Dear Friends,
Tangents:
August 26, 1883: Krakatoa erupts; 36,0000 killed.
August 26, 1920: The Nineteenth Amendment is certified, barring denial of he US vote on the basis of sex, though racist laws still prevent many women from voting.
August 26, 2003: Investigators concluded that NASA’s overconfident management and inattention to safety doomed the space shuttle Columbia as much as damage to the craft did. Go to article.
Christopher Columbus, explorer, b.1451
| Ritual solstice structure 1,000 years older than Stonehenge unearthed in Czech Republic |
Archaeologists have discovered a prehistoric ritual structure oriented to the sun and moon in the Czech Republic.
| 🌙The moon is turning red tomorrow night — here’s why, and how to watch |
The partial lunar eclipse on Aug. 27 will be the deepest lunar eclipse anywhere in the world until Dec. 31, 2028.
| 2 people die of measles in Pennsylvania as vaccination rates drop across the nation |
Pennsylvania health officials have reported two recent deaths from measles, marking the United States’ first deaths from the highly infectious disease in 2026.
Climbing rarely makes sense but nearly always feels right. -Joe Simpson.
Starbucks rolls out its fall menu, including the pumpkin spice latte ☕🍂
It’s August, but at Starbucks, it’s looking more like Aug-tober. Pumpkin spice has made its annual return (much to my delight).
Big space ambitions
SpaceX plans to build the “biggest launch site on Earth” for $100 billion in Louisiana. Here’s what we know.
Video: Empire State Building lights up pink for Dolly Parton💖
|
Raygun went viral for breakdancing at the Olympics
After a lot of therapy, she is now ready to talk.
PHOTOS OF THE DAY
Buñol, Spain
Revellers lie in tomatoes during the annual La Tomatina fiesta in a village near València
Photograph: Alberto Saiz/AP
Kaili, China
People burn paper offerings in tribute to their departed loved ones before the Zhongyuan festival, also known as the Ghost festival
Photograph: Fu Yujianglin/VCG/Getty Images
Reading, UK
Visitors arrive with backpacks for the start of Reading festival
Photograph: Geoffrey Swaine/Shutterstock
Market Closes for August 26th, 2026
| Market Index |
Close | Change |
| Dow Jones |
53463.88 | -113.52 |
| -0.21% | ||
| S&P 500 | 7675.70 | -1.58 |
| -0.02% | ||
| NASDAQ | 26130.20 | -21.10 |
| -0.08% | ||
| TSX | 36813.65 | -143.98
-0.39% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 66262.16 | +405.73 |
| +0.62% | ||
| HANG SENG |
25652.97 | +141.87 |
| +0.56% | ||
| SEN SEX | 77472.94 | -183.15 |
| -0.24% | ||
| FTSE 100* | 10878.12 | -8.04 |
| -0.07% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.656 | 3.623 |
| CND. 30 Year Bond |
4.086 | 4.054 |
| U.S. 10 Year Bond |
4.6465 | 4.6288 |
| U.S. 30 Year Bond |
5.1671 | 5.1651 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7208 | 0.7228 |
| US $ |
1.3874 | 1.3834 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6184 | 1.6170 |
| US $ |
0.8580 | 1.1655 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4621.77 | 4654.29 |
| Oil | ||
| WTI Crude Future | 82.23 | 83.72 |
Market Commentary:
On this day in 1919, the Coca-Cola Co. successfully sold shares to outsiders for the first time. A syndicate of banks and brokers from around the country bought 417,000 shares to resell to retail investors at an initial offering price of $40. (An earlier attempt at a stock offering in 1892 had failed miserably.)
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.4% at 36,813.65 in Toronto.
The move was the biggest since falling 0.8% on Aug.
18 and follows the previous session’s increase of 0.7%.
Agnico Eagle Mines Ltd. contributed the most to the index decline, decreasing 4.3%.
Southern Cross Gold Consolidated Ltd. had the largest drop, falling 4.8%.
