Dear Friends,
Tangents:
March 18, 1931: Electric razor debuted
March 18, 1965: Soviet cosmonaut Aleksei Leonov went on the first spacewalk, proving humans can work outside a spacecraft in open space.
John Updike, writer, b. 1932.
We have art in order not to die of the truth. -Friedrich Nietzsche.
Video: Rare fireball spotted over eastern US
A rare fireball bright enough to be seen during broad daylight dazzled skies and triggered a sonic boom in parts of the eastern US on Tuesday.
This man spent $69 million on an NFT. Five years on, he believes in digital art more than ever
Following the spectacular collapse of the NFT market, is Vignesh Sundaresan’s record purchase worth anything at all?
Webb telescope photos show mysterious little red dots
Astronomers don’t know what they are.
| Colorectal cancer is now the most common cause of cancer deaths in the US for people under 50 |
The American Cancer Society estimates that over 55,000 people will die from colorectal cancer in the U.S. this year. Of those, 7% will be under 50. Read More.
| Iran war could create a ‘fertilizer shock’ that impacts agriculture and raises food prices |
Two researchers explore how a possible closure of the strait of Hormuz due to the Iran War could have consequences on food supply chains and agriculture. Read More.
| How plants moved from sea to land and changed Earth forever |
A geoscientist explains how the first plants came to exist on Earth, long before the dinosaurs, and how their growth shaped life on our planet as we know it. Read More.
| Will the Indus Valley script ever be deciphered? |
The Indus Valley script dates back around 4,000 years but has yet to be deciphered. Can AI help decode it? Read More.
PHOTOS OF THE DAY
Beijing, China
A man stands next to a poster at the International AI Application and Robotics Innovation exhibition
Photograph: Adek Berry/AFP/Getty Images
London, UK
The artist Ramzi Mallat with his work Atlas of an Entangled Gaze, which features thousands of blue-glazed evil-eye charms in a shape inspired by medieval Ottoman helmets, part of The Arab Hall: Past and Present at Leighton House
Photograph: Guy Bell/Shutterstock
Quanzhou, China
Women take part in the Mazu Heavenly Fragrance parade, which showcases the folk culture of the Xunpu people
Photograph: Zhang Bin/China News Service/Getty Images
Market Closes for March 18th , 2026
| Market Index |
Close | Change |
| Dow Jones |
46225.15 | -768.11 |
| -1.63% | ||
| S&P 500 | 6624.70 | -91.39 |
| -1.36% | ||
| NASDAQ | 22152.42 | -327.11 |
| -1.47% | ||
| TSX | 32312.67 | -616.42 |
| -1.87% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 55239.40 | +1539.01 |
| +2.87% | ||
| HANG SENG |
26025.42 | +156.88 |
| +0.61% | ||
| SEN SEX | 76704.13 | +633.29 |
| +0.83% | ||
| FTSE 100* | 10305.29 | -98.31 |
| -0.94% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.454 | 3.385 |
| CND. 30 Year Bond |
3.892 | 3.843 |
| U.S. 10 Year Bond |
4.2650 | 4.1985 |
| U.S. 30 Year Bond |
4.8806 | 4.8402 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7280 | 0.7303 |
| US $ |
1.3735 | 1.3693 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6354 | 1.5738 |
| US $ |
0.8727 | 1.1458 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
5016.80 | 4994.85 |
| Oil | ||
| WTI Crude Future | 96.32 | 96.21 |
Market Commentary:
On this day in 1974, Arab member-countries of OPEC lifted a five-month oil embargo against the U.S. that had sent prices surging.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.9% at 32,312.67 in Toronto.
The move was the biggest since falling 2.2% on March 3 and follows the previous session’s increase of 0.2%.
Today, materials stocks led the market lower, as all sectors lost; 169 of 217 shares fell, while 43 rose.
Agnico Eagle Mines Ltd. contributed the most to the index decline, decreasing 6.4%.
Boyd Group Inc. had the largest drop, falling 13.2%.
