Dear Friends,
Tangents: Happy Friday Eve.
July 9, 1776: đź“śThe Declaration of Independence was read aloud to Gen. George Washington’s troops in New York. Go to article.
July 9, 1816: Argentina declares independence from Spain, establishing itself as a sovereign nation.
July 9, 1893: ❤️‍🩹First successful open-heart surgery.
⚡Nikola Tesla, inventor, b. 1856.
🎼Otto Respighi, composer, b. 1879.
🎬Tom Hanks, actor, b. 1956.
🎤Courtney Love, singer, b. 1964.
| Extreme heat waves are making our cities buckle. Investing in urban nature is no longer optional. |
OPINION | Green spaces in cities are functioning components of urban infrastructure that deserve the same level of planning, investment and accountability as any engineered system. Read more.
| James Webb telescope’s largest-ever map of the universe unmasks hidden corners |
Using the James Webb Space Telescope, astronomers have created the most detailed map of the cosmic web ever. Read more.
| We remember little to nothing of early childhood — and a recent mouse study may help explain why |
Early in life, neural networks in the brain’s memory center are highly connected, and they are only later refined into precise systems, a mouse study finds. Read more.
| Secretive Chinese probe snaps first photo of Earth’s mysterious ‘quasi-moon’ — and it may pose a big problem |
China’s Tianwen-2 spacecraft has captured the first close-up photo of one of Earth’s "quasi-moons," Kamo’oalewa. However, the image and the timing of its release suggest that it may be harder for the probe to collect samples from the space rock than originally planned. Read more.
đź’The test of a first-rate intelligence is the ability to hold two opposed ideas in the mind at the same time and still retain the ability to function. -F. Scott Fitzgerald.
As the World Cup enters its quarterfinals, all eyes are on its leading players — including Norwegian striker Erling Haaland⚽. But his soccer style is not the only thing turning heads—check out his luxury handbags 👜.
Tourists fined
A popular vacation spot in Italy is looking to curb overcrowding with a mandatory dress code targeting tourists who wander the village bare-chested or in swimsuits.
PHOTOS OF THE DAY
New York City, US
A girl runs through sprinklers
Photograph: Jordan Tovin/Reuters
London, UK
King Charles and Queen Camilla arrive for a visit to Penguin Beach to celebrate the 200th anniversary of the Zoological Society of London at London Zoo in Regent’s Park
Photograph: Jonathan Brady/PA
Worcester, UK
Swans on the River Severn. Temperatures are set to continue to rise across the UK throughout the week and more regions are likely to reach heatwave thresholds
Photograph: David Davies/PA
Market Closes for July 9th, 2026
| Market Index |
Close | Change |
| Dow Jones |
52487.41 | +139.02 |
| +0.27% | ||
| S&P 500 | 7543.64 | +60.93 |
| +0.81% | ||
| NASDAQ | 26206.89 | +336.24 |
| +1.30% | ||
| TSX | 35200.45 | +264.65
+0.76% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 67743.85 | +924.80 |
| +1.38% | ||
| HANG SENG |
24030.18 | -169.28 |
| -0.70% | ||
| SEN SEX | 76741.82 | +238.22 |
| +0.31% | ||
| FTSE 100* | 10472.45 | -16.59 |
| -0.16% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.524 | 3.567 |
| CND. 30 Year Bond |
3.938 | 3.957 |
| U.S. 10 Year Bond |
4.5511 | 4.5792 |
| U.S. 30 Year Bond |
5.0649 | 5.0721 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7057 | 0.7058 |
| US $ |
1.4169 | 1.4167 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6173 | 1.6199 |
| US $ |
0.8747 | 1.1431 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4124.36 | 4077.72 |
| Oil | ||
| WTI Crude Future | 72.08 | 70.44 |
Market Commentary:
On this day in 1819, Elias Howe was born in Spencer, Mass. At age 18, he lost his factory job during the Panic of 1837 and then relocated to Boston, finding work in a machine shop. He began experimenting with a sewing machine and, in 1846, introduced a foot-powered model that could sew 250 stitches a minute, outracing the fastest human hands by a factor of five.
🍨Canada🍦
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.8% at 35,200.45 in Toronto.
The move follows the previous session’s decrease of 1%.
Shopify Inc. contributed the most to the index gain, increasing 3.4.
