Dear Friends,
Tangents:
Carolann is away from the office for a few days this week, attending 2026 Bloomberg Tech Conference in San Francisco.
June 2, 1886: U.S. President Grover Cleveland married Frances Folsom in the White House, the only presidential wedding ever held there. Britannica
June 2, 1924: The Indian Citizenship Act was signed into law, granting U.S. citizenship to all Native Americans born within U.S. territories. AP News
June 2, 1953: 👑Elizabeth II was crowned Queen of the United Kingdom at Westminster Abbey in London. The ceremony became one of the first major international events to be televised. Britannica
June 2, 1966: The spacecraft Surveyor 1 became the first American spacecraft to make a soft landing on the Moon and began transmitting photographs of the lunar surface. Wikipedia
June 2, 1981 The Japanese video arcade game "Donkey Kong" made its U.S. debut. On this day
Thomas Hardy, English novelist and poet, b. 1840.
Johnny Weissmuller, Olympic swimming champion and actor famous for portraying Tarzan, b. 1904.
Charlie Watts, English musician and drummer for The Rolling Stones, b. 1941.
Wentworth Miller, American British actor and screenwriter, b. 1972.
Physicists achieve ‘perfect randomness’ for the first time ever
Physicists used quantum bits to achieve ‘perfect randomness’ in a world-first experiment. The results of their research could strengthen cryptography and other security systems.
17,000-year-old stripes of red in a Welsh cave are the oldest rock art in the UK, study finds
Over a century after a red-lined cave wall was discovered, scientists have determined that it represents the U.K.’s oldest rock art.
NASA confirms meteor exploded over northeastern US with force of 230 tons of TNT
NASA shared an initial analysis of a 5-foot-wide fireball meteor that exploded in the sky over the northeastern U.S. on Saturday, May 30.
Rusty, orange water ‘bleeds’ across brilliant Bolivian lagoon — Earth from space
A 2015 astronaut photo shows dark-orange water that appears to bleed across the bright-white floor of a high-altitude salt lake in the Bolivian Andes.
Dubai looks back to normal. Beneath the surface it’s a different story
Traffic is building in Dubai again, restaurant tables are filling up and flights have largely resumed. On the surface, life in the Gulf’s tourism powerhouse looks close to normal.
Marta Kostyuk dedicates historic French Open quarterfinal win to ‘the Ukrainian people’
After beating compatriot Elina Svitolina in an all-Ukrainian quarterfinal at Roland Garros 6-3, 2-6, 6-2 on Tuesday, tennis player Marta Kostyuk was overcome with emotion.
NBA superstar Steph Curry signs Li-Ning deal in a major win for Chinese shoe giant
Hong Kong/Hangzhou —Stephen Curry announced a partnership for his signature brand with Li-Ning on Monday, ending his sneaker free agency in a major win for the Chinese sportswear giant.
PHOTOS OF THE DAY
Rome, Italy
To mark the 80th anniversary of the Italian republic, the Frecce Tricolori (Tricolour Arrows) aerobatic team fly over Via del Corso, after passing over the Monument to the Unknown Soldier
Photograph: Marco Di Gianvito/ZUMA Press Wire/Shutterstock
Cambridge, UK
Adams Road in the west of the city, which is claimed to be England’s first ‘cycle street’
Photograph: Joe Giddens/PA
Gyöngyöspata, Hungary
A roe deer standing in a meadow of flowering consolida
Photograph: Péter Komka/EPA
Market Closes for June 2nd, 2026
| Market Index |
Close | Change |
| Dow Jones |
51307.79 | +228.91 |
| +0.45% | ||
| S&P 500 | 7609.78 | +9.82 |
| +0.13% | ||
| NASDAQ | 27093.90 | +7.09 |
| +0.03% | ||
| TSX | 35169.4 | +434.57
+1.25% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 66734.24 | -200.09 |
| -0.03% | ||
| HANG SENG |
26038.32 | +640.14 |
| +2.52% | ||
| SEN SEX | 74646.84 | +382.50 |
| +0.51% | ||
| FTSE 100* | 10373.51 | +34.56 |
| +0.33% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.413 | 3.428 |
| CND. 30 Year Bond |
3.788 | 3.803 |
| U.S. 10 Year Bond |
4.4433 | 4.4532 |
| U.S. 30 Year Bond |
4.9555 | 4.9696 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7225 | 0.7224 |
| US $ |
1.3839 | 1.3841 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6215 | 1.6088 |
| US $ |
0.8602 | 1.1625 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4449.30 | 4545.95 |
| Oil | ||
| WTI Crude Future | 93.76 | 92.16 |
Market Commentary:
On this day in 1985, cigarette maker R.J. Reynolds gobbled up Nabisco in an acquisition valued at $4.9 billion, then the largest takeover on record outside the oil industry. Three months later, competitor Philip Morris bought General Foods
🍨Canada 🏖
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.3% at 35,169.46 in Toronto.
