Dear Friends,
Tangents: Happy Friday.
On Feb. 20, 1962: astronaut John Glenn became the first American to orbit Earth as he flew aboard the Friendship 7 Mercury capsule. Go to article.
Ansel Adams, photographer, b. 1902.
Cindy Crawford, model, b.1966.
Kurt Cobain, singer/songwriter, b. 1967.
Ancient elephant bone found in Spain
Archaeologists in Spain have uncovered an elephant bone dating back 2,200 years. They believe it belonged to an animal that served as a "war machine" in an army sent to invade the Roman Republic.
An underground salt kingdom
Beneath southern Poland, the Wieliczka Salt Mine has transformed from a medieval industrial powerhouse into a surreal underground world of chapels, sculptures and salt-lined tunnels that visitors can taste.
| 95 million-year-old Spinosaurus had a scimitar-shaped head crest and waded through the Sahara’s rivers like a ‘hell heron’ |
Researchers have identified a new Spinosaurus species with a blade-like crest in Niger, changing our understanding of dinosaur evolution and behavior. Read More.
| In a ‘race against time,’ archaeologists uncovered Roman-era footprints from a Scottish beach before the tide washed them away |
Archaeologists raced against the tide to record a unique set of footprints made 2,000 years ago on a Scottish beach. Read More.
| Saturn’s largest moon may actually be 2 moons in 1 — and helped birth the planet’s iconic rings |
A new study hints that Saturn’s largest moon, Titan, was created around 400 million years ago, when two massive moons smashed into each other.
This hypothesis could also help to solve several other mysteries surrounding other moons and the planet’s iconic rings. Read More.
| China tests world’s first megawatt-class flying wind turbine — it generated enough energy to power a house for 2 weeks |
A pioneering energy-generating device utilizes reliable wind speeds at an altitude of 6,500 feet (2,000 meters). Read More.
PHOTOS OF THE DAY
Dhaka, Bangladesh
Muslims offer prayers at the Baitul Mukarram national mosque during the holy month of Ramadan
Photograph: Mahmud Hossain Opu/AP
Vienna, Austria
A lone figure sweeps snow from the awning of a coffee shop after a night of heavy snowfall
Photograph: Elisabeth Mandl/Reuters
Havana, Cuba
A family watches the sun melt into the horizon during the last light of day
Photograph: Yamil Lage/AFP/Getty
Market Closes for February 20th , 2026
| Market Index |
Close | Change |
| Dow Jones |
49625.97 | +230.81 |
| +0.47% | ||
| S&P 500 | 6909.51 | +47.62 |
| +0.69% | ||
| NASDAQ | 22886.07 | +203.34 |
| +0.90% | ||
| TSX | 33817.51 | +222.53 |
| +0.66% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 56825.70 | -642.13 |
| -1.12% | ||
| HANG SENG |
26413.35 | -292.59 |
| -1.10% | ||
| SENSEX | 82814.71 | +316.57 |
| +0.38% | ||
| FTSE 100* | 10686.89 | +59.85 |
| +0.56% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.217 | 3.224 |
| CND. 30 Year Bond |
3.704 | 3.710 |
| U.S. 10 Year Bond |
4.0826 | 4.0712 |
| U.S. 30 Year Bond |
4.7235 | 4.7011 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7308 | 0.7304 |
| US $ |
1.3685 | 1.3691 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6200 | 1.6128 |
| US $ |
0.8485 | 1.1784 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
5004.80 | 5004.80 |
| Oil | ||
| WTI Crude Future | 66.39 | 66.43 |
Market Commentary:
On this day in 1961, the New York Stock Exchange delisted five stocks in one day. All were railroad or sugar companies based in Cuba. Their assets were expropriated by the new government of Fidel Castro.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.7%, or 222.53 to 33,817.51 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 1.9%.
Fortuna Mining Corp. had the largest increase, rising 12.2%.
