Dear Friends,
Tangents: Happy Friday.
Just back last night from the Bloomberg Invest conference in NYC, meeting with several analysts and CEOs. Overall, the atmosphere was remarkably sanguine, despite the turmoil in the Middle East and other hot spots around the world. The bond market is taking global geopolitics and conflicts in stride, with the 10-year barely moving since Israel and the US launched their attacks on Iran; it is currently at 4.14%. The overall perspective is that corporate earnings remain good; interest rates remain relatively low. We’re just coming out of 4th quarter earnings season with most companies reporting better than expected revenue & profits. The recent pressure on private credit and private equity businesses – Apollo, Ares, Blackstone, Carlyle Group, KKR, Blue Owl, etc.– is being dismissed as an over-reaction. Marc Rowan, CEO of Apollo, emphasized this. Most CEOs and analysts attending the conference, remain positive on the outlook for equities in the year ahead, and negative on fixed income. If the economy remains as strong as it is, there will be little reason for the Federal Reserve to lower rates. Moreover, the pressure on SASS companies of late, the so-called Sasspocalyse, is also being dismissed by those in attendance as an over-reaction. Most will form strategic partnerships with AI, not be obliterated by it.
March 6, 1836: Fall of the Alamo.
March 6, 1912: Oreo sandwich cookies were first introduced by the National Biscuit Co., which later became Nabisco. Go to article
Michelangelo, artist, b. 1475.
Elizabeth Barrett Browning, poet, b. 1806.
Gabriel Garcia Marquez, writer, b. 1928.
Shaquille O’Neal, basketball player, b. 1972.
To the mid that is still, the whole universe surrenders. -Lao Tzu.
Maggie Gyllenhaal and Jessie Buckley reimagine Frankenstein’s bride
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Astronomers captured the most detailed image yet of our galaxy’s center.
Home-building robots could help fix the housing crisis
A UK tech company says its portable micro-factories can produce the wooden frame of a house in just one day.
‘Brady Bunch’ house in LA becomes historic landmark
The "Brady Bunch" house used in exterior shots of the beloved family sitcom has earned historic landmark status in Los Angeles. Watch this video to take a trip down memory lane.
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PHOTOS OF THE DAY
Chengdu, China
Tables are set up in a blooming rapeseed field, offering tourists hotpots and rapeseed flower tea
Photograph: VCG/Getty Images
A wind farm on Luhua Island in Zhoushan city
Photograph: CFOTO/Future Publishing/Getty Images
A group of wild horses gather in a partially flooded area by the Waal River in Nijmegen, Netherlands
Photograph: Romy Arroyo Fernandez/NurPhoto/Shutterstock
Market Closes for March 6th , 2026
| Market Index |
Close | Change |
| Dow Jones |
47501.55 | -453.19 |
| -0.94% | ||
| S&P 500 | 6740.02 | -90.69 |
| -1.33% | ||
| NASDAQ | 22387.68 | -361.31 |
| -1.59% | ||
| TSX | 33083.72 | -526.24 |
| -1.57% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 55620.84 | +342.78 |
| +0.62% | ||
| HANG SENG |
25757.29 | +435.95 |
| +1.72% | ||
| SENSEX | 78918.90 | -1097 |
| -1.37% | ||
| FTSE 100* | 10284.75 | -129.19 |
| -1.24% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.405 | 3.350 |
| CND. 30 Year Bond |
3.858 | 3.805 |
| U.S. 10 Year Bond |
4.1383 | 4.1363 |
| U.S. 30 Year Bond |
4.7567 | 4.7528 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7371 | 0.7316 |
| US $ |
1.3566 | 1.3699 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6345 | 1.5760 |
| US $ |
0.8607 | 1.1617 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
5104.05 | 5148.55 |
| Oil | ||
| WTI Crude Future | 90.86 | 78.76 |
Market Commentary:
On this day in 1899, German company Bayer trademarked its name for a new wonder drug it called aspirin.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.6%, or 526.24 to 33,083.72 in Toronto.
The index dropped to the lowest closing level since Feb. 17.
Shopify Inc. contributed the most to the index decline, decreasing 4.1%.
