Dear Friends,
Tangents: Happy Friday Eve.
On February 19, 1919, while the Paris Peace Conference was in full swing to wrap up World War I, an anarchist named ?mile Cottin fired several shots at Georges Clemenceau’s car as he was leaving his home on the Rue Franklin. Georges Clemenceau was the Prime Minister of France at the time. Cottin fired seven shots at point-blank range. One bullet hit Clemenceau, narrowly missing his vital organs but lodging in his chest.
Surgeons determined that the bullet was too close to his heart to safely remove. As a result, it remained in his body for the rest of his life.
Clemenceau was remarkably unfazed. He reportedly joked about his attacker’s poor aim, saying, "We have just won the most terrible war in history, yet here is a Frenchman who misses his target six out of seven times at point-blank range!" Cottin was an anarchist who viewed Clemenceau as a warmonger and a threat to the working class and the Russian Revolution. Ironically, the assassination attempt actually increased Clemenceau’s popularity and strengthened his hand during the negotiations for the Treaty of Versailles, as the public and international leaders were moved by his resilience.
Clemenceau lived for another ten years with that bullet in his chest, eventually dying of natural causes in 1929 at the age of 88.
February 19, 1927: US & Canada open diplomatic relations. Go to article.
February 19, 1942: Japanese internment began (lasted until1945).
February 19, 1986: The Mir core module is launched, starting the first modular space station and a long-running orbital research program.
Nicholas Caopernicus, astronomer, b. 1473.
Amy Tan, writer, b.1952
| City-size, cold-volcano comet transforms into a glowing ‘snail shell’ after major explosive outburst |
Following a massive cryovolcanic eruption, the mysterious Comet 29P/Schwassmann-Wachmann has been morphed into a giant spiral and is now shining 100 times brighter than normal. Read More.
| The biggest trees in the Peruvian Amazon store the most carbon — and they also face the greatest threat from humans |
The Amazon’s biggest trees store disproportionately more carbon than smaller trees do, new study finds. But in the Peruvian Amazon, large trees are currently prioritized for harvest. Read More.
| Physicists recreated the first millisecond after the Big Bang — and found it was surprisingly soupy |
Scientists saw a quark plowing through primordial plasma for the first time, offering a rare look at the first moments after the Big Bang. Read More.
| Microsoft can now store data for 10,000 years on everyday glass thanks to laser breakthrough |
Improvements to data writing and reading techniques, alongside a new way to store data, mean the technology is more accessible than before.
Video: Muslims around the world observe Ramadan
Muslims around the world are observing the Islamic holy month of Ramadan, during which they fast from sunrise to sunset.
The great AI debate
No one can agree on whether AI is the next big thing or all hype. This is why.
Here’s the scoop
It appears that the world’s biggest food company doesn’t want to make ice cream anymore.
She’s a superstar Olympian — and she’s done staying silent about vitriol
Freestyle skier Eileen Gu is speaking out about facing "vitriol" over her decision to compete for China instead of the United States.
PHOTOS OF THE DAY
Tokyo, Japan
People take photos of plum blossom on the branches of a tree at the Yushima Tenjin shrine
Photograph: Kazuhiro Nogi/AFP/Getty Images
Hanoi, Vietnam
An artist practices calligraphy at a stall. Many Vietnamese people decorate their houses with calligraphic artworks during the Vietnamese lunar new year holiday
Photograph: Luong Thai Linh/EPA
Predazzo, Italy
China’s Zhao Zihe soars through the air during the ski-jumping round of the Nordic combined team sprint at the Winter Olympics
Photograph: Kirsty Wigglesworth/AP
Market Closes for February 19th , 2026
| Market Index |
Close | Change |
| Dow Jones |
49395.16 | -267.50 |
| -0.54% | ||
| S&P 500 | 6861.89 | -19.42 |
| -0.28% | ||
| NASDAQ | 22682.73 | -70.90 |
| -0.31% | ||
| TSX | 33594.98 | +205.25 |
| +0.61% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 56954.69 | -513.14 |
| -0.89% | ||
| HANG SENG |
26705.94 | +138.82 |
| +0.52% | ||
| SENSEX | 82498.14 | -1236.11 |
| -1.48% | ||
| FTSE 100* | 10627.04 | -59.14 |
| -0.55% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.224 | 3.230 |
| CND. 30 Year Bond |
3.710 | 3.714 |
| U.S. 10 Year Bond |
4.0712 | 4.0808 |
| U.S. 30 Year Bond |
4.7011 | 4.7069 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7304 | 0.7300 |
| US $ |
1.3691 | 1.3698 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6208 | 1.6111 |
| US $ |
0.8497 | 1.1768 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
5004.80 | 5003.30 |
| Oil | ||
| WTI Crude Future | 66.43 | 65.19 |
Market Commentary:
On this day in 1878, Thomas Edison received a patent for his “tin-foil talking phonograph,” the ancestor of the modern record player and the first device to make sound recording practical.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.6%, or 205.25 to 33,594.98 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 1.8%.