First Majestic Silver Corp. had the largest increase, rising 8.9%.
Today, 123 of 221 shares rose, while 95 fell; 5 of 11 sectors were higher, led by materials stocks.
Insights
* So far this week, the index was little changed
* 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 1.2% below its 52-week high on June 17, 2026 and 31.1% 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 21.8 on a trailing basis and 16.8 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$5.51t
* 30-day price volatility rose to 13.14% compared with 12.99% in the previous session and the average of 13.92% over the past month
Index Points
Materials | 177.9245| 3.3| 55/5
Financials | 126.1315| 1.0| 15/8
Information Technology | 40.2049| 1.6| 7/2
Consumer Discretionary | 3.4050| 0.3| 6/2
Industrials | 2.2096| 0.1| 16/14
Health Care | -0.2562| -0.2| 3/2
Real Estate | -1.3136| -0.3| 7/9
Communication Services | -1.4482| -0.3| 2/3
Utilities | -7.3460| -0.6| 3/11
Consumer Staples | -18.7715| -1.6| 3/7
Energy | -56.3302| -0.9| 6/32
Shopify | 49.2200| 3.4| -19.7| -21.1
RBC | 41.3200| 1.5| 32.1| 26.4
TD Bank | 21.4200| 1.1| 133.1| 31.2
TC Energy | -10.0700| -1.4| -27.1| 27.4
Canadian Natural Resources | -10.0800| -1.2| 9.3| 27.8
Enbridge | -10.8600| -0.9| -1.8| 17.7
MT Newswires:
The Toronto Stock Exchange rose on Thursday as strong gains in base metals and financial shares helped lift the benchmark index, while investors assessed the outlook for interest rates and the Canadian economy ahead of Friday’s jobs report.
The S&P/TSX Composite Index closed up 264.65 points, or 0.76%, to 35,200.45, with sectors closing mixed.
Base Metals led gainers, up 3.41%, with Industrials, Information and Technology, and Financial, up 0.06%, 0.49%, and 1.01%, respectively.
Battery Metals Index led decliners, down 2.42%, while Health Care, down 0.54%, Utilities, down 0.58%, Energy, down 1.29%, and Telecom, down 0.16%.
In commodities, gold traded higher on Thursday as the dollar and yields fell but remained rangebound as inflation worries again heightened with oil prices rising earlier in the day on renewed fighting between the U.S. and Iran.
The precious metal for August delivery was last seen up $58.90, or 1.4%, to $4,141.30 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 Thursday even as fresh friction between the U.S. and Iran threatens to keep the Strait of Hormuz closed, again shutting in tankers bringing Persian Gulf supply to the market.
WTI crude oil for August delivery closed down $1.44, or 2%, to settle at $72.08 per barrel, while September Brent oil was last seen down $1.72, or 2.2%, to $76.30.
In currencies, The Canadian dollar has edged higher this week thanks to stronger oil prices but remained range-bound ahead of this week’s Labour Force Survey (LFS), Corpay said in a note on Thursday.
The LFS report, due Friday, is expected to show a slowdown in job creation and a stabilization in the unemployment rate in June, following an unexpectedly strong performance in the previous month, Karl Schamotta, Corpay’s chief market strategist, wrote.
Additionally, the guidance for the Canadian dollar will depend heavily on whether US-Canada rate differentials begin to narrow, according to TD Economics.
TD’s base case is that moderating U.S. inflation and slower growth will allow the Federal Reserve to gradually cut rates toward 3.25% in 2027, reducing the appeal of US. dollar assets and providing support for the Canadian dollar, the bank wrote in a Thursday note.
"The main risk is that the U.S. economy proves strong enough to keep those rate differentials wider for longer," wrote Andrew Hencic, director and senior economist at TD note.
A resilient U.S. economy could limit Fed easing, while stronger American productivity growth may keep the neutral rate higher than in Canada.
Looking ahead, this week’s LFS for June will provide another update on Canada’s jobs market, but National Bank of Canada Capital Markets said it doesn’t expect the data to significantly alter the Bank of Canada’s outlook.
With ongoing uncertainty around United States-Mexico-Canada Agreement negotiations weighing on the economy, a broad-based recovery is unlikely in the near term in Canada, wrote National Bank.
As a result, the BoC is expected to maintain a balanced policy stance, leaving both rate hikes and cuts on the table.
