Dear Friends,
Tangents: Happy Friday. May Day. Full moon tonight.
May 1, 1960: The Soviet Union shot down an American U-2 reconnaissance plane near Sverdlovsk and captured its pilot, Francis Gary Powers. Go to article.
May 1, 2004: Ten countries, including Poland, Hungary and the Czech Republic, join the EU in its largest-ever enlargement, reshaping Europe’s political and economic map.
When you do the common things in life in an uncommon way, you will command the attention of the world. –George Washington Carver.
| Full moon alert: May’s Flower ‘micro moon’ will look extra small tonight, with a rare Blue Moon following |
May’s full moon rises on May Day — May 1 — shortly after sunset, creating a dramatic spectacle for skywatchers. Read more.
| Google AI breakthrough means chatbots use six times less memory during conversations without compromising performance |
A compression algorithm like TurboQuant turns the data in the AI’s working memory into a smaller, more efficient form. Read more.
| Humanoid robots have outpaced human runners in the half-marathon, beating the world record — here are the secrets to this astonishing feat |
The D1 humanoid robot, built by a smartphone manufacturer, has beaten the human-held world record by around seven minutes. Read more.
Two full moons will captivate sky-gazers in May
The first, which has the nickname the flower moon, will peak later today.
New Banksy statue
Elusive street artist Banksy has confirmed that he is behind a large statue that mysteriously appeared in the heart of London.
K-cafés are serving more than just coffee
They also offer interesting architecture and cultural experiences with a sense of escape
Curious shark chases surfer
Two foil surfers off the California coast had a close encounter with a shark that began trailing one of them at close range. See the video.
PHOTOS OF THE DAY
A peacock spreads its tail-feathers at the Parc Floral de Paris, Vincennes, France
Photograph: Dimitar Dilkoff/AFP/Getty Images
Coolangatta, Australia
Erin Brooks of Canada competes during the Bonsoy Gold Coast Pro at Snapper Rocks in Queensland
Photograph: Matt Roberts/Getty
St Andrews, Scotland
Convenor of the Gaudie, Thomas Payne and piper Joshua Neville lead fellow students from the University of St Andrews, wearing traditional red gowns. The annual Gaudie, a procession through the town and down to the pier, commemorates former student John Honey, who in 1800 rescued members of the crew of the Janet of Macduff, which had run aground off the East Sands
Photograph: Jane Barlow/PA
Market Closes for May 1st, 2026
| Market Index |
Close | Change |
| Dow Jones |
49499.27 | -152.87 |
| -0.31% | ||
| S&P 500 | 7230.12 | +21.11 |
| +0.29% | ||
| NASDAQ | 25114.44 | +222.13 |
| +0.89% | ||
| TSX | 33891.18 | -73.15 |
| -0.22% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 59513.13 | +228.20 |
| +0.38% | ||
| HANG SENG |
25776.53 | -335.31 |
| -1.28% | ||
| SEN SEX | 76913.50 | -582.86 |
| -0.75% | ||
| FTSE 100* | 10363.93 | -14.89 |
| -14.89% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.527 | 3.543 |
| CND. 30 Year Bond |
3.895 | 3.920 |
| U.S. 10 Year Bond |
4.3698 | 4.3706 |
| U.S. 30 Year Bond |
4.9585 | 4.9657 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7357 | 0.7365 |
| US $ |
1.3591 | 1.3578 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6278 | 1.5928 |
| US $ |
0.8532 | 1.1720 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4636.90 | 4522.10 |
| Oil | ||
| WTI Crude Future | 101.94 | 105.07 |
Market Commentary:
On this day in 1930, President Herbert Hoover said: “While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover.”
🍒Canada🍓
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2% at 33,891.18 in Toronto.
The move follows the previous session’s increase of 1.9%.
Fairfax Financial Holdings Ltd. contributed the most to the index decline and had the largest move, decreasing 7.7%.
Today, 121 of 220 shares fell, while 98 rose; 7 of 11 sectors were lower, led by materials stocks.
