Dear Friends,
Tangents:
June 16, 1903: Ford Motor Co. was incorporated. Go to article.
June 16, 1963: Soviet cosmonaut Valentina Tereshkova becomes the first woman in space aboard Vostok 6. She orbits Earth 48 times, spends almost three days in space, and remains the only woman ever to fly a solo space mission.
Instant noodles have a bad reputation
But global demand shows no signs of cooling.
Looking for love in all the wrong places?
There’s an art to clicking with people — and also some science-backed strategies that can help you make better connections.
Cat steals the show during ‘Romeo and Juliet’
During a ballet performance of "Romeo and Juliet" in Turkey, a cat unexpectedly joined the actors and completely stole the show with its antics.
Do one thing every day that scares you. -Eleanor Roosevelt.
| ‘They are trying to tame nature’: China is building the world’s biggest dam in an earthquake-prone region of Tibet |
China is building a dam system that will generate more hydroelectric power than the U.S. generates yearly. But the project comes with huge risks for people downstream. Read more.
| Lavish Roman villa discovered outside Rome’s walls may have been frequented by Hadrian and Marcus Aurelius |
The villa, which came to light because it was illegally excavated, was found in an area frequented two millennia ago by the emperors Hadrian, Antoninus Pius and Marcus Aurelius. Read more.
| ‘Melted in a pot somewhere’: Vikings used Islamic silver coins to make their early pennies, study finds |
The silver in a Viking Age hoard found in Denmark was from melted-down coins from the faraway Islamic world, a new study finds. Read more.
| Hundreds of hidden earthquakes discovered beneath Antarctica — and they’re happening in a very odd location |
Antarctica was long thought to be seismically calm, but new technology makes it possible to detect unexpected types of earthquakes beneath the ice. Read more.
| An ancient piece of the moon found in Africa hints at a long-ago collision that turned the lunar surface molten |
A meteorite shows evidence that an ancient crash on the moon 3.5 billion years ago was so powerful, it turned the surface molten. Read more.
PHOTOS OF THE DAY
Ascot, UK
Racegoers arrive on the first day of the Royal Ascot horse race meeting
Photograph: Toby Melville/Reuters
Rangamati, Bangladesh
A floating market operates on Kaptai Lake
Photograph: Syed Mahabubul Kader/ZUMA Press Wire/Shutterstock
Basel, Switzerland
Stream Move Oceans (2026) by the Saudi Arabian artist Zarah Alghamdi is displayed at at city’s international art fair
Photograph: Georgios Kefalas/EPA
Market Closes for June 16th, 2026
| Market Index |
Close | Change |
| Dow Jones |
51999.67 | +328.64 |
| +0.64% | ||
| S&P 500 | 7511.35 | -42.94 |
| -0.57% | ||
| NASDAQ | 26376.34 | -307.60 |
| -1.15% | ||
| TSX | 35389.58 | +113.94
+0.32% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 69404.50 | +87.00 |
| +0.13% | ||
| HANG SENG |
24493.95 | -348.72 |
| -1.40% | ||
| SEN SEX | 76808.48 | +544.15 |
| +0.71% | ||
| FTSE 100* | 10494.21 | +63.59 |
| +0.61% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.390 | 3.413 |
| CND. 30 Year Bond |
3.817 | 3.840 |
| U.S. 10 Year Bond |
4.4394 | 4.4730 |
| U.S. 30 Year Bond |
4.9434 | 4.9785 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7146 | 0.7146 |
| US $ |
1.3993 | 1.3992 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6153 | 1.6250 |
| US $ |
0.8611 | 1.1612 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4355.20 | 4185.95 |
| Oil | ||
| WTI Crude Future | 76.05 | 80.75 |
Market Commentary:
| On this day in 1812, the State of New York chartered a new institution called City Bank of New York, capitalized at $2 million. Today, it’s the global bank Citigroup. |
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.3%, or 113.94 to 35,389.58 in Toronto.
Royal Bank of Canada contributed the most to the index gain, increasing 1.1%.
SSR Mining Inc. had the largest increase, rising 10.2%.
Today, 109 of 220 shares rose, while 108 fell; 4 of 11 sectors were higher, led by materials stocks.
