Dear Friends,
Tangents:
June 10, 1907: Color photography becomes practical for the first time as the Lumière brothers release Autochrome plates, the first commercially successful color photo process.
June 10, 1940: Italy declared war on France and Britain; Canada declared war on Italy. Go to article.
June 10, 1943: Ballpoint pen patented.
June 10, 1935: Alcoholics Anonymous founded.
Saul Bellow, writer, b.1915.
Judy Garland, actress, b. 1922.
Maurice Sendak, artist, b. 1928.
F. Lee Bailey, lawyer, b.1939.
Elizabeth Hurley, actress, b. 1965.
| Artemis III crew revealed: NASA announces astronauts for ‘one of history’s most complex missions’ |
NASA’s Artemis III crew has been revealed. The astronauts will launch into low Earth orbit next year to test docking with commercial lunar landers being developed by SpaceX and Blue Origin. Read more.
| 2,000 years ago in Scotland, people removed a corpse’s brain and fashioned the arm bones into tools |
A new analysis of 2,000-year-old skeletons found in northern Scotland has revealed an unusual funeral ritual involving the manipulation of dead bodies. Read more.
| Ditch full of 7,000-year-old headless human skeletons discovered in Slovakia, baffling archaeologists |
Archaeologists are unsure why people in Stone Age Slovakia removed corpses’ heads before burying them in a neighborhood ditch. Read more.
| 2 giant ‘super Earths’ once orbited near Uranus and Neptune, messed up a bunch of moons, then vanished, new study hints |
Our solar system may have hosted up to six giant planets in its first hundred million years, a new study suggests. The findings paint a more crowded picture of the early outer solar system than previously thought. Read more.
| Physicist Richard Feynman’s forgotten notes on ‘the restaurant problem’ finally deciphered after 50 years |
Researchers cracked a 50-year-old math problem scribbled by Richard Feynman over lunch. The equations show that humans are better decision-makers than scientists once thought. Read more.
| China unveils first-of-its-kind ‘dual-core’ quantum computer — its makers say it improves stability and efficiency |
A new Chinese quantum computing system pairs two independent neutral-atom arrays in one processor, aiming to boost stability, efficiency and scalability. Read more.
Persuasion is clearly a sort of demonstration since we are most fully persuaded when we consider a thing to have been demonstrated. -Aristotle.
Swift-Kelce wedding
Taylor Swift and Travis Kelce’s wedding plans remain shrouded in secrecy. But as one event planner put it, “It’s going to be a massive undertaking to keep this under locks.”
Video: Huge waves hit Southern California
Mother Nature is putting on quite a show at some California beaches. But be safe out there — hazardous conditions and strong currents are expected to last through Thursday.
Don’t get caught! Sneak-eating competition spreads in China
The rules are simple — finish eating your food without getting caught. Watch the fun challenge unfold.
Actors On Actors: Bryan Cranston and Rhea Seehorn
Though never sharing the screen, Bryan Cranston and Rhea Seehorn have both worked on Vince Gilligan shows. In this conversation, they discuss how their characters almost met, the meticulous process on “Pluribus,” and Cranston’s return to “Malcom in the Middle.”
PHOTOS OF THE DAY
Le Mans, France
Hypercars line up before the start of 24 Hours of Le Mans, the oldest sports car endurance race in the world
Photograph: Julien Delfosse/DPPI/Shutterstock
Newport Beach, US
A surfer wipes out at the Wedge during a powerful south swell off the southern California coastline
Photograph: Mario Tama/Getty Images
Paris, France
A section of artist JR’s La Caverne is removed from the Pont-Neuf for repair after the installation was damaged during bad weather
Photograph: Urman Lionel/Abaca/Shutterstock
Market Closes for June 10th, 2026
| Market Index |
Close | Change |
| Dow Jones |
49918.78 | -953.33 |
| -1.87% | ||
| S&P 500 | 7266.99 | -119.66 |
| -1.62% | ||
| NASDAQ | 25169.50 | -509.32 |
| -1.98% | ||
| TSX | 34151.32 | -260.37
-0.76% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 64179.27 | -1237.36 |
| -1.89% | ||
| HANG SENG |
24407.96 | -157.94 |
| -0.64% | ||
| SEN SEX | 73983.18 | +64.42 |
| +0.09% | ||
| FTSE 100* | 10254.81 | +27.48 |
| +0.27% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.494 | 3.487 |
| CND. 30 Year Bond |
3.885 | 3.877 |
| U.S. 10 Year Bond |
4.5523 | 4.5165 |
| U.S. 30 Year Bond |
5.0292 | 4.9967 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7170 | 0.7169 |
| US $ |
1.3946 | 1.3950 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6217 | 1.6086 |
| US $ |
0.8669 | 1.1534 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4327.65 | 4320.60 |
| Oil | ||
| WTI Crude Future | 90.03 | 88.20 |
Market Commentary:
On this day in 1997, the Dow Jones Industrial Average closed above 7500 for the first time, and The Wall Street Journal noted that the market’s climb “seems to inspire equal parts awe and dread among many investors.” It would break the 10000 point barrier less than two years later.
