Dear Friends,
Tangents: Three Kings Day – The Epiphany.
January 6, 1066 – Harold Godwinson crowned King of England Following the death of Edward the Confessor, Harold Godwinson was confirmed as King of England, a key moment leading up to the Norman Conquest. Wikipedia
January 6, 1838 – Samuel Morse demonstrates his telegraph system, a turning point for long-distance communication. Go to article.
1929 – Mother Teresa arrives in India Mother Teresa arrived in Calcutta (now Kolkata) to begin her lifelong work serving the poorest and sickest people there. Wikipedia
Joan of Arc, saint, b. 1412.
Carl Sandburg, poet, b. 1878.
Kahlil Gibran, poet, b.1883.
| 1,100-year-old burials of elite warriors and their ornate weapons discovered in Hungary |
The 1,100-year-old burials of three elite warriors — two of whom were possibly father and son — have been discovered in Hungary. Read More.
| Hundreds of iceberg earthquakes are shaking the crumbling end of Antarctica’s Doomsday Glacier |
Glacial earthquakes are rocking the Doomsday Glacier in Antarctica. Read More.
| Even AI has trouble figuring out if text was written by AI — here’s why |
There are several methods for detecting whether a piece of text was written by AI. They all have limitations — and probably always will.
Samsung’s new phone looks straight out of science fiction
This new phone folds in two places — almost like a brochure — to cram an iPad-sized screen into your pocket.
‘Autofocus’ glasses can change their lenses in real time
A Finnish company is developing smart glasses that feature eye-tracking sensors and lenses that can instantly adjust the prescription.
Anything is possible in luxury car customization
Want your Rolls Royce to match your pet Labrador? Here’s how high-end automakers are turning their clients’ wildest wishes into reality.
From graffiti to grandeur
This man once tagged trains with graffiti. Now he’s responsible for one of the most opulent trains in the world.
PHOTOS OF THE DAY
Washington DC, US
Fireworks illuminate the Lincoln Memorial during an event to celebrate the start of the 250th anniversary of the founding of the US.
Photograph: Rod Lamkey/AP
Istanbul, Turkey
Greek Orthodox swimmers take part in an Epiphany tradition in which they race to retrieve a crucifix thrown into the Bosphorus River.
Photograph: Erdem Şahin/EPA
Harbin, China
A couple arrive for a mass wedding at the annual Snow & Ice festival.
Photograph: Ng Han Guan/AP
Market Closes for January 6th, 2026
| Market Index |
Close | Change |
| Dow Jones |
49462.08 | +484.90 |
| +0.99% | ||
| S&P 500 | 6944.82 | +42.77 |
| +0.62% | ||
| NASDAQ | 23547.17 | +151.35 |
| +0.65% | ||
| TSX | 32407.02 | +188.47 |
| +0.58% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 52518.08 | +685.28 |
| +1.32% | ||
| HANG SENG |
26710.45 | +363.21 |
| +1.38% | ||
| SENSEX | 85063.34 | -376.28 |
| -0.44% | ||
| FTSE 100* | 10122.73 | +118.16 |
| +1.18% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.432 | 3.420 |
| CND. 30 Year Bond |
3.890 | 3.882 |
| U.S. 10 Year Bond |
4.1730 | 4.1651 |
| U.S. 30 Year Bond |
4.8651 | 4.8579 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7237 | 0.7260 |
| US $ |
1.3816 | 1.3773 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6149 | 1.6192 |
| US $ |
0.8555 | 1.1688 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4490.35 | 4456.40 |
| Oil | ||
| WTI Crude Future | 58.32 | 58.32 |
Market Commentary:
On this day in 1982, the Business Cycle Dating Committee of the National Bureau of Economic Research, the official arbiter of the nation’s economic recessions and expansions, finally declared that a U.S. recession had begun—back in July 1981, that is.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.6%, or 188.46 to 32,407.02 in Toronto.
Barrick Mining Corp. contributed the most to the index gain, increasing 4.7%.
First Majestic Silver Corp. had the largest increase, rising 10.1%.
