Dear Friends,
Tangents: Happy Monday.
February 23, 1781: Engineer James Watt’s patent for a rotary motion for the steam engine is granted, enabling efficient conversion of reciprocating motion into continuous rotation for industrial machinery.
February 23, 1954: The first mass inoculation of children against polio with the Salk vaccine began, in Pittsburgh. Go to article.
1945: Iwo Jima Day.
| ‘Proof by intimidation’: AI is confidently solving ‘impossible’ math problems. But can it convince the world’s top mathematicians? |
AI could soon spew out hundreds of mathematical proofs that look "right" but contain hidden flaws, or proofs so complex we can’t verify them. How will we know if they’re right? Read More.
| A coffin holding a dead ‘princess’ fell from an eroded cliff over 100 years ago — archaeologists just solved a major mystery about her |
Dendrochronological analysis of a mysterious log coffin that tumbled from a cliff a century ago reveals clues to life in Roman-era Poland. Read More.
| Ancient ‘Asgard’ microbe may have used oxygen long before it was plentiful on Earth, offering new clue to origins of complex life |
A new study suggests that ancient microbes once cast as oxygen haters may have actually learned to use the gas, offering a clue to how the first complex cells — and, eventually, all plants and animals — evolved. Read More.
| Rule-breaking black hole found growing at 13 times the cosmic ‘speed limit,’ challenging theories |
An ancient, fast-feeding quasar is breaking the rules of how black holes consume matter and generate galaxy-shaping jets. Read More.
| ‘Universal’ nasal-spray vaccine protects against viruses, bacteria and allergens in mice |
In an early animal test, a new nasal-spray vaccine has shown promise against a variety of germs and a common allergen, scientists report. Read More.
| Your own voice could be your biggest privacy threat. How can we stop AI technologies exploiting it? |
Voices contain countless cues about their owners, and new research suggests that computers might use them to facilitate a range of bad behaviors. Read More.
| Ultrafast quantum chemistry engine could speed up the development of new medicines and materials |
The powerful software can reduce the time needed to simulate reactions with large molecules from weeks to just minutes. Read More.
Robots in public spaces
See how one major city is using robots to help firefighters combat blazes and assist with other emergency services.
PHOTOS OF THE DAY
Surabaya, Indonesia
Jaranan dancers perform as Muslims gather in a park to wait for breaking the Ramadan fast
Photograph: Robertus Pudyanto/Getty Images
York, UK
A woman pushing a pram walks past Viking re-enactors outside York Minster during the Jorvik Viking festival
Photograph: Danny Lawson/PA
Kaluga oblast, Russia
Spectators watch a 25-metre-high construction by the Russian artist Nikolai Polissky being set ablaze during Maslenitsa, the traditional Slavic holiday marking the end of winter
Photograph: Getty Images
Market Closes for February 23rd, 2026
| Market Index |
Close | Change |
| Dow Jones |
48804.06 | -821.91 |
| -1.66% | ||
| S&P 500 | 6837.75 | -71.76 |
| -1.04% | ||
| NASDAQ | 22627.27 | -258.80 |
| -1.13% | ||
| TSX | 33776.50 | -41.01 |
| -0.12% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 56825.70 | -642.13 |
| -1.12% | ||
| HANG SENG |
27081.91 | +668.56 |
| +2.23% | ||
| SENSEX | 83294.66 | +479.95 |
| +0.58% | ||
| FTSE 100* | 10684.74 | -2.15 |
| -0.02% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.183 | 3.217 |
| CND. 30 Year Bond |
3.682 | 3.704 |
| U.S. 10 Year Bond |
4.0309 | 4.0826 |
| U.S. 30 Year Bond |
4.7020 | 4.7235 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7303 | 0.7308 |
| US $ |
1.3693 | 1.3685 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6192 | 1.6148 |
| US $ |
0.8479 | 1.1792 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
5053.20 | 5004.80 |
| Oil | ||
| WTI Crude Future | 66.31 | 66.39 |
Market Commentary:
On this day in 1995, Wall Street was in what a trader at Furman Selz called a “jubilant, boisterous” mood as Alan Greenspan told Congress that he saw no need for the Federal Reserve to raise interest rates. Less than four years after the Dow Jones Industrial Average broke the 3000 mark, it closed above 4000 for the first time, finishing the day at 4003.33
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.1% at 33,776.50 in Toronto.
The move follows the previous session’s increase of0.7%.
Shopify Inc. contributed the most to the index decline, decreasing 7.1%.
Goeasy Ltd. had the largest drop, falling 7.8%.
