Dear Friends,
Tangents:
Carolann is away from the office attending the NYSE ProLive Event, so I will be writing the newsletter on her behalf.
January 14, 1784: The Continental Congress ratifies the Treaty of Paris, officially ending the American Revolutionary War. History.com
January 14, 1952: NBC’s Today show makes its television debut, pioneering the daily American morning talk format. HistoryAndHeadlines.com
January 14, 1967: The Human Be-In event in San Francisco launches what became known as the “Summer of Love.”TimeAndDate
January 14, 1973: The Miami Dolphins win Super Bowl VII, completing the only perfect season in NFL history. Britannica.com
January 14,2004: President George W. Bush unveiled a plan to send astronauts to the moon, Mars and beyond. Go to article
Faye Dunaway, actress, b. 1941.
LL Cool J, rapper and actor, b. 1968.
Dave Grohl, musician, b. 1969.
Jason Bateman, actor and director, b. 1969.
Most complete Homo habilis skeleton ever found
Scientists have unveiled the most complete skeleton yet of Homo habilis, a human ancestor from over 2 million years ago, showing strong arms and other features previously unknown.
Some “exoplanets” may be tiny primordial black holes
Researchers suggest that objects once thought to be planets could actually be miniature black holes from the early universe.
Huge SETI@Home dataset reveals 12 billion “signals of interest”
The long-running crowd-sourced search for extraterrestrial intelligence is analyzing massive datasets from the old Arecibo Observatory.
Is there such a thing as “too much” protein?
A Live Science health feature dives into evidence on high protein intake and potential downsides.
Giant anaconda species captured on video
Never-before-seen footage shows scientists discovering a new, giant anaconda species in the Amazon rainforest.
Retail sales rose more than expected in November
Washington — Sales at US retailers rose at a solid pace in November, despite jitters about the economy and a slowing labor market.
Ariana Grande will reunite with ‘Wicked’ costar Jonathan Bailey for ‘Sunday in the Park with George’
The duo will star in a new stage production of Stephen Sondheim’s legendary musical, “Sunday In The Park With George,” according to an announcement made on social media Wednesday.
BTS propelled K-pop to global stardom. Nearly four years later, they’re back
Seoul, South Korea — When the world’s biggest K-pop group announced their hiatus in late 2022, they were at the height of superstardom. They regularly topped music charts, won prestigious awards, and arguably transformed the genre into a global cultural phenomenon.
PHOTOS OF THE DAY
Urnäsch, Switzerland
Yodellers take part in Silvesterchlausen (St Sylvester’s Day festivities), a traditional custom where people chase away the old year and welcome the new one by traveling from farmstead to farmstead to yodel
Photograph: Ennio Leanza/AFP/Getty
Beirut, Lebanon
A man dives into the Mediterranean during an early morning swim as temperatures hover around 10C
Photograph: Hassan Ammar/AP
Sadovik, Bulgaria
Dancers perform a ritual around a bonfire during the Kukeri carnival, when men put on masks and go around villages, dancing with bells to drive away evil spirits and send off the old year
Photograph: Nikolay Doychinov/AFP/Getty
Market Closes for January 14th, 2026
| Market Index |
Close | Change |
| Dow Jones |
49149.63 | -42.36 |
| -0.09% | ||
| S&P 500 | 6926.60 | -37.14 |
| -0.53% | ||
| NASDAQ | 23471.75 | -238.12 |
| -1.00% | ||
| TSX | 32916.47 | +46.11 |
| +0.14% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 54341.23 | +792.07 |
| +1.48% | ||
| HANG SENG |
26999.81 | +151.34 |
| +0.56% | ||
| SENSEX | 83382.71 | -244.98 |
| -0.29% | ||
| FTSE 100* | 10184.35 | +47.00 |
| +0.46% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.358 | 3.408 |
| CND. 30 Year Bond |
3.810 | 3.860 |
| U.S. 10 Year Bond |
4.1320 | 4.1772 |
| U.S. 30 Year Bond |
4.7838 | 4.8355 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7199 | 0.7199 |
| US $ |
1.3889 | 1.3889 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6185 | 1.6168 |
| US $ |
0.8591 | 1.1640 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4606.50 | 4612.95 |
| Oil | ||
| WTI Crude Future | 62.02 | 61.15 |
Market Commentary:
|
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.1% at 32,916.47 in Toronto.
