Dear Friends,
Tangents: Happy Monday.
June 22, 1633: Galileo Galilei is forced by the Catholic Church to renounce his belief that Earth moves around the Sun, spending the rest of his life under house arrest.
On June 22, 1940, during World War II, Adolf Hitler gained a stunning victory as France was forced to sign an armistice eight days after German forces overran Paris. Go to article
1870: US Department of Justice created.
Dianne Feinstein, politician, b. 1933.
Meryl Streep, actress, b. 1949.
Humanoids join Dragon Boat Festival traditions in China
The holiday has been celebrated for more than 2,000 years, but this year’s festivities came with a high-tech twist.
Inside an exclusive ‘man camp,’ where one woman is trying to save men from themselves
This five-day, $5,000 retreat promises to help men grapple with their vulnerabilities and reshape their understanding of masculinity.
Welcome to the age of members-only everything
While many bars struggle to draw crowds, private clubs charge thousands for membership — and business is booming.
Hazardous conditions at the Grand Canyon
Visitors to Arizona’s Grand Canyon are being warned to prepare for another round of extreme weather after a string of recent heat-related deaths.
A vengeful arsonist or a convenient scapegoat?
Jonathan Rinderknecht, 29, is accused of starting the historically destructive Palisades Fire that scorched swaths of Los Angeles in 2025. Here’s what we’ve learned from testimony in the trial
It’s all very simple: if you score one more than your opponent, you win. -Johan Cruijff.
| James Webb telescope detects ‘galaxy-killing wind’ near the dawn of time — and it could preview the death of the Milky Way |
New observations from the James Webb Space Telescope show that ancient galaxies lived fast and died young because of intense, collision-driven winds. Read more.
RIP Clive Davis, Alan Greenspan.
PHOTOS OF THE DAY
Chongqing, China
Spectators watch a drone light show during the Dragon Boat festival
Photograph: China News Service/Getty Images
Stonehenge, UK
People gather at sunrise to celebrate the summer solstice, the longest day of the year
Photograph: Ben Birchall/PA
Orzyny, Poland
People take part in Midsummer Night celebrations held on the evening before the summer solstice
Photograph: Kacper Pempel/Reuters
Market Closes for June 22nd, 2026
| Market Index |
Close | Change |
| Dow Jones |
51712.71 | +148.01 |
| +0.29% | ||
| S&P 500 | 7472.79 | -27.79 |
| -0.37% | ||
| NASDAQ | 26166.60 | -351.33 |
| -1.32% | ||
| TSX | 35002.18 | +144.84
+0.42% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 72353.96 | +1103.90 |
| +1.55% | ||
| HANG SENG |
23763.52 | -156.29 |
| -0.65% | ||
| SEN SEX | 77094.07 | +291.17 |
| +0.38% | ||
| FTSE 100* | 10437.85 | +74.58 |
| +0.72% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.433 | 3.398 |
| CND. 30 Year Bond |
3.853 | 3.812 |
| U.S. 10 Year Bond |
4.5088 | Market
Closed |
| U.S. 30 Year Bond |
4.9483 | Market
Closed |
| BOC Close | Today | Previous |
| Canadian $ | 0.7063 | 0.7063 |
| US $ |
1.4157 | 1.4158 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6181 | 1.6177 |
| US $ |
0.8751 | 1.1427 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4150.90 | 4236.15 |
| Oil | ||
| WTI Crude Future | 74.82 | Market
Closed |
Market Commentary:
| On this day in 1988, Dell Computer, run by then-23-year-old college dropout Michael Dell, went public. |
🍉Canada 🍦
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.4% at 35,002.18 in Toronto.
The move follows the previous session’s decrease of 0.3%.
Royal Bank of Canada contributed the most to the index gain, increasing 1.0%.
Alamos Gold Inc. had the largest increase, rising 7.9%.
Today, 109 of 220 shares rose, while 109 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* This quarter, the index rose 6.8%
* This month, the index rose 0.7%
* The index advanced 32% in the past 52 weeks. The MSCI AC Americas Index gained 25% in the same period
* The S&P/TSX Composite is 1.8% below its 52-week high on June 17, 2026 and 32.2% above its low on June 23, 2025
* The S&P/TSX Composite is down 0.8% in the past 5 days and rose 1.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.7 on a trailing basis and 16.6 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$5.49t
* 30-day price volatility rose to 14.35% compared with 14.32% in the previous session and the average of 13.76% over the past month
Index Points
Materials | 85.7114| 1.4| 39/19
Financials | 41.6977| 0.3| 10/13
Energy | 41.2599| 0.7| 24/14
Industrials | 8.3815| 0.2| 16/14
Utilities | 4.4196| 0.4| 10/4
Information Technology | 0.4376| 0.0| 3/6
Health Care | 0.0850| 0.1| 3/2
Real Estate | -6.3521| -1.3| 2/16
Consumer Staples | -9.4333| -0.9| 0/10
Consumer Discretionary | -9.5919| -0.9| 2/6
Communication Services | -11.7756| -1.9| 0/5
RBC | 26.6400| 1.0| 7.6| 22.6
Wheaton Precious Metals | 24.5000| 4.7| -21.9| 6.9
Agnico Eagle Mines Ltd | 17.8200| 2.2| -16.5| 1.5
Brookfield Corp | -5.8390| -0.6| -36.7| -0.8
Restaurant Brands | -8.8840| -3.5| 12.6| 8.7
Constellation Software | -9.8570| -2.6| -35.6| -18.2
MT Newswires:
The Toronto Stock Exchange closed higher on Monday as investors weighed stronger-than-expected inflation data alongside easing geopolitical tensions in the Middle East.
