Dear Friends,
Tangents:
April 28, 1789: Mutiny on the Bounty.
April 28, 1945: Mussolini executed.
April 28, 1967: Heavyweight boxing champion Muhammad Ali refused to be inducted into the Army. Go to article.
April 28, 2001: Dennis Tito becomes the first space tourist in history. A Russian rocket transported the Californian billionaire to the International Space Station (ISS) – he paid an estimate $20 million.
James Monroe, 5th President, b. 1758.
Alice Waters, restauranteur, b. 1944.
Jay Leno, comedian, b. 1950.
Penelope Cruz, actress, b. 1974.
You do not have to be great to get started, but you have to get started to be great. –Les Brown.
| Mystery of golden orb found in depths of ocean off Alaska finally solved: ‘Everyone was like, What the heck? What is that?’ |
A two-and-a-half-year-old mystery concerning a strange golden object found miles below the sea surface isn’t an egg or sponge — it’s from an anemone-like animal. Read more.
| Antarctica’s sea ice suddenly started shrinking a decade ago — and deep-diving robots are revealing why |
A decade ago, southern sea ice suddenly and dramatically declined. Scientists say the culprit was a "very violent release" of deep, pent-up heat. Read more.
| NASA rover uncovers rock with 7 new organic molecules on Mars — the ‘most diverse collection’ ever seen |
Curiosity found organic molecules on Mars that were so compelling that scientists used a rare process to analyze them. Read more.
| Why are some constellations visible for only part of the year? |
Why do some constellations stay in the sky all year, while others disappear? Read more
| Neanderthals’ brains weren’t to blame for their demise, new study suggests |
Researchers examining the brains of living people found that they differed more substantially than Neanderthals’ brains differed from modern humans’, calling into question the reason our evolutionary cousins mysteriously disappeared. Read more.
A higher calling?
Sri Lankan authorities have arrested 22 Buddhist monks who were allegedly carrying nearly 250 pounds of cannabis at an airport
Southwest Airlines unveils ‘Independence One’ plane
Sporting red, white, and a deep blue, Southwest Airlines has unveiled a plane with a new paint job in honor of America’s 250th anniversary.
PHOTOS OF THE DAY
Marseille, France
A ceramic jug recovered from the wreck of a 16th century merchant ship known as Camarat 4 is analysed at the Department of Underwater and Submarine Archaeological Research (Drassm) laboratory. French navy teams have joined the department in a three-day exploration to map the site and collect samples of ceramics found in the wreck, which lies at a depth of 2,500 metres, making it the deepest wreck discovered in French waters
Photograph: Thibaud Moritz/AFP/Getty Images
Tokyo, Japan
Visitors look at the installation In Bed during a preview of an exhibition by the artist Ron Mueck at Mori Art Museum
Photograph: Christopher Jue/Getty Images
Hong Kong, China
A visitor takes close look at a falangcai teapot during the media preview of Sotheby’s Hong Kong 2026 Asian art week
Photograph: China News Service/Getty Images
Market Closes for April 28th, 2026
| Market Index |
Close | Change |
| Dow Jones |
49141.93 | -25.86 |
| -0.05% | ||
| S&P 500 | 7138.80 | -35.11 |
| -0.49% | ||
| NASDAQ | 24663.80 | -223.30 |
| -0.90% | ||
| TSX | 33584.34 | -233.84 |
| -0.69% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 59917.46 | -619.90 |
| -1.02% | ||
| 25978.07 | 25679.78 | -245.87 |
| -0.95% | ||
| SEN SEX | 76886.91 | -416.72 |
| -0.54% | ||
| FTSE 100* | 10332.79 | +11.70 |
| +0.11% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.512 | 3.502 |
| CND. 30 Year Bond |
3.913 | 3.914 |
| U.S. 10 Year Bond |
4.3455 | 4.3395 |
| U.S. 30 Year Bond |
4.9337 | 4.9461 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7309 | 0.7340 |
| US $ |
1.3682 | 1.3624 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6238 | 1.6029 |
| US $ |
0.8535 | 1.1715 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4692.25 | 4711.65 |
| Oil | ||
| WTI Crude Future | 99.93 | 96.37 |
Market Commentary:
On this day in 1942, the World War II bear market hit bottom. The Dow Jones Industrial Average closed at 92.92, down 16.3% for the year to date. Over the next four years, the index would more than double.
