Dear Friends,
Tangents: Happy Friday.
April 24, 1962: The Massachusetts Institute of Technology achieved the first satellite relay of a television signal. Go to article.
April 24th, 1990: The Hubble Space telescope is launched, transforming astronomy through long-term, high-resolution space observation.
April 24, 1898: Spain declares war on the US.
1800:Library of Congress is established.
Barbra Streisand, b. 1942.
| Artemis II heat shield aced its blistering reentry, ghostly underwater photo reveals |
The Orion heat shield used for the Artemis II mission held up perfectly, early photos and a NASA assessment reveal. Read more.
| ‘Strong, undeniable public examples of something positive’: Astronaut Chris Hadfield on why Artemis II hit him hard, and why we need to send a guitar to the moon |
Astronaut Chris Hadfield discusses the value and risks of space travel, his emotional response to the Artemis II mission, and his love of music ahead of a fundraiser concert for children. Read more.
| ‘What are the odds’: Superbright comet and exploding fireball meteor form near-perfect X over European castle |
A pair of lucky photographers snapped a stunning time-lapse shot of a fireball meteor streaking in front of Comet C/2025 R3 (PanSTARRS) as it shone in the night sky over a 15th-century European castle. Read more.
| Can chickens really run around with their heads cut off? |
There’s lore about chickens surviving from seconds to months after their heads are chopped off, but what does the science say? Read more.
Opinion is ultimately determined by the feelings, and not by the intellect. –Herbert Spencer.
Hidden travel fees
Every day, thousands of travelers pay departure taxes, but most people have no idea what they are — or what they’re used for.
Nazi ties
A new search engine that allows users to find out whether they are related to members of the Nazi party has been accessed millions of times.
Quarter-zip and a smile
He’s growing up fast! Prince William and Catherine released a new photo of Prince Louis, their youngest child, marking his eighth birthday.
Fancy flying
This $12.5 billion airport will be Africa’s biggest – and possibly the world’s busiest.
Jimmy Kimmel had a mock White House Correspondents’ Dinner. -NY TIMES.
PHOTOS OF THE DAY
New York City, US
A visitor takes photos in front of cherry blossom trees at the Brooklyn Botanic Garden
Photograph: Olga Fedorova/EPA
Guadalajara, Mexico
People take part in a reading marathon of Pedro Pamo, a novel by the Mexican author Juan Rulfo, as part of World Book Day
Photograph: Francisco Guasco/EPA
Rio de Janeiro, Brazil
Fireworks explode above St George church during St George’s Day celebrations
Photograph: Pablo Porcicula/AFP/Getty
Market Closes for April 24th, 2026
| Market Index |
Close | Change |
| Dow Jones |
49230.71 | -79.61 |
| -0.16% | ||
| S&P 500 | 7165.08 | +56.68 |
| +0.80% | ||
| NASDAQ | 24836.60 | +398.10 |
| +1.63% | ||
| TSX | 33904.11 | -8.82 |
| -0.03% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 59716.18 | +575.95 |
| +0.97% | ||
| 25978.07 | 25915.20 | +62.87 |
| +0.24% | ||
| SEN SEX | 76664.21 | -999.79 |
| -1.29% | ||
| FTSE 100* | 10379.08 | -77.93 |
| -0.75% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.462 | 3.484 |
| CND. 30 Year Bond |
3.878 | 3.894 |
| U.S. 10 Year Bond |
4.3007 | 4.3244 |
| U.S. 30 Year Bond |
4.9071 | 4.9112 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7315 | 0.7300 |
| US $ |
1.3670 | 1.3698 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6240 | 1.6024 |
| US $ |
0.8530 | 1.1722 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4719.15 | 4742.10 |
| Oil | ||
| WTI Crude Future | 98.47 | 99.63 |
Market Commentary:
On this day in 1956, the New York Stock Exchange allowed an outside guest to ring the opening bell for the first time. Leonard Ross, who won $100,000 on a TV quiz show largely on the strength of his knowledge of stock-market trivia, got the honor.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 33,904.11 in Toronto.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 2.4%.
Energy Fuels Inc/Canada had the largest drop, falling 7.2%.
Today, 112 of 220 shares fell, while 103 rose; 6 of 11 sectors were lower, led by energy stocks.
