Dear Friends,
Tangents: Happy Friday Eve.
June 11, 2001: China joins the World Trade Organization, accelerating global supply-chain integration and trade liberalization.
June 11, 2012: Rafael Nadal won his record seventh French Open title, defeating Novak Djokovic 6-4, 6-3, 2-6, 7-5. Go to article
Richard Strauss, composer b. 1864.
Jacques Cousteau, undersea explorer, b. 1910.
Vince Lombardi, NFL coach, b. 1913.
A berry important reminder
Those tasty summer berries in your refrigerator can also come with unwanted residues. Experts explain the best way to wash your fruit before taking a bite.
Video: Pope blesses Barcelona’s Sagrada Família
Pope Leo XIV visited the iconic basilica on Wednesday to celebrate a Mass and inaugurate the tower, which makes the church the tallest in the world.
A mango meetup
What started as a casual meetup to share a box of mangoes in 2023 has since grown into a full-blown craze. See the sweet spectacle as hundreds of people recently gathered in San Francisco to share mangoes.
FBI busts fake ‘consulting companies’
Federal authorities have seized over a dozen websites they say were used by suspected Chinese agents to recruit former and current American officials with security clearances.
All entities move and nothing remains still. -Heraclitus.
| Mysterious ‘cold blob’ in the Atlantic is a sign of the Gulf Stream weakening — and that’s bad news for the US East Coast |
The Atlantic’s enigmatic "cold blob" has once again been linked to a weakening of key ocean currents and a devastating climate tipping point. Read more.
| Artificial turf contains 400 chemicals tied to cancer and hormone disruption. But is it unsafe? |
A recent, 10-year study from California identified many known or suspected carcinogens in artificial turf. Does it pose a danger? Read more.
| Genetically modified worms can now produce and deliver drugs inside a living body, scientists say |
In a proof-of-concept lab experiment, scientists demonstrated that intestinal parasites could make and release therapeutic agents inside a living host. Read more.
| Scientists discover giant, fan-shaped structure deep beneath the East Antarctic Ice Sheet |
A mysterious geological structure that resembles a human hand with outstretched fingers has been revealed beneath East Antarctica. The discovery shows the frozen continent still hides many geological secrets. Read more.
| ‘Geminid Symphony’ and ‘Galactic Gandalf’: See the breathtaking views of our home galaxy from the 2026 Milky Way Photographer of the Year contest |
Stunning views of the night sky abound in photographs worldwide submitted to this year’s Milky Way Photographer of the Year contest. Read more.
| This ‘crawling’ robot rolled around the moon and took a historic photo |
A morphable moon robot operated for 100 minutes in 2024, allowing investigators to get images of an upside-down spacecraft on the lunar surface. Read more
PHOTOS OF THE DAY
Istanbul, Turkey
Dolphins swim in the Bosphorus as expert teams conduct a marine monitoring operation
Photograph: Anadolu/Getty Images
Toronto, Canada
People attend a Fifa World Cup 2026 countdown concert
Photograph: Canadian Press/Shutterstock
World Cup 2026: Mexico’s opening ceremony and El Tri’s winning start
The show gets under way.
Photograph: Sáshenka Gutiérrez/EPA
Market Closes for June 11th, 2026
| Market Index |
Close | Change |
| Dow Jones |
50848.75 | +929.97 |
| +1.86% | ||
| S&P 500 | 7394.30 | +127.31 |
| +1.75% | ||
| NASDAQ | 25809.66 | +640.16 |
| +2.54% | ||
| TSX | 34671.46 | +520.14
+1.52% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 64217.27 | +38.00 |
| +0.06% | ||
| HANG SENG |
24249.29 | -158.67 |
| -0.65% | ||
| SEN SEX | 73832.55 | -150.63 |
| -0.20% | ||
| FTSE 100* | 10303.88 | +49.07 |
| +0.48% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.409 | 3.494 |
| CND. 30 Year Bond |
3.814 | 3.885 |
| U.S. 10 Year Bond |
4.4611 | 4.5523 |
| U.S. 30 Year Bond |
4.9554 | 5.0292 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7157 | 0.7170 |
| US $ |
1.3972 | 1.3946 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6182 | 1.6175 |
| US $ |
0.8637 | 1.1577 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4170.95 | 4327.65 |
| Oil | ||
| WTI Crude Future | 87.71 | 90.03 |
Market Commentary:
On this day in 1930, in an attempt to rebuild public confidence in the market, New York Stock Exchange President Richard Whitney had the press witness him making a bid—with his own money—of $160 a share for a 60,000-share block of U.S. Steel stock. The stock kept sinking, eventually reaching $21 during the market bottom in 1932.
👒Canada 🏖
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.5% at 34,671.46 in Toronto.
The move was the biggest since rising 1.9% on April 30 and follows the previous session’s decrease of 0.8%.
