Dear Friends,
Tangents: Happy Friday.
May 22, 1960: A magnitude 9.5 earthquake, the strongest ever recorded, struck southern Chile, claiming 1,655 lives. Go to article.
May 22, 1990: Windows 3.0 is released, pushing graphical interfaces into the mainstream and accelerating PC adoption.
Richard Wagner, composer, b.1813.
Mary Cassatt, artist, b. 1844.
Sir Arthur Conan Doyle, writer, b.1859.
Bad ideas is good, good ideas is terrific, no ideas is terrible. -Leonnard Baum.
| How can we prevent AI models from cannibalizing themselves when human-generated data runs out? Scientists say they’ve found the answer. |
Researchers have found that introducing human-made data into AI training can help to prevent AI model collapse. Read more.
| 800-year-old ‘hugging skeletons’ are genetically confirmed as Poland’s only medieval same-sex double burial |
Two skeletons found in an embrace next to a 13th-century Polish cathedral were both women, an ancient DNA analysis confirms, but their relationship remains a mystery. Read more.
| Great Pyramid of Giza is remarkably resilient to earthquakes — and it’s due to the ancient Egyptians’ ‘extraordinary’ engineering knowledge |
The Great Pyramid of Giza has survived for more than 4,600 years despite nearby earthquakes, and new research reveals why. Read more.
| One of Neptune’s 16 moons is not like the others, James Webb telescope finds — and it could be key to fully understanding the solar system |
Neptune has a complicated life story, and its moon Nereid might be the only one left standing from the planet’s multibillion-year history. Read more.
| ‘I have no doubt that life is out there’: Why radio astronomers are convinced alien contact is only a matter of time |
In the book "The Echoing Universe: How Radio Astronomy Helps Us See the Invisible Cosmos," astrophysicist Emma Chapman describes the hidden corners of space that only radio waves can reveal — and makes the case for contacting aliens. Read more.
| China’s real-life ‘transformer’ mech is a giant humanoid robot that can switch from bounding on 4 legs to walking on 2 |
The new ‘mecha’ robot, which weighs over 1,000 pounds and stands nearly 10 foot tall, is designed for urban mobility. Read more.
Cruise ships are sailing to a phantom destination
Null Island isn’t an actual place. But that hasn’t stopped some cruises from taking tourists to visit its location, which doesn’t appear on any map.
Aging in place
When a hurricane swept through Asheville, North Carolina, a group of seniors formed a support pod. Then it quickly became something bigger: a way to weather future challenges as a group and age in place together.
Staggering statistics on mental illness
Nearly 1.2 billion people worldwide are living with mental disorders, a new study has found — reflecting a 95.5% increase since 1990.
Stephen Colbert’s ‘Late Show’ bids farewell
During an emotional final episode on Thursday, Colbert thanked his staff and viewers for 11 years of laughs. See how he opened his last show.
PHOTOS OF THE DAY
Yellowstone, Wyoming
Spring snow in the national park
Photograph: Mario Tama/Getty Images
London, UK
‘When I was walking along New Bond Street in April, this building – which was Fenwick – caught my eye. A skeleton of past glory.’
Photograph: Koji Moriya
York, UK
‘Early morning light in the city.’
Photograph: Ian Parkinson
Market Closes for May 22nd, 2026
| Market Index |
Close | Change |
| Dow Jones |
50579.70 | +294.04 |
| +0.58% | ||
| S&P 500 | 7473.47 | +27.75 |
| +0.37% | ||
| NASDAQ | 26343.97 | +50.87 |
| +0.19% | ||
| TSX | 34471.36 | +61.88 |
| +0.18% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 63339.07 | +1654.93 |
| +2.68% | ||
| HANG SENG |
25606.03 | +219.51 |
| +0.86% | ||
| SEN SEX | 75415.35 | +231.99 |
| +0.31% | ||
| FTSE 100* | 10466.26 | +22.79 |
| +0.22% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.533 | 3.547 |
| CND. 30 Year Bond |
3.896 | 3.914 |
| U.S. 10 Year Bond |
4.5578 | 4.5696 |
| U.S. 30 Year Bond |
5.0641 | 5.0919 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7237 | 0.7260 |
| US $ |
1.3817 | 1.3775 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6235 | 1.6038 |
| US $ |
0.8615 | 1.1607 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4505.25 | 4482.85 |
| Oil | ||
| WTI Crude Future | 100.93 | 99.85 |
Market Commentary:
| On this day in 1973, the development of the internet accelerated as computer scientist Robert Metcalfe, working at Xerox’s Palo Alto Research Center, drafted a memo describing what he calls “The ETHER! Network,” or Ethernet. |
🍒Canada🍓
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.2%, or 61.88 to 34,471.36 in Toronto.
