Dear Friends,
Tangents: Budda’s Birthday.
April 8, 1513: Explorer Juan Ponce de Leon claimed Florida for Spain. Go to article.
April 8, 1904: The Entente Cordiale is signed, reshaping European alliances ahead of the First World War.
Between 1912 and 1948, art competitions were part of the Olympics. Medals were awarded for architecture, literature, music, painting, and sculpture.
Pause for Poetry: 🌷
Fairy folk a-listening
EPIGRAM FROM THE NOVEL DANIEL DERONDA
Fairy folk a-listening
Hear the seed sprout in the spring.
And for music to their dance
Hear the hedgerows wake from trance,
Sap that trembles into buds
Sending little rhythmic floods
Of fairy sound in fairy ears.
Thus all beauty that appears
Has birth as sound to finer sense
And lighter-clad intelligence.
George Eliot, 1819-1880.
Barbara Kingslover, writer, b. 1955.
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VIP headshots
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PHOTOS OF THE DAY
Fujiyoshida, Japan
Mount Fuji is seen through cherry blossoms at Arakurayama Sengen Park. Fujiyoshida City cancelled its annual festival at the park this year due to overtourism
Photograph: Tomohiro Ohsumi/Getty Images
London, UK
‘A parakeet perched among the blossom in Fulham.’
Photograph: Harry Johnson
Wimborne, Dorset
‘Soaking up springtime at Kingston Lacy.’
Photograph: Keith Mercer
Market Closes for April 8th, 2026
| Market Index |
Close | Change |
| Dow Jones |
47909.92 | +1325.46 |
| +2.85% | ||
| S&P 500 | 6782.81 | +165.96 |
| +2.51% | ||
| NASDAQ | 22634.99 | +617.14 |
| +2.80% | ||
| TSX | 33620.57 | +383.05 |
| +1.15% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 56308.42 | +2878.86 |
| +5.39% | ||
| HANG SENG |
25893.02 | +776.49 |
| +3.09% | ||
| SEN SEX | 77562.90 | +2949.32 |
| +3.95% | ||
| FTSE 100* | 10608.88 | +260.09 |
| +2.51% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.462 | 3.481 |
| CND. 30 Year Bond |
3.898 | 3.898 |
| U.S. 10 Year Bond |
4.2911 | 4.2931 |
| U.S. 30 Year Bond |
4.8826 | 4.8704 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7221 | 0.7224 |
| US $ |
1.3848 | 1.3843 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6193 | 1.6147 |
| US $ |
0.8576 | 1.1660 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4611.70 | 4639.35 |
| Oil | ||
| WTI Crude Future | 94.41 | 112.95 |
Market Commentary:
| On this day in 1932, the stock market crashed on nothing more than rumors. First, word spread that French speculators were short-selling the U.S. dollar. Then gossips chattered that a huge “bear raid,” or manipulation of stocks by short sellers, would be launched the following morning. Stocks plunged, with the Dow Jones Industrial Average losing 6.4% in intraday trading and closing down 5% for the day. |
🍒Canada🍓
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the sixth day, climbing 1.2%, or 383.05 to 33,620.57 in Toronto.
The move was the biggest since rising 2.6% on March 31.
Today, financials stocks led the market higher, as 10 of 11 sectors gained; 161 of 221 shares rose, while 59 fell.
Royal Bank of Canada contributed the most to the index gain, increasing 1.9%.
Aritzia Inc. had the largest increase, rising 9.5%.
