Dear Friends,
Tangents:
March 10, 1862: Paper money issued in the US.
March 10,1876: the first ever telephone call is made, between inventor Alexander Graham Bell and his assistant Thomas Watson, proving voice could travel by wire.
March 10, 1969: James Earl Ray pleaded guilty in Memphis, Tenn., to the assassination of Martin Luther King Jr. Go to article.
James Herriot, veterinarian, b. 1916
Sharon Stone, actress, b. 1958.
| 2,000-year-old Phoenician coin was used as bus fare in England, but ‘how it got there will always be a mystery’ |
The ancient coin was probably minted in what is now Spain in the first century B.C., but no one knows why it was used to pay a 1950s transport fare. Read More.
| ‘More advanced’ farming women married hunter-gatherer men in Europe thousands of years ago, ancient DNA reveals |
Two researchers discuss how ancient DNA is used to track how people moved and lived during Britain’s Bronze Age. Read More.
| Exotic prime numbers could be hiding inside black holes |
A new paper makes the strange case for prime numbers at the heart of physics. Read More.
| Scientists tracked faint signals from the stars — and may have turned up hundreds of undiscovered planets |
A new study shows that stars with low magnetic activity are likely to support exoplanetary systems, making the hunt for these celestial objects less random. Read More.
| Could gut microbes hold the secret to aging well? A researcher unpacks the emerging science |
A researcher dives into the latest research on how the health of the gut microbiome can influence the aging process. Read More.
| China puts a sodium-ion battery into an EV for the first time — it can drive 248 miles on a single charge |
A new vehicle is the first mass-produced passenger EV with a viable sodium-based alternative to conventional lithium-ion batteries. Read More.
| Humans are being replaced by machines in the food supply chain — and it’s leading to truckloads of waste |
A researcher explores how AI is being used to optimize food delivery, which may not always be a good thing. Read More.
| Why is mercury a liquid? |
Mercury is a metal, yet it has some weird physical properties, including being a liquid at room temperature. Read More.
‘Meatheads Are Hijacking America’
Some vegans were encouraged by HHS Secretary Robert F. Kennedy Jr.’s promise to end animal testing and his stance against vaccine mandates. Now, they’re feeling betrayed.
Climate mystery
Is the world getting hotter, faster? It’s a big question which has been puzzling and dividing scientists for years. A new paper says it has the answer, and it’s not good news.
Is that you — or ChatGPT?
Ever get the sense that your friend’s text sounds a little off? They might be using AI to craft their response, especially if they’re in a certain age group.
Face of an ancestor
Scientists have digitally reconstructed the face of “Little Foot,” a 3.67 million-year-old human ancestor. The result hints at features that may be shared across the human family tree.
PHOTOS OF THE DAY
Setas de Sevilla, Spain
‘Seville has so many beautiful old buildings, but this altogether newer structure is one of my favourites in this wonderful city.’
Photograph: Keith Astbury
Morro Bay, California, US
‘A beachgoer enjoys a stroll at sundown, dwarfed by the volcanic plug that is Morro Rock. ’
Photograph: Thomas Ryan
Kilkenny, Ireland
‘A swan admiring its reflection in the River Nore. Taken from the John’s Bridge.
’Photograph: Marek Parandyk
Market Closes for March 10th , 2026
| Market Index |
Close | Change |
| Dow Jones |
47706.51 | -34.29 |
| -0.07% | ||
| S&P 500 | 6781.48 | -14.51 |
| -0.21% | ||
| NASDAQ | 22697.11 | +1.16 |
| +0.01% | ||
| TSX | 33270.65 | +81.33 |
| +0.25% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 54248.39 | +1519.67 |
| +2.88% | ||
| HANG SENG |
25959.90 | +551.44 |
| +2.17% | ||
| SEN SEX | 78205.98 | +639.82 |
| +0.82% | ||
| FTSE 100* | 10412.24 | +162.72 |
| +1.59% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.400 | 3.364 |
| CND. 30 Year Bond |
3.853 | 3.812 |
| U.S. 10 Year Bond |
4.1557 | 4.0958 |
| U.S. 30 Year Bond |
4.7903 | 4.7136 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7362 | 0.7364 |
| US $ |
1.3582 | 1.3579 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6344 | 1.5762 |
| US $ |
0.8617 | 1.1604 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
5086.35 | 5127.55 |
| Oil | ||
| WTI Crude Future | 86.66 | 82.79 |
Market Commentary:
On this day in 1999, Nasdaq introduced its Nasdaq-100 ETF. The ETF closed its first trading day at $51.06. A year later, the ETF fetched $114.50. But a year after that, all its gains had evaporated and it traded at $45.10.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.2%, or 81.33 to 33,270.65 in Toronto.
Royal Bank of Canada contributed the most to the index gain, increasing 1.2%. G.
