Dear Friends,

Tangents: Happy Friday Eve.

February 26, 1815: Napoleon departs Elba, triggering the Hundred Days and a final reshaping of European power politics.

February 26, 1993: a bomb exploded in the garage of New York’s World Trade Center, killing six people and injuring more than 1,000 others. Go to article.

February 26, 1848: Communist manifesto published.

February 26, 1919: Grand Canyon National Park established.

Victor Hugo, writer, b. 1802.

“Buffalo Bill” Cody, frontiersman, b. 1846.

Johnny Cash, singer/songwriter, b. 1932.

Something interesting that I read last night:

Expert birdwatchers have brain differences that may underlie their remarkable ability to identify unfamiliar birds and suggest that birdwatching can reshape the brain in much the same way as learning a language or a musical instrument does. Such activities may bolster cognitive reserve, the brain’s ability to defend itself against ageing and adapt to damage.

When learning or practicing a skill, the brain reorganizes itself, strengthening and streamlining relevant pathways. This ability, known as neuroplasticity, underpins the development of expertise. It is why professional musicians show structural changes in brain regions involved in hearing, and athletes exhibit similar adaptations in motor areas. (Source: newscientist.com. The path to a better brain runs through Bird News Items, we’re told.)

Important Fact: Wind turbines kill up to 100,000 birds each year in the UK; a study found that painting one of the blades black cut this death toll by 70%.

‘Rare and enigmatic’ structures found at the Milky Way’s center in largest-ever map of its kind

Scientists using the ALMA telescope have created the most-detailed-ever map of the Milky Way’s chaotic center. The observations could open a window to the ancient universe as it appeared shortly after the Big Bang. Read More.

We now know why shoes squeak, and it involves miniature lightning bolts

Harvard engineers think they’ve found the reason basketball shoes squeak, and it’s due to pockets of friction between the rubber and the court. Read More.

Kazakhstan plants tens of thousands of trees in giant effort to reintroduce tigers

Kazakhstan planted 37,000 seedlings and cuttings in South Balkhash last year to prepare for the return of its tigers, which disappeared more than 70 years ago. Read More

Babies weren’t supposed to be mourned in the Roman Empire. These rare liquid-gypsum burials prove otherwise.

Despite historical records saying otherwise, Roman babies were mourned at death, research into unique plaster burials from York reveals. Read More.

Korean, with a Latin twist
K-pop powerhouses BTS and KATSEYE are headed to Colombia, showcasing just how huge the phenomenon has become.

Word of the Week: Where did this ‘nor’easter’ come from?
Despite the archaic look of the word, with its folksy apostrophe, the widespread adoption of "nor’easter" is a relatively recent trend.

Video: How airlines power through extreme winter weather
CNN goes under the wing at Chicago’s O’Hare International Airport as workers race to turn a United jet for an on-time departure in brutal cold.

Rock & Roll Hall of Fame announces nominations
Shakira, Wu-Tang Clan and Mariah Carey are among 17 artists who are nominated for the Rock & Roll Hall of Fame class of 2026.

PHOTOS OF THE DAY

Seoul, South Korea

LED fireballs called Jwibullori during the traditional festival of the first full moon day of the lunar year. Jwibullori is a custom of setting fire to the banks surrounding rice paddies or other fields to chase away rats
Photograph: Jeon Heon-Kyun/EPA

Banda Aceh, Indonesia

A man walk inside Baiturrahman Grand mosque during Ramadan
Photograph: Hotli Simanjuntak/EPA

Phoenix, US

People silhouetted against the setting sun while hiking at Papago park in Arizona
Photograph: Charlie Riedel/AP

Market Closes for February 26th, 2026

Market Index	Close	Change
Dow Jones	49499.20	+17.05
		+0.03%
S&P 500	6908.86	-37.27
		-0.54%
NASDAQ	22878.38	-273.70
		-1.18%
TSX	34501.96	+374.63
		+1.10%

