Dear Friends,
Tangents: Happy Monday.
July 6, 1885: Louis Pasteur gives Joseph Meister the first successful rabies vaccine, turning one of history’s deadliest infections into something preventable.
July 6, 2003: Former ambassador Joseph Wilson, in a New York Times op-ed, disputed President George W. Bush’s statement that Iraq had sought uranium in Africa, saying he had found no evidence to support the claim when the CIA asked him to investigate. Go to article.
Beatrix Potter, writer, b. 1866.
Frida Kahlo, artist, b. 1907.
Dalai Lama, Tibetan leader, b. 1935.
George W. Bush, 43rd US president, b. 1946.
| Diminutive species ‘the Hobbit’ did not hunt or control fire, deepening the mystery of its ancestry, dwarf elephant bones reveal |
The extinct human species Homo floresiensis was a scavenger, not a hunter, an analysis of fossil animal bones reveals. Read more.
| Elite families ruled nomadic Scythian society 2,500 years ago, DNA analysis reveals |
Nomads of the Eurasian steppe were ruled by elite dynastic families, including women, a large-scale genetic analysis reveals. Read more.
| Alien life on nearby ‘super Earth’ much likelier than we thought, study claims |
A recently discovered "super Earth" located around 25 light-years from our planet is not as massive as previously thought, raising the chances that it has the conditions to support life. Read more.
| Superintelligent AI in space could explain the Fermi Paradox |
Why haven’t we found evidence of advanced aliens? It could be that they’ve outsourced cosmic exploration to superintelligent AI, a new paper suggests. Read more.
I’m floating in a most peculiar way and the stars look very different today. – David Bowie.
Brooke Shields surprises restaurant
The actress and model showed up unannounced at Casa Bonita with a very serious message for the restaurant’s celebrity owners.
🌋Europe’s largest active volcano erupts
After days of activity, Mount Etna erupted Thursday lighting up the Sicilian sky in a fiery orange. Watch video of the eruption.
Unwelcome neighbors
Nashville zoo officials say a planned data center just beyond its perimeter could introduce harmful conditions for the more than 3,000 animals that call the zoo home.
PHOTOS OF THE DAY
Sabucedo, Spain
People watch the traditional Rapa das Bestas or Shearing of the Beasts, in which semi-feral horses are rounded up to be clipped
Photograph: Josechu Ortiz/EPA
World Cup 2026
The local supporters are keen to make themselves seen and heard. It’s an incredible atmosphere at the Estadio Azteca.
Photograph: Xinhua/Shutterstock
Qinghai, China
Tourists visit the jewel-like Emerald Lake in Haixi Mongolian and Tibetan autonomous prefecture – a unique salt lake situated on a high plateau
Photograph: VCG/Getty Images
Market Closes for July 6th, 2026
| Market Index |
Close | Change |
| Dow Jones |
53055.91 | +155.84 |
| +0.29% | ||
| S&P 500 | 7537.43 | +54.19 |
| +0.72% | ||
| NASDAQ | 26121.16 | +288.49 |
| +1.12% | ||
| TSX | 35212.32 | -62.52
-0.18% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 69737.69 | -6.38 |
| -0.01% | ||
| HANG SENG |
23616.32 | +266.29 |
| +1.14% | ||
| SEN SEX | 78285.07 | +521.16 |
| +0.67% | ||
| FTSE 100* | 10651.77 | -27.26 |
| -0.26% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.419 | 3.443 |
| CND. 30 Year Bond |
3.841 | 3.856 |
| U.S. 10 Year Bond |
4.4693 | Market closed |
| U.S. 30 Year Bond |
4.9844 | Market closed |
| BOC Close | Today | Previous |
| Canadian $ | 0.7039 | 0.7042 |
| US $ |
1.4206 | 1.4200 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6151 | 1.6257 |
| US $ |
0.8738 | 1.1444 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
8479.87 | N/A |
| Oil | ||
| WTI Crude Future | 68.55 | 68.69 |
Market Commentary:
| On this day in 1785, the U.S, Congress unanimously resolved to name the US currency the “dollar” and adopted decimal coinage. |
🍨Canada🍦
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2% at 35,212.32 in Toronto.
The move follows the previous session’s increase of 0.9%.
Barrick Mining Corp. contributed the most to the index decline, decreasing 2.4%.
Curaleaf Holdings Inc. had the largest drop, falling 9.1%.
Today, 151 of 220 shares fell, while 69 rose; 9 of 11 sectors were lower, led by materials stocks.
