Dear Friends,
Tangents: Happy Friday Eve.
May 21, 1927: Charles Lindbergh lands in Paris, completing the first solo non-stop transatlantic flight and shifting the public’s belief in aviation.
May 21, 1980: "The Empire Strikes Back," the second movie in the "Star Wars" series, was released. Go to article.
Alexander Pope, poet, b. 1688.
Al Franken, comedian, b. 1951.
A SHIP IN PORT IS SAFE, BUT THAT’S NOT WHAT SHIPS ARE BUILT FOR. – Grace Hopper.
| Physicists confirm ‘negative time’ is real by asking the atoms themselves |
A new experiment confirms that photons passing through a cloud of atoms can spend a negative amount of time there, and the atoms themselves are the ones saying so. Read more.
| Scurvy-plagued whalers’ remains discovered at ‘Corpse Point’ in Svalbard |
Skeletons of early modern whalers reveal widespread scurvy, pipe smoking and heavy physical labor. Read more.
| Common asthma drug helps fight hard-to-treat cancers, including aggressive breast cancers, early study finds |
Scientists found that blocking a protein best known for its role in asthma enhances cancer immunotherapy in preclinical models. Read more.
| The Appalachian Mountains hold enough lithium to make 500 billion cellphones, researchers discover |
Researchers with the U.S. Geological Survey estimated that the ancient Appalachians mountain system holds 2.5 million tons of the critical element lithium. Read more.
| Complex animals evolved up to 10 million years earlier than previously thought, fossil discovery shows |
Trove of fossils discovered in Canada sheds light on "when life first became large, complex and unmistakenly animal." Read more.
| Why aren’t brain transplants possible? |
Lining up donor and recipient nerves for a potential brain transplant is one thing. Getting them to communicate is another. Read more.
Best US beaches for 2026
A coastal scientist known as "Dr. Beach" has released his annual ranking of the best beaches in America — and suddenly, I’m looking at flights.
Video: Living inside a haunted royal palace
For the last four years, Jack Josephs has lived in King Henry VIII’s royal palace rent-free. But he may also have a few ghostly roommates.
SpaceX files for stock sale that could make Musk a trillionaire
SpaceX officially revealed its plans to go public on Wednesday, which would catapult Elon Musk’s already world-leading wealth to even greater heights.
PHOTOS O F THE DAY
Paris, France
The inflatable artwork La Caverne du Pont Neuf (The Pont Neuf Cave), conceived by the French street artist JR as a tribute to Christo and Jeanne-Claude, covers the Pont Neuf
Photograph: Benoît Tessier/Reuters
Museum of Contemporary Art for Vivid Sydney 2026.
Invisible Cities by Atelier Sisu is a series of interconnected aluminium ribbons at First Fleet Park in the Rocks.
Photograph: Dan Himbrechts/AAP
Kalebuka, Democratic Republic of the Congo
‘In the glow of the setting sun, the market becomes less about what is seen and more about what is felt: warmth, connection and the enduring pulse of village life.’
Photograph: Jonny Guardiani
Market Closes for May 21st, 2026
| Market Index |
Close | Change |
| Dow Jones |
50285.66 | +276.31 |
| +0.55% | ||
| S&P 500 | 7445.72 | +12.75 |
| +0.17% | ||
| NASDAQ | 26293.10 | +22.74 |
| +0.09% | ||
| TSX | 34409.49 | +247.67 |
| +0.73% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 61684.14 | +1879.73 |
| +3.14% | ||
| HANG SENG |
25386.52 | -264.60 |
| -1.03% | ||
| SEN SEX | 75183.36 | -135.03 |
| -0.18% | ||
| FTSE 100* | 10443.47 | +11.13 |
| +0.11% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.547 | 3.587 |
| CND. 30 Year Bond |
3.914 | 3.947 |
| U.S. 10 Year Bond |
4.5696 | 4.5855 |
| U.S. 30 Year Bond |
5.0919 | 5.1230 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7260 | 0.7275 |
| US $ |
1.3775 | 1.3746 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6248 | 1.6005 |
| US $ |
0.8606 | 1.1618 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4482.85 | 4496.70 |
| Oil | ||
| WTI Crude Future | 99.85 | 101.86 |
Market Commentary:
| On this day in 1927, Charles Lindbergh completed the first trans-Atlantic flight as he landed his airplane, the Spirit of St. Louis, in Paris, 33 and a half hours after taking off from Roosevelt Field on New York’s Long Island. |
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.7%, or 247.67 to 34,409.49 in Toronto.