Insights
* In the past year, the index had a similar or greater gain 17 times. The next day, it advanced 12 times for an average 0.8% and declined five times for an average 1.5%
* The index advanced 49% in the past 52 weeks. The MSCI AC Americas Index gained 37% in the same period
* The S&P/TSX Composite is 2.7% below its 52-week high on March 2, 2026 and 51.3% above its low on April 9, 2025
* The S&P/TSX Composite is up 2.6% in the past 5 days and rose 1.6% 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 16.8 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$5.26t
* 30-day price volatility rose to 18.75% compared with 18.46% in the previous session and the average of 18.84% over the past month
Index Points
Financials | 195.3274| 1.9| 22/2
Materials | 148.9957| 2.3| 50/10
Information Technology| 52.3269| 2.2| 6/4
Industrials | 49.8837| 1.5| 25/4
Consumer Discretionary| 31.2227| 3.0| 8/1
Consumer Staples | 20.8467| 1.9| 10/0
Real Estate | 5.5462| 1.2| 18/0
Utilities | 4.0118| 0.3| 8/6
Health Care | 0.9674| 1.1| 3/1
Communication Services| 0.8871| 0.1| 2/3
Energy | -126.9712| -2.1| 9/28
RBC | 41.9900| 1.9| 49.5| 0.1
Shopify | 28.2500| 2.0| -5.7| -24.8
TD Bank | 28.0900| 1.8| 222.1| 6.1
Cenovus | -17.4400| -4.9| -23.9| 54.8
Suncor | -29.5800| -3.8| -50.8| 46.5
Canadian Natural Resources | -59.9100| -6.0| 3.2| 37.9
MT Newswires:
The Toronto Stock Exchange on Wednesday rose for a sixth-straight session.
It longest winning streak since late November 2025 as a hoped-for ceasefire in the war that pitched the United States and Israel against Iran has given already bullish investors the green light to go out and buy more.
The resources-heavy S&P/TSX Composite Index closed up 383.05 points, or 1.15%, to 33,620.57, even with commodity prices mixed and as tensions persist across the Middle East.
The U.S. markets did even better, with the S&P 500 up 2.5% and the Nasdaq Composite up 2.8%.
Reflecting the mixed commodity prices, among sectors here Base Metals was easily the biggest gainer, up near 5.1%, on higher precious metals, while Energy was easily the biggest loser, down 4.5%, amid lower oil prices.
According to FactSet the TSX going into today was up 1,302.58 points or 4.08% over the prior five trading days, representing its largest five-day point and percentage gain since Friday, Feb. 20, 2026, and year-to-date was up 1,524.76 points or 4.81%.
FactSet also noted going in to today the TSX was off 3.8% from its record close of 34,541.27 on March 2 and was up 32.6% from the U.S. Inauguration Day close of 25,067.92 on Jan. 20, 2025.
Of commodities today, gold traded higher as the U.S. dollar plunged after the U.S. and Iran agreed to a two-week ceasefire and a likely re-opening of the Strait of Hormuz, easing fears of rising inflation and slowing growth while sending oil prices back below US$100 per barrel.
Gold for May delivery was up US$81.80 to US$4,766.50 per ounce.
West Texas Intermediate crude oil for May delivery closed down US$18.54 to settle at US$94.41 per barrel, while June Brent oil was down US$13.65 to US$95.62.
US
By Rita Nazareth
(Bloomberg) — A wave of optimism swept through global financial markets, boosting stocks while spurring the biggest oil plunge in about six years after the US and Iran reached a ceasefire deal.
The rebound in risk appetite drove the S&P 500 up 2.5%.
Crude settled below $95, easing concern about an energy crisis while reviving bets the Federal Reserve will cut rates in 2026.
Treasuries wavered.
As the haven bid waned, the dollar erased its advance for the year.
Bitcoin topped $71,000.
Wall Street’s so-called fear gauge – the VIX – sank to pre- war levels.
Airlines, which had been pummeled by worries about skyrocketing fuel prices, soared.
Emerging-market shares jumped the most since March 2020.
Just about 90 minutes before President Donald Trump’s deadline for Iran to agree to a ceasefire and reopen the Strait of Hormuz, a two-week truce was announced.
While there have been reports of ongoing regional hostilities, the accord helped ease fears about a global economic crisis.
