Dear Friends,
Tangents: Happy Friday Eve. St. Georges Day, England.
April 23, 1920: Turkeys Grand National Assembly opens, a defining institutional moment in the countrys modern political founding.
April 23, 1985: The Coca-Cola Co. announced it was changing its secret formula for Coke. (Negative public reaction forced the company to revert to the original version.) Go to article.
William Shakespeare, b.1564; d.1616.
Miguel de Cervantes, writer, d. 1616.
Michael Moore, filmmaker, b. 1954.
Some things have to be believed to be seen. –Ralph Hodgson.
| Egyptian mummy has part of the ‘Iliad’ in its abdomen, archaeologists discover |
A papyrus that contains part of Homer’s "Iliad" has been discovered inside the abdomen of a mummy in Egypt. Other mummies at the cemetery had gold tongues. Read more.
| ‘Iran’s Maldives’ could drown in oil due to spills from air strikes, satellites show |
Air strikes on oil facilities and oil tankers in the Persian Gulf have unleashed what is set to become an ecological catastrophe, satellite images show. Read more.
| NASA’s Curiosity rover finds a surprising number of giant ‘dragon scales’ littered across Mars |
The Curiosity rover snapped a series of peculiar polygons that look suspiciously like giant fossilized reptile scales. Although scientists have seen similar shapes on Mars before, they have never seen such a "dramatically abundant" concentration. Read more.
| Advanced AI-powered table-tennis-playing robot can match up to the professionals watch it in action |
Using high-precision cameras and an AI system, Sony AI’s Ace is revealing the advancements robotics. Read more.
| Meet AGI CPU a specialist processor that engineers believe will power the next wave of AI |
Arm’s new chip could be a powerful but efficient conductor for real-world use of agentic Ais. Read more.
Try one of these fancy chocolate bars. We had 43 culinary heavy hitters vote on them. –NY Times.
New Michael Jackson biopic stirs controversy
The new film "Michael" is the latest attempt to celebrate the King of Pop’s legacy without addressing the abuse allegations that marred it.
Cozy or claustrophobic?
See what it’s like to spend the night in a capsule hotel, where everything in the room is at arm’s length.
Video: 200 tourists trapped on a hill in Rio
A chaotic ordeal unfolded at one of Rio de Janeiro’s most popular overlooks. See what happened.
A holy, hectic schedule
CNN’s Christopher Lamb takes you inside a day in the life of Pope Leo XIV as the pontiff juggles one of his busiest schedules yet.
PHOTOS OF THE DAY
suchi, Japan
Smoke rises from wildfires in a mountainous part of Iwate prefecture
Photograph: KYODO/Reuters
West Jakarta, Indonesia
Taken from a tower block at sunrise, looking out on to a city that is still being built upwards.
Photograph: Stella Douglas
Liverpool, UK
The sun sets on the Royal Iris. This shot was taken during the weekend of its final voyages, and I was lucky to catch a sunburst as it illuminated this famous ship. Truly a star of the show.
Photograph: Brian Simpson
Market Closes for April 23rd, 2026
| Market Index |
Close | Change |
| Dow Jones |
49310.32 | -179.71 |
| -0.36% | ||
| S&P 500 | 7108.40 | -29.50 |
| -0.41% | ||
| NASDAQ | 24438.50 | -219.07 |
| -0.89% | ||
| TSX | 33912.93 | -42.18 |
| -0.12% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 59140.23 | -445.63 |
| -0.75% | ||
| HANG SENG |
25915.20 | -248.04 |
| -0.95% | ||
| SEN SEX | 77664.00 | -852.49 |
| -1.09% | ||
| FTSE 100* | 10457.01 | -19.45 |
| -0.19% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.484 | 3.491 |
| CND. 30 Year Bond |
3.894 | 3.914 |
| U.S. 10 Year Bond |
4.3244 | 4.3025 |
| U.S. 30 Year Bond |
4.9112 | 4.9040 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7300 | 0.7315 |
| US $ |
1.3698 | 1.3670 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6248 | 1.6005 |
| US $ |
0.8558 | 1.1684 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4742.10 | 4776.75 |
| Oil | ||
| WTI Crude Future | 99.63 | 97.07 |
Market Commentary:
On this day in 1985, Coca-Cola boss Roberto Goizueta introduced New Coke. The best, he declared, has been made even better. When it became clear that the company was replacing its original formula rather than offering New Coke alongside it, its Atlanta headquarters was deluged with angry phone calls. Coke stock wobbled for weeks on the marketing gaffe, but the company backtracked in July and its stock rose 42% that year.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.1% at 33,912.93 in Toronto.