Today, 142 of 218 shares rose, while 75 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* The index advanced 30% 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 45.8% above its low on April 7, 2025
* The S&P/TSX Composite is up 1.6% in the past 5 days and rose 3.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.8 on a trailing basis and 20.2 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$5.12t
* 30-day price volatility fell to 9.95% compared with 10.07% in the previous session and the average of 12.55% over the past month
Index Points
Materials | 185.5556| 3.1| 52/4
Information Technology | 60.6675| 1.9| 10/0
Industrials | 34.3895| 1.0| 21/8
Consumer Discretionary | 15.0541| 1.4| 9/0
Utilities | 5.7995| 0.5| 11/3
Real Estate | 2.8183| 0.6| 10/8
Health Care | 0.4539| 0.5| 2/2
Communication Services | -2.8347| -0.5| 2/3
Consumer Staples | -8.1669| -0.8| 3/7
Energy | -39.4616| -0.8| 8/30
Financials | -64.3933| -0.6| 14/10
Barrick Mining | 34.5500| 4.7| -18.4| 10.3
Shopify | 33.6700| 1.7| -6.0| 5.4
Agnico Eagle Mines | Ltd | 29.5700| 3.5| -12.5| 7.3
Enbridge | -14.0200| -1.4| 28.3| -3.9
TD Bank | -18.2500| -1.2| 323.1| 1.1
RBC | -27.4600| -1.2| 34.3| 0.6
MT Newswires:
The Toronto Stock Exchange has closed up 187 points, to another record high, with miners (+2.7%) and technology (+2%) stocks the best performers.
Energy and financials are down 0.8% and 0.6%, respectively.
Canadian stocks look poised for a solid performance in 2026, writes Morningstar Research.
Names in the materials and financial sectors will likely drive the country’s stock market higher, due to lower interest rates, strong consumer spending, continued geopolitical uncertainty, and potential resolution of the tariff conflict with the United States.
Canada’s stock market has seen three years of gains in a row.
In 2025, the Morningstar Canada Index rallied 32%.
The last time Canada saw gains of this magnitude was 2009, when the market jumped 39% in a rebound from the global financial crisis, Morningstar added.
"While no market leads forever, the Canadian stock market enters 2026 with meaningful tailwinds and a more balanced foundation than the US … the case for continued relative strength is very much alive," says Desjardins Capital Markets macro strategist Tiago Figueiredo.
Materials and financials, the Toronto Stock Exchange’s two largest sectors, and which account for about half the entire market, are expected to have another strong year in 2026.
Prices of gold and other metals, including silver and copper, are expected to climb further this year, says Ashish Dewan, investment strategist at Vanguard Canada.
Dewan also notes that the expectation that interest rates will remain low for much of the year bodes well for the financial sector in 2026.
For Rosenberg Research, Canadian Big Six banks are the "quiet quality" trade, with author Mehmet Beceren describing the banks as "low-volatility exposure with dependable dividends and profitability" that could be positioned as a stabilizer if technology euphoria fades or policy shocks hit risk assets.
Canadian banks have also reported higher and steadier ROE achieved with lower leverage versus U.S. and European peers, with 2025 profit growth (+16%) and expectations for continued earnings growth in 2026.
Global diversification away from U.S. dollar assets, commodities-linked appeal, and improving funding conditions are likely to support returns in 2026, Berecen writes.
US
By Ira Iosebashvili, Andre Janse van Vuuren and Kwaku Gyasi
(Bloomberg) — US stocks closed at a new record on Tuesday, continuing a run driven by investor optimism over artificial intelligence and expectations of easier monetary policy from the Federal Reserve.
The S&P 500 Index finished up 0.6% to top a closing high hit in late December.
The tech-heavy Nasdaq 100 Index climbed 0.9%, while the small-cap focused Russell 2000 notched a 1.4% gain.
Stock investors have largely shrugged off tensions in Venezuela to extend a three-year bull run fueled by demand for AI–linked shares.
A weaker than expected US Services PMI reading reported on Tuesday bolstered rate cut hopes, with business activity and jobs market data due later this week.
“Despite the solid performance of the last three years, we think this bull market has more to go,” said David Lefkowitz, head of US equities at UBS Global Wealth Management, in a recent note.
The firm’s year end price target on the S&P 500 is 7,700, some 11% from where the index trades today.
The AI theme remains in focus after a flurry of late updates Monday from chip giants at the CES trade show in Las Vegas.