Insights
* 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 1.2% below its 52-week high on June 17, 2026 and 31.2% above its low on Aug. 1, 2025
* The S&P/TSX Composite is up 0.7% in the past 5 days and rose 2.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.7 on a trailing basis and 16.7 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$5.56t
* 30-day price volatility fell to 12.93% compared with 13.25% in the previous session and the average of 14.11% over the past month
Index Points
Materials | -132.0367| -2.2| 5/55
Energy | -50.5464| -0.9| 6/32
Utilities | -10.3392| -0.8| 5/9
Consumer Staples | -7.5151| -0.7| 2/8
Consumer Discretionary| -5.7178| -0.5| 4/4
Communication Services| -4.5413| -0.8| 2/3
Information Technology| -3.1416| -0.1| 4/5
Health Care | -2.1059| -1.8| 0/5
Real Estate | -1.2700| -0.3| 4/14
Industrials | 19.1244| 0.5| 19/11
Financials | 135.5684| 1.1| 18/5
Barrick Mining | -15.8400| -2.4| -37.4| -9.3
Franco-Nevada | -14.2000| -3.4| -45.1| 6.4
Wheaton Precious Metals | -13.7700| -2.6| 30.4| 1.6
Bank of Montreal | 15.0700| 1.2| -10.3| 40.3
TD Bank | 15.3400| 0.8| 186.7| 32.4
RBC | 48.0700| 1.7| 79.5| 26.2
MT Newswires:The Toronto Stock Exchange dropped on Monday as losses in energy, health-care and utility shares outweighed gains in financial and industrial stocks, while investors assessed mixed signals from the Bank of Canada’s latest business and consumer surveys.
The S&P/TSX Composite Index closed down 62.52 points, or 0.2%, to 35,212.32, with mixed sectors
Battery Metals Index led gainers, up 2.56%, with, Industrials, Information and Technology, and Financial, up 0.52%, 0.11%, and 1.08%, respectively.
Health Care led decliners, down 2.21%, while Base Metals, down 0.08%, Utilities, down 0.82%, Telecom, down 0.59%, and Energy, down 1.18%.
In commodities, gold rose on Monday, climbing to a two-week high as Treasury yields retreated amid easing inflation concerns even as the dollar strengthens.
The precious metal for August delivery was last seen up 1% to $4,166.80 per ounce, the highest since June 22.
The rise comes as last week’s US jobs report showed the labor market is weakening while energy prices are falling, easing concerns the Federal Reserve will need to raise interest rates.
Meanwhile, West Texas Intermediate (WTI) crude oil prices edged down on Monday, staying near pre-war levels as tankers continue to move through the Strait of Hormuz and gulf producers look to hike output.
WTI crude oil closed down 0.2% to settle at $68.55 per barrel, the lowest since Feb. 27, while September Brent oil was last seen down 0.2% to $71.97.
The drop comes as more tankers that have been trapped in the Persian Gulf since the Feb. 28 start to the war on Iran move through the Strait, with hormuzstraitmonitor.com reporting 25 ships have transited the Strait in the past day, leaving 450 ships in the queue to leave the region.
On the domestic economic front, two Bank of Canada surveys released Monday pointed to weaker business confidence and rising inflation expectations among consumers.
Canadian business confidence weakened in the second quarter after three straight quarters of gains, as higher fuel prices and Middle East tensions dampened sales expectations, BoC said in its quarterly Business Outlook Survey (BOS) on Monday.
"Compared with the first quarter of 2026, more firms reported that rising input costs and geopolitical uncertainty caused by the war in the Middle East are weighing on business conditions", the bank said.
The survey was carried out across 100 firms between May 1 and 21.
Export prospects improved as trade uncertainty with the U.S. eased and commodity demand strengthened, the survey noted.
Additionally, Canadian consumer inflation expectations edged higher in the second quarter, with more expecting inflation above 3% and increases in both two and five-year expectations, the BoC said in its Canadian Survey of Consumer Expectations (CSCE) released on Monday.
US tariffs remained the main driver, but concerns over energy prices rose sharply, the central bank noted.
Elevated prices and economic uncertainty continued to weigh on spending plans, as households expecting Middle East tensions to raise inflation were more likely to cut discretionary spending, switch to lower-cost essentials, and reduce driving, found the BoC’s survey.
Monday’s BoC surveys showed weaker sentiment and higher inflation expectations among businesses and households, though results should be treated cautiously as most responses were collected in May amid elevated oil prices, said CIBC.
The BoC’s BOS showed softer sentiment as higher fuel costs and uncertainty weighed on demand, the bank said in a note.
However, export and investment intentions improved above long-run trends, while capacity constraints and labor shortages remained subdued.
However, inflation expectations rose, with two-year expectations at 3.2%, the highest since 2023, pointed out CIBC’s Andrew Grantham.
The BoC’s Q2 CSCE posted higher inflation expectations, likely driven by elevated energy prices according to CIBC.
These expectations weighed on spending plans, though labor market perceptions improved modestly, particularly among trade-exposed workers.
Besides, Bank of Montreal (BMO) said it is optimistic about the Canadian economy heading into late 2026 and next year.
The lender cited three reasons for optimism: a recovery in growth after a period of weakness; improving momentum in major projects, highlighted by recent progress on a potential one-million-barrel-per-day pipeline from Alberta to the British Columbia coast; and equity market strength pointing to better growth conditions, according to a note published Friday.
Housing also remained in focus, with TD saying the market is tracking broadly as expected at mid-year, though any recovery is likely to be gradual and uneven across regions.
At mid-year, Canadian housing markets are broadly in line with expectations and average home prices are still seen slipping about 0.3% in 2026, with subdued gains in the second half of the year followed by a modest recovery in 2027, said TD.
