Dear Friends,
Tangents: Happy Friday Eve.
May 7, 1945: Nazi Germany surrenders unconditionally, ending WWII. According to estimates, between 40 and 71 million people died in the war and the Holocaust initiate by Adolf Hitler’s regime.
May 7, 2000: President Vladimir Putin took the oath of office in Russia’s first democratic transfer of power. Go to article.
1824: Premiere of Beethoven’s Ninth Symphony.
1955: West European Union formed.
Pyotr Tchaikovsky, composer, b. 1840.
Eva Peron, Argentina’s “Evita”, b. 1919
| Quantum battery charges in a quadrillionth of a second with a laser — larger prototypes could last for years after charging for just a minute |
Quantum batteries can be charged remotely and could allow for far better energy density than conventional batteries used in devices today. Read more.
| The night sky could get three times brighter as new satellites launch — all but ruining the Vera C. Rubin Observatory’s survey of the universe |
Extremely bright satellites and mega constellations could make the night sky up to three times brighter than it is now, a new study warns. This would seriously hinder astronomical imaging devices, like the enormous camera at the Vera C. Rubin Observatory. Read more.
| New water battery could last until the 24th century — and it can be safely discarded in the environment |
With no toxic elements to dispose of, the new aqueous battery design could dramatically improve the safety and longevity of battery energy-storage systems. Read more.
| The brain’s memory center doesn’t start as a blank slate, study suggests |
Early in life, neural networks in the brain’s memory center are highly connected, and they are only later refined into precise systems, a mouse study finds. Read more.
Sometimes people don’t want to hear the truth because they don’t want their illusions destroyed. -Friedrich Wilhelm Nietzche.
Champions League Final: Paris Saint-Germain vs. Arsenal
PSG will have to go through Arsenal on May 30 in Budapest to repeat as champions in what will likely be a testy final.
Video: United plane collides with truck
A United Airlines flight recently struck a moving truck before landing safely at Newark Liberty International Airport. See a new angle of the collision.
NYC tax fight
New York City Mayor Zohran Mamdani’s plan to tax wealthy residents’ second homes has elicited a highly emotional response from two of the city’s richest.
LA mayor race goes viral with AI video
A viral AI-generated video that has racked up millions of views is giving new momentum to a social media influencer now seeking political office.
PHOTOS OF THE DAY
Ban Ho, Vietnam
A farmer from the Red Dao ethnic group prepares his terraced paddies before planting rice in the village near Sapa.
Photograph: Kevin Frayer/Getty Images
Hengyang, China
A heron frolics in mountain forest in Hunan Province
Photograph: VCG/Getty Images
Tapovan region, India
The first golden rays of dawn illuminate the peak of Mount Shivling, near the Gangotri Glacier of the Garhwal Himalaya range in the state of Uttarakhand
Photograph: Satish Sharma/AP
Market Closes for May 7th, 2026
| Market Index |
Close | Change |
| Dow Jones |
49596.97 | -313.62 |
| -0.63% | ||
| S&P 500 | 7337.11 | -28.01 |
| -0.38% | ||
| NASDAQ | 25806.20 | -32.74 |
| -0.13% | ||
| TSX | 33856.62 | -125.20 |
| -0.37% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 62833.84 | +3320.72 |
| +5.58% | ||
| HANG SENG |
26626.28 | +412.50 |
| +1.57% | ||
| SEN SEX | 77844.52 | -114.00 |
| -0.15% | ||
| FTSE 100* | 10276.95 | -161.71 |
| -1.55% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.524 | 3.512 |
| CND. 30 Year Bond |
3.894 | 3.886 |
| U.S. 10 Year Bond |
4.3861 | 4.3489 |
| U.S. 30 Year Bond |
4.9606 | 4.9358 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7319 | 0.7333 |
| US $ |
1.3663 | 1.3635 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6240 | 1.6023 |
| US $ |
0.8527 | 1.1727 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4706.90 | 4576.80 |
| Oil | ||
| WTI Crude Future | 94.81 | 95.08 |
Market Commentary:
| On this day in 1825, one of the earliest buying frenzies for an American IPO was reported. As the Bank of Southwark went public in Philadelphia, investors hired muscular goons to sign their names into the subscription books conferring the right to buy shares. |
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.4% at 33,856.62 in Toronto.