Insights
* In the past year, the index had a similar or greater loss six times. The next day, it advanced four times for an average 1.4% and declined twice for an average 3.1%
* This quarter, the index rose 1.9%
* The index advanced 31% in the past 52 weeks. The MSCI AC Americas Index gained 19% in the same period
* The S&P/TSX Composite is 6.5% below its 52-week high on March 2, 2026 and 45.4% above its low on April 7, 2025
* The S&P/TSX Composite is down 2.4% in the past 5 days and fell 3.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.3 on a trailing basis and 16.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$5.2t
* 30-day price volatility rose to 18.95% compared with 18.12% in the previous session and the average of 19.09% over the past month
Index Points
Materials | -362.0749| -5.6| 1/55
Financials | -83.1924| -0.8| 5/17
Information Technology| -56.2236| -2.3| 2/8
Industrials | -45.8085| -1.4| 5/24
Consumer Staples | -30.2041| -2.7| 0/10
Consumer Discretionary| -20.0298| -1.9| 0/9
Utilities | -5.3808| -0.5| 7/6
Real Estate | -4.9395| -1.1| 1/17
Energy | -3.9648| -0.1| 20/17
Communication Services| -3.5950| -0.5| 2/3
Health Care | -1.0148| -1.2| 0/3
Agnico Eagle Mines Ltd | -64.2600| -6.4| -20.5| 15.5
Shopify | -43.4300| -2.9| -38.9| -23.0
Barrick Mining | -37.7500| -5.5| -32.5| -7.3
Fairfax Financial | 5.5550| 1.6| -25.1| -7.9
Cenovus | 5.6730| 1.8| -62.3| 41.6
Suncor | 8.5660| 1.2| -50.1| 39.7
MT Newswires:
The Toronto Stock Exchange slumped Wednesday on mixed commodity prices, but also as updates from the Bank of Canada and then the U.S. Federal Reserve appear to have left investors across North America more dazed and confused than they were going in to today given the uncertainty around how long the Middle East war will continue.
The resources-heavy S&P/TSX Composite Index fell 616.42 points, or 1.85%, to 32,312.67, for its first loss of the week, with only the Energy sector higher and Base Metals the biggest loser.
In contrast, the S&P 500 lost 1.35% and the Nasdaq lost near 1.5%.
Energy rose near 0.8% as oil traded higher even as a report showed U.S. inventories unexpectedly rose last week despite the largest supply shock on record as Iran continues to block the Strait of Hormuz.
West Texas Intermediate crude oil for April delivery up $0.09 to US$96.30 per barrel, while May Brent oil was up $3.80 to US$107.22.
But Base Metals lost near 4% with gold trading at a six-week low midafternoon on Wednesday as a report showed U.S. wholesale-price inflation surged last month, firming expectations the Federal Reserve’s policy committee would – as it did — leave interest rates unchanged when it ended its two-day meeting today.
It also maintained a median forecast for one rate cut in 2026.
Gold for April delivery was down $115.00 per ounce to US$4,893.20, the lowest since Feb.5.
Reflecting some of the central bank reaction, veteran economist David Rosenberg published a note entitled ‘Has the Fed Lost Its Marbles?’ in which he said the Fed may well have reason to lift its inflation forecast, but he added "its stepped-up growth projection is beyond bizarre".
Rosenberg cites "a very perplexing set of results" from today’s FOMC meeting, mostly from the change in the economic forecasts to +2.4% this year from +2.3%; and to +2.3% from +2.0% for 2027, "despite the fiscal withdrawal we will see next year".
"It’s one thing to lift the inflation view based on the impact of the Iran war, but how could it be that the GDP projections were lifted?," he asked.
Meanwhile, the Bank of Canada, as widely expected, held its key benchmark interest rate steady at 2.25%, but it was seen to have a future hiking bias.
Derek Holt, Head of Capital Markets Economics at Scotiabank, published a note entitled ‘Bank of Canada Hawkishly Warns on Energy Risks, Markets Tentatively Pricing Our Q4 Rate Hikes’.
In it, Holt noted OIS markets were pricing an October 25bps hike with almost half of another hike in December.
Scotiabank’s forecast remains two hikes this year in Q4. "One key is that when given the opportunity to shoot down a future hiking bias, Macklem declined," he said.
In a note summary, Holt said "slack and soft momentum in core inflation give the BoC time to assess" where it goes from here with interest rates, but he added striking out reference to "the current policy rate remains appropriate" may signal "less patience than thought" as "the message was clear that a prolonged energy shock would risk tightening."
According to Holt, "waiting for clarity on inflation risk could let the cat out of the bag once more" and end up showing the BoC "may be misinterpreting financial conditions" and "may be partly understating the income benefits of higher energy prices."
Holt also said the BoC needs to clarify its "risky stance" on courting lower house prices.
Elsewhere, RBC in a note also said the BoC delivered the expected hold at today’s meeting, with concerns on both sides of their inflation mandate.
RBC noted higher energy prices due to the Iran conflict are the primary upside risk, while the BoC’s economic assessment was "clearly dovish". Ultimately,
RBC said, the duration of the conflict and impact on the flow of oil and other commodities through the Strait of Hormuz will be a key factor, but it added the weak starting point for the economy affords the BoC some time to assess whether and to what degree higher energy prices are having knock-on price effects elsewhere in the economy.
RBC’s view remains that GDP growth should improve over the course of 2026 and the second half still has some hike risks.
