Dear Friends,
Tangents: Fiesta de San Fermin – Running of the bulls, Pamplona, Spain. Tanabata, Star Festival, Japan.
July 7, 1928: Sliced bread is sold for the first time in Missouri, using Otto Frederick Rohwedder’s machine. It revolutionized bread sales, making loaves easier to serve and sell.
July 7, 2003: A federal judge approved a settlement fining WorldCom $750 million for its $11 billion accounting scandal. Go to article.
Satchell Paige, baseball pitcher, b. 1906
Robert A. Heinlein, writer, b.1907
Ringo Starr, musician, b. 1940.
Wearable tech
Sweat patches, WHOOPs, Oura Rings and performance vests — commercial accessories are reshaping the science of elite sports.
Super El Niño could be worse than anticipated
Forecasters warn that the tropical Pacific Ocean could reach the upper echelon of intensity by the time the weather cycle peaks in late fall to early winter, making this event one of the strongest since the 1950s.
Inventor of LEDs has a new goal in sight
Some experts say Shuji Nakamura’s latest invention is as important as Thomas Edison’s incandescent light bulb.
Battle over slavery exhibit
As part of President Trump’s efforts at “restoring truth and sanity” to American history, sites exhibiting accounts of slavery are being targeted for change. This community refuses to let that happen.
‘Clipping economy’
Members of Gen Z are becoming multi-millionaires by posting videos of other people to social media. The new industry marks a shift in traditional marketing strategies.
Epic surfing
Each winter, surfers travel to Portugal to ride some of the world’s largest waves. Here’s what creates those dynamic currents.
Human knowledge and human power meet in one. -Sir Francis Bacon.
| Neanderthals and modern humans may have shared culture 59,000 years ago in Turkey, study finds |
Fossils, stone tools and seashells in Turkey show that Neanderthals and the Homo sapiens who moved in later had the same hunting strategies and symbolic traditions even without overlapping at the site, suggesting they may have shared information. Read more.
| Heart issues tied to ‘microdamage’ in the brain might raise risk of memory loss, study hints |
When the heart’s pumping function gets weaker, areas of the brain linked to memory show early signs of damage, a study finds. Read more.
| Scientists just created the most lifelike cell ever made in a lab — here’s what it could accomplish |
SpudCell is a new cell-like platform that can feed, grow and divide like a normal cell — but it’s not yet a perfect re-creation of the real thing. Read more.
| Has there ever been a period in human history without war? |
Humans have fought countless wars over the millennia. Has there ever been a time when we weren’t fighting? Read more.
PHOTOS FO THE DAY
Pamplona, Spain
People take part in the San Fermin festival’s traditional encierro (bull run). The bull-running fiesta is held annually from 6 to 14 July in commemoration of the city’s patron saint. Visitors from around the world attend the festival, and many participate in the highlight event, in which they attempt to outrun the bulls along a route through the narrow streets of the old city
Photograph: Rubén Albarrán/ZUMA Press Wire/Shutterstock
Tokyo, Japan
Visitors look at a newly opened installation, Light Sculpture – Flow, at teamLab Borderless: Mori Building Digital Art Museum in Azabudai Hills
Photograph: Rodrigo Reyes Marin/EPA
Carcassonne, France
Riders passing the Cité de Carcassonne during stage 4 of the Tour de France, a 181.9km route from Carcassonne to Foix
Photograph: Yoan Valat/EPA
Market Closes for July 7th, 2026
| Market Index |
Close | Change |
| Dow Jones |
52925.15 | -130.76 |
| -0.25% | ||
| S&P 500 | 7503.85 | -33.58 |
| -0.45% | ||
| NASDAQ | 25818.69 | -302.47 |
| -1.16% | ||
| TSX | 35272.59 | +60.27
+0.17% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 68256.96 | -1480.73 |
| -2.12% | ||
| HANG SENG |
23496.89 | -119.43 |
| -0.51% | ||
| SEN SEX | 78180.72 | -104.35 |
| -0.13% | ||
| FTSE 100* | 10665.88 | +14.11 |
| +0.13% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.494 | 3.419 |
| CND. 30 Year Bond |
3.902 | 3.841 |
| U.S. 10 Year Bond |
4.5511 | 4.4693 |
| U.S. 30 Year Bond |
5.0557 | 4.9844 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7042 | 0.7039 |
| US $ |
1.4200 | 1.4206 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6174 | 1.6196 |
| US $ |
0.8767 | 1.1405 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
8436.24 | 8479.87 |
| Oil | ||
| WTI Crude Future | 70.44 | 68.55 |
Market Commentary:
| On this day in 1993, Charles W. Knapp was found guilty on three counts of conspiracy after his savings and loan empire collapsed, costing U.S. taxpayers $2 billion. Knapp’s American Savings & Loan Association had once been the nation’s largest thrift, but it was seized by federal regulators in 1984. |
| 🍨Canada🍦 By Bloomberg Automation (Bloomberg) — The S&P/TSX Composite rose 0.2% at 35,272.59 in Toronto. The move follows the previous session’s decrease of 0.2%. Enbridge Inc. contributed the most to the index gain, increasing 2.9%. Methanex Corp. had the largest increase, rising 4.8%. Today, 112 of 220 shares rose, while 107 fell; 8 of 11 sectors were higher, led by energy stocks. Insights * The index advanced 31% in the past 52 weeks. The MSCI AC Americas Index gained 21% in the same period * The S&P/TSX Composite is 1% below its 52-week high on June 17, 2026 and 31.4% above its low on Aug. 1, 2025 * The S&P/TSX Composite is up 1.3% in the past 5 days and rose 2.5% 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$5.55t * 30-day price volatility fell to 12.83% compared with 12.93% in the previous session and the average of 14.05% over the past month Index Points Energy | 129.9882| 2.3| 33/5 Financials | 44.0111| 0.3| 12/11 Information Technology| 29.5808| 1.1| 5/4 Industrials | 22.0368| 0.6| 15/15 Consumer Staples | 11.9125| 1.1| 7/3 Communication Services| 10.1818| 1.8| 4/1 Utilities | 8.5103| 0.7| 10/3 Real Estate | 3.4540| 0.7| 17/1 Health Care | -0.0235| 0.0| 3/2 Consumer Discretionary| -3.6683| -0.3| 3/5 Materials | -195.6988| -3.4| 3/57 Enbridge | 33.6500| 2.9| -32.1| 18.9 Canadian Natural Resources | 26.1500| 3.2| 54.2| 24.2 Shopify | 21.3600| 1.5| 10.8| -21.6 Wheaton Precious Metals | -16.6700| -3.2| -14.3| -1.6 Barrick Mining | -22.0700| -3.5| -38.8| -12.5 Agnico Eagle Mines Ltd | -25.4700| -3.2| -39.4| -8.4 MT Newswires: |
US
By Rita Nazareth
(Bloomberg) — Wall Street was rattled by a selloff in chipmakers on concerns over whether massive artificial- intelligence investments will justify lofty valuations while a jump in oil prices boosted bond yields.
