Dear Friends,
Tangents: ⏳Halfway Day; 182nd day of the year.
July 2, 1900: the Zeppelin makes its first flight over Lake Constance, proving rigid airships can work. Before planes became practical, airships looked like the future of passenger air travel.
On July 2, 1937, aviator Amelia Earhart and navigator Fred Noonan disappeared over the Pacific Ocean while attempting to make the first round-the-world flight at the equator.
July 2, 1776: Declaration of Independence.
Herman Hesse, writer, b. 1887.
Jerry Hall, model, b. 1956.
Lindsay Lohan, actress, b. 1986.
Have tennis outfits always been this outrageous? Kind of
From Naomi Osaka’s kimono-style robe worn at Wimbledon this week, to Andre Agassi’s ’80s denim shorts, tennis has long been a sport where players can express themselves.
Scientists say they have built a cell from scratch for the first time
A synthetic cell, pictured below, was assembled from non-living chemical components, scientists say. This breakthrough in synthetic biology could usher in an era of made-to-order organisms that function like living machines.
Pilot reacts to couple who climbed Empire State Building
Two daredevils were taken into custody on Wednesday after climbing to the top of the Empire State Building, where they unfurled a banner and appeared to propose. See a pilot’s perspective of the risky stunt.
Dawn points, and another day prepares for heat and silence. -T.S. Eliot.
| NASA launches bold mission to rescue a falling space telescope before it crashes to Earth |
NASA’s Swift Observatory is slated to enter Earth’s atmosphere later this year, but the Katalyst Space spacecraft aims to boost it higher this summer. Read more.
| Ancient-DNA analysis solves 500-year-old mystery of what killed 2 Medici brothers |
An ancient-DNA analysis of the bones of two members of the Renaissance Medici family has confirmed they had malaria when they died. Read more.
| Study suggests life on Earth has around 1.8 billion years left — but the biosphere might evolve to survive even longer |
Using complex climate models, researchers have pinned down the point at which life will no longer be able to survive on Earth. Read more.
| Antarctica’s first dinosaur fossil belonged to a group of the largest land animals ever |
Researchers have identified the first-ever dinosaur fossil discovered on Antarctica, revealing it belonged to a titanosaur. Read more.
| Dead-end bitcoin mining wastes as much energy as Switzerland’s entire hydropower generation capacity |
Researchers reveal that we waste a huge amount of energy on redundant bitcoin mining operations — where different miners try to grab the same bitcoin. Read more.
| 70 mind-blowing science facts about our incredible world |
If you’re looking for weird facts about animals, gross human body facts or just something a bit random, get ready to geek out with these fascinating bits of trivia. Read more.
PHOTOS OF THE DAY
Adelaide, Australia
An interactive light wall installation called Digital Abyss, inspired by the deep ocean, at Illuminate Adelaide
Photograph: Michael Errey/AAP
London, UK
A falconer holds Wimbledon’s official bird scarer, Rufus the Harris’s hawk, at the start of day three of the tennis championships
Photograph: Henry Nicholls/AFP/Getty Images
Istanbul, Turkey
People on boats celebrate the 100th anniversary of Maritime and Cabotage Day
Photograph: Esra Bilgin/Anadolu/Getty Images
Market Closes for July 2nd, 2026
| Market Index |
Close | Change |
| Dow Jones |
52900.07 | +594.83 |
| +1.14% | ||
| S&P 500 | 7483.24 | +0.01 |
| — | ||
| NASDAQ | 25832.67 | -207.36 |
| -0.80% | ||
| TSX | 34966.68 | +109.69
+0.31% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 68733.15 | -1741.81 |
| -2.47% | ||
| HANG SENG |
23055.03 | +174.01 |
| +0.76% | ||
| SEN SEX | 77502.12 | +579.48 |
| +0.75% | ||
| FTSE 100* | 10652.87 | +174.53 |
| +1.67% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.447 | 3.380 |
| CND. 30 Year Bond |
3.855 | 3.776 |
| U.S. 10 Year Bond |
4.4832 | 4.4652 |
| U.S. 30 Year Bond |
4.9854 | 4.9513 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7051 | 0.7044 |
| US $ |
1.4182 | 1.4196 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6167 | 1.6215 |
| US $ |
0.8746 | 1.1433 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
8474.86 | 4026.45 |
| Oil | ||
| WTI Crude Future | 68.69 | 69.50 |
Market Commentary:
On this day in 1890, in a backlash against the monopolistic excesses of the “robber barons,” the Sherman Antitrust Act, authorizing the U.S. Department of Justice to investigate and break up giant industrial monopolies, became law.
🐠Canada 🪼
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.3%, or 109.68 to 34,966.67 in Toronto.
Today, materials stocks led the market higher, as 5 of 11 sectors gained; 141 of 220 shares rose, while 79 fell.
Shopify Inc. contributed the most to the index gain, increasing 4.6%.
Thomson Reuters Corp. had the largest increase, rising 9.3%.
