Dear Friends,
Tangents: Happy Friday.
August 28, 1963: The March on Washington draws about 250,000 people and Martin Luterh King Jr. delivers “I Have a Dream,” accelerating America’s civil-rights struggle.
August 28, 1609: English sea explorer Henry Hudson reached present-day Delaware Bay. Go to article .
Johann W. von Goethe, writer, b. 1749.
Shania Twain, singer, b. 1965.
| ‘This is such a clear story’: Climate change is supercharging El Ni to unprecedented strengths, study finds |
An analysis of coral taken from the Galagos Islands reveals that El Ni has become nearly 40% stronger since the preindustrial era.
| Devastating Nepal floods were triggered by glacier collapse, experts say — and there’s a risk of more landslides to come |
Catastrophic floods in Nepal may have resulted from a "hazard cascade" that may have been amplified by climate change, one scientist has warned.
| Ancient shark ‘graveyard’ uncovered in Egyptian desert |
Fossilized teeth from at least seven shark species have been discovered in the Egyptian desert, hinting at its complex, watery past.
| NASA’s Nancy Grace Roman Space Telescope is set to launch this weekend. When will we see its first photos? |
The Nancy Grace Roman Space Telescope is set to launch from Kennedy Space Center in Florida Sunday morning (Aug. 30). The state-of-the-art spacecraft will help astronomers study exoplanets, distant galaxies, dark matter and much more.
I’m goin’ to Jackson, and that’s a fact. -Johnny Cash.
Did you catch last night’s lunar eclipse?
August’s full moon came with a stunning show Thursday night. The full moon, nicknamed the sturgeon moon, also created a partial lunar eclipse.
The end of a reign
King Harald V of Norway, Europe’s oldest monarch, has died after 35 years on the throne.
PHOTOS OF THE DAY
Space
Astronauts Sophie Adenot from the European Space Agency and Nasa’s Anil Menon work together during a spacewalk outside the International Space Station
Photograph: Jack Hathaway/NASA/UPI/Shutterstock
Seal’s-eye view … a polar bear gazes down through a breathing hole in the Arctic sea ice, north of Svalbard, Norway. This photograph, entitled Icy Window, is one of the finalists for Wildlife Photographer of the Year, an award developed and produced by the Natural History Museum, London
Photograph: Audun Rikardsen/Wildlife Photographer of the Year/PA
Surabaya, Indonesia
Visitors immerse themselves in a digital exhibition in East Java
Photograph: Xinhua/Shutterstock
Market Closes for August 28th, 2026
| Market Index |
Close | Change |
| Dow Jones |
53559.99 | -9.45 |
| -0.02% | ||
| S&P 500 | 7711.76 | -19.23 |
| -0.25% | ||
| NASDAQ | 26402.42 | -138.93 |
| -0.52% | ||
| TSX | 36553.92 | -280.33
-0.76% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 66405.56 | +273.58 |
| +0.41% | ||
| HANG SENG |
25584.79 | +19.05 |
| +0.07% | ||
| SEN SEX | 77264.51 | +330.92 |
| +0.43% | ||
| FTSE 100* | 10824.26 | +31.72 |
| +0.29% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.724 | 3.711 |
| CND. 30 Year Bond |
4.132 | 4.136 |
| U.S. 10 Year Bond |
4.7180 | 4.6762 |
| U.S. 30 Year Bond |
5.2056 | 5.1931 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7193 | 0.7218 |
| US $ |
1.3902 | 1.3853 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6208 | 1.6107 |
| US $ |
0.8631 | 1.1586 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4455.11 | 4599.17 |
| Oil | ||
| WTI Crude Future | 83.40 | 82.23 |
Market Commentary:
On this day in 1859, a drifter named Edwin Drake struck oil in Titusville, Pennsylvania, setting off the “black gold rush.” Dozens of publicly traded companies sprung up; over the next decade, most of them would become worthless
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.8% at 36,553.92 in Toronto.
The move was the biggest loss since Aug. 18 and follows the previous session’s increase of 0.1%.
Agnico Eagle Mines Ltd. contributed the most to the index decline, decreasing 3.9%.
Denison Mines Corp. had the largest drop, falling 7.1%.