"However, a quick, sustained de-escalation of the conflict would likely see a sharp snap lower in Canadian yields/rates given the weak current state of the economy and recent trend lower in core inflation."
US
By Rita Nazareth
(Bloomberg) — Wall Street remained on edge as an oil surge drove stocks and bonds lower, while Federal Reserve Chair Jerome Powell said uncertainty about the war’s impact on inflation made future rate policy harder to forecast.
While the central bank kept its projections for a rate reduction in 2026 and another one in 2027, traders trimmed their bets on a cut this year.
Treasury yields climbed as Powell said it’s important to keep rates mildly restrictive while noting the Fed is in a tough position.
The S&P 500 dropped 1.4% in its worst Fed day since 2024.
Brent hovered near $110 in late hours.
Markets were rattled as Iran and Israel traded strikes on key energy facilities in the Middle East, complicating efforts to curb a surge in energy prices.
The complex that houses the largest liquefied natural gas export plant has suffered “extensive damage” as the conflict spreads to encompass major Gulf energy infrastructure.
“The implications of developments in the Middle East for the US economy are uncertain,” Fed officials said after holding rates steady.
“The committee is attentive to the risks to both sides of its dual mandate.”
The spike in energy costs risks adding to price pressures while restraining growth.
The bigger issue for the economy is that inflation is proving sticky while energy costs are rising, which compresses the Fed’s room to maneuver, according to Christian Hoffmann at Thornburg Investment Management.
One point that has not received enough attention is the disinflationary impact of high oil prices through weaker demand, Hoffmann noted.
Energy is clearly an inflation risk, but also an economic headwind, he added.
Powell emphasized that to resume lowering rates, officials would have to see progress in reducing inflation.
“If we don’t see that progress, then we won’t see the rate cut,” Powell told reporters after the Fed released its decision.
About 420 shares in the S&P 500 retreated.
The yield on two-year Treasuries advanced 10 basis points to 3.77%.
Traders are pricing in only about 15 basis points worth of Fed easing this year, less than one full quarter-point cut.
The dollar rose.
“The economic cost of surging energy prices is not yet known, so it’s understandable that Chair Powell struck a cautious tone about future rate cuts,” said Ellen Zentner at Morgan Stanley Wealth Management.
“Because oil-supply shocks typically lead to a significant slowing in growth, there will likely be more room for policy easing than many people now expect.”
The Federal Open Market Committee voted 11-1 to hold the benchmark federal funds rate in a range of 3.5% to 3.75%.
Governor Stephen Miran dissented, calling for a quarter-point reduction.
In economic forecasts released with their decision, officials raised their outlook for inflation in 2026 to 2.7% from 2.4%.
Notably, they saw the core measure — which excludes volatile food and energy categories — also rising to 2.7%.
“The Fed didn’t move today — but it didn’t need to,” said Gina Bolvin, president of Bolvin Wealth Management Group.
“This is a central bank that’s comfortable waiting, watching, and staying flexible. One projected cut tells you everything: the Fed is not in a rush, and neither should investors be.”
Corporate Highlights:
* Micron Technology Inc. warned that it will need to spend heavily on production to meet burgeoning demand, overshadowing a generally upbeat forecast from the largest US maker of computer memory chips.
* Macy’s Inc. forecast stronger-than-expected sales in the current quarter, a sign that its fiscal year is off to a solid start as middle- and higher-income households continue to spend.
* General Mills Inc. reported results for last quarter that missed Wall Street projections, weighed down by a decision to lower prices. But executives said they expected to realize the benefits of those reductions in the near future.
* Artificial intelligence drone software maker Swarmer Inc. surged 1,000% in two days, making it the best debut for a US stock in nearly a year.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.4%
* The Dow Jones Industrial Average fell 1.6%
* The MSCI World Index fell 1.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.6% to $1.1469
* The British pound fell 0.6% to $1.3277
* The Japanese yen fell 0.5% to 159.84 per dollar
Cryptocurrencies
* Bitcoin fell 4.9% to $70,916.68
* Ether fell 6.3% to $2,181.48
Bonds
* The yield on 10-year Treasuries advanced six basis points to 4.26%
* Germany’s 10-year yield advanced three basis points to 2.94%
* Britain’s 10-year yield advanced four basis points to 4.74%
* The yield on 2-year Treasuries advanced 10 basis points to 3.77%
* The yield on 30-year Treasuries advanced four basis points to 4.88%
Commodities
* West Texas Intermediate crude rose 2.4% to $98.55 a barrel
* Spot gold fell 3.2% to $4,845.41 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
The human race has improved everything but the human race. –Adlai E. Stevenson, 1900-1965.
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