Dear Friends,
Tangents:
May 6, 1889: The Paris Exposition opened, featuring the just-completed Eiffel Tower. Go to article.
May 6, 1954: Roger Bannister runs the first sub-4-minute mile, a psychological barrier-breaker that changes elite sport expectations.
1527: Sack of Rome.
1955: West Germany joins NATO.
Sigmund Freud, founder of Psychoanalysis, b. 1856.
Rabindranath Tagore, poet, b. 1861.
Orson Welles, actor/director, b. 1915.
George Clooney, actor, b. 1961.
Barack Obama’s goal for his library
Former President Barack Obama is expressing his hopes for what his presidential library in Chicago will achieve for his legacy, in an interview with Stephen Colbert.
Silicon Valley’s security check
Google, Microsoft and xAI will share unreleased versions of their AI models with the government ahead of launch to curb cybersecurity threats.
Lufthansa to hike ticket prices
Germany’s largest airline group warned it will increase ticket prices and cut flights to offset an expected $2 billion increase to its jet fuel bill this year.
This isn’t a tornado, it’s an ‘ash devil’
An ash devil was spotted in California earlier this month, but what are they and why do they form? Learn more and see the phenomenon in action.
The trouble with our times is that the future isn’t what it used to be. -Ambroise Paul Toussaint Jules Valery.
| ‘Food insecurity is no longer just about low-income countries’: Environmental economist explains how climate change is pushing agricultural systems to the brink |
As a U.N. report warns that extreme temperature swings are disrupting crops and endangering agricultural workers, we spoke with environmental economist Shouro Dasgupta about farming in an overheating world. Read more.
| Icy object beyond Pluto has an atmosphere that shouldn’t exist, study suggests |
Observations suggest there’s a small, icy object with an atmosphere beyond Pluto, challenging assumptions about which bodies can sustain atmospheres.Read more.
| ‘I was not looking for this’: Scientist accidentally finds shortcut to Mars that could slash travel time in half |
A new study suggests early asteroid trajectory data could help design faster Mars missions, potentially cutting round-trip travel time to under a year. Read more.
| Did Japan have female samurai? |
The samurai are renowned as skilled warriors, but were any of them women? Read more.
| Both very low and very high heart rates may be linked to higher stroke risk, study says |
Both unusually low and high resting heart rates may be linked to an increased stroke risk, though more research is needed to confirm a causal relationship. Read more.
PHOTOS OF THE DAY
Seoul, South Korea
A humanoid robot prays with Buddhist monks after an ordination ceremony ahead of the Buddha’s birthday later in the month, at Jogye temple
Photograph: Lee Jin-man/AP
San Salvador, El Salvador
People playing football on a rooftop pitch
Photograph: JosCabezas/Reuters
Changjia, China
A farmer weeding in a cotton field
Photograph: Xinhua/Shutterstock
Market Closes for May 6th, 2026
| Market Index |
Close | Change |
| Dow Jones |
49910.59 | +612.34 |
| +1.24% | ||
| S&P 500 | 7365.12 | +105.90 |
| +1.46% | ||
| NASDAQ | 25838.94 | +512.81 |
| +2.02% | ||
| TSX | 33981.82 | +414.91 |
| +1.24% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 59513.12 | +228.20 |
| +0.38% | ||
| HANG SENG |
26213.78 | +315.17 |
| +1.22% | ||
| SEN SEX | 77958.52 | +940.73 |
| +1.22% | ||
| FTSE 100* | 10438.66 | +219.55 |
| +2.15% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.512 | 3.608 |
| CND. 30 Year Bond |
3.886 | 3.964 |
| U.S. 10 Year Bond |
4.3489 | 4.4241 |
| U.S. 30 Year Bond |
4.9358 | 4.9876 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7333 | 0.7352 |
| US $ |
1.3635 | 1.3600 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6242 | 1.6020 |
| US $ |
0.8511 | 1.1748 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4576.80 | 4636.90 |
| Oil | ||
| WTI Crude Future | 95.08 | 102.27 |
Market Commentary:
On this day in 1929, just in time to lure investors into the worst stock decline in modern history, the Luxembourg Stock Exchange opened for trading. As a special favor to his subjects, the Grand Duke of Luxembourg granted members of the public a 20% stake in the exchange’s parent company
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.2% at 33,981.82 in Toronto.
The index advanced to the highest closing level since April 20 after the previous session’s decrease of 0.2%.
Today, materials stocks led the market higher, as 7 of 11 sectors gained; 137 of 220 shares rose, while 82 fell.
