Dear Friends,
Tangents: Happy Friday.
February 28, 1933: The Reichstag fire occurs, exploited to dismantle democratic checks and consolidate Nazi power.
February 28, 1997: Legislation banning most handguns in Britain went into effect. Go to article.
Olaf Palme, Prime Minister of Sweden, assassinated, 1986.
Warner Bros. Discovery bidding war
Netflix backed out of the bidding war for Warner Bros. Discovery on Thursday, leaving Paramount poised to acquire Warner’s sprawling media portfolio, including CNN.
Pok?mon at 30
Nearly 30 years after Pok?mon’s launch, some rare trading cards are fetching millions of dollars, sparking a modern-day collecting frenzy.
Goodbye to the ‘iPad kid’ era
Kids glued to their tablets have become a familiar sight at restaurants. But that norm may be shifting: More parents are embracing hands-on, offline activities for their children, according to Pinterest’s latest Parent Trend Report.
| Humans and Neanderthals interbred — but it was mostly male Neanderthals and female humans who coupled up, study finds |
A preference for pairings between male Neanderthals and female Homo sapiens may answer the question of why there are "Neanderthal deserts" in human chromosomes. Read More.
| Fresh look at Apollo moon rocks solves decades-old mystery about the moon’s magnetic field |
The lunar rocks collected by Apollo astronauts suggested the moon had a strong magnetic field. A new analysis shows the opposite. Read More.
| ‘Revolutionary’: Vera C. Rubin Observatory found 800,000 objects of interest in a single night |
The Vera C. Rubin Observatory sent scientists nearly 1 million astronomy alerts in one night, showing off changes in the sky. Eventually, the telescope is expected to reach 7 million alerts per night. Read More.
| Science history: Carbon-14 is discovered, opening a window into past civilizations — Feb. 27, 1940 |
Martin Kamen and Samuel Ruben’s discovery of the radioactive isotope carbon-14 in 1940 helped usher in a new era of dating artifacts from past civilizations. Read More.
A pile of rocks ceases to be a pile of rocks when somebody contemplates it with the idea of a cathedral in mind. -Antoine de Saint-Exupery.
PHOTOS OF THE DAY
Third, Up and Coming Photographer of the Year: Shared Time by Jinny Kim
‘Heaven’s Gate is a breathtaking section of the Nohoch Nah Chich underwater cave system in Mexico. The experience of entering this space felt like a profound shift from the present into the distant past. Fundamental elements converge in a powerful dance: nature and humanity, light and darkness, and the ephemeral trail of the diver’s rising air bubbles. I aimed to express the intense emotions and sheer awe that overwhelmed me in that ethereal place. It is a moment of pure, raw connection with the planet’s hidden wonders.’
Runner-up, Wrecks: Living Wreck Country by Jean-Baptiste Cazajous
‘The Donator, or Prosper Schiaffino, is a cargo ship sunk by a mine in 1945 near Le Lavandou in France. It is one of the most famous wrecks on France’s Mediterranean coast. It is an amazing artificial reef: every inch of it is covered in life. Gorgonians, sponges – it’s a beautiful mix of colours. It shelters very important fauna, with thousands of anthias, large schools of all kinds of fish, groupers, dentex and more.’
Runner-up, Coral Reefs: Sunset Patrol by Renee Capozzola
‘This image of a shark patrolling a vibrant coral reef at sunset was shot in Fakarava, a coral atoll in French Polynesia’s Tuamotu archipelago renowned for its pristine ocean environment. Designated a Unesco biosphere reserve in 1977, sharks thrive here in their natural habitat. Sharks signify a balanced reef ecosystem so it is my hope that this image can help serve as a model for successful conservation and sustainability.’
Market Closes for February 27th, 2026
| Market Index |
Close | Change |
| Dow Jones |
48977.92 | -521.28 |
| -1.05% | ||
| S&P 500 | 6878.88 | -29.98 |
| -0.43% | ||
| NASDAQ | 22668.21 | -210.17 |
| -0.92% | ||
| TSX | 34339.99 | -161.97 |
| -0.47% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 58850.27 | +96.88 |
| +0.16% | ||
| HANG SENG |
26630.54 | +249.52 |
| +0.95% | ||
| SENSEX | 81287.19 | -961.42 |
| -1.17% | ||
| FTSE 100* | 10910.55 | +63.85 |
| +0.59% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.127 | 3.172 |
| CND. 30 Year Bond |
3.625 | 3.668 |
| U.S. 10 Year Bond |
3.9375 | 3.4178 |
| U.S. 30 Year Bond |
4.6106 | 3.5619 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7328 | 0.7313 |
| US $ |
1.3645 | 1.3674 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6207 | 1.6115 |
| US $ |
0.8469 | 1.1807 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
5167.35 | 5167.35 |
| Oil | ||
| WTI Crude Future | 67.39 | 65.47 |
Market Commentary:
On this day 1991, President George H.W. Bush ordered a ceasefire effective at midnight and declared victory in the Persian Gulf War. Oil prices had surged the previous summer when Iraq invaded Kuwait but had their largest ever single day plunge after coalition bombing began in Jan. 1991.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.5% at 34,339.99 in Toronto.