🍒Canada🍓
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the fourth day, dropping 0.7%, or 233.84 to 33,584.34 in Toronto.
The index dropped to the lowest closing level since April 9.
Celestica Inc. contributed the most to the index decline and had the largest move, decreasing 14.5%.
Today, 121 of 220 shares fell, while 96 rose; 3 of 11 sectors were lower, led by materials stocks.
Insights
* This month, the index rose 2.5%
* The index advanced 35% in the past 52 weeks. The MSCI AC Americas Index gained 29% in the same period
* The S&P/TSX Composite is 2.8% below its 52-week high on March 2, 2026 and 37.1% above its low on April 30, 2025
* The S&P/TSX Composite is down 0.7% in the past 5 days and rose 5.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22 on a trailing basis and 16.3 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$5.34t
* 30-day price volatility rose to 16.70% compared with 16.54% in the previous session and the average of 17.66% over the past month
Index Points
Materials | -240.4697| -3.8| 2/58
Information Technology| -88.7009| -3.4| 3/6
Industrials | -3.4465| -0.1| 11/17
Consumer Staples | 0.5882| 0.1| 5/5
Real Estate | 0.9351| 0.2| 15/4
Consumer Discretionary| 0.9600| 0.1| 3/6
Health Care | 1.0946| 1.2| 3/1
Utilities | 1.4939| 0.1| 8/6
Communication Services| 2.2994| 0.4| 3/2
Financials | 20.3488| 0.2| 14/9
Energy | 71.0479| 1.2| 29/7
Celestica | -67.2100| -14.5| 89.2| 21.5
Agnico Eagle Mines Ltd | -39.4400| -4.2| -8.5| 11.2
Wheaton Precious Metals | -28.9300| -4.9| -20.4| 9.7
Enbridge | 15.8900| 1.5| 23.0| 10.6
RBC | 23.2000| 1.0| 23.9| 3.9
Canadian Natural Resources | 29.3000| 3.3| -64.5| 36.5
MT Newswires:
The Toronto Stock Exchange closed lower on Tuesday, falling for a fourth-straight session on fading hopes for a deal to end to the Iran war, while investors awaited a spring economic update from the federal government for guidance on projected deficits over the short and medium term.
The S&P/TSX Composite Index closed down 233.85 points, or 0.69% to 33,584.34, even with most sectors higher, led by Energy, up 2.4%, on elevated oil prices.
But the biggest movers were also decliners, with Info Tech, down 4.4%, and Base Metals, down 3.6%, not helped by deflated gold prices.
According to FactSet, the TSX going in to today was down 136.92 points or 0.40% over the three prior trading days.
But month-to-date it was up 3.20% and year-to-date it was up 2,105.43 points or 6.64%.
Canada’s federal government will release its fiscal update just as the markets close at 4:00 p.m. ET on Tuesday, and Bank of Montreal in its morning note said it will be looking for it to showcase "better-than-expected" deficits.
Robert Kavcic, senior economist at BMO Capital Markets, said: "There looks to be some fiscal upside compared to the $65.4 billion deficit estimate for FY26/27 heading into this update.
Prior to the oil shock, finances were clearly running better than planned.
The deficit was $25.5 billion for the April-to-February period (the first 11 months of the fiscal year), only slightly worse than $19.2 billion a year ago.
While year-end adjustments can be hefty, there also looks to be meaningful upside to the estimated $78.3 billion shortfall for FY25/26 which could carry over to the coming fiscal year.
The three main components were tracking better than budget estimates, with revenues rising modestly (versus expectations of a drop), interest charges drifting lower (versus expectations of a small rise), and program spending running below a budgeted rise of almost 7%.
"This extra room is likely why Ottawa hasn’t been shy about rolling out some new measures ahead of this update.
That includes the temporary removal of the excise tax on fuel, which will cost about $2.4 billion; a more generous GST rebate; as well as HST relief on new housing construction and the infrastructure deal with Ontario."
Of commodities today, West Texas Intermediate closed higher, with the U.S. benchmark price flirting with the US$100 per barrel for the first time in three weeks as hopes for an end to the war on Iran fade and the Strait of Hormuz remains closed.
WTI crude oil for June delivery closed up US$3.56 to settle at US$99.93 per barrel as it failed to hold the US$100 mark it topped during the session, while June Brent oil was up US$2.58 to US$110.81.
