AI models more efficiently.
* AST SpaceMobile Inc. sank after Blue Origin’s flagship New Glenn rocket failed to correctly place a payload it was carrying for the Texas-based satellite networking company into its intended orbit.
* Caesars Entertainment Inc. has extended the period of exclusive talks about an $18 billion takeover by Tilman Fertitta as new details about the deal emerge.
* Spirit Aviation Holdings Inc. has floated offering the US government an equity stake in the discount carrier to help stave off its potential liquidation, according to people familiar with the matter.
What Bloomberg Strategists say…
“If the peace narrative proves fragile this week — and we’ve already seen threats of destabilization — the same high- beta segments that led on the way up could unwind just as quickly.”
—Brendan Fagan, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.1785
* The British pound rose 0.1% to $1.3532
* The Japanese yen fell 0.1% to 158.85 per dollar
Cryptocurrencies
* Bitcoin rose 2.1% to $76,264.85
* Ether rose 2.3% to $2,332.76
Bonds
* The yield on 10-year Treasuries was little changed at 4.25%
* Germany’s 10-year yield advanced two basis points to 2.98%
* Britain’s 10-year yield advanced seven basis points to 4.83%
Commodities
* West Texas Intermediate crude rose 5.6% to $88.58 a barrel
* Spot gold fell 0.3% to $4,815.10 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
If you don’t like something, change it. If you can’t change it, change your attitude. Don’t complain. -Maya Angelou, 1928-2014.
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