Dear Friends,

Tangents:

June 23, 1868: Christopher Latham Sholes patents the first commercially successful typewriter, changing office work and written communication. Go to article

Frances McDormand, actress, b.1957.

One for the record books
⚽️ Argentina’s Lionel Messi made history on Monday as the World Cup’s all-time leading scorer. It’s just another milestone in a legendary career.

Idol devotion: Inside Seoul’s ‘birthday café’s
Part café, part fan shrine? These themed spaces have become gathering spots for K-pop devotees eager to celebrate their favorite stars.

World Cup fans spend big on merch
How much does a World Cup experience really cost? CNN spoke with fans about what they bought — and how much they’re spending.

No race has ever been won in the first corner; many have been lost there. -Garth Stein.

Divers in Papua New Guinea recently discovered a new species of carpet shark that can traverse low-lying reefs. Read more.

The health of the Amazon rainforest is key to the global climate, but many dangers threaten to make it unrecognizable in the future. Read more.

PHOTOS OF THE DAY

Chengdu, China

Swimmers in a pool featuring a mosaic of Vincent van Gogh’s The Starry Night
Photograph: VCG/Getty Images

Van, Turkey

A visitor walks through the shallow waters of Akgöl, which usually dries up during the summer months but has refilled after heavy rainfall
Photograph: Ozkan Bilgin/Anadolu/Getty Images

Cambridge, UK

Students cross Trinity Bridge as punts fill the River Cam after a firework display during the university’s Trinity May Ball, celebrating the end of the academic year
Photograph: Joe Giddens/PA
Market Closes for June 23rd, 2026

International Markets

Bonds

Commodities

Market Commentary:

On this day in 1836, with the U.S. national debt eliminated the previous year and the federal budget running a huge surplus, President Andrew Jackson’s plan to distribute the surplus to the states was enacted. Jackson repeatedly declared that, with no more national debt, the U.S. would “always” have a budget surplus.

🌞Canada 🏕

By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2% at 34,927.38 in Toronto.
The move follows the previous session’s increase of 0.4%.
Agnico Eagle Mines Ltd. contributed the most to the index decline, decreasing 3.7%.
G. Mining Ventures Corp. had the largest drop, falling 9.6%.
Today, 119 of 220 shares fell, while 97 rose; 3 of 11 sectors were lower, led by materials stocks.
Insights
* This quarter, the index rose 6.6%
* This month, the index rose 0.5%
* The index advanced 31% in the past 52 weeks. The MSCI AC Americas Index gained 22% in the same period
* The S&P/TSX Composite is 2% below its 52-week high on June 17, 2026 and 31.9% above its low on June 23, 2025
* The S&P/TSX Composite is down 1.3% in the past 5 days and rose 1.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.6 on a trailing basis and 16.5 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 fell to 14.33% compared with 14.35% in the previous session and the average of 13.85% over the past month
Index Points
Materials | -264.1319| -4.4| 1/59
Information Technology| -4.8220| -0.2| 7/2
Consumer Discretionary| -3.0053| -0.3| 5/3
Health Care | 1.0376| 0.9| 4/1
Real Estate | 1.7281| 0.4| 11/6
Communication Services| 8.5643| 1.4| 5/0
Utilities | 11.0516| 0.9| 9/5
Industrials | 22.1641| 0.6| 13/16
Financials | 41.7992| 0.3| 13/10
Energy | 50.4828| 0.9| 22/14
Consumer Staples | 60.3477| 5.5| 7/3
Agnico Eagle Mines Ltd | -31.2200| -3.7| 22.8| -2.3
Barrick Mining | -30.8800| -4.6| -13.8| -9.3
Celestica | -27.4900| -6.4| -12.7| 23.0
Waste Connections | 16.5600| 4.3| -16.0| -5.9
Enbridge | 23.7200| 2.0| -48.9| 20.6
Couche-Tard | 50.0900| 11.7| 248.5| 22.6