The move was the biggest loss since Feb. 17 and follows the previous session’s increase of 1.1%.
Today, financials stocks led the market lower, as 7 of 11 sectors lost; 100 of 217 shares fell, while 116 rose.
Shopify Inc. contributed the most to the index decline, decreasing 4.4%.
Aritzia Inc. had the largest drop, falling 7.8%.
Insights
* This month, the index rose 7.6%
* So far this week, the index rose 1.5%
* The index advanced 37% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is 0.5% below its 52-week high on Feb. 26, 2026 and 54.5% above its low on April 7, 2025
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.5 on a trailing basis and 17.8 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$5.45t
* 30-day price volatility rose to 18.61% compared with 18.52% in the previous session and the average of 15.53% over the past month
Index Points
Financials | -205.1964| -1.9| 3/20
Information Technology| -83.2352| -3.4| 1/9
Consumer Discretionary| -9.5418| -0.9| 2/7
Industrials | -7.4109| -0.2| 8/21
Real Estate | -1.7144| -0.4| 11/8
Consumer Staples | -0.9744| -0.1| 5/5
Health Care | -0.0921| -0.1| 2/2
Utilities | 7.7875| 0.7| 12/2
Communication Services| 8.4613| 1.3| 3/2
Energy | 52.4889| 0.9| 27/10
Materials | 77.4647| 1.0| 42/14
Shopify | -63.9500| -4.4| 25.1| -25.5
RBC | -39.9400| -1.8| 62.2| -2.5
Bank of Montreal | -36.4700| -3.6| 55.2| 10.1
Canadian Natural | Resources | 10.4900| 1.2| 79.6| 28.4
Enbridge | 15.4000| 1.4| 22.2| 10.3
Agnico Eagle Mines | Ltd | 19.4600| 1.6| 62.9| 47.2
MT Newswires:
The Toronto Stock Exchange slumped Friday, mostly on some profit taking after it set six record closes over the prior seven sessions, but losses on the resources-heavy index were capped by higher commodity prices, while investors continue to welcome news of a swing in foreign direct investment into a rare surplus.
The S&P/TSX Composite Index closed down 161.97 points, or 0.5%, to 34,339.99, falling off the 17th record close of 2026 set Thursday, with sectors mixed over Friday’s session.
For a second successive day, Info Tech led decliners , down 2.5%, while Financials was down near 2%.
Telecom led gainers, up 1.65%, with Energy, up 1.15% and the Battery Metals Index, up 1.1%, next.
BMO Capital Markets Chief Economist Douglas Porter in his regular Friday ‘Talking Points’ note noted even as the Canadian economy remains "challenged by relentless trade uncertainty", the TSX continues to "find its own path".
Prior to Friday’s stumble, the index managed to rise more than 1% this week to hit an record high above 34,500 and was up 8% in the first two months of the year.
Porter noted a rebound in gold and firmer oil prices assisted, but Q1 bank earnings were also "greeted favorably".
He also noted economy-wide profits rose more than 6% in 2025, topping nominal GDP growth of 4.3% on the year.
More broadly, Canada may be benefitting from a diversification push away from U.S. markets, where valuations are rich, Porter said.
Porter cited as just as one small sample of the shift into Canada in the past year a "welcome" swing in foreign direct investment into a rare surplus.
For Q4 alone, quarterly net FDI inflows were $11.6 billion, driven by M&A activity.
Looking at the four-quarter trend reveals that for the first time in more than a decade, and only the second time in the past 18 years, Canada had a net inflow in FDI in 2025 of $17.3 billion, Porter noted.
For perspective, Porter said that alone would have funded more than half of the current account deficit of $30.4 billion last year.
He noted there are three major types of FDI: M&A, greenfield investments, and reinvested earnings.
In 2025, the latter remained in a large outflow position of $47 billion "and is normally in a deficit because of Canada’s large stock of outstanding investments abroad" while M&A was in a large offsetting surplus.
Net new FDI investments were, thus, in a surplus of $17.6 billion for the year, "which is encouraging news for an economy looking for new growth avenues", Porter added.
Of commodities, gold rose to the highest in a month Friday following a report U.S. wholesale inflation rose above expectations in January.
Gold for April delivery was last seen up US$86.50 to US$5,280.70 per ounce, the highest since the record close of US$5,354.80 on Jan. 29.