Today, 107 of 217 shares fell, while 106 rose; 5 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index rose 5.8%
* The index advanced 34% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is at its 52-week high and 52% above its low on April 7, 2025
* The S&P/TSX Composite is up 2.1% in the past 5 days and rose 1.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.8 on a trailing basis and 22 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$5.35t
* 30-day price volatility fell to 18.22% compared with 18.33% in the previous session and the average of 14.34% over the past month
Index Points
Financials | -148.1709| -1.4| 6/18
Information Technology| -124.9990| -5.1| 1/8
Industrials | -59.9364| -1.7| 3/26
Consumer Discretionary| -4.6437| -0.4| 1/8
Real Estate | -0.4737| -0.1| 13/5
Health Care | 0.4675| 0.5| 2/2
Communication Services| 4.4511| 0.7| 5/0
Utilities | 7.6895| 0.7| 10/4
Energy | 23.1742| 0.4| 18/18
Consumer Staples | 26.3108| 2.3| 9/1
Materials | 235.1378| 3.3| 38/17
Shopify | -104.5000| -7.1| -24.9| -27.3
Brookfield Corp | -40.4600| -4.3| 31.6| -4.3
Bank of Montreal | -23.8300| -2.4| 3.6| 9.4
Kinross Gold | 24.7300| 6.4| 6.3| 25.9
Wheaton Precious | Metals | 25.0400| 3.8| -44.3| 32.3
Agnico Eagle Mines | Ltd | 63.5900| 5.8| -26.6| 41.6
MT Newswires:
Canada’s main stock market was down largely on some profit taking Monday, after three successive record closes to end last week, but losses on the resources heavy Toronto Stock Exchange may have been limited by a still elevated gold price and optimism that Bank of Nova Scotia will tomorrow kick off what is expected to be a strong Q1 earnings results season from the nation’s biggest banks.
Today, the TSX eased 41.01 points or 0.12% at 33,776.50.
Sectors were mixed, with Info Tech (down near 3.3%) and Industrials (down 1.7%) leading the decliners, while the Battery Metals Index (up 3.35%) and Base Metals (up 1.4%) led the gainers.
Reflecting Base Metals, gold rose to a three week high by midafternoon Monday as the dollar weakened after the U.S. Supreme Court last Friday ruled against President Trump’s use of emergency tariffs, a decision that was quickly followed by Trump saying he will use different legislation to impose 10% tariffs on global imports, followed on the weekend by raising that levy to 15%.
Gold for March delivery was up $143.30 to US$5,224.20 per ounce, the highest since the metal closed at a record high of US$5,345.80 on Jan. 29.
But, in reflecting a flat Energy sector, West Texas Intermediate closed lower, even as it maintained an elevated risk premium as tensions run high between the United States and Iran ahead of indirect talks between the two scheduled for later this week.
WTI crude oil for April delivery closed down $0.17 to settle at US$66.31 per barrel, while April Brent oil was last seen down $0.39 to US$71.37.
The Financials sector was down 1.3% even as the consensus estimate from FactSet is for Scotiabank (BNS.TO, BNS) to post tomorrow a Q1 2026 EPS of $1.95 compared to $1.76 in Q1 of 2025 and $1.93 in Q4 of 2025.
Scotia will be the first of Canada’s top six banks to report Q1 earnings, with each of the other five due out with their respective results over the two days following.
RBC Capital Markets in its preview of Canadian banks’ earnings published earlier this month said it was modelling higher results as Q1 tends to be the strongest trading quarter historically, though it expects some offset with lower fee revenue in capital markets. In a note to clients, analyst Darko Mihelic is increasing the banks’ core EPS estimates by 2% on average for the large Canadian banks it covers.
"On average, we expect core EPS to increase near 3% QoQ and near 7% YoY in Q1 2026."
Meanwhile, S&P Global Ratings before the close of trade today published a note that said the U.S. Supreme Court’s decision to strike down the sweeping tariffs President Trump implemented through his use of certain emergency powers "doesn’t end the uncertainty about the ultimate contour of tariffs, as the administration pivots to other options." Price: 33776.50, Change: -41.01, Percent Change: -0.1
US
By Rita Nazareth
(Bloomberg) — Stocks fell and bonds rose as renewed anxiety over the impact of artificial intelligence on company profits joined lingering tariff uncertainty in squelching risk appetites.
Bitcoin dropped below $65,000.
Gold rallied.
The S&P 500 slid 1%.
Tech, delivery and payment shares got hit as Citrini Research laid out the potential AI risks to various industries.
DoorDash Inc. and American Express Co. sank over 6.5%.
An ETF focused on software firms lost 4.8%.
International Business Machines Corp. tumbled 13% in its worst day since October 2000 as Anthropic said its Claude Code can help modernize COBOL, a programming language mainly run on IBM computers.