👒Canada 🏖
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.8%, or 260.37 to 34,151.32 in Toronto.
The index dropped to the lowest closing level since May 19.
Agnico Eagle Mines Ltd. contributed the most to the index decline, decreasing 4.7%.
Seabridge Gold Inc. had the largest drop, falling 10.0%.
Today, 151 of 221 shares fell, while 69 rose; 7 of 11 sectors were lower, led by materials stocks.
Insights
* This quarter, the index rose 4.2%
* The index advanced 29% in the past 52 weeks. The MSCI AC Americas Index gained 20% in the same period
* The S&P/TSX Composite is 3.2% below its 52-week high on June 4, 2026 and 29.6% above its low on June 10, 2025
* The S&P/TSX Composite is down 1.9% in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.2 on a trailing basis and 16.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$5.43t
* 30-day price volatility fell to 14.83% compared with 14.85% in the previous session and the average of 12.99% over the past month
Index Points
Materials | -230.7841| -4.1| 1/59
Industrials | -45.3668| -1.3| 4/25
Financials | -26.9507| -0.2| 6/18
Information Technology| -13.7717| -0.6| 2/7
Consumer Discretionary| -7.4200| -0.7| 2/7
Real Estate | -2.1681| -0.4| 4/15
Health Care | -0.9985| -1.1| 0/4
Communication Services| 0.8202| 0.1| 4/1
Consumer Staples | 5.5114| 0.5| 6/4
Utilities | 5.8493| 0.5| 10/4
Energy | 51.9018| 0.9| 30/7
Agnico Eagle Mines Ltd | -36.4900| -4.7| 11.8| -8.7
Barrick Mining | -31.8000| -5.0| 43.1| -13.3
Cameco | -30.7200| -7.1| 34.7| 5.4
Canadian Natural Resources | 17.6400| 1.9| 33.8| 36.8
Enbridge | 20.3200| 1.7| -37.6| 20.1
Constellation Software | 23.4900| 5.7| 163.6| -4.8
MT Newswires:
The Toronto Stock Exchange dropped on Wednesday as weakness in base metals and financial stocks offset gains in energy shares, while investors digested the Bank of Canada’s latest decision to hold interest-rates unchanged and assessed the competing risks of slowing economic growth, elevated inflation and ongoing trade uncertainty.
The S&P/TSX Composite Index closed down 260.37 points, or 0.76%, to 34,151.032, with sectors mixed over Wednesday’s session.
Base Metals led decliners , down 3.46%, while Health Care, Battery Metals Index, Industrials, and the Financial were down 1.36%, 1.80%, 1.26%, and 0.22%, respectively.
Energy led gainers, up 1.63%, with Information and Technology, up 0.54%, Utilities, up 0.47%, and Telecom, up 0.39%.
The BoC on Wednesday kept rates unchanged, including the key overnight rate at 2.25%, as expected.
This was the fifth consecutive decision to maintain rates on hold.
Since the BoC’s April policy decision, the economic impact of the ongoing conflict in the Middle East has increased, wrote the central bank in its statement.
Higher energy prices and disruptions in global supply chains are weighing on global growth and pushing up inflation.
