Dear Friends,
Tangents: Happy Friday.
July 10, 2026: 🌎📡Telstar 1 launches, relaying the first live television signals across the Atlantic and opening the door to real-time global broadcasting.
July 10, 1985: 🌈🚢Rainbow Warrior sunk, Greenpeace.
⛪John Calvin, founder of Presbyterianism, b. 1509.
🎨James M. Whistler, artist, b. 1834.
📚Marcel Proust, writer, b. 1871.
🎾Arthur Ashe, tennis player, b. 1943.
💬Necessity never made a good bargain. -Benjamin Franklin.
| 🪙Dirty ‘button’ unearthed by metal detectorist turns out to be a rare 900-year-old coin from Norway’s last Viking king, Magnus Barefoot |
A rare coin from the reign of Magnus Barefoot — sometimes called Norway’s last Viking king, was mistaken for a button before researchers realized it was the first of its kind found on Norwegian soil. Read more.
| 🪳🤖Scientists build tiny ‘diving suit’ for cockroaches, turning them into search-and-rescue cyborgs |
Researchers in Singapore and Japan have built a waterproof shell for cyborg cockroaches that could be deployed in disaster zones to investigate flooded areas. Read more.
| 🌌‘Astronomers have to revise estimates’: The Milky Way may be larger, heavier and more lopsided than we realized |
New measurements suggest that two of the Milky Way’s spiral arms are around 10% farther away from Earth than we thought. The findings may require experts to revise estimates of the total size of our home galaxy. Read more.
| ⚛️🔬Quantum computing wielded to create extremely rare material critical to nuclear fusion |
Nuclear fusion inches closer after scientists combine supercomputing, AI and quantum computing to blueprint a way to create more tritium. Read more.
| 🧮⚛️‘Complex numbers are not needed for quantum mechanics’: Physicists develop quantum model that uses only ‘real’ numbers for first time ever |
Physicists have built a real-number version of quantum mechanics that makes all the same predictions as the standard theory, resolving a question that’s simmered since the field began. Read more.
PHOTOS OF THE DAY
Dunsden Green, UK
The sun rises over countryside in Oxfordshire at the beginning of another hot day. Temperatures of 35C or higher have now been recorded in May, June and July of the same year for the first time in the UK, the Met Office has said
Photograph: Geoffrey Swaine/Shutterstock
Henley, UK
Visitors watch fireworks as the sun sets over the Thames during the Henley festival. The annual music and arts festival relaxed its black tie dress code for audience members on its opening day because of the heatwave
Photograph: James Robinson
Konya, Turkey
An aerial view of the Selçuklu flower garden, where approximately 385,000 flowers of 84 varieties from 28 different species bloom across 11,500 sq metres. The garden attracts thousands of visitors each year
Photograph: Serhat Cetinkaya/Getty Images
Market Closes for July 10th, 2026
| Market Index |
Close | Change |
| Dow Jones |
52637.01 | +149.60 |
| +0.28% | ||
| S&P 500 | 7575.39 | +31.75 |
| +0.42% | ||
| NASDAQ | 26281.61 | +74.72 |
| +0.29% | ||
| TSX | 35305.31 | +104.86
+0.30% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 68557.73 | +813.88 |
| +1.20% | ||
| HANG SENG |
24175.12 | +144.94 |
| +0.60% | ||
| SEN SEX | 77569.39 | +827.57 |
| +1.08% | ||
| FTSE 100* | 10497.29 | +24.84 |
| +0.24% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.514 | 3.524 |
| CND. 30 Year Bond |
3.922 | 3.938 |
| U.S. 10 Year Bond |
4.5612 | 4.5511 |
| U.S. 30 Year Bond |
5.0587 | 5.0649 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7064 | 0.7057 |
| US $ |
1.4156 | 1.4169 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6173 | 1.6199 |
| US $ |
0.8747 | 1.1431 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4108.71 | 4124.36 |
| Oil | ||
| WTI Crude Future | 72.08 | 72.08 |
Market Commentary:
On this day in 1986, People Express, the upstart discount airline, rejected a takeover offer from Frank Lorenzo’s Texas Air. Instead, People Express sold its Frontier Airlines division to United, resolving to remain independent. Two months later, on the verge of bankruptcy, People Express sold out to Texas Air for roughly half the price it could have gotten in July.
🍸Canada 🍹
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.3%, or 104.86 to 35,305.31 in Toronto.
The index advanced to the highest closing level since June 16.
Royal Bank of Canada contributed the most to the index gain, increasing 1.0%.