With growth subdued and inflation pressures contained, market pricing has pushed the timing of rate hikes further out, added National Bank.
Turning to the auto sector, Canadian vehicle sales are expected to ease this year before recovering in 2027.
Canadian light vehicle sales are forecast to be slightly lower this year before improving in 2027, although the outlook remains highly uncertain with risks stemming from volatile oil prices and U.S. trade policy, according to Scotiabank Economics.
Canadian light vehicle sales are expected to reach 1.86 million units in 2026, or 1.6% less than the previous year, with demand remaining broadly stable through mid-year before recovering to 1.9 million units in 2027, wrote the bank in a note.
In line with this forecast, Canadian light vehicle sales increased 1.6% on the month in June to a seasonally adjusted annualized rate of 1.9 million units, according to Omdia, marking the fourth rise in five months, said Scotiabank.
US
By Rita Nazareth
(Bloomberg) — A resurgence in giant chipmakers powered a rebound on Wall Street, with stocks also rising amid a decline in oil prices as traders looked past fresh hostilities between the US and Iran.
The Nasdaq 100 added 1.6%.
A gauge of semiconductor firms climbed 3.1%.
Micron Technology Inc. plans to increase spending on new plants in the US to $250 billion to help meet demand fueled by the artificial-intelligence boom.
SK Hynix Inc.’s US listing was said to be more than seven times oversubscribed, underscoring strong appetite for the South Korean chipmaker.
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, there have been growing doubts over rising competition, potential overcapacity and the payoff from massive investments.
Those questions have intensified at a time when geopolitical risks resurface, with the US and Iran trading airstrikes.
But markets treated the attacks as another round of managed escalation based on the premise that the economy can absorb the shock, noted Elias Haddad at Brown Brothers Harriman & Co.
“Investors are much more focused on the upcoming earnings season than they are on the geopolitical front,” said Matt Maley at Miller Tabak.
Amid ongoing debate about the economy, inflation, rates and geopolitics, the market’s direction over the next month may come down to earnings, according to Anthony Saglimbene at Ameriprise.
“Companies will need to do more than just beat estimates,” he said.
“They will need to show that margins are holding at high levels, that guidance remains firm and probably even better than analysts currently project, and that tech-led profit growth still has enough breadth to support the market’s valuation.”
At Edward Jones, Brock Weimer says earnings growth is expected to remain robust in 2026, adding that there are limited signs that companies are meaningfully slowing AI-related spending.
AI is likely to remain a key driver of markets during the second half of 2026, but the narrative is evolving, and this transition may create a more selective environment, according to Jeff Buchbinder at LPL Financial.
Investors should focus less on who is spending the most and more on who is generating measurable returns from those investments, he said.
Elsewhere, an auction of 30-year Treasuries drew the highest yield in nearly two decades, underscoring how swelling bond supply is driving investors to demand bigger returns from government debt.
Corporate Highlights:
* Meta Platforms Inc. unveiled a version of its most-advanced AI model that includes a new paid tier for developers, marking the first time it has charged businesses for access to its models and providing a new revenue stream.
* Anthropic is “currently the leader in AI,” Elon Musk said in a post on X, adding that he was “clearly wrong” about the company.
* OpenAI is introducing a new AI agent that’s meant to field a wider range of complex tasks for hours at a time, bolstering its push to appeal to more business professionals.
* S&P Global Ratings downgraded Oracle Corp. to the lowest investment-grade rating, moving the firm to the cusp of junk status amid growing spending on AI.
* Starbucks Corp. is developing in-house tools with the help of AI that could replace some software applications it now buys from companies such as Microsoft Corp. and International Business Machines Corp.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.6%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World Index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1428
* The British pound rose 0.1% to $1.3409
* The Japanese yen rose 0.1% to 162.37 per dollar
Cryptocurrencies
* Bitcoin rose 1.8% to $63,151.02
* Ether rose 0.6% to $1,745.54
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.55%
* Germany’s 10-year yield was little changed at 3.08%
* Britain’s 10-year yield declined eight basis points to 4.90%
Commodities
* West Texas Intermediate crude fell 2.2% to $71.87 a barrel
* Spot gold rose 1.1% to $4,121.67 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
When we strive to become better than we are, everything around us becomes better too. –Paulo Coelho, b.1947.
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