Dear Friends,
Tangents: Happy Friday Eve.
March 26, 1885: The Eastman Dry Plate and Film Co. of Rochester, N.Y., manufactured the first commercial motion picture film. Go to article.
March 26, 1971: Bangladesh declares independence from Pakistan, triggering a war that reshapes South Asian geopolitics.
Beethoven, composer, d.1827.
Robert Frost, poet, b. 1874.
Victor Frankl, psychiatrist, b. 1905.
Tennessee Williams, playwright, b. 1911.
Erica Jong, writer, b. 1942.
Diana Ross, singer, b. 1944.
Keira Knightly, actress, b. 1985.
In three words I can sum up everything I’ve learned about life: It goes on. –Robert Frost.
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Touted as the next big thing just a few years back, the development of and hype fueling the metaverse have spluttered to a halt. Is it headed for the scrapheap of history? Read More.
| 1,000-year-old altar and human sacrifices from Toltec Empire discovered in Mexico |
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| NASA announces ‘near‑impossible’ space plans, including $20B moon base and humanity’s first nuclear-powered interplanetary spacecraft |
NASA’s Gateway lunar space station won’t launch next year in new changes to the Artemis program, which include ramping up development of a $20 billion moon base and a nuclear-powered "Freedom" spacecraft. Read More.
We do not inherit the earth from our ancestors; we borrow it from our children. -Antoine de Saint-Exupery.
Male beauty standards
Historically, men in Hollywood have been granted a lot more leniency when it comes to visibly aging. Yet now, the tide appears to be turning.
College basketball is in a new era
This weekend’s Sweet 16 sets up a coaching face-off: The young guns vs. the veterans who are still thriving.
Video: Can a glass of water power a city?
It may sound far-fetched, but a firm in Oxford, England, is trying to develop technology to do just that.
Rama Duwaji, NYC’s first lady, faces scrutiny over her new art
One of her recent illustrations took City Hall by surprise
PHOTOS OF THE DAY
Nagoya, Japan
Cherry trees in bloom
Photograph: Nicolas Datiche/SIPA/Shutterstock
Hong Kong
A spectator viewing ATOM by the digital artist DeeKay at Art Basel
Photograph: Vernon Yuen/Nexpher/Zuma Press/Shutterstock
Beijing, China
Robots play the piano at the Zhongguancun forum annual conference
Photograph: Zhao Wenyu/China News Service/Getty Images
Market Closes for March 26th, 2026
| Market Index |
Close | Change |
| Dow Jones |
45960.11 | -469.38 |
| -1.01% | ||
| S&P 500 | 6477.16 | -114.74 |
| -1.74% | ||
| NASDAQ | 21408.08 | -521.75 |
| -2.38% | ||
| TSX | 31887.52 | -495.08 |
| -1.53% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 53603.65 | -145.97 |
| -0.27% | ||
| HANG SENG |
24856.43 | -479.52 |
| -1.89% | ||
| SEN SEX | 75273.45 | +1205.00 |
| +1.63% | ||
| FTSE 100* | 9972.17 | -134.67 |
| -1.33% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.558 | 3.486 |
| CND. 30 Year Bond |
3.920 | 3.893 |
| U.S. 10 Year Bond |
4.4117 | 4.3322 |
| U.S. 30 Year Bond |
4.9326 | 4.9009 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7219 | 0.7238 |
| US $ |
1.3852 | 1.3815 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6256 | 1.5982 |
| US $ |
0.8666 | 1.1538 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4564.55 | 4413.55 |
| Oil | ||
| WTI Crude Future | 94.48 | 91.89 |
Market Commentary:
On this day in 1979 members of the OPEC oil cartel declared that its members would raise the price of crude from $13.34 to $14.55 a barrel, igniting another round of global inflation.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.5% at 31,887.52 in Toronto.
The move follows the previous session’s increase of 1.4%.
Shopify Inc. contributed the most to the index decline, decreasing 2.3%.
Celestica Inc. had the largest drop, falling 9.4%.
Today, 174 of 221 shares fell, while 46 rose; 10 of 11 sectors were lower, led by materials stocks.