The index advanced to the highest closing level since March 2.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.0%.
BlackBerry Ltd. had the largest increase, rising 18.5%.
Today, 127 of 220 shares rose, while 89 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This month, the index rose 1.5%
* So far this week, the index rose 1.9%, 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 28% in the same period
* The S&P/TSX Composite is at its 52-week high and 34% above its low on May 23, 2025
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.6 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$5.43t
* 30-day price volatility fell to 12.49% compared with 12.61% in the previous session and the average of 14.18% over the past month
Index Points
Financials | 35.1133| 0.3| 11/12
Industrials | 16.9749| 0.5| 21/8
Energy | 15.4481| 0.2| 23/12
Information Technology | 10.9688| 0.5| 8/1
Utilities | 9.6932| 0.8| 14/0
Communication Services | 6.6393| 1.1| 5/0
Consumer Discretionary | 3.3713| 0.3| 6/3
Real Estate | 0.7783| 0.2| 11/8
Health Care | -0.4199| -0.5| 1/3
Consumer Staples | -3.5965| -0.3| 2/8
Materials | -33.1015| -0.5| 25/34
TD Bank | 18.1000| 1.0| -4.6| 19.6
Celestica | 16.2500| 4.1| -21.5| 25.1
RBC | 13.5100| 0.5| 7.0| 12.0
Barrick Mining | -7.8610| -1.2| -25.6| -6.0
CAE | -11.3800| -13.6| 558.5| -23.3
Shopify | -17.2600| -1.4| -31.9| -35.5
MT Newswires:
The Toronto Stock Exchange rose for a third-straight session on Friday but mfell short of closing at a fresh record high amid broad sector-based buying as investors continue to see strong market fundamentals, even as Rosenberg Research sees "potential trigger for weakness" in the index.
The S&P/TSX Composite Index closed up 61.87 points, or 0.2%, at 34,471.36, adding to the near 670 points gained over the prior two sessions.
But while it touched an early afternoon session high above 34,572, it didn’t manage to hold there and eventually slipped below an existing record close of 34,541.27 posted on March 2.
Among sectors, Info Tech was up 1.6%, Telecom up near 1.3% and Base Metals up near 1%, despite a lower gold price.
In contrast, Health Care was down near 0.5% and Energy eased 0.15%, despite modest gains for the oil price.
For this week’s Technical Analysis, Walter Murphy at Rosenberg Research shifted his focus to global equity markets, including Canada’s.
Murphy noted the Dow Jones Canada Stock Index was up 6.14% year to date at the end of last week.
This put it in 13th place among the 31 non-U.S. Dow Jones Indexes.
Over the same period, the TSX index gained 6.69%.
Murphy noted recent comments pointed out the TSX index has been probing Fibonacci resistance in the 33,851 area, the level where the rally from last April’s low is 1.618 times the earlier 2023-2025 uptrend.
"That is still the case, so it is taking on the role of key resistance," he added.
Murphy also noted last month’s comment noted the weekly Coppock Curve’s post-February downtrend had begun a bottoming process from above its neutral zero line that could continue into mid-May.
In the five weeks since then, the "bottoming process" has morphed into a flatline consolidation structure, Murphy said.
"That, plus the fact that it did not confirm February’s high, increases the potential that the indicator is becoming more susceptible to a breakdown than a breakout.
That would be a potential trigger for weakness in the TSX index," he added.
In the meantime, Murphy said, March’s 31,146 low remains key support.
A breakdown will complete a top formation, allowing for a deep test of 30,808-29,379, he added.
Murphy noted 33,581 is important Fibonacci resistance, and beyond that, his team would look to 35,842 for next resistance.
On the economic front, data released earlier Friday showed the retail sales ten has turned upward, at least for now.
National Bank noted an increase of 0.9% in March, three ticks above the consensus estimate and the prior provided advance estimate last month.
Also, Statistics Canada’s advance estimate for April suggested nominal retail sales rose 0.6% in the month.
"But once again, given the continued surge in gasoline prices that occurred in the month, this figure heavily reflects higher prices at the pump," National Bank said.
"As a result, in real terms, retail sales should register a second monthly contraction going into the second quarter.
Consumers also face a mortgage interest-payment shock and a fragile labour market, which could weigh on discretionary spending going forward," it added.
Still, in reflecting optimism around the outlook for the Canadian economy, RBC published a note today entitled ‘Canada’s GDP growth likely turned positive in Q1 after Q4 contraction’, a full week ahead of when the related data is slated for release.
Canada’s economy likely returned to growth in Q1 with gross domestic product bouncing back by an annualized 1.7% after declining 0.6% in Q4, supported by improving domestic growth drivers, RBC said.