The move follows the previous session’s increase of 0.4%.
Today, information technology stocks led the market lower, as 5 of 11 sectors lost; 103 of 220 shares fell, while 117 rose.
Shopify Inc. contributed the most to the index decline, decreasing 5.7%.
Curaleaf Holdings Inc. had the largest drop, falling 23.7%.
Insights
* This month, the index rose 3.5%
* So far this week, the index fell 1.3%, heading for the biggest decline since the week ended March 20
* The index advanced 39% in the past 52 weeks. The MSCI AC Americas Index gained 33% in the same period
* The S&P/TSX Composite is 1.8% below its 52-week high on March 2, 2026 and 38.8% above its low on April 23, 2025
* The S&P/TSX Composite is down 0.4% in the past 5 days and rose 6.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.3 on a trailing basis and 16.5 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$5.37t
* 30-day price volatility fell to 17.02% compared with 17.25% in the previous session and the average of 17.97% over the past month
Index Points
Information Technology| -133.6583| -5.0| 0/9
Materials | -96.1319| -1.5| 9/51
Financials | -6.4651| -0.1| 15/9
Health Care | -4.7667| -5.1| 1/3
Consumer Staples | -0.8437| -0.1| 5/5
Real Estate | 2.5409| 0.5| 17/2
Communication Services| 5.3364| 0.9| 4/1
Consumer Discretionary| 10.2986| 1.0| 6/3
Utilities | 18.3472| 1.6| 10/4
Energy | 68.0071| 1.2| 32/5
Industrials | 95.1273| 2.8| 18/11
Shopify | -88.8600| -5.7| -14.4| -23.0
Agnico Eagle Mines Ltd | -21.6100| -2.2| -15.3| 17.1
Constellation Software | -20.9900| -5.7| -29.6| -24.2
Canadian National | 25.0300| 4.4| 2.7| 15.1
Waste Connections | 31.6000| 8.3| 138.5| -3.9
Canadian Pacific Kansas | 35.3300| 5.0| 47.3| 16.9
MT Newswires
The Toronto Stock Exchange edged lower on Thursday as news of the U.S. reclassification of cannabis initially lit up cannabis stocks but failed to keep a fire burning as investors realized full legalization of the sector will require further legislative action.
The S&P/TSX Composite Index closed down 42.18 points to 33,912.93, only its fourth loss in 17 sessions, as investors also took profits after a recent run of winning days, while geopolitical tensions and uncertainty around the Iran war continue to cast a shadow over the outlook for markets.
Sectors were mixed, but the two biggest movers were Health Care, down 7.7% and Info Tech, down 4.5%.
The Battery Metals Index was up 4%.
Within the health sector, cannabis firms lost early gains Thursday as investors at first welcomed news the Department of Justice was "immediately rescheduling FDA-approved marijuana and state-licensed marijuana from Schedule I to Schedule III", but after some more inspection seemed to conclude the move fell short of full legalization.
Aurora Cannabis (ACB.TO) was down 14%, Canopy Growth (WEED.TO) fell 13%, Cronos Group (CRON.TO) was down 8% and Tilray Brands (TLRY.TO) lost 13%.
BNN Bloomberg spoke with Pablo Zuanic, managing partner at Zuanic & Associates, about the implications for cannabis companies, investors and the broader industry.
Among key takeaways, BNN noted the change reduces tax burdens by allowing companies to deduct operating expenses, improving cash flow, while expanded research and federal registration for operators are expected to support industry development.
But, BNN also noted, cannabis remains federally illegal, and interstate trade and exports are still restricted.
The move is seen as a step toward broader reform, but full legalization would require further legislative action.
Of commodities, the Energy sector was up near 1.8% as West Texas Intermediate crude oil closed higher with the United States and Iran making little progress to end a war that has produced the largest-ever supply shock with shipments from the Persian Gulf region barred from the Strait of Hormuz.
WTI crude oil for June delivery closed up US$2.89 to settle at US$95.85 per barrel, while June Brent oil was up US$3.07 to US$104.98.
Base Metals lost near 3.2% as gold fell, remaining rangebound amid concerns high oil prices will push up inflation and force hikes to interest rates.