The S&P/TSX Composite Index closed up 144.84 points, or 0.42%, to 35,002.18, with utilities and energy stocks providing the biggest lift.
Energy led gainers, up 1.12%, with Industrials, Utilities, and Financial, up 0.24%, 0.36% and 0.34%, respectively.
Telecom led decliners, down 1.87%, with Health Care, down 0.22%, Battery Metals Index, down 0.84%, Base Metals, down 0.65%, and Information and Technology, down 0.55%.
In commodities, gold traded lower on Monday as the U.S. dollar climbed to its highest level in more than a year.
The yellow metal for December delivery was last seen down 0.9% to US$4,206.80 per ounce.
For oil, West Texas Intermediate (WTI) closed at the lowest in more than three months on Monday on reports that talks between Iran and the United States are progressing, raising hopes the Strait of Hormuz could fully reopen and allow Persian Gulf energy exports to flow more freely, while the United States lifted sanctions on Iran’s oil exports.
WTI crude oil for July delivery closed down 2.3% to settle at US$74.82 per barrel, the lowest since March 4, while August Brent oil was last seen down 3.6% to US$77.70.
Meanwhile, Statistics Canada reported stronger-than-expected inflation data for May, driven largely by higher energy costs.
Canada’s consumer price index (CPI) accelerated to 3.2% year over year in May, exceeding expectations, as higher energy prices contributed to inflation, Statistics Canada said Monday.
"Higher prices for gasoline continued to drive the acceleration in theheadline CPI in May," StatsCan wrote in a statement, adding that excluding gasoline, CPI would be at 2.2% year over year.
However, May’s CPI was stronger than the 3.0% year-over-year consensus figure provided by Scotiabank Economics.
Prices for food, such as fresh fruit and vegetables, travel tours and air transportation accelerated, while housing remained a drag, added StatsCan.
Shelter inflation eased slightly in May, with prices rising 1.7% year over year following a 1.8% increase in April.
May’s CPI is the highest rate since September 2023, due to soaring gasoline prices, which rose 33% year over year as a result of the closure of the Strait of Hormuz, noted National Bank.
"Despite the fact that inflation came in higher than expected in May, we are not overly concerned about the inflation situation in Canada," National Bank economists Matthieu Arseneau and Alexandra Ducharme wrote.
Stripping out food and energy, inflation remained well contained at 1.6% year over year in May, compared with 1.5% a month earlier, the two economists added, emphasizing that core inflation remains "generally contained".
Additionally, bond yields were steady to slightly higher after Canadian inflation accelerated on Monday, while TD Economics said the country’s central bank is likely to remain on the sidelines for some time.
"Apart from energy costs and some emerging tech price pressures inflation remains very well behaved in Canada, as a relatively soft demand backdrop leans against sellers raising prices," wrote TD Senior Economist Leslie Preston in a note.
"We expect this to keep the Bank of Canada on the sidelines for quite some time."
CIBC Economics similarly said the jump in inflation was unlikely to alter the Bank of Canada’s policy outlook.
Canadian inflation picked up again in May, but with oil and gasoline prices down from earlier highs, the latest reading is likely to mark the peak giving the central bank space to hold rates this year, CIBC said.
The headline reading was "a couple of ticks" above the consensus, CIBC said.
"Once again, gasoline was the main source of inflationary pressure and excluding that one area the year-over-year rate of CPI would have been a much more modest 2.2%," CIBC’s senior economist, Andrew Grantham, said in the note.
In contrast, Scotiabank Economics maintained its forecast for Bank of Canada rate hikes beginning later this year.
Scotiabank Economics said it continues to expect the Bank of Canada to begin a tightening cycle toward the end of the year, with additional rate increases likely in early 2027.
In a note, the bank said its base-case forecast calls for a cumulative 75 basis points of rate hikes over the fourth quarter of 2026 and the first quarter of 2027.
Scotiabank noted that it has held this view since November, before the outbreak of the Iran conflict and the resulting surge in commodity prices.
Separately, National Bank lowered its outlook for the Canadian economy following weaker-than-expected first-quarter growth.
The weaker Q1 reading led National Bank of Canada Capital Markets to lower its 2026 growth forecast to 0.7% from 1.0%.