The index advanced to the highest closing level since March 2.
Royal Bank of Canada contributed the most to the index gain, increasing 1.3%.
BlackBerry Ltd. had the largest increase, rising 7.9%.
Today, 136 of 220 shares rose, while 80 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* This month, the index rose 1.3%
* So far this week, the index rose 1.7%, heading for the biggest advance since the week ended April 17
* 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 0.4% below its 52-week high on March 2, 2026 and 33.8% above its low on May 23, 2025
* The S&P/TSX Composite is up 1.1% in the past 5 days and rose 1.8% 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$5.4t
* 30-day price volatility rose to 12.61% compared with 12.55% in the previous session and the average of 14.40% over the past month
Index Points
Financials | 129.5333| 1.1| 18/6
Energy | 29.8216| 0.5| 17/19
Materials | 25.6548| 0.4| 31/27
Consumer Discretionary | 16.6449| 1.6| 7/2
Utilities | 14.2953| 1.2| 13/1
Industrials | 13.4945| 0.4| 17/12
Information Technology | 13.3104| 0.6| 5/4
Communication Services | 4.8491| 0.8| 4/1
Real Estate | 4.1693| 0.9| 17/2
Health Care | 0.2980| 0.3| 1/3
Consumer Staples | -4.4168| -0.4| 6/3
RBC | 31.8100| 1.3| 18.1| 11.4
TD Bank | 31.5000| 1.8| -40.1| 18.4
Bank of Montreal | 16.0200| 1.5| -11.4| 23.5
Waste Connections | -1.8800| -0.5| -1.8| -10.8
RB Global | -2.6400| -1.4| -13.4| 0.1
Couche-Tard | -4.5410| -1.1| 18.3| 5.1
MT Newswires:
The resources-heavy Toronto Stock Exchange on Thursday rose to within 140 mpoints of its record close, with commodities center stage as RBC said surging gold prices and inroads to foreign markets cushion Canada’s exports from U.S. tariff pressures, while Scotiabank looked for the ‘sweet spot price’ on oil as the Iran war continues.
The S&P/TSX Composite Index closed up 247.67 points, or 0.7%, at 34,409.49, adding to the near 420 points gained yesterday when it recovered much of the 500 points lost over the two sessions leading into that.
The record close of 34,541.27 was set on March 2.
Most sectors were higher, led by Base Metals (boosted by gold) and the Battery Metals index, both up by more than 2%.
Energy did slip about 0.1% as West Texas Intermediate crude oil fell for a third day Thursday as the United States awaits Iran’s response to its latest peace proposal, though reports said the Persian Gulf country will not agree to U.S. demands to end its nuclear program.
WTI crude oil for July delivery closed down US$1.91 to settle at US$96.35 per barrel, while July Brent oil was down US$1.54 to US$103.48.
Gold had edged higher by midafternoon Thursday, moving up from early losses as the dollar and yields moderated despite an uncertain outlook for a peace deal between Iran and the United States.
Gold for June delivery was up US$7.70 to US$4,543.00 per ounce after earlier touching US$4,488.30.
RBC published a note saying diversifying exports outside of the United States has emerged as a critical offset to tariff pressures for Canada with higher gold exports exaggerating gains from foreign markets.
Among highlights, RBC noted Canadian exports fared better than expected last year, declining by just 0.8% year over year on a nominal basis, with a rise in exports to non-U.S. markets, particularly the U.K., emerged as a counterbalance to weaker U.S. exports due to tariffs.
RBC said the caveat is that the non-U.S. export gains did not come primarily from diversifying exports in highly tariffed sectors.
The increase had more to do with a price surge in gold exports, and the new TMX oil pipeline increasing export capacity outside of North America, it added.
Meanwhile, Olivier Gervais, Director, Modelling and Forecasting at Scotiabank, published ‘The Sweet Spot Price: When Do Oil Prices No Longer Benefit the Canadian Economy?’
As a net oil exporter, Canada typically benefits from higher oil prices but is there a point when the gains diminish or disappear?, asked Gervais in a note dated May 21.