MT Newswires:
The Toronto Stock Exchange closed lower on Tuesday as sharp losses in base metals stocks outweighed gains in telecom, utilities, health care and financial shares, while investors weighed the outlook for inflation, interest rates and the Canadian economy.
The S&P/TSX Composite Index closed down 74.80 points, or 0.21%, at 34,927.38, even as most sectors ended the session in positive territory.
Telecom led gainers, up 1.24%, with Industrials, Energy, Utilities, Battery Metals Index, Health Care, and Financial, up 0.62%, 0.02%, 0.89%, 0.12%, 0.62%, and 0.34%, respectively.
Base Metals led decliners, down 5.17%, while Information and Technology dropped 0.36%.
In commodities, gold fell on Tuesday as the dollar continued to climb after the Federal Reserve last week warned interest rates may rise as inflation continues to run ahead of its 2% target.
The precious metal for August delivery was last seen down 1.7% to US$4,130.20 per ounce.
Meanwhile, West Texas Intermediate (WTI) oil closed lower Tuesday, falling for a third session as tankers begin moving through the Strait of Hormuz amid continued peace talks between the US and Iran.
WTI crude oil for August delivery closed 0.9% lower to settle at US$73.21 per barrel, the lowest since March 2, while August Brent oil was last down 1.1% to US$77.08.
On the economic front, investors also assessed the latest inflation data for clues on the Bank of Canada’s interest-rate path.
Canada’s consumer price index rose in May, but it may mark the peak and keep the central bank on hold, according to UBS Global Research, even as food-price inflation "is something to watch".
The bank wrote in a note sent on Tuesday that prices may have peaked because June gasoline prices have fallen roughly 8% versus May.
The headline index rose 0.4 percentage point to 3.2% year over year, and core CPI added 0.1 point to 1.6% annually, according to data released on Monday by Statistics Canada.
In currency markets, analysts said diverging interest-rate expectations continued to weigh on the Canadian dollar.
The Canadian dollar weakened versus its US counterpart, driven by widening interest rate differentials, Societe Generale Economics said in a Tuesday note.
A larger gap between two-year U.S. Treasury and Canadian government bond yields pushed the U.S. dollar higher against the Canadian currency, with the exchange rate up to a 14-month high of almost $1.42, wrote the bank in its note.
However, markets showed little reaction to Canada’s higher-than-expected May consumer price index print, said SocGen.
The Bank of Canada is seen keeping rates on hold for the "foreseeable future", it added.
Additionally, provincial borrowing in Canada reached unprecedented levels as of Monday, having collectively sold $104 billion of debt worldwide, setting a new record for the first six months of the year, said National Bank of Canada Capital Markets.
On the surface, record borrowing is "no reason to rejoice," managing director Warren Lovely wrote.
This year’s rapid borrowing reflects unusually high financing needs, driven by wider budget deficits and spending required to support and reshape regional economies that are less productive and more exposed to trade with the US and its new tariffs, the bank said.
Meanwhile, Bank of Canada Governor Tiff Macklem pointed to persistent global economic imbalances as another challenge facing policymakers and financial markets.
Global imbalances are once more exerting pressure through trade, capital flows and financial markets, prompting questions about whether they will be managed ahead of time or corrected abruptly, said Macklem on Tuesday.
Market and policy consensus is growing that domestic policy distortions in major economies are driving these imbalances, he added in a speech in France made available by the central bank.
That correction will hinge on China consuming more, the US saving more and Europe investing more.
Some progress is underway, but a coordinated and sustained effort will be needed for noticeable improvement, stated Macklem.
As to a solution to the problem, "I see three priorities: openness, investability and transparency," said the head of Canada’s central bank at a Chambre de Commerce France-Canada event in Paris.
Separately, economists also weighed proposals aimed at boosting domestic investment and economic growth.
The federal government is weighing a Canada Strong Fund that could give households the option to invest alongside Ottawa in domestic growth projects, Scotiabank Economics said.
The aim is to boost participation in nation-building investments and steer more household savings toward national priorities, the bank wrote.
"The idea is novel," wrote Rebekah Young, vice-president, economic policy, as it would allow "Canadians to share more directly in the upside of the domestic growth agenda".
Also, a new survey pointed to cautious sentiment among prospective homebuyers despite signs that some see opportunities in the housing market.
Royal Bank of Canada’s latest home ownership poll found that while 45% of Canadians intending to purchase a home within the next two years believe now is the right time to buy, 75% said economic uncertainty is making them more cautious, reported The Canadian Press.
The survey further found that 72% of prospective buyers consider economic uncertainty the biggest challenge to purchasing a home, while 67% worry it could affect their homebuying plans, the report added.
US

