Dear Friends,
Tangents:
April 30th, 1975: South Vietnamese capital of Saigon fell to Communist forces. Go to article.
Walpurgisnacht, Witch’s’ Night Europe.
Beltane, Wicca.
Annie Dillard, writer, b. 1945.
Kirsten Dunst, actress. B. 1982.
Deep-sea discovery
Divers recently found the wreck of the US’ largest naval loss of World War I.
Royal anniversary portrait
Britain’s Prince William and Kate shared a casual family photo marking their 15th wedding anniversary.
Video: New Yorkers react to King Charles’ visit to NYC
King Charles III is in town, and CNN asked New Yorkers what they think about his visit. Hear their reactions.
Atlético Madrid vs. Arsenal
Atlético Madrid and Arsenal played to a 1–1 draw after a tense battle in the first leg of their Champions League semifinal.
The cemetery that wants to be your next getaway
A cemetery in Brooklyn just opened a new $43 million visitor center, hoping that tourists will come to visit some of its famous permanent residents.
| Heartbeats physically stop cardiac cancer from growing — and that could be key to thwarting other cancers, too |
Scientists have pinpointed a mechanism that may explain heart cancer’s rarity and point to new cancer treatments. Read more.
| Breakthrough in experimental light-powered quantum computers could mean scaling them up is now far more viable |
Scientists have achieved a breakthrough by "distilling" light to eliminate the noise that prevents photonic quantum computers from scaling. Read more.
| Early data links Wegovy to risk of ‘eye stroke’ — here’s what to know |
A rare form of vision loss has been linked to certain GLP-1s, but more so to Wegovy than to other weight-loss drugs in this class. Should you worry? Read more.
PHOTOS OF THE DAY
Puzhehei, China
A view of Qiubei county. In recent years, the environment of the Puzhehei scenic area has steadily improved, resulting in a substantial increase in the number and diversity of bird species
Photograph: Xinhua/Shutterstock
Sarıyar dam, Turkey
Flamingos run across the water as they take off in the Nallıhan district. With the arrival of spring, the area hosts a rich variety of bird species, while those that spend the summer here migrate south during the winter
Photograph: Anadolu/Getty Images
Encinitas, US
Silhouettes of people playing volleyball as the sun melts into the California horizon
Photograph: Mike Blake/Reuters
Market Closes for April 30th, 2026
| Market Index |
Close | Change |
| Dow Jones |
49652.14 | +790.33 |
| +1.62% | ||
| S&P 500 | 7209.01 | +73.06 |
| +1.02% | ||
| NASDAQ | 24892.31 | +219.07 |
| +0.89% | ||
| TSX | 33964.33 | +645.94 |
| +1.94% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 59284.92 | -632.54 |
| -1.06% | ||
| HANG SENG |
25776.53 | -335.31 |
| -1.28% | ||
| SEN SEX | 76913.50 | -582.86 |
| -0.75% | ||
| FTSE 100* | 10378.82 | +165.71 |
| +1.62% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.543 | 3.606 |
| CND. 30 Year Bond |
3.920 | 3.969 |
| U.S. 10 Year Bond |
4.3706 | 4.4298 |
| U.S. 30 Year Bond |
4.9657 | 5.0011 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7365 | 0.7311 |
| US $ |
1.3578 | 1.3678 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6277 | 1.5930 |
| US $ |
0.8524 | 1.1732 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4522.10 | 4564.90 |
| Oil | ||
| WTI Crude Future | 105.07 | 106.88 |
Market Commentary:
On this day in 1803, President Thomas Jefferson signed the Louisiana Purchase, paying France $15 million for 828,000 square miles of territory. In the stroke of a pen, the U.S. nearly doubled in size. It financed the deal by borrowing $11.25 million in 6% bonds from European investors.
🍒Canada🍓
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.9% at 33,964.33 in Toronto. The move was the biggest since rising 2.6% on March 31 and follows the previous session’s decrease of 0.8%.
Today, financials stocks led the market higher, as 10 of 11 sectors gained; 178 of 220 shares rose, while 39 fell.
Royal Bank of Canada contributed the most to the index gain, increasing 1.8%. Bombardier Inc. had the largest increase, rising 20.6%.
