Dear Friends,
Tangents: St. John the Baptist Day
June 24, 1497: Discovery of Newfoundland.
June 24, 1948: The Soviet Union blockades West Berlin, cutting off road and rail access. The West responds with an airlift, turning Berlin into the Cold War’s first major showdown.
Jack Dempsey, boxer, b. 1895.
| ‘If there’s any country that will do it, it’s China’: Why is China diverting some of the world’s mightiest rivers thousands of miles? |
People in China’s northern megacities have 74 times less fresh water than the average American — so the Chinese government has built the world’s largest water diversion project, with the most ambitious and dangerous route still to come. Read more.
| NASA satellite captures wave of warm water hundreds of miles long that signals a devastatingly strong El Niño |
This year’s El Niño is on track to be among the strongest ever recorded. Read more.
| Something in space may be changing alien signals before they can reach Earth. Scientists have a solution. |
New research suggests that alien radio signals may be transformed by plasma from their home stars — and scientists on Earth could be overlooking prime evidence of alien intelligence. Read more.
| 60 million stars: Euclid space telescope snaps the largest-ever close-up photo of the Milky Way’s crowded heart |
| Planet hunters and stargazers will both benefit from the Euclid space telescope’s newest image, which was released after 26 hours of deep-space observations. Read more. |
The Gilded Age was called “gilded” because it looked like gold on the outside, but was cheap metal underneath. -Mark Twain.
Video: Meta unveils new line of AI glasses
And the biggest change consumers will notice? A cheaper price tag.
World’s most powerful supercomputers
China has clinched the top spot on a list of the world’s most powerful supercomputers, overtaking the US for the first time since 2017.
Why these adults are suddenly obsessed with a toy from the 90s
A beloved toy from decades ago is spinning its way back into the spotlight.
Gen Zers want to help, they really do, if the work pays well enough
Members of the younger generation overwhelmingly want to find jobs that help others, but concerns over their finances are giving them pause.
PHOTOS OF THE DAY
Nereus
Landscape category: After forecasts predicted a 10 to 15-foot swell, I woke at 3am to make the three-hour drive south from Sydney through heavy rain. As the storm cleared at sunrise, a narrow break in the clouds briefly illuminated a perfectly formed wave breaking over the reef.
Photograph: Gergo Rugli/Australian Geographic
Ancient arms
Botanical category: Many silver beech trees seem to defy gravity as they extend horizontally from mountainsides and lean precariously over rivers and lakes. On this particular morning, it was the calm waters of the lake that initially caught my eye, and I enjoyed searching for the right tree to complement the scene.
Photograph: William Patino/Australian Geographic
Penguin Pose
Animals in nature category: Huddled in a Zodiac boat in icy waters off the Antarctic peninsula, I waited patiently for an Adélie penguin to propel itself from the water to the safety of an iceberg. Persistence delivered as I captured this penguin in an almost levitational-like state, as if posing for the camera.
Photograph: Mat Bell/Australian Geographic
Market Closes for June 24th, 2026
| Market Index |
Close | Change |
| Dow Jones |
51848.90 | +182.06 |
| +0.35% | ||
| S&P 500 | 7358.22 | -7.24 |
| -0.10% | ||
| NASDAQ | 25476.64 | -110.40 |
| -0.43% | ||
| TSX | 34736.09 | -191.29
-0.55% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 69174.97 | -613.41 |
| -0.88% | ||
| HANG SENG |
23412.18 | +75.90 |
| +0.33% | ||
| SEN SEX | 76991.22 | +790.54 |
| +1.04% | ||
| FTSE 100* | 10461.63 | +32.78 |
| +0.31% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.361 | 3.439 |
| CND. 30 Year Bond |
3.760 | 3.834 |
| U.S. 10 Year Bond |
4.3922 | 4.4969 |
| U.S. 30 Year Bond |
4.8396 | 4.9453 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7025 | 0.7036 |
| US $ |
1.4235 | 1.4211 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6185 | 1.6163 |
| US $ |
0.8806 | 1.1355 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4135.50 | 4196.95 |
| Oil | ||
| WTI Crude Future | 71.05 | 74.21 |
Market Commentary:
On this day in 1964, the first lady, Lady Bird Johnson, inaugurated the Picturephone, speaking from the National Geographic Building in Washington and appearing on a tiny screen in New York City’s Grand Central Terminal. A call cost $16 for the first three minutes between New York and Washington and $27 between Chicago and New York. AT&T spent about $500 million to develop it.
🌞Canada 🏕
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.5%, or 191.29 to 34,736.09 in Toronto.
The index dropped to the lowest closing level since June 11.
Agnico Eagle Mines Ltd. contributed the most to the index decline, decreasing 4.1%.
Novagold Resources Inc. had the largest drop, falling 14.4%.