Today, materials stocks led the market higher, as 10 of 11 sectors gained; 160 of 221 shares rose, while 58 fell.
Barrick Mining Corp. contributed the most to the index gain, increasing 5.3%.
AbraSilver Resource Corp. had the largest increase, rising 10.7%.
Insights
* In the past year, the index had a similar or greater gain seven times. The next day, it advanced five times for an average 0.7% and declined twice for an average 0.4%
* This quarter, the index rose 5.8%
* So far this week, the index rose 0.7%
* The index advanced 31% in the past 52 weeks. The MSCI AC Americas Index gained 23% in the same period
* The S&P/TSX Composite is 1.8% below its 52-week high on June 4, 2026 and 31.1% above its low on June 19, 2025
* The S&P/TSX Composite is down 1.5% in the past 5 days and rose 1.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.3 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$5.39t
* 30-day price volatility fell to 14.41% compared with 14.83% in the previous session and the average of 13.05% over the past month
Index Points
Materials | 242.6081| 4.5| 58/2
Financials | 136.9182| 1.1| 20/3
Consumer Discretionary | 48.3502| 4.4| 9/0
Information Technology | 45.1902| 1.8| 7/2
Energy | 24.8855| 0.4| 16/21
Industrials | 6.9156| 0.2| 20/9
Consumer Staples | 6.4789| 0.6| 8/2
Utilities | 4.2990| 0.3| 7/6
Real Estate | 1.2527| 0.3| 9/10
Communication Services | 0.6687| 0.1| 4/1
Health Care | -0.7944| -0.9| 2/2
Barrick Mining | 32.0300| 5.3| -17.3| -8.8
Dollarama | 30.9500| 9.0| 102.9| -4.6
TD Bank | 30.2100| 1.6| 3.8| 25.4
Canadian National | -5.8090| -0.9| 113.3| 21.5
Waste Connections | -8.1300| -2.1| -2.1| -9.8
Constellation Software | -11.9400| -2.7| 88.3| -7.4
MT Newswires:
The Toronto Stock Exchange closed sharply higher on Thursday, as investors assessed mixed economic data and the Bank of Canada’s policy outlook, while a rebound in gold prices after U.S. President Trump said he’s near a deal to end the war on Iran helped offset weakness in several heavyweight sectors.
The S&P/TSX Composite Index closed up 520.14 points, or 1.52%, to 34,671.46, with most sectors finishing higher on Thursday.
Base Metals led gainers, up 6.39%, with Information and Technology, up 1.34%, Utilities, up 0.35%, Telecom, up 0.29%, Industrials, up 0.19%, Financial, up 1.14%, and Health Care, up 0.38%.
Battery Metals Index led decliners, down 3.16%, while Energy closed down 0.14%.
The latest construction data pointed to a broad-based slowdown in development activity, with both residential and non-residential projects weighing on overall building intentions.
The total value of building permits issued in Canada fell $1.0 billion, or 7.6%, month over month, to $12.5 billion in April, as both the non-residential sector and the residential sector contributed to the decline in construction intentions, said the country’s statistical agency on Thursday.
April’s slip was more than twice the 3% month-over-month drop estimated by the Bank of Montreal.
On a constant dollar basis, the total value of building permits issued in April declined 7.7% from the previous month and was up 2.7% on a year-over-year basis, said Statistics Canada.
The value of non-residential building permits fell $585.9 million to $5.0 billion in April.
In commodities, gold rose off a six-month low on Thursday, rising for the first time in five sessions after U.S. President Trump said he canceled planned attacks on Iran and talks between the two may be resuming.
Gold for July delivery was last seen up US$10.00 to US$4,143.30 per ounce, rising off the lowest since Nov. 24 and recovering from session lows of US$4,046.20.
Meanwhile, West Texas Intermediate (WTI) crude oil closed lower on Thursday, falling off session highs after Trump’s comments.
WTI oil for July delivery closed down US$2.32 to settle at US$87.71 per barrel, falling off a session high of US$93.64, while July Brent oil was last seen down US$2.86 to US$90.24.
The Bank of Canada held rates at 2.25% at Wednesday’s policy meeting and kept the policy rate at the lower end of its estimated neutral range of 2.25%-3.25%, UBS said.
While communications were little changed, the BoC acknowledged more plainly the "policy dilemma" caused by weakening economic activity and rising inflation.
With the outlook remaining uncertain, UBS expects the central bank to remain on hold this year and believes the balance of risks could even be tilted toward rate cuts rather than hikes, depending on how the economy evolves.
In Governor Tiff Macklem’s opening remarks, he made it clear that "holding the policy rate unchanged balances those risks", referring to downside growth risks and upside inflation risks, noted Rosenberg Research.
However, the Canadian dollar should remain vulnerable since it will take a lot more to knock United States traders from the view that the Federal Reserve will be hiking rates sooner rather than later, according to Rosenberg.