Insights
* In the past year, the index had a similar or greater gain two times. The next day, it advanced after both occasions
* This month, the index rose 3.7%
* So far this week, the index was little changed
* The index advanced 37% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The S&P/TSX Composite is 1.7% below its 52-week high on March 2, 2026 and 38.6% above its low on April 30, 2025
* The S&P/TSX Composite is little changed in the past 5 days and rose 3.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.1 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$5.27t
* 30-day price volatility rose to 15.97% compared with 15.81% in the previous session and the average of 17.50% over the past
month
Index Points
Financials | 229.3951| 2.1| 20/4
Energy | 138.2080| 2.3| 25/9
Materials | 85.3437| 1.4| 50/10
Industrials | 84.4203| 2.4| 25/4
Consumer Staples | 30.8931| 3.0| 10/0
Consumer Discretionary | 29.0179| 2.8| 9/0
Information Technology | 27.2821| 1.1| 5/4
Utilities | 13.4761| 1.1| 11/3
Communication Services | 6.1153| 1.0| 4/1
Health Care | 1.9661| 2.1| 4/0
Real Estate | -0.1745| 0.0| 15/4
RBC | 42.2800| 1.8| -28.2| 4.4
TD Bank | 39.9600| 2.4| -11.4| 13.1
Enbridge | 35.6000| 3.2| 47.3| 14.7
RB Global | -2.8220| -1.5| 33.8| 0.4
Alamos Gold | -5.0870| -3.1| 86.8| 2.3
Shopify | -10.1300| -0.7| -7.2| -25.4
MT Newswires:
The Toronto Stock Exchange on Thursday posted its first wining session in six, recovered all the 630 points and more lost over the prior five sessions, on some bargain hunting and a first-quarter rebound for the Canadian economy.
The S&P/TSX Composite Index rose 645.94 points, or 1.9% to close at 33,964.33, with most sectors higher, led by Base Metals, up near 3%, even with gold prices deflated. Even Energy was up 0.8%, despite lower oil prices. The Battery Metals Index lost 2.7%.
On the economy, Derek Holt, Head of Capital Markets Economics at Scotiabank noted Canada’s economy rebounded in Q1 and "might be performing a smidge better" than the Bank of Canada’s published forecast yesterday. "Still," Holt said, "it’s backward data that settles nothing much other than to reject gloomier consensus views on the underlying performance of the economy coming into the start of the year."
Holt noted the economy grew by 0.17% month over month seasonally-adjusted, rounded up to 0.2% on screens. Statcan’s preliminary guidance for March was that GDP was unchanged, absent any details. What this translates into is Q1 GDP tracking growth of 1.7% on a quarter over quarter SAAR (Seasonally Adjusted Annual Rate), a rebound from the 0.3% q/q SAAR contraction in Q4, "with an asterisk beside both readings", Holt added.
That asterisk speaks to the fact that we’re using monthly, production-side GDP accounts, Holt said. The BoC and the street focuses upon more complete quarterly GDP accounts that also consider how activity was generated, such as by considering swings in inventory investment, he added.
Holt said the difference may be material. Q4 GDP in expenditure-based terms shrank by -0.6% q/q SAAR because inventory depletion drove a 4.2 percentage point weighted drag against GDP economy. Final domestic demand excludes inventory effects and it grew by 2.3% q/q SAAR in Q4. "We don’t have the complete inventory and trade picture for Q1 yet and so there continues to be some tracking risk," Holt added.
Holt cited a chart that shows what drove February GDP. Manufacturing punched above its weight while the rest was an evenly distributed mixture of small growth additions and drags, he said. Some of the drags were weather oriented in his view, like construction, and maybe some of the leisure categories, he added.
So, while GDP rebounded, it likely outpaced the supply side of the economy which will probably translate into a narrower output gap when we get the full set of Q1 GDP accounts, according to Holt.
Of commodities, gold traded higher by midafternoon Thursday as the dollar dropped after a report showed a key U.S. inflation measure rose last month, while first-quarter gross domestic product rose less than expected. Gold for June delivery was up US$71.30 to US$4,632.80 per ounce, remaining within the US$200 range it has traded within for the past month.
But West Texas Intermediate crude oil closed lower, falling off four-year highs touched overnight during Asian trade on a report the U.S. may end the ceasefire with Iran as the largest-ever supply shock hits hardest for the continent that relies on Persian Gulf supplies now trapped behind the closed Strait of Hormuz. WTI crude oil for June delivery closed down US$1.81 to settle at US$105.07 per barrel after touching US$110.93 overnight, while June Brent oil was last seen down US$4.12 to US$113.91, after it reached US$126.34 overnight, the highest since 2022.
