Dear Friends,
Tangents: Happy Monday.
June 1, 1869: Thomas Edison receives his first patent, an electric vote recorder, starting one of history’s most prolific invention careers.
June 1, 1967: Sgt. Pepper’s Lonely Heart’s Club Band released.
June 1, 1980: CNN made its debut. Go to article
Procession des Bouteilles, France.
Alanis Morissette, singer, b. 1974.
| Skeletal remains of Queen Elisenda, one of the most powerful rulers in medieval Europe, unearthed in Barcelona — along with several others who bore unexplained stab wounds |
In honor of the 700th-anniversary founding of the Royal Monastery of Santa Maria Pedralbes in Barcelona, scientists opened eight 14th-century graves and studied the 25 people found inside, including a queen. Read more.
| ‘We were being bullied in our own home’: How ‘authoritarian’ HOAs are contributing to the insect apocalypse |
In the book "Bitter Honey," writer and researcher Jennie Durant explores how industrial agriculture is destroying bees — and what can be done to stop them. Read more.
| ‘Astonishing’: James Webb telescope spots the most chemically primitive galaxy in the ancient universe |
The James Webb telescope peered into an ancient spot of light, and found it to be the most metal-poor galaxy in the early universe. Read more.
| OpenAI’s internal AI model just solved an 80-year-old math problem — and mathematicians verified it |
The closest the field has come to solving the planar unit distance problem, first proposed in the 1940s, was in 1984. Now, OpenAI claims an internal model has cracked the puzzle. Read more.
| Japan hits 6G key milestone with high-frequency speeds topping 100 Gbps |
Researchers have built a miniaturized microcomb-driven terahertz wireless communication system that’s 90 times smaller than conventional chips to deliver record-breaking data-transfer speeds at ultrahigh frequencies. Read more.
Irish Alzheimer’s is when you’ve forgotten everything but your grudges. -Irish Proverb.
YouTube creators are revolutionizing Hollywood
Films by young YouTube creators are topping the US box office, and all of Hollywood is paying attention.
How Costco sells such cheap gas
Learn about the strategy lurking behind the savings.
PHOTOS OF THE DAY
Aksaray, Turkey
With the arrival of spring, blooming poppies have created scenic landscapes around Mount Hasan. The vibrant red flowers covering the foothills of the mountain have attracted visitors and nature enthusiasts to the area.
Photograph: Agit Erdi Ulukaya/Anadolu/Getty Images
New York City, US
A rare blue moon, the second full moon to appear in the sky in a single month, behind the Statue of Liberty
Photograph: John Angelillo/UPI/Shutterstock
Medina, Saudi Arabia
The interior of al-Masjid an-Nabawi (the Prophet’s mosque) as Muslim pilgrims who have completed their hajj duties in Mecca continue to arrive
Photograph: Ali Atmaca/Anadolu/Getty Images
Market Closes for June 1st, 2026
| Market Index |
Close | Change |
| Dow Jones |
51078.88 | +46.42 |
| +0.09% | ||
| S&P 500 | 7599.96 | +19.90 |
| +0.26% | ||
| NASDAQ | 27086.81 | +114.19 |
| +0.42% | ||
| TSX | 34734.89 | -34.25
-0.10% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 66934.33 | +604.83 |
| +0.91% | ||
| HANG SENG |
25398.18 | +215.79 |
| +0.86% | ||
| SEN SEX | 74267.34 | -508.40 |
| -0.68% | ||
| FTSE 100* | 10338.95 | -70.33 |
| -0.68% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.428 | 3.413 |
| CND. 30 Year Bond |
3.803 | 3.793 |
| U.S. 10 Year Bond |
4.4532 | 4.4355 |
| U.S. 30 Year Bond |
4.9696 | 4.9716 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7224 | 0.7248 |
| US $ |
1.3841 | 1.3796 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6210 | 1.6102 |
| US $ |
0.8595 | 1.1638 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4545.95 | 4419.45 |
| Oil | ||
| WTI Crude Future | 92.16 | 87.36 |
Market Commentary:
On this day in 1886, one of the greatest and fastest industrial overhauls in history was completed. Railroads across the South tore out their old 5-foot gauge rails and replaced them with 4-foot, 9-inch gauge. This enabled train traffic to move throughout the U.S. smoothly and without stopping. Some 13,000 miles of track were replaced in just two days.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 34,734.89 in Toronto.
The move follows the previous session’s increase of 0.7%.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 2.8%.
Equinox Gold Corp. had the largest drop, falling 8.2%.
Today, 119 of 220 shares fell, while 99 rose; 5 of 11 sectors were lower, led by financials stocks.