At the same time, the U.S. administration continues to propose new tariffs and trade policy uncertainty remains elevated.
Against this backdrop, the Canadian economy has remained soft and inflation has increased.
The BoC noted it expects the economy to remain in excess supply.
The central bank expects consumer price index inflation to hover close to 3% in the coming months before easing gradually toward 2%.
The BoC reiterated it is committed to keeping inflation close to the 2% target over time.
Uncertainty is unusually elevated, and the risks could shift, said Governor Tiff Macklem in his press conference.
In Canada slipping into a technical recession, Macklem said that the country’s economy is weak, but “it is not clearly in recession”.
“There’s been a lot of volatility, month to month, quarter to quarter, but when you look through the bumps, I mean the economy hasn’t really grown in the last year, but it hasn’t shrunk either,” Macklem added.
TD said the BoC’s decision to hold rates reflects the need to balance weak economic growth against inflation risks stemming from higher oil prices and ongoing trade uncertainty.
The bank expects the central bank to remain on hold through the rest of the year as excess economic capacity helps contain broader inflation pressures.
CIBC said the Bank of Canada remains “very patient” as it weighs inflation risks from higher oil prices against growth risks tied to trade uncertainty and potential new tariffs.
The bank expects rates to remain unchanged through 2026, with current policy settings supporting an economic recovery later this year and into 2027 if oil and trade uncertainties ease.
Meanwhile, the Bank of Montreal said the policy statement was matter of fact, with no big surprises.
“The BoC expects growth to rebound in Q2, but “the economy is expected to remain in excess supply”, said BMO.
The extra line about the economy being “weak” is a touch more dovish, but there’s still concern about the potential for rising inflation from higher energy prices, according to the bank.
BMO continues to expect the BoC to stay on hold through the rest of the year.
A hold on rates was widely expected, but the focus was always going to be on how the bank’s Governing Council would describe the evolving risks, said National Bank of Canada.
In April, markets seized on Macklem’s “consecutive” rate hikes threat in the scenario where oil prices remain elevated and higher energy prices lead to higher generalized inflation, noted the bank.
Despite a steady dose of mostly soft inter-meeting economic and inflation data, the BoC is continuing to warn that tighter policy may be needed, stated National Bank.
However, the shock of explicitly stating this has worn off and bond yields edged down moderately after the dust on the decision settled.
The bank judged that the near-term hike scenario is growing less likely, and it still expects the BoC to remain sidelined through year-end.
Government of Canada bond yields lowered after the hold decision.
While the tone from the BoC was neutral and little changed relative to the April decision, financial markets appear to have been expecting a more hawkish tone and as a result bond yields moved lower as expectations for rate hikes this year were slightly reduced, stated CIBC.
In commodities, gold traded at the lowest in more than six months as the metal falls out of favor with traders, who are moving to the dollar as a hedge as a report showed U.S. inflation rose again last month, heightening expectations the Federal Reserve will raise interest rates to check rising prices.
Gold for July delivery was last seen down US$155.80 per ounce to 4,1130.80 per ounce, the lowest since Nov. 24.
The drop comes as the U.S. Bureau of Labor Statistics reported the May Consumer Price Index rose at a 4.2% annualized rate, up from 3.8% in April but matching expectations, according to MarketWatch.
Meanwhile, the West Texas Intermediate crude oil rose on renewed fighting between the United States and Iran, while a report showed U.S. oil inventories fell for an eighth week.
WTI oil for July delivery closed up US$1.83 to settle at US$90.03 per barrel, while August Brent oil was last seen up US$2.23 to US$93.78.
On the trade front, Scotiabank said Canada’s export markets continue to diversify away from the United States, although the U.S. remains by far the country’s largest trading partner.
The share of Canadian exports bound for the United States is gradually trending lower, averaging 76% in 2024 and 72% last year, and coming in at 69% in April 2026, according to Scotiabank.
This has been driven by a decline in exports to the U.S. and increasing exports to other regions, mainly Europe, noted the bank.
In April, exports to the U.S. rose 4.8% month over month and were up 5.7% compared with 2024.
Exports to other countries dropped 4.8% month over month but were up 48.3% from 2024, though much of this has been driven by elevated overseas exports of gold.
