Dear Friends,

Tangents: Happy Monday. Cabrillo Day, Discovery of California. 🚢🌊

September 28, 1918: Alexander Fleming confirms that Penicillium mold kills bacteria, the breakthrough that leads to the development of penicillin.

Sept. 28, 1924: Two United States Army planes landed in Seattle, Washington, having completed the first round-the-world flight in 175 days. Go to article.

September 28, 1966: Marcel Breuer’s building for the Whitney Museum opens at 945 Madison Avenue. It’s sold to Sotheby’s in 2023.

Al Capp, cartoonist, b. 1909.

Marcello Mastroianni, actor, b.1924.

Brigitte Bardot, actress, b. 1934.

Gwyneth Paltrow, actress, b. 1973.

‘Everything we know about space travel is going to change within a decade’: The fusion breakthrough that could unlock a path to the stars

SCIENCE SPOTLIGHT | Several companies have made significant headway toward nuclear fusion propulsion drives. Is humanity on the brink of a revolution in spaceflight?

‘Call it Genghis Khan’s final victory’: Why the tomb of the ‘Disturber of the Universe’ remains hidden after 800 years

In this excerpt from "The Museum of Lost Things," author Sam Kean explores the enduring mystery of Genghis Khan’s final resting place — and the extreme lengths his followers took to hide it.

Best binoculars 2026: The ultimate buying guide for birdwatching, stargazing and more

We tested these binoculars to bring you the models that deliver the best views, with expert advice on features, specs and real-world performance.

NASA teases new PRIMA telescope that could peer even deeper into the infrared universe than the James Webb Space Telescope.

NASA has announced that a new telescope concept called PRIMA is moving forward in consideration for a 2033 launch to look at the origins of planets and galaxies. New kind of AI audio chip transforms earbuds into always-on ‘intelligent’ devices that run without a smartphone. How does it work?

A new AI audio chip will give future headphones on-device apps and sensors that gather data about your daily movements to feed AI "agents" that will speak directly into your ear.

It is a capital mistake to theorize before one has data. -Sir Arthur Conan Doyle.

Making friends as an adult is hard

Your calendar is packed, everyone is tired and nobody wants to make the first move. Here’s how you can still build lasting friendships and keep them, according to science.

‘Please fight’: How an elderly woman’s eviction put Spain’s housing crisis in the spotlight

If there’s one name on people’s lips in Spain this week, it’s Maricarmen. The eviction of the 87-year-old has sparked a wave of spontaneous solidarity across multiple cities.

Video: Dave Matthews performs ‘Ants Marching’ at Farm Aid 2026

Dave Matthews delivered this live acoustic performance of “Ants Marching” at Farm Aid 2026, the annual festival supporting family farms across the US.

PHOTOS OF THE DAY

Alpabzug! Swiss mountain alpaca herding
Alpaca breeders have breakfast before moving their animals down the valley
Photograph: Fabrice Coffrini/AFP/Getty Images
Glastonbury, UK

The full harvest moon is obscured by clouds as it rises in the evening sky from behind St Michael’s Tower on Glastonbury Tor
Photograph: Graham Hunt/Alamy

Taupō, New Zealand

A prize-winning guinea pig is draped with a winner’s ribbon during the New Zealand national guinea pig show
Photograph: Ben Strang/AFP/Getty Images
Market Closes for September 28th, 2026

Market Index	Close	Change
Dow Jones	51481.51	-347.11
		-0.67%
S&P 500	7683.69	-59.72
		-0.77%
NASDAQ	26820.38	-248.34
		-0.92%
TSX	35489.86	-311.03
		-0.87%

International Markets

Market Index	Close	Change
NIKKEI	65877.62	-486.58
		-0.73%
HANG SENG	24642.51	+132.42
		+0.54%
SEN SEX	72771.72	-1124.02
		-1.52%
FTSE 100*	10684.88	-10.37
		-0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.966	3.923
CND. 30 Year Bond	4.251	4.222
U.S. 10 Year Bond	5.2361	5.1604
U.S. 30 Year Bond	5.5466	5.4905

BOC Close	Today	Previous
Canadian $	0.7053	0.7070
US $	1.4177	1.4142

Euro Rate 1 Euro=		Inverse
Canadian $	0.6202	1.6122
US $	0.8793	1.1372

Commodities

Gold	Close	Previous
London Gold Fix	4128.33	4284.80
Oil
WTI Crude Future	92.60	101.59

Market Commentary:
On this day in 1987, the cover of Fortune magazine asked, “Are Stocks Too High?” The answer was a definitive no. “New ways of valuing shares give some surprising answers…Clearly, something is going on that the old analytical concepts cannot account for.” The stock market would have its biggest single-day crash in history just two weeks later.