Methanex Corp. had the largest drop, falling 13.4%.
Today, 171 of 217 shares fell, while 46 rose; all sectors were lower, led by financials stocks.
Insights
* In the past year, the index had a similar or greater loss 11 times. The next day, it advanced nine times for an average 1% and declined twice for an average 3.1%
* This quarter, the index rose 4.3%
* So far this week, the index fell 3.7%, heading for the biggest decline since the week ended Jan. 30
* The index advanced 35% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is 4.2% below its 52-week high on March 2, 2026 and 48.8% above its low on April 7, 2025
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.7 on a trailing basis and 17.2 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$5.31t
* 30-day price volatility rose to 20.48% compared with 19.92% in the previous session and the average of 18.09% over the past month
Index Points
Financials | -198.3907| -1.9| 1/23
Industrials | -82.6012| -2.3| 3/26
Materials | -69.2439| -1.0| 16/40
Information Technology| -61.8130| -2.4| 4/6
Energy | -44.6432| -0.8| 11/26
Consumer Discretionary| -29.0474| -2.7| 1/8
Consumer Staples | -13.3365| -1.2| 4/6
Utilities | -12.5543| -1.1| 4/10
Real Estate | -7.6478| -1.6| 1/18
Communication Services| -6.4710| -1.0| 0/5
Health Care | -0.5144| -0.6| 1/3
Shopify | -63.9500| -4.1| 5.1| -20.0
TD Bank | -32.2600| -2.1| -14.1| 0.5
Brookfield Corp | -31.7100| -3.6| -4.9| -11.2
Nutrien | 6.2530| 1.8| 79.0| 22.2
Canadian Natural Resources | 14.5600| 1.6| 114.4| 35.4
Constellation Software | 23.1700| 6.0| 91.2| -10.2
MT Newswires:
The Toronto Stock Exchange closed sharply lower Friday, but up from worst level off the day, as investors wrapped up a volatile week dominated by the escalating United States-Israel war with Iran, with geopolitical risk weighing on sentiment and pulling the market further away from Monday’s record high.
The resources-heavy S&P/TSX Composite Index fell 526.25 points, or 1.6%, to close at 33,083.72, falling for three of four sessions, and sitting 1,457.55 points below Monday’s record close of 34,541.27.
Most sectors finished lower over Friday’s session.
Battery Metals Index led the decliners, down 6.24%, followed by Base Metals, down 4.28%, Industrials, down 2.35%, Financial, down 1.91%, Utilities, down 1.06%, Telecom, down 1.08%, Information Technology, down 1.03% and Energy, down 0.34%.
The only exception was Health Care, which rose 0.05%.
West Texas Intermediate (WTI) crude surged again Friday, rising 12% to its highest level since 2023 as the U.S.-Israeli war with Iran disrupted shipments through the Strait of Hormuz, a chokepoint for about 20% of global oil flows.
However, the International Energy Agency said strategic reserves are not needed for now as inventories remain sufficient to meet demand.
WTI crude for April delivery jumped US$9.89 to settle at US$90.90 per barrel, while May Brent crude was last seen up US$7.42 at US$92.81.
Oil prices have now climbed about 36% since the United States and Israel launched attacks on Iran last weekend, with Tehran responding with drone and missile strikes across the Persian Gulf.
Gold traded higher Friday afternoon but remained below record levels as investors showed limited demand for the traditional safe haven despite ongoing geopolitical tensions and weaker U.S. employment data.
Gold for April delivery was last seen up US$92.60 to US$5,171.30 per ounce, below the Jan. 29 record high of US$5,354.80.
The precious metal initially rallied after the conflict began but then retreated in subsequent sessions even as U.S. and North American equity markets weakened.
Meanwhile, economists say the escalating conflict in the Middle East is rapidly reshaping the global economic outlook.
The Iranian conflict has abruptly changed the economic outlook, with crude oil prices vaulting more than 35% in the past week alone to above US$90 per barrel for WTI (prices closed at US$67 last Friday), said Bank of Montreal (BMO).
The spike has rekindled inflation risks, reduced the odds of central-bank rate cuts globally, and is now threatening the global growth outlook, it added.