Aritzia Inc. had the largest increase, rising 7.4%.
Today, 103 of 221 shares rose, while 113 fell; 4 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index was little changed
* The index advanced 30% in the past 52 weeks. The MSCI AC Americas Index gained 21% in the same period
* The S&P/TSX Composite is 0.9% below its 52-week high on June 17, 2026 and 31.5% above its low on Aug. 1, 2025
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.8 on a trailing basis and 16.9 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$5.55t
* 30-day price volatility fell to 13.01% compared with 13.14% in the previous session and the average of 13.83% over the past month
Index Points
Financials | 119.3560| 0.9| 12/10
Consumer Discretionary | 15.5393| 1.4| 7/1
Consumer Staples | 12.8764| 1.1| 9/1
Information Technology | 5.3982| 0.2| 6/3
Health Care | -0.4170| -0.4| 1/4
Utilities | -0.5549| 0.0| 7/6
Communication Services | -1.7026| -0.3| 1/3
Real Estate | -1.7426| -0.4| 5/13
Industrials | -4.6946| -0.1| 17/13
Energy | -8.0789| -0.1| 17/20
Materials | -31.3646| -0.6| 21/39
RBC | 29.0800| 1.0| -28.4| 27.7
CIBC | 22.1800| 2.1| -6.5| 34.2
Scotiabank | 19.2900| 1.8| -18.8| 22.6
TC Energy | -6.9330| -1.0| -36.7| 26.2
Shopify | -8.0320| -0.5| -27.2| -21.5
Agnico Eagle Mines Ltd | -11.9400| -1.6| -56.4| -10.7
MT Newswires:
The Toronto Stock Exchange rose on Friday as gains in energy, financial and base-metals stocks outweighed weakness in telecom shares, while investors assessed mixed Canadian employment data.
The S&P/TSX Composite Index closed up 104.86 points, or 0.3%, to 35,305.31, with mixed sectors.
Battery Metals Index led gainers, up 5.35%, with Information and Technology, Energy, Financial, and Base Metals, up 0.59%, 0.10%, 0.94%, and 0.94%, respectively.
Telecom led decliners, down 0.65%, while Health Care, down 0.17%, Utilities, down 0.04%, and Industrials, down 0.12%.
In commodities, gold traded lower on Friday as treasury yields rose. Gold for August delivery was last seen down $27.30, or 0.7%, to $4,113.50 per ounce.
The price of the metal has hovered above the $4,000 mark for the past two weeks, staying well under its Jan. 29 record high of $5,354.90.
Meanwhile, West Texas Intermediate (WTI) crude oil closed lower on Friday as fighting between the U.S. and Iran continues, while some ships continue to move out of the Persian Gulf through the Strait of Hormuz, boosting supply.
WTI crude oil for August delivery closed down $0.67, or 0.9%, to settle a $71.41, while September Brent oil was last seen down $0.42, or 0.6%, to $75.88.
In currencies, the UBS bank said the recent rise in the US dollar against the Canadian dollar has been driven by a widening divergence in interest rate expectations between the Federal Reserve and the Bank of Canada, making next week’s BoC meeting a key focus for the currency pair.
UBS is bearish on the Canadian dollar in the near term, expecting USD/CAD to stay elevated before easing toward 1.40 early next year.
Despite Canadian inflation accelerating to more than 3% annually, UBS said the BoC remains one of the least likely major central banks to tighten policy, as persistent weakness in the Canadian economy continues to weigh on the outlook.
"We expect the BoC to leave its policy stance unchanged next week," wrote UBS in its note.
Canada’s central bank is scheduled to release its policy decision on Wednesday.
Additionally, Canada’s labor market showed mixed signals. Canada’s labor market continued to cool in June, with employment a tad higher, thanks to private-sector job gains more than offsetting declines among public-sector workers, said the country’s statistical agency in its Labour Force Survey (LFS) Friday.
Canada gained 18,000 jobs, or 0.1% month over month, in June, while the unemployment rate edged down to 6.5% from 6.6%, according to Statistics Canada.
The job increases were roughly in line with a 10,000-consensus rise provided by MUFG before the release of the LFS.
The unemployment rate was expected to stay at 6.6% in the consensus.
Private-sector employment increased by 32,000, or 0.2% monthly, which offset a 31,000 decline, or 0.7% month over month, in public-sector jobs, added StatsCan.
Sector performance was mixed, led by 15,000 gains in accommodation and food services, while manufacturing fell by 17,000.
