Dear Friends,
Tangents:
Carolann is away from the office for a few days this week, attending 2026 Bloomberg Tech Conference in San Francisco.
June 3, 1888: The poem Casey at the Bat by Ernest Lawrence Thayer was first published in the San Francisco Examiner. Library of Congress
June 3, 2006: Montenegro was formally recognized as an independent state following its separation from Serbia. Britannica
On June 3, 1965, astronaut Edward White became the first American to "walk" in space, during the flight of Gemini 4. Go to article
Tony Curtis, actor, b. 1925.
Allen Ginsberg, poet and writer, b. 1926.
Jill Biden, educator and former First Lady, b. 1951.
Anderson Cooper, journalist and TV host, b. 1967.
In an astronomical first, researchers have measured the magnetic fields of seven "hot Jupiter" planets beyond our solar system — adding new clues in the search for alien life.
A new study cultivated four strains of cold-adapted yeasts that had colonized Ötzi’s body shortly after his death 5,300 years ago in the Alps.
Daddy longlegs may be capturing and devouring frogs in the tropical forests of South America
Daddy longlegs have been observed eating frogs in South America, suggesting that these arachnids may be predators of vertebrates.
NASA has confirmed its MAVEN spacecraft is officially dead after losing contact with the probe in December. An anomaly in the probe’s rotation speed led to an unexpected loss of power, though the exact cause remains unknown.
This Japanese island is closer to Taipei than Tokyo. A new ferry makes it easier to visit
You can now fall asleep on a ferry in Taiwan and wake up in Japan.
Marilyn Monroe through the female gaze
The world’s most famous blonde bombshell, perched on playground equipment, absorbed in a book. The studio make-up and lighting is gone; as are her shoes. It’s 1955 and a summery glow radiates from her exposed limbs.
Someone stole Maurizio Cattelan’s notorious banana artwork — and the museum isn’t amused
An art museum in France has filed a legal complaint after a banana that makes up part of Italian artist Maurizio Cattelan’s controversial artwork “Comedian” was stolen.
PHOTOS OF THE DAY
Musandam, Oman
A drone view of vessels anchored in the strait of Hormuz
Photograph: Reuters
Nice, France
Tourists look at the Mediterranean sea on the Promenade des Anglais on the French riviera
Photograph: Valéry Hache/AFP/Getty Images
Yuncheng, China
Workers haul long nets to harvest brine shrimps in the Salt Lake, Shanxi Province
Photograph: Xue Jun/VCG/Getty Images
Market Closes for June 3rd, 2026
| Market Index |
Close | Change |
| Dow Jones |
50687.07 | -620.72 |
| -1.21% | ||
| S&P 500 | 7553.68 | -56.10 |
| -0.74% | ||
| NASDAQ | 26853.97 | -239.93 |
| -0.89% | ||
| TSX | 34801.54 | -367.92
-1.05% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 68402.13 | +1667.89 |
| +2.50% | ||
| HANG SENG |
25633.21 | -405.11 |
| -1.56% | ||
| SEN SEX | 74346.17 | -303.67 |
| -0.41% | ||
| FTSE 100* | 10332.30 | -41.21 |
| -0.40% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.433 | 3.413 |
| CND. 30 Year Bond |
3.806 | 3.788 |
| U.S. 10 Year Bond |
4.4946 | 4.4433 |
| U.S. 30 Year Bond |
4.9917 | 4.9555 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7197 | 0.7225 |
| US $ |
1.3895 | 1.3839 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6200 | 1.6127 |
| US $ |
0.8615 | 1.1606 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4503.85 | 4449.30 |
| Oil | ||
| WTI Crude Future | 96.02 | 93.76 |
Market Commentary:
On this day in 1980, the Business Cycle Dating Committee of the National Bureau of Economic Research, the official arbiter of the nation’s economic recessions and expansions, finally declared that a recession had begun in January of that year.
🍨Canada 🏖
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1% at 34,801.54 in Toronto.
The move was the biggest since falling 1.3% on May 15 and follows the previous session’s increase of 1.3%.
Shopify Inc. contributed the most to the index decline, decreasing 3.0%.
Lithium Americas Corp. had the largest drop, falling 8.7%.
Today, 144 of 220 shares fell, while 75 rose; 8 of 11 sectors were lower, led by materials stocks.