Today, 135 of 217 shares rose, while 77 fell; 6 of 11 sectors were higher, led by materials stocks.
Insights
* This month, the index rose 5.9%
* So far this week, the index rose 2.2%, heading for the biggest advance since the week ended Jan. 9
* The index advanced 33% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is at its 52-week high and 52.1% above its low on April 7, 2025
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.8 on a trailing basis and 21.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$5.32t
* 30-day price volatility little changed to 18.33% compared with 18.35% in the previous session and the average of 13.47% over the past month
Index Points
Materials | 116.7226| 1.7| 43/13
Financials | 99.0476| 0.9| 18/5
Information Technology | 41.0520| 1.7| 6/3
Industrials | 3.5863| 0.1| 21/8
Communication Services | 3.5814| 0.6| 4/1
Real Estate | 1.5959| 0.3| 13/6
Health Care | -0.6907| -0.8| 2/2
Utilities | -0.6937| -0.1| 8/5
Consumer Discretionary | -2.6610| -0.2| 6/3
Consumer Staples | -13.1990| -1.1| 2/8
Energy | -25.8185| -0.5| 12/23
Shopify | 28.0400| 1.9| -26.8| -21.8
Wheaton Precious Metals | 20.7900| 3.3| -5.7| 27.4
RBC | 20.0200| 0.9| -30.3| 0.9
Eldorado Gold | -8.9200| -9.7| 207.4| 19.3
Barrick Mining | -11.3300| -1.4| 81.5| 9.7
Suncor | -12.9300| -2.0| -20.0| 25.1
MT Newswires:
The Toronto Stock Exchange closed a record high for a third-straight session on Friday, again buoyed by elevated commodity prices, while investor sentiment was boosted by the U.S. Supreme Court’s decision to strike down the Trump Administration’s emergency tariffs, even if he is now threatening to introduce an additional 10% global tariff.
The resource-heavy S&P/TSX Composite Index rose 222.53 points, or 0.65%, to set a new record close of 33,817.51, its 14th record finish of 2026 already, and its fourth in what has otherwise been a volatile month of trade.
Today’s gains were achieved even with sectors mixed, with Base Metals up 1.8% and Info Tech up 1.4%, while Health Care was down 1.8% and Energy lost 1.2%.
Reflecting the strength in base metals, gold traded higher on Friday, firming above the US$5,000 mark following a report the U.S. economy slowed sharply in the fourth quarter of last year while a key inflation measure rose more than expected in December.
Gold for March delivery was last seen up US$118.80 to US$5,116.20 per ounce.
Also, reflecting some weakness in Energy, West Texas Intermediate oil edged down from a six-month high early on Friday, but remained elevated as traders assess the risk of a U.S. attack on Iran.
WTI oil for March delivery closed down US$0.04 to settle at S$66.39 per barrel after rising to the highest since Aug. 1 a day earlier, while April Brent oil was down US$0.01 to US$71.65.
On the trade front, BMO Capital Markets chief economist Douglas Porter in his latest ‘Talking Points’ note noted arguably the biggest economic story of the week broke this morning, with the U.S. Supreme Court striking down the Trump Administration’s IEEPA emergency) tariffs by a 6-3 vote.
Porter said given markets had been leaning in that direction, based on the questions by the justices back in early November, the reaction was generally muted.
Porter noted long-term Treasury yields backed up modestly, as the issue of refunds was left up to the lower courts, while the U.S. dollar nudged slightly lower.
He also noted stocks, which have long since shrugged off the trade war, kept on grinding higher in a generally positive week, "with the usual dose of rotation".
Porter added: "The Administration has made it amply clear in the past few months that it is prepared to rapidly recreate the tariffs through a variety of different tools, but this ruling will somewhat constrain future tariff threats.
For Canada, the vast majority of tariffs it faces are sectoral measures and will be unaffected from this ruling, but where it could make a small difference is in the coming USMCA review, potentially removing one point of leverage."