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 20% in the same period
* The S&P/TSX Composite is 1.9% below its 52-week high on June 17, 2026 and 30.7% above its low on July 2, 2025
* The S&P/TSX Composite is up 0.7% in the past 5 days and fell 0.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.6 on a trailing basis and 16.6 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$5.49t
* 30-day price volatility fell to 13.03% compared with 13.16% in the previous session and the average of 14.06% over the past month
Index Points
Materials | 140.8854| 2.5| 50/10
Information Technology | 50.0390| 2.0| 7/2
Industrials | 13.1396| 0.4| 13/17
Real Estate | 10.6440| 2.2| 18/0
Health Care | 2.0508| 1.8| 3/2
Utilities | -2.4253| -0.2| 6/8
Consumer Discretionary | -6.6913| -0.6| 2/6
Consumer Staples | -7.3065| -0.6| 6/4
Communication Services | -10.4305| -1.8| 2/3
Energy | -13.1578| -0.2| 20/18
Financials | -67.0608| -0.5| 14/9
Shopify | 63.1500| 4.6| -1.4| -23.2
Barrick Mining | 24.6500| 4.0| -50.9| -9.3
Franco-Nevada | 17.0400| 4.3| -36.3| 8.4
RBC | -31.8200| -1.1| 81.4| 24.1
Celestica | -32.1300| -7.7| 5.0| 17.6
TD Bank | -37.2300| -1.8| 133.4| 30.8
Thomson Reuters | 9.3| 9.8890| 32.1| -30.1
Aecon Group | 8.8| 1.9150| 202.3| 58.3
B2Gold | 8.5| 4.2040| 1.1| -6.6
(MT Newswires)
The Toronto Stock Exchange rose on Thursday, led by gains in healthcare, industrial and energy shares, as investors weighed weaker-than-expected U.S. jobs data, developments in North American trade and the outlook for interest rates.
The S&P/TSX Composite Index closed up 109.68 points, or 0.3%, to 34,966.67, with mixed sectors.
Health Care led gainers, up 1.30%, with Battery Metals Index, Industrials, Information and Technology, and Energy, up 1.15%, 0.36%, 0.41%, and 0.52%, respectively.
Base Metals led decliners, down 1.80%, while Financial, down 0.53%, Utilities, down 0.19%, and Telecom, down 1.66%.
In commodities, gold moved higher on Thursday as the U.S. dollar fell sharply after U.S. hiring slowed more than expected in June.
The yellow metal for August delivery was last seen up 1.1% to $4,127.80 per ounce.
The U.S. Bureau of Labor Statistics reported the economy added just 57,000 jobs last month, down from 129,000 in May and well below expectations for an increase of 115,000, according to MarketWatch.
Meanwhile, West Texas Intermediate (WTI) crude oil edged higher on Thursday, even as supply concerns continue to ease with tankers stranded in the Persian Gulf since the start of the Iran war resuming transit through the Strait of Hormuz.
WTI crude oil for August delivery closed up 0.2% to settle at $68.69 per barrel, while September Brent oil was last seen up 0.2% to $71.68.
The rise comes even as ships continued to pass through the Strait of Hormuz, easing supply disruptions caused by the conflict.
Investors also assessed the outlook for Canada-U.S. trade relations after Washington formally declined to renew the Canada-U.S.-Mexico (CUSMA) in its current form, a move economists said was widely anticipated and unlikely to disrupt trade in the near term.
The July 1st deadline to extend the CUSMA agreement for another 16 years slipped by this week, with the U.S. declining to extend, but that outcome was communicated well in advance by all three parties, TD Economics wrote in a note.
It is business as usual for now, with most of Canada’s exports to the U.S. tariff-free, though onerous tariffs are continuing on steel, aluminum and autos.
Uncertainty will also persist as the three parties will now engage in annual reviews, TD economist Rishi Sondhi said.
"We have tentative evidence that the worst of the trade conflict may be in the rearview.
For instance, manufacturing GDP has risen in two of the last three months through April and May have increased again in May given a pickup in hiring," he added.
The U.S. did not agree to renew the CUSMA deal in its current form, U.S. trade representative Ambassador Jamieson Greer said in a statement on Wednesday.
However, Greer said that the U.S. will continue to engage with Mexico and Canada to address the agreement’s shortcomings and its trade deficits with these countries.
As previously announced, the U.S. will meet with Mexico the week of July 20 for a third round of bilateral negotiations related to the CUSMA joint review.
Rosenberg Research, in its note published on Thursday, said the Canadian Dollar has improved a touch to below the C$1.42 mark but surely will not benefit from the news that the White House has declined to renew the North American trade pact, at least not in its current form (the trade agreement remains in effect, but the move not to extend means that U.S. trade representatives will have to meet every year for a decade with Mexican and Canadian officials to review the deal … and give the administration leverage
to make changes it sees fit, and one of many issues is the protectionist supply management scheme in Canada’s farming sector).
Additionally, TD said Canada’s economy is now on track to grow at above 2% annualized in the second quarter, when StatsCan’s GDP guidance for May is included, which is above what the Bank of Canada had forecast in its April projection.
"Even still, it doesn’t materially change our view on rates. Remember that the bounce back in GDP comes of heels of several quarters of soft activity, meaning that the economy is still likely in excess supply," Sondhi said.