"As much as the term ‘stagflation’ has been wildly over-used in recent years, a true oil price shock would indeed increase the risks of stagflationary forces – higher inflation, weaker growth; not a market-friendly combination.
Landing in the middle of this was the February U.S. payroll report, which ratcheted up the ‘weaker growth’ side of the concerns," Doug Porter, chief economist at BMO Capital Markets, wrote in his note on Friday.
"Meantime, the U.S. dollar strengthened against almost all comers, as it assumed its traditional safe haven status, even with the weakness in the greenback over the past year.
The euro fell more than 2% on the week, while the yen weakened 1%, said Porter adding that "an outlier was the Canadian dollar, which nudged slightly higher, reflecting its status as a significant oil exporter," Porter noted.
However, National Bank of Canada said the oil price surge from the Persian Gulf conflict may lead to end of Alberta’s provincial deficit.
Less than two weeks ago, Alberta presented its 2026 provincial budget, and it formally projected a deficit of $9.4 billion, much wider than the $2.4 billion shortfall eyed one year earlier.
Contributing to this larger deficit was anticipated weakness in non-renewable resource receipts, comprised mostly of oil royalties and the single biggest source of budgetary volatility for this energy-dependent province.
Fears of disrupted/destroyed energy shipments/production quickly sent crude oil prices sharply higher, with near-term contracts re-priced violently, pointed out National Bank.
Setting aside broader implications for the global economy, including consumer price inflation, the oil price pop, if sustained, would see extra royalty dollars bubble up in Alberta.
The bank said the figure could likely be in the billions.
On the domestic front, fresh data pointed to continued weakness in Canadian housing market.
Toronto home sales fell 6.3% in February from already weak year-ago levels, showing little traction in the market and pushing prices lower, BMO said.
The benchmark price declined 7.9% year over year.
The condo segment remains particularly weak, with prices down 9.5% from a year earlier and nearly 25% below the early-2022 peak, the bank noted.
In Montreal, seasonally adjusted home sales rose 2.5% between January and February, according to National Bank’s preliminary estimate based on Centris data, marking the first increase after a cumulative 6.3% decline over the previous three months.
New listings rose 3.0% month over month following a 22.2% jump in January, reaching their highest level since August 2020, while active listings increased 4.7% from January, the second consecutive monthly rise after three months of declines.
The Week Ahead in Canada:
Canadian employment report (Labour Force Survey) for February is scheduled to be released by Statistics Canada on Friday, March 13.
"Employment may recover the ground lost in January, with that prior month’s report treated with some skepticism due to the potential impact of large snowfall in Ontario during the survey week.
However, we would also expect to see at least a partial rebound in labour force participation, with the prior month’s slump going well beyond what can be explained by demographics alone," Andrew Grantham, senior economist at CIBC Capitals Markets, wrote in a note to clients.
That increase in participation will mean that, despite close to zero population growth, the gain in employment may not keep pace with the increase in labor supply during the month, seeing the jobless rate tick up to 6.6%, said Grantham.
CIBC predicted employment growth in Canada is expected to remain uneven in the near-term, with companies still reluctant to increase staffing levels due to US tariff and other uncertainties.
Canada will also get its merchandise trade data for January on March 12, 2026, and CIBC expects a narrowing of the goods trade deficit to $0.8 billion in January.
"Higher oil prices and volumes likely boosted exports in January, while further gains in the price of gold could have also flattered the headline figures.
Weather disruption may have played a factor in driving a reduction in manufacturing shipments during the month," Grantham said.
US
By Rita Nazareth
(Bloomberg) — A weak jobs report hit stocks at a time when a widening war in the Middle East is lifting oil prices and fueling inflation jitters.
Renewed anxiety about the private- credit industry also curbed risk appetite.
Bitcoin tumbled.
Friday’s 1.3% slide in the S&P 500 sent the gauge to its worst week since October.
Financial shares sank, with BlackRock Inc. down 7.7% after curbing withdrawals from a private-credit fund.
Chipmakers plunged as Oracle Corp. and OpenAI scrapped plans to expand an artificial-intelligence data center in Texas.
US oil topped $90, notching its biggest-ever weekly gain.