"Manufacturing, where job losses continue to mount, remains a poster child of the uncertainty hanging over the Canadian economy.
It is a reminder that the economy continues to operate below capacity, with downside risks concentrated in trade-exposed sectors," wrote TD economist Maria Solovieva.
CIBC’s Andrew Grantham and Desjardins’ Royce Mendes separately noted that the summer job market for youths improved for the second straight month, and the unemployment rate for 15-24 year olds fell to 12.7%, from 13.4% in May and 14.3% in April. Mendes linked this improvement to the reduction in non-permanent residents, with the youth population shrinking in 2026.
US
By Rita Nazareth
(Bloomberg) — Wall Street traders drove stocks higher in the countdown to the earnings season, with SK Hynix Inc. jumping in its debut and the market parsing the latest geopolitical developments.
In the final stretch of a week of gains for equities, the S&P 500 came closer to record highs.
American depositary receipts of the South Korean memory chipmaker surged 13% above their offering price after a blockbuster share sale.
Oil briefly climbed when President Donald Trump said the US considers the ceasefire with Iran to be over but fell as he noted talks would continue.
“The muted reaction to the re-escalation of Iran tensions this week is prime evidence that the market is looking past geopolitical tensions,” said Clark Bellin at Bellwether Wealth.
“While the stock market is gearing up for another strong earnings season, expectations are higher.”
Despite the stock advance, major benchmarks saw mild moves Friday.
The earnings backdrop remains supportive, but some are concerned that expectations have become elevated and will likely wait for confirmation before pushing the market sustainably higher, according to Mark Hackett at Nationwide.
“While there are pockets of the market exhibiting lottery- like behavior, the broader market remains sober and skeptical,” Hackett said.
“It is far from the kind of complacency that typically leads to a sustained drawdown.”
The earnings season will be about justifying the premium valuations investors have already assigned to the companies, according to Kenny Polcari at SlateStone Wealth.
“The street has priced in exceptional earnings growth, and now management teams have to prove those expectations were warranted,” he said.
What’s interesting about the quarter, Polcari noted, is that we haven’t seen the usual wave of warnings. In fact, more S&P 500 companies have issued positive than negative guidance — a departure from the historical pattern.
“That tells me management teams are either genuinely confident or confident enough not to reset expectations ahead of reporting,” he said.
Another aspect of the upcoming results is that expectations are elevated, but concentrated, noted Nicole Inui at HSBC.
Most of the expected earnings growth comes from a handful of sectors where visibility is high, she said.
“Despite lofty expectations, we are not worried,” Inui added.
Corporate Highlights:
* Meta Platforms Inc. climbed after research firm SemiAnalysis posted a positive report on the social media giant’s AI compute business.
* Delta Air Lines Inc. reaffirmed its full-year profit guidance and said strong demand for premium, corporate and international travel helped offset the highest quarterly fuel expense in its history.
* Boeing Co. formally opened its fourth 737 Max assembly line near Seattle on Friday, as the US planemaker looks to cash in on its growing backlog, though output from the factory will initially be at a low rate.
* EasyJet Plc received an offer from private equity firm Apollo Global Management for 715 pence a share that beats a rival proposal from Castlelake LP, a surprise twist in the takeover saga that sets up a possible bidding war between the two US investment funds.
* Circle Internet Group Inc. received approval to start a national digital-currency trust bank to support its stablecoin business, widening its remit to include institutional custody services while consolidating oversight under a single federal trust charter.
What Bloomberg Strategists say…
“This week’s semiconductor bounce shows broader price action is again being driven by positioning and by micro sector- and factor-level narratives rather than by a dominant macro narrative.”
—Michael Ball, Macro Strategist, Markets Live
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World Index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.1% to $1.1418
* The British pound was little changed at $1.3400
* The Japanese yen rose 0.4% to 161.71 per dollar
Cryptocurrencies
* Bitcoin rose 0.9% to $63,833.76
* Ether rose 2.5% to $1,790.53
Bonds
* The yield on 10-year Treasuries was little changed at 4.56%
* Germany’s 10-year yield declined two basis points to 3.07%
* Britain’s 10-year yield declined three basis points to 4.87%
Commodities
* West Texas Intermediate crude fell 0.8% to $71.52 a barrel
* Spot gold fell 0.2% to $4,113.42 an ounce
Have a wonderful weekend everyone.
Be magnificent!
As ever,
Carolann
The time you enjoy wasting is not wasted time. -Bertrand Russell, 1872-1970.
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