The new estimate is based on the United States-Mexico-Canada, or USMCA, trade agreement being renewed, although trade uncertainty remains the main risk to the outlook, the bank wrote in a note.
Canadian GDP shrank by 0.1% annualized in the first quarter, following a 1.0% drop in the previous quarter, putting the economy in a technical recession.
Besides, Canada on Monday released a new Nuclear Energy Strategy aimed at boosting the country’s nuclear industry, with plans to support up to 10 new reactor builds and increase exports of Canadian reactor technology, CTV News reported.
The strategy focuses on four key areas: new reactor construction, nuclear exports, uranium and fuel development, and innovation in nuclear technologies, the report added.
US
By Rita Nazareth
(Bloomberg) — Wall Street traders drove stocks down from the brink of record highs as a slide in several tech giants overshadowed optimism about progress in peace talks between the US and Iran.
Oil retreated.
Equities turned lower as Alphabet Inc. led losses in mega caps.
The Nasdaq Composite fell 1.3%.
A 16% plunge in SpaceX sent the shares to the lowest since their first day of trading.
Elon Musk’s firm is selling investment-grade bonds for the first time, part of what’s expected to be a massive borrowing spree to fund AI ambitions.
A rise in Treasury yields also weighed on sentiment.
Brent crude settled under $78.
Expectations for a lasting peace deal in the Middle East, the revival of the AI trade and solid corporate earnings had fueled an almost 20% surge in the US equity benchmark from war- driven lows.
While geopolitical developments are likely to remain a key source of volatility in the near term, shifts in investor confidence regarding the durability of the AI rally may also lead to bouts of market swings, according to Ulrike Hoffmann- Burchardi at UBS Chief Investment Office.
SpaceX’s bond sale is the latest in a wave of deals from companies driving the AI boom.
Alphabet, Amazon.com Inc. and others have raised more than $300 billion of debt tied to AI since November across multiple credit markets.
The rocket firm is seeking to raise at least $20 billion, Bloomberg reported.
“The issue that stands out the most is the idea that the hyperscale’s continue to receive an extremely low return on investment on their colossal level of spending on AI,” said Matt Maley at Miller Tabak.
“Another big concern surrounds the issue of ‘circular investments,’ where companies invest in each other, while also committing to buying each other’s products.”
Tech stocks will extend gains for at least another couple of quarters as AI infrastructure spending accelerates beyond the pace of the past two years, Columbia Threadneedle Investments’ Tiffany Wade told Bloomberg Television.
On the geopolitical front, the US issued a 60-day license allowing Iran to sell oil on the international market, giving Tehran an economic lifeline as the two adversaries continued talks for a permanent peace deal.
Vice President JD Vance described the first round of negotiations as “very, very good” and said Iran had agreed to allow nuclear inspectors back into the country.
But Iranian officials, who also cited progress, challenged that claim, saying Vance’s assertion was “false and does not reflect reality.”
Elsewhere, Andy Burnham appears set to become the UK’s seventh prime minister in a decade after Keir Starmer laid out a timeline for his own departure and potential rivals backed a quick transition to the popular Manchester politician.
While markets showed little reaction to the resignation, they were buoyed by reduced odds of a leadership contest that could have prolonged uncertainty.
Corporate Highlights:
* Alphabet sank as Google DeepMind Vice President John Jumper — who won the 2024 Nobel Prize in chemistry for his work on AI — is leaving the company to join Anthropic PBC.
* SpaceX has inked a multibillion-dollar agreement to provide computing resources to artificial-intelligence startup Reflection AI, the latest in a string deal from Elon Musk’s firm as it vies to become an AI infrastructure provider.
* Micron Technology Inc. climbed after announcing a strategic agreement with Anthropic to scale next-generation AI infrastructure.
* Getty Images Holdings Inc. soared after the stock-photocompany announced a licensing deal with OpenAI.
* Chevron Corp. signed a 20-year deal with Microsoft Corp. to provide natural-gas fired power for a proposed West Texas data center, which could be one of the biggest in the US.
What Bloomberg strategists say…
“While chip stocks have built enough insulation from gains in years past and robust earnings prospects, the idea of higher borrowing costs in the near future is likely to deter investors from automatically banking on more outsized rallies.”
—Kristine Aquino, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.2%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World Index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.4% to $1.1426
* The British pound rose 0.1% to $1.3249
* The Japanese yen fell 0.2% to 161.60 per dollar
Cryptocurrencies
* Bitcoin rose 1.2% to $64,564.87
* Ether rose 1% to $1,737.03
Bonds
* The yield on 10-year Treasuries advanced five basis points to 4.51%
* Germany’s 10-year yield declined three basis points to 2.95%
* Britain’s 10-year yield declined three basis points to 4.81%
Commodities
* West Texas Intermediate crude fell 2.2% to $74.21 a barrel
* Spot gold rose 0.9% to $4,192.94 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
The most effective way to do it, is to do it. –Amelia Earhart, 1897-1937.
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