Dear Friends,
Tangents: Happy St. Patrick’s Day!☘️☘️☘️💚💚💚
Many parts of the world will look a bit greener today as people don the color to celebrate the holiday — including the Chicago River, famously dyed a vivid emerald each year.
You got to do your own growing, no matter how tall your grandfather was. –Irish Proverb.
March 17, 1755: Transylvania Land Co. buys Kentucky from a Cherokee Chief for $50,000.
March 17, 1776: 1776 British forces evacuated Boston during the Revolutionary War.
March 17, 1845: the rubber band is patented, a tiny invention that becomes a ubiquitous tool for industry, offices, and everyday life.
Nat “King” Cole, singer, b. 1919.
Rudolph Nuryev, dancer, b.1938.
The farther backward you can look, the farther forward you are likely to see. – Sir Winston Churchill.
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A "super El Niño" could emerge by the end of the 2026 hurricane season, with forecasters predicting that the ongoing La Niña is about to finish. Read More.
| ‘We got evidence of boars, deer, bears, aurochs’: Ancient DNA reveals sunken realm Doggerland had habitable forests during the last ice age |
A landmass that once connected Britain to mainland Europe had temperate forests that could have sustained Stone Age people for millennia before the landmass was flooded, a new study suggests. Read More
| The appendix evolved at least 32 times across 361 species, so it’s ‘unlikely to be a useless evolutionary accident,’ research finds |
Two researchers explore the evolutionary history of the appendix and its role in human health. Read More.
| GPS is being weaponized in electronic warfare — and it’s putting ships at risk |
A cybersecurity researcher explores how GPS disruption can happen and its dangerous consequences. Read More.
| Can you see Earth’s shadow? |
Earth’s shadow follows the planet as it orbits the sun. You can get a sense of its enormous, awe-inspiring size by seeing this silhouette cast on objects ranging from satellites to the moon. Read More.
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PHOTOS OF THE DAY
Dublin, Ireland
Performers gather before the city’s St Patrick’s Day parade
Photograph: Charles McQuillan/Getty Images
Tunceli, Turkey
A woman feeds seagulls from a ferry crossing the Keban dam lake
Photograph: Dogan Evsan/Zuma Press Wire/Shutterstock
Abu Dhabi, UAE
Women pray at the Sheikh Zayed Grand Mosque on Laylat al-Qadr, one of the holiest nights during the Muslim fasting month of Ramadan
Photograph: Ryan Lim/AFP/Getty Images
Market Closes for March 17th , 2026
| Market Index |
Close | Change |
| Dow Jones |
46993.26 | +46.85 |
| +0.10% | ||
| S&P 500 | 6716.09 | +16.71 |
| +0.25% | ||
| NASDAQ | 22479.53 | +105.35 |
| +0.47% | ||
| TSX | 32929.09 | +52.44 |
| +0.16% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 53700.39 | -50.76 |
| -0.09% | ||
| HANG SENG |
25868.54 | +34.52 |
| +0.13% | ||
| SEN SEX | 76070.84 | +567.99 |
| +0.75% | ||
| FTSE 100* | 10403.60 | +85.91 |
| +0.83% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.385 | 3.433 |
| CND. 30 Year Bond |
3.843 | 3.880 |
| U.S. 10 Year Bond |
4.1985 | 4.2160 |
| U.S. 30 Year Bond |
4.8402 | 4.8664 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7303 | 0.7306 |
| US $ |
1.3693 | 1.3687 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6328 | 1.5802 |
| US $ |
0.8665 | 1.1540 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4994.85 | 5044.60 |
| Oil | ||
| WTI Crude Future | 96.21 | 93.50 |
Market Commentary:
| On this day in 1938, the governing committee of the New York Stock Exchange agreed unanimously to expel former President Richard Whitney, who had embezzled hundreds of thousands of dollars’ worth of securities from trust funds under his oversight. |
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.2%, or 52.44 to 32,929.09 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 1.1%.
Goeasy Ltd. had the largest increase, rising 13.1%.