Insights
* In the past year, the index had a similar or greater loss 15 times. The next day, it advanced 12 times for an average 1.4% and declined three times for an average 2.5%
* This quarter, the index rose 0.6%
* This month, the index fell 7.1%, heading for the biggest decline since June 2022
* So far this week, the index rose 1.8%, heading for the biggest advance since the week ended Feb. 20
* The index advanced 27% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 7.7% below its 52-week high on March 2, 2026 and 43.5% above its low on April 7, 2025
* The S&P/TSX Composite is little changed in the past 5 days and fell 7.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.2 on a trailing basis and 16.6 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$5.12t
* 30-day price volatility fell to 18.42% compared with 19.22% in the previous session and the average of 19.22% over the past month
Index Points
Materials | -217.7178| -3.6| 2/58
Financials | -132.3443| -1.3| 2/22
Information Technology| -64.5363| -2.7| 4/6
Energy | -31.9748| -0.5| 16/21
Industrials | -29.1781| -0.9| 6/23
Consumer Discretionary| -10.6224| -1.0| 4/5
Consumer Staples | -5.7689| -0.5| 1/9
Real Estate | -3.7993| -0.8| 2/17
Communication Services| -2.5337| -0.4| 1/4
Health Care | -0.8656| -1.0| 1/3
Utilities | 4.2460| 0.4| 7/6
Shopify | -32.3800| -2.3| -44.9| -27.6
Celestica | -31.4200| -9.4| -4.5| -6.8
Bank of Montreal | -29.2400| -3.1| -5.7| 3.0
Enbridge | 3.0570| 0.3| -48.6| 14.9
Thomson Reuters | 4.1990| 3.7| -32.4| -30.8
Suncor | 5.3350| 0.7| -27.3| 47.8
MT Newswires:
The Toronto Stock Exchange closed lower on Thursday as the options market was seen signaling rising risk of oil prices rise to US$150 per barrel with the Strait of Hormuz still shut, while one Macquarie strategist says recent preliminary PMIs suggest the global economy is in the "foothills of stagflation."
The S&P/TSX Composite Index closed down 495.08 points, or 1.5%, to 31,887.52, with most sectors lower amid ongoing uncertainty around when the Middle East war will end, and when the Strait of Hormuz might open.
Thursday’s losses came after the index had gained more than 1,000 points over the first three sessions this week but also had lost more than 1,600 points over the three days prior to that.
Of sectors, Base Metals was the biggest loser, down 3.6%, with gold futures retreating as oil prices rose along with the dollar and bond yields.
Gold for April delivery was last seen down US$194.60 to US$4,390.90 per ounce.
Energy, down 0.2%, was weaker too, even as West Texas Intermediate crude oil closed up 4.6% as hopes for a quick end to the war on Iran faded after the Islamic Republic rejected a U.S.15-point ceasefire proposal, responding with a five-point plan of its own that included demands for reparations and sovereignty over the Strait of Hormuz.
WTI oil for May delivery closed up US$4.16 to settle at US$94.48 per barrel, while May Brent oil was last seen up $5.58 to US$107.90.
Reuters on Thursday reported traders are piling into oil options betting Brent crude will surge to a record high of at least US$150 a barrel by the end of April, as the war in the Middle East continues to choke supplies through the Strait of Hormuz.
Reuters noted Brent has shot up nearly 50% since Feb. 28, when the U.S.-Israeli war on Iran broke out, effectively blocking oil transit through the Strait of Hormuz.
Prices remain volatile despite tentative signs that Washington and Tehran are looking for a way to end the conflict, it added.
Reuters noted options trades in the derivatives market show bets have risen tenfold in the last few weeks on oil hitting at least US$150 a barrel by the end of April, as traders position themselves for near-term volatility.
That would surpass Brent’s record high of $147 a barrel set in 2008, when boomingdemand strained supply capacity.
Data from ICE shows the volume of the contracts which expire at the end of April and give the holder the option to buy June Brent futures at US$150, known as call options, is almost 10 times larger than it was a month ago, the Reuters report added.
On economic matters, Thierry Wizman, Global FX & Rates Strategist at Macquarie Group, said the first batch of preliminary PMIs from around the world this week suggest that the global economy is in the "foothills" of stagflation.
"To wit," he added, "service activity indicators are lower, costs and selling prices are higher. Where manufacturing is stronger, it seems to be induced by worries about inventory depletion because of materials shortages."
Wizman said commodity markets are also signaling the "foothills of stagflation".
On days such as today, he added, when crude oil prices rise because of perceived shortages of crude, the price of copper has typically declined.
Wizman noted copper is considered to be sensitive to broad economic growth conditions and essential for the growth economy.
