Dear Friends,
Tangents:
June 17, 1885: The Statue of Liberty arrived in New York City aboard the French ship Isere. Go to article.
June 17, 1940: The Baltic states fall under Soviet occupation. As the world focused on Germany’s capture of Paris, the USSR occupied Estonia, Latvia and Lithuania.
June 17, 1972: Watergate arrests, Washinton DC.
Igor Stravinsky, composer, b.1882
MC Escger, artist, b. 1898.
Venus Williams, tennis player, b. 1980
| ‘The system is critically stressed’: San Andreas and San Jacinto faults scarily close to major earthquake, study finds |
The San Andreas fault and a neighboring fault in Southern California have reached their highest levels of tectonic stress in 1,000 years, and a rupture at one fault could propagate to the other. Read more.
| 5,000-year-old burial of man with battered skull found in kiln in Germany — and he may have been a human sacrifice |
An injured man from the Corded Ware culture was buried in a pit previously used as a kiln, and he may have been sacrificed. Read more.
| Wreck of World War II Japanese ‘hellship’ that sank with more than 1,000 Allied POWs on board discovered off the Philippines |
The remains of a Japanese "hellship" that was torpedoed in 1944 and sank with more than 1,000 prisoners of war on board has been found off the coast of the Philippines island of Luzon. Read more.
To conquer without danger is to triumph without glory. -Pierre Corneille.
Knicks’ Game 5 victory set an NBA ratings record
Saturday night’s Game 5 telecast averaged 24.5 million viewers, setting an NBA ratings record not seen since the 1990s.
Lululemon’s ad campaign strikes the wrong chord
Activewear brand Lululemon sparked an online uproar in China after a promotional event held on the Great Wall appeared to mistakenly feature a Japanese drum.
How can Jelly Roll be getting divorced?
Grammy-winning singer Jelly Roll has filed for divorce from the woman we all thought was his soulmate.
Who is Vozinha? Cape Verde’s heroic goalkeeper
The 40-year-old goalkeeper from Cape Verde who held Spain to a scoreless World Cup draw is capturing the hearts of soccer fans worldwide.
PHOTOS OF THE DAY
Los Angeles, US
Invited guests tour Dataland, billed as the world’s first museum of AI arts, before its official opening on 20 June
Photograph: Mario Tama/Getty Images
Bitlis, Turkey
A shepherd drives his sheep through a dust cloud towards the pastures of Mount Nemrut, where the flock will spend the summer
Photograph: Mustafa Kilic/Anadolu/Getty Images
World Cup 2026
Locals in Kumrovec, northern Croatia, watch the match projected on a barn wall.
Photograph: Darko BandiAP
Market Closes for June 17th, 2026
| Market Index |
Close | Change |
| Dow Jones |
51492.55 | -507.12 |
| -0.98% | ||
| S&P 500 | 7420.10 | -91.25 |
| -1.21% | ||
| NASDAQ | 26021.66 | -354.68 |
| -1.34% | ||
| TSX | 35125.11 | -264.47
-0.75% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 69902.25 | +497.75 |
| +0.72% | ||
| HANG SENG |
24312.16 | -181.79 |
| -0.74% | ||
| SEN SEX | 77155.62 | +347.14 |
| +0.45% | ||
| FTSE 100* | 10508.61 | +14.40 |
| +0.14% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.421 | 3.390 |
| CND. 30 Year Bond |
3.817 | 3.817 |
| U.S. 10 Year Bond |
4.4869 | 4.4394 |
| U.S. 30 Year Bond |
4.9314 | 4.9434 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7092 | 0.7146 |
| US $ |
1.4099 | 1.3993 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6163 | 1.6223 |
| US $ |
0.8690 | 1.1506 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4335.80 | 4355.20 |
| Oil | ||
| WTI Crude Future | 76.79 | 76.05 |
Market Commentary:
| On this day in 1930, President Herbert Hoover signed the protectionist Smoot-Hawley tariff into law. It was blamed for worsening the Great Depression. |
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.7% at 35,125.11 in Toronto, ending a 4-day gain.
The loss follows the previous session’s increase of 0.3%.
Today, materials stocks led the market lower, as 9 of 11 sectors lost; 167 of 220 shares fell, while 49 rose.
Shopify Inc. contributed the most to the index decline, decreasing 3.7%.
AbraSilver Resource Corp. had the largest drop, falling 7.9%.