US
By Rita Nazareth
(Bloomberg) — Signs of strength in the world’s largest economy fueled investor optimism about the outlook for Corporate America’s earnings, driving stocks to their best month since late 2020.
Equities hit fresh highs, with the S&P 500 extending its April surge to 10% as data showed US growth accelerated amid an AI-driven upswing in business investment. A gauge of small firms, whose fortunes are tied to domestic activity, added 2.2%.
A drop in oil helped sentiment, lifting bonds. The yen climbed on reports of Japan intervention. In late hours, Apple Inc. reported revenue that topped estimates, helped by demand for the iPhone and Mac.
The artificial-intelligence engine was on full display in the first quarter, powering the economy through headwinds from a war-fueled increase in inflation. Consumers — historically the primary growth driver — continued to spend, bolstering corporate optimism.
“As long as the economy continues to grow and companies are able to grow earnings, we can see higher stock prices even in the face of higher energy prices and inflation,” said Chris Zaccarelli at Northlight Asset Management.
The caveat is: the longer the war drags on, he says we could see some pullbacks as fears ebb and flow. A frenzied week of earnings reports offered a glimpse at how tech heavyweights are doing in AI. The upshot: Alphabet Inc.’s Google is seeing a clear payoff from its spending, while Meta Platforms Inc. is lagging behind.
Markets have recovered nicely from the first-quarter lows as earnings take over the narrative, but the question is whether that can hold up if energy prices remain elevated, according to Bret Kenwell at eToro.
“At the same time, investors will be watching how the Federal Reserve navigates this backdrop, with a likely more dovish chair entering what appears to be its most divided committee in decades,” he said.
The sharp rebound from the March lows pushed most major equity indexes back to record highs. The upside momentum has been fueled in part by signs of de-escalation of the conflict with Iran and hopes the Strait of Hormuz could reopen soon, according to Adam Turnquist at LPL Financial.
“Support for equities has also come from solid first-quarter earnings and economic data that have shown limited signs of deterioration,” he said. “However, ongoing geopolitical uncertainty, particularly surrounding Iran, and its implications for growth and inflation are likely to keep volatility elevated.”
As the calendar turns to May, Turnquist notes that seasonal trends re-enter the conversation. Historically, that’s been a relatively lackluster month for equities. More recently, however, the data tells a different story. Since 2013, the S&P 500 has averaged a 1.5% return.
Corporate Highlights:
* Caterpillar Inc. delivered stronger-than-expected quarterly earnings and raised its long-term revenue outlook, supported by fast-growing sales from construction and power generation equipment.
* Qualcomm Inc. rallied after saying it was making headway in the lucrative data-center market and predicted that the China phone industry would bounce back.
* Eli Lilly & Co. raised its annual sales and profit forecast, as demand for obesity medications soared and thousands of patients started taking its new weight-loss pill before advertising for the drug had even begun.
* Mastercard Inc. slipped as the payments network warned that overseas spending growth on the firm’s cards had weakened in recent weeks.
* Ford Motor Co. warned of pressure from an unexpected rise in commodity costs, spooking investors even as the automaker raised its full-year profit outlook on demand for high-margin pickups and SUVs.
What Bloomberg strategists say…
“The broadening rally in US equities will help the S&P 500 settle into a higher range as earnings hold up and economic data firms, buffering any de-risking from oil near recent highs.”
—Michael Ball, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 1% as of 4 p.m. New York time
* The Nasdaq 100 rose 1%
* The Dow Jones Industrial Average rose 1.6%
* The MSCI World Index rose 1.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.8%
* The euro rose 0.5% to $1.1732
* The British pound rose 1% to $1.3604
* The Japanese yen rose 2.4% to 156.57 per dollar
Cryptocurrencies
* Bitcoin rose 0.9% to $76,351.71
* Ether rose 0.9% to $2,260.82
Bonds
* The yield on 10-year Treasuries declined five basis points to 4.38%
* Germany’s 10-year yield declined seven basis points to 3.04%
* Britain’s 10-year yield declined six basis points to 5.01%
Commodities
* West Texas Intermediate crude fell 1.4% to $105.35 a barrel
* Spot gold rose 1.5% to $4,617.31 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
April hath put a spirit of youth in everything. — William Shakespeare, 1564-1616.
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