“The software selloff is a reminder of what can happen when momentum-driven sectors shift into reverse,” said Steve Sosnick at Interactive Brokers.
“The broader, more important question is: How many sectors can go into reverse before they drag the broader market along with them?”
Rising anxiety over the impact of AI disruption is prompting traders to dump shares of any company seen at the slightest risk of being displaced.
Those worries have also grown despite solid results from mega caps amid doubts over whether big investments in the technology will pay off soon.
Investors also parsed the implications of trade developments.
After the Supreme Court’s decision Friday to nix President Donald Trump’s “reciprocal” tariffs, the White House announced plans to replace the prior levies with a new, across- the-board 15% tariff on US imports.
“The push and pull with tariffs are likely to be a distracting theme for markets for the remainder of the year, albeit with less volatility than the initial shock last April,” said Michael Landsberg at Landsberg Bennett Private Wealth Management.
As caution prevailed, haven currencies outperformed while gold topped $5,200.
A rally in Treasuries sent 10-year yields down five basis points to 4.03%.
Key events this week include Trump’s State of the Union address tomorrow, Nvidia Corp.’s results Wednesday and a Friday reading on producer prices.
Federal Reserve Governor Christopher Waller said his March rate call will hinge on jobs data.
“Given the various economic risks and uncertainties that can be linked to the tariff drama, we expect the Fed’s wait-and- see approach to be reinforced,” said Ian Lyngen at BMO Capital Markets.
At Edward Jones, Angelo Kourkafas said the newly announced 15% tariff rate is unlikely to have a meaningful impact on economic activity.
“We advise investors not to overreact to headlines, and we reiterate our constructive outlook for global equity markets, supported by strong corporate profit growth and healthy economic activity,” he added.
With the tech sector lagging amid concerns about AI disruption, he says a balance between growth- and value-style sectors will be key to investor success this year.
“We recommend overweight positions in industrials, health care, and consumer discretionary, offset by underweights in consumer staples and utilities,” Kourkafas noted.
Corporate Highlights:
* Anthropic PBC Chief Executive Officer Dario Amodei will meet with US Defense Secretary Pete Hegseth on Tuesday, according to a senior Pentagon official, as contract talks with the artificial intelligence startup remain deadlocked over the company’s insistence on guardrails for use of its technology.
** Anthropic said three leading artificial intelligence developers in China worked to “illicitly extract” results from its AI models to bolster the capabilities of rival products.
* PayPal Holdings Inc., the digital payments pioneer, is attracting takeover interest from potential buyers after a stock slide wiped out almost half of its value, according to people familiar with the matter.
* Abbott Laboratories is selling $20 billion of bonds to help fund its acquisition of cancer-screening company Exact Sciences Corp., one of the US high-grade market’s biggest offerings this year.
* Gilead Sciences Inc. agreed to buy US cancer-focused biotech Arcellx Inc. for as much as $7.8 billion as it seeks to boost its drug pipeline.
* Merck & Co. is splitting its main pharmaceutical unit in two in an effort to better highlight the parts of the business that are growing, as it stares down a patent cliff for its best- selling cancer drug Keytruda.
* Novo Nordisk A/S’s next-generation weight-loss drug CagriSema isn’t even on the market yet, but the company’s chief executive officer is already batting back suggestions that the drug is obsolete following the release of disappointing trial results.
* Domino’s Pizza Inc. reported a larger-than-expected rise in comparable sales, as consumers were drawn to the pizza chain’s budget-friendly pies.
* Chevron Corp. emerged as the front-runner to take control of Iraq’s second-largest oil complex from Russian producer Lukoil PJSC after signing a deal to engage in exclusive talks over the giant field.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.2%
* The Dow Jones Industrial Average fell 1.7%
* The MSCI World Index fell 0.9%
* Bloomberg Magnificent 7 Total Return Index fell 1.5%
* The Russell 2000 Index fell 1.6%
* iShares Expanded Tech-Software Sector ETF fell 4.8%
* DoorDash fell 6.6%
* American Express fell 7.2%
* IBM fell 13%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1789
* The British pound was little changed at $1.3492
* The Japanese yen rose 0.2% to 154.71 per dollar
Cryptocurrencies
* Bitcoin fell 4.5% to $64,552.25
* Ether fell 4.5% to $1,863.28
Bonds
* The yield on 10-year Treasuries declined five basis points to 4.03%
* Germany’s 10-year yield declined three basis points to 2.71%
* Britain’s 10-year yield declined four basis points to 4.31%
Commodities
* West Texas Intermediate crude was little changed
* Spot gold rose 2.5% to $5,235.71 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Regret for the things we did can be tempered by time; it is regret for the things we did not do that is inconsolable. –Sydney J. Harris, 1917-1986.
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