US
By Rita Nazareth
(Bloomberg) — Wall Street was rattled by a renewed selloff in some of the world’s largest technology companies, with stocks also falling as a flare-up in geopolitical tensions lifted oil prices.
Those worries drove the S&P 500 to a five-week low, with the benchmark dropping 1.6%.
A closely watched gauge of chipmakers fell 3.6%.
US crude settled around $90 as President Donald Trump vowed to strike Iran again and scolded the country for delaying talks on an interim peace deal, following overnight attacks that put further strain on a fragile truce.
Warnings of a bubble have been loudest in parts of the market riding the artificial-intelligence wave, where many of the mega caps and semiconductor firms have delivered strong returns.
Investors are also preparing for a wave of new equity supply unlike anything seen in recent history.
A flood of shares from companies seeking capital to fund AI ambitions is raising questions about whether demand will be sufficient to absorb the issuance and what the implications will be for valuations.
“Following the historic run, the group earned a well-needed breather, with profit taking necessary to keep positions within risk parameters,” said Mark Hackett at Nationwide.
“Also, beginning with the Google offering last week, the SpaceX IPO this week, and likely offers from Meta, OpenAI, and Anthropic, institutional and retail investors are likely raising funds to participate.”
Meantime, increased tensions in the Middle East risk derailing intermittent indirect talks between Iran and the US.
That means the path to a deal allowing for the re-opening of the Strait of Hormuz is clouded, stoking concern over inflationary pressures that could make the Federal Reserve raise rates before the year is over.
“Investors had been banking on a quick peace deal in the Middle East,” said Bret Kenwell at eToro.
“The trouble is, the longer it takes to find a resolution, the more likely oil prices remain elevated. And the longer energy prices stay elevated, the stickier inflation can get.”
Those concerns overshadowed relatively tame data on consumer prices that had earlier brought a degree of relief to traders.
While US inflation accelerated in May to the fastest pace in more than three years, the core measure rose by less than forecast.
It’s very possible that things wrap up in the Middle East and shipping gets back to normal over the course of the rest of the year, in which case we can see inflation come down over time and the Fed could hold off raising rates, according to Chris Zaccarelli at Northlight Asset Management.
“But if things stay as they are currently, then all bets are off,” he said.
Corporate Highlights:
* SpaceX’s initial public offering has attracted demand for more than four times the available shares, according to people familiar with the matter, ahead of the Elon Musk-led rocket, satellite and AI firm stopping taking orders.
* Super Micro Computer Inc. sank after the company announced a plan to raise $7 billion through a package of equity offerings, a move meant to help pay for the production of more AI servers.
* Shares of several large trucking companies plunged after Amazon.com Inc. announced an expansion of its shipping service that has already shaken the transportation and logistics sector and unsettled investors.
* JPMorgan Chase & Co., Barclays Plc and Fifth Third Bancorp won dismissal of a fraud lawsuit filed by holders of notes issued by Tricolor Holdings, the bankrupt subprime auto lender.
What Bloomberg Strategists say…
“Traders are taking the escalation in US-Iran tensions with a grain of salt. President Trump’s tendency to escalate to de- escalate is all too familiar for investors by now.”
—Tatiana Darie, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 2%
* The Dow Jones Industrial Average fell 1.9%
* The MSCI World Index fell 1.4%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1539
* The British pound was little changed at $1.3370
* The Japanese yen fell 0.1% to 160.55 per dollar
Cryptocurrencies
* Bitcoin fell 0.6% to $61,730.78
* Ether fell 2.1% to $1,625.1
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.54%
* Germany’s 10-year yield advanced three basis points to 3.08%
* Britain’s 10-year yield advanced three basis points to 4.93%
Commodities
* West Texas Intermediate crude rose 2.5% to $90.41 a barrel
* Spot gold fell 4.4% to $4,075.40 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Only the future can provide the key to the interpretation of the past; and it is only in this sense that we can speak of an ultimate objectivity in history. It is at once the justification and the explanation of history that the past throws light on the future, and the future throws light on the past. -Edward Hallett Carr, What Is History (1961).
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