Dear Friends,
Tangents: Happy Friday Eve.
May 28, 1936: Alan Turing submits "On Computable Numbers" for publication, in which he sets out the theoretical basis for modern computers. Go to article.
May 28, 1892: Sierra Club founded.
Ian Fleming, writer, b. 1908.
Rudolph Giuliani, former NYC mayor, b. 1944.
| ‘Poised to disintegrate’: Antarctica’s ‘Doomsday Glacier’ is set to lose its ice shelf this year |
West Antarctica’s "Doomsday Glacier" is on the brink of losing its ice shelf, further compromising the already melting ice mass and threatening to unleash devastating sea-level rises. Read more.
| ‘Doomsday Glacier’: An Antarctic researcher explains what it means for global sea levels |
We speak to marine geophysicist Robert Larter about what losing its eastern ice shelf means for the Thwaites Glacier, one of the largest glaciers in the world. Read more.
| 1,200-year-old gold hoard discovered in Saudi Arabia may have been buried by a medieval pilgrim |
Archaeologists have unearthed a 1,200-year-old hoard of gold, silver and gemstones that was buried along a medieval pilgrimage route in Saudi Arabia. Read more.
| The Romans and Vikings left few genetic traces of their occupations of Britain, research suggests |
Despite their occupations of Britain, the Romans and Vikings didn’t leave much of a genetic mark on Britons. The Anglo-Saxons, though, were a different story. Read more.
| NASA administrator hails ‘Golden Age’ of lunar exploration as Moon Base plans unveiled |
The space agency described the moon base as a sprawling city-like lunar outpost stretching over hundreds of square miles. Read more.
| ‘The sun would all but disappear, and the moon would always look full’: A radio astronomer shares her mind-bending view of the universe |
Radio astronomer Emma Chapman explains why the radio view of the universe is so crucial to space exploration, astronomy, and the search for extraterrestrial intelligence. Read more.
To reach a port, we must sail. Sail, not tie at anchor. Sail, not drift. -Franklin Delano Roosevelt.
King Arthur manuscript goes on sale
A rare medieval manuscript featuring early tales of King Arthur and Merlin, which has been in private hands for about 700 years, is heading to auction with an eye-popping price tag.
Kate Moss’ infamous ‘party era’ photo has been misconstrued for years
This image of Kate Moss on her 33rd birthday became an emblem of the supermodel’s "party era." Photographer Greg Brennan wants to set the record straight.
Video: The French Open has a dirty secret
There are few images in tennis more iconic than the red clay of Roland Garros. But it turns out the courts are barely made of clay at all.
What it’s like to be brainwashed by a cult leader
Three siblings grew up in a cult run by Tony Alamo, a notorious false prophet. Then an FBI raid thrust them into the real world, where rebuilding their lives from scratch proved to be enormously difficult.
PHOTOS OF THE DAY
Windsor, United Kingdom
The newly renamed and redesigned Venus Garden at Windsor Castle in Berkshire. First used as a garden in the 1820s during the reign of George IV, this new design is inspired by the petal-shaped orbit of Earth’s closest planetary neighbour
Photograph: Royal Collection
Cambridge, UK
People on a punt tour past Clare College and King’s College Chapel on the River Cam after days of record-breaking heat
Photograph: Joe Giddens/PA
Tokyo, Japan
The bipedal robot Mini Pi, made by the Chinese startup High Torque Technology, is surrounded by visitors during the Humanoids Summit. The annual technology conference is centred on advancing humanoid robotics
Photograph: Franck Robichon/EPA
Market Closes for May 28th, 2026
| Market Index |
Close | Change |
| Dow Jones |
50668.97 | +24.69 |
| +0.05% | ||
| S&P 500 | 7563.63 | +43.27 |
| +0.58% | ||
| NASDAQ | 26917.47 | +242.74 |
| +0.91% | ||
| TSX | 34517.70 | +105.65
+0.31% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 64693.12 | -306.29 |
| -0.47% | ||
| HANG SENG |
25006.16 | -322.07 |
| -1.27% | ||
| SEN SEX | 75867.80 | -141.90 |
| -0.19% | ||
| FTSE 100* | 10425.96 | -79.05 |
| -0.75% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.436 | 3.466 |
| CND. 30 Year Bond |
3.796 | 3.827 |
| U.S. 10 Year Bond |
4.4473 | 4.4827 |
| U.S. 30 Year Bond |
4.9726 | 5.0110 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7255 | 0.7227 |
| US $ |
1.3783 | 1.3836 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6226 | 1.6059 |
| US $ |
0.8582 | 1.1652 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4426.00 | 4515.50 |
| Oil | ||
| WTI Crude Future | 88.90 | 88.68 |
Market Commentary:
On this day in 1962, in the wake of President John F. Kennedy’s possibly apocryphal remark that “my father always told me that all businessmen were sons-of-bitches,” the Dow Jones Industrial Average suffered its worst one-day point drop since the Crash of 1929. The index fell by 5.7%.
🍒Canada🍓
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3% at 34,517.70 in Toronto.
The move follows the previous session’s decrease of 0.7%.