Today, 116 of 217 shares fell, while 100 rose; 6 of 11 sectors were lower, led by materials stocks.
Insights
* This month, the index rose 4.5%
* The index advanced 30% in the past 52 weeks. The MSCI AC Americas Index gained 19% in the same period
* The S&P/TSX Composite is at its 52-week high and 30.7% above its low on Aug. 26, 2025
* The S&P/TSX Composite is up 1.1% in the past 5 days and rose 4.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.6 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$5.82t
* 30-day price volatility rose to 10.46% compared with 10.33% in the previous session and the average of 10.16% over the past month
Index Points
Materials | -175.8062| -2.4| 7/52
Information Technology| -38.2873| -1.3| 4/5
Consumer Discretionary| -19.3182| -1.8| 2/6
Real Estate | -3.6892| -0.8| 0/17
Consumer Staples | -2.4568| -0.2| 7/3
Health Care | -0.4212| -0.4| 2/3
Communication Services| 0.0175| 0.0| 2/3
Financials | 1.2926| 0.0| 12/11
Utilities | 6.8530| 0.6| 10/3
Industrials | 25.6293| 0.7| 24/6
Energy | 62.1949| 1.0| 30/7
Agnico Eagle Mines Ltd | -46.9400| -4.3| -23.2| 27.5
Shopify | -37.0700| -2.0| -54.4| -5.7
Wheaton Precious Metals | -31.2900| -4.4| -2.7| 34.1
TD Bank | 13.1100| 0.7| -38.6| 28.2
RBC | 14.4800| 0.5| -13.9| 23.1
Enbridge | 14.8300| 1.4| -53.8| 6.3
(MT Newswires)
The S&P/TSX Composite Index fell from its record high as it turned lower on Wednesday, pressured by weakness in base metals and information technology.
This outweighed gains in energy and industrial stocks, while investors assessed developments in the Middle East and the impact from escalating Canada-US trade tensions.
The index closed down 143.98 points, or 0.4%, at 36,813.65.
Base Metals led decliners, down 1.4%, followed by health care, down 0.8%, and information technology, down 0.6%.
The energy sector led gainers, up 0.8%, while the industrial sector rose 0.7%.
The Battery Metals Index, which includes companies listed both on the TSX and TSX Venture Exchange, jumped 2.3%.
In commodities, West Texas Intermediate (WTI) and Brent crude rebounded from weaker prices due to hopes of progress in Iran-Oman talks that aimed to reopen the Strait of Hormuz.
Despite signs of diplomatic progress, shipping through the key waterway remained low, keeping uncertainty over Middle East oil supplies in focus.
October WTI crude oil contract settled down $0.13, or 0.2%, at $82.23 per barrel, while October Brent oil was last seen down $1.19, or 1.3%, at $87.39 per barrel.
Meanwhile, December Comex gold futures shed 1.0%, or $46.00, to $4,648.50 per ounce at last look.
In currencies, the US dollar edged up 0.3% against the Canadian dollar to 1.3876 at last look.
The Canadian dollar faces renewed downside pressure as trade tensions with the US escalate, according to Corpay in a Wednesday note.
While Canada’s counter-tariffs on US imports are set to take effect in September and could strengthen Canada’s negotiating position, they are likely to weigh on growth, investment and employment while lifting consumer prices and complicating the Bank of Canada’s policy outlook.
Corpay said it expects the BoC to hold rates next week for the sixth straight meeting.
In bonds, the Government of Canada’s C$5 billion 10-year bond auction attracted solid investor demand on Wednesday.
The auction drew C$11.8 billion in bids, or 2.36 times the amount on offer, according to data on the BoC website.
In stocks, National Bank of Canada (NA.TO) closed down 4.2% at C$213.18 afterreporting Q3 earnings beat on Wednesday.
The lender reported Q3 adjusted diluted earnings of C$3.39 per share, up from C$2.68 a year earlier and above the C$3.21 consensus estimate compiled by FactSet.
