Dear Friends,
Tangents: Happy Friday Eve. Yom Kippur. Millions of people around the world today are observing Yom Kippur, the most sacred holiday in the Jewish faith. It is traditionally marked by fasting, repentance and prayer, as worshippers seek atonement and spiritual renewal.
October 2, 1608: Johannes Lippershey demonstrates the first optical telescope (filed patent application) – prototype for all modern telescopes, transforming how we see the cosmos.
October 2, 1959: “The Twilight Zone” debuted on CBS. Go to article.
1950: Peanuts comic strip debuts.
1968: Redwood National Park established.
Mahatma Gandhi, Indian leader, b. 1869.
Groucho Marx, comedian, b. 1890.
Graham Greene, writer, b. 1904.
Sting, musician, b. 1951.
Jane Goodall, famed primatologist who discovered chimpanzee tool use, dies at 91
Dame Jane Goodall, the world’s preeminent chimpanzee expert, died of natural causes. Read More.
| Yosemite’s glaciers have survived 20,000 years — but we could be the first people to see Sierra Nevada ice-free |
New research finds the disappearance of glaciers in the Sierra Nevada will be unprecedented in the human history of North America. Read More.
| A ‘Great Wave’ is rippling through our galaxy, pushing thousands of stars out of place |
A giant ‘wave’ is rippling through the Milky Way, pushing thousands of stars across the galaxy, and scientists don’t know what triggered it. Read More.
| Scientists created human egg cells from skin cells — then used them to make embryos |
In a proof-of-concept experiment, scientists demonstrated that you can create and fertilize human eggs in the lab using sperm, genes from skin cells, and the “shells” of existing egg cells. Read More.
| ‘Midnight’ eVTOL smashes its own record in latest test flight — bringing us closer to operational flying taxis |
Archer Aviation’s Midnight eVTOL can now cruise at altitudes of 7,000 feet at speeds of 120 miles per hour. Read More.
Jimmy Kimmel saga
Jimmy Kimmel explains how he learned he was being yanked off the air — and thought he’d never return.
Meta will soon use your conversations with its AI chatbot to sell you stuff
The tech company wants to turn your small talk into big sales.
AI is not yet replacing workers in the US, researchers find
Good news: the bots aren’t taking over (yet). A new Yale University study finds that ChatGPT is not causing a massive upheaval in the US labor market.
BMW tells nearly 200,000 vehicle owners to park outside due to fire risk
The recall includes several BMW models, mostly manufactured between 2019 and 2022.
PHOTOS OF THE DAY
Nevşehir, Turkey
Hot-air balloons fly over the fairy chimneys and valleys of Cappadocia, a Unesco world heritage site
Photograph: Anadolu/Getty
Dunsden, UK
Dew-covered cobwebs on a misty morning in Oxfordshire
Photograph: Geoffrey Swaine/Shutterstock
Marajó Island, Brazil
A man drives a herd of water buffaloes
Photograph: Xinhua/Shutterstock
Market Closes for October 2nd, 2025
| Market Index |
Close | Change |
| Dow Jones |
46519.72 | +78.62 |
| +0.17% | ||
| S&P 500 | 6715.35 | +4.15 |
| +0.06% | ||
| NASDAQ | 22844.05 | +88.89 |
| +0.39% | ||
| TSX | 30160.59 | +52.92 |
| +0.18% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 44936.73 | +385.88 |
| +0.87% | ||
| HANG SENG |
27287.12 | +431.56 |
| +1.61% | ||
| SENSEX | 80983.31 | +715.69 |
| +0.89% | ||
| FTSE 100* | 9427.73 | -18.70 |
| -0.20% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.176 | 3.184 |
| CND. 30 Year Bond |
3.657 | 3.663 |
| U.S. 10 Year Bond |
4.0827 | 4.0981 |
| U.S. 30 Year Bond |
4.6881 | 4.7095 |
Currencies
| BOC Close | Today | Previous |
| Canadian $ | 0.7162 | 0.7174 |
| US $ |
1.3962 | 1.3939 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 1.6371 | 0.6108 |
| US $ |
1.1726 | 0.8528 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
3872.00 | 3825.30 |
| Oil | ||
| WTI Crude Future | 60.48 | 61.78 |
Market Commentary:
On this day in 1990, the Japanese stock market had what was then its best day on record: The Nikkei 225 index skyrocketed 13.2%. Investors were euphoric over rumors the Japanese government would intervene to stop the ongoing market crash. Unfortunately, the rally turned out to be a “dead-cat bounce,” and the Nikkei soon resumed falling.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fifth day, climbing 0.2%, or 52.92 to 30,160.59 in Toronto.