Gold for June delivery was down US$34.00 to US$4,719.00 per ounce.
US
By Rita Nazareth
(Bloomberg) — A fresh bout of volatility rattled markets, with stocks falling as oil rose on concern about an escalation of the conflict in the Middle East that could prolong the Strait of Hormuz closure, worsening energy disruptions.
The standoff drove Brent above $105 on worries that peace talks have stalled, rhetoric is amping up and military threats are increasing.
A rally in the S&P 500 paused, with the index dropping as much as 1.3% before paring its decline.
In late hours, Intel Corp. surged on a strong outlook, fueling gains in chipmakers.
The group notched a 17th straight advance in regular trading.
President Donald Trump ordered the US Navy to shoot any boat putting mines in the strait, while the military said it intercepted two oil supertankers that tried to evade its effort to prevent passage to and from Irans ports.
Later in the day, Trump said that if Iran doesnt move oil, its infrastructure will explode.
He also noted that Iran wants to make a deal, and the US has been speaking with the country.
Trump also said that Americans should anticipate spending more on gasoline for a little while.
Meantime, Irans Mehr news agency reported that air defense systems were activated in parts of Tehran to counter hostile targets while semi-official Fars said that happened in response to small drones.
Theres a fair bit of uncertainty when it comes to diplomacy between the two sides, said Fawad Razaqzada at Forex.com.
Less comforting is the ongoing lack of clarity around the Strait of Hormuz. With no clear plan to reopen it, uncertainty remains elevated.
Traders also sifted through earnings.
Software shares got hit as International Business Machines Corp. and ServiceNow Inc.s numbers failed to ease concerns about artificial- intelligence disruption.
Tesla Inc. slid as plans to boost spending overshadowed better-than-expected results.
Texas Instruments Inc. jumped on a solid outlook.
Meantime, Meta Platforms Inc. and Microsoft Corp. have both taken actions to trim their workforces in an effort to streamline their operations and offset AI spending.
Despite lingering geopolitical risks, the S&P 500 is poised for its best month since 2023 amid strong corporate profits and an otherwise resilient economy.
Nearly 80% of the US equity benchmarks firms have beaten first-quarter earnings estimates so far, according to data compiled by Bloomberg.
While volatility understandably increased with the onset of the Iran conflict, financial markets have proven relatively resilient, noted Adam Hetts and Oliver Blackbourn at Janus Henderson.
Investors coalesced around the critical assumption that hostilities and the associated disruptions to the global economy would be short lived, they said.
Our sentiment and positioning indicators showed drawdowns within several market segments reaching capitulation territory and could therefore represent attractive entry points.
Corporate Highlights:
* Warner Bros. Discovery Inc. shareholders voted overwhelmingly to approve a merger with Paramount Skydance Corp., despite widespread opposition to the deal in Hollywood.
* American Express Co. plans to boost spending on marketing and technology and said its customers spending on air travel has been slowing.
* Honeywell International Inc. said the war in the Middle East is hurting revenue, primarily in the process automation unit that serves the customers in the energy industry.
* Spirit Aviation Holdings Inc. is in very advanced discussions with the US government on terms of a material financing package, its lawyer Marshall Huebner said Thursday.
* Super Micro Computer Inc. sank after BlueFin Research wrote that the server company had lost a significant contract with Oracle Corp.
* Comcast Corp. reported first-quarter financial results that exceeded analysts estimates with fewer losses among broadband customers, offsetting lackluster growth at its Peacock streaming service.
* Lululemon Athletica Inc. slipped after naming a Nike Inc. veteran as chief executive officer, underscoring investor skepticism that the yogawear brand can recapture the growth of past years.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.6%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World Index fell 0.4%
* Philadelphia Stock Exchange Semiconductor Index rose 1.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.1687
* The British pound fell 0.3% to $1.3467
* The Japanese yen fell 0.1% to 159.71 per dollar
Cryptocurrencies
* Bitcoin fell 1% to $77,694.76
* Ether fell 3.2% to $2,316.35
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.33%
* Germanys 10-year yield was little changed at 3.01%
* Britains 10-year yield advanced three basis points to 4.94%
Commodities
* West Texas Intermediate crude rose 3.7% to $96.42 a barrel
* Spot gold fell 1% to $4,694.79 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
First forget inspiration. Habit is more dependable. Habit will sustain you whether youre inspired or not. –Octavia E. Butler, 1947-2006.
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