Shopify Inc. contributed the most to the index gain, increasing 7.4%.
Curaleaf Holdings Inc. had the largest increase, rising 11.4%.
Today, 139 of 220 shares rose, while 76 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* This month, the index rose 1.6%
* So far this week, the index was little changed
* The index advanced 31% in the past 52 weeks. The MSCI AC Americas Index gained 28% in the same period
* The S&P/TSX Composite is 0.9% below its 52-week high on May 25, 2026 and 32.6% above its low on May 30, 2025
* The S&P/TSX Composite is up 0.3% in the past 5 days and rose 2.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.4 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 12.93% compared with 12.95% in the previous session and the average of 13.45% over the past month
Index Points
Materials | 118.6628| 1.9| 52/8
Information Technology | 105.0295| 4.5| 8/1
Consumer Discretionary | 6.3093| 0.6| 5/4
Industrials | 2.9229| 0.1| 17/10
Communication Services | 2.0867| 0.3| 4/1
Real Estate | 1.5007| 0.3| 10/6
Health Care | 0.2689| 0.3| 2/2
Consumer Staples | -0.9777| -0.1| 5/5
Utilities | -4.4896| -0.4| 5/9
Energy | -31.2331| -0.5| 18/19
Financials | -94.4262| -0.8| 13/11
Shopify | 93.9300| 7.4| 50.4| -28.3
Constellation Software | 14.7000| 4.0| -18.2| -16.6
TD Bank | 12.3400| 0.7| 33.5| 20.7
Scotiabank | -12.9500| -1.3| 56.9| 8.7
Enbridge | -17.7200| -1.5| -32.4| 16.6
CIBC | -55.8100| -5.4| 167.2| 21.3
MT Newswires:
The Toronto Stock Exchange closed higher on Thursday, its first winning session since Monday’s record close, with the resource-heavy index buoyed by improved commodity prices, a continuing belief among investors that equity market fundamentals are strong, bullish comments from Canada Prime Minister Mark Carney in New York and cautious positivity on the economy from the Bank of Canada.
The S&P/TSX Composite Index closed up 105.65, or 0.3%, to 34,517.70, having lost more than 400 points over the prior two days. Sectors were mixed, with Info Tech up near 2.6% and Base Metals up 2.3%, helped by a higher gold price.
In contrast the Battery Metals Index was down 1.15%, Energy eased near 0.5% despite a modest rise in the oil price, and Financial lost 0.8% even as The Canadian Press reported the ‘Big Six’ banks see reasons for optimism while navigating a ‘period of volatility’.
Sluggish trade negotiations between Canada and the United States are finally showing faint signs of life as a milestone looms for renewal of their three-way trade deal with Mexico, CBC News reported on Thursday.
The minister responsible for Canada-U.S. trade, Dominic LeBlanc, is planning to travel to Washington, D.C., for trade talks, although his spokespeople haven’t confirmed a date, the report noted.
Although the Canada-U.S.-Mexico Agreement (CUSMA) is due for its first-ever joint review on July 1, LeBlanc has held just one day of in-person talks over the past seven months with his Trump administration counterpart, U.S. Trade Representative Jamieson Greer, he also noted.
That report came out as Prime Minister Mark Carney prepared to pitch Canada as an investment hub at New York’s Economic Club at lunchtime today.
Employing U.S. President Donald Trump’s marquee slogan, PM Carney told a New York City business crowd "Canada strong will help make America great again", reported CTV News. It noted the P.M. detailed his economic diversification strategy, and his plans to recalibrate Canada’s relationships and reputation.
"We’re focused on what we can control, and that means weaving a dense web of international partnerships abroad.
That’s making us a much stronger, more resilient, more independent country," Carney told the business crowd.
Meanwhile, the Bank of Canada on Thursday said Canada’s financial system has functioned well through a challenging year as households and businesses remain in stable financial condition, and banks have strengthened their capacity to absorb shocks.
However, vulnerabilities have increased in some parts of the system, noted the central bank in its annual Financial Stability Report (FSR).
Stock and corporate debt valuations have risen and are high relative to historical norms, the central bank said, adding this makes markets more vulnerable to a sharp correction.
The Canadian Press is reporting that Canada’s major banks say they’re cautiously optimistic as their latest earnings beat expectations, with executives confident they’re well equipped to handle potential risks in the Canadian economy.
The Big Six grew their profits in the second quarter compared with the same three-month period a year ago, while also posting results above analysts’ forecasts, the report noted.
Five of those; Toronto-Dominion Bank (TD.TO), Royal Bank of Canada (RY.TO), Bank of Nova Scotia (BNS.TO), Bank of Montreal (BMO.TO) and National Bank of Canada (NA.TO) each hiked their quarterly dividend, it also noted.
And while executives expressed confidence in their ability to withstand economic challenges ahead, they also acknowledged macroeconomic concerns that could shift their outlooks, according to the report.
Those include the U.S.-Iran war that continues to drag on, pushing international oil prices and inflation higher.
High unemployment in Canada and ongoing uncertainty over trade with the United States also cloud the outlook, they said.