Today, 152 of 217 shares fell, while 60 rose; 7 of 11 sectors were lower, led by materials stocks.
Insights
* This month, the index rose 3.8%
* So far this week, the index was little changed
* The index advanced 29% in the past 52 weeks. The MSCI AC Americas Index gained 19% in the same period
* The S&P/TSX Composite is 1.4% below its 52-week high on Aug. 26, 2026 and 28.9% above its low on Aug. 28, 2025
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.3 on a trailing basis and 17.9 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$5.8t
* 30-day price volatility rose to 10.70% compared with 10.40% in the previous session and the average of 10.26% over the past month
Index Points
Materials | -202.1957| -2.8| 1/58
Energy | -61.3029| -1.0| 6/32
Information Technology| -26.7880| -0.9| 4/4
Industrials | -6.2573| -0.2| 10/19
Utilities | -5.8390| -0.5| 7/5
Consumer Staples | -2.3122| -0.2| 1/9
Health Care | -0.6302| -0.6| 2/3
Real Estate | 0.0176| 0.0| 7/8
Communication Services| 0.1306| 0.0| 2/3
Consumer Discretionary| 4.9145| 0.5| 5/3
Financials | 19.9628| 0.2| 15/8
Agnico Eagle Mines Ltd | -40.8800| -3.9| -18.2| 23.2
Cameco | -25.0700| -5.6| 20.8| 10.7
Barrick Mining | -24.0500| -3.1| 0.7| 6.3
RBC | 6.8510| 0.3| 12.6| 21.4
Enbridge | 7.3390| 0.7| -41.4| 6.2
TD Bank | 9.0110| 0.5| -39.3| 30.3
MT Newswires:
The S&P/TSX Composite Index closed lower on Friday as base metals and energy stocks declined, while investors assessed stronger-than-expected Canadian economic growth and renewed Canada-US trade tensions.
The index closed down 280.33 points, or 0.8%, at 36,553.92, with most sectors in the red with base metals leading decliners, down 2.1%.
Information technology shares fell 1.2% while energy shares dropped 1%.
Financial sector shares nudged up 0.2%.
The Battery Metals Index, which includes companies listed both on the TSX and TSX Venture Exchange, rose 1.7%.
In commodities, West Texas Intermediate (WTI) and Brent crude fell as signs of improving oil flows through the Strait of Hormuz eased some concerns over Middle East supplies.
Prices also came under pressure following comments from US Federal Reserve Chair Kevin Warsh pointing to the possibility of an interest-rate hike later this year.
October WTI crude oil contract settled down $0.13, or 0.2%, at $83.40 per barrel, while October Brent oil was last seen down $0.37, or 0.4%, at $89.33 per barrel.
Meanwhile, December Comex gold futures shed 3.4%, or $156.50, to $4,507.50 per ounce at last look.
In currencies, the US dollar edged up 0.4% against the Canadian dollar to 1.3907 at last look.
The Canadian currency came under pressure after the US imposed 50% tariffs and prompted a reciprocal response from Canadian Prime Minister Mark Carney, UBS wrote in a note.
In economics news, Canada’s gross domestic product grew 0.3% monthly in June, according to the country’s statistical agency.
The expansion was better than a Bloomberg survey consensus for a 0.2% monthly rise.
Meanwhile, GDP rebounded 3.3% in the second quarter but new trade restrictions cast a shadow over the outlook.
For TD Economics Senior Economist Andrew Hencic, the new US tariffs and Canadian counter-tariffs, along with the prospect of further escalation, are "hard to dismiss".
Hencic calculated the new taxes would likely shave 0.3 to 0.6 percentage points from growth over the next year.
The Bank of Canada is also expected to remain on the sidelines for the rest of the year and into 2027, BMO Chief Economist Douglas Porter wrote.
Canada added wood charcoal and copper wire, among other products, to its updated list of counter tariffs on US goods presented this week, while removing seafood from the list following industry feedback.
The list of items dropped to 648 from 874, according to Scotiabank Economics.
US
By Rita Nazareth
(Bloomberg) — Wall Street traders sent short-term yields sharply higher as Federal Reserve Chair Kevin Warsh vowed to bring inflation to the target, boosting bets on a rate hike and stabilizing longer-dated bonds.