Gainers in the tech space on Tuesday included shares of Amazon.com Inc., Micron Technology and Microsoft Corp. Nvidia Corp.
Chief Financial Officer Colette Kress said a bullish revenue forecast that the chipmaker gave in October has only gotten brighter due to strong demand.
More broadly, still-elevated money-market balances sitting at a record $7.6 trillion promise to support the theory that US stocks tend to rise more in January than in other months, according to Scott Rubner, Citadel Securities’ head of equity and equity derivatives strategy.
Gold climbed 1% as the rally in precious metals extended, while silver rose 6%.
Brent crude unwound earlier gains and was down around 2%.
US Treasury yields crept higher, and the dollar advanced.
Sunny Outlook
Optimism for the S&P 500 remains strong, with the latest Markets Pulse survey predicting another rally following three years of double-digit gains. Such a feat was last accomplished at the end of the previous century.
The US benchmark will climb as much as 20% this year, according to 60% of the 590 respondents to a poll conducted in the last three weeks of December.
Less than a third of participants expected losses for the index while only a 10th saw more than 20% in gains.
The S&P 500’s 14-day relative strength index also suggests that US stocks might have further room to run, in contrast with other regions that have surpassed levels typically seen as overbought.
For the time being, though, some investors are diversifying their exposure.
Equity positioning drifted lower across US indexes last week as longs were unwound and new shorts put in place, according to Citigroup Inc. strategists.
“We expect U.S. interest rates to be higher than consensus and higher than the rate of inflation, for longer,” wrote Qian Wang, Vanguard global head of capital market research.
“So fixed income will remain attractive even beyond the important portfolio diversification benefits that it offers.”
What Bloomberg Strategists say…
“January is shaping up as a potential stress test for the market’s low bond volatility narrative.
After a subdued end to last year, rates have been trading as if policy risks are largely parked.
And the stakes extend well beyond rates.
Suppressed bond volatility has been a key pillar for the equity rally, particularly in rate-sensitive technology stocks.”
— Brendan Fagan, FX Strategist, Markets Live
Corporate News:
* One of the largest US oil refiners sees a potential reopening of Venezuela’s oil industry as a major boost to fuel-makers that rely on heavier crude grades.
* American International Group Inc. said Chief Executive Officer Peter Zaffino intends to retire as CEO by midyear and will be replaced by Aon Plc’s Eric Andersen.
* Buyout firm Hg is in advanced talks to acquire financial software maker OneStream Inc., according to people familiar with the matter. OneStream surged 22% in premarket trading.
* Nvidia Corp. Chief Executive Officer Jensen Huang said that the company’s highly anticipated Rubin data center processors are in production and customers will soon be able to try out the technology.
* Intel Corp. showed off laptop computers based on processors with a new design, part of the chipmaker’s effort to make its products competitive again.
* Advanced Micro Devices Inc., aiming to make a dent in Nvidia Corp.’s stranglehold on the AI hardware market, announced a new chip for corporate data center use and talked up the attributes of a future generation of products for that market.
* Anheuser-Busch InBev SA/NV will reacquire a 49.9% stake in its US metal container plants from a consortium of institutional investors led and advised by Apollo Global Management Inc. in a deal estimated to be around $3 billion.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 1:59 p.m. New York time
* The Nasdaq 100 rose 0.9%
* The Dow Jones Industrial Average rose 1%
* The MSCI World Index rose 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.3% to $1.1689
* The British pound fell 0.3% to $1.3499
* The Japanese yen fell 0.2% to 156.74 per dollar
Cryptocurrencies
* Bitcoin fell 2.2% to $91,980.06
* Ether fell 0.6% to $3,217.09
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.18%
* Germany’s 10-year yield declined three basis points to 2.84%
* Britain’s 10-year yield declined three basis points to 4.48%
Commodities
* West Texas Intermediate crude fell 1.6% to $57.37 a barrel
* Spot gold rose 0.9% to $4,488.94 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Neil Campling, Subrat Patnaik, Christian Dass and Isabelle Lee.
Have a lovely evening.
Be magnificent!
As ever,
Carolann
The most important thing to remember is this: to be ready at any moment to give up what you are, for what you might become. –W.E.B. Du Bois,1868-1963.
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
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