Dear Friends,
Tangents:
April 29, 1429: Joan of Arc entered the besieged city of Orleans to lead a victory over the English. Go to article.
Duke Ellington, musician b.1899.
Emperor Hirohito, b. 1901.
Uma Thurman, actress, b.1970.
You don’t have to burn books to destroy a culture. Just get people to stop reading them. -Ray Bradbury.
| ‘He began to cry, and almost fell to the floor’: The fluffy fossil that finally showed the world that birds are dinosaurs |
In this excerpt from "The Story of Birds", author Steve Brusatte explores the moment where paleontologists realized they had critical evidence to show birds came from dinosaurs — a fluffy fossil from China. Read more.
| 1,900-year-old souvenir cup featuring Hadrian’s Wall and Roman forts discovered in Spain |
Archaeologists think a broken bronze cup found in Spain was made for a soldier as a memento of his time stationed at Hadrian’s Wall in England. Read more.
| The universe may end trillions of years sooner than we thought |
Recent surveys hint that the rate of cosmic expansion changes dramatically over time; if that’s true, then the universe could end much sooner than we thought, new research suggests. Read more.
| New data center will be partially powered by human brain cells for the first time |
A startup is experimenting with data centers powered by lab-grown human neurons, testing whether living cells can offer a more efficient alternative to traditional computing. Read more.
Bus driver meltdown
Many online are reacting to this viral video of a bus driver in Taiwan breaking down in tears during a dispute with a passenger. The moment has sparked an outpouring of empathy, with many pointing to the intense pressure drivers face on the job.
Why the ‘dripping’ watch is a cult celebrity favorite
A "dripping" timepiece recently fetched nearly $2 million, setting a new auction record.
Simone Biles has left the door open to competing at 2028 Olympics
One key factor could determine if it happens.
PHOTOS OF THE DAY
London, UK
An image from the Natural History Museum’s immersive Our Story With David Attenborough exhibition, which will become a free public show for his 100th birthday on 8 May
Photograph: Jonathan E Jackson/NHM Photo Unit/PA
Burdur, Turkey
A flock of sheep gather near a natural spring fed by underground water sources around Lake Burdur, which is under threat of drought
Photograph: Seyit Konyali/Anadolu/Getty
Woking, UK
Horticulturalist Liam Anderson sweeps the path under the blossoming wisteria at RHS Wisley
Photograph: Andrew Matthews/PA
Market Closes for April 29th, 2026
| Market Index |
Close | Change |
| Dow Jones |
48861.81 | -280.12 |
| -0.57% | ||
| S&P 500 | 7135.95 | -2.85 |
| -0.04% | ||
| NASDAQ | 24673.24 | +9.44 |
| +0.04% | ||
| TSX | 33318.39 | -265.95 |
| -0.79% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 59917.46 | -619.90 |
| -1.02% | ||
| 25978.07 | 26111.84 | +432.06 |
| +1.68% | ||
| SEN SEX | 77496.36 | +609.45 |
| +0.79% | ||
| FTSE 100* | 10213.11 | -119.68 |
| -1.16% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.606 | 3.512 |
| CND. 30 Year Bond |
3.969 | 3.913 |
| U.S. 10 Year Bond |
4.4298 | 4.3455 |
| U.S. 30 Year Bond |
5.0011 | 4.9337 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7311 | 0.7309 |
| US $ |
1.3678 | 1.3682 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6260 | 1.5973 |
| US $ |
0.8563 | 1.1678 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4564.90 | 4692.25 |
| Oil | ||
| WTI Crude Future | 106.88 | 99.93 |
Market Commentary:
On this day in 1901, total daily trading volume on the New York Stock Exchange exceeded 2 million shares for the first time.
🍒Canada🍓
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the fifth day, dropping 0.8%, or 265.95 to 33,318.39 in Toronto.
The move was the biggest since falling 1.6% on April 21.
Canadian National Railway Co. contributed the most to the index decline, decreasing 6.0%.
CGI Inc. had the largest drop, falling 10.8%.
Today, 142 of 220 shares fell, while 78 rose; 9 of 11 sectors were lower, led by materials stocks.
Terminal users can read more in our markets live blog.