The move was the biggest since rising 1.9% on April 30 and follows the previous session’s decrease of 0.1%.
Today, financials stocks led the market higher, as 8 of 11 sectors gained; 141 of 220 shares rose, while 78 fell.
Celestica Inc. contributed the most to the index gain and had the largest move, increasing 11.0%.
Insights
* In the past year, the index had a similar or greater gain 14 times. The next day, it advanced nine times for an average 0.8% and declined five times for an average 0.9%
* This quarter, the index rose 7.3%
* 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 at its 52-week high and 34.4% above its low on June 2, 2025
* The S&P/TSX Composite is up 1.5% 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 21.7 on a trailing basis and 16.7 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$5.48t
* 30-day price volatility fell to 12.28% compared with 12.86% in the previous session and the average of 12.88% over the past month
Index Points
Financials | 188.0276| 1.6| 17/7
Energy | 177.2541| 2.9| 34/3
Materials | 99.3584| 1.6| 42/17
Industrials | 8.7363| 0.2| 15/14
Utilities | 3.9345| 0.3| 9/5
Consumer Discretionary | 2.8573| 0.3| 4/5
Real Estate | 2.8464| 0.6| 12/7
Consumer Staples | 0.5344| 0.1| 2/8
Health Care | -0.2875| -0.3| 2/2
Communication Services | -6.7351| -1.0| 2/3
Information Technology | -41.9614| -1.5| 2/7
Celestica | 51.9700| 11.0| 31.1| 60.8
TD Bank | 39.0200| 2.2| -29.9| 21.1
RBC | 33.9700| 1.3| -20.8| 13.1
TMX Group | -6.6830| -6.7| 40.3| -8.5
Thomson Reuters | -9.6190| -8.1| 6.9| -34.1
Shopify | -83.4600| -5.7| -9.4| -26.7
Celestica | 11.0| 51.9700| 31.1| 60.8
Energy Fuels | 10.9| 4.4040| 24.5| 35.8
Discovery SilverCorp | 10.8| 3.8310| 92.9| 6.7
Thomson Reuters | -8.1| -9.6190| 6.9| -34.1
TMX Group | -6.7| -6.6830| 40.3| -8.5
Shopify | -5.7| -83.4600| -9.4| -26.7
(MT Newswires)
The resources-heavy Toronto Stock Exchange closed at a fresh record high on Tuesday, boosted by higher commodity prices and confidence the equity market fundamentals in place for most of the last two months will continue.
The S&P/TSX Composite Index closed up 434.57 points, or 1.25%, to 35,169.46, with most sectors higher.
The prior record close of 34,830 was set on May 25.
The index was led higher by Base Metals, up 4%, followed by the Battery Metals Index, up 2.7%, and then Energy, up 2.4%.
In contrast, Health Care was down 1.2% and Telecom down near 0.75%.
According to FactSet the TSX was, going in to today, up 10.91% from its 2026 closing low of 31,317.41 hit Friday, March 20, and year to date up 3,022.13 points or 9.53%.
Morningstar Canada published a note entitled ‘Best- and Worst-Performing Canadian Stocks’ in which it notes The Morningstar Canada Large-Mid Cap Index rose 2.35% in May, amid a rally in the communication-services sector.
The index tracks the top 90% of the Canadian investable universe by market cap, and each month, Morningstar screens it for the best- and worst-performing companies.
Among the best performing stocks of May 2026, Morningstar cited Capstone Copper (CS.TO), HudBay Minerals (HBM.TO), First Quantum Minerals (FM.TO), Air Canada (AC.TO) and Lundin Mining (LUN.TO).
Among the worst performing stocks of May 2026, it cited Stantec (STN.TO), GFL Environmental (GFL.TO), Element Fleet Management (EFN.TO), Energy Fuels (EFR.TO) and WSP Global (WSP.TO).