Mining Ventures Corp. had the largest increase, rising 8.0%.
Today, 134 of 217 shares rose, while 83 fell; 6 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index rose 4.9%
* The index advanced 36% in the past 52 weeks. The MSCI AC Americas Index gained 22% in the same period
* The S&P/TSX Composite is 3.7% below its 52-week high on March 2, 2026 and 49.7% above its low on April 7, 2025
* The S&P/TSX Composite is down 1.5% in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.3 on a trailing basis and 17.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$5.25t
* 30-day price volatility little changed to 20.51% compared with 20.49% in the previous session and the average of 18.59% over the past month
Index Points
Financials | 85.0687| 0.8| 17/7
Materials | 79.2446| 1.2| 46/10
Consumer Staples | 6.8501| 0.6| 5/5
Utilities | 6.8251| 0.6| 9/5
Energy | 5.5413| 0.1| 24/13
Communication Services | 2.4899| 0.4| 4/1
Health Care | -0.4302| -0.5| 3/1
Real Estate | -2.5261| -0.5| 5/14
Consumer Discretionary | -5.4318| -0.5| 5/4
Industrials | -37.7744| -1.1| 14/15
Information Technology | -58.5155| -2.3| 2/8
RBC | 26.1000| 1.2| -42.3| -4.0
Cameco | 16.3200| 3.4| 4.4| 29.8
CIBC | 13.2500| 1.5| 1.6| 8.4
Thomson Reuters | -9.9770| -7.0| -13.0| -22.3
Waste Connections | -15.1300| -3.6| 2.8| -6.6
Shopify | -48.2200| -3.1| -30.6| -20.5
MT Newswires:
The Toronto Stock Exchange rose for a second-straight day Tuesday amid hopes for a quick end to the war on Iran, giving investors an opportunity to assess Canada’s vulnerability to oil prices and look at what impact recent geopolitical events will have on central bank thinking.
The S&P/TSX Composite Index closed up 81.33 points to 33,270.65, adding to the near 105 points gained Monday, when the index recovered more than 700 points after falling early.
Most sectors were higher, led by Base Metals, which was up 2.3%.
Information Technology, which led gainers yesterday, lost 1.5% today, while Industrials eased 1%.
Base Metals was boosted by gold, which traded higher by midafternoon Tuesday as the U.S. dollar fell off a four-month high and oil prices eased after U.S. President Donald Trump late Monday said he expects U.S.-Israeli attacks on Iran to end soon.
Gold for April delivery was up $137.30 to US$5,241.00 per ounce.
West Texas Intermediate crude oil plunged 12% amid hopes for a swift conclusion to the largest-ever supply disruption due to Middle East unrest.
WTI oil for April delivery closed down $11.32 to settle at US$83.45 per barrel, while May Brent oil was down $8.63 to US$90.33.
Still on oil, RBC Economics published a note entitled ‘Crude calculations: Assessing Canada’s vulnerability to oil prices’ in which it said a surge in oil prices driven by conflicts in the Middle East raises questions about implications for Canada’s oil-exporting economy.
Among highlights, RBC said it expects a "largely net neutral impact" on Canada’s GDP growth, but with significant distributional impacts.
It added revenues in oil producing provinces will rise, consumers nationwide will pay higher prices, while the investment response will be limited.
RBC also said oil prices going forward are highly unpredictable, but the bank added headline inflation could peak near 3% in Canada if WTI hits and remains at US$100/barrel.
"Costs to households would grow over time in scenarios where oil prices remain high," it noted.
According to RBC, the Bank of Canada will not rush to respond without clarity on size and duration of the oil price shock.
Meanwhile, Thierry Wizman, Global FX & Rates Strategist at Macquarie Group, published a noted saying the tone of central banks will remain hawkish so long as threat of the war’s inflationary implications persist.
Wizman said Macquarie would expect this more hawkish disposition to persist even after hostilities end, "largely because the data may continue to point to inflationary pressures (and, hence, a shift in public expectations) throughout the period in which inflation may show up in the data through the May reporting cycle."
Macquarie continues to think in terms of the opportunities in oil economies vs. non-oil economies.
Wizman said those opportunities reside in developed markets, citing the United States and Canada vs. Europe and the United Kingdom.
He added the oil vs. non-oil trade also exists in emerging markets, of course, especially because some EM countries among have vast reserves of oil, are net exporters, and are far from the war zone.
"To us, Brazil, Colombia, and South Africa are the biggest gainers from a terms-of-trade perspective, much as they were in the aftermath of Russia’s invasion of Ukraine in 2022.
That will stay the case as long as the crude oil price doesn’t fall all the way back to where it was pre-War."
US
By Rita Nazareth
(Bloomberg) — Volatility whipsawed stocks as traders parsed conflicting signals about the outlook for oil supplies as the war in Iran rattles energy markets.