Insights
* This month, the index rose 1.7%
* The index advanced 34% in the past 52 weeks. The MSCI AC Americas Index gained 28% in the same period
* The S&P/TSX Composite is 3.5% below its 52-week high on March 2, 2026 and 36% above its low on April 30, 2025
* The S&P/TSX Composite is down 1.9% in the past 5 days and rose 4.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.9 on a trailing basis and 16.1 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$5.31t
* 30-day price volatility fell to 15.81% compared with 16.70% in the previous session and the average of 17.57% over the past month
Index Points
Materials | -141.8017| -2.3| 4/56
Financials | -125.1711| -1.1| 9/15
Industrials | -57.2997| -1.6| 11/18
Utilities | -15.3859| -1.3| 4/10
Real Estate | -9.0453| -1.9| 1/18
Information Technology| -3.0218| -0.1| 5/4
Communication Services| -2.1996| -0.4| 2/3
Consumer Discretionary| -1.5079| -0.1| 3/6
Consumer Staples | -1.3160| -0.1| 4/6
Health Care | 0.0746| 0.1| 2/2
Energy | 90.7231| 1.5| 33/4
Canadian National | -36.1100| -6.0| 45.0| 9.0
RBC | -30.8300| -1.3| -41.4| 2.6
Agnico Eagle Mines Ltd | -26.6700| -2.9| -11.0| 7.9
Canadian Natural Resources | 17.3500| 1.9| -63.3| 39.0
Celestica | 17.6600| 4.5| 5.5| 26.9
Suncor | 22.3300| 3.0| -46.0| 50.7
MT Newswires:
The Toronto Stock Exchange closed down for a fifth-straight session Wednesday, with most sectors lower, bar the notable exception of Energy as Scotiabank’s Derek Holt said market participants are "chasing higher oil prices oil prices" that are up "on a bet that war may be back on, if it ever subsided".
The S&P/TSX Composite Index closed down 265.95 points, or 0.8%, to 33,318.39, led lower by the Battery Metals Index, down 4.8%, and Base Metals, down 2.2%.
In contrast the S&P 500 was flat to slightly lower, while the Nasdaq was flat to slightly higher.
FactSet noted the index, going in to today, was down 370.77 points, or 1.09%, over the prior four trading days, its longest losing streak since Dec. 31, 2025, when the market also fell for four straight trading days.
Month-to-date going in to Wednesday the index was up 2.49%, and year-to-date it was up 1,871.58 points, or 5.9%.
As unanimously expected and priced, the Bank of Canada this morning left its overnight rate unchanged at 2.25%.
But Derek Holt, Head of Capital Markets Economics at Scotiabank, said "markets couldn’t really have cared less about the BoC’s communications.
They’re chasing higher oil prices that are on fire."
Holt noted WTI and Brent were up about US$7.00 to US$8.00 "on a bet that war may be back on, if it ever subsided."
Accordingly, Holt said, the post-communications market reactions are mixing market pricing of oil impacts and BoC communications while treating the latter as "stale on arrival".
Holt noted July is now 50/50 priced for a BoC rate hike.
He added: "June is not a base case at this point but is underpriced in my opinion; six more weeks of this and it will be harder for Macklem & Co to sit tight and the BoC doesn’t have to have an MPR to move."
Holt noted volatile markets are swinging between pricing about 55 to 70 basis points of Scotia’s 75bps forecast hikes by year-end.
Elsewhere, David Doyle, head of economics at Macquarie Group, said the BoC communications "leaned hawkish and emphasized greater concern on upside risks to inflation".
In the months ahead, Macquarie expects rhetoric to move further in a hawkish direction amid economic improvement and a falling unemployment rate.
Macquarie continues to anticipate the next move from the BoC will be a 25 bps rate hike.
On today’s hawkish communication, Macquarie pulls slightly forward its baseline timing for this to September, from October, and it also now expects a second 25 bps hike in Q4 2026, previously Q1 2027.
Of commodities today, West Texas Intermediate crude oil closed higher, rising for a fourth-straight session as hopes around an end to the Iran war and a reopening of the Strait of Hormuz fade, while a report showed an larger than expected drop in U.S. oil inventories.
WTI crude oil for June delivery closed up US$6.95 to settle at US$106.88 per barrel, the highest since April 7, while June Brent oil was up US$6.74 to US$118.00.
But gold was lower for a third-straight day, pressured by inflation worries even as the Federal Reserve’s policy committee as expected left rates steady when ending its two-day meeting this afternoon.
Gold for June delivery was down US$50.40 to US$4,558.00 an ounce, the lowest since March 30.