Torex Gold Resources Inc. had the largest increase, rising 10.6%.
Today, 141 of 217 shares rose, while 74 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* So far this week, the index rose 1.6%
* The index advanced 31% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 0.3% below its 52-week high on Feb. 11, 2026 and 51.1% above its low on April 7, 2025
* The S&P/TSX Composite is up 1% in the past 5 days and rose 1.5% 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 21.9 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$5.29t
* 30-day price volatility fell to 18.35% compared with 18.38% in the previous session and the average of 13.05% over the past month
Index Points
Energy | 100.4068| 1.8| 34/2
Materials | 91.3759| 1.3| 40/15
Industrials | 31.6298| 0.9| 22/7
Information Technology | 31.2421| 1.3| 8/2
Utilities | 3.3120| 0.3| 11/3
Consumer Staples | 3.1642| 0.3| 6/4
Health Care | -0.5809| -0.7| 1/3
Real Estate | -1.8790| -0.4| 8/11
Communication Services | -2.4029| -0.4| 0/5
Consumer Discretionary | -8.5066| -0.8| 2/7
Financials | -42.5001| -0.4| 9/15
Shopify | 25.9900| 1.8| -44.4| -23.3
Agnico Eagle Mines | Ltd | 18.1600| 1.7| -45.7| 32.1
Canadian Natural | Resources | 16.6000| 2.0| 60.7| 25.3
Manulife Financial | -12.6000| -2.1| -49.7| -0.5
Kinross Gold | -13.0000| -3.3| -34.6| 18.5
Brookfield Corp | -25.8200| -2.6| -10.4| 0.4
MT Newswires:
The Toronto Stock Exchange on Thursday set its second-straight record close and 13th of 2026 already, buoyed in particular by Energy stocks, but also by some optimism around the economy after data showed Canada’s trade deficit narrowed in December to cap a volatile 2025.
The resources-heavy S&P/TSX Composite Index closed up 205.25 points, or 0.6%, to 33,594.98 with most sectors higher, led by Energy, up 2.15%, and the Battery Metals Index, up 1.6%.
No sector fell by more than 0.5% .
Of commodities, West Texas Intermediate crude oil closed at a six-month high on Thursday as traders raise the commodity’s risk premium on concerns the United States is poised to attack Iran, a conflict that could threaten to choke off exports from the Persian Gulf region that supplies about a fifth of the world’s oil demand.
President Donald Trump on Thursday afternoon urged Iran to make a deal, suggesting he could reach a decision on potential military action within 10 days.
WTI oil for March delivery closed up US$1.24 to settle at US$66.43 per barrel, the highest since Aug. 1, while April Brent crude was last seen up US$1.32 to US$71.68.
Gold edged higher late afternoon Thursday, but was sticking above the US$5,000 mark despite closed China markets as tensions between the U.S. and Iran rise, while the dollar was higher as minutes from the last meeting of the Federal Reserve’s policy committee indicated the central bank may not be ready for another cut to interest rates, and even a rate hike might be possible next.
Gold for March delivery was last seen up US$10.80 to US$5,020.30 per ounce.
On trade, for Nathan Janzen, Assistant Chief Economist at RBC, the bottom line is that the trade deficit narrowed in December to cap a year in which Canada’s trade flows were heavily impacted by U.S. tariffs, but still by less than feared earlier in the year when tariff threats were at their most extreme.
Janzen noted most Canadian exports, almost 90%, remained duty free last year thanks to the exemption from tariffs for products compliant with the CUSMA free trade agreement, but exports of products specifically targeted by tariffs; steel and aluminum, forestry, and motor-vehicle products, fell sharply and overall export volumes, excluding price impacts, were still down 2% despite some offset from increased shipments to other parts of the world.
Janzen also noted significant trade uncertainty remains with negotiations on CUSMA renewal set to kick off in coming months, but RBC continues to expect, as a base-case, that a more stable international trade backdrop in 2026, "albeit still at significantly higher tariff rates", will leave trade as less of a headwind to growth than it was in 2025. U.S. tariff rates have edged slightly lower in recent months, and the average rate imposed on imports from Canada remains relatively low, he noted.