In late hours, Oracle Corp. jumped on a strong sales forecast.
The S&P 500 wiped out its advance.
US crude trimmed a plunge that briefly drove it below $80 as the White House said no tanker has been escorted by the navy through the Strait of Hormuz, refuting an earlier, since-deleted social media post by Energy Secretary Chris Wright.
Oil still sank 12%, the most since 2022, as big economies mull deploying stockpiles to avoid a crunch.
The swings in energy markets added to pressures on Treasuries stemming from jitters over the outlook for the Iran conflict, a flurry of corporate debt sales and a weak $58 billion US auction.
Fears that a deeper supply shock would rekindle inflation and slam the brakes on the economy have kept a lid on bonds.
The US and Iran escalated attacks in the 11th day of the war while the White House said it’s keeping open options to address energy volatility.
President Donald Trump warned Iran against laying mines in the Strait of Hormuz after news reports suggested it was either preparing to or had already begun doing so.
Meantime, Group of Seven nations asked their main energy agency to prepare scenarios for the release of emergency oil reserves.
Oil prices are almost 40% higher since the beginning of the year as the effective closure of the Strait of Hormuz, which typically handles a fifth of global oil flows, piles more pressure on producers to curtail output with every day the Iran war goes on.
“While traders welcomed the sudden drop in oil prices, the geopolitical backdrop remains far from stable, leaving markets vulnerable to further volatility,” said Fawad Razaqzada at Forex.com.
“Ultimately, the biggest factor for markets will be whether energy supplies from the region resume normally.”
The S&P 500 fell 0.2%. West Texas Intermediate settled near $83.
The yield on 10-year Treasuries rose five basis points to 4.15%.
“The conflict in the Middle East and related headlines are still the major source of fluctuations in markets, with equities, oil, and rates all spending another day trying to find equilibrium,” said Sameer Samana at Wells Fargo Investment Institute.
“We would continue to try and look through those near-term headlines.”
Investors betting on a hawkish response to rising oil prices could be misreading the Federal Reserve, according to Bank of America Corp., which warns that supply shocks can also result in periods of stable interest rates and even deep cuts.
An energy shock isn’t necessarily hawkish, US economist Aditya Bhave noted, because it can create tension between the central bank’s mandates to promote stable prices and support employment.
As Wall Street was rattled by oil volatility, traders geared up for inflation data due after the latest jobs report challenged perceptions the labor market is stabilizing.
The consumer price index report on Wednesday is projected to show a core inflation measure, which strips out volatile food and energy costs, rose just 0.2% last month.
That would suggest some easing in price pressures before the outbreak of the war in Iran introduced new uncertainty about the inflation outlook.
While the report has lost some of its importance given recent moves in energy prices, any additional signs of inflationary pressures could sound the “death-knell” for rate cut expectations this year, according to David Morrison at Trade Nation.
Corporate Highlights:
* Boeing Co. said a wiring flaw found on its 737 Max will delay some deliveries of its cash cow narrowbody jet.
* Alphabet Inc.’s Google is introducing AI agents across the Pentagon’s three million-strong workforce to automate routine jobs, according to a senior defense official.
* Nvidia Corp. is making a new investment in Thinking Machines Lab, a company founded by former OpenAI executive Mira Murati.
* Amazon.com Inc. is borrowing $37 billion in dollar bonds in an offering that could swell to nearly $50 billion with a planned euro debt sale.
* Salesforce Inc. is planning to sell as much as $25 billion of debt to fund a share buyback, according to people with knowledge of the matter.
* Honeywell Aerospace Inc. launched a $16 billion inaugural US investment-grade bond sale as it prepares for a planned spinoff.
What Bloomberg Strategists say…
“The whipsaw in risk sentiment since the Iran conflict broke out shows the perils of being beholden to an asset as exposed to geopolitical tensions as crude.
For stocks, the reality in the near term is that gyrations are here to stay until there’s a clear off-ramp from the war.”
-Kristine Aquino, Managing Editor, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average was little changed
* The MSCI World Index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro fell 0.2% to $1.1612
* The British pound fell 0.1% to $1.3417
* The Japanese yen fell 0.2% to 158.04 per dollar
Cryptocurrencies
* Bitcoin rose 1.8% to $70,195.4
* Ether rose 0.8% to $2,041.57
Bonds
* The yield on 10-year Treasuries advanced five basis points to 4.15%
* Germany’s 10-year yield declined two basis points to 2.84%
* Britain’s 10-year yield declined nine basis points to 4.55%
Commodities
* West Texas Intermediate crude fell 8.5% to $86.73 a barrel
* Spot gold rose 1.2% to $5,198.46 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
The number one thing that has made us successful, by far, is obsessive, compulsive focus on the customer,
as opposed to obsession over the competitor. –Jeff Bezos, Founder & CEO of Amazon, b. 1964.
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