Avery Shenfeld, chief economist at CIBC Capital Markets, in his regular ‘The Week Ahead’ note noted this week saw Japanese companies announce a US$36 billion investment in the United States.
Shenfeld said if Trump thinks that sum is "so large", then he should be really impressed with the fact that in the four years to 2024, America’s own data show that Canadian entities have added an average of $60 billion per annum to the book value of their foreign direct investment holdings in the US.
Shenfeld said: "As a consequence of such flows, the total stock of Canadian FDI assets in the US is close to the top of the chart relative to others, and far above what many larger economies have allocated."
"The flows have consistently exceeded what American entities have devoted to direct investment in Canada.
Canada’s large pension funds are part of that story, as they’ve expanded their direct investment activities in recent decades, and sought greater diversification than they could get by being concentrated in their home market.
"The reality is that, as long as Canada still has an overall trade and current account surplus with the U.S., Americans will be running a financial and capital account surplus with Canada, receiving more in investment flows of all types than it sends northbound.
Perhaps we can remind the President of that big win in upcoming talks over Canada-US-Mexico trade, and let him tweet away about it."
US
By Rita Nazareth
(Bloomberg) — Stocks advanced while bonds and the dollar slipped as traders deemed the rejection of Donald Trump’s tariff program to be a potential stress on government finances that is unlikely to change the economy’s course.
Over 330 shares in the S&P 500 rose.
The president, rebuked by Supreme Court justices earlier in his bid to impose far-reaching tariffs, said he’ll impose a 10% global levy on trading partners, and claimed that various categories of his existing program remain in place.
Still, uncertainties about any potential budget shortfall kept a lid on the greenback and Treasuries.
“The Supreme Court did not overrule tariffs, they merely overruled a particular use of IEEPA tariffs,” Trump told reporters at the White House on Friday, referencing the emergency authorities that the high court found illegal.
“Now I’m going to go in a different direction, probably the direction that I should have gone the first time.”
Asked if he would go to Congress, Trump said “I don’t need to” because the authorities he is seeking are already approved.
Ahead of the ruling, he warned that curtailing his tariffing power would unleash an economic crisis akin to the 1929 crash.
Trump said it would mean forgoing trillions of dollars that could help pay off America’s huge public debt.
Thousands of companies and importers are set to launch what could be a prolonged battle to try to recoup as much as $170 billion in tariffs they’ve already paid to the US government.
The top court was silent on the topic of refunds Friday.
Treasury Secretary Scott Bessent said that revenue collected from tariffs will be “virtually unchanged” in 2026, despite Friday’s Supreme Court ruling.
He added the Trump administration will use other mechanisms to replace the measures, including authorities granted by Congress known as Section 122, 232 and 301 authorities.
“We are not revising our US economic outlook as we expect tariffs to remain through other avenues,” said TD Securities strategists.
The S&P 500 added 0.7%, led by tech mega caps.
The US equity benchmark notched its best week since Jan. 9.
An ETF tracking emerging markets hit all-time highs.
The yield on 10-year Treasuries rose one basis point to 4.08%.
The dollar slid 0.2%.
“By this point, policy shocks should be seen as part and parcel of the investing landscape — but they have often proved so short-lived in recent years that perhaps they don’t even need to be factored into longer-term decision making, but rather taken advantage of tactically,” said Tom Garretson at RBC Wealth Management.
Investors are not going to adjust their outlook until tangible information is provided, according to Michael O’Rourke at JonesTrading.
“The market is uncertain about how to react given the lack of clarity on the exact details of the forthcoming executive order,” said Gennadiy Goldberg at TD Securities.
Neil Dutta at Renaissance Macro Research says the issue is more political than economic, at least right now.
“If Trump turns the trade knob back on, we get more uncertainty. If he decides to give in, then he is basically cooked politically,” he said.