Of commodities, gold prices had eased by midafternoon Friday, remaining rangebound as the dollar steadied.
Gold for June delivery was down US$19.30 to US$4,523.20 per ounce.
But West Texas Intermediate crude oil closed with a small gain on fading hopes for a quick peace deal between the United States and Iran.
WTI crude oil for July delivery closed up US$0.25 to settle at US$96.60 per barrel, while July Brent oil was up US$0.75 to US$103.33.
US
By Rita Nazareth
(Bloomberg) — Hopes for a deal between the US and Iran that will turn a fragile ceasefire into lasting peace fueled Wall Street optimism, driving stocks to their longest streak of weekly gains since 2023.
Following a roughly 18% surge from war-fueled lows, the S&P 500 posted an eighth straight week of gains.
Two-year yields hit the highest since February 2025 as Federal Reserve Governor Christopher Waller supports making clear the next rate move is just as likely to be a raise as a cut.
Money markets fully priced in a hike this year.
In a volatile session, US oil settled below $97.
Nearly three months into the conflict, Iran is considering the latest proposal submitted by the US.
Pakistan’s army chief, the favored interlocutor between Washington and Tehran, arrived in the Iranian capital.
US Secretary of State Marco Rubio said there’s been “slight progress” in negotiations.
Iran isn’t close to a deal with the US, and the Pakistan army chief’s meeting isn’t meant to show that’s near, the Islamic Republic News Agency reported, citing Iran’s Foreign Ministry Spokesman Esmail Baghaei.
The focus is on ending the war, he said.
So, the fact that equities climbed ahead of a three-day weekend in the US tells us quite a bit about traders’ attitudes toward risk, according to Steve Sosnick at Interactive Brokers.
“In a more risk-averse environment, we might expect traders to pare risk and square positions,” he said.
“Instead, they are quite willing to add to long positions, implying that they are unwilling to risk missing a peace-dividend rally.”
The US and Iran have been locked in a stalemate since agreeing to a ceasefire in April, with traders closely parsing the economic fallout of the conflict.
US consumer sentiment fell in May to a record low and long-term inflation expectations worsened notably due to the war.
Fed’s Waller said his current position is to be patient in holding rates until the war’s impact is clearer; while warning he wouldn’t rule out a future rate hike if inflation doesn’t start to slow soon.
“Waller’s latest remarks confirm the hawkish shift at the Fed,” said Krishna Guha at Evercore.
“At the same time though, his policy posture was not as hawkish as his tone, with Waller saying he is prepared to wait and see for now.”
President Donald Trump stressed he wants Kevin Warsh to independently lead the Fed, as he looked to downplay investor concern that he would pressure the new central bank chief on policy decisions.
Warsh was sworn into office Friday.
Corporate Highlights:
* Anthropic PBC is set to close its latest round of funding, which may top $30 billion at a valuation above $900 billion, as soon as next week, according to people familiar with the matter, vaulting ahead of rival OpenAI to become the world’s most valuable AI startup.
* Workday Inc., a maker of workplace management software, posted better-than-expected results in the first quarter, helping quell concerns that the company will be disrupted by artificial intelligence.
* Zoom Communications Inc. projected stronger-than-anticipated sales growth and said that customers are paying for its expanded suite of office products.
* Lenovo Group Ltd. reported strong growth in AI-related earnings that offset difficulties from rising component prices.
* Uber Technologies Inc. is exploring options for a full takeover of Delivery Hero SE, people familiar with the matter said, a move that would help it better compete with DoorDash Inc. outside the US.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.4%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World Index rose 0.5%
* Bloomberg Magnificent 7 Total Return Index fell 0.1%
* The Russell 2000 Index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.1% to $1.1605
* The British pound was little changed at $1.3441
* The Japanese yen fell 0.1% to 159.17 per dollar
Cryptocurrencies
* Bitcoin fell 2.3% to $75,840.63
* Ether fell 3.1% to $2,069.52
Bonds
* The yield on 10-year Treasuries declined one basis point to 4.56%
* Germany’s 10-year yield declined six basis points to 3.04%
* Britain’s 10-year yield declined seven basis points to 4.90%
* The yield on 2-year Treasuries advanced four basis points to 4.12%
* The yield on 30-year Treasuries declined three basis points to 5.06%
Commodities
* West Texas Intermediate crude rose 0.1% to $96.46 a barrel
* Spot gold fell 0.8% to $4,506.28 an ounce
Have a wonderful weekend everyone.
Be magnificent!
As ever,
Carolann
It is essential to understand that battles are primarily won in the hearts of men. Men respond to leadership in a most remarkable way and once you have won his heart,
he will follow you anywhere. -Vince Lombardi, 1913-1970.
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