The move follows the previous session’s increase of 1.2%.
Celestica Inc. contributed the most to the index decline, decreasing 7.0%.
Nutrien Ltd. had the largest drop, falling 7.5%.
Today, 116 of 220 shares fell, while 100 rose; 7 of 11 sectors were lower, led by energy stocks.
Insights
* So far this week, the index was little changed
* The index advanced 35% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The S&P/TSX Composite is 2% below its 52-week high on March 2, 2026, and 35.6% above its low on May 7, 2025
* The S&P/TSX Composite is down 0.3% in the past 5 days and rose 1.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.2 on a trailing basis and 16.4 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$5.37t
* 30-day price volatility fell to 13.48% compared with 14.37% in the previous session and the average of 16.63% over the past month
Index Points
Energy | -74.1580| -1.2| 12/24
Materials | -50.6412| -0.8| 26/34
Financials | -49.9869| -0.4| 12/12
Industrials | -31.4291| -0.9| 9/20
Consumer Discretionary | -1.0083| -0.1| 4/5
Health Care | -0.7042| -0.7| 2/2
Utilities | -0.2194| 0.0| 6/7
Consumer Staples | 2.9233| 0.3| 8/2
Real Estate | 3.8378| 0.8| 9/9
Communication Services | 3.9358| 0.6| 4/0
Information Technology | 72.2614| 3.1| 8/1
Celestica | -31.9800| -7.0| 11.3| 29.2
Nutrien | -25.3500| -7.5| 58.4| 10.1
Cameco | -20.1000| -3.9| 33.7| 29.0
Restaurant Brands | 7.0090| 2.8| 60.4| 15.3
Constellation Software | 23.0600| 6.9| -15.7| -22.3
Shopify | 71.2600| 5.8| 47.9| -31.0
MT Newswires:
The Toronto Stock Exchange was back in negative territory Thursday with both the Base Metals and Energy sectors lower, and amid reports Iran is still reviewing a peace proposal put forward by the United States, while the two nations wrestle over talks to end the war.
The S&P/TSX Composite Index closed down 125.2 points to 33,856.62, as Base Metals, down 1.7%, and Energy, down 1.4%, led decliners.
In contrast, the Battery Metals Index led gainers, rising 7.8%.
Reflecting the overall negative tone to the market, the financial sector lost 0.4% even as Rosenberg Research published a note entitled ‘Canadian Banks:
Quality at a Premium Price’ in which it said secular market themes continue to support Canadian banks’ premium valuations, as the sector benefits from rising global interest in non-U.S.-dollar, commodity-based economies.
Key takeaways from the note written by Mehmet Beceren, Senior Markets Strategist at Rosenberg, include the idea that Canadian banks are benefiting from more than bank fundamentals.
As heavyweights in the Canadian equity index, the Big Six are getting a side benefit from global flows into Canada as investors seek exposure to hard assets, commodities, oil, gold, and non-U.S.-dollar markets, Beceren said.
Another takeaway is that the quality premium is defensible.
"Valuations are not cheap relative to history, but high profitability and supportive thematic tailwinds justify higher multiples in a market that continues to re-rate quality earnings," Beceren added.
Of commodities, West Texas Intermediate crude oil fell for a third-straight session but rose off the day’s low on uncertain prospects for a potential peace deal between the United States and Iran.
WTI crude oil for June delivery closed down $0.27 to settle at US$94.81 per barrel, after earlier touching US$89.85.
July Brent oil was down $0.67 to US$100.60
Gold had risen for a third-straight session by midafternoon Thursday on optimism a deal to end the war on Iran may be near, cutting into oil prices and pushing the dollar lower amid easing fears the supply shock around the war would boost inflation and force higher interest rates.
