Dear Friends,
Tangents: Happy Monday.
March 30, 1858: The attached eraser pencil is patented, a simple combination that becomes a global standard for writing tools.
On March 30, 1981, President Reagan was shot and seriously injured outside a Washington, D.C., hotel by John W. Hinckley Jr. Also wounded were White House news secretary James Brady, a Secret Service agent and a District of Columbia police officer. Go to article.
Maimonides, physician, b. 1135.
Vincent Van Gogh, artist, b. 1853.
Sean O’Casey, playwright, b. 1880.
Eric Clapton, musician, b. 1945.
Every action of our lives touches on some chord that will vibrate in eternity. -Sean O’Casey.
| Synesthesia isn’t just in your mind. The body reacts as if the colors were real. |
Pupil size in people with synesthesia changed depending on how bright or dark the perceived colors were. Read More.
| Our fossil fuel economy is a house of cards and Trump’s war in Iran is about to topple it. The need for a clean energy transition has never been clearer. |
OPINION | Trump’s war in Iran is the embodiment of everything that’s wrong with our dependence on fossil fuels — and it’s highlighting just how vital the transition to renewables is. Read More.
| Saturn’s chaotic atmosphere revealed in most comprehensive view yet by James Webb and Hubble telescopes |
Viewing Saturn in complementary wavelengths, the James Webb and Hubble space telescopes reveal more about what makes up the layers of ringed planet’s atmosphere. Read More.
| How to catch the full ‘Pink Moon’ in April followed by a ‘Blue Moon’ in May |
April’s full moon, known as the Pink Moon, determines the dates of Passover and Easter. This year, it rises on April 1. Read More.
| Here’s the stargazing gear you need for April 2026 — don’t miss the Lyrids, two comets and the full moon |
These are our top camera, binocular and telescope recommendations for April’s stargazing events, including the Lyrid meteor shower and two bright comets. Read More.
March Madness: The men’s Final Four is set
Michigan and UConn earned their way into the tournament’s final weekend, joining Illinois and Arizona. See UConn’s buzzer-beating 3-pointer that sank Duke in stunning fashion.
Video: Inside the world of hyper-realistic dolls
Hyper-real "reborn" dolls look and feel uncannily like newborns. CNN’s Christina Macfarlane dives into this surreal world.
Want an Eames house? You’ll soon be able to order your own
One of architecture’s most famous modern icons will soon be available to buy as a new series of made-to-order designs.
Hollywood binges on the written word
Being an author is the hottest role in the TV and movie industry, as streamers frantically scout for books to adapt into their next hit.
Blood red sky ahead of tropical cyclone
The sky over Western Australia’s Shark Bay recently turned blood red ahead of the arrival of Tropical Cyclone Narelle. See the eerie scene.
PHOTOS OF THE DAY
Tokyo, Japan
Visitors ride boats on a lake under cherry blossoms in Inokashira Park
Photograph: Louise Delmotte/Getty Images
Sydney, Australia
Surfers catch large waves breaking off Bondi beach in Sydney on Saturday as large swells and high winds created hazardous surf conditions along the south-east coast
Photograph: David Gray/AFP/Getty Images
Music accompanies a dawn swim at Sydney’s Bronte beach.
Photograph: Brook Mitchell/Getty Images
Market Closes for March 30th, 2026
| Market Index |
Close | Change |
| Dow Jones |
45216.14 | +49.50 |
| +0.11% | ||
| S&P 500 | 6343.72 | -25.13 |
| -0.39% | ||
| NASDAQ | 20794.64 | -153.72 |
| -0.73% | ||
| TSX | 31934.94 | -25.71 |
| -0.08% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 50934.34 | -951.51 |
| -1.83% | ||
| HANG SENG |
24750.79 | -201.09 |
| -0.81% | ||
| SEN SEX | 71947.55 | -1635.67 |
| -2.22% | ||
| FTSE 100* | 10127.96 | +160.61 |
| +1.61% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.508 | 3.580 |
| CND. 30 Year Bond |
3.901 | 3.941 |
| U.S. 10 Year Bond |
4.3562 | 4.4278 |
| U.S. 30 Year Bond |
4.9182 | 4.9645 |
| BOC Close | Today | Previous |
| Canadian $ | 0.776 | 0.7209 |
| US $ |
1.3934 | 1.3864 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6266 | 1.5957 |
| US $ |
0.8732 | 1.1452 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4504.15 | 4456.45 |
| Oil | ||
| WTI Crude Future | 102.88 | 99.64 |
Market Commentary:
On this day in 1983, a new era in commodity markets began with the launch of U.S. crude-oil futures. The first contracts based on a light sweet crude oil known as West Texas Intermediate, or WTI, began trading on the New York Mercantile Exchange.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 31,934.94 in Toronto.
The move follows the previous session’s increase of 0.2%.
Celestica Inc. contributed the most to the index decline, decreasing 7.8%.