Canada

By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.9% at 35,489.86 in Toronto.
The index dropped to the lowest closing level since July 31 after the previous session’s increase of 0.3%.
Agnico Eagle Mines Ltd. contributed the most to the index decline, decreasing 5.1%.
Aris Mining Corp. had the largest drop, falling 7.5%.
Today, 149 of 216 shares fell, while 67 rose; 4 of 11 sectors were lower, led by materials stocks.
Insights
* This year, the index rose 12%, heading for the best year since 2025
* This quarter, the index rose 1.8%
* This month, the index fell 2.2%
* The index advanced 19% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 4.3% below its 52-week high on Aug. 26, 2026 and 20.2% above its low on Nov. 7, 2025
* The S&P/TSX Composite is down 1.4% in the past 5 days and fell 2.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.8 on a trailing basis and 17.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$5.62t
* 30-day price volatility rose to 12.22% compared with 12.00% in the previous session and the average of 11.36% over the past month
Index Points
Materials | -253.1733| -3.7| 7/53
Financials | -81.0574| -0.7| 1/22
Industrials | -13.7234| -0.4| 8/22
Communication Services| -8.1096| -1.5| 0/5
Health Care | 0.0818| 0.1| 3/2
Real Estate | 0.6189| 0.1| 9/8
Consumer Staples | 1.7843| 0.2| 6/4
Utilities | 5.0216| 0.4| 11/2
Consumer Discretionary| 7.3543| 0.7| 5/3
Energy | 13.0949| 0.2| 13/23
Information Technology| 17.0824| 0.6| 4/5
Agnico Eagle Mines Ltd | -50.1300| -5.1| 43.1| 12.1
Wheaton Precious Metals | -32.2900| -5.0| 67.3| 19.0
Barrick Mining | -29.1700| -4.2| -21.3| -2.7
Enbridge | 7.0360| 0.7| -32.0| 1.4
Suncor | 7.3210| 0.9| -32.4| 60.0
Shopify | 25.5000| 1.5| -12.9| -7.6

MT Newswires:

The S&P/TSX Composite Index closed lower on Monday as losses in telecom, base metals and financial stocks outweighed modest gains in utilities and energy, while investors weighed renewed US trade tensions and signs of weaker Canadian economic momentum.
The index closed lower 311.03 points, or 0.9%, at 35,489.86.
Telecom led decliners, down 1.6%, followed by base metals and financial that closed down 1.1% and 0.7%, respectively.
Shares in utilities and energy closed up 0.4% and 0.3%, respectively.
The Battery Metals Index, which includes companies listed both on the TSX and TSX Venture Exchange, jumped 0.8%.
In commodities, West Texas Intermediate (WTI) and Brent crude edged higher on Monday as concerns about continued Middle East supply disruptions supported prices, though Qatar reportedly said it would hold talks with the US and Iran aimed at reaching a peace deal and reopening the Strait of Hormuz.
November WTI crude oil contract settled up $0.19, or 0.2%, at $92.60 per barrel, while November Brent oil was last up $1.45, or 1.4%, at $105.77 per barrel.
Meanwhile, December Comex gold futures dropped 3.8%, or $164.00, to $4,157.20 per ounce at last look.
In currencies, the US dollar edged up 0.2% against the Canadian dollar to 1.4176 at last look.
Renewed US trade uncertainty and weaker Canadian economic data are weighing on the loonie, pushing USD/CAD back toward CA$1.42, according to Rosenberg Research.
CIBC Capital Markets, in a note, also predicted the Canadian dollar to remain under pressure in the near term.
In economic news, RBC Economics said strong second-quarter gross domestic product growth in Canada is not likely to continue into the last half of the year due to trade tensions with the US.
The Bank of Canada has warned that new by US tariffs could push already-weak fourth-quarter 2026 growth below a 1% annualized rate, RBC wrote in a note.
In corporate news, Air Canada (AC.TO) took up and paid for 27.6 million of its Class A variable voting shares and Class B voting shares at CA$29.00 apiece under its CA$800 million substantial issuer bid, the carrier said in a statement on Monday.
These shares represent about 9.8% of the total number of Air Canada’s outstanding shares as of Sept. 24, before giving effect to the offer, it added.