US
By Rita Nazareth
(Bloomberg) — Wall Street refrained from making big bets on stocks before Nvidia Corp.’s earnings, with caution prevailing as bond yields rose amid speculation the Federal Reserve will raise rates this year.
In the countdown to the chipmaker’s results, the shares fell 1.6%.
The S&P 500 wavered.
Short-dated Treasuries underperformed.
Money markets fully priced in a rate hike by December on signs the economy remains strong.
While a key inflation gauge matched estimates, it was still well above the Fed’s target.
Oil whipsawed on news Russia is moving to escalate the war in Ukraine.
Investors are eagerly awaiting Nvidia’s numbers for clues on what they mean to the artificial-intelligence trade and the market itself.
Analysts project that revenue nearly doubled from a year ago, which would be the fastest pace in two years, according to data compiled by Bloomberg.
“With expectations already elevated, investors will be watching forward guidance, margins, demand durability, and the company’s expanding investment strategy for signs that the structural AI growth story remains intact,” said Jack Ablin at Cresset Capital Management.
Meantime, with markets remaining sensitive to anything that could boost the odds of higher rates, the latest economic numbers weren’t necessarily what they wanted to see, according to Ellen Zentner at Morgan Stanley Wealth Management.
The core personal consumption expenditures price index, which excludes food and energy items, advanced 3.3% in July from a year earlier.
Separate data showed the US economy expanded at an unrevised 1.5% pace in the second quarter, though underlying details showed stronger consumer spending and business investment than initially reported.
The data wasn’t enough to shift the balance for the September Fed meeting, but if subsequent figures point in the same direction, policymakers may feel more pressure to move off the sidelines, Zentner noted.
“The challenge is becoming increasingly clear: Inflation is still too high for comfort, and investors will be watching to see whether Fed Chair Kevin Warsh uses Friday’s Jackson Hole speech to address how policymakers plan to bring it back toward the Fed’s long-term target,” said Bret Kenwell at eToro.
An inflection point may be approaching, but consumers continue to benefit from income growth that’s outpacing inflation, according to Jeff Roach at LPL Financial.
“For policymakers, the balance of risks still tilts toward inflation,” he said.
“If geopolitical tensions ease in the near term, core inflation could fall below 3%, giving investors a reason for optimism.”
Corporate Highlights:
* Meta Platforms Inc. said it agreed to pay up to $18 billion in landmark settlements to resolve social media claims from US states that would require the company to make major changes to how it operates platforms like Facebook and Instagram.
* Anthropic PBC has agreed to spend $45 billion to rent AI cloud computing power from Nscale’s flagship data center development in West Virginia, the latest move in an effort to secure capacity for its expanding business in advance of going public.
* Zoom Communications Inc. gave a sales outlook for the current quarter that was about in line with analysts’ estimates, disappointing investors hoping for a greater uplift from its expanded suite of products.
* Abercrombie & Fitch Co.’s revenue topped estimates and the retailer raised its annual earnings guidance, suggesting the apparel company is regaining momentum.
* JM Smucker Co. raised its full-year outlook for sales and profit, bolstered by growth in its Uncrustables sandwiches and coffee brands.
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 was little changed
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World Index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.1653
* The British pound fell 0.4% to $1.3594
* The Japanese yen fell 0.1% to 159.35 per dollar
Cryptocurrencies
* Bitcoin rose 0.3% to $78,442.65
* Ether rose 1.4% to $2,470.81
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.65%
* Germany’s 10-year yield advanced three basis points to 3.23%
* Britain’s 10-year yield advanced four basis points to 5.03%
Commodities
* West Texas Intermediate crude fell 0.6% to $81.90 a barrel
* Spot gold fell 1.3% to $4,594.43 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Character is destiny. –Greek proverb.
Some cause happiness wherever they go; others whenever they go. -Oscar Wilde, 1854-1900.
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