"That’s as if to say that an extended crude oil shortage will impair economic activity and growth, negating the demand for the most growth-associated materials."
US
By Rita Nazareth
(Bloomberg) — Skepticism that the US and Iran will reach a ceasefire any time soon pushed oil higher while sending stocks and bonds down, extending a month of volatile trading since the war began.
After briefly trimming losses when Iran reiterated its terms for a deal, the S&P 500 fell 1.7% as President Donald Trump said he wouldn’t commit to an agreement.
The equity gauge hit its lowest since September.
Brent settled around $108.
Higher energy prices stoked fears about inflation, deepening a decline in Treasuries, which also dropped amid a lackluster US sale of notes.
As the war grinds on, each side has kept up attacks even amid renewed efforts to jawbone the other into a resolution.
Trump threatened Iran with intensified military action after Tehran rejected Washington’s push for a peace deal, with the two sides far apart in efforts to end the war.
Until Iran agrees to stop the conflict, the US will “keep blowing them away,” the American president said.
Iran responded to a ceasefire proposal through intermediaries overnight, the semi-official Tasnim news agency reported, and is now awaiting a reply.
Tehran has a string of conditions for ending the conflict, one of which is a guarantee that the US and Israel won’t resume their attacks.
Trump had set a deadline for Iran to negotiate an agreement to end the war by the end of the week, though the ongoing impasse has raised questions about the likelihood for a deal in that timeframe.
“The progress being made in the talks between the US and Iran seems to be sketchy at best,” said Matt Maley at Miller Tabak.
The US and Israel began a bombing campaign in Iran almost a month ago, leading Tehran to effectively close the Strait of Hormuz, snarling the flow of oil and roiling markets.
Trump noted that Tehran has allowed 10 oil tankers to sail through the vital waterway.
Treasury Secretary Scott Bessent said a US insurance program meant to boost shipping through the Strait will begin soon, a move that may help revive flows of much of the world’s oil and gas supplies.
Brent, the global crude benchmark is on pace for a monthly gain of almost 50% as the conflict engulfs the energy-rich Middle East and sends shockwaves through the global economy.
The near-total closure of Hormuz has meant millions of barrels of lost daily oil output, while supercharging product prices from diesel to jet fuel.
“The war in Iran and the resulting surge in oil prices continue to dampen risk appetite,” said Adam Turnquist at LPL Financial.
“Any sustainable market recovery will require meaningful progress toward a peace agreement and a reopening of the Strait of Hormuz.”
Corporate Highlights:
* Memory chip stocks extended their losses on Thursday after Alphabet Inc.’s Google publicized research on a new algorithm that could allow more efficient use of the storage needed for artificial-intelligence development.
* Microsoft Corp. executives in recent weeks told managers at major divisions to suspend new hiring, The Information reported, citing three current employees with direct knowledge of the decision.
* Apple Inc. plans to open Siri to outside artificial intelligence assistants, a major move aimed at bolstering the iPhone as an AI platform.
* Macy’s Inc. has launched an AI-powered shopping assistant that’s upped spending online among those using the new tool, part of the company’s multiyear effort to reverse a sales decline.
* Hertz Global Holdings Inc. and Avis Budget Group Inc. climbed as chaos at US airports due to the partial government shutdown spurred speculation that more travelers would rent cars instead.
What Bloomberg strategists say…
“The longer crude holds above the $100 threshold, the more markets settle into a higher volatility regime and price a more persistent macro shock into equities.
Stocks need oil to retreat and volatility to compress based on geopolitical tension cooling in a way that traders trust.”
—Michael Ball, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.4%
* The Dow Jones Industrial Average fell 1%
* The MSCI World Index fell 1.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.3% to $1.1521
* The British pound fell 0.4% to $1.3312
* The Japanese yen fell 0.2% to 159.84 per dollar
Cryptocurrencies
* Bitcoin fell 3.5% to $68,504.2
* Ether fell 5.5% to $2,047.55
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 4.42%
* Germany’s 10-year yield advanced 12 basis points to 3.07%
* Britain’s 10-year yield advanced 14 basis points to 4.97%
Commodities
* West Texas Intermediate crude rose 4.2% to $94.15 a barrel
* Spot gold fell 3.2% to $4,363.93 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Not failure, but low aim, is the crime. –James Russell Lowell, 1819-1891.
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