US

By Rita Nazareth
(Bloomberg) — A standoff between the US and Iran spurred oil-market volatility, dragging down stocks and bonds on concerns that potential inflationary pressures could trigger Federal Reserve rate hikes.
While Brent crude pared its rally, it remained around $105 on fading optimism for an imminent diplomatic breakthrough in the Middle East conflict.
The S&P 500 wiped out this month’s advance while the tech-heavy Nasdaq 100 lost 1.1%.
Treasury 10- year yields hit a nearly two-decade high.
Money markets boosted bets on an October Fed increase.
The dollar rose.
Gold dipped.
Iran and the US appeared far apart on a new ceasefire deal or a Strait of Hormuz reopening — with Tehran saying it’s sticking to a proposal President Donald Trump has rejected.
Trump is willing to give Iran sanctions relief and release frozen funds for “concrete progress” on a nuclear deal, according to a CNN report.
Months of stop-start negotiations have yet to solve a conflict that has disrupted oil flows through the vital strait.
Prices swung last week on mixed signals that negotiations might be productive, only for hopes to collapse into more uncertainty — as they have many times before.
“Our expectations remain that the conflict will be with markets for the foreseeable future and the global economy will continue adjusting to the realities of the supply disruptions,” said Ian Lyngen at BMO Capital Markets.
Such a backdrop implies that energy prices will be biased higher, or at least the floor for any selloff has been increased unless and until there is a durable agreement to reopen Hormuz, he added.
“The broader market hasn’t been able to gain much traction because of rising yields and oil prices,” said Chris Larkin at E*TRADE from Morgan Stanley.
“And with the Fed focused on the inflation side of its mandate, unless this week’s labor-market data is a major surprise, it will likely play second fiddle to interest rates and energy.”
Key reports are expected to add further evidence the US economy is strengthening, bolstering arguments from several Fed officials that rates should be higher.
Economists expect figures Wednesday to show inflation- adjusted consumer spending surged in August by the most this year.
And while a revamp of the Fed’s preferred gauge of underlying inflation is seen reducing the annual measure by as much as three-tenths of a percentage point, the monthly picture will likely be less comforting.
Those numbers will be followed on Friday by payrolls data forecast to show that jobs growth remains robust.
Economists expect employers to add about 90,000 workers in September and unemployment to remain at 4.1%.
“If economic resilience and investment demand remain intact, there may still be scope for yields to move higher,” said Seema Shah at Principal Asset Management.

Corporate Highlights:
* Nvidia Corp., the chip developer at the heart of the artificial-intelligence boom, increased the size of its share buyback plan by a record $150 billion, reflecting Chief Executive Officer Jensen Huang’s confidence in its continued growth.
* Advanced Micro Devices Inc. agreed to acquire World Labs for $8.2 billion, gaining an AI startup founded by industry pioneer and researcher Fei-Fei Li.
* Meta Platforms Inc. tapped MongoDB Inc.’s president and chief executive officer to lead a new AI platform for enterprise customers that Meta CEO Mark Zuckerberg called “the next major pillar of our business.”
* SpaceX’s massive Starship rocket reached orbit for the first time on Monday morning, achieving a milestone for the program even though the company cut the mission short after an earlier engine failure.
* Certification of Boeing Co.’s long-delayed 737 Max 10 variant will be held up by the Federal Aviation Administration over a new software issue, just as the US plane maker was in the final stages of winning approval to begin deliveries to airlines.
* Paramount Skydance Corp. has racked up enough demand to cover the size of a roughly $44 billion bond sale to fund its acquisition of Warner Bros. Discovery Inc. after offering yields as high as about 9% to attract investor interest.
What Bloomberg strategists say…
“If we assume that there’s a lower limit for the equity risk premium, then any further selling in bonds is going to push stocks down, and they won’t be able to rally until yields fall.”
—Sebastian Boyd, Macro Strategist, Markets Live.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.1%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World Index fell 0.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.1370
* The British pound was little changed at $1.3253
* The Japanese yen was little changed at 157.42 per dollar
Cryptocurrencies
* Bitcoin fell 1.1% to $83,564.32
* Ether was little changed at $2,684.54
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 5.23%
* Germany’s 10-year yield advanced four basis points to 3.64%
* Britain’s 10-year yield advanced six basis points to 5.42%
Commodities
* West Texas Intermediate crude rose 0.5% to $92.91 a barrel
* Spot gold fell 3.9% to $4,118.66 an ounce

Have a lovely evening.

Be magnificent!

As ever,

Carolann

Whenever you do a thing, act as if all the world were watching. -Thomas Jefferson, 1743-1826.

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