Gold for June delivery was up $20.60 to US$4,714.00 per ounce, after rising by US$125,80 on Wednesday.
US
By Rita Nazareth
(Bloomberg) — A rally that drove stocks to record highs faltered and oil whipsawed as doubts resurfaced about an imminent US-Iran deal that would revive energy flows through the key Strait of Hormuz.
Following its biggest advance in a month, the S&P 500 fell.
US crude settled near $95 after briefly dropping below $90.
Prices climbed in late hours on a news report that sounds of several explosions were heard near a port city in southern Iran.
Separately, the nation’s state TV said the US military attacked an Iranian oil tanker and was hit back by missiles.
The US is looking to restart the initiative to guide stranded ships though Hormuz that it had paused earlier this week, the Wall Street Journal reported.
The plan — which President Donald Trump dubbed “Project Freedom” — had resulted in clashes with Iran and missiles fired at the United Arab Emirates.
Washington is waiting on Tehran to respond to its proposal to reopen the strait, with tensions still high in both the Persian Gulf and in Lebanon.
An Iranian official said the nation wouldn’t allow a reopening with “an unrealistic plan,” the Wall Street Journal reported, citing Press TV.
A US intelligence analysis concluded Iran can survive the naval blockade for at least three to four months before facing more severe hardship, according to the Washington Post.
Tehran has laid out a set of new rules for vessels seeking to transit Hormuz, according to a document seen by CNN.
Oil will continue to fluctuate wildly until it’s clear whether there’ll be a deal to end the war, according to Citigroup Inc.’s Max Layton.
“In that environment where you basically don’t know if there’s going to be a deal or not — very difficult to predict with this new leadership in Iran — you know you’re going to be subject to news and you’re going to be moving around like crazy,” Layton told Bloomberg Television.
Wall Street’s optimism around a resolution of the war had recently buoyed investor sentiment, which was also bolstered by solid corporate earnings and signs of economic resilience.
“Markets continue to be underpinned by strong and accelerating corporate earnings and resilient economic fundamentals, even as investors navigate ongoing geopolitical uncertainty,” said Mona Mahajan at Edward Jones.
On the economic front, initial jobless claims rebounded slightly after falling in the previous week to near the lowest levels in decades, signaling layoffs remain muted.
Friday’s jobs reading is expected to show the first back-to-back monthly increases in payrolls in almost a year.
Corporate Highlights:
* Arm Holdings Plc sank as a slowdown in the smartphone industry took a toll on the chip firm’s royalty revenue, overshadowing growth in the AI data-center market.
* Datadog Inc. surged after the software developer raised its full-year outlook for sales and earnings, far exceeding Wall Street’s expectations.
* Peloton Interactive Inc. raised its outlook for the full year, suggesting that a turnaround fueled by new commercial offerings and upgraded equipment is on track.
* Planet Fitness Inc. cut its full-year revenue outlook, citingweaker-than-expected member sign-ups during the typically busy New Year period.
* Shake Shack Inc. plunged as first-quarter revenue missed expectations due to pressures including rising beef costs and inclement weather.
“Both 30-year bonds and the S&P 500 have seen their sensitivity to oil prices grow the longer the Hormuz impasse lingers. Without a deal, everything is taking a hit again, at least until the next time reports of progress appear.”
—Edward Harrison, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.1%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World Index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro was little changed at $1.1740
* The British pound fell 0.2% to $1.3570
* The Japanese yen fell 0.3% to 156.81 per dollar
Cryptocurrencies
* Bitcoin fell 1.5% to $80,238.98
* Ether fell 2.2% to $2,298.33
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.38%
* Germany’s 10-year yield was little changed at 3.00%
* Britain’s 10-year yield was little changed at 4.95%
Commodities
* West Texas Intermediate crude rose 0.4% to $95.47 a barrel
* Spot gold rose 0.5% to $4,713.76 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
What matters in life is what not happens to you but what you remember and how you remember it. -Gabriel Garc Mquez, 1927-2014.
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