US
By Rita Nazareth
(Bloomberg) — Wall Street traders drove bonds lower and stocks wavered as a divided Federal Reserve held rates steady and signaled the war in Iran is clouding the economic outlook.
Brent crude hit the highest since 2022.
With no end in sight to the Middle East conflict, money markets all but abandoned wagers on a rate cut this year and began pricing in the chances of a hike in 2027.
Treasury 10-year yields rose to a one-month high.
Most shares in the S&P 500 fell.
In late hours, Meta Platforms Inc. slipped after raising its spending outlook.
Alphabet Inc. climbed as sales beat projections.
Fed officials tweaked their statement, saying “developments in the Middle East are contributing to a high level of uncertainty about the economic outlook.”
They repeated the phrase referring to “the extent and timing of additional adjustments” to rates.
The gathering also revealed a deepening division.
Cleveland Fed President Beth Hammack alongside Minneapolis’ Neel Kashkari and Dallas’ Lorie Logan “supported maintaining the target range for the federal funds rate but did not support inclusion of an easing bias in the statement at this time.”
Governor Stephen Miran dissented in favor of a cut.
“The three dissents on the statement’s language point to a marginally more hawkish tilt, as some officials prepare for the possibility that inflation remains higher for longer,” said Angelo Kourkafas at Edward Jones.
“We expect the Fed to remain firmly on hold in the months ahead as it assesses how the conflict unfolds.”
Jerome Powell’s press conference was his last at the helm of the central bank after the Justice Department dropped a controversial criminal investigation into the Fed, clearing the way for the Senate confirmation of Kevin Warsh as the next chair.
Powell said he’ll remain at the central bank as a governor.
“In a dramatic twist for Chair Powell, three regional presidents dissented, not over the rate decision itself, but over how it was communicated,” said Jeffrey Roach at LPL Financial.
“Expect additional tension as a new Fed chair attempts to implement a new policy regime. It’s no surprise that potential rate hikes are priced back in the futures markets.”
A changing of the guard at the top of the Fed isn’t going to change the central bank’s calculus, or its process, according to Ellen Zentner at Morgan Stanley Wealth Management.
The current backdrop of firm economic growth, sticky inflation, and a stable jobs market doesn’t justify lower rates., she said.
“The Fed is clearly in a difficult position, coming into this year intending to cut rates over the course of 2026, but the war in Iran – and the resulting spike in oil prices – are creating an obstacle to lowering rates sooner rather than later,” said Chris Zaccarelli at Northlight Asset Management.
If the conflict de-escalates and energy prices do not bleed materially into core inflation, one to two more rate cuts in the back half of the year remain a reasonable base case, according to Jason Pride at Glenmede.
However, the range of possibilities is widening, he added.
Corporate Highlights:
* Qualcomm Inc., the largest maker of smartphone processors, gave a weak forecast for the current period, adding to evidence that an industrywide shortage of memory chips is hurting the phone business.
* Ford Motor Co. boosted its full-year profit outlook, citing strong demand for high-margin pickups and SUVs that will help it overcome a sharp and unexpected rise in commodity costs.
* Mattel Inc. reported higher-than-expected revenue in the first quarter thanks to demand for Hot Wheels miniature cars and building sets, which helped offset lower demand for Barbie dolls and Fisher-Price preschool toys.
* Chipotle Mexican Grill Inc. eked out higher sales last quarter, suggesting the chain is starting to win back diners who previously balked at the rising price of its burritos
* Carvana Co.’s first-quarter profit exceeded Wall Street expectations as used-car volumes hit a record and loan sales grew.
Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World Index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.3% to $1.1673
* The British pound fell 0.3% to $1.3475
* The Japanese yen fell 0.5% to 160.41 per dollar
Cryptocurrencies
* Bitcoin fell 1.2% to $75,573.06
* Ether fell 2.6% to $2,235.8
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 4.41%
* Germany’s 10-year yield advanced four basis points to 3.11%
* Britain’s 10-year yield advanced seven basis points to 5.07%
* The yield on 2-year Treasuries advanced 10 basis points to 3.93%
* The yield on 30-year Treasuries advanced five basis points to 4.99%
Commodities
* West Texas Intermediate crude rose 8.2% to $108.11 a barrel
* Spot gold fell 1.1% to $4,548.22 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood. — Theodore Roosevelt, 1858-1919.
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