Today, 127 of 217 shares rose, while 86 fell; 5 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index rose 3.8%
* The index advanced 33% in the past 52 weeks. The MSCI AC Americas Index gained 19% in the same period
* The S&P/TSX Composite is 4.7% below its 52-week high on March 2, 2026 and 48.1% above its low on April 7, 2025
* The S&P/TSX Composite is down 1% 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 21.6 on a trailing basis and 17 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$5.19t
* 30-day price volatility fell to 18.12% compared with 18.20% in the previous session and the average of 19.05% over the past month
Index Points
Financials | 59.4884| 0.6| 23/1
Information Technology | 35.7357| 1.5| 8/2
Energy | 22.1039| 0.4| 28/9
Communication Services | 4.1989| 0.6| 4/1
Real Estate | 1.8796| 0.4| 13/5
Health Care | -0.0293| 0.0| 2/2
Utilities | -3.1301| -0.3| 7/7
Consumer Discretionary | -7.0525| -0.7| 2/7
Consumer Staples | -11.9173| -1.1| 3/6
Industrials | -16.1657| -0.5| 22/6
Materials | -32.6706| -0.5| 15/40
Shopify | 16.5000| 1.1| -27.1| -20.8
TD Bank | 13.4000| 0.9| 12.6| 1.6
Celestica | 13.0100| 4.4| -5.7| -4.8
Enbridge | -10.0600| -0.9| -38.9| 12.6
Canadian Pacific Kansas | -10.9600| -1.6| -18.0| 9.3
Canadian National | -21.3700| -3.8| -39.7| 2.9
MT Newswires:
The Toronto Stock Exchange closed higher for a second-straight day Tuesday but closed well off session highs as Governing Council Members at the Bank of Canada are expected to leave interest rates on hold tomorrow as they wait to see how the Middle East war ends, and what economic implications it will have.
The resources-heavy S&P/TSX Composite Index closed up 52.44 points ,or 0.15%, to 32,929.09, adding to the near 335 points gained Monday.
But the index was up 175 points near midday and was above the 33,250 level within the first hour of trade.
Most sectors were higher, led by Info Tech up 1.75% and then Energy up 1% as West Texas Intermediate crude oil closed higher, rebounding from a steep day-prior drop as worries over tightening supplies as the U.S. and Israel’s war on Iran continues to block the Strait of Hormuz.
WTI crude oil for April delivery closed up US$2.71 to settle at US$96.21 per barrel, while May Brent oil was up US$2.24 to US$102.65.
Base Metals eased less than 0.3% even though gold had risen off a one-month low Tuesday as the dollar fell ahead of Wednesday’s interest rate decision from the Federal Reserve’s policy committee, while Middle East violence continues to weigh on markets. Gold for April delivery was last seen up US$3.40 to US$5,005.60 per ounce, after testing but sticking above the US$5,000 mark a day earlier.
Desjardins’ Royce Mendes and Tiago Figueiredo published a Bank of Canada preview.
In it, the duo noted economists have spilled plenty of ink debating the economic impacts of higher oil prices.
For Canada, they said, the national level implications are relatively straightforward.
"If sustained, higher oil prices represent a positive terms-of-trade shock, lifting both economic output and inflation.
That said, given that the spike has been the result of a supply shock rather than a demand shock, the impacts on the economy and inflation will be somewhat more muted."
According to the pair, the BoC’s reaction function to higher energy prices is also "fairly clear".
Even in a world where central banks are more sensitive to supply shocks, the Governing Council retains substantial flexibility to remain patient, they said, before adding that policymakers will generally look through an oil price shock unless inflation expectations become unanchored, underlying inflation reaccelerates or the output gap closes meaningfully.
"At this stage," they said, "it’s far too early for central bankers to conclude that any of those conditions are materializing. That’s particularly true in light of the recent deterioration in labour market conditions and very muted inflation readings. Beneath the surface, the labour market looks even weaker."
National Bank of Canada duo Ethan Currie and Taylor Schleich, said persistence of the oil supply shock will need to carefully be assessed by central bankers, but they added the near-term impact will not go unnoticed.
In Canada, they noted, the highest pump price in two years could contribute upwards of 60 bps to March’s CPI print, to near 2.4%.
They don’t expect headline inflation to cap there, either, as base effects from last year’s carbon tax removal will also provide a boost in April.
"If recent economic data were the sole driver," the National Bank duo said, "it’s likely that additional rate relief at the Bank would be priced.
Instead, broader volatility and inflation risks will provide a counterbalance to softer indicators, keeping the BoC on the sidelines for 2026."
US
By Rita Nazareth
(Bloomberg) — Wall Street staged a cautious advance, with stocks rising as traders tried to look through the potential implications of higher oil prices to inflation as the war in Iran showed no signs of abating.