Looking ahead, tariff policy is more likely to be recalibrated than repealed, according to Bret Kenwell at eToro.
“The best-case outcome is a framework that’s clearer and more consistent — and therefore less prone to headline-driven whiplash,” he said.
The assumption is that by eliminating the deficit-narrowing impact from the IEEPA tariffs, the US will need to borrow more over time, and that increases the probability that longer-dated coupon auction sizes increase sooner than previously expected, noted Ian Lyngen at BMO Capital Markets.
The counterpoint is that Bessent has been adamant that the bill market will be the primary source for deficit funding until fiscal year 2027 at the earliest.
“We’re certainly open to the notion that coupon auction sizes will eventually increase,” Lyngen added.
“That being said, we expect the US rates market to be in a decidedly different position once larger borrowing needs migrate out to the long bond.”
In addition to the fact that the White House has devised an alternative to the IEEPA tariffs, Lyngen also noted that not all the tariffs were overturned, so there will continue to be some positive tax revenues from the trade war – at least for the time being.
“It also merits a nod to the potential impact on forward inflation expectations,” he said.
“Tariffs were viewed as reflationary; the ruling should be considered forward disinflationary – breakevens were little changed, suggesting that the market isn’t focused on what the removal of tariffs potentially implies for consumer prices.”
Except for a knee-jerk drop in longer-term Treasuries following the court ruling, bond investors were quick to identify that, beneath the big headlines, the implications of Friday’s developments were largely already priced in, according to Will Compernolle at FHN Financial.
The 10-year yield should stay rangebound and trade between 4.02%-4.19% through next week — absent any big geopolitical surprises, he said.
Earlier Friday, data showed the world’s largest economy grew at a weaker-than-anticipated pace combined with figures that underscored stubborn inflation pressures.
Inflation-adjusted gross domestic product increased an annualized 1.4% in the fourth quarter after rising 4.4% in the prior period.
Overall, the economy expanded 2.2% last year.
The Fed’s preferred measure of underlying inflation — the core personal consumption expenditures price index — rose 0.4% in December, the most in nearly a year.
On an annual basis, the core PCE climbed 3%.
“The confusing message from today’s data confirms the current Fed bias to take their time with monetary policy,” said Art Hogan at B. Riley Wealth.
Corporate Highlights:
* Cybersecurity software shares sank after Anthropic PBC introduced a new security feature into its Claude AI model.
* Paramount Skydance Corp. said it has “no statutory impediment” in the US for closing its proposed $77.9 billion acquisition of Warner Bros. Discovery Inc., after it cleared a US antitrust hurdle.
* A Securities and Exchange Commission probe involving mobile advertising technology company AppLovin Corp. is “still active and ongoing,” the regulator said.
* Lucid Group Inc. is slashing its workforce following a difficult 2025 for the electric vehicle maker, which struggled to boost production in a volatile auto market.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.9%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World Index rose 0.5%
* Bloomberg Magnificent 7 Total Return Index rose 1.6%
* The Russell 2000 Index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.1% to $1.1786
* The British pound rose 0.2% to $1.3489
* The Japanese yen was little changed at 155.07 per dollar
Cryptocurrencies
* Bitcoin rose 1.2% to $67,712.88
* Ether rose 1.1% to $1,969.26
Bonds
* The yield on 10-year Treasuries advanced one basis point to 4.08%
* Germany’s 10-year yield was little changed at 2.74%
* Britain’s 10-year yield declined one basis point to 4.35%
Bonds
* West Texas Intermediate crude was little changed
* Spot gold rose 2% to $5,097.17 an ounce
–With assistance from Chris Nagi, Denitsa Tsekova, Isabelle Lee and Vildana Hajric.
Have a wonderful weekend everyone.
Be magnificent!
As ever,
Carolann
I believe in two principles: Your attitude is more important than your capabilities. Similarly, your decision is more important than your capabilities. -Jack Yun Ma, b.1964.
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