Today, information technology stocks led the market higher, as 8 of 11 sectors gained; 113 of 214 shares rose, while 101 fell.
Shopify Inc. contributed the most to the index gain, increasing 1.3%.
Energy Fuels Inc/Canada had the largest increase, rising 7.6%.
Insights
* This year, the index rose 22%, heading for the best year in at least 10 years
* So far this week, the index rose 1.3%
* The index advanced 26% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is at its 52-week high and 35.7% above its low on April 7, 2025
* The S&P/TSX Composite is up 1.4% in the past 5 days and rose 5.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.2 on a trailing basis and 18.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.8t
* 30-day price volatility fell to 6.82% compared with 6.91% in the previous session and the average of 8.08% over the past month
Index Points
Information Technology | 34.8917| 1.2| 7/2
Consumer Discretionary | 14.3266| 1.5| 9/0
Industrials | 13.4879| 0.4| 20/9
Financials | 6.3513| 0.1| 15/9
Utilities | 3.7945| 0.4| 8/6
Consumer Staples | 3.2419| 0.3| 8/3
Health Care | 1.3336| 1.6| 3/1
Real Estate | 0.6126| 0.1| 12/7
Energy | -1.3528| 0.0| 9/30
Communication Services | -3.4358| -0.5| 3/2
Materials | -20.3330| -0.4| 19/32
Shopify | 22.3200| 1.3| 20.0| 38.1
Nutrien | 15.0900| 5.6| 96.7| 29.6
Canadian Pacific | Kansas | 10.0800| 1.5| -16.0| 1.7
Franco-Nevada | -8.7990| -2.1| 44.4| 79.6
Agnico Eagle Mines | Ltd | -9.1270| -1.1| -20.6| 108.7
TD Bank | -11.8500| -0.9| 66.0| 45.2
MT Newswires:
The Toronto Stock Exchange posted its fourth successive record close, buoyed by some rare and critical minerals stocks, even as gold and oil prices were down.
The S&P/TSX Composite Index closed up 52.92 points to 30,160.59, with most sectors higher, led by Health Care up near 2.3% and the Battery Metals Index up 1.6%.
Among decliners, Energy was down 0.65% and Telecoms down close to 0.2%.
On the broader market, Douglas Porter, Chief Economist at BMO Capital Markets, noted the TSX had “blasted higher” by 54% over two years to the end of September,, one of the top seven performances from it over such a timeframe in the past 60 years.
And Porter also noted, at least a few of the bigger two-year gains were “snapbacks from very deep dives” (e.g., drops in early 1980s, 2009, 2020).
“This stunning run has arrived despite a decidedly so-so economic backdrop, when real GDP growth has averaged little more than 1% and the jobless rate has pushed higher,” he said.
What, Porter asked, does the TSX run tell us about the outlook? He said: “Over time, to be sure, there is a clear, positive relationship between the TSX and real GDP growth, but the index only leads by a quarter.
And, when looked at over a two-year period, the correlation coefficient of 0.38suggests it’s not an especially air-tight relationship.”
He noted the figure is closer to 0.50 since the early 1980s.
“And, sadly,” Porter added, “the recent equity surge has not come close to being matched by growth (in part dueto the spike in gold prices).