Scotiabank results confirm that higher oil prices remain a net positive for activity at current levels, but the macro payoff diminishes as prices rise, Gervais said, adding Scotiabank finds evidence that once oil prices move into the US$120-US$130 range, in 2026 dollars, they no longer provide a statistically meaningful boost to Canadian activity.
But these estimates should be interpreted with caution, Gervais said. "Rather than a precise tipping point, this range is better viewed as an indicative zone where the positive relationship becomes markedly less clear," he added.
US
By Rita Nazareth
(Bloomberg) — Hopes for a diplomatic way out of the war in Iran lifted stocks and bonds as oil dropped on speculation that a deal would pave the way for a revival of energy flows through the key Strait of Hormuz.
In a volatile session, the S&P 500 extended this week’s advance.
A drop in US crude drove Treasury yields lower.
Iran said a proposal from the US partly bridged the gap between the warring sides, even as comments from the Islamic Republic’s Supreme Leader about keeping the uranium stockpile and a dispute over tolls in the Strait of Hormuz clouded the outlook for a breakthrough.
Secretary of State Marco Rubio noted “some good signs” that a deal could be reached, according to the Financial Times.
He expects Pakistani mediators to travel to Tehran, the news report said.
Meantime, Iranian President Masoud Pezeshkian said the nation “will never back down.”
Traders have been on high alert for clues on the status of talks that could lead to a Strait of Hormuz reopening.
Traffic through the waterway has shriveled since the conflict erupted, causing energy prices to soar while rattling economies, companies and markets.
Iran is discussing with Oman how to set up some form of a permanent toll system that will formalize its control of maritime traffic through the energy chokepoint.
President Donald Trump said the US wants the strait to be open and free of tolls.
Concerns that a prolonged closure of the Strait of Hormuz could worsen energy disruptions and fuel inflation have unsettled investors, spurring speculation that central banks would be forced to raise interest rates.
The danger that comes with higher borrowing costs is that expansion in some economies could grind to a halt.
While US manufacturing activity expanded by the most in four years, that was seen by many as only a temporary boost as customers strived to get ahead of mounting price pressures.
In the latest sign of how the war is impacting companies, Walmart Inc. warned rising fuel costs are squeezing its bottom line and could lead to higher prices for shoppers.
Jamie Dimon said interest rates may climb much further, a warning to bond investors at a time when yields have touched multi-year highs.
“They could be much higher than they are today,” the chief executive officer of JPMorgan Chase & Co. told Bloomberg Television. “We may have gone from a saving glut to not enough savings.”
Corporate Highlights:
* The Trump administration has agreed to award $1 billion to International Business Machines Corp. to build a foundry for producing quantum-computing chips, part of a broad strategy to bolster US leadership in an emerging industry.
* Anthropic PBC is in talks to rent Microsoft Corp. AI server chips, the Information reported, as the startup seeks to boost computing power and meet demand for its services.
* Ralph Lauren Corp. reported revenue and profit that beat analyst expectations, demonstrating the high-end apparel company’s momentum with consumers in the face of ongoing tariff uncertainty.
* Deere & Co.’s farm machinery sales stayed sluggish, raising questions on when the agriculture economy will start getting better.
* Nearly half of patients who got a high dose of Eli Lilly & Co.’s next-generation obesity shot lost the equivalent weight of bariatric surgery, further evidence that the treatment could be the company’s most potent weight-loss medicine yet.
What Bloomberg Strategists say…
“The SPX sensitivity to oil is back to where it was a month ago, or even in early April during the early stages of the stock-market recovery.”
—Cameron Crise, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World Index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1622
* The British pound was little changed at $1.3437
* The Japanese yen was little changed at 158.89 per dollar
Cryptocurrencies
* Bitcoin was little changed at $77,642.04
* Ether rose 0.3% to $2,140.73
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.55%
* Germany’s 10-year yield was little changed at 3.10%
* Britain’s 10-year yield declined two basis points to 4.97%
Commodities
* West Texas Intermediate crude fell 1% to $97.27 a barrel
* Spot gold was little changed
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Believe me, every heart has its secret sorrow which the world knows not; and oftentimes we call a man cold,
when he is only sad. –Henry Wadsworth Longfellow, 1807-1882.
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