The move follows the previous session’s little change.
Today, energy stocks led the market higher, as 8 of 11 sectors gained; 136 of 218 shares rose, while 80 fell.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 4.4%.
Taseko Mines Ltd. had the largest increase, rising 12.1%.
Insights
* The index advanced 34% in the past 52 weeks. The MSCI AC Americas Index gained 19% in the same period
* The S&P/TSX Composite is 0.2% below its 52-week high on Jan. 13, 2026 and 48.1% above its low on April 7, 2025
* The S&P/TSX Composite is up 2.4% in the past 5 days and rose 4.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.2 on a trailing basis and 20.6 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$5.22t
* 30-day price volatility fell to 9.02% compared with 9.60% in the previous session and the average of 11.16% over the past month
Index Points
Energy | 88.6265| 1.8| 26/12
Materials | 71.4832| 1.1| 40/14
Financials | 20.8439| 0.2| 16/8
Industrials | 20.2309| 0.6| 20/9
Communication Services| 8.8907| 1.4| 4/1
Utilities | 3.5949| 0.3| 7/7
Consumer Staples | 2.8768| 0.3| 5/5
Real Estate | 1.4803| 0.3| 10/9
Health Care | -0.1197| -0.1| 1/3
Consumer Discretionary| -2.2640| -0.2| 6/3
Information Technology| -169.5286| -5.3| 1/9
Canadian Natural | Resources | 29.6900| 4.4| -18.7| 3.3
Nutrien | 22.9700| 8.0| 31.2| 8.5
Suncor | 18.6300| 3.3| -2.1| 13.1
Celestica | -20.3700| -5.6| -13.2| 6.0
Constellation | Software | -26.1100| -5.8| 111.9| -8.4
Shopify | -118.0000| -5.9| 69.0| -1.1
Taseko Mines | 12.1| 2.7450| 9.5| 30.2
Nutrien | 8.0| 22.9700| 31.2| 8.5
Energy Fuels | 7.5| 3.3490| 15.1| 45.7
Aritzia | -6.3| -5.7210| 197.2| 8.0
Shopify | -5.9| -118.0000| 69.0| -1.1
Constellation | Software | -5.8| -26.1100| 111.9| -8.4
MT Newswires:
The Toronto Stock Exchange on Wednesday set its fifth record close of 2026 buoyed by strength in commodity prices, even as tensions related to the outlook for trade relations with the United States capped gains.
The S&P/TSX Composite Index closed up 46.11, or 0.1%, to 32,916.47, about 40 points higher than the prior record finish set on Monday.
Most sectors were higher, led by Base Metals, up 2.9%, and Energy, up 2.6%.
In contrast, Info Tech was down 4.5%.
Earlier in the day investors were waiting to see if the U.S. Supreme Court would issue a ruling on trade tariffs imposed on nations across the globe, including Canada, by U.S. President Donald Trump.
Reuters noted the court issued three decisions on Wednesday but did not decide the closely watched dispute over the legality of Trump’s global tariffs.
It also noted the court did not announce the next date when it will issue rulings, and that it does not announce in advance which rulings will be released on a given date.
Reuters said the challenge to Trump’s tariffs marks a major test of presidential powers as well as of the court’s willingness to check some of the Republican president’s far-reaching assertions of authority since he returned to office in January 2025.
The outcome will impact the global economy, Reuters added.