Today, 134 of 220 shares fell, while 86 rose; 4 of 11 sectors were lower, led by materials stocks.
Insights
* This quarter, the index rose 6%
* This month, the index was little changed
* The index advanced 30% in the past 52 weeks. The MSCI AC Americas Index gained 21% in the same period
* The S&P/TSX Composite is 2.5% below its 52-week high on June 17, 2026 and 30.8% above its low on June 25, 2025
* The S&P/TSX Composite is down 1.1% in the past 5 days and rose 0.8% 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 16.4 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$5.51t
* 30-day price volatility fell to 14.25% compared with 14.33% in the previous session and the average of 13.86% over the past month
Index Points
Materials | -215.6108| -3.7| 4/56
Energy | -118.2144| -2.0| 3/35
Financials | -45.2598| -0.4| 8/15
Communication Services| -4.2167| -0.7| 3/2
Health Care | 2.3813| 2.1| 5/0
Real Estate | 4.3884| 0.9| 16/2
Utilities | 6.2160| 0.5| 10/4
Consumer Discretionary| 17.9299| 1.7| 5/3
Consumer Staples | 26.5097| 2.3| 10/0
Industrials | 28.3637| 0.8| 14/16
Information Technology| 106.2166| 4.4| 8/1
Agnico Eagle Mines Ltd | -33.0000| -4.1| -9.2| -6.2
Canadian Natural Resources | -31.4300| -3.7| 82.8| 20.6
Barrick Mining | -27.5900| -4.3| -8.5| -13.3
Celestica | 13.2600| 3.3| -33.1| 27.0
Waste Connections | 18.6500| 4.6| 32.9| -1.6
Shopify | 80.1800| 6.1| 14.7| -26.4
MT Newswires:
The Toronto Stock Exchange closed lower on Wednesday, falling for a second day as a sharp decline in oil prices and weakness in commodity-linked sectors weighed on sentiment.
The S&P/TSX Composite Index closed down 191.29 points, or 0.55%, to 34,736.09, with gains in some sectors offset by losses in others.
Information and Technology led gainers, up 3.2%, with Industrials, Utilities, and Health Care, up 0.79%, 0.50%, and 2.18%, respectively.
Battery Metals Index led decliners, down 6.02%, with Telecom, down 0.72%, Base Metals, down 3.97%, Energy, down 3.23%, and Financial, down 0.36%.
In commodities, gold traded at a seven-month low on Wednesday as the dollar continued to strengthen on expectations the Federal Reserve will raise interest rates this year to slow rising inflation.
Gold for August delivery was last seen down 3.2% to US$4,032.90 per ounce, the lowest since early November.
The price of the precious metal has dropped 4.9% in the week since the Fed’s policy committee ended its two-day meeting leaving interest rates unchanged but warned rates might rise this year as inflation continues climb on higher energy costs.
Meanwhile, West Texas Intermediate (WTI) crude oil fell for a fourth straight session on Wednesday as tankers trapped in the Persian Gulf due to the U.S-Iran war continued to move through the Strait of Hormuz.
WTI crude oil for August delivery closed 4.9% lower to settle at US$70.34 per barrel, the lowest since Feb. 27, while August Brent oil was last seen down 4.4% to US$73.71.
In other economic news, fresh reports on Canada’s housing market pointed to ongoing affordability challenges for prospective homebuyers.
Demand from prospective first-time home buyers remains very weak, with affordability constraints and barriers to down payments keeping many out of the market, Rosenberg Research said.
More than half of non-homeowners in Canada have no plans to buy in the next 12 months, noted Rosenberg, citing a poll reported by the National Post.
Housing affordability is about 20% weaker than its long-term average, most notably for younger buyers, implying further downward pressure on prices unless policy becomes more supportive, said Rosenberg in a note.
However, homes priced under C$500,000 are becoming more common as Ontario’s housing market cools, according to data from the Municipal Property Assessment Corp. (MPAC) published on Wednesday.
Properties valued below C$500,000 account for nearly 24% of homes in 2026, up from 17% in 2022, though still far below the 67% share seen in 2016, said MPAC, which defines itself as an independent, not-for-profit corporation funded by all Ontario municipalities, accountable to the province, municipalities, and property taxpayers.
The Ontario market has shifted toward improved balance, with fewer homes above C$1 million and a majority now below C$750,000, added MPAC.
Additionally, preliminary data from Statistics Canada indicated on Wednesday that total manufacturing sales gained 1.1% in May, with the motor vehicles and chemicals posting the largest expansion.
If May’s advance estimate is confirmed in final numbers, it would be the fourth month in a row of increases in manufacturing sales.
A separate report focused on the budgetary implications of Canada’s aging population and retirement programs.