While most shares in the S&P 500 climbed, the index saw a modest gain. US crude eased from session highs, but settled above $96.
Airlines jumped after some executives cited strong bookings as travelers rush to lock in fares ahead of a potential increase in fuel costs.
Bond yields fell alongside the dollar on the eve of the Federal Reserve decision.
President Donald Trump abandoned his effort to recruit partners for the war and scolded allies who openly rejected his appeals, even as he repeated claims the conflict would end soon.
The near shutdown of the Strait of Hormuz has wreaked havoc on energy markets.
Israel said it killed Iran’s security chief, Ali Larijani.
The development came after Tehran set a massive natural gas field in the United Arab Emirates ablaze overnight.
Trump threatened to expand strikes on Kharg Island, Iran’s main export hub.
Russia is sharing satellite imagery and drone technology with Iran, the Wall Street Journal reported, citing people familiar with the matter.
“There is a growing sense that markets are trying to look through the current tensions,” said Fawad Razaqzada at Forex.com.
“Still, markets aren’t getting carried away. If the conflict drags on, the risk is that it starts to weigh more heavily on stock markets again.”
The equity market’s willingness to rise in the face of high oil prices reflects the strong demand for stocks and expectations for solid earnings as well as economic growth, according to Louis Navellier.
“Investors should expect continued volatility until the energy situation stabilizes,” said the veteran strategist.
“There’s a relief rally in the future when a return to ‘normal’ energy markets becomes clearer. The sooner the Iran conflict is resolved, the better.”
US stocks are flashing their strongest buy signal in almost a year, according to Barclays’ Alex Altmann.
The Barclays’ Equity Timing Indicator, or BETI, dropped to its lowest since the April tariff turmoil, he wrote. It reached a threshold that has historically marked “highly attractive” entry points.
The market is trying to find a bottom, according to Rick Gardner at RGA Investments.
While the conflict could go on for some time, he says that doesn’t mean equities would follow suit.
“Stocks tend to move ahead of various events, like wars, well before they are over,” he noted.
“Valuations in stocks remain attractive, creating a potentially attractive entry point for investors looking to put new money to work.”
In the countdown to the Fed decision, officials are widely expected to hold rates steady, with attention shifting to how they may respond if the fallout from the war pulls their policy goals in opposite directions.
“Risk assets like US stocks and cryptocurrencies have held up surprisingly well despite all the turmoil,” said Bret Kenwell at eToro.
“Depending on whether the Fed strikes a more dovish or hawkish tone, that could shape the near-term direction for both into quarter-end.”
Still, with so much uncertainty, the Fed may be more inclined to stay the course than shake things up, he added.
Corporate Highlights:
* Nvidia Corp. Chief Executive Officer Jensen Huang said the company is firing up manufacturing of H200 AI accelerators for customers in China.
* Qualcomm Inc. plans to buy back another $20 billion worth of shares and raise its quarterly cash dividend.
* Boeing Co. signaled that several performance issues will weigh on its first-quarter results, from fewer-than-planned deliveries of its widebody aircraft and wiring defects on the 737 Max to the cost of turning around a key supplier.
* Eli Lilly & Co. fell after HSBC turned bearish on the stock, saying investor expectations for weight-loss drugs are over inflated.
What Bloomberg Strategists say…
“US equities likely face more headwinds from here because the S&P 500 is expensive, the Fed is less likely to ease further, and earnings estimates have yet to reflect a more challenging oil driven growth-inflation mix.”
—Michael Ball, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.25% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.3% to $1.1540
* The British pound rose 0.3% to $1.3358
* The Japanese yen was little changed at 159.01 per dollar
Cryptocurrencies
* Bitcoin rose 0.3% to $74,477.1
* Ether fell 1% to $2,321.29
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.20%
* Germany’s 10-year yield declined five basis points to 2.91%
* Britain’s 10-year yield declined eight basis points to 4.69%
Commodities
* West Texas Intermediate crude rose 2.9% to $96.21 a barrel
* Spot gold was little changed
Have a lovely evening.
Be magnificent!
As ever,
Carolann
I learned that courage was not the absence of fear, but the triumph over it.
The brave man is not he who does not feel afraid, but he who conquers that fear. –Nelson Mandela, 1918-2013.
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