Meanwhile, Canada’s CTV News noted Prime Minister Mark Carney arrived in China for the first visit by a Canadian prime minister in nearly a decade, marking a new era in diplomatic relations.
Canada’s Foreign Affairs Minister Anita Anand, travelling as part of the delegation, called the trip an important opportunity to find new areas of collaboration.
"It is a complex relationship, but Prime Minister Mark Carney is here to recalibrate the Canada-China elationship," Anand told reporters in Beijing on Wednesday, CTV said.
CTV noted China is Canada’s second largest trading partner, with bilateral trade in 2024 totaling $118 billion.
Until recently, relations between the two countries have essentially been frozen.
In fact, CTV added, Canada’s own Indo-Pacific strategy released in 2022 described China as "an increasingly disruptive power."
Of commodities, West Texas Intermediate crude oil rose for a fifth-straight session on Wednesday, climbing to the highest in three months as turmoil in Iran threatens to upset the OPEC+ member’s exports while traders wait to see if U.S. President Donald Trump will follow through on threats to step into the conflict.
WTI crude oil for February delivery closed up $0.87 to settle at US$62.02 per barrel, the highest since Oct. 8, while March Brent oil was up $1.00 to US$66.47.
Meanwhile, gold traded at a record high late afternoon as buyers move to precious metals amid continuing geopolitical turmoil, including widespread protests in Iran and concerns over a broader conflict in the region as U.S. President Donald Trump threatens to intervene, while a delayed report on U.S. wholesale prices showed inflation continued to run hot in November.
Gold for February delivery was last seen up $45.50 to US$4,644.60 per ounce, topping the record close of US$4,614.70 set on Monday.
Silver prices also rose to a record US$91.50 per ounce, up 30% since the start of the year.
US
By Rita Nazareth and Lu Wang
(Bloomberg) — A weeklong rotation that has seen investors bail from richly priced technology names in favor of more economically sensitive industries picked up speed, sending the Nasdaq 100 to its worst decline in a month while lifting the majority of companies in the S&P 500.
While the US equity benchmark saw its first back-to-back losses in 2026 amid a slide in all “Magnificent Seven” shares, over 300 of its firms actually rose.
Small caps continued to outperform, with the Russell 2000 beating the S&P 500 for a ninth straight session — matching the longest streak since 1990.
The first weeks of the year have been marked by a steady rotation out of giant tech companies, whose all-weather earnings made them safe bets at times of economic uncertainty, and into a broader category of firms tuned to improving growth prospects.
The dominance of the tech cohort in benchmarks has occasionally allowed their declines to overwhelm indexes.
In a note titled “Not as Bad as It Looks,” Steve Sosnick at Interactive Brokers says a deeper look shows a more mixed market than the declines in major indices might indicate.
“This is a demonstration of what occurs when rotation affects the stocks that dominate key indexes,” he added.
As earnings rolled in, Wells Fargo & Co. sank after missing profit estimates while concern about Bank of America Corp.’s expense outlook offset solid results.
Citigroup Inc. slipped as top executives reined in analyst exuberance about the bank racing toward the finish line on key regulatory requirements and reducing its expenses.
“The expectations for this earnings season are very high,” said Matt Maley at Miller Tabak.
“If those expectations are not met in today’s stock market — which is priced for perfection — it’s going to create some headwinds.”
Treasuries remained higher after a batch of economic data was seen as unable to justify a shift in expectations for monetary policy.
Money markets continued to project the next Federal Reserve rate cut only in mid-2026.
Meantime, the US Supreme Court didn’t rule on challenges to President Donald Trump’s tariffs Wednesday, leaving the world to wait until at least next week to learn the fate of his signature economic policy.
The S&P 500 fell 0.5%.
Its equal-weighted version – which gives Dollar Tree Inc. as much clout as Apple Inc. – added 0.4%.
The Nasdaq 100 slid 1.1%.
The Russell 2000 rose 0.7%.