International Markets

Market Index	Close	Change
NIKKEI	58426.97	-326.42
		-0.56%
HANG SENG	26381.02	-384.70
		-1.44%
SENSEX	82247.61	-27.46
		-0.03%
FTSE 100*	10846.70	+40.29
		+0.37%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.172	3.205
CND. 30 Year Bond	3.668	3.967
U.S. 10 Year Bond	3.4178	4.0461
U.S. 30 Year Bond	3.5619	4.6933

BOC Close	Today	Previous
Canadian $	0.7313	0.7312
US $	1.3674	1.3675

Euro Rate 1 Euro=		Inverse
Canadian $	0.6194	1.6142
US $	0.8471	1.1804

Commodities

Gold	Close	Previous
London Gold Fix	65.47	65.32
Oil
WTI Crude Future	5167.35	5120.25

Market Commentary:

On this day in 1954, the New York Stock Exchange introduced its first major advertising campaign with the theme: “Own Your Share of American Business.” Canada By Bloomberg Automation (Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 1.1%, or 374.63 to 34,501.96 in Toronto. The move was the biggest since rising 1.5% on Feb. 18. Shopify Inc. contributed the most to the index gain, increasing 4.6%. Enerflex Ltd. had the largest increase, rising 17.7%. Today, 167 of 217 shares rose, while 48 fell; 9 of 11 sectors were higher, led by materials stocks. Insights * In the past year, the index had a similar or greater gain 18 times. The next day, it advanced 12 times for an average 0.9 and declined six times for an average 1.2% * This month, the index rose 8.1% * So far this week, the index rose 2% * The index advanced 36% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period * The S&P/TSX Composite is at its 52-week high and 55.2% above its low on April 7, 2025 * The S&P/TSX Composite is up 2.7% in the past 5 days and rose 4.3% in the past 30 days * S&P/TSX Composite is trading at a price-to-earnings ratio of 22.2 on a trailing basis and 22.6 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$5.4t * 30-day price volatility rose to 18.52% compared with 18.30% in the previous session and the average of 15.11% over the past month Index Points Materials | 156.6358| 2.1| 47/8 Information Technology | 78.5212| 3.3| 9/1 Industrials | 70.0470| 2.0| 27/2 Financials | 41.2299| 0.4| 17/7 Consumer Discretionary | 9.4283| 0.9| 6/3 Energy | 8.7841| 0.2| 26/11 Real Estate | 6.5419| 1.4| 17/1 Utilities | 5.4933| 0.5| 9/5 Communication Services | 1.1126| 0.2| 2/3 Health Care | -0.9688| -1.1| 0/4 Consumer Staples | -2.1903| -0.2| 7/3 Shopify | 64.2100| 4.6| -33.0| -22.1 Agnico Eagle Mines | Ltd | 29.5100| 2.6| -33.4| 44.8 CIBC | 25.9100| 2.9| 16.6| 14.0 Cameco | -6.4840| -1.3| -6.7| 28.6 Celestica | -16.7800| -5.2| 17.2| -6.0 RBC | -49.7500| -2.1| -1.7| -0.8 MT Newswires: The Toronto Stock Exchange on Thursday set its sixth record close in seven sessions and its 17th of the year as TD Economics noted foreign direct investment in Canada has reached the highest level since 2007, but in a separate note acknowledged it expects tariff instability to remain a theme in 2026, The resources-heavy S&P/TSX Composite Index closed up 374.63 points, or 1.1%, at 34,501.96, even with commodity prices easing, and while U.S. markets were lower. According to Dow Jones Market Data, FactSet, going in today’s session the TSX was month to date up 6.90%, and year to date up 2,414.57 points or 7.61%. Most sectors were higher, but for rare occasion it was Industrials that led gainers alongside Info Tech, both up 2%. Health Care was the biggest loser, down near 1.3%. Of commodities, gold edged off a month high by late afternoon Thursday as the price of the metal remains rangebound after correcting from its Jan. 29 record close. Gold for April delivery was last seen down US$10.10 to US$5,216.100 per ounce, as it continues to trade around the US$5,200 mark despite strong physical demand and a weak U.S. dollar. with the record high of $5,354.80 remaining out of reach as the market consolidates after rising 62% in the six months preceding the record. Also, West