"That, coupled with the lagged impact of earlier Bank of Canada interest rate cuts and higher government spending plans will support further improvement in per-person (and per-worker) economic conditions in the year ahead," Janzen added.
Still, Scotiabank noted with the U.S. Supreme Court expected to rule on the legality of the International Emergency Economic Powers Act (IEEPA) tariffs soon, there could be renewed turbulence in the ongoing U.S. global trade war.
Scotia said if these tariffs are struck down, these could be replaced under a new mechanism, which would likely again be challenged, leading to renewed uncertainty.
For Canada, the sectoral tariffs are by far the most impactful, and will continue to weigh on the Canadian economy as long as they remain in place, the bank added.
US
By Rita Nazareth
(Bloomberg) — Heightened geopolitical worries sent stocks lower while extending a surge in oil and keeping a lid on bonds amid perceived inflation risks.
Gold hovered near $5,000, while selling shook alternative asset managers after a private credit fund halted redemption.
As a sense of caution prevailed, the S&P 500 fell after a rebound from a tech-fueled selloff.
Walmart Inc. slid on a conservative outlook, but the giant retailer’s comparable sales in the US beat expectations.
Crude hit the highest since August.
Treasuries barely budged. The dollar rose.
President Donald Trump said the US has to “make a meaningful deal” with Iran while adding that the next 10 days will tell whether there will be an accord.
Iran is a “hot spot” right now even as officials from both sides engage in “good talks,” Trump said.
He also noted his son-in-law Jared Kushner will be an “envoy of peace.”
The US military is stationing a vast array of forces in the Middle East, including two aircraft carriers, fighter jets and refueling tankers, giving Trump the option for a major attack against Iran as he pressures the country to strike a deal over its nuclear program.
American military buildup in the region means Iran’s window to reach a diplomatic agreement over its atomic activities is at risk of closing, according to the head of the United Nations nuclear watchdog.
A potential war would put flows at risk from a region that pumps about a third of the world’s oil.
The rising risk of an attack in the Middle East is impairing risk appetite near-term, according to Thomas Lee at Fundstrat Global Advisors.
Also dimming sentiment among investors was Blue Owl Capital Inc.’s decision to restrict withdrawals from one of its private credit funds that raised concern over the risks bubbling under the surface of the $1.8 trillion market.
Its shares sank about 6%, dragging down industry peers like Apollo Global Management Inc., Ares Management Corp. and TPG Inc.
Some traders also attributed the risk-off mood to caution ahead of Friday’s readings on the economy and inflation, particularly after minutes of the Federal Reserve’s latest meeting showed renewed concerns about price pressures.
The S&P 500 pared its drop to 0.3% in the last stretch of trading, but nearly 300 of its shares retreated.
The yield on 10-year Treasuries dropped one basis point to 4.07%.
A $9 billion sale of 30-year Treasury Inflation-Protected Securities was strong.
West Texas Intermediate topped $66.
Why US-Iran Tensions Put Focus on Strait of Hormuz: QuickTake “Crude oil prices are rising on the anticipation of possible military action in Iran,” said Louis Navellier at Navellier & Associates.
“The US and Iran are expected to meet again, and those negotiations are expected to be closely watched.”
With Iran’s military proxies greatly weakened and the economy in crisis, the country doesn’t find itself in a very strong negotiating position, so the markets likely expect a diplomatic resolution, according to Dennis Follmer at Montis Financial.
“Right now, stocks have not priced in the tensions between the US and Iran. That seems appropriate,” he said.
One of the biggest threats to stocks from the Iran situation would be if they were to shut down the Strait of Hormuz – a key global shipping lane.
Follmer says he believes this is a “low probability risk,” given the amount of US military assets gathering in the region and Iran’s economic need to get oil out through the Strait.
“Given the likelihood of a diplomatic solution and that the resulting volatility from an actual armed conflict would be fairly contained, we think any portfolio changes are unwarranted,” Follmer noted.
Traders also kept an eye on the latest economic readings.
Jobless claims dropped by the most since November, adding to evidence of stabilization in the labor market.
Pending sales of existing homes fell in January to a record low.
The US annual trade deficit with China shrank in 2025 to the smallest in more than two decades — and widened to record levels with Mexico and Vietnam — as Trump’s sweeping tariffs reordered global trade.
On Friday, the government will issue its first estimate of gross domestic product for the fourth quarter, a period that included the longest-ever federal government shutdown.
The latest report card on the economy is projected to show growth cooled to a still-solid annualized pace after expanding in the prior quarter at the quickest rate in two years.
Consumers probably remained the economy’s primary driver despite grumbling about the cost of living and anxiety over job prospects.