The yield on 10-year Treasuries dropped four basis points to 4.14%.
A dollar wavered. Bitcoin jumped about 3.5%.
Metals extended their dramatic start to the year — with gold, silver and copper hitting record highs.
Oil fell after the close as Trump said he had been assured that Iran would stop killing protesters, in a signal he could hold off on a threatened military response to the repression of demonstrations.
Investors’ newfound affinity for companies that benefit most from an accelerating economy is in for a tough earnings test.
Robust forecasts will be needed to justify a rotation from tech that is notable after years that saw a handful of megacap AI firms do the heavy lifting.
The Fed’s monetary easing has reopened the case for economically sensitive sectors at a time when traders are questioning the durability of the artificial intelligence trade, prompting money managers to diversify away from the bull market’s longtime winners.
Regardless of what happens with tech stocks in 2026, Clark Bellin at Bellwether Wealth says he expects the “broadening story” to play an even bigger role this year as the bull market grinds along.
“Ultimately, we see a bit more downside for the S&P 500, but there are plenty of opportunities on the long side as this ‘rotation nation’ continues,” said Jonathan Krinsky at BTIG.
A “rotational” bull market is likely after three strong years of returns, currently rewarding investors willing to rotate “down-cap” into value leaders showing relative strength, noted Craig Johnson at Piper Sandler.
After a four-year period of sideways trading, we’re finally seeing the Russell 2000 break out above multi-year resistance and attempt to make another leg higher, noted Bespoke Investment Group strategists.
The gauge has outperformed the S&P 500 since its closing low on Nov. 20, and Bespoke says the best sectors in small caps during this rally have been materials, industrials, consumer discretionary, and technology — all cyclicals.
One of the widest gaps recently between small and large-cap sector performance has been in technology, though.
The average Russell 2000 tech stock has far outpaced the large-cap tech sector (cap-weighted) in the span.
“This is another example of the rally broadening out from the previously concentrated gains seen in mega-cap tech,” Bespoke said.
Optimism among clients of Goldman Sachs Group Inc. surged to the highest level in about a year, as confidence in global growth outweighed geopolitical and macroeconomic concerns.
Goldman’s Risk Appetite Indicator climbed to the highest since early 2025, placing it in the 96th percentile historically, data from the bank’s trading desk show.
While elevated risk appetite is often seen as a sign that investors are growing over-exuberant, dynamic growth in the US and other regions may justify the bullish outlook this time around according to Lee Coppersmith, managing director at Goldman Sachs.
A market stall would not be unexpected given the rally, as a pause is becoming commonplace during earnings season in recent quarters due to a combination of a rally coming into earnings, skepticism over the durability of the consumer and the AI trade, and the blackout period for share repurchases, according to Mark Hackett at Nationwide.
“That said, the balance of power remains squarely in the bulls’ favor given the economic strength, earnings acceleration, fiscal and monetary stimulus, and technical tailwinds,” he noted.
On the macro front, US retail sales rose in November by the most since July, fueled by a rebound in auto purchases and resilient holiday shopping. Wholesale inflation picked up slightly on a jump in energy costs, even as prices for services were unchanged.
“This data likely doesn’t change anything for the Federal Reserve, which ended up cutting rates back in December even without knowing this data,” said Bellin at Bellwether Wealth.
“We expect the Federal Reserve to remain on hold for the next six months and then cut rates by one or two times in the second half of 2026.”
Economic activity picked up at a “slight to modest pace” in most parts of the US since mid-November, the Fed said in its Beige Book survey of regional contacts.
“This marks an improvement over the last three report cycles where a majority of districts reported little change,” the report said.
Corporate Highlights:
* OpenAI signed a multiyear deal to use hardware from Cerebras Systems Inc. for 750 megawatts’ worth of computing power, an alliance that will support the company’s rapid build-out of AI infrastructure.