By Rita Nazareth
(Bloomberg) — Wall Street got a reality check as a bruising selloff in several technology giants fueled concern the artificial-intelligence frenzy that has powered the equity bull market might be overblown.
The tech rout engulfed global stocks as worries about frothy valuations ignited a fresh bout of volatility after a nearly three-month surge in riskier assets.
The Nasdaq 100 sank 3.3%.
A closely watched gauge of chipmakers — which had doubled from war-driven lows — slid about 8%.
Losses were more pronounced in Asia, with South Korea’s Kospi plunging 10% from a record.
SpaceX bounced after briefly falling below its debut’s open price.
In a rush for safety, Treasuries rose while haven currencies including the Japanese yen and the Swiss franc outperformed.
Conversely, Bitcoin lost 3%.
Oil dipped, with tankers becoming more overt in transiting the Strait of Hormuz after an interim peace deal between the US and Iran.
Tuesday’s equity pullback comes as the market prepares to close out the first half of the year with some blockbuster gains that had been driven by easing geopolitical tensions, solid earnings and an AI trade revival.
But the tech rally has recently faltered on concerns over whether the billions of dollars spent by giant firms will be justified.
“The risk-off trade reflects fear AI exuberance may be overdone,” said Chris Low at FHN Financial.
While warnings about tech euphoria aren’t new, the latest slide was triggered by amplified swings in the world’s best‑performing market this year.
What started as a modest drop in South Korea morphed into a plunge that saw foreign investors offloading more than $2.5 billion of Kospi shares.
Market watchers cited forced liquidation hitting retail investors trading on borrowed money, compounded by a wave of selling tied to leveraged exchange-traded funds tracking SK Hynix Inc. and Samsung Electronics Co.
The volatility was centered on memory providers — an area that has accounted for the lion’s share of equity gains this year — as a local report signaled SK Hynix is redirecting its efforts toward cheaper products, noted Jose Torres at Interactive Brokers.
“It’s going to take quite a bit more weakness in the US market than we’re already seeing to raise any serious warning flags,” said Matt Maley at Miller Tabak.
“However, given the level of leverage in South Korea and around the world, investors should guard against being overly complacent.”
Attention will soon shift to Micron Technology Inc.’s results Wednesday, which are expected to provide the clearest test yet of whether demand for AI infrastructure remains strong enough to sustain this year’s rally.
Veteran strategist Louis Navellier said the report will be the grand finale to a “stunning” earnings season, noting that every dip should be viewed as a “buying opportunity.”
The shares dropped 13% Tuesday.
Tech giants will return to investor favor following a selloff that has dragged down some of the biggest names in recent weeks, Evercore ISI’s Julian Emanuel said.
Earnings will be “the proof of the pudding” after driving a “furious rally” in April and May, he told Bloomberg Television’s Surveillance.
“The broader market remains supported by solid fundamentals,” said Brock Weimer at Edward Jones.
“However, we believe diversification remains key to managing risk, particularly after the strong gains in technology and other growth-oriented segments of the market.”

Corporate Highlights:
* FedEx Corp. posted quarterly earnings that topped Wall Street expectations and said profit would grow this year, a boost for the courier’s effort to simplify its business.
* SpaceX has drawn about $89 billion of demand for its debut US bond sale, according to people with knowledge of the matter, setting the stage for one of the biggest deals in the investment-grade market this year.
* Goldman Sachs Group Inc. equity traders are on the cusp of setting another record in the second quarter, with that business on track to generate more than $5 billion of revenue, according to people familiar with the matter.
* Apollo Global Management Inc. is once again limiting withdrawal requests from its largest non-traded private credit fund for retail investors, as broader concerns about the asset class persist.
What Bloomberg Strategists say…
“The buy-the-dip mentality isn’t dead yet. Given the paucity of news precipitating this pullback, today’s price action has to be seen in that context.”
—Edward Harrison, Macro Strategist, Markets Live.

Some of the main moves on markets:
Stocks
* The S&P 500 fell 1.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 3.3%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index fell 1.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.4% to $1.1379
* The British pound fell 0.4% to $1.3200
* The Japanese yen was little changed at 161.60 per dollar
Cryptocurrencies
* Bitcoin fell 3% to $62,416.95
* Ether fell 3.9% to $1,664.6
Bonds
* The yield on 10-year Treasuries declined one basis point to 4.50%
* Germany’s 10-year yield declined three basis points to 2.92%
* Britain’s 10-year yield declined five basis points to 4.75%
Commodities
* West Texas Intermediate crude fell 0.5% to $73.46 a barrel
* Spot gold fell 1.9% to $4,111.60 an ounce

Have a lovely evening.

Be magnificent!

As ever,

Carolann

Stand up straight and realize who you are, that you tower over your circumstances. –Maya Angelou, 1928-2014.

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

www.carolannsteinhoff.com