Insights
* This quarter, the index rose 6%
* The index advanced 33% in the past 52 weeks. The MSCI AC Americas Index gained 28% in the same period
* The S&P/TSX Composite is 0.3% below its 52-week high on May 25, 2026 and 32.7% above its low on June 2, 2025
* The S&P/TSX Composite is down 0.3% in the past 5 days and rose 2.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.5 on a trailing basis and 16.6 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$5.48t
* 30-day price volatility little changed to 12.86% compared with 12.86% in the previous session and the average of 13.01% over the past month
Index Points
Financials | -156.3400| -1.3| 6/18
Materials | -99.1030| -1.6| 19/40
Consumer Discretionary| -7.0666| -0.7| 4/5
Utilities | -6.5856| -0.5| 5/9
Real Estate | -1.4240| -0.3| 3/15
Health Care | 0.0286| 0.0| 1/3
Communication Services| 2.9003| 0.5| 3/2
Consumer Staples | 3.7913| 0.4| 5/5
Industrials | 12.1522| 0.3| 11/18
Energy | 76.1896| 1.3| 33/4
Information Technology| 141.2005| 5.5| 9/0
TD Bank | -51.9500| -2.8| -18.2| 18.5
RBC | -32.7900| -1.3| -25.0| 11.6
CIBC | -24.6500| -2.5| 30.0| 17.9
Suncor | 17.3300| 2.4| 147.5| 44.9
Celestica | 44.4400| 10.4| 29.7| 44.9
Shopify | 62.3300| 4.4| -21.5| -22.3
MT Newswires:
The Toronto Stock Exchange succumbed to some late selling pressure Monday on some profit taking as it trades shy of the record close it a week ago, while CIBC said it continues to retain an upside bias for equities through early to mid-summer and picked out its 10 ‘Best Ideas’ for June.
The S&P/TSX Composite Index closed down 34.25 points, or 0.1%, to 34,734.89, leaving it about 100 points shy of last Monday’s record finish of 34,830.
Most sectors were higher, led by Info Tech, up 6%, and then Base Metals, up 2.6%, and Energy, up 2.1%.
In contrast, Financial was down 1.3% and Utilities was 0.5% lower.
CIBC published its Top 10 Best Ideas for June, while noting its best ideas for the month of May returned 2.28% and marginally trailed the benchmark by six basis points.
Year to date, CIBC’s monthly recommended baskets have returned 15.32%, reflecting 571 bps of alpha over the benchmark TSX index.
Comparatively, the TSX and SPX indices have returned 9.61% and 10.8% respectively, it noted.
The following represent CIBC’s top-10 best ideas for the month of June: Brookfield Renewable (BEP-UN.TO), Brookfield Infrastructure (BIP-UN.TO), Capital Power (CPX.TO), Celestica (CLS.TO), Constellation Software (CSU.TO), Capstone Copper (CS.TO), Lundin Mining (LUN.TO), Linamar (LNR.TO), Keyera (KEY.TO), and TFI International (TFII.TO).
CIBC said: "As we head into the summer months, equity markets continue to show resilience on the surface and are still being driven by momentum.
Indices are at new price discovery highs and climbing the wall of worry, while trends are looking good and remain intact.
The same quantitative and technical signals that have worked from the March lows continue to reward investors – momentum is doing what momentum tends to do, which is to build upon itself and forcebuyers in.
"That said, beneath the surface, not much has changed from a breadth perspective — still mediocre.
The magnitude of the recent narrow sector concentration in mega-cap technology remains dominant, but with some spillover effects in broader technology sub-sectors with AI-related tailwinds, technology may be broadening out internally (hardware, memory, semis, cyber, clouds, and even software now). U.S. technology did all the heavy lifting this past month — technology and its sub-sectors are the only ones that are mostly populating our leadership rotation quad.
Given the one- and three-month timespans of the relative-strength leadership in technology (within quad 1), it would be reasonable to suggest that the next bigger development may be about transitioning into a lower quad (quad 3, consolidation).
This may set the stage for the market to begin to shift its character throughout the summertime, moving away from simple "beta-chasing" and back toward a "late-cycle"-like rotation environment, arguably similar to late Q4/25 and early Q1/26.
This does not imply an imminent negative reversal.
If breadth-broadening can begin to emerge, uptrends may establish better durability. Otherwise, indices may lose trend and get stuck in a range."
CIBC noted at the start of the year, it used its price discovery framework to calculate a trading range for the S&P 500 index between a lower band of 7,490 and an upper band of 7,790 for 2026.
With the index now around 7,580, approaching the upper end of that range, completing what was previously a measured move calculation, the bank said.
This doesn’t end the bull trend, but it does mean risk reward for chasing upside has become less attractive at current levels, it added.