* Alphabet Inc.’s Google said its Gemini artificial intelligence assistant can now proactively tap into users’ data across Gmail, Search, Photos and YouTube, an attempt to make its consumer- facing AI product more personalized.
* Tesla Inc. will stop selling the assistance system it calls Full Self-Driving for a one-time fee and transition entirely to a monthly subscription model, according to Elon Musk.
* Boeing Co. warned operators in 2011 that a key structural component found cracked in the plane involved in November’s fatal crash of a United Parcel Service Inc. freighter had failed on prior occasions.
* Airbnb Inc. has hired a former Meta Platforms Inc. executive as its new chief technology officer, as the short-term rental company is investing to include more artificial intelligence and personalization elements into its service this year.
* Saks Global Enterprises filed for Chapter 11 bankruptcy protection, a humbling turn in a chapter of the iconic luxury retailer’s history marked by mounting losses, flagging turnaround efforts and substantial merger-related debt.
* A group of banks has slashed the pricing on $8.5 billion of leveraged loans to help fund the buyout of medical-device maker Hologic Inc., underscoring strong investor appetite for risk.
* DoorDash Inc. and Uber Technologies Inc. have deprived New York delivery workers of more than $550 million in tips after changing the interfaces on their apps, according to findings released in a report from a city agency.
* Shell Plc and Exxon Mobil Corp. canceled a proposed deal to sell natural gas assets in the North Sea to upstart firm Viaro Energy.
* The leader of Stellantis NV said that the Franco-American- Italian carmaker intends to maintain its structure as a global company after a sweeping review of its business.
* Bristol Myers Squibb Co. said about 5% of Opdivo patients are taking a new, easier-to-use version of the blockbuster cancer drug and said it’s on course to meet the company’s goal of adoption by at least 30% of patients in two years.
* Biogen Inc.’s new at-home Alzheimer’s drug will give the company an edge over rival Eli Lilly Co.’s competing therapy, its chief executive officer said in an interview.
* Novo Nordisk A/S is back on the hunt for deals to boost its obesity portfolio after losing US biotech Metsera Inc. in a bidding war with Pfizer Inc. late last year.
* Infosys Ltd. raised its annual sales forecast, signaling that a protracted slump in corporate information technology spending is starting to ease helped by adoption of newer technologies such as artificial intelligence and cloud services.
* Honda Motor Co. plans to increase production of cheaper gasoline-fueled vehicles this year, a reflection of lower US emissions standards and a new-car affordability crisis.
* Taiwan Semiconductor Manufacturing Co.’s blistering rally has left investors boxed in, as crowded long positions make it difficult for both bulls and bears to place fresh bets on the stock.
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 1.1%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index fell 0.3%
* S&P 500 Equal Weighted Index rose 0.4%
* Bloomberg Magnificent 7 Total Return Index fell 1.5%
* The Russell 2000 Index rose 0.7%
* Wells Fargo fell 4.6%
* Citigroup fell 3.3%
* Bank of America fell 3.8%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1644
* The British pound was little changed at $1.3435
* The Japanese yen rose 0.3% to 158.59 per dollar
Cryptocurrencies
* Bitcoin rose 3.7% to $97,511.87
* Ether rose 5.3% to $3,379.31
Bonds
* The yield on 10-year Treasuries declined four basis points to 4.14%
* Germany’s 10-year yield declined three basis points to 2.81%
* Britain’s 10-year yield declined six basis points to 4.34%
* The yield on 2-year Treasuries declined one basis point to 3.52%
* The yield on 30-year Treasuries declined four basis points to 4.79%
Commodities
* West Texas Intermediate crude fell 1.7% to $60.14 a barrel
* Spot gold rose 1% to $4,631.30 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Shima
"As long as there’s political uncertainty around the energy space, stock prices will come down." — Thomas Boone Pickens
Shima Zangeneh
Assistant to Carolann Steinhoff
Queensbury Securities Inc.
340A – 730 View Street
Victoria BC V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828