Agnico Eagle Mines Ltd. contributed the most to the index gain, increasing 6.6%.
Sprott Inc. had the largest increase, rising 19.8%.
Insights
* In the past year, the index had a similar or greater gain 14 times. The next day, it advanced nine times for an average 0.8% and declined five times for an average 0.9%
* The index advanced 36% in the past 52 weeks. The MSCI AC Americas Index gained 32% in the same period
* The S&P/TSX Composite is 1.6% below its 52-week high on March 2, 2026 and 36.7% above its low on May 6, 2025
* The S&P/TSX Composite is up 2% in the past 5 days and rose 2.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.3 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$5.31t
* 30-day price volatility fell to 14.37% compared with 14.47% in the previous session and the average of 16.85% over the past month
Index Points
Materials | 381.4926| 6.5| 56/4
Financials | 168.6207| 1.5| 14/10
Industrials | 42.2979| 1.2| 20/9
Communication Services| 5.5312| 0.9| 4/1
Real Estate | 5.2468| 1.1| 17/2
Consumer Discretionary| 4.1176| 0.4| 7/2
Health Care | 1.0830| 1.1| 2/2
Utilities | -4.5450| -0.4| 6/7
Consumer Staples | -19.7474| -1.8| 3/7
Information Technology| -31.1850| -1.3| 2/7
Energy | -138.0051| -2.2| 6/31
Agnico Eagle Mines Ltd | 56.2100| 6.6| 25.0| 11.4
Barrick Mining | 46.8100| 7.6| 77.9| -5.1
TD Bank | 45.6000| 2.7| 2.3| 14.5
Cenovus | -19.1500| -4.9| 42.9| 70.1
Canadian Natural Resources | -43.7300| -4.6| -36.4| 33.9
Suncor | -59.5000| -7.5| 72.3| 44.3
MT Newswires:
The Toronto Stock Exchange closed higher for only the second session in the last nine on Wednesday as National Bank noted markets are rejoicing over news the United States and Iran are nearing a peace deal, and said even though G7 yields may remain high, the overall economic environment "favours Canada as a relative outperformer" given the nation’s inflationary and fiscal standings.
The S&P/TSX Composite Index closed up 414.91 points, or 1.2%, to 33,981.82with most sectors higher, led by Base Metals, up by more than 6%, as gold gained on the possibility of an easing in Middle East tensions.
Energy was the biggest loser, down 5%, with oil prices going the opposite direction to gold on the U.S. and Iran news.
National Bank noted markets rejoiced this morning over news the U.S. and Iran are nearing a peace deal.
But even with today’s bond market rally, advanced economy yields remain considerably higher than they were before the Iran conflict began, the bank said.
In fact, it added, the average G7 10- and 30-year borrowing cost ended April at 17-year highs and Canada remains within a few basis points of these levels today.
Even if the combatants reach a permanent de-escalation, the risk that the long end remains high is very real, National Bank said.
Certain members of the group, notably the U.S. and U.K, were already contending with overly high price pressures before a single missile was launched.
Several members have been overly generous in their spending by subsidizing energy (or cutting taxes), despite the fragility of their public finances, the bank noted.
"The lack of fiscal discipline combined with a high level of geopolitical risk will continue to put upward pressures on term premiums going forward," National Bank added.
On the foreign-exchange side, National Bank said markets are increasingly treating the long-term yield moves as risk premiums rather than return premiums.
For the U.S. dollar (USD), safe-haven flows are reversing, and the broad USD is now nearly back to where it was before the conflict, leaving it still down 7% from when President Trump first took office.
In Japan, higher yields are undermining, rather than restoring, yen support, the bank noted.
"While G7 yields may remain high, this environment favours Canada as a relative outperformer given that inflation was much better contained and fiscal policy is on a more sustainable trajectory.
We expect some near-term softness through Q2 but look for the currency to strengthen into the second half of the year," National Bank added.
Of commodities, West Texas Intermediate crude oil plunged 7% on Wednesday following reports the U.S. and Iran are close to an agreement to end their war, offering up the possibility the Strait of Hormuz could soon reopen.
WTI crude oil for June delivery closed down US$7.19 to settle at US$95.08 per barrel after touching US$88.66 in Asia trade, while July Brent oil was down US$9.13 to US$100.74.
But gold was higher by midafternoon Wednesday as the U.S. dollar and yields were sharply lower on reports of an Iran peace deal, while U.S. private-sector hiring surged last month.
Gold for June delivery was last seen up $138.50 to US$4,707.00 per ounce.
