Dear Friends,
Tangents:
August 25, 1916: The US creates the National Park Service, unifying protection of natural and historic places so they can remain accessible to future generations.
August 25, 1939: The Wizard of Oz was released.
August 25, 1944: Paris was liberated by Allied forces after four years of Nazi occupation. Go to article.
Leonard Bernstein, composer, b.1918.
Sean Connery, actor, b. 1930.
Elvis Costello, musician, b. 1954
Claudia Schiffer, model, b. 1970.
| Fire-flame vessel: An exquisitely crafted 4,500-year-old pot from a mysterious culture in Japan |
Archaeologists aren’t sure why prehistoric people in Japan made these elaborate vessels decorated with flames.
| Astronomers find water in the harsh environment near the Milky Way’s black hole |
Astronomers detected dust and water surprisingly close to the Milky Way’s central black hole, Sagittarius A*, offering a rare direct view of how evolved stars may behave in hostile settings.
| Giant underwater plume blasts into swirling cloud ‘street’ in the East China Sea |
A recent satellite photo captured a series of clouds sculpted by von Kármán vortices from a volcano on South Korea’s Jeju Island. A giant multicolor plume, ejected by China’s Yangtze River, is also visible in the image.
| A joyful wedding nearly broke a woman’s heart in a rare case of ‘happy heart syndrome’ |
| A 65-year-old woman arrived at the ER with textbook signs of a heart attack — but the real trigger turned out to be joy, not a blocked artery. |
I feel that the greatest reward for doing is the opportunity to do more. -Jonas Salk.
Video: People spotted crawling out of NYC manholes
New York has always had an underground scene. But this takes it to another level — and has caught the NYPD’s attention.
An expensive piece of basketball history
Michael Jordan’s “Last Dance” 1998 Finals jersey could sell for over $10 million, potentially setting an auction record.
Alzheimer’s blood test gets FDA clearance
The FDA has cleared Roche and partner Eli Lilly’s blood test to help identify signs of Alzheimer’s disease in people age 55 and older with cognitive decline
PHOTOS OF THE DAY
Washington DC, US
A glowing ‘jellyfish’ effect from a SpaceX Falcon 9 rocket in the early morning sky. The phenomenon occurs when sunlight illuminates the rocket’s expanding exhaust plume at high altitude while the sky below remains dark
Photograph: Matt Kaminsky/Zuma Press Wire/Shutterstock
Beijing, China
A humanoid robot after competing in the breakdance at the World Humanoid Robot Games
Photograph: Achmad Ibrahim/AP
Edinburgh, UK
The company of Verdi’s A Masked Ball during rehearsals at the festival theatre as part of the Edinburgh international festival. The Zurich Opera House production relocates the original opera from Sweden to the opulent Gilded Age of the US
Photograph: Jeff J Mitchell/Getty Images
Market Closes for August 25th, 2026
| Market Index |
Close | Change |
| Dow Jones |
53577.40 | +160.24 |
| +0.30% | ||
| S&P 500 | 7677.28 | +24.42 |
| +0.32% | ||
| NASDAQ | 26151.30 | +171.11 |
| +0.66% | ||
| TSX | 36957.63 | +243.51
+0.66% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 65856.43 | +328.34 |
| +0.50% | ||
| HANG SENG |
25511.10 | -6.23 |
| -0.02% | ||
| SEN SEX | 77656.09 | +286.98 |
| +0.37% | ||
| FTSE 100* | 10886.16 | +31.84 |
| +0.29% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.623 | 3.682 |
| CND. 30 Year Bond |
4.054 | 4.111 |
| U.S. 10 Year Bond |
4.6288 | 4.6961 |
| U.S. 30 Year Bond |
5.1651 | 5.2245 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7228 | 0.7222 |
| US $ |
1.3834 | 1.3845 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6190 | 1.6155 |
| US $ |
0.8564 | 1.1664 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4654.29 | 4669.26 |
| Oil | ||
| WTI Crude Future | 83.72 | 86.64 |
Market Commentary:
On this day in 1921, the Dow Jones Industrial Average closed at 63.91, up a minuscule 0.01 points on robust volume of 623,000 shares. No one knew it then, but the biggest bull market of the 20th Century had begun. By Sept. 3, 1929, the Dow would peak at 381.17, a 496.6% cumulative gain, or roughly a 24% annual return over eight years.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.7%, or 243.51 to 36,957.63 in Toronto.