Insights
* So far this week, the index was little changed
* The index advanced 37% in the past 52 weeks. The MSCI AC Americas Index gained 29% in the same period
* The S&P/TSX Composite is 1.9% below its 52-week high on March 2, 2026 and 36.9% above its low on May 1, 2025
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.2 on a trailing basis and 16.4 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$5.37t
* 30-day price volatility fell to 14.90% compared with 15.97% in the previous session and the average of 17.34% over the past month
Index Points
Materials | -68.5395| -1.1| 20/40
Energy | -61.2202| -1.0| 12/25
Industrials | -16.1186| -0.5| 11/18
Financials | -13.6817| -0.1| 16/8
Consumer Discretionary | -7.5477| -0.7| 3/6
Health Care | -0.2638| -0.3| 2/2
Real Estate | -0.1675| 0.0| 7/12
Communication Services | 2.7936| 0.5| 5/0
Utilities | 3.7177| 0.3| 10/4
Consumer Staples | 3.8616| 0.4| 5/5
Information Technology | 84.0161| 3.4| 7/1
Fairfax Financial | -26.0000| -7.7| 259.7| -17.0
Agnico Eagle Mines Ltd | -20.2100| -2.3| -7.5| 7.3
Canadian Natural Resources | -13.9900| -1.5| -40.2| 37.4
CIBC | 6.0490| 0.6| -25.2| 22.6
Celestica | 9.5190| 2.1| -34.0| 40.3
Shopify | 73.8400| 5.2| -22.7| -21.5
MT Newswires:
The Toronto Stock Exchange closed lower Friday following a day-prior surge that recovered all of the losses made over the prior five sessions, as U.S. President Donald Trump said he will lift the tariffs charged on cars and trucks from the European Union next week to 25%, potentially adding more pressures on a global economy already struggling with the fallout from the Middle East war.
The S&P/TSX Composite Index closed down 73.15 points, or 0.2%, to 33,891.18, with sectors mixed.
Energy was down by more than 1%, while the Battery Metals Index rose 2.3% and Info Tech was up near 2%
Still FactSet noted that going in to today the index was up 1,196.29 points or 3.65% in April, and up 2,251.57 points or 7.1% year-to-date.
In its Monthly Equity Monitor for May 2026 published today National Bank noted equities are "riding exceptionally strong earnings expectations", with global markets reaching new highs despite an ongoing oil shock and persistent geopolitical risk.
"Markets appear to be pricing in a rapid return to normal, but the Strait of Hormuz disruption continues to support a meaningful commodity-price premium," the bank said.
National Bank remains cautious on risk assets, as renewed escalation could have severe global consequences, while even de-escalation may leave inflation and rates higher for longer.
AI productivity gains offer upside over time, but they may not arrive quickly enough to fully offset the near-term drag from the commodity-price shock, weaker real income, and higher interest rates, the bank added.
Meanwhile, on the economics front, Trump’s latest threat against the EU comes as The Canadian Press reported Canada’s Prime Minister Mark Carney is rejecting the notion that his government might use energy or critical minerals as "leverage" in upcoming trade talks with the U.S. administration.
Carney is cited in an interview as saying he wouldn’t describe those sectors as "leverage" since Canada is not talking about stopping any sort of existing trade.
His comments come after United States Trade Representative Jamieson Greer told an audience in Washington that Canada should not attempt to use its energy and mineral resources as leverage in discussions about renewing the continental free trade pact, the report notes.
Of commodities, gold edged higher by midafternoon Friday but remained rangebound, even as the dollar and treasury yields rose while traders turn to bonds and also while the Iran War pushes up oil prices and boosts inflation and threatens higher interest rates.
Gold for June delivery was up US$12.80 to US$4,642.40 per ounce.
But West Texas Intermediate crude oil closed lower as Iran made a new peace proposal, that U.S. President Trump rejected.