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 37% in the past 52 weeks. The MSCI AC Americas Index gained 31% in the same period
* The S&P/TSX Composite is 1.9% below its 52-week high on March 2, 2026 and 38.6% above its low on April 24, 2025
* 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$5.36t
* 30-day price volatility fell to 16.73% compared with 17.02% in the previous session and the average of 17.88% over the past month
Index Points
Energy | -31.9750| -0.5| 12/25
Communication Services | -8.2100| -1.3| 1/4
Industrials | -6.2447| -0.2| 15/14
Real Estate | -3.0159| -0.6| 5/13
Consumer Discretionary | -1.9021| -0.2| 4/5
Consumer Staples | -0.2552| 0.0| 8/2
Health Care | 2.9187| 3.3| 4/0
Materials | 4.4175| 0.1| 30/28
Utilities | 4.4918| 0.4| 10/3
Financials | 13.1897| 0.1| 11/12
Information Technology | 17.7635| 0.7| 3/6
Canadian Natural Resources | -22.1600| -2.4| -24.7| 30.5
Constellation Software | -12.5900| -3.6| -22.0| -27.0
Wheaton Precious Metals | -11.1900| -1.8| -32.4| 18.0
Shopify | 13.8200| 1.0| -35.9| -22.2
Enbridge | 14.5100| 1.3| 96.2| 10.9
Celestica | 18.9300| 4.4| 13.6| 38.2
MT Newswires:
The Toronto Stock Exchange posted a modest drop for a second-straight session Friday with BMO’s Douglas Porter noting "as much as the equity market wants to move on from the [Middle
East] conflict, a renewed spike in oil beckons if the U.S. and Iran can’t soon reach some kind of arrangement on the Strait" amid reports the two sides will meet for talks in Pakistan this weekend.
The S&P/TSX Composite Index closed down 8.82 points at 33,904.11, with sectors mixed.
The Battery Metals Index was the biggest loser, down 2.5%, while Health Care was the biggest gainer, up near 4%.
Looking ahead, the key question for policymakers is whether the war on Iran can be resolved in time to avert another big step up in oil prices and "keep consumers on track", said BMO Capital Markets chief economist Porter in his weekly ‘Talking Points’ note. Porter wrote: "While the current stalemate in the Strait (of Hormuz) is not overly rattling oil, many analysts have noted that true physical shortages are poised to emerge very soon if the crude doesn’t begin to flow from the Gulf.
As much as the equity market wants to move on from the conflict, a renewed spike in oil beckons if the U.S. and Iran can’t soon reach some kind of arrangement on the Strait.
And even the AI boom may not be able to override another sharp run-up in energy costs."
The Bank of Canada is expected to stay firmly on hold next week, so the "big debate" is whether Governor Macklem will "lean hawkishly" in his remarks, with the market still pricing in a hike later this year, noted Porter.
He said this week "brought a couple of big strikes against the hawks".
First, CPI was "nicely" below expectations in March at 2.4% y/y, and all measures of core came in "mild".
That’s three consecutive months of "decent" CPIs, with prices ex food, energy and taxes up at a mere 0.5% annual pace over that time.
Second, the looming USMCA review surged back onto the front page, with some "heated rhetoric" on both sides, pointing to some turbulence ahead.
Porter noted Canada’s lead negotiator counselled calm, but businesses may heed that call to hold their nerve by also holding their spending.
"With trade uncertainty still dragging heavily on Canada’s economy, we continue to believe that the best course of action for the Bank is zero action," Porter said.
National Bank published a BoC preview entitled ‘Keep calm and look through inflation’ in which it said the central bank is set to leave its overnight target unchanged at 2.25% on April 29, a decision widely expected by forecasters and OIS markets.
This would mark the fourth consecutive hold after policymakers first declared in October that policy is at "about the right level" to keep inflation near target and support the economy’s transition, National Bank noted.
Traders have stripped out the three hikes that were "briefly" priced for 2026, but a tightening bias clearly remains, according to National Bank, which doesn’t expect Governing Council to explicitly endorse this, instead reiterating that policy is appropriately calibrated.
They will continue to look through the war’s "immediate" impact on inflation while also assuring that they will not let higher energy prices spread or become persistent inflation, National Bank added.
The BoC’s statements will acknowledge weaker than expected growth and sluggish job market performance, National Bank said.
On the other hand, it should concede that before the war, business confidence was improving even with the "layers of uncertainty" weighing on the economy, it added.
Despite the surge in gasoline prices, recent inflation data has been "encouraging" as underlying price pressures continue to cool, National Bank noted.
For now, soft core inflation supports looking through the headline CPI spike, the bank said.
In an updated MPR, expect the all-items inflation outlook to be marked up reflecting higher gas prices, it added.
