Dear Friends,
Tangents:
Carolann is away from the office for a few days this week, attending 2026 Bloomberg Tech Conference in San Francisco.
June 4, 1783: The Montgolfier brothers publicly demonstrated their hot-air balloon for the first time in Annonay, France. Britannica
June 4, 1919: The U.S. Congress approved the 19th Amendment to the Constitution, guaranteeing women the right to vote, and sent it to the states for ratification. History.com
June 4, 1917: the first Pulitzer Prize was awarded, honoring excellence in journalism and the arts, funded through a bequest from publisher Joseph Pulitzer to Columbia University. funworldfacts
On this day1896 Henry Ford made a successful pre-dawn test run of his horseless carriage, called a quadricycle, through the streets of Detroit. Go to article
Alois Alzheimer, physician and researcher, b. 1864.
Angelina Jolie, actress and humanitarian, b. 1975.
Russell Brand, comedian and actor, b. 1975.
Bar Refaeli, model and television host, b. 1985.
TJ Miller, actor and comedian, b. 1981.
Northern lights are projected across the Northern U.S. and Europe tonight as Earth gets hit by a strong solar eruption.
Archaeologists are turning their attention and research skills to far-flung places on the Earth and beyond, discovering new information about how humans survive in extreme environments.
Satellite images reveal mangroves rebounding worldwide — but here’s why they could still ‘drown’
A new study finds mangrove forests are no longer shrinking worldwide, offering hope for coastal protection and climate resilience. But other research warns sea level rise could reduce their ability to store carbon.
JWST found a black hole hiding in a galaxy more than 10 billion light-years away from Earth and used a cosmic magnifying glass to determine its mass.
The Majorana 2 quantum processor is built from topological qubits, and its creators claim it can sustain quantum coherence for an average of 20 seconds — orders of magnitude longer than the milliseconds that conventional chips last.
Mysterious repeating radio signal traced to ‘vampire’ star that’s slowly eating its companion
Radio astronomers have decoded a peculiar repeating radio signal from deep space, tracing it to a vampiric binary star system.
Fan arrested and banned for life after running onto court to take selfie with Victor Wemba Yama
A fan was arrested and banned for life after running onto the court and taking a selfie video with Victor Wembanyama during Game 1 of the NBA Finals on Wednesday.
The Spanish Island left off the tourist guides
Once a day, as the sun drops behind the crowded southern coast of Tenerife, a single ferry carrying only a handful of foreign tourists departs from a quiet port dwarfed by the resort-laden coastline.
A first look inside the $850 million Obama Presidential Center
At the top of the Obama Presidential Center, in its sunlit Sky Room is where you’re meant to take it all in. The panoramic views are impressive: Surrounding the campus is Chicago’s South and West Sides, as well as the ultramarine of Lake Michigan. But, more than that,it’s a moment to pause after scaling several floors of history and Barack Obama’s political legacy — not-too-distant memories for many.
PHOTOS OF THE DAY
Danyang County, South Korea
‘A light-up statue at the top of Guinsa Temple at night.’
Photograph: Tom Rivers
Castle Roy, Nethy Bridge, UK
‘I was visiting my auntie in the Highlands and she said we had to go and see a certain Murdo. Turns out Murdo was this beautiful Highland cow!’
Photograph: Ed Cargill
Tokyo, Japan
‘On my first morning in the city I was woken by jetlag at 5am, only to find that Mount Fuji was up before me, wishing me a golden good morning.
’Photograph: Will Aitken
Market Closes for June 4th, 2026
| Market Index |
Close | Change |
| Dow Jones |
51561.93 | +874.86 |
| +1.73% | ||
| S&P 500 | 7584.31 | +30.63 |
| +0.41% | ||
| NASDAQ | 26830.96 | -23.01 |
| -0.09% | ||
| TSX | 35217.06 | +415.52
+1.19% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 67470.69 | -931.44 |
| -1.36% | ||
| HANG SENG |
25253.40 | -379.81 |
| -1.48% | ||
| SEN SEX | 74360.01 | +13.84 |
| +0.02% | ||
| FTSE 100* | 10360.32 | +28.02 |
| +0.27% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.437 | 3.433 |
| CND. 30 Year Bond |
3.812 | 3.806 |
| U.S. 10 Year Bond |
4.4729 | 4.4946 |
| U.S. 30 Year Bond |
4.9746 | 4.9917 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7190 | 0.7197 |
| US $ |
1.3907 | 1.3895 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6192 | 1.6150 |
| US $ |
0.8611 | 1.1612 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4444.60 | 4503.85 |
| Oil | ||
| WTI Crude Future | 93.04 | 96.02 |
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 rose 1.2% at 35,217.06 in Toronto.