Bank of Nova Scotia contributed the most to the index gain, increasing 7.0%.
Energy Fuels Inc/Canada had the largest increase, rising 7.1%.
Today, 105 of 217 shares rose, while 109 fell; 5 of 11 sectors were higher, led by financials stocks.
Insights
* This month, the index rose 4.9%
* The index advanced 31% in the past 52 weeks. The MSCI AC Americas Index gained 20% in the same period
* The S&P/TSX Composite is at its 52-week high and 31.3% above its low on Aug. 25, 2025
* The S&P/TSX Composite is up 1.6% in the past 5 days and rose 4.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.9 on a trailing basis and 18.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$5.79t
* 30-day price volatility rose to 10.33% compared with 10.22% in the previous session and the average of 10.15% over the past month
Index Points
Financials | 219.5850| 1.8| 20/3
Materials | 111.0079| 1.5| 50/8
Information Technology | 53.4655| 1.8| 4/5
Utilities | 1.0868| 0.1| 8/4
Health Care | 0.6047| 0.5| 3/2
Communication Services | -2.3054| -0.4| 3/2
Real Estate | -3.8686| -0.8| 0/17
Consumer Staples | -7.3334| -0.7| 2/8
Consumer Discretionary | -17.3640| -1.6| 1/7
Industrials | -32.0434| -0.9| 8/21
Energy | -79.3173| -1.3| 6/32
Scotiabank | 72.6300| 7.0| 156.5| 27.2
Shopify | 44.5000| 2.5| -30.6| -3.7
RBC | 39.2400| 1.4| -45.4| 22.5
Cenovus | -16.7300| -4.0| 143.5| 84.3
Canadian Natural Resources | -23.2200| -2.3| 51.9| 47.7
Suncor | -23.2300| -3.0| -15.3| 48.5
MT Newswires:
The S&P/TSX Composite Index closed at a record high on Tuesday as gains in base metals and financial stocks lifted the benchmark, outweighing weakness in energy shares as oil prices fell sharply, while investors assessed Canada’s latest retaliatory tariffs against the US.
The index closed up 243.51 points, or 0.7%, to 36,957.63, with mixed sectors.
Base Metals led gainers, up 2.3%, while Financial was up 1.8%.
Energy led decliners, down 2.6%.
The Battery Metals Index, which includes companies listed both on the TSX and TSX Venture Exchange, jumped 0.4%.
In commodities, West Texas Intermediate (WTI) and Brent crude fell sharply on Tuesday as investors assessed the latest US sanctions against Iran, with the measures seen as posing less risk to global oil supplies than further military escalation.
October WTI crude oil contract settled down $2.65, or 3.1%, at $82.36 per barrel, while October Brent oil was last seen down $3.85, or 4.2%, at $88.32 per barrel.
Meanwhile, December Comex gold futures gained 0.5%, or $22.00, to $4,719.80 per ounce at last look.
In currencies, the US dollar edged lower 0.1% against the Canadian dollar, with USD/CAD at 1.3830 at last look.
On the trade front, Canada announced dollar-for-dollar retaliatory tariffs on C$27.6 billion of US goods and unveiled a C$7.5 billion support package for businesses and workers affected by the escalating trade dispute.
The counter-tariffs, effective Sept. 8, will range from 15% to 50% and target about 700 products, including steel, dairy, appliances, agricultural equipment, pulp and paper, and electronics, mirroring sectors hit by the latest US tariffs.
In economics news, Canada’s preliminary wholesale trade, excluding oil and related products as well as oilseeds and grains, fell 0.6% monthly in July, according to the country’s statistical agency on Tuesday.
The advance estimate was driven mainly by weaker sales of agricultural supplies, minerals, ores and precious metal industry groups within the miscellaneous subsector, said Statistics Canada in a statement.