“The reaction was classic macro playbook,” said Fawad Razaqzada at Forex.com.
“Risk assets caught a bid, crude tumbled, and the dollar gave back a chunk of its safe-haven premium.”
US Vice President JD Vance will lead a delegation to Pakistan later this week to hold talks on a lasting peace agreement with Iran, the White House announced.
While the passage of oil tankers through the Strait of Hormuz was reportedly halted amid Israeli attacks on Lebanon, that wasn’t enough to jolt markets.
“Investors are confident that oil prices could ease further and the Strait of Hormuz will reopen,” Razaqzada noted.
“The ceasefire is a clear positive, but it’s not a resolution,” said Mark Hackett at Nationwide.
“What stands out is how quickly the market flipped once the pressure eased. When positioning gets this crowded, it doesn’t take much to spark a reversal.”
At Barclays Plc, Emmanuel Cau said equities were prone to a “powerful short squeeze,” with hedge funds removing protections put in place to shield against war risks.
Hedge funds are rushing to close out bets against US stocks at a pace not seen since the market rebounded from the crash set off by the pandemic, according to Goldman Sachs Group Inc.’s trading desk division.
A temporary truce allowed global investors to begin contemplating the restructuring of portfolios and a re-rotation of sector leadership in anticipation of a more long-lasting cessation of hostilities, according to Sam Stovall at CFRA Research.
He noted that the response following the recession and bear market that coincided with Iraq’s invasion of Kuwait in 1990 may serve as a guide.
Three months after oil prices peaked and then tumbled, the S&P 500 jumped 12.4%.
“What’s more, sector leadership rotated from defensive holdings back into cyclical groups,” Stovall added.
“A similar rotation could take place this time around should the ceasefire be maintained.”
From an economic standpoint, minutes of the Fed’s March policy meeting showed most officials worried a protracted war could hurt the jobs market and warrant lower rates.
Meantime, many policymakers highlighted the risk to inflation.
“These minutes are very backward looking,” said David Russell at TradeStation.
“Relief in the oil market removes inflation as a meaningful risk for now.”
Corporate Highlights:
* Delta Air Lines Inc. expects to incur more than $2 billion in higher fuel costs through June because of the Iran war, prompting the carrier to tread carefully and stick to its previous full-year profit forecast.
* Exxon Mobil Corp. lost 6% of its global production in the first quarter as the Iran war paralyzed oil and natural gas operations in the Persian Gulf.
* Meta Platforms Inc. debuted its latest artificial intelligence model — its first since Chief Executive Officer Mark Zuckerberg embarked on an overhaul of the company’s AI organization to keep pace with rivals.
What Bloomberg strategists say…
“Given cyclical stocks’ tight inverse correlation with oil, a continued decline in crude would suggest the recent jump was a short-lived scare.”
—Tatiana Darie, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.9%
* The Dow Jones Industrial Average rose 2.8%
* The MSCI World Index rose 3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.8%
* The euro rose 0.6% to $1.1668
* The British pound rose 0.9% to $1.3407
* The Japanese yen rose 0.7% to 158.55 per dollar
Cryptocurrencies
* Bitcoin rose 2.9% to $71,339.09
* Ether rose 4.6% to $2,211.78
Bonds
* The yield on 10-year Treasuries was little changed at 4.29%
* Germany’s 10-year yield declined 14 basis points to 2.94%
* Britain’s 10-year yield declined 19 basis points to 4.71%
Commodities
* West Texas Intermediate crude fell 15% to $96.06 a barrel
* Spot gold rose 0.5% to $4,731.59 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
There is neither happiness nor unhappiness in this world; there is only the comparison of one state with another.
Only a man who has felt ultimate despair is capable of feeling ultimate bliss. It is necessary to have wished for death
in order to know how good it is to live….the sum o fall human wisdom will be contained
in these two words: Wait and Hope. –Alexandre Dumas, 1802-1870.The Count of Monte Cristo
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