In the housing market, fresh data pointed to softer conditions in one of Canada’s largest real estate markets.
Home sales in Calgary declined in June from a year earlier as home prices also edged lower, reflecting softer housing demand, reported The Canadian Press.
The Calgary Real Estate Board said 2,197 homes were sold during the month, down 3.8% from June 2025, while the residential benchmark price fell 2.1% year over year to C$572,500.
The board’s chief economist Ann-Marie Lurie attributed the slowdown to weaker population growth, saying lower migration has reduced demand for both higher-density housing and rental properties.
US
By Rita Nazareth
(Bloomberg) — A sharp slowdown in the US jobs market spurred gains in most stocks on Wall Street amid speculation the Federal Reserve won’t be forced to raise interest rates any time soon.
The Dow Jones Industrial Average climbed 1.1%, hitting all- time highs.
While the vast majority of shares in the S&P 500 rose, the gauge closed little changed amid a rout in chipmakers.
Short-dated Treasury yields dropped.
Swap traders continued to fully price in a quarter-point Fed hike this year, but not before December, compared with October previously.
The dollar slid.
US hiring slowed in June, curbing some of the budding momentum in job growth this year.
Nonfarm payrolls increased 57,000 after downward revisions to the prior two months took some of the shine off recent blockbuster reports.
The unemployment rate fell to 4.2%.
“Just when investors thought they had the labor market figured out, the June jobs report threw them a curveball,” said Bret Kenwell at eToro.
“A disappointing jobs report isn’t exactly good news, but it may give risk-on assets a silver lining: Less pressure on the Fed to take a hawkish stance.”
While the report doesn’t scream labor-market trouble, he noted it does cool the narrative a bit.
That may nudge the conversation back toward the Fed’s dual mandate — balancing inflation with employment — rather than forcing policymakers to focus almost exclusively on price pressures, Kenwell added.
“A labor market that is still expanding, but no longer overheating, allows the Fed to remain patient while assessing price pressures,” said Andrew Dubinsky at UBS Chief Investment Office.
“If disinflation continues as expected, policymakers will have little reason to move away from a holding pattern in the second half of the year.”
Fed Chairman Kevin Warsh said this week that price risks have come down, while repeating his determination to bring inflation back to the 2% target.
While officials held rates steady last month, they did signal growing support for hikes this year amid inflation running at its fastest since 2023.
“Warsh can wipe his brow,” said Brian Jacobsen at Annex Wealth Management.
“The labor market isn’t overheating. Inflation expectations are moderating. It means the Fed can take the whole summer off if it wants as it won’t have to hike or cut.”
While the macroeconomic picture brought a degree of relief to the market, tech volatility gripped trading ahead of the US holiday.
A key gauge chipmaker extended a back-to-back plunge to 11%.
Wall Street has become increasingly anxious about the outlook for the sector after massive gains, with doubts swirling over whether spending in artificial intelligence will be justified.
“Investors face no shortage of questions,” said Bespoke Investment Group strategists.
“We can all take our best guesses at these questions, but only time will tell, and as events unfold, the market will continue to react with gains and losses.”
Corporate Highlights:
* Anthropic PBC is in talks with Samsung Electronics Co. to be a manufacturing partner for a custom artificial-intelligence chip, the Information said, citing people familiar with the plan.
* OpenAI has begun preliminary discussions about giving the US government a 5% stake in the ChatGPT-developer, the Financial Times reported, citing two people familiar with the talks.
* For the second straight quarter, two Blue Owl Capital Inc. private credit funds were hit with the industry’s largest redemption requests, forcing the manager to again cap withdrawals.
* Genuine Parts Co. has attracted a cash bid for its auto-parts arm from O’Reilly Automotive Inc. as it seeks to refocus on its industrials business, according to people familiar with the matter.
* Rivian Automotive Inc. raised its full-year sales outlook in a promising sign as the maker of electric vehicles begins deliveries of its lower-cost SUV seen as critical to the company’s future.
What Bloomberg strategists say…
“The market seems to be slowly coming to the view that the Warsh Fed is not too dissimilar to the Powell Fed. If that means a long hold rather than hikes — despite core inflation above 3% — it also means curve steepening eventually.”
—Edward Harrison, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 fell 1.6%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World Index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.5% to $1.1432
* The British pound rose 0.5% to $1.3347
* The Japanese yen rose 0.9% to 161.10 per dollar
Cryptocurrencies
* Bitcoin rose 2.2% to $61,392.57
* Ether rose 5% to $1,698.02
Bonds
* The yield on 10-year Treasuries was little changed at 4.48%
* Germany’s 10-year yield advanced three basis points to 2.90%
* Britain’s 10-year yield advanced two basis points to 4.78%
* The yield on 2-year Treasuries declined four basis points to 4.14%
Commodities
* West Texas Intermediate crude fell 0.1% to $68.48 a barrel
* Spot gold rose 2.2% to $4,120.36 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Nothing can stop the man with the right mental attitude from achieving his goal; nothing on earth can help the man
with the wrong mental attitude. -Thomas Jefferson, 1743-1826.
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