Dear Friends,
Tangents:
Carolann is away from the office for a few days this week, attending an investment conference in NYC.
May 14, 1796 – English physician Edward Jenner administers the first successful smallpox vaccination, laying the foundation for modern immunology. History.com
May 14, 1973 – The United States launches Skylab, America’s first space station. NASA – Skylab Launch
May 14, 1998 – Final episode of Seinfeld airs in the United States, becoming one of the most watched sitcom finales in TV history. thevintagenews.com
George Lucas, filmmaker and creator of Star Wars, b. 1944
David Byrne, musician and founder of Talking Heads, b. 1952
Cate Blanchett, actress, b. 1969
Mark Zuckerberg, co-founder of Meta, b. 1984
A blurry new photo captured by the Green Bank Telescope in West Virginia shows Artemis II’s Orion capsule circling the moon more than 200,000 miles away, making it a candidate for the longest-distance image of humans ever taken from Earth.
A pill can stop people from developing COVID after being exposed to the virus, trial finds
A pill called ensitrelvir is the first drug shown to effectively reduce infection after exposure to SARS-CoV-2.
A burial of an elite Roman-era woman who appears to have been buried with exotic resins has been discovered in Colchester.
We tested the ‘first self-cleaning air purifier’ and it’s a pet owner’s dreamThe Dreame FP10 excels at removing hair, pet dander and bad odors, all without making excessive noise or requiring never-ending filter maintenance.
Extreme’ crystal that formed in 1945 nuclear bomb test is unlike anything scientists have seen
Samples of "trinitite" created during the world’s first nuclear bomb test in 1945 contain unique crystals never seen before.
Shakira, Madonna and BTS to headline 2026 World Cup Final halftime show
hakira, Madonna and K-pop superstars BTS will headline the first-ever World Cup final halftime show, FIFA announced in an Instagram post on Thursday.
The World Cup Final is set for July 19 at New Jersey’s Metlife Stadium and is expected to draw millions of viewers worldwide on top of its attendees.
You can reverse much of the damage alcohol has done to your body, science says
Alcohol can feel deeply entwined in our lives. A beer or glass of wine while catching up with friends. A cocktail at the end of a hard day. A round of toasts at a party.
PHOTOS OF THE DAY
Night at the Remarkables
The galactic centre of the Milky Way, composed of billions of stars, gas and dust, rises above an icy, ancient landscape deep within Aoraki/Mount Cook national park in New Zealand, part of the largest Gold Tier Dark Sky Reserve in the world. This was one of the most remarkable scenes I have experienced in over seven years of astrophotography. The stillness, clarity and calm of the night stood in stark contrast to a place more often defined by its wild and unpredictable nature.
Photograph: Tom Rae
Beijing, China
A young girl climbs up to look through a gap in the doors of a hall at the Temple of Heaven, a complex of Confucian buildings was closed in preparation for the visit by Donald Trump
Photograph: Kevin Frayer/Getty Images
London, UK
Yeoman warders take part in a ceremonial search before the state opening of parliament and announcement of the government’s agenda
Photograph: Carl Court/Getty Images
Market Closes for May 14th, 2026
| Market Index |
Close | Change |
| Dow Jones |
50063.46 | +370.26 |
| +0.75% | ||
| S&P 500 | 7501.24 | +56.99 |
| +0.77% | ||
| NASDAQ | 26635.22 | +232.88 |
| +0.88% | ||
| TSX | 34268.27 | +226.84 |
| +0.67% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 62654.05 | -618.06 |
| -0.98% | ||
| HANG SENG |
26389.04 | +0.60 |
| — | ||
| SEN SEX | 75398.72 | +789.74 |
| +1.06% | ||
| FTSE 100* | 10372.93 | +47.58 |
| +0.46% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.568 | 3.573 |
| CND. 30 Year Bond |
3.921 | 3.926 |
| U.S. 10 Year Bond |
4.4816 | 4.4688 |
| U.S. 30 Year Bond |
5.0264 | 5.0337 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7290 | 0.7296 |
| US $ |
1.3716 | 1.3705 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6227 | 1.6058 |
| US $ |
0.8570 | 1.1670 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4675.70 | 4678.40 |
| Oil | ||
| WTI Crude Future | 101.17 | 101.02 |
Market Commentary:
On this day in 1884, panic hit markets. Two leading commercial banks and an investment bank, Grant & Ward (in which former President Ulysses S. Grant was a partner) would go bust after lending massively to stock speculators buying on margin. Interest rates went as high as 4% a day, in what became known as the Panic of 1884.