Texas Intermediate crude oil closed lower as talks between the United States and Iran resume in Geneva, while a report showed an outsized rise in U.S. oil inventories last week. WTI crude oil for April delivery closed down US$0.21 to settle at US$65.21 per barrel after trading as low as US$63.60 during the session. April Brent oil was down US$0.5 to US$70.80. News around increasing foreign direct investment into Canada has boosted sentiment around the economy, and markets, in recent days. TD Economist Maria Solovieva noted foreign direct investment into Canada totaled $25.1 billion in Q4, bringing full year 2025 to $96.8 billion, above $91.6 billion in 2024, marking the highest annual inflows since 2007. Shem noted merger and acquisition activity was the primary driver of the increase, while sector gains were concentrated in trade and transportation and management companies, followed by manufacturing. Solovieva also noted U.S. direct investment into Canada totaled $12.1 billion in Q4 and $52.5 billion for the year, roughly in line with 2024. Foreign direct investment from countries other than the U.S. amounted to $3.7 billion in Q4 2025 and $40.9 billion in 2025, up modestly from $39.4 billion in 2024, with the United Kingdom the largest non-U.S. source. Against this, Solovieva noted Canadian direct investment abroad slowed to $13.5 billion in Q4, bringing full-year 2025 to $79.4 billion, well below 2024’s $123 billion outflow and the lowest level since 2020. In a separate note, TD’s Chief Economist Beata Caranci said she expects tariff instability to remain a theme in 2026, even if last week’s U.S. Supreme Court decision was significant in setting limitations around use of IEEPA and executive power. "Importantly, however," Caranci said, "the judgement was met with a cautious response globally, since it doesn’t alter the overarching intent and strategy of the Trump administration. Tariffs will remain a primary tool in redefining trade relationships, evidenced by the executive order citing alternative powers with sections 122 and 301 and section 232 remains a tool." Even before the much-awaited decision, guardrails around the application of tariffs were becoming more evident, Caranci noted. According to her, only one third of Trump’s tariff threats have turned into actual outcomes. "A key distinction of what turns a threat into a reality is the existence of an executive order, but even this isn’t a guarantee, she added. "For instance," Caranci said, "tariffs were scheduled to rise on wood products from 25% to 50% on January 1st of this year. This was pushed out to 2027, with the administration citing a desire to have more time to reach productive negotiations with trade partners. This explanation, however, reveals an important limitation on rule breaking. The administration is sensitive to any tariff that immediately impacts household affordability ahead of mid-term elections. In this case, wood product tariffs would directly hit prices on bathroom vanities, cabinetry and similar items." Caranci added: "Applying the same logic, Trump’s threat of tariffs on all Canadian goods was not realistic but was meaningful in defining the limits of a trade agreement Canada can reach with China. On the other hand, the threat of 50% tariffs on Canadian made aircraft had more credibility because it was targeted and does not immediately feed downstream to consumers. "So threats that are further upstream on manufacturers and wholesalers should be taken more seriously than on final consumer goods, at least in the near term." The Canadian Press is reporting that Canada-U.S. Trade Minister Dominic LeBlanc says he will meet with U.S. Trade Representative Jamieson Greer late next week in Washington, D.C. The discussions come as both countries are preparing for the mandatory review of the Canada-U.S.-Mexico Agreement on trade.