The move follows the previous session’s decrease of 1%.
Royal Bank of Canada contributed the most to the index gain, increasing 1.9%.
Curaleaf Holdings Inc. had the largest increase, rising 7.2%.
Today, 165 of 220 shares rose, while 55 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* In the past year, the index had a similar or greater gain 17 times. The next day, it advanced 10 times for an average 0.8% and declined seven times for an average 0.9%
* This quarter, the index rose 7.5%
* So far this week, the index rose 1.3%
* The index advanced 34% in the past 52 weeks. The MSCI AC Americas Index gained 27% in the same period
* The S&P/TSX Composite is at its 52-week high and 34% above its low on June 4, 2025
* The S&P/TSX Composite is up 2% in the past 5 days and rose 4.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.8 on a trailing basis and 16.8 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 rose to 13.15% compared with 12.75% in the previous session and the average of 12.89% over the past month
Index Points
Financials | 193.6924| 1.7| 23/1
Materials | 91.6901| 1.5| 40/20
Industrials | 43.6642| 1.2| 25/4
Energy | 42.9626| 0.7| 30/7
Information Technology | 31.4391| 1.2| 7/2
Utilities | 5.3626| 0.4| 9/5
Consumer Staples | 4.8345| 0.4| 5/5
Real Estate | 3.5821| 0.8| 14/5
Health Care | 1.8698| 2.1| 3/1
Consumer Discretionary | -1.0654| -0.1| 7/2
Communication Services | -5.5406| -0.9| 2/3
RBC | 50.2100| 1.9| -38.4| 15.8
Shopify | 38.2900| 2.8| -49.8| -26.9
Brookfield Corp | 26.2400| 2.8| -20.4| -0.6
TransAlta | -3.8480| -10.4| 422.2| 3.7
BCE | -3.9840| -1.8| 55.5| 2.2
Celestica | -36.2500| -7.1| 11.7| 45.6
Curaleaf | 7.2| 1.1630| 0.1| 48.7
Bausch Health | 5.9| 0.7560| 57.1| -23.3
Constellation Software | 5.5| 21.1100| 9.7| -12.1
(MT Newswires)
The Toronto Stock Exchange on Thursday set its second record close in three sessions, with most sectors higher as investors returned for more buying after a day-prior drop, while there continues to be a general satisfaction in the market that the Canadian federal government is working on strengthening the economy.
The S&P/TSX Composite Index closed up 415.52 points, or 1.2%, to 35,217.06, beating Tuesday’s record close of 35,169.46.
Most sectors were higher, led by Health Care, up 3.2%.
But the Battery Metals Index fell 4.5%.
According to FactSet the TSX going in to today was up 11.13% from its 2026 closing low of 31317.41 hit March 20 and year to date up 3,088.78 points or 9.74%.
Base Metals were down 0.9% even though gold prices were higher by midafternoon Thursday as the dollar and treasury yields weakened, while oil prices dropped after Israel and Lebanon reached a ceasefire agreement, lowering the inflation fears that have kept the precious mental rangebound since the start of the war between the United States and Iran.
Gold for July delivery was up US$40.50 to US$4,507.40 per ounce.
Energy was up 1.2% even as West Texas Intermediate crude oil closed down 3.1%.
WTI crude oil for July delivery was down US$2.98 to settle at US$93.04 per barrel, while August Brent oil was down US$3.53 to US$94.28.
After months of delay, the federal government has unveiled its AI strategy Thursday, outlining a vision focused on job creation, sovereignty and increased AI adoption, CTV News noted.
But the plan lacks details on how Canadians will be protected from the technology’s potentially adverse effects, it said.
CTV News noted the strategy explicitly pledges to help create 250,000 jobs by 2031 and generate an additional $200 billion of economic growth.
But it also noted the Conference Board of Canada recently projected AI and automation could lead to an initial loss of 550,000 jobs by 2030 as businesses restructure.
In a technical briefing with reporters prior to today’s announcement, government officials said they don’t contest or agree with the Conference Board of Canada report but will "monitor the impacts of potential displacements", CTV noted.
"We have done a high adoption scenario to be able to understand what we believe will be created as a function of sectors on a high adoption scale," the official said.
Meanwhile, the federal government announced a new industry-led alliance aimed at growing the skilled workforce for Canada’s mining industry, which is struggling to fill key jobs, The Canadian Press reported.