🍒Canada🍓
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.7% at 34,268.27 in Toronto.
The move was the biggest since rising 1.2% on May 6 and follows the previous session’s decrease of 0.7%.
Royal Bank of Canada contributed the most to the index gain, increasing 2.3%.
Quebecor Inc. had the largest increase, rising 7.8%.
Today, 130 of 220 shares rose, while 88 fell: 10 of 11
Insights
* So far this week, the index rose 0.6%
* The index advanced 33% in the past 52 weeks. The MSCI AC Americas Index gained 27% in the same period
* The S&P/TSX Composite is 0.8% below its 52-week high on March 2, 2026 and 34.1% above its low on May 14, 2025
* The S&P/TSX Composite is up 1.2% in the past 5 days and rose 0.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.5 on a trailing basis and 16.5 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$5.38t
* 30-day price volatility rose to 11.72% compared with 11.64% in the previous session and the average of 15.29% over the past month
Index Points
Financials | 181.3895| 1.6| 19/4
Energy | 66.4841| 1.1| 32/5
Information Technology| 46.5587| 2.1| 6/3
Industrials | 28.8355| 0.8| 21/8
Consumer Staples | 13.4174| 1.3| 9/1
Consumer Discretionary| 5.5884| 0.5| 7/2
Communication Services| 2.9202| 0.5| 3/2
Utilities | 1.1589| 0.1| 8/6
Real Estate | 1.1105| 0.2| 15/4
Health Care | 0.1526| 0.2| 3/1
Materials | -120.7752| -1.8| 7/52
RBC | 54.8100| 2.3| -26.9| 7.9
Brookfield Corp | 51.7100| 5.4| 65.6| 3.6
TD Bank | 28.6800| 1.7| -37.7| 14.9
Agnico Eagle Mines Ltd | -14.8400| -1.6| -30.9| 13.5
Barrick Mining | -26.4000| -3.7| 16.4| -0.9
Manulife Financial | -36.6400| -5.7| 64.5| 3.3
Stantec | -6.6| -5.6000| 110.3| -22.9
Lithium Americas| -5.9| -0.8040| 8.9| 17.9
MT Newswires:
The Toronto Stock Exchange closed higher on Thursday, with most sectors up as the Canadian federal government moves to stimulate a range of industries in the economy.
The S&P/TSX Composite Index closed up 226.84, or 0.7%, to 34,268.27, with each of Info Tech, the Battery Metals Index, Financial and Telecom sub-indices all gaining more than 1%.
Energy was also up by more than 1% as West Texas Intermediate crude oil edged higher despite reports Iran is allowing Chinese ships to transit the Strait of Hormuz.
WTI crude oil for June delivery closed up $0.15 to settle at US$101.17 per barrel, while July Brent oil was up US$0.10 to US$105.73.
But Base Metals was down 2.1% as gold had moved lower by midafternoon Thursday while the dollar rose after a report showed U.S. retail-sales growth slowed in April.
Gold for June delivery was down $22.20 to US$4,684.50.
After securing a majority in Parliament, the governing Liberal Party is now moving quickly to implement its plans for stimulating the economy in the face of pressures stemming from the Iran war and tariffs introduced by the Trump administration.
Prime Minister Mark Carney unveiled Canada’s long-awaited new electricity strategy Thursday, placing a heavy emphasis on expanding the role of natural gas in powering the grid as he seemed to distance the government from its 2030 Paris climate commitments, The Canadian Press reported.
The new strategy looks to double Canada’s electricity grid by 2050 and would adjust the clean electricity regulations to provide more flexibility to allow natural gas to play a larger role in building the grid, it noted.
In another report from The Canadian Press, PM Carney is cited saying on Thursday his government is open to selling public assets if the proceeds could help fund new infrastructure.
The November federal budget and April spring economic statement both mentioned exploring new ownership options for the country’s federally owned airports, it noted.
Meanwhile, Canada and Alberta will meet on Friday and advance a potential pipeline to transport at least one million barrels of Alberta oil a day to new markets, PM Carney said on Thursday, Reuters reported.
Carney, speaking to reporters, also confirmed an earlier Reuters report which said he would also unveil details of a new deal with Alberta on industrial carbon pricing.
US
By Rita Nazareth
(Bloomberg) — A revival of the artificial-intelligence trade kept fueling momentum in stocks, with the market also rising after retail sales showed signs of consumer strength despite a war-driven surge in energy costs.