Macklem’s commentary was largely consistent with what was outlined at the April policy meeting, noted David Doyle, head of economics at Macquarie Group.
As the governor did in April, Macklem referred to the potential for "consecutive increases" in the policy rate should energy prices remain elevated.
Macquarie continues to anticipate the BoC’s next move to be a rate hike, with the baseline timing in September 2026.
Doyle added that the expectation for labor market improvement and stronger growth momentum informs this view.
Policymakers remained sanguine on inflation, citing improvement in core inflation measures and limited evidence of broad-based spillovers from higher energy prices.
The BoC also reiterated that it would look through the Iran war’s near-term impact on inflation, said Nomura, adding that, overall, downside risks to growth remain elevated while price pressures appear contained.
The bank continues to expect the BoC to remain on hold through 2026.
The BoC’s decision to keep rates unchanged reinforced Bank of Montreal’s (BMO) view that rates will likely be at this level through 2026.
BMO, noting the BoC’s policy dilemma, said: "Raising rates to dampen inflation could further slow the economy.
Easing rates to support growth increases the risk that higher inflation becomes persistent.
For now, holding the policy rate unchanged balances those risks."
US
By Rita Nazareth
(Bloomberg) — Wall Street powered a rally in stocks as oil sank after President Donald Trump signaled the US is close to a deal with Iran, fueling hopes for an end to the war that has roiled global markets.
Equities halted a two-day slide, with the S&P 500 climbing 1.8%.
In late hours, US oil sank to around $86, easing concerns about inflationary pressures and driving bond yields lower.
A nearly 8% surge in a gauge of chipmakers added to optimism.
SpaceX raised $75 billion, making history with the biggest-ever IPO.
Trump pulled back threatened military strikes against Iran, citing “discussions” that “have been brought to the highest level of Iranian leadership” for a negotiated end to the war.
He later said a signing could take place as soon as this weekend in Europe with Vice President JD Vance.
“We just made a great settlement of the war with Iran, and we’re going to be subject to finalization of documents, we should get done over the next few days,” Trump noted.
While the path toward a resolution is likely to be uneven, our base case is that diplomacy ultimately prevails, allowing investors to refocus on resilient economic fundamentals and robust earnings growth in both the US and Europe, noted Ulrike Hoffmann-Burchardi at UBS Chief Investment Office.
Meantime, SpaceX raised $75 billion in the IPO, pricing 555.6 million shares at $135 each.
At the IPO price, SpaceX has a market value of $1.77 trillion.
Accounting for employee stock options and restricted share units, the pricing gives it a fully diluted valuation of about $1.8 trillion.
Space Exploration Technologies Corp., as it is officially known, has given the underwriting banks an over-allotment option to buy an additional 83.3 million shares at the IPO price, the statement shows, which would increase the size of the deal to about $86 billion if fully exercised.
The IPO drew demand for more than four times the available shares, Bloomberg News reported.
“An IPO boom is great for investor confidence and will help to boost the entire stock market.” said veteran strategist Louis Navellier.
“There is no doubt that we remain in the midst of a FOMO (Fear of Missing Out) market, so the investor stampede is expected to persist.”
Corporate Highlights:
* Oracle Corp. sank after the company reported quarterly capital expenses that were higher than estimates, raising investor concerns about the profitability of the AI infrastructure business.
* Intel Corp. jumped as Bank of America Corp. turned bullish on the chipmaker and upgraded it a buy, citing the increased certainty about the company’s ability to succeed in the artificial intelligence era.
* OpenAI is considering significant price cuts for its services in anticipation of similar cost reductions from rival Anthropic PBC, according to people familiar with the matter, hinting at the possibility of a pricing war in the lead-up to their expected public offerings.
** OpenAI has agreed to acquire Ona, a startup that offers cloud services to support artificial-intelligence agents, part of a bid by the AI developer to make its technology more useful for businesses.
* Eaton Corp. agreed to merge its mobility business with Dana Inc. in a deal valuing the combined company at roughly $10 billion including debt.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 3.3%
* The Dow Jones Industrial Average rose 1.9%
* The MSCI World Index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.4% to $1.1581
* The British pound rose 0.4% to $1.3420
* The Japanese yen rose 0.5% to 159.82 per dollar
Cryptocurrencies
* Bitcoin rose 2.8% to $63,454.97
* Ether rose 3% to $1,677.28
Bonds
* The yield on 10-year Treasuries declined 10 basis points to 4.45%
* Germany’s 10-year yield declined four basis points to 3.03%
* Britain’s 10-year yield declined three basis points to 4.90%
Commodities
* West Texas Intermediate crude fell 4% to $86.47 a barrel
* Spot gold rose 3.5% to $4,213.64 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Gentlemen, we will chase perfection, and we will chase it relentlessly, knowing all the while we can never attain it.
But along the way, we shall catch excellence. –Vince Lombardi, 1913-1970.
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