"Overall, we remain cautiously constructive on risk assets and continue to retain an upside bias for equities through early to mid-summer, supported by the recent solid Q2 earnings growth trends.
However, once again, beneath the surface, breadth conditions are not yet showing affirmative follow-through expansion as leadership remains increasingly narrow and concentrated within the same group of stocks, and trading volumes are historically thinner in summertime which may reduce liquidity and force volatility.
In our opinion, the dominant leading factors like Growth, Beta, and Momentum are likely to cool as the market transitions into a consolidation phase (quad 3) throughout summertime.
"It is for the above-mentioned reasons that we continue to favour a balanced, barbell style with directional setups for our recommended portfolio selections throughout the summer months, rather than chasing beta."
Of commodities, gold fell off a two-week high by midafternoon Monday as the dollar rose after fresh attacks between the United States and Iran boosted oil prices, reviving inflation worries.
Gold for July delivery was down US$81.70 to US$4,511.30 per ounce, after rising to a highest since May 14 on Friday.
But West Texas Intermediate crude oil surged 5.5%, climbing off a six-week low on heightened tensions between Iran and the U.S., dimming expectations for a peace deal in a war now entering its fourth month that has caused the largest-ever oil supply shock. The July WTI Crude Oil Contract closed up US$4.80 to settles at US$92.16 per barrel, while August Brent oil rose US$3.86 to US$94.88.
US
By Rita Nazareth
(Bloomberg) — A rebound on Wall Street drove stocks to all-time highs as President Donald Trump said talks with Iran are continuing at a rapid pace, with the market also rising on renewed artificial-intelligence enthusiasm.
Hopes for a diplomatic way out of the war sent the S&P 500 around 7,600.
In a tech-led advance, the gauge saw its eighth straight gain, the longest winning run since May 2025.
US crude pared its rally to $92 as Trump also said Israel and Hezbollah agreed to stop attacking each other.
Financial markets continued to get whipsawed by multiple geopolitical headlines after an escalation in Middle East hostilities jeopardized peace negotiations.
Heightened violence in Lebanon in recent days risked upending indirect talks between Washington and Tehran on extending a ceasefire agreement.
Earlier Monday, Iran said it would suspend negotiations with the US in protest over Israel’s offensive.
“A flare-up in geopolitical tensions caused some wobbles early, but Wall Street’s tech-led, teflon rally managed to power on,” said Kyle Rodda at Capital.com.
“Expectations for a US-Iran agreement remain fluid,” said Jason Pride and Michael Reynolds at Glenmede.
“Recent strikes and conflicting statements from both sides highlight that key details remain unresolved.”
While progress toward a deal appears likely over time, conditions in the Strait of Hormuz remain fragile and the direction of energy prices will continue to play a key role in shaping the near-term outlook for inflation and interest rates, the Glenmede strategists added.
US manufacturing activity expanded in May at the fastest pace in four years, bolstered by a pickup in new orders and production.
The Institute for Supply Management’s data also indicated materials’ costs continued to rise sharply for producers, with the group’s price gauge easing some, but remaining close to levels not seen since 2022.
Combined with the renewed advance in oil, the report added to speculation the Federal Reserve’s next move on interest rates will be a hike.
Corporate Highlights:
* Nvidia Corp. is entering the PC market with a new chip aimed at loosening the stranglehold of Intel Corp. technology in that arena and modernizing the machines for the AI era.
* Software stocks rallied after Nvidia CEO Jensen Huang rebuffed concerns that the industry is at risk of being disrupted by more advanced AI tools.
* Google parent Alphabet Inc. is raising $80 billion in equity offerings, including an investment deal with Berkshire Hathaway Inc., to help raise money for its ambitious AI spending plans.
* Hewlett Packard Enterprise Co. gave an outlook for annual sales that topped estimates, citing massive growth in demand for the company’s servers and networking that it expects to continue through next year.
* Anthropic PBC has confidentially submitted draft paperwork for a public listing, potentially leapfrogging longtime rival OpenAI in the race toward a Wall Street debut as soon as this fall.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.1633
* The British pound was little changed at $1.3459
* The Japanese yen fell 0.3% to 159.68 per dollar
Cryptocurrencies
* Bitcoin fell 3% to $71,456.45
* Ether fell 0.2% to $2,000.9
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.46%
* Germany’s 10-year yield advanced seven basis points to 3.00%
* Britain’s 10-year yield advanced nine basis points to 4.90%
Commodities
* West Texas Intermediate crude rose 5.8% to $92.40 a barrel
* Spot gold fell 1.3% to $4,483.39 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
I don’t know what your destiny will be, but one thing I know: the only ones among you who will be really happy
are those who will have sought and found how to serve. –Albert Schweitzer, 1875-1965.
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