Of commodities, West Texas Intermediate crude oil closed with a small gain but fell off early highs following reports the U.S. and Iran agreed to extend their ceasefire even as they earlier traded strikes.
WTI crude oil for July delivery closed up US$0.22 to settle at $US$88.90 per barrel after earlier touching US$92.52.
July Brent oil was down US$0.64 to US$93.65.
Gold was higher midafternoon Thursday, rising off its early lows as the dollar and yields fell after reports the United States and Iran have agreed to extend a ceasefire for 60 days, lowering oil prices and easing inflation worries even a key U.S. inflation measure rose in April.
Gold for July delivery was up US$52.50 to US$4,4,534.00 per ounce, after earlier touching US$4,395.60.
US
By Rita Nazareth
(Bloomberg) — Wall Street traders sent stocks to all-time highs, bonds rose while a rally in oil waned amid speculation about a diplomatic breakthrough in the three-month war that has rattled markets around the world.
Equities rebounded on news reports the US and Iran have reached a tentative deal to extend a ceasefire by 60 days and launch further talks on Tehran’s nuclear program.
The S&P 500 notched a six-day winning streak.
Brent crude settled below $94 a barrel. Treasury yields dropped across the curve.
The dollar fell against all developed-world currencies.
Hopes for a truce renewal overshadowed worries about recent clashes in the Persian Gulf that highlighted the challenge of forging a peace deal that would restore energy flows.
The effective closure of the Strait of Hormuz since the start of the war has disrupted oil supplies, boosting fuel prices and inflation.
“Markets continue to get whipsawed by swings in Iran war sentiment,” said Elias Haddad at Brown Brothers Harriman & Co.
“Regardless, risk-on sentiment should remain supported because both sides are still talking to work out a deal that would ultimately reopen the Strait of Hormuz.”
When pressed if an interim deal has been clinched, Treasury Secretary Scott Bessent would only say “the teams have been going back and forth.”
He insisted President Donald Trump’s three “red lines” — reopening Hormuz, Iran turning over highly enriched uranium and ending its nuclear program — remain necessary for any pact.
Investors may be underestimating the chances of a “timely” reopening of Hormuz triggering a broad relief rally across financial markets, according to Citadel Securities’ Frank Flight.
Iran’s internet connectivity has recovered to roughly 86% of pre-conflict levels after a blackout, suggesting Tehran expects the conflict to wind down soon, he wrote, citing data from NetBlocks.
Public appearances by senior military officials also indicate that Iranian leaders believe the risk of near-term escalation has diminished.
“Even if it is only a 60-day agreement to allow a resumption of traffic in the Strait, there should be a relief rally, as serious supply dislocations are approaching rapidly,” said veteran strategist Louis Navellier.
Higher energy costs have fueled price pressures, raising concerns the Federal Reserve would be forced to boost rates.
US consumer spending edged up in April, with annual inflation accelerating to the highest since 2023.
Meantime, the economy expanded in the first quarter at a 1.6% annualized pace, slower than previously estimated.
“The economy is still expanding, but hotter inflation limits the Fed’s flexibility and pushes rate cuts further out,” said Gina Bolvin at Bolvin Wealth Management Group.
“This is a more difficult environment for investors because the growth story is cooling just as inflation is heating back up.”
Corporate Highlights:
* Anthropic PBC raised $65 billion in a funding round that valued the artificial intelligence company at $965 billion including the new investment, eclipsing rival OpenAI’s value for the first time.
* Dell Technologies Inc. gave an outlook for annual sales that far surpassed analysts’ estimates, fueled by demand for servers that power AI work.
* Snowflake Inc. soared on a stronger-than-expected outlook and a $6 billion multiyear agreement to use Amazon.com Inc.’s cloud services and chips.
* Retailers Kohl’s Corp., Best Buy Co. and Dollar Tree Inc. rallied on optimism that shoppers are still spending when they see what they want at the right price.
* Real estate mogul Tilman Fertitta’s years-long quest to buy Caesars Entertainment Inc. is finally paying off: His firm struck a $5.7 billion, all-cash deal for the Las Vegas company that will add some 52 casinos in the US to his entertainment empire.
* Union Pacific Corp. and Norfolk Southern Corp. sank after a key regulator paused its review of their planned $72 billion merger, potentially delaying what would be the biggest rail deal ever.
What Bloomberg Strategists say…
“Cooler-than-expected inflation data reinforces a pullback in discretionary spending that will be hard for stocks to ignore forever.”
—Tatiana Darie, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.1648
* The British pound rose 0.1% to $1.3442
* The Japanese yen rose 0.2% to 159.24 per dollar
Cryptocurrencies
* Bitcoin fell 2.5% to $73,240.71
* Ether fell 2.6% to $2,007.23
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.45%
* Germany’s 10-year yield declined three basis points to 2.96%
* Britain’s 10-year yield declined four basis points to 4.81%
Commodities
* West Texas Intermediate crude rose 0.9% to $89.46 a barrel
* Spot gold rose 1% to $4,496.59 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
On the plains of hesitation lie the blackened bones of countless millions who at the dawn of victory
lay down to rest, and in resting died. -Adlai Stevenson, 1900-1965.
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