It noted jobs Minister Patty Hajdu made the announcement Thursday in southwestern Nova Scotia, saying the new body, dubbed the mining and minerals workforce alliance, is part of Prime Minister Mark Carney’s drive to build a more independent economy.
US
By Rita Nazareth
(Bloomberg) — Wall Street drove a rotation out of chipmakers into several other industries that tend to benefit from a resilient economy after Broadcom Inc.’s underwhelming outlook tested the artificial-intelligence trade.
A blistering run in semiconductor companies from war-driven lows took a breather as Broadcom’s forecast for sales of AI chips disappointed investors hoping for more.
The stock tumbled the most since January 2025, dragging down a key sector gauge by 2.2%.
Despite weakness in the high-profile group, about 360 firms in the S&P 500 rose.
In the run-up to jobs data that’s expected to reveal solid growth, the Dow Jones Industrial Average hit all-time highs.
The insatiable appetite for equities that’s already spurred a 20% surge in the S&P 500 from this year’s bottom is sending the benchmark toward its longest streak of weekly gains since 1985.
Hopes for a diplomatic way out of the Iran war alongside signs of economic resilience and strong corporate profits have bolstered Wall Street optimism.
Meantime, the selloff in chipmakers came on the heels of an advance that put the industry’s stocks on track for their best year since 1999.
While those companies continue to benefit from the flood of cash being spent on AI, calls for consolidation have emerged after such a powerful advance.
“The rally off the March lows has been an extremely strong one. In fact, it has been parabolic, especially for the chip stocks,” said Matt Maley at Miller Tabak.
“Therefore, if the earnings report from Broadcom is the catalyst for a pullback that lasts more than a day or two, it would actually be healthy for the stock market.”
Traders also continued to keep a close eye on the latest Middle East developments.
Oil fell amid expectations the US and Iran are inching closer to a peace deal after a conditional ceasefire between Israel and Lebanon.
That’s even as the truce was marred by ongoing clashes.
Despite these geopolitical uncertainties, the fundamentals are telling a different story, according to Bret Kenwell at eToro.
Earnings estimates have continued to move higher, while management teams have talked up a resilient consumer, he said.
“For retail investors, that ultimately created a buy-the- dip opportunity,” Kenwell noted.
“At the same time, markets could use a breather. That doesn’t mean stocks are set to roll over, but it does suggest the market could benefit from some rotation, consolidation, or at least a little digestion after such a powerful run.”
To Mark Malek, the AI trade is entering a more mature phase where story quality matters as much as revenue growth.
“The market is no longer paying endlessly for AI stamped on the box,” said the chief investment officer of Siebert Financial.
“Broadcom did not have a bad quarter; the stock had a bad setup. Demand is real, spending is real, and the opportunity remains massive. But prices can still run ahead of reality.”
Corporate Highlights:
* SpaceX set out its IPO pitch to retail investors early on Thursday with a video in which Chief Financial Officer Bret Johnsen joins the dots between the company’s rocket, satellite and AI businesses.
* Blackstone Inc. limited redemptions from its flagship private credit fund for the first time after investors sought to pull 10% of the shares, the latest firm to cap withdrawals amid a continued investor exodus.
* International Business Machines Corp. and AT&T Inc.’s computer systems were repeatedly breached by foreign hackers, and the companies concealed those intrusions from the US government in violation of the law, according to a lawsuit from a former IBM
cybersecurity official.
* Verizon Communications Inc. Chief Executive Officer Dan Schulman expects AI technology will replace “a large percentage” of the work that customer service representatives do as the New York-based carrier looks to boost financial performance and
improve customer satisfaction.
* Lululemon Athletica Inc. lowered its annual forecast, underscoring the challenge that incoming Chief Executive Officer Heidi O’Neill faces in revitalizing the upscale yogawear brand.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average rose 1.7%
* The MSCI World Index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.1% to $1.1611
* The British pound was little changed at $1.3423
* The Japanese yen was little changed at 160.03 per dollar
Cryptocurrencies
* Bitcoin fell 2.2% to $63,457.07
* Ether fell 0.5% to $1,770.37
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.47%
* Germany’s 10-year yield declined one basis point to 3.02%
* Britain’s 10-year yield declined three basis points to 4.90%
Commodities
* West Texas Intermediate crude fell 3.1% to $93.08 a barrel
* Spot gold rose 1% to $4,478.21 an ounce
Have a wonderful day.
Be magnificent!
As ever,
Shima
"Just don’t wear all black!"– Dame Anna Wintour- b,1949
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