However, activity is likely to remain below pre-pandemic levels until the second half of 2027, constrained by weak population growth and soft labor markets, pointed out TD.
Regionally, conditions remain uneven, wrote Rishi Sondhi and Matt Palucci in the note.
British Columbia and Ontario are expected to see firmer sales in the second half of this year on pent-up demand and improving affordability, though levels stay subdued.
Looking ahead, Canada’s labor market will also be in focus, with Scotiabank forecasting a 10,000 increase in employment in June and an unchanged unemployment rate of 6.6% when the Labour Force Survey (LFS) is released Friday.
The expected modest gain would follow May’s strong 88,000 increase, which lowered the unemployment rate by 0.3 percentage point.
US
By Rita Nazareth
(Bloomberg) — A rally in several technology powerhouses lifted stocks amid speculation that the artificial-intelligence trade that has powered the bull market has more room to run.
The advance halted a back-to-back selloff in chipmakers, with the Nasdaq 100 climbing 1.3%.
Nvidia Corp. said “our road map is intact” after a report on a server delay jolted tech shares in Asia.
Broadcom Inc. jumped as it’s extending a partnership with Apple Inc. to 2031.
SK Hynix Inc. kicked off the formal marketing process for its US listing.
Meantime, global investors geared up for Samsung Electronics Co.’s earnings on Tuesday.
A wild ride for tech stocks in recent weeks has left investors looking for fresh validation of the AI trade.
While semiconductor shares just wrapped up their best quarter on record, volatility has intensified amid questions over rising competition, potential overcapacity and the payoff from massive investments.
The debate over whether AI exuberance is overdone is less about today’s valuations than whether future earnings can remain at extraordinary levels, according to BlackRock Investment Institute’s team led by Jean Boivin.
“Are we in an AI bubble? We think the answer depends on whether AI can turn today’s scarcity into tomorrow’s abundance,” BII wrote.
“Markets are increasingly pricing that outcome, expecting AI to lift productivity and growth enough to sustain today’s extraordinary earnings.”
Whether those earnings can endure – not where valuations sit relative to history – is key, BII said. Still-elevated margins suggest they can, it noted.
“This week, investors will look for signs that tech’s recent volatility is stabilizing,” said Mark Haefele at UBS Chief Investment Office.
“Markets will also assess whether recent pressure on hyperscaler shares changes the perceived path for AI capital expenditure.”
Signs that spending plans remain intact would help reassure investors that demand for AI infrastructure remains durable, Haefele said.
Conversely, further evidence of caution could keep attention focused on valuations, financing needs, and concentration risk.
Elsewhere, shorter-term Treasuries edged higher as traders see the Federal Reserve as less likely to raise interest rates following last week’s weaker-than-expected jobs report.
Data Monday showed the US service sector expanded in June at a slightly slower pace, but firms boosted payrolls as cost pressures eased.
Oil settled at the lowest since late February as Saudi Arabia made the biggest cut to its flagship crude prices in at least 26 years, the latest sign of a glut in global markets.
Corporate Highlights:
* Microsoft Corp.’s Xbox plans to eliminate 3,200 jobs, or around 20% of its staff over the next year, as part of a massive reorganization to spur growth in the struggling gaming division.
Xbox will also divest four of its video-game development studios and is beginning the process to part ways with a fifth.
* Lockheed Martin Corp. agreed to buy naval defense business Ultra Maritime, which focuses on submarine detection systems, for $3.45 billion as the US defense giant broadens its undersea weapons portfolio.
* Honeywell International Inc. spinoff Solstice Advanced Materials Inc. will acquire Element Solutions Inc. in a cash- and-stock deal valued at about $14.5 billion, creating a market leader in the specialty chemicals sector.
* Nvidia Corp.’s server assembly partner Hon Hai Precision Industry Co. reported a bigger-than-expected 40% jump in quarterly sales and said AI demand is growing further.
* Michael Saylor’s Strategy Inc. sold $216 million of Bitcoin last week, marking the first major step in the financing overhaul the company unveiled in recent days after a prolonged slump in the cryptocurrency and its own shares.
What Bloomberg Strategists say…
“US equities are poised to grind higher in a week with few catalysts as AI-hardware names get a relief bounce.” —Michael Ball, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.3%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World Index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1442
* The British pound rose 0.3% to $1.3392
* The Japanese yen fell 0.4% to 162.03 per dollar
Cryptocurrencies
* Bitcoin rose 1.4% to $63,571.13
* Ether rose 0.7% to $1,787.94
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.47%
* Germany’s 10-year yield advanced one basis point to 2.95%
* Britain’s 10-year yield advanced one basis point to 4.79%
Commodities
* West Texas Intermediate crude was little changed
* Spot gold fell 0.4% to $4,162.19 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Press on. Nothing in the world can take the place of persistence. Talent will not: nothing is more common than unrewarded talent. Education alone will not: the world is full of educated failures. Persistence alone is omnipotent. -Calvin Coolidge, 1872-1933.
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