Insights
* In the past year, the index had a similar or greater loss 17 times. The next day, it advanced 14 times for an average 0.9% and declined three times for an average 1.1%
* This quarter, the index rose 6.2%
* The index advanced 32% in the past 52 weeks. The MSCI AC Americas Index gained 26% in the same period
* The S&P/TSX Composite is 1.1% below its 52-week high on June 2, 2026 and 32.4% above its low on June 4, 2025
* The S&P/TSX Composite is up 1.1% in the past 5 days and rose 2.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio 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$5.54t
* 30-day price volatility rose to 12.75% compared with 12.28% in the previous session and the average of 12.87% over the past month
Index Points
Materials | -201.5996| -3.2| 7/53
Information Technology| -87.0745| -3.3| 0/9
Financials | -75.6158| -0.6| 5/19
Industrials | -23.1076| -0.6| 9/20
Real Estate | -2.9006| -0.6| 1/17
Communication Services| -1.5349| -0.2| 3/2
Energy | -1.4313| 0.0| 26/11
Health Care | -0.0356| 0.0| 2/2
Utilities | 1.5943| 0.1| 7/7
Consumer Discretionary| 8.4571| 0.8| 7/2
Consumer Staples | 15.3199| 1.4| 8/2
Shopify | -41.8100| -3.0| -25.6| -28.9
Brookfield Corp | -33.6500| -3.5| 18.7| -3.3
Agnico Eagle Mines Ltd | -31.7200| -3.7| 20.9| 2.6
Suncor | 6.5830| 0.9| 24.2| 49.6
RBC | 12.2400| 0.5| -38.9| 13.6
Canadian Natural Resources | 14.0000| 1.5| 27.9| 42.7
(MT Newswires)
The Toronto Stock Exchange fell from a record close Wednesday on profit taking, but also as Canadian investors come to terms with the fact the country is in a ‘technical’ recession just as the United States ramps us its demands with trade talks involving the two nations set to resume soon.
The S&PTSX Composite Index closed down 367.92 points, or 1.05%, to 34,801.54, with most sectors lower, led by Info Tech, down near 3.5%.
The Battery Metals Index led gainers, up by near 3%.
Energy also rose, up by 1.2% as West Texas Intermediate crude oil rose for a third day with the ceasefire between Iran and the United States appearing to fracture after the two sides exchanged strikes, lowering hopes for a deal to end the war and reopen the Strait of Hormuz.
WTI oil for July delivery closed up US$2.26 to settle at US$96.02 per barrel, while August Brent oil was up US$1.88 to US$97.88.
But Base Metals lost 3.2%, not helped by gold trading lower as the dollar rose to a two-month high after oil prices rose following fresh hostilities between the U.S. and Iran, renewing worries energy inflation will force central banks to lift interest rates.
Gold for July delivery was down US$53.80 to US$4,466.10 an ounce.
Still, Rosenberg Research has increased its exposure to gold exchange-traded (GLD) and gold miners (GDX).
"We made several adjustments to the Rosie Model Portfolio to put into action some of the constructive themes we have been writing about recently, while also taking profits and rebalancing some of our strongest performers." it said on Wednesday.
Rosenberg Research continues to see structural support for gold prices.
Which, it said, should support the profit outlook for gold miners. After a period of weak, range-bound performance driven by war-related market conditions, Rosenberg Research sees this as a good point to rebuild exposure.
Following the adjustment, gold (GLD) has a 5.7% weight in the portfolio, while gold miners (GLDX) have a 5.8% weight, it noted.
On the economics front, Canada’s economy shrank in the last two quarters, which meets the definition of a ‘technical recession’.
But some economists say that label is misleading, while others argue that the distinction doesn’t really matter, CTV News is reporting.
"Technically, we are in a recession," Colin Mang, assistant professor of economics at McMaster University, told CTV News Channel on Tuesday.
"We’ve had two quarters where overall spending in the economy dropped, but to put things into context, the decline from the fourth quarter of 2025 to the first quarter of 2026 was only about $1 million. Thatrepresents 0.03% of our total $3.2 trillion economy."
CTV noted Mang’s comments came after Statistics Canada released its latest gross domestic product (GDP) data on Friday, which found that the slight first-quarter GDP drop followed a dip of 1% in the fourth quarter of last year, a number StatCan revised down. According to StatCan, the Canadian economy has seen negative real GDP growth in three of the last four quarters.
On top of that, Canada is already on the back foot ahead of trade talks with the United States resuming.