Of commodities, gold was higher late afternoon Tuesday but fell back from early highs as the dollar rose.
Gold for July delivery was last seen up US$11.30 to US$4,517.60 per ounce, after earlier touching $4,571.30.
Also, West Texas Intermediate crude oil closed higher, rising off session lows following reports Iran is considering a new U.S. peace deal to end the war, a day after prices surged after the two sides appeared to be on the brink of resuming hostilities.
WTI crude oil for July delivery closed up $1.60 to settle at US$93.76 per barrel, after earlier touching US$90.12.
US
By Rita Nazareth
(Bloomberg) — A revival of the artificial-intelligence trade kept driving Wall Street momentum, with stocks also rising on hopes for an agreement that would end the war that has roiled financial markets around the world.
Tech shares led equities to record highs, with the S&P 500 topping 7,600.
The index notched a nine-day winning run, the longest since May 2025.
A gauge of chipmakers rose nearly 6%.
Marvell Technology Inc. soared 33% as Nvidia Corp.’s Jensen Huang predicted the firm will hit $1 trillion in value.
Hewlett Packard Enterprise Co. jumped after raising its AI-fueled sales forecast.
“Tech continues to dominate the market,” said veteran strategist Louis Navellier.
“The trend remains positive, with the catalyst for further material gains possible with a resolution with Iran.”
President Donald Trump is still optimistic the US can reach an interim peace deal soon.
He disputed reports in Iranian state media that said talks with Washington had been suspended over the fighting in Lebanon, saying the two sides have been “continuously” having conversations, including “today.”
Officials in Tehran are discussing their “final text” to send to the US, Iran’s Mehr news agency reported. In a volatile session, US crude settled near $94.
Even as businesses navigated rising energy costs sparked by the Iran war, US job openings jumped in April to the highest
level in almost two years and layoffs fell, adding to signs the labor market remained resilient.
“The jobs market continues to hold its ground,” said Bret Kenwell at eToro.
“There’s hope that energy prices will retreat after a geopolitically charged surge in the first quarter, allowing the Fed to stay on hold while inflation eases in the second half of the year. Pair that with rising earnings expectations, and it could help propel stock prices higher.”
A boom in stocks is being driven by an appetite for profit that’s outweighing fears about economic disruption and inflation risks, said Goldman Sachs Group Inc. Chief Executive Officer David Solomon.
“We are definitely in a moment where there’s more greed than there is fear,” Solomon said in an Economic Club of New York appearance Tuesday. “The capital is available.”
Elsewhere, US investment-grade bond sales reached $1 trillion sooner than in any year since 2020 as historically low spreads and a spending surge on AI fuel borrowing by blue-chip companies.
Meantime, souring Bitcoin sentiment sent the largest digital asset sinking.
Corporate Highlights:
* Alphabet Inc. is raising $80 billion through a package of equity offerings, including an investment deal with Berkshire Hathaway Inc., as the company races to fund its ambitious AI spending plans.
* Microsoft Corp. announced an updated quantum-computing chip, betting it can set up a commercially useful machine by 2029.
* OpenAI is expanding the functionality of its AI coding agent for a number of professions beyond software engineering, a bid to compete with rivals such as Anthropic PBC in signing up more business customers.
* Victoria’s Secret & Co. beat earnings estimate and boosted its outlook, adding to signs of progress for Chief Executive Officer Hillary Super’s turnaround plan.
* Some Dollar General Corp. shoppers are cutting back on food and other household expenses due to rising gas prices, Chief Executive Officer Todd Vasos said on the company’s earnings call.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World Index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1634
* The British pound rose 0.1% to $1.3471
* The Japanese yen fell 0.2% to 159.92 per dollar
Cryptocurrencies
* Bitcoin fell 5.8% to $67,191.16
* Ether fell 4.6% to $1,910.71
Bonds
* The yield on 10-year Treasuries was little changed at 4.45%
* Germany’s 10-year yield declined three basis points to 2.98%
* Britain’s 10-year yield declined four basis points to 4.86%
Commodities
* West Texas Intermediate crude rose 1.6% to $93.64 a barrel
* Spot gold was little changed
Have a wonderful day.
Be magnificent!
As ever,
Shima
""The best is the enemy of the good"– Francois-Marie Arouet de Voltair –1694-1778
Shima Zangeneh
Assistant to Carolann Steinhoff
Queensbury Securities Inc.
340A – 730 View Street
Victoria BC V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828