US
By Rita Nazareth
(Bloomberg) — Wall Street traders lifted stocks away from session lows as oil erased its gain amid signs of progress in US nuclear talks with Iran.
Chipmakers sank as Nvidia Corp.’s results failed to inspire investors seeking reassurances about artificial intelligence.
Bonds rose.
While the S&P 500 fell, about 350 of its shares advanced.
The Nasdaq 100 lost 1.2%.
Even after giving a bullish forecast, Nvidia tumbled 5.5%, dragging down almost every company in a key semiconductor gauge.
Salesforce Inc. gave a strong estimate for long-term sales and announced a large share buyback, assuaging some fears about AI disruption of the software industry.
The mixed Wall Street response reflects uncertainties swirling around the revolutionary technology.
After soaring for much of the past few years, Nvidia has gone cold amid questions about massive AI spending.
Meanwhile, traders have been fleeing companies seen as potentially under threat of being displaced.
The reason why investors didn’t launch into a frenzy after seeing revenue, net income, and guidance come in way better than expected is that Nvidia rarely misses on those metrics, according to Hardika Singh at Fundstrat Global Advisors.
“But where it did miss was easing investors’ concerns about its narrowing moat in the evolving world of compute and explaining its gameplan for how it’ll fare in a world of AI disruption that could upend all kinds of businesses from cybersecurity to food delivery to banks,” she said.
Michael Burry, who made his name shorting the US housing market, added to the worries.
He noted that Nvidia has purchase obligations of $95.2 billion, compared with $16.1 billion a year earlier.
That could be risky if demand wavers.
The S&P 500 lost 0.5%.
The yield on 10-year Treasuries fell four basis points to 4.01%.
The dollar wavered.
Oil fell 0.3% to settle at $65.21 a barrel.
The US and Iran will continue nuclear talks next week after making “significant progress” in Switzerland, mediator Oman said.
Nvidia’s earnings and guidance were good, but there are still some questions about whether the firm can maintain its huge gross margins going forward, according to Matt Maley at Miller Tabak.
As we move into March, he sees a few issues that could create some headwinds.
Whether it be anxiety over AI profitability, worries over the impact of that technology on several sectors or concerns surrounding the private-credit market, Maley said there are plenty of reasons to think next month will be a rough one for stocks.
“However, momentum is a very powerful force in the marketplace,” he added.
“So, if we can see a further advance as we move into March, we might finally see the broad market experience another rally leg off of the 2022 bear-market lows.”

Corporate Highlights:
* The Pentagon escalated its ongoing dispute with Anthropic PBC, making public a threat to effectively ban the artificial intelligence startup from the US military’s vast supply chain.
* Paramount Skydance Corp. reported fourth-quarter sales and earnings that beat Wall Street projections, just days after submitting a new bid to acquire entertainment rival Warner Bros. Discovery Inc.
* JM Smucker Co. said two new directors will be joining its board as part of an agreement reached with activist investor Elliott Investment Management.
* Celsius Holdings Inc. posted sales which more than doubled from a year earlier following its acquisition of Alani Nu.
What Bloomberg Strategists say…
“This earnings season has offered plenty of evidence that the price action has overshot fundamentals.
However, none of that matters because not even good news can lift up sentiment — and that’s a dangerous zone for stocks be in.
The threat is that risk aversion now spills into the broader market, not just tech.”
—Tatiana Darie, Macro Strategist, Markets Live
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.2%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1801
* The British pound fell 0.5% to $1.3491
* The Japanese yen rose 0.1% to 156.14 per dollar
Cryptocurrencies
* Bitcoin fell 2.3% to $67,332.09
* Ether fell 3.7% to $2,023.23
Bonds
* The yield on 10-year Treasuries declined four basis points to 4.01%
* Germany’s 10-year yield declined two basis points to 2.69%
* Britain’s 10-year yield declined four basis points to 4.27%
Commodities
* Spot gold rose 0.6% to $5,198.07 an ounce

Have a wonderful evening.

Be magnificent!

As ever,

Carolann

Love isn’t saying, I love you, but calling to say, did you eat? – Marlon James, b. 1970.

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

www.carolannsteinhoff.com