WTI crude oil for June delivery closed down US$3.13 to US$101.94 per barrel, while July Brent oil was down US$2.17 to US$108.23.
US
By Rita Nazareth
(Bloomberg) — A record-breaking run drove stocks to their longest weekly rally since 2024 amid hopes for a deal to end the Iran war that has rattled financial markets and jeopardized the economic outlook.
Efforts to turn a fragile ceasefire into lasting peace combined with solid corporate earnings and signs of economic strength sent the S&P 500 to its fifth consecutive week of gains.
Tech shares led the market higher on Friday after Apple Inc. gave a solid outlook. US crude fell to around $102 a barrel on reports Tehran delivered a new proposal to Washington.
Iran is ready to engage in diplomacy if the US abandons its expansionist approach, threatening rhetoric, and provocative actions, according to state-run Islamic Republic News Agency, which cited calls held by Foreign Minister Abbas Araghchi with regional counterparts.
President Donald Trump said Tehran wants to make a deal, but he’s not “satisfied.” Speaking to reporters, Trump noted Iran is “asking for things that I can’t agree with” while adding that he would “prefer not” to strike the country.
“On US-Iran, put simply, any ceasefire agreement will be a market positive while any resumption of attacks would be a substantial negative,” said Tom Essaye at The Sevens Report.
Traders also weighed the latest economic data, with this year’s US manufacturing expansion extending into April even as the war drove input prices sharply higher.
Three Federal Reserve officials said they dissented over this week’s policy statement because it was no longer appropriate to signal the next move was still likely to be a rate cut.
“The FOMC should offer a policy outlook that signals that the next rate change could be either a cut or a hike,” Minneapolis Fed President Neel Kashkari wrote.
Cleveland Fed President Beth Hammack said rising oil adds to price pressures.
Her Dallas counterpart Lorie Logan expressed concern over how long it will take to return inflation to the target.
Wall Street has brushed off worries about the potential economic fallout from the war, with signs of corporate resilience fueling a rally that drove stocks to their best month since 2020.
About 81% of the S&P 500’s companies have beaten first-quarter earnings estimates, according to data compiled by Bloomberg.
“Both results and forward guidance have been good,” said Ulrike Hoffmann-Burchardi at UBS Chief Investment Office.
“Tech is leading the way, but earnings growth is broadening, supported by resilient consumer spending and signs of a cyclical upswing.”
Corporate Highlights:
* President Donald Trump said he was raising tariffs on cars and trucks from the European Union to 25%, claiming that the bloc had failed to fully comply with a trade agreement negotiated with the US.
* Trump said he delivered a final proposal to rescue Spirit Aviation Holdings Inc., but would only proceed if it’s a good deal for the US government — comments that cloud the fate of any bailout as the low-cost carrier lays the groundwork to end operations.
* The Pentagon has struck agreements with more technology companies for expanded use of advanced artificial intelligence tools on classified military networks, according to a Defense Department statement and two defense officials briefed on the matter.
* Exxon Mobil Corp. and Chevron Corp. posted stronger-than-expected earnings as higher oil and natural gas prices outweighed production outages from the Iran war.
* Estée Lauder Cos. plans to cut as many as3,000 more jobs and generate a further $200 million of savings to help boost its turnaround plan.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.9%
* The Dow Jones Industrial Average fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.1720
* The British pound fell 0.2% to $1.3573
* The Japanese yen fell 0.3% to 157.05 per dollar
Cryptocurrencies
* Bitcoin rose 2.5% to $78,400.82
* Ether rose 1.8% to $2,304.84
Bonds
* The yield on 10-year Treasuries was little changed at 4.38%
* Britain’s 10-year yield declined five basis points to 4.96%
Commodities
* West Texas Intermediate crude fell 2.9% to $102.06 a barrel
* Spot gold fell 0.1% to $4,612.10 an ounce
Have a wonderful weekend everyone.
Be magnificent!
As ever,
Carolann
You never know how strong you are until being strong is your only choice. –Bob Marley, 1945-1981.
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