Americas Gold & Silver Corp. had the largest drop, falling 15.1%.
Today, 127 of 221 shares fell, while 91 rose; 4 of 11 sectors were lower, led by energy stocks.
Insights
* This quarter, the index rose 0.7%
* This month, the index fell 7%, heading for the biggest decline since June 2022
* The index advanced 29% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 7.6% below its 52-week high on March 2, 2026 and 43.7% above its low on April 7, 2025
* The S&P/TSX Composite is little changed in the past 5 days and fell 7% 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 16.5 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$5.06t
* 30-day price volatility fell to 17.42% compared with 17.46% in the previous session and the average of 19.12% over the past month
Index Points
Energy | -33.1534| -0.5| 12/25
Materials | -15.1379| -0.3| 24/34
Information Technology | -13.1034| -0.6| 8/2
Health Care | -0.2560| -0.3| 2/2
Communication Services | 0.7541| 0.1| 2/3
Real Estate | 1.5499| 0.3| 5/14
Financials | 1.8092| 0.0| 12/12
Consumer Staples | 4.7121| 0.4| 5/5
Utilities | 7.4551| 0.6| 10/4
Consumer Discretionary | 9.3639| 0.9| 4/5
Industrials | 10.3091| 0.3| 7/21
Celestica | -24.3800| -7.8| 28.1| -11.7
Canadian Natural Resources | -9.1860| -0.9| -41.6| 48.1
CIBC | -6.7010| -0.8| -0.5| 2.8
TD Bank | 7.6410| 0.5| 65.5| -1.4
Restaurant Brands | 8.6840| 3.6| -12.0| 9.8
Waste Connections | 16.0100| 4.1| 4.6| -6.3
MT Newswires:
The Toronto Stock Exchange closed lower Monday, even with improved commodity prices as investors remain jittery about an escalation in the U.S-Israel war on Iran and fears over how high oil prices could get.
The resources-heavy S&P/TSX Composite Index closed down 25.71 points to 31,934.94, having been up around 310 points at midday.
Most sectors were lower, led by Info Tech, down 1.35%, and Health Care, down 1%.
The Battery Metals Index rose 2.9%.
Both the Base Metals and Energy sectors were also among decliners, even with gold up for a second day by late afternoon Monday as it regains ground lost to the dollar and bonds amid fears of rising inflation, with treasury yields falling as the war on Iran continues.
Gold for May delivery was last seen up US$18.10 to US$4,542.40 per ounce.
Also, West Texas Intermediate crude oil closed above US$100 per barrel for the first time since July 2022, rising for a third-straight session with no end to the war on Iran in sight amid a widening conflict and concerns the United States will send ground troops into the country.
WTI for May delivery closed up US$3.24 to settle at US$102.88 per barrel, while May Brent oil was down US$0.70 to US$111.87.
Market watchers continue to consider all the potential impacts the Iran war may have, with RBC among them in wondering ‘will the oil-rates correlation break?’.
In a Canada Rates Strategy note, RBC said "trading (interest) rates has been trading oil".
The bank noted "almost everything" in rates space; front end outright, long end, and various curves, has been "broadly correlated, by varying degrees", to oil prices since the outbreak of the Iran war.
"Some daysthe beta has been lower, or non-existent, but it tends to regain its co-movement.
There is some nascent evidence the beta is falling, but as long as oil trades within certain bounds we are not convinced that the relationship will truly break down," RBC added.
On oil scenarios and rates implications, RBC said on the US$80 to near $120 range, the oil-rates ‘co-movement’ should be "reasonably high" in both directions.
Unfortunately, the bank noted, for fixed-income investors, this means trading rates is simply a derivative of trading oil for the next near $10-20/bbl in either direction.
"But above $120 … the relationship could break down partially, fully, or even switch signs as the negative growth risks rise and provide a material counterbalance to higher inflation," RBC added.
According to RBC, "slowdown risks are real".
The bank said Canada is more insulated than most countries given secure supply and a large net energy trade balance.
However, it added, there are various channels where higher oil can hurt the economy.
"If oil slows global growth, it will have knock on effects to Canada. Discretionary consumer spending might slow as an increasing amount of disposable income is diverted to energy costs.
Financials conditions are tightening, albeit from easy levels, and households are facing a trio of negative wealth effects (housing, stocks, and bonds).
Another layer of uncertainty (in addition to the USMCA review) could impair sentiment at a time when the labour market is already on a shaky footing."
In reiterating comments it made last week, RBC said it has "sympathy for the faders", noting it has long thought the Bank of Canada would be on hold this year and hike in 2027, with the risks skewed towards hikes in the second half of 2026.
That is still its base case.
"But" the bank added, "three hikes priced to year-end seems like a fully baked outcome on a probability-weighted basis, assuming the starting point for hikes is later rather than sooner."
RBC said, "the path to delivering hikes would be a slow burn evolution, requiring a marked change in the BoC’s rhetoric, supported by an accumulation of evidence that expensive energy is feeding into the broader wage and price setting behavior of economic agents."