In his first major speech since taking the helm of the central bank, Warsh appeased investors urging a strong determination in dealing with price pressures after a recent bout of Treasury volatility.
Two-year yields climbed 12 basis points to 4.35%.
Those on 30-year securities barely budged.
The dollar rose.
Gold fell.
The S&P 500 erased an earlier gain as chipmakers dropped.
“Here is my standard: We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do.
That’s our job,” Warsh said at the Fed’s annual conference in Jackson Hole, Wyoming.
He added that financial conditions are not currently restrictive and rates are the Fed’s “predominant tool” for achieving its mandate but stopped short of signaling support for a hike when officials gather in September.
“I would say Warsh was successful in reestablishing confidence,” said Larry Holzenthaler at Catalyst Funds.
“He came across as very focused on inflation and bringing it back in line with the Fed’s 2% target.
The market seems to be reacting exactly the way the Fed wants.”
“I believe he did a very good job of laying out a pathway, a framework, a playbook and the rules of his road on what he’s watching out for and what will guide him in terms of properly calibrating monetary policy as best he can,” said Peter Boockvar, author of The Boock Report.
Warsh’s speech delivered a far clearer – and hawkish – message than his last press conference, according to Capital Economics.
Hikes are not guaranteed, but the Fed chief is now suggesting he’s on board with them if economic growth remains strong and inflation stays a bit too firm, it added.
“Although we expect incoming data to improve, the risk of a September hike has increased,” said Seema Shah at Principal Asset Management.
“The positive market reaction highlights that investors place a premium on policy clarity, even when that clarity carries a more hawkish message.”
After Warsh’s remarks, traders increased bets on higher rates, with money markets projecting a more than 50% chance of a hike at the Sept. 16 meeting.
At least one such move by the end of the year is seen as virtually assured.
“Warsh’s comments boosted rate-hike odds and terminal-rate pricing, though markets may have overreacted given the Fed’s September decision remains highly dependent on upcoming payrolls and inflation data,” said Oscar Munoz at TD Securities.
Corporate Highlights:
* A consortium of buyout firm Advent and payment processor Stripe has decided to abandon its pursuit of fintech pioneer PayPal Holdings Inc., a potential deal that would have ranked as one of the biggest-ever leveraged buyouts, according to people
amiliar with the matter.
* Gap Inc. named a retail industry veteran to head Old Navy while profit outpaced estimates, offsetting a sales decline at the value chain and lower sales guidance.
* Rivian Automotive Inc. announced that Chief Financial Officer Claire McDonough would step down from the electric-vehicle manufacturer in the coming months to take the same role at turbine maker GE Vernova Inc.
* Eli Lilly & Co.’s blockbuster diabetes drug Mounjaro won US approval to reduce the risk of serious cardiovascular problems, broadening the medicine’s reach beyond controlling blood sugar and strengthening its position in the increasingly competitive market for GLP-1 drugs.
* BioNTech SE and Roche Holding AG abandoned a trial of a personalized cancer vaccine, dashing hopes that had been raised by a rival drugmaker’s recent success in the field.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.25% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.7%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.6% to $1.1585
* The British pound fell 0.4% to $1.3537
* The Japanese yen fell 0.4% to 160.09 per dollar
Cryptocurrencies
* Bitcoin fell 3.2% to $77,505.37
* Ether fell 3% to $2,431.68
Bonds
* The yield on 10-year Treasuries advanced five basis points to 4.72%
* Germany’s 10-year yield advanced three basis points to 3.28%
* Britain’s 10-year yield advanced three basis points to 5.06%
Commodities
* West Texas Intermediate crude fell 0.1% to $83.42 a barrel
* Spot gold fell 3% to $4,460.88 an ounce
Have a wonderful weekend everyone.
Be magnificent!
As ever,
Carolann
There is no limit to what you can do or how far you can go. Just remember the lessons my family taught me – dream big dreams; learn everything you can learn; and care for all those who care for you. You do all of these things and you can be anyone you want to be. You are terrific, and remember….I Will Always Love You. –Dolly Parton, 1946-2026.
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