But the good news is that the TSX certainly offers a positive counterpoint to the many other downbeat headlines on the current economy.”
Within the broader market, commodities have traditionally been a vital component.
But today, gold fell off a record high Thursday, trading lower as traders take profits and the dollar rose.
Gold for December delivery was down $15.70 to US$3,881.80 per ounce.
Also, West Texas Intermediate crude continued to slide, falling for a fourth day to a near five-month low on reports OPEC+ plans a big supply hike for next month, while demand slows and U.S. inventories rose more than expected last week.
WTI crude oil for November delivery closed down $1.30 to $60.48 per barrel, the lowest since May 9, while December Brent crude was down more than $1.20 to nearer US$64.10.
But the day was, at least in part, rescued by big and small, rare-earth players like Energy Fuels (EFR.TO, UUUU) and Ucore Rare Metals (UCU.V), both of which were mentioned by veteran market watcher David Rosenberg in a note published today with his ‘rare’ and critical’ investment thesis. Energy Fuels closed up 7.6% while Ucore gained 14%.
Among key takeaways from in his note, David Rosenberg said the rare-earth elements sector presents “one of the most strategically compelling investment opportunities in 2025, driven by unprecedented government support, supply chain restructuring, defense sector modernization, and explosive demand from clean energy technologies”.
Rosenberg said the rare earth investment thesis “combines multiple reinforcing demand drivers with a constrained supply response”, and he believes that it is vital to always have exposure to investment themes that are of strategic importance and represent national security issues.
“Tremendous government support and an ongoing geopolitical risk/supply security premium, underscored by China’s moves to weaponize its reserves, serve as a floor under the price that traditional commodity markets (such as most base metals and oil) do not enjoy to nearly the same degree,” he added.
At the conclusion of his note, Rosenberg said when he looks at investment implications for investors, he likes to elaborate on potential sea changes and sees that in the supply dynamics of rare earth market fundamentals.
According to Rosenberg, the VanEck Rare Earth and Strategic Metals ETF (REMX) is the global, comprehensive vehicle to “play this theme”.
Rosenberg said this fund provides diversified exposure to the global rare-earth value chain while maintaining a pure-play focus through companies deriving 50% or more of their revenue from rare earths.
He noted the Fund has exposure to industry players and noted that Energy Fuels provides dual exposure to uranium and rare earth markets and also identified a smaller-cap name such as Ucore, “for allocators going further out on the risk curve”.
Rosenberg added: “In the quest for long-term stability and diversification of global supply chains for rare earths, we believe global investors should have these key “power moves” in their arsenal.”
US
By Cristin Flanagan
(Bloomberg) — The bullish momentum in US technology stocks won out after a rally to fresh highs was tested by the Trump administration’s plan to slash “thousands” of federal jobs in the second day of a government shutdown.
The Nasdaq 100 ended Thursday higher, climbing to a second- consecutive record after an OpenAI share sale bolstered optimism for artificial intelligence.
The deal catapulted the firm to the world’s most valuable startup with a valuation of $500 billion.
The Philadelphia Semiconductor Index jumped 1.9%, led by Advanced Micro Devices Inc. and Intel Corp.
The S&P 500 eked out a 0.06% gain, erasing a 0.3% drop.
Investor jitters driven by the Trump administration’s plans were largely overlooked by the end of the session.
Republicans sought to use the threat of permanent cuts to encourage Democrats to vote to reopen the government.
Trump plans to meet with White House Budget Director Russell Vought to discuss the plan.
Among individual movers, shares of Tesla Inc. fell 5.1% after the company reported a surprise increase in quarterly vehicle sales.
Vital Knowledge’s Adam Crisafulli said delivery numbers were “a lot better than the print forecast but actual expectations were a lot higher,” as bears see the electric- vehicle market poised for a downturn.
The stock’s slump weighed on key US benchmarks.