But gold traded at a month low by midafternoon Tuesday as rising oil prices threaten to boost inflation and raise interest rates, while the dollar and treasury yields moved higher.
Gold for June delivery was down US$82.80 to US$4,610.90 per ounce, the lowest since March 30.
US
By Rita Nazareth
(Bloomberg) — A selloff in technology giants dragged down stocks as concerns resurfaced over whether vast investments in artificial intelligence will pay off just as traders gear up for a slew of mega cap results.
The industry that has powered this month’s equity rally got hit on a news report that OpenAI failed to meet its own goals for new user acquisition and sales, fueling worries the firm may struggle to support its AI infrastructure spending.
Partners such as Oracle Corp. and CoreWeave Inc. slumped, with the S&P 500 dropping from a record.
The Nasdaq 100 lost 1%.
OpenAI missed several sales targets after rivalling Anthropic PBC gained ground in the coding and enterprise markets, the Wall Street Journal reported.
Stocks remained lower even as the ChatGPT creator pushed back against those concerns, saying its consumer and enterprise businesses are “firing on all cylinders.”
That all came as big techs representing about a quarter of the S&P 500’s value get ready to release their earnings.
Alphabet Inc., Microsoft Corp., Amazon.com Inc. and Meta Platforms Inc. are set to report Wednesday, followed by Apple Inc. a day later.
Any misstep involving AI-related demand or capital budget expenditures could easily give the market second thoughts about how far it has run in the past month, according to Dennis Follmer at Montis Financial.
“The most important question for investors is whether the AI train can keep driving the market forward,” he said.
The silver lining is that tech earnings have been largely shielded from the disruptions of the Iran war.
The sector’s results are expected to have grown 41% in the first quarter, according to data compiled by Bloomberg Intelligence.
Elsewhere, Brent crude topped $111 on concern over a protracted peace process that could keep the Strait of Hormuz shut for an indefinite period.
President Donald Trump said Iran has asked the US to lift a naval blockade of the waterway while the two sides negotiate an end to the two-month war.
Mediators in Pakistan expect Tehran to submit a revised proposal in the next few days, CNN reported.
Worries over how the conflict might impact inflation — alongside a seemingly stable labor market — will likely keep Federal Reserve policymakers on the sidelines for a third straight meeting.
Short-dated Treasuries fell.
Meantime, JPMorgan Chase & Co.’s Jamie Dimon again cautioned that a credit market downturn could be worse than expected, even after his firm and Wall Street rivals posted a banner quarter in which loan portfolios held up.
Corporate Highlights:
* The Federal Communications Commission will start an early review of the TV station licenses owned by Walt Disney Co.’s ABC network over potential “unlawful discrimination,” the regulator said.
* United Parcel Service Inc. left its financial guidance unchanged despite topping first-quarter sales and profit expectations, underscoring the uncertainty that remains for the courier’s plan to overhaul its delivery network.
* Coca-Cola Co.’s focus on smaller sizes is paying off with cash-strapped consumers as the world’s largest beverage maker boosted sales last quarter more than expected.
* Centene Corp.’s profit exceeded expectations and the company raised its outlook for the year in the latest sign of recovery for a US health insurance sector coming off a terrible year.
* Spotify Technology SA sank after the music streaming leader gave a forecast for operating income in the second quarter that missed estimates.
What Bloomberg Strategists say…
“Stocks and bonds face pressures this week beyond rising oil prices. High hurdles on Mag 7 earnings expectations will keep a lid on equities, while bond yields may rise further as some traders bet on the 10-year hitting 4.40%.”
—Edward Harrison, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 1%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro was little changed at $1.1710
* The British pound fell 0.1% to $1.3517
* The Japanese yen fell 0.1% to 159.65 per dollar
Cryptocurrencies
* Bitcoin fell 0.8% to $76,378.37
* Ether rose 0.5% to $2,302.07
Bonds
* The yield on 10-year Treasuries was little changed at 4.34%
* Germany’s 10-year yield advanced three basis points to 3.07%
* Britain’s 10-year yield advanced three basis points to 5.01%
Commodities
* West Texas Intermediate crude rose 3.6% to $99.86 a barrel
* Spot gold fell 1.8% to $4,596.20 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Twenty years from now you will be more disappointed by the things you didn’t do than by the ones you did. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover. — Mark Twain, 1835-1910.
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