Insights
* This quarter, the index rose 8%
* The index advanced 33% in the past 52 weeks. The MSCI AC Americas Index gained 24% in the same period
* The S&P/TSX Composite is at its 52-week high and 33.8% above its low on June 19, 2025
* The S&P/TSX Composite is up 2.8% in the past 5 days and rose 4.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.9 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$5.56t
* 30-day price volatility fell to 14.45% compared with 14.50% in the previous session and the average of 13.48% over the past month
Index Points
Materials | 132.4953| 2.2| 48/12
Financials | 102.2624| 0.8| 18/5
Industrials | 11.2652| 0.3| 16/13
Health Care | 0.6078| 0.7| 2/2
Real Estate | -0.2265| 0.0| 8/10
Consumer Staples | -3.9898| -0.4| 4/6
Communication Services | -4.8307| -0.8| 1/4
Utilities | -6.8042| -0.5| 2/12
Information Technology | -14.9976| -0.6| 4/5
Consumer Discretionary | -31.1863| -2.7| 1/8
Energy | -70.6279| -1.2| 5/31
RBC | 29.8600| 1.1| -27.7| 20.3
Agnico Eagle Mines Ltd | 21.6500| 2.6| 56.2| 5.9
Wheaton Precious Metals | 20.1000| 3.6| -36.1| 11.4
Suncor | -16.4200| -2.4| -32.1| 33.7
Gildan Activewear | -21.0600| -18.8| 463.9| -18.0
Celestica | -23.1300| -5.1| -28.8| 31.7
MT Newswires:
The Toronto Stock Exchange recorded its fourth-straight session win on Tuesday, and with that also posted its second-straight record close, and fourth record finish for June already.
The S&P/TSX Composite Index closed up 113.94 points, or 0.3%, to 35,389.58, even with sectors mixed and with only the Battery Metals Index gaining more than 1%, rising 5%.
In contrast, Energy was down near 2% amid lower oil prices, and Info Tech was down 1.3%.
According to FactSet the S&P/TSX going into today’s session was month to date up 1.46% and year to date up 3,562.88 points or 11.23%.
Going in to today it was up 1,124.32 points or 3.29% over the prior three trading days.
While optimism around strong equity-market fundamentals is likely the main reason for recent gains, investors also appear hopeful upcoming trade discussions between Canada and the United States won’t be as bitter and contentious as some market observers fear.
With every word on trade coming out of both countries closely examined for clues on what will eventually be agreed upon, Canada’s CTV News is reporting Tuesday that as G7 leaders milled around the table ahead of a working lunch at their annual summit on Tuesday, cameras caught Prime Minister Mark Carney in a conversation about trade with U.S. President Trump.
It noted Carney is seen leaning over the seated president, talking about Canada’s deal with China to allow a limited number of Chinese electric vehicles into the country.
According to the report, microphones caught part of the conversation in which the two leaders appear to be talking about the cap Canada has in place to allow up to 49,000 Chinese-made cars into Canada per year.
"Less than 3% of our market, 49,000 cars," Carney can be heard telling Trump, before the camera pans to another section of the leaders’ table.
"A cap," Carney can then be heard saying, when he’s once again on camera, while making a hand gesture indicating a ceiling.
As the president nods intently, Carney adds: "I thought you’d actually like that."
Trump then responds: "That’s good, I like it."
Of commodities, gold was steady midafternoon Tuesday as inflation fears ebbed as oil prices eased after the United States and Iran reached an interim deal to end their war.
Gold for July delivery was down US$0.90 to US$4,350.70 per ounce.
West Texas Intermediate fell for a fourth-straight session on Tuesday, closing down 5.8% on expectations supply is on the rise as the market anticipates the weekend truce between Iran and the U.S will reopen the Strait of Hormuz and free tankers trapped in the Persian Gulf since the start of the conflict.
WTIcrude oil for July delivery closed down US$4.70 to settle at US$76.05 per barrel, the lowest since March 4, while August Brent oil was down US$4.46 to US$78.71.
US
By Rita Nazareth
(Bloomberg) — A rally that sent the US stock benchmark to the brink of a record paused before the first Federal Reserve rate decision under Kevin Warsh, with a another slide in oil prices driving bond yields lower.