Also, West Texas Intermediate crude oil rose to a six-month high as a third round of talks between the U.S. and Iran ended with an agreement to meet again next week amid reports Iran is balking at U.S. demands it abandon its uranium enrichment program, raising worries President Trump will decide to strike at the OPEC+ member.
WTI crude oil for April delivery closed up US$1.81 to settle at US$67.02 per barrel, the highest since Aug. 1, while April Brent crude was up US$1.81 to US$72.56.
US
By Rita Nazareth
(Bloomberg) — Wall Street traders shunned riskier corners of the market, with stocks falling on geopolitical concerns and any issues related to private credit — a key funding source for technology companies.
Treasuries climbed at the end of their best month in a year.
Oil jumped.
Friday’s drop drove the S&P 500 to its biggest monthly loss since March.
Anxiety about an artificial-intelligence bubble resurfaced as OpenAI raised $110 billion.
Banks sank, with investors remaining jittery after the recent collapse of a UK mortgage firm.
UBS Group AG strategists this week said private- credit default rates could hit as high as 15% if AI sparks an “aggressive” disruption.
Also weighing on sentiment were a hotter-than-estimated reading on producer prices and Middle East risks.
Iran is conducting regular and unexplained activity at bombed uranium- enrichment sites, United Nations inspectors said.
“The most-pressing issue facing the markets is now the situation in the Middle East,” said Matt Maley at Miller Tabak.
“However, the concerns surrounding the tech sector and the credit markets are not far behind.”
A BlackRock Inc. private debt fund cut its dividend, a private credit fund overseen by Apollo Global Management Inc. marked down the value of its assets while some creditors of failed UK mortgage firm Market Financial Solutions Ltd. Warned there may be a ?930 million ($1.3 billion) shortfalls in collateral backing their loans.
Meantime, Goldman Sachs Group Inc.’s asset management arm said redemption rates and software exposure are both relatively low in one of its biggest retail-oriented private credit funds.
The S&P 500 fell 0.4%.
The yield on 10-year Treasuries slid five basis points to 3.95%.
Oil hovered near $67 a barrel.
Gold topped $5,200.
While the latest inflation reading came in stronger than expected, Gina Bolvin says the report wasn’t a deal-breaker.
“For investors, this is a volatility moment, not a turning point,” noted the president of Bolvin Wealth Management Group.
“Focus on pricing power, earnings strength, and selective opportunities as the Fed stays patient.”
Despite all the turmoil in February, the S&P 500 was less than 1% lower for the month.
“Given the tall wall of worry — AI volatility, Nvidia- driven swings, tariffs, geopolitics and stubborn inflation — you’d expect a sharper drop,” said Mark Hackett at Nationwide.
“That resilience suggests this is more of a pause than a turning point, and once it clears, the path of least resistance is higher.”
Corporate Highlights:
* Dell Technologies Inc. gave an outlook for sales of its AI servers that exceeded estimates.
* CoreWeave Inc. reported a bigger-than-expected loss and boosted capital expenditures.
* Paramount Skydance Corp. clinched its deal for Warner Bros. Discovery Inc., outmaneuvering Netflix Inc. after a months-long battle.
* Block Inc. said it was reducing its workforce by nearly half in a bet on AI. Jack Dorsey’s firm also raised its outlook for gross profit.
* Sweetgreen Inc. reported a weak fourth quarter and said annual sales would fall much more than Wall Street expected.
* Duolingo Inc. said its drive to gain subscribers would mean slower earnings growth in the short term.
What Bloomberg Strategists say…
“Stock investors are skittish enough that any signs of reviving inflation is weighing on already-fragile sentiment.
But the message from Friday’s data — that producer costs indicate that companies’ retail margins are increasing — may be less threatening than feared.”
—Tatiana Darie, Macro Strategist, Markets Live
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average fell 1.1%
* The MSCI World Index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.1% to $1.1814
* The British pound was little changed at $1.3475
* The Japanese yen was little changed at 156.18 per dollar
Cryptocurrencies
* Bitcoin fell 2.7% to $65,639.65
* Ether fell 4.9% to $1,931.06
Bonds
* The yield on 10-year Treasuries declined five basis points to 3.95%
* Germany’s 10-year yield declined five basis points to 2.64%
* Britain’s 10-year yield declined four basis points to 4.23%
Commodities
* West Texas Intermediate crude rose 3.1% to $67.26 a barrel
* Spot gold rose 1.5% to $5,263.30 an ounce
Have a wonderful weekend everyone.
Be magnificent!
As ever,
Carolann
Write the bad things that are done to you in sand but write the good things that happen to you on a piece of marble. -Arabic Proverb.
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