Prime Minister Mark Carney said Wednesday his Liberal government will soon introduce legislation on forced labor in supply chains after the Trump administration proposed a 10% additional tariff on Canada and other countries following an investigation into the issue.
Trade discussions between the two countries. will continue ahead of the July 1 CUSMA review deadline, but they are likely to extend beyond that date as the nation’s work through unresolved trade issues and tariff disputes.
US
By Rita Nazareth
(Bloomberg) — A renewed advance in oil sent stocks lower as bond yields rose on concern that an escalation of hostilities between the US and Iran will hinder prospects for a peace deal, with elevated energy costs fueling inflation risks.
As equities fell from a record, the S&P 500 snapped a nine- day winning run.
An ETF tracking software firms slid 4.3%. US crude settled near $96.
Higher oil prices and signs of labor- market strength fueled losses in Treasuries amid bets the Federal Reserve’s next rate move will be a hike.
Bitcoin sank.
In late hours, Broadcom Inc.’s outlook failed to inspire investors.
The US and Iran clashed overnight, with Kuwait and Bahrain caught in the crossfire of one the most serious flare-ups since a ceasefire went into effect in early April.
The developments follow days of rising tension, including over Israeli operations against Hezbollah in Lebanon, that threatens to derail US-Iran talks.
The sides have agreed on a rough framework that should extend their truce and reopen the Strait of Hormuz, though negotiations over the final details are dragging on.
“Ongoing tensions in the Middle East continued to cloud the broader risk backdrop,” said Fawad Razaqzada at Forex.com.
“Fresh exchanges between US and Iranian forces overnight raised questions about the durability of the ceasefire arrangement.”
Even as businesses face the fastest growth in input costs in nearly four years, data showed services activity picked up in May.
A gauge of new orders increased, underscoring resilient consumer demand.
In the run-up to Friday’s payrolls report, data showedcompanies added the most jobs since January 2025, signaling the labor market may be gaining momentum despite higher energy costs.
If confirmed in official government figures, the trend could support a shift toward bets the Fed is more likely to raise rates in the months ahead.
“If incoming US data continue to surprise positively, investors may increasingly express a more hawkish Fed view through renewed dollar strength, particularly against lower- and zero-yielding currencies and commodities like the Japanese yen and gold,” Razaqzada noted.
Fed Bank of Dallas President Lorie Logan said officials may need to hike later this year to bring inflation back to target.
Separately, her New York counterpart John Williams told Yahoo Finance he sees no obvious direction ahead for rates.
Employment remained stable in recent weeks as inflation continued to rise across much of the country, driven primarily by the impact of war on energy prices, according to the Fed’s Beige Book survey of regional business contacts.
Corporate Highlights:
* Alphabet Inc. upsized its equity raise to $84.75 billion from the $80 billion it announced just two days earlier in a bid to help fund growing artificial intelligence spending plans.
* Meta Platforms Inc. is selling businesses access to an AI agent for the first time, its latest effort to generate revenue to offset the company’s hefty investments.
* Broadcom Inc. delivered a forecast for the current period that disappointed investors, signaling that AI-fueled sales are growing more slowly than some had anticipated.
* CrowdStrike Holdings Inc. projected revenue figures that were broadly in line with analysts’ estimates as concern continues to mount in government and industry over the threat of hackers armed with powerful AI tools.
* SpaceX is planning to offer shares at $135 apiece to raise $75 billion in its initial public offering, according to people familiar with the matter, as Elon Musk rejects another Wall Street convention by setting a fixed price ahead of the marketing phase of the deal.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average fell 1.2%
* The MSCI World Index fell 0.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.3% to $1.1598
* The British pound fell 0.3% to $1.3420
* The Japanese yen fell 0.1% to 160.08 per dollar
Cryptocurrencies
* Bitcoin fell 3.3% to $65,273.51
* Ether fell 5.4% to $1,801.54
Bonds
* The yield on 10-year Treasuries advanced five basis points to 4.49%
* Germany’s 10-year yield advanced six basis points to 3.04%
* Britain’s 10-year yield advanced seven basis points to 4.93%
Commodities
* West Texas Intermediate crude rose 2.7% to $96.29 a barrel
* Spot gold fell 1.1% to $4,439.63 an ounce
Have a wonderful day.
Be magnificent!
As ever,
Shima
"Personality begins where comparison ends"– Karl Lagerfeld– 1933–2019
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