The bank added with the economy in excess supply, different than in 2022, patience is an acceptable strategy.
"But make no mistake, any signs of broader inflation pressures are likely to be met with some hikes, unless the economy is in a deep recession.
We prefer to wait for higher conviction levels when there is tangible evidence of the oil-rates correlation breaking down and/or decisive signs growth is being impaired before fading the pricing in front-end rates.
Long exposure in 10s or 30s is a better place to hang out for now (a spike in oil will have a lower beta impact on duration this far out the curve)."
US
By Rita Nazareth
(Bloomberg) — Treasuries bounced after a slide fueled by concerns over the economic fallout of the war in Iran, with traders resuming bets on a rate cut in 2026 as Federal Reserve Chair Jerome Powell eased fears about any imminent impacts of higher energy prices on inflation.
The bond market trimmed what’s expected to be its worst monthly selloff since 2024 as Powell said longer-term inflation expectations appear to be in check, with traders erasing wagers on a rate hike.
The S&P 500 fell 0.4% as a rout in chipmakers offset gains in most major groups.
US oil topped $100.
Inflation expectations seem to be “well anchored beyond the short term,” Powell said Monday during an event at Harvard University. He added that officials may need to respond to the impact from the conflict, but that it’s not the case yet.
“Fed chair Powell’s calm tone along with overdue market focus on the growth risks from higher-for-longer oil are helping to fuel a turn in rates pricing,” said Krishna Guha at Evercore.
“The probability of one or more cuts is much higher than the probability of a hike.”
The war in the Middle East has upended global markets and triggered concern about a simultaneous spike in inflation and slowdown in economic growth.
The conflict has severed a crucial route for energy supplies, boosting oil prices and driving stocks toward their worst month since 2022.
The White House threatened further escalation of attacks on Iran, including critical civilian energy infrastructure, as the fifth week of war shows little sign of a letup.
President Donald Trump earlier on Monday posted on social media that if Tehran doesn’t re-open the Strait of Hormuz, “we will conclude our lovely ‘stay’ in Iran by blowing up and completely obliterating” electricity plants, oil facilities and “possibly” desalination infrastructure.
History shows most geopolitical shocks tend to have a relatively short-lived impact on the market, but without clear evidence of an endgame for the war, stocks will find it difficult to see past the current volatility, according to Chris Larkin at E*TRADE from Morgan Stanley.
“The market continues to be headline-driven as the Trump Administration has delivered a variety of messages surrounding de-escalation and re-escalation of the war in Iran,” said Chris Senyek at Wolfe Research.
“As such, we maintain our defensively positioned posture.”
There’s growing evidence that the selling that recently hit equities “is getting closer to its ending stages,” said Michael Wilson at Morgan Stanley, who cited the example of previous “growth scares” that were not accompanied by a recession or a rate hike.
“The equity market is less complacent on growth risks than consensus believes,” he noted.
After investors reduced exposure to US stocks last week, the distribution of near-term outcomes has improved, Goldman Sachs Group Inc. strategists said.
The first-quarter earnings season in mid-April will be key for providing clarity on the outlook and the impact of the Middle East conflict, they added.
The team led by Ben Snider expects S&P 500 earnings to grow at a solid 12% this year, barring a severely prolonged disruption.
Corporate Highlights:
* Morgan Stanley’s E*TRADE unit is in talks with SpaceX to lead the sale of IPO shares to small investors, potentially being favored over rival brokerage platforms from Robinhood Markets Inc. and SoFi Technologies Inc., Reuters reported, citing two people familiar with the matter.
* Fannie Mae and Freddie Mac pared a months-long slide after Bill Ackman, who has bet heavily on the companies, called the mortgage-finance giants “stupidly cheap.”
* Sysco Corp. is acquiring Jetro Restaurant Depot LLC, the closely held wholesaler founded by billionaire Nathan “Natie” Kirsh, for $29.1 billion including debt in a deal that will create one of the largest food-service groups in the US.
* US regulators have approved a high-dose version of Biogen Inc.’s drug for a rare muscle disorder, giving the company a boost as it competes with a gene therapy from Novartis AG.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.8%
* The Dow Jones Industrial Average rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.4% to $1.1459
* The British pound fell 0.6% to $1.3185
* The Japanese yen rose 0.4% to 159.71 per dollar
Cryptocurrencies
* Bitcoin was little changed at $66,496.76
* Ether rose 1.1% to $2,023.02
Bonds
* The yield on 10-year Treasuries declined nine basis points to 4.34%
* Germany’s 10-year yield declined six basis points to 3.04%
* Britain’s 10-year yield declined four basis points to 4.93%
Commodities
* West Texas Intermediate crude rose 4.6% to $104.18 a barrel
* Spot gold rose 0.5% to $4,516.16 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Dissent is what rescues democracy from a quiet death behind closed doors. –Lewis H. Lapham, 1935-2024.
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