In a rotation to economically sensitive areas of the market, a rout in chipmakers after a solid run dragged down the S&P 500.
The Nasdaq 100 fell about 2%.
A renewed advance in SpaceX drove the rocket company to a striking distance of Amazon.com Inc.’s value.
The Dow Jones Industrial Average hit fresh all-time highs.
Oil sank below $80 on expectations for a revival in supplies.
As the US and Iran prepare to formally sign an interim peace deal Friday, traders are looking for clues from policymakers on the impacts of the war.
With a well-flagged hike from the Bank of Japan seen as an exception, most developed- world central banks including the Fed are expected to make no changes this week.
“For markets, a ‘higher-for-longer’ rate backdrop, rather than a renewed tightening cycle, can remain supportive of economic growth alongside gradually moderating inflation pressures,” said Mona Mahajan at Edward Jones.
She says easing geopolitical tensions could help alleviate inflation pressures and reduce bond yields, potentially driving a broadening of leadership into cyclical sectors and previously lagging corners of the market.
The Fed meeting may not deliver a hike, but it could bring something more important: The first real signal of how Warsh plans to approach inflation, noted Bret Kenwell at eToro.
Investors are trying to figure out whether the new Fed chair will use his first major moment to reset expectations, he added.
“In a matter of months, the narrative has shifted from ‘how many rate cuts this year?’ to ‘how many rate hikes are on the table?’” Kenwell said.
“That’s a big swing, and it puts Warsh in a difficult spot: He can acknowledge the recent pullback in oil prices and sound patient, but he can’t afford to look complacent if broader inflation pressures are moving the wrong way.”
Investors are wondering how, specifically, the Warsh Fed will change the way it communicates with them, including whether the quarterly Summary of Economic Projections, or SEP, might be slimmed down.
That document includes forecasts for key economic variables and the famous “dot plot” showing where policymakers see interest rates heading.
At TD Securities, the strategists are betting on a drop in the easing bias, upward revisions to inflation forecasts, and the median dot showing no cuts in 2026 as well as next year.
They say a strong pushback from Warsh is unlikely as that would damage his credibility and effectiveness.
“Depending on the tone and how much this meeting reshapes investor expectations, it could dictate the market’s narrative for the next several weeks, at least until earnings season takes over,” Kenwell concluded.
Corporate Highlights:
* SpaceX formally agreed to take over Cursor in a deal that values the artificial intelligence coding startup at $60 billion, cementing a key part of Elon Musk’s efforts to catch up with rivals on coding tools.
* US Commerce Secretary Howard Lutnick warned Anthropic PBC in a letter last week that it would need government permission to grant foreign nationals access to its most advanced AI models and threatened criminal and civil penalties if the firm failed to comply, according to a copy obtained by Bloomberg News.
* Yum! Brands Inc. is selling its struggling Pizza Hut division for $2.7 billion, allowing the restaurant operator to focus on its better-performing KFC and Taco Bell chains.
* Robinhood Markets Inc. said it’s cutting 10% of its workforce, a reduction of around 300 positions, to “remain lean and disciplined” as it develops new products.
* Rivian Automotive Inc. is cutting hundreds of jobs as part of a push to reduce costs while it rolls out a new line of electric vehicles.
What Bloomberg strategists say…
“The June FOMC meeting will now decide whether participation in the current rally can broaden. While no dramatic policy pivots are expected, traders are likely trading risks around communication.”
—Michael Ball, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.9%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World Index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.1608
* The British pound was little changed at $1.3423
* The Japanese yen was little changed at 160.46 per dollar
Cryptocurrencies
* Bitcoin fell 1.4% to $65,545.41
* Ether fell 1.4% to $1,790.46
Bonds
* The yield on 10-year Treasuries declined four basis points to 4.43%
* Germany’s 10-year yield declined two basis points to 2.93%
* Britain’s 10-year yield declined two basis points to 4.79%
Commodities
* West Texas Intermediate crude fell 4.9% to $76.80 a barrel
* Spot gold rose 0.5% to $4,332.05 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
The mind is its own place, and in itself can make a Heaven of Hell, a Hell of Heaven. – John Milton, 1608-1674.
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