An aging population and rising fiscal strains are prompting Canada to rethink established policy models, with retirement support at the forefront of the debate, Scotiabank Economics said on Wednesday.
With almost one in five Canadians now over 65, population aging is set to drive rising public expenditures, the bank wrote.
At the center of the issue is Old Age Security (OAS), accounting for close to 60% of direct federal transfers to households and forecast to reach $100 billion annually by the end of the decade.
"Canada is rapidly aging," wrote Rebekah Young, Vice-President of Economic Policy, in the note.
"The next phase of aging will look very different – and cost much more — than the one the country is experiencing now."
US
By Rita Nazareth
(Bloomberg) — Stocks climbed in late hours on speculation that Micron Technology Inc.’s strong outlook will help reignite confidence in the artificial-intelligence trade that has powered the market rally from war-driven lows.
A nearly $500 billion exchange-traded fund tracking the Nasdaq 100 rose 1% after the close of regular trading.
Micron, the largest US maker of computer memory chips, jumped 10% on a sales forecast that topped estimates after AI-fueled shortages of the components sent prices soaring.
In regular hours, the S&P 500 closed little changed even as the majority of its shares advanced.
Oil’s wartime price gains have mostly evaporated amid progress in peace talks, with Brent settling below $74.
That helped ease concerns over inflation on the eve of a key report for the Federal Reserve, sending bond yields lower.
Micron and its peers in the memory space — Samsung Electronics Co. and SK Hynix Inc. — have become major beneficiaries of the AI boom.
A spending spree by data center operators has stoked the appetite for both conventional memory and a newer variety called high-bandwidth memory, or HBM, that works with AI systems.
While the recent tech weakness was unsettling, it looked more like a rotation and a rightsizing of positioning than a fundamentally driven alarm bell, according to Mark Hackett at Nationwide.
“When stocks rise too much and too fast, a pullback almost always ensues,” said Rick Gardner at RGA Investments.
“We would much rather be buying tech stocks on days when they are down, and the pullback can present an opportunity for investors who do not have adequate exposure to this space, which is still fundamentally strong.”
At JPMorgan Chase & Co., strategists led by Dubravko Lakos- Bujas bet US stocks are approaching a “blue sky” scenario.
They highlighted solid earnings and a potential peace deal to end the Iran war as key drivers while boosting their year-end target for the S&P 500 to 7,800.
The gauge hovered near 7,350.
Easing geopolitical tensions spurred a further slide in oil prices, curbing wagers on rate increases over the coming year.
Those bets had peaked after last week’s Fed meeting, with traders fully pricing in two hikes by mid-2027.
They’ve since ebbed, leaving about 40 basis points of tightening priced in.
Yet the latest update to the Fed’s favorite inflation gauge is unlikely to challenge a growing consensus at the central bank around the need for hikes.
Forecasters expect Thursday’s personal consumption expenditures price index to show acceleration on both a monthly and year-over-year basis in May.
Corporate Highlights:
* Two leading artificial-intelligence researchers at Alphabet Inc.’s Google are planning to leave for rival Anthropic PBC, according to people familiar with the matter, adding to a series of high-profile departures that risk undercutting the search giant’s position in AI.
* Anthropic PBC accused Chinese technology giant Alibaba Group Holding Ltd. of waging a large-scale effort to “illicitly” access its Claude artificial intelligence model using thousands of fraudulent accounts that undermine the US AI developer’s decision to keep its products out of China.
* OpenAI unveiled its first custom AI chip developed in partnership with Broadcom Inc., part of a bid by the ChatGPT maker to gain an edge by tailoring hardware to better run its products.
* Cerebras Systems Inc. plunged to the lowest level since the chipmaker’s public debut after it issued an annual sales forecast that disappointed investors.
* SK Hynix Inc. is seeking 45.45 trillion won ($29.4 billion) in a US listing, tapping investor demand for high-flying memory- chip stocks even after a major selloff shook the group this week.
* The meme-stock crowd is rallying behind another beaten up American icon — Wendy’s Co. — the fast-food chain known for the Frosty, Dave’s Triple burger and the Biggie Deal.
Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World Index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.1355
* The British pound fell 0.3% to $1.3163
* The Japanese yen fell 0.2% to 161.82 per dollar
Cryptocurrencies
* Bitcoin fell 2.9% to $60,577.16
* Ether fell 3.4% to $1,606.46
Bonds
* The yield on 10-year Treasuries declined nine basis points to
4.40%
* Germany’s 10-year yield declined five basis points to 2.86%
* Britain’s 10-year yield declined seven basis points to 4.68%
Commodities
* West Texas Intermediate crude fell 4.5% to $69.94 a barrel
* Spot gold fell 2.9% to $3,999.64 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
The secret to getting ahead is getting started. –Mark Twain, 1835-1910.
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