The rally in equities from this year’s lows drove the S&P 500 above 7,500 for the first time.
Nvidia Corp.’s seven-day gain put its value close to $6 trillion.
A solid outlook from Cisco Systems Inc. lifted its shares by 13%.
The AI-hype extended Ford Motor Co.’s jump.
Cerebras Systems Inc. soared 68% in its debut.
In late hours, Applied Materials Inc. gave strong forecasts.
Renewed AI wagers, solid corporate profits and economic resilience have sent American stocks from one record to the next.
A report showed retail sales advanced for a third month.
Nine out of 13 categories posted increases.
“April retail sales echoed what we’ve heard across corporate conference calls for weeks now: The US consumer remains resilient despite soaring gas prices,” said Bret Kenwell at eToro.
“When it comes to stocks though, tech is in the driver’s seat right now, not the consumer.”
When there’s uncertainty, the best defense remains a strong offense of fundamentally superior stocks, according to veteran strategist Louis Navellier.
Since the order backlogs are growing for data center and AI-related shares, the earnings in the upcoming quarter are forecast to be even stronger, he said.
Bets that corporate earnings will keep powering ahead have offset worries that higher energy costs could fuel inflation and weigh on consumer confidence.
First-quarter S&P 500 profits likely grew about 27% from a year ago, marking a sixth straight quarter of double-digit expansion, according to data compiled by Bloomberg Intelligence.
It’s clear that Corporate America has become very skilled at adapting to a wide range of economic environments, according to Clark Bellin at Bellwether Wealth.
For investors who missed the opportunity to put new money to work during the war-driven slide in March, he says: “It’s not too late.”
“Stocks are still climbing the wall of worry, and we don’t think there is euphoria in markets just yet,” Bellin noted.
“In fact, there is still plenty of skepticism, which suggests this bull market has more room to run.”
Also helping sentiment was the relative stability in oil prices.
US President Donald Trump signaled China is willing to support negotiations with Iran, as he pushes for a diplomatic resolution to end the war and reopen the Strait of Hormuz.
Elsewhere, the pound fell as Andy Burnham secured a path to challenge Keir Starmer for the UK prime minister’s job, after a Member of Parliament quit to give the Greater Manchester mayor a run at his seat in the House of Commons.
Bitcoin topped $80,000 after the Senate Banking Committee advanced a landmark US digital asset market structure bill.
Corporate Highlights:
* Apple Inc.’s two-year-old partnership with OpenAI has become strained, according to people familiar with the matter, with the AI startup failing to see the expected benefits from the deal and now preparing possible legal action.
* China agreed to buy 200 Boeing Co. planes, President Donald Trump said in an interview with Fox News Channel’s “Hannity.” But the order fell short of the 500 737 Max and widebody aircraft Chinese airlines were expected to buy at the upper extreme of a landmark deal.
* Shares of freight brokerages sank after a Supreme Court ruling that may open the companies up to new lawsuits.
* Activist investor Elliott Investment Management has taken a stake in medical device firm Dexcom Inc. in a deal that will put two independent directors on the board, according to a statement from the company.
* Nvidia Corp.’s major server assembly partner Hon Hai Precision Industry Co. reported a stronger-than-expected increase in quarterly profit, highlighting sustained spending on hardware essential for AI.
What Bloomberg Strategists say…
“Returns in the US equity benchmark are driven by a near record-low number of stocks, putting too much weight on too few AI-driven pillars.”
—Tatiana Darie, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World Index rose 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.4% to $1.1669
* The British pound fell 0.9% to $1.3397
* The Japanese yen fell 0.3% to 158.37 per dollar
Cryptocurrencies
* Bitcoin rose 2.4% to $81,581.82
* Ether rose 1.6% to $2,299.24
Bonds
* The yield on 10-year Treasuries was little changed at 4.48%
* Germany’s 10-year yield declined six basis points to 3.04%
* Britain’s 10-year yield declined seven basis points to 4.99%
Commodities
* West Texas Intermediate crude rose 0.9% to $101.88 a barrel
* Spot gold fell 0.8% to $4,650.39 an ounce
Have a wonderful evening everyone.
Be magnificent!
As ever,
Shima
"We don’t make movies to make money, we make money to make more movies."– Walt Disney-1901, 1966.
Shima Zangeneh
Assistant to Carolann Steinhoff
Queensbury Securities Inc.
340A – 730 View Street
Victoria BC V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828