This year’s best-performing corner of the stock market was pummeled, with a gauge of semiconductor firms sinking over 4.5%.
Not even Samsung Electronics Co.’s record profit was enough to entice investors.
The Nasdaq 100 declined 1.8%.
SpaceX joine the index.
Despite weakness in tech, most S&P 500 companies rose, signaling rotation into other industries.
A flare-up in geopolitical risks saw US crude hitting $72 in late hours as the Treasury Department revoked a waiver that allowed the sale of Iranian oil in response to strikes on tankers in the Strait of Hormuz.
Worries that higher energy costs could fuel inflation spurred a drop in Treasuries.
The spate of attacks is a reminder of the continued risks to ships crossing through the vital waterway, with increased tensions jeopardizing an interim peace deal between the US and Iran.
Meantime, global semiconductor firms have faced turbulence on concerns about increased competition, possible overcapacity and whether the billions of dollars in AI investments will pay off.
“While we remain confident in AI’s growth story and continue to see attractive opportunities in semis and hardware, we have also highlighted that the next leg of equity gains is likely to be marked by a broadening of market leadership,” said Ulrike Hoffmann-Burchardi at UBS Chief Investment Office.
“Investors should ensure diversified exposure.”
“The issue of rotation between different sectors is a popular one right now, but the rotation within the tech sector could be the most important one to keep an eye on,” said Matt Maley at Miller Tabak.
“If it can continue, the bulls will remain in charge.”
Maley noted the equity rally has “flattened out” over the past four to six weeks, but that could be seen as merely a “breather” after the extremely strong run the market saw in April and May.
While earnings season kicks off next week with big banks, questions about the tech outlook will be front and center throughout the reporting period.
The big risk is that technology firms, especially the hyperscalers, won’t beat analysts’ overly optimistic estimates for the quarter, according to veteran strategist Ed Yardeni.
“That could cause a correction among technology stocks,” he said.
“The overall stock market might dodge a correction if investors rotate into sectors that have lagged and report better-than-expected earnings.
We are in the rotation camp for the stock market’s outlook up ahead.”
Corporate Highlights:
* When Amazon.com Inc. sold its biggest ever bond earlier this year, it was inundated with investor orders amid hype about the AI boom. This time around, there’s less fanfare.
** Peak demand for its latest $25 billion offering reached $62 billion, according to people with knowledge of the matter. That’s about half the orders it attracted for its prior $37 billion deal in March.
* SK Hynix Inc.’s $28 billion US listing is multiple times oversubscribed ahead of pricing on Thursday, according to people familiar with the matter.
* Meta Platforms Inc. debuted a new image-generation AI model, its first such release since the company spent billions to rebuild its AI lab under Chief AI Officer Alexandr Wang a year ago.
* Microsoft Corp., looking to reduce artificial-intelligence costs, is starting to replace OpenAI and Anthropic with its own models in software products like Excel and Outlook.
* China’s DeepSeek is developing its own chip to help power AI systems, Reuters reported, citing unnamed sources.
What Bloomberg strategists say…
“It’s premature to say whether this is ‘the big one’, i.e. major structural reversal in the AI trade. It does seem fair, though, to say that the era of the ‘easy’ AI trade — the one with the smooth parabolic rally — is indeed in the rearview mirror.”
—Cameron Crise, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.8%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World Index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.1416
* The British pound fell 0.2% to $1.3361
* The Japanese yen was little changed at 162.06 per dollar
Cryptocurrencies
* Bitcoin was little changed at $63,819.26
* Ether fell 0.1% to $1,789.89
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 4.54%
* Germany’s 10-year yield advanced five basis points to 2.99%
* Britain’s 10-year yield advanced five basis points to 4.85%
Commodities
* West Texas Intermediate crude rose 5% to $71.98 a barrel
* Spot gold fell 1.2% to $4,114.57 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome
while trying to succeed. –Booker T. Washington, 1856-1915.
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