The Bureau of Economic Analysis on Friday will also release the Fed’s preferred inflation gauge.
Corporate Highlights:
* Amazon.com Inc. has officially dethroned Walmart Inc. as the biggest global company by revenue, a milestone attesting to the massive scale the e-commerce and cloud-computing giant has achieved since its humble beginnings in 1994 as an online bookseller in Jeff Bezos’ Seattle-area garage.
* West Virginia sued Apple Inc. Thursday, alleging it has knowingly allowed users to store and distribute child sexual abuse material on its iCloud platform.
* New York Governor Kathy Hochul has pulled a proposal that would have allowed for commercial robotaxi services outside New York City, a blow to Alphabet Inc.’s Waymo as it seeks to aggressively expand its driverless fleet this year.
* OpenAI is close to finalizing the first phase of a new funding round that is likely to bring in more than $100 billion, according to people familiar with the matter, a record-breaking financing deal that would give the startup additional capital to build out its artificial intelligence tools.
* AppLovin Corp. is preparing to build a social networking platform after the mobile advertising company’s failed bid to buy TikTok’s assets outside of China last year.
* JPMorgan Chase & Co. said President Donald Trump improperly named the bank’s chief executive officer, Jamie Dimon, as a defendant in his lawsuit over closure of his accounts in order to file the case in Florida state court.
* Bank of America Corp. is committing $25 billion to private- credit deals, joining its Wall Street rivals in putting its own balance sheet behind lending in the fast-growing market, according to people with knowledge of the matter.
* Morgan Stanley chopped pricing in half for clients trading private companies’ shares on its newly acquired EquityZen platform, undercutting competitors as it looks to expand in a growing market.
* CME Group Inc. is moving closer to crypto’s always-on trading model, saying it will allow futures and options on digital assets to trade 24 hours a day later this year.
* Johnson & Johnson is preparing a potential sale of the orthopedics unit that it has been planning to separate, with big buyout firms already circling, according to people familiar with the matter.
* Ted Sarandos, co-chief executive officer of Netflix Inc., said his company’s acquisition of Warner Bros. Discovery Inc. will lead to more films in theaters, addressing a key complaint from Hollywood in the high-stakes battle for one of the industry’s iconic studios.
* Deere & Co., the world’s largest farm-machinery maker, boosted its annual profit outlook, anticipating a long-awaited upturn in the agriculture economy.
* DoorDash Inc. gave an outlook for orders in the current quarter that surpassed Wall Street’s expectations, a testament to its efforts to expand business beyond restaurant takeout.
* Carvana Co.’s higher-than-expected costs dented its fourth- quarter profit in a sign of growing pains as the company pursues rapid growth.
* Figma Inc., a creative software maker, gave an annual revenue outlook that topped estimates, easing Wall Street anxiety that the business is threatened by the emergence of rival artificial intelligence products.
* Six Flags Entertainment Corp. reported 2025 earnings and revenue that were slightly ahead of analyst estimates as the amusement park operator works to rebound from lackluster attendance.
What Bloomberg Strategists say…
“Despite the healthy foreign inflows into US markets, US stocks are still dead last in a global ranking of benchmarks again this year.
No matter how you look at it, US assets are underperforming as the US economy has so far been paying the biggest price for the trade war, and a broadening of earnings growth globally will make this trend difficult to reverse.”
—Tatiana Darie, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World Index fell 0.3%
* Bloomberg Magnificent 7 Total Return Index fell 0.2%
* Philadelphia Stock Exchange Semiconductor Index fell 0.5%
* iShares Expanded Tech-Software Sector ETF fell 0.3%
* The Russell 2000 Index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.1% to $1.1770
* The British pound fell 0.3% to $1.3460
* The Japanese yen fell 0.2% to 155.08 per dollar
Cryptocurrencies
* Bitcoin rose 1.2% to $67,113.68
* Ether rose 0.5% to $1,950.95
Bonds
* The yield on 10-year Treasuries declined one basis point to 4.07%
* Germany’s 10-year yield was little changed at 2.74%
* Britain’s 10-year yield was little changed at 4.37%
* The yield on 2-year Treasuries was little changed at 3.46%
* The yield on 30-year Treasuries was little changed at 4.70%
Commodities
* West Texas Intermediate crude rose 2.4% to $66.73 a barrel
* Spot gold rose 0.4% to $4,999.94 an ounce
Have a lovely evening everyone.
Be magnificent!
As ever,
Carolann
To me every hour of the light and dark is a miracle. Every cubic inch of space is a miracle. –Walt Whitman, 1819-1892.
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