In stocks, Jefferies rated Bank of Montreal (BMO.TO, BMO) hold, with a C$225 price target implying about 6.2% downside from its C$239.94 share price at close on Tuesday.
BMO on Tuesday reported adjusted earnings per share of C$3.96, beating consensus of C$3.77 and Jefferies’ estimate of C$3.89.
The lender reported a "solid beat" driven by strong performances within its operating segments, and the strength of its US retail bank in particular, Jefferies said in a Tuesday note.
Meanwhile, Scotiabank closed 7% higher on Tuesday after reporting Q2 adjusted earnings per share of C$2.28, beating the consensus estimate of C$2.10, earlier in the day.
US
By Rita Nazareth
(Bloomberg) — Stocks rose as a decline in oil prices sent bond yields lower, with traders awaiting Nvidia Corp.’s earnings for clues on whether the outlook for artificial intelligence remains intact.
A rebound in chipmakers halted a seven-day losing streak for the world’s most valuable company ahead of its results.
The Nasdaq 100 outperformed major benchmarks.
Brent crude settled below $90 on hopes for a revival of energy flows through the Strait of Hormuz, with Iran and Oman discussing an interim framework.
A news report the US would be returning diplomats to Middle East embassies also helped sentiment, easing concern about an escalation of the war.
Lower oil prices reduced worries about inflationary pressures, lifting Treasuries.
Traders also parsed economic data before Wednesday’s release of the Federal Reserve’s preferred inflation gauge.
US consumer confidence hit the lowest level since the start of the year on a deteriorating outlook for business conditions and jobs.
A speech by Fed Chair Kevin Warsh Friday may further shape the direction of markets.
The pressure from Wall Street is intense after a July press conference rattled trading.
Analysts have been relentless in calling out Warsh for, in their view, going too far in a quest to limit Fed communications.
“We believe that Mr. Warsh is more likely to stick to his guns,” said Matt Maley at Miller Tabak.
“If he does, it’s going to be important that Nvidia has seen a much more positive reaction to its earnings/guidance than most of the other chip stocks have seen this earnings season.”
Analysts estimate Nvidia’s revenue nearly doubled last quarter from a year earlier to $92 billion.
That’s more money than any of its rivals get in a full year.
“Nvidia is operating on all cylinders and they’re doing absolutely everything correctly at this point,” said Mark Malek at Siebert Financial.
“We’re anticipating good news here, but so is everybody.”
Malek notes that good news is not any not good enough anymore, and any kind of misread or misstep this Wednesday could be a big challenge.
“But for investors it could be an opportunity,” he added.
Corporate Highlights:
* OpenAI said its new Jalapeno chips performed better than Nvidia’s current lineup during testing, underscoring progress developing AI processors in-house.
* SpaceX plans to build a new $100 billion launch site for its Starship rocket on the southern coast of Louisiana, allowing the company to expand operations of the behemoth vehicle that’s critical to its future.
* Apple Inc. announced upgraded Mac mini and Mac Studio desktop computers, giving the in-demand machines major processor upgrades.
* Lambda Inc., an AI cloud-computing provider backed by Nvidia, is in talks to raise as much as $3 billion in a round that could tee it up to go public next year, according to people familiar with the efforts.
* Dick’s Sporting Goods Inc. sank after the Foot Locker chain it acquired last year continued to struggle, raising doubts about the broader sneaker market.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World Index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro rose 0.1% to $1.1676
* The British pound rose 0.1% to $1.3652
* The Japanese yen was little changed at 159.14 per dollar
Cryptocurrencies
* Bitcoin was little changed at $78,922.95
* Ether fell 0.5% to $2,462.6
Bonds
* The yield on 10-year Treasuries declined seven basis points to 4.63%
* Germany’s 10-year yield declined five basis points to 3.20%
* Britain’s 10-year yield declined seven basis points to 4.99%
Commodities
* West Texas Intermediate crude fell 4.6% to $81.08 a barrel
* Spot gold rose 0.3% to $4,666.70 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Do the thing you fear and the death of fear is certain. –Ralph Waldo Emerson, 1803-1882.
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