However, revisions to core inflation projections should be minimal, National Bank said, adding the GDP growth profile is likely to be downgraded "modestly" with Q4 2025 performance weaker than expected, Q1 2026 tracking below earlier estimates and the labour market underwhelming.
"The Bank may note that risks to growth are skewed lower and risks to inflation are skewed higher."
Of commodities today, Energy was down 1.35% as West Texas Intermediate crude oil fell following reports that said Pakistani officials expect another round of peace talks between the United States and Iran.
WTI crude oil for June delivery closed down US$1.45 to settle at US$94.40 per barrel, while June Brent oil was last seen up US$0.15 to US$105.22.
Base Metals lost 0.6% even with gold steady as the dollar and yields eased on reports that Iran is ready to resume negotiations with the U.S to end their war.
Gold for May delivery was up US$12.80 to US$4,76.80 per ounce.
US
By Rita Nazareth
(Bloomberg) — Hopes that the US and Iran will be back to the negotiating table lifted stocks to all-time highs, with the market also rising after a blowout forecast from Intel Corp. and the closing of a probe into Federal Reserve Chair Jerome Powell.
A nearly 1% gain in the S&P 500 on Friday drove the index to its longest weekly advance since 2024.
President Donald Trump will send two envoys to Pakistan with the intention of talking with Iranian officials. US crude dropped to around $94.
Treasury yields fell as the Justice Department’s decision on Powell potentially cleared a path to Kevin Warsh’s confirmation as the next Fed leader, with traders boosting bets on interest-rate cuts.
Special envoy Steve Witkoff and the president’s son-in-law Jared Kushner are set to depart Saturday for talks this weekend,White House Press Secretary Karoline Leavitt told Fox News.
The New York Times reported that Iranian Foreign Minister Abbas Araghchi plans to meet with the US delegation and intends to present a written response to a peace proposal.
Traders have been closely tracking the movements of both delegations for signals on whether peace talks will materialize, hoping for a resumption of flows though the vital Strait of Hormuz.
Despite geopolitical risks, strong corporate earnings and an otherwise resilient economy have buoyed equities.
“We believe strong earnings growth is a key reason markets have become less sensitive to geopolitical headlines and swings in oil prices,” said Angelo Kourkafas at Edward Jones.
A revival of the global tech trade has also fueled investor optimism.
A gauge of chipmakers climbed for an 18th straight day as Intel hit a record high.
SAP SE reported revenue growth from its cloud services that beat estimates while Taiwan Semiconductor Manufacturing Co. soared after Taiwan’s financial regulator eased limits on single-stock fund holdings.
Google will invest $10 billion in Anthropic PBC, with another $30 billion potentially to follow, strengthening the relationship between two companies that are at once partners and rivals in the race to build artificial intelligence.
Looking ahead, five of the so-called Magnificent Seven — Amazon.com Inc., Alphabet Inc., Meta Platforms Inc., Microsoft Corp. and Apple Inc. — are due to report earnings next week.
Corporate Highlights:
* Procter & Gamble Co. reported stronger-than-expected results for its latest quarter but warned that rising oil prices caused by the war in the Middle East could lead to additional costs of $1 billion in its next fiscal year.
* Eli Lilly & Co.’s new weight-loss pill Foundayo has gotten off to a sluggish start, according to new prescription data, an early sign of the challenge the drugmaker will have as it tries to catch up with rival Novo Nordisk A/S.
* HCA Healthcare Inc. opted against raising its yearly profit and sales guidance even though first quarter profit beat analysts’ views, meaning it could foresee challenges later in the year.
* SLB, the world’s largest oilfield service provider, reported first-quarter results that fell short of analysts’ expectations as the Iran war upends the global energy sector.
* Newmont Corp. plans to repurchase $6 billion in shares as the world’s largest gold producer seeks to reward investors amid an unprecedented rally in bullion prices.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.9%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World Index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.3% to $1.1719
* The British pound rose 0.5% to $1.3534
* The Japanese yen rose 0.2% to 159.40 per dollar
Cryptocurrencies
* Bitcoin fell 0.4% to $77,591.17
* Ether fell 0.2% to $2,321.45
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.31%
* Germany’s 10-year yield declined two basis points to 2.99%
* Britain’s 10-year yield declined three basis points to 4.91%
Commodities
* West Texas Intermediate crude fell 1% to $94.88 a barrel
* Spot gold rose 0.4% to $4,712.66 an ounce
Have a wonderful weekend everyone.
Be magnificent!
As ever,
Carolann
Somewhere, something incredible is waiting to be known. -Carl Sagan, 1934-1996.
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