Traders were also contending with the temporary blackout in economic readouts after Thursday’s weekly initial jobless claims numbers were delayed by the government closure.
If the shutdown extends the lack of data could put further interest-rate cuts in jeopardy.
Figures from outplacement firm Challenger, Gray & Christmas showed US employers dialed back hiring plans in September, even though they also announced fewer job cuts.
The Bureau of Labor Statistics’ nonfarm payrolls data on Friday will also likely be delayed.
“A quick shutdown that sets back the report a few days might not move the needle, but a long one that also threatens release of mid-month inflation data might keep the Fed on the sidelines, unwilling to cut rates at its late October meeting without the data,” according to Joe Mazzola, head trading and derivatives strategist at Charles Schwab Corp.
“There are signs that a standoff could be lengthy, with Treasury Secretary Scott Bessent saying a prolonged closure might hurt US economic growth.”
The dollar climbed, its first advance after four-days of losses.
The yield on the benchmark 10-year Treasury fell to 4.08%.
In commodity markets, a rally in gold cooled after reaching a record while oil fell for a fourth consecutive day.
West Texas Intermediate dipped below $61 a barrel, touching the lowest level in four months as expectations of OPEC+ restoring more idled supply deepened fears of a global glut.
Rate-Cut Bets
Money markets are still almost fully pricing a quarter- point Fed cut at the end of the month and are widely expecting another in December to support the labor market.
“If you really dig into the labor market data, it’s not just an AI structural story, it’s not just a lower immigration story, you are seeing that cyclical demand weakness,” Kim Crawford, global rates portfolio manager at JPMorgan Asset Management, told Bloomberg Television.
“The clearest part to this puzzle is wage growth, there is a lack of wage growth in the US.”
Some strategists noted that past shutdowns have typically had little macroeconomic impact.
At a White House press conference on Wednesday, Vice President JD Vance said he doesn’t anticipate a long shutdown, adding that layoffs will come if it lasts for days or weeks.
Corporate News:
* Boeing Co.’s 777X is slated to fly commercially for the first time in early 2027 instead of next year, people familiar with the matter said, a fresh setback to the US plane maker that sets the stage for potentially billions of dollars in accounting charges.
* Fair Isaac jumped 18% after unveiling a program that lets mortgage lenders calculate and deliver FICO scores directly to customers. TransUnion and Equifax Inc. slumped.
* Funds under the UBS Group AG umbrella face more than half a billion dollars of exposure to bankrupt auto-parts supplier First Brands Group through various investment strategies, with one ranking as the biggest unsecured creditor, court documents show.
* German artificial intelligence language platform DeepL is exploring a potential initial public offering in the US, according to people familiar with the matter.
* Warren Buffett’s Berkshire Hathaway Inc. reached a deal to buy Occidental Petroleum Corp.’s petrochemical business for about $9.7 billion in cash.
Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.4%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World Index rose 0.1%
* Philadelphia Stock Exchange Semiconductor Index rose 1.9%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.1% to $1.1718
* The British pound fell 0.3% to $1.3443
* The Japanese yen fell 0.1% to 147.25 per dollar
Cryptocurrencies
* Bitcoin rose 2.8% to $120,917.59
* Ether rose 3.7% to $4,497.68
Bonds
* The yield on 10-year Treasuries declined one basis point to 4.09%
* Germany’s 10-year yield declined one basis point to 2.70%
* Britain’s 10-year yield advanced one basis point to 4.71%
Commodities
* West Texas Intermediate crude fell 1.8% to $60.65 a barrel
* Spot gold fell 0.3% to $3,855.28 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from James Hirai, Julien Ponthus, Andre Janse van Vuuren and Kwaku Gyasi.
Have a lovely evening.
Be magnificent!
As ever,
Carolann
The history of our race, and each individual’s experience, are sown thick with evidence that a truth is not hard to kill
and that a lie told well is immortal. -Mark Twain, 1835-1910.
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
www.carolannsteinhoff.com