Insights
* This quarter, the index rose 7.2%
* The index advanced 32% 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 32.8% above its low on June 19, 2025
* The S&P/TSX Composite is up 2.9% in the past 5 days and rose 3.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22 on a trailing basis and 16.9 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$5.58t
* 30-day price volatility fell to 14.34% compared with 14.45% in the previous session and the average of 13.52% over the past month
Index Points
Materials | -105.4250| -1.7| 6/53
Industrials | -76.1863| -2.1| 5/24
Energy | -74.8856| -1.3| 9/28
Information Technology| -53.3053| -2.1| 1/8
Communication Services| -7.0499| -1.1| 0/5
Utilities | -6.7711| -0.5| 5/8
Real Estate | -5.8833| -1.2| 1/18
Consumer Staples | -2.1742| -0.2| 4/6
Health Care | -0.7127| -0.8| 0/4
Consumer Discretionary| 0.4664| 0.0| 4/3
Financials | 67.4634| 0.5| 14/10
Shopify | -49.6400| -3.7| 32.3| -30.9
Canadian Pacific Kansas | -24.4600| -3.1| 37.3| 19.7
Barrick Mining | -18.1900| -2.6| 16.4| -2.3
RBC | 16.8400| 0.6| -4.4| 21.0
Scotiabank | 18.9100| 1.8| 24.7| 20.4
TD Bank | 23.3900| 1.2| 11.4| 29.4
MT Newswires:
The Toronto Stock Exchange edged lower Wednesday as gains in financial and battery metals stocks offset broad-based weakness across most other sectors, while investors assessed fresh domestic economic data pointing to slower population growth and a cooling housing market.
The S&P/TSX Composite Index closed down 264.47 points, or 0.75%, at 35,125.11.
Battery Metals Index led gainers, up 1.23%, while Financial closed up 0.54%.
Industrials led decliners, down 2.12%, with Information and Technology, down 1.25%, Utilities, down 0.54%, Telecom, down 1.19%, Energy, down 1.55%, Base Metals, down 1.26%, and Health Care, down 1.14%.
In commodities, Gold traded higher Wednesday even as the dollar rose after a report showed U.S. retail sales rose more than expected last month ahead of the latest interest rate decision coming from the Federal Reserve.
Gold for July delivery was last seen up US$37.10 to US$4.391.50 per ounce.
West Texas Intermediate (WTI) crude oil closed higher on Wednesday, rebounding from its lowest level in more than three months as details of a peace agreement between Iran and the United States emerged, while the International Energy Agency said inventories depleted by a closure of the Strait of Hormuz would return to surplus next year.
WTI oil for July delivery closed up US$0.74 to settle at US$76.79 per barrel, rising off the lowest since March 4, while August Brent oil was last seen up US$0.41 to US$79.37.
Meanwhile, domestic data released Wednesday pointed to a slowdown in Canada’s population growth as immigration levels continued to ease.
The population of Canada was estimated at 41,417,056 on April 1, a decrease of 0.1% from the previous quarter, said the country’s statistical agency Wednesday.
The country welcomed 83,149 permanent immigrants in Q1 2026.
This represents a decline of 20.2% compared with the number of permanent immigrants welcomed in the same quarter of 2025 and is in line with the lower target established by Immigration, Refugees and Citizenship Canada for the 2026 calendar year, Statistic Canada noted.
Natural increase was negative (-155) in Q1, meaning there were more deaths than births in Canada during this quarter.
By comparison, the natural increase in Q1 2025 was positive, at 983.
Natural increase is usually low during the winter months, because there are typically fewer births and more deaths during the colder months.
The housing sector also remained under pressure amid affordability challenges and softer demand conditions.
Canada’s new housing price index (NHPI) shed 0.3% month over month in May, said StatsCan on Wednesday.
The NHPI is a monthly series that measures changes over time in the contractors’ selling prices of new residential houses, where detailed specifications pertaining to each house remain the same between two consecutive periods.
The survey covers dwelling types including new single homes, semi-detached homes and town homes (row or garden homes).
Additionally, Scotiabank argued if a recovery is in sight after Canada’s existing home sales rise in May.
After having declined by nearly 11% seasonally adjusted from November 2025 to March 2026, Canada’s housing sales have since recovered more than half of this decline with increases in April and May, said Scotiabank.
In the latter month, national sales posted a 5.5% monthly rise, the strongest since October 2024, noted the bank.
The bank added it must witness a sustained upward trend in housing demand and tightening in market conditions before it can see a recovery in the national house price, and especially in Ontario and British Columbia markets given their influence on national figures.
Additionally, Bank of Montreal (BMO) said the international investors are big buyers of Canadian dollar bonds.
International investors were big net buyers of Canadian securities in April to the tune of $46.9 billion, the lender noted.