Short- dated bonds outperformed as traders boosted bets on Federal Reserve rate cuts.
With no sign of a let-up in hostilities in the Middle East, the conflict is unleashing a wave of disruption across energy markets and sparking concerns about price pressures.
Even before the war, Fed officials had been more attuned to inflation.
But the latest jobs data can change their focus.
Nonfarm payrolls fell 92,000 last month, one of the largest declines since the pandemic.
While some of the downside was expected, like a temporary dent from striking healthcare workers and a potential hit from bad weather, a wide array of industries cut jobs.
The unemployment rate rose to 4.4%.
The unexpected hiring slump threatens to upend the prevailing view among policymakers that a stabilizing labor market will allow them to keep rates steady as they fight persistent inflation.
A negative payrolls number combined with a jump in oil prices will have traders worrying about stagflation risks, according to Brian Jacobsen at Annex Wealth Management.
“Today’s numbers may have put the Fed between a rock and a hard place,” said Ellen Zentner at Morgan Stanley Wealth Management.
“Significant weakening in the labor market would support a rate cut, but given the risk that higher-for-longer oil prices could trigger another inflation surge, the Fed may feel compelled to remain on the sidelines.”
Fed Governor Christopher Waller said on Bloomberg TV he doesn’t expect the war to have a sustained impact on inflation.
Fed Bank of San Francisco President Mary Daly told CNBC that job weakness shows risks persist.
While the jobs report precedes the Iran conflict, the spike in oil prices raises the probability of stronger energy inflation, according to Andy Schneider at BNP Paribas.
“Modest increases in oil prices, even if sustained, have transitory effects on US headline inflation and minimal effects on US core inflation,” said Michael Gapen at Morgan Stanley.
“The Fed can look through these increases, but with inflation above target as long as it has been, even modest oil price pressures could delay rate cuts.”
Absent second-round effects or rising inflation expectations, he says Fed hikes have a high bar.
A substantial rise in oil prices could weaken activity, acting like an uncertainty shock and putting rate cuts in play, Gapen noted.
If the labor market keeps losing steam, it becomes a more delicate backdrop — especially with geopolitical uncertainty on the rise and energy prices capable of acting as an added tax at the gas pump, according to Bret Kenwell at eToro.
“This may not change the Fed’s decision this month, but a visibly weakening jobs market is the kind of trend that can pull the Fed in a more dovish direction as 2026 unfolds,” he said.
“Regardless of interest rates, a deteriorating jobs market is not what investors want to see.”
Corporate Highlights:
* Boeing Co. is closing in on one of the largest sales in its history, a 500-aircraft order for 737 Max jets set to be unveiled when President Donald Trump travels to Beijing for his first state visit to China since 2017, people familiar with the matter said.
* Marvell Technology Inc. soared after delivering a bullish sales outlook, saying that data-center demand was growing even faster than anticipated.
* Gap Inc. sank after reporting sales and profit that came in slightly below expectations as two of its apparel chains underperformed.
What Bloomberg strategists say…
“Inflation concerns stemming from higher oil prices — as a result of the Iran conflict — overwhelmed the prospect of further easing to support the economy.
Following Friday’s data, growth worries are diluting some of that focus.”
— Kristine Aquino, Managing Editor, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.5%
* The Dow Jones Industrial Average fell 0.9%
* The MSCI World Index fell 1.1%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1615
* The British pound rose 0.3% to $1.3399
* The Japanese yen fell 0.2% to 157.83 per dollar
Cryptocurrencies
* Bitcoin fell 4.2% to $68,146.71
* Ether fell 4.8% to $1,980.21
Bonds
* The yield on 10-year Treasuries was little changed at 4.14%
* Germany’s 10-year yield advanced two basis points to 2.86%
* Britain’s 10-year yield advanced nine basis points to 4.63%
Commodities
* West Texas Intermediate crude rose 12% to $90.92 a barrel
* Spot gold rose 1.6% to $5,164.30 an ounce
Have a wonderful weekend everyone.
Be magnificent!
As ever,
Carolann
Ever tried. Ever failed. No matter. Try again. Fail again. Fail better. –Samuel Beckett, 1906-1989.
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