US
By Rita Nazareth
(Bloomberg) — Stocks climbed around the world, joining gains in bonds as oil retreated on hopes the US and Iran are nearing a deal to end a war that has jolted markets and clouded the economic outlook.
Stronger risk appetite drove equities to record highs, lifting the S&P 500 by 1.5%.
Solid corporate earnings also buoyed sentiment, with Advanced Micro Devices Inc. leading a rally in chipmakers. US crude settled around $95, easing inflation concerns.
Gold jumped.
Treasury yields slipped as bets on Federal Reserve rate hikes receded.
The dollar fell to pre- war levels.
The US and Iran were circling around a fresh proposal to end a nearly 10-week conflict.
Washington presented a memorandum of understanding that would gradually reopen the Strait of Hormuz and lift the blockade on ports, according to a person familiar with the matter.
“Iran cannot have a nuclear weapon, and they won’t, and they’ve agreed to that, among other things,” President Donald Trump told reporters at the White House.
“We’ve had very good talks,” he said, “and it’s very possible that we’ll make a deal.”
Trump said the war has “a very good chance of ending” and there’s a possibility that happens before his trip to Beijing next week, according to an interview with PBS News Hour.
China’s top diplomat called for the swift reopening of Hormuz in a meeting with his Iranian counterpart.
“We remain on the path towards de-escalation, and towards an end to the conflict,” said Michael Brown at Pepperstone.
“While that path is clearly a rough one, so long as we remain on it, and the direction of travel remains a more optimistic one, then risk appetite should remain underpinned.”
Iran has laid out an updated process for ships seeking to transit Hormuz, but several shipowners said they remained cautious about sending their vessels through the waterway.
The Islamic Revolutionary Guard Corps said “safe, stable passage” will be possible with “new protocols in place.”
Investors also parsed the latest economic data ahead of Friday’s jobs report. US companies boosted payrolls in April by the most in over a year, the latest evidence of stabilization in the labor market.
Fed Bank of St. Louis President Alberto Musalem said there’s uncertainty over the future path for the economy and monetary policy, but he sees risks rising more for inflation than for employment.
His Chicago counterpart Austan Goolsbee warned against reflexively lowering rates in response to faster productivity growth, as the phenomenon can sometimes drive-up prices.
Meantime, the Treasury signaled it’s comfortable issuing the shortest-dated debt to meet escalating government borrowing needs.
It anticipates keeping nominal note and bond sale sizes unchanged “for at least the next several quarters.”
Corporate Highlights:
* Nvidia Corp. bought $500 million worth of rights for shares in the fiber-optic cable maker Corning Inc. as part of a broader partnership between the two companies aimed at expanding artificial-intelligence infrastructure.
* Anthropic PBC has signed an agreement with Elon Musk’s SpaceX to bolster computing resources and meet surging demand for its Claude AI software.
* Arm Holdings Plc disappointed investors with its sales forecast for the current quarter, signaling that the chip designer’s push into AI infrastructure is still in the early stages.
* Eli Lilly & Co.’s blockbuster diabetes drug Mounjaro has surpassed Merck & Co.’s cancer therapy Keytruda as the world’s best-selling medication.
* Walt Disney Co. posted stronger results than Wall Street expected thanks to improved profitability at its streaming business, new Avatar and Zootopia movies, and guests spending more at the company’s resorts and on cruises.
What Bloomberg strategists say…
“A positive feedback loop fueled by AI earnings optimism and falling volatility will reinforce flows to sustain the S&P 500 rally.
If geopolitical worries ebb further, support is likely to shift from single-stock acceleration to volatility compression.”
—Michael Ball, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.1%
* The Dow Jones Industrial Average rose 1.2%
* The MSCI World Index rose 1.6%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.5% to $1.1748
* The British pound rose 0.4% to $1.3592
* The Japanese yen rose 1% to 156.38 per dollar
Cryptocurrencies
* Bitcoin fell 0.1% to $81,539.7
* Ether fell 1.2% to $2,352.35
Bonds
* The yield on 10-year Treasuries declined seven basis points to 4.35%
* Germany’s 10-year yield declined six basis points to 3.00%
* Britain’s 10-year yield declined 12 basis points to 4.94%
Commodities
* West Texas Intermediate crude fell 6.9% to $95.17 a barrel
* Spot gold rose 3% to $4,694.57 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
The whole problem with the world is that fools and fanatics are always so certain of themselves, and wiser people so full of doubts. –Bertrand Russell, 1872-1970.
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
.