That’s among the larger inflows over the past few years.
Buying was focused in federal and provincial government debt, as well as corporate bonds, pointed out BMO.
Equities saw a decent inflow too, while money markets had an outflow.
The net inflow to federal government bonds was a record $27.7 billion in the month, while provincial bonds were just short of a record at $10.6 billion.
Notably, April’s net inflow to Canadian dollar-denominated bonds was a record $36.2 billion, added the bank.
US
By Rita Nazareth
(Bloomberg) — Wall Street traders sent stocks lower as short-dated bond yields climbed after the Federal Reserve signaled the possibility of higher rates as it assesses the impacts of the Iran war on inflation.
Following the decision and new Chairman Kevin Warsh’s repeated assurances that “price stability” would be the Fed’s guiding principle, money markets fully priced in a rate hike by October.
The S&P 500 fell 1.2%.
The yield on two-year Treasuries climbed 16 basis points to 4.21%.
The dollar advanced.
Fed policymakers left rates unchanged and were split over whether they expect to raise rates this year.
Their new projections indicated nine officials foresee at least one hike, with six anticipating at least two.
Another nine expected no move or a cut.
Warsh, who has been critical of forward guidance, declined to submit a forecast.
“The bigger takeaway came from the rate projections,” said Bret Kenwell at eToro.
“Markets were prepared for higher rates, but the Fed’s projections suggest policymakers may be willing to stay more hawkish than investors expected.”
It was the fourth straight time officials held rates in place as they continue to shift their concerns from the labor market to inflation.
They characterized growth as “solid” while describing productivity growth and capital investment as strong.
Warsh ruled out re-examining the 2% inflation target.
“The Fed’s recent hawkish shift was not just about higher energy prices,” said Kay Haigh at Goldman Sachs Asset Management.
“Despite the recent pullback in oil, half of the members of the FOMC expect rate hikes as soon as this year, reflecting strong labor market and inflation data.”
While Haigh’s base case remains that the Fed can just about avoid hikes, he says the path is narrow and there will be a high premium on the incoming inflation data.
“Despite a more-hawkish statement, we expect the Fed’s next move is still likely a cut, but it will take time for inflation to unwind enough to give the board the breathing room to act,” said Ellen Zentner at Morgan Stanley Wealth Management.
While there seems to be a growing bias toward hiking from Fed board members, inflationary pressures are likely to come down in the coming months as the flow of oil out of the Middle East improves, according to Scott Helfstein at Global X ETFs.
“We continue to think the Fed will be on hold this year, with the recent de-escalation in tensions in the Middle East and a drop in oil prices helping to soften inflation risks,” said James McCann at Edward Jones.
“However, the bar for a rate hike looks lower after today’s meeting.”
Warsh also said he is appointing a task force to examine the central bank’s $6.7 trillion balance sheet, a first step in addressing a policy issue he has long criticized.
The group charged with reviewing the balance sheet would analyze whether “monetary policy is coming from our interest-rate tool or our balance-sheet tool,” he said.
Corporate Highlights:
* SpaceX shares declined for the first time since its record initial public offering, snapping a three-day rally that had reached nearly 50%.
* Blue Origin is already rebuilding the Florida launch site where its New Glenn rocket exploded last month, making way for the space company to fly again this year and rejuvenate its ambitions to challenge SpaceX.
* CME Group Inc. Chief Executive Officer Terry Duffy is handing over the reins after more than 25 years at the world’s largest derivatives exchange.
He’ll will step down on March 1 and transition to executive chairman. Chief Financial Officer Lynne Fitzpatrick will take over as CEO.
* La-Z-Boy Inc. jumped after the home furniture store’s reported adjusted earnings per share for the fourth quarter beat the average analyst estimate.
* UniQure NV soared after the company announced it will be able to seek US approval for its Huntington’s disease gene therapy before conducting a new study.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 1%
* The Dow Jones Industrial Average fell 1%
* The MSCI World Index fell 1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 1% to $1.1490
* The British pound fell 1.1% to $1.3281
* The Japanese yen fell 0.2% to 160.75 per dollar
Cryptocurrencies
* Bitcoin fell 2.3% to $64,301.09
* Ether fell 3.2% to $1,738.17
Bonds
* The yield on 10-year Treasuries advanced five basis points to 4.49%
* Germany’s 10-year yield was little changed at 2.93%
* Britain’s 10-year yield declined four basis points to 4.75%
Commodities
* West Texas Intermediate crude was little changed
* Spot gold fell 1.9% to $4,247.93 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Wisdom comes by disillusionment. –George Santayana, 1863-1952.
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