Dear Friends,
Tangents: Michaelmas – St. Michael’s Day. 🍂🕊️
September 29, 1954: CERN is officially founded by 12 Europena nations. The physics laboratory later helps discover the Higgs boson and gives birth to the World Wide Web.
September 29, 2008: the Dow Jones industrial average fell a record 777.68 points after the House defeated a $700 billion emergency rescue plan for the nation’s financial system. Go to article.
1910: Gimbels department store opens its first New York City location at Broadway and 32nd St.
Miguel de Cervantes, writer, b. 1547.
Horatio Nelson, naval hero, b. 1758.
Enrico Fermi, physicist, b. 1901.
Lech Walesa, Solidarity leader, b.1943.
NASA’s Nancy Grace Roman Space Telescope is about to begin scanning our universe as it journeys through space. Live Science readers shared their thoughts about what they’re most excited to see from the new space telescope.
Archaeologists in Egypt have discovered a 1,700-year-old limestone tomb with a rare poem inscribed on it in ancient Greek, likely from a son lamenting his father’s death.
| A 72-year-old photo is revealing new clues about ‘Meretneith,’ a powerful woman who may have ruled Egypt 5,000 years ago |
An ancient Egyptian woman named Meretneith had a lavish tomb, and on it her name was written the same way as a pharaoh.
| 13,000-year-old butchered bones of long-tusked beast found in Chile give more evidence of early first Americans |
Archaeological excavations in the Lake Tagua Tagua basin in central Chile have revealed stone tools and animal bones with cut marks dated to 13,000 years ago.
| Newly discovered iron minerals might hold primordial water from when Earth formed |
Researchers may have found a missing link in how Earth’s mantle gets wet: newly discovered iron minerals that can store water at the extremely high temperatures and pressures present near our planet’s core
Without labor nothing prospers. – Sophocles.
FBI grapples with fallout from massive data breach
It’s one of the agency’s most serious data breaches in years, but some FBI employees say they’ve been left in the dark about whether they’re affected and what help is available.
Months later, the search for Nancy Guthrie continues
Authorities are investigating a new possible ransom note tied to Nancy Guthrie’s disappearance. Here’s the latest.
PHOTOS OF THE DAY
Horsham, UK
‘A sculpture of a man over 7 metres tall towers over the Sussex landscape at Leonardslee Lakes and Gardens. The plinth he is anchored to has been left out of the image to give the impression that he is a free as a bird.
’Photograph: Anne Bostwick
Kuang Si Falls, Laos
‘I came across this scene, which I wanted to call liquid architecture. Just as the name suggests.’
Photograph: Nieves Gallego
Catania, Italy
Visitors climb Mount Etna as smoke rises from its volcano on the Mediterranean island of Sicily
Photograph: Roman Pilipey/AFP/Getty Images
Market Closes for September 29th, 2026
| Market Index |
Close | Change |
| Dow Jones |
51349.92 | -131.59 |
| -0.26% | ||
| S&P 500 | 7670.84 | -12.85 |
| -0.17% | ||
| NASDAQ | 26797.54 | -22.84 |
| -0.09% | ||
| TSX | 35460.27 | -29.59 |
| -0.08% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 65481.27 | -396.35 |
| -0.60% | ||
| HANG SENG |
24523.57 | -118.94 |
| -0.48% | ||
| SEN SEX | 72529.07 | -242.65 |
| -0.33% | ||
| FTSE 100* | 10636.71 | -48.17 |
| -0.45% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.994 | 3.966 |
| CND. 30 Year Bond |
4.300 | 4.251 |
| U.S. 10 Year Bond |
5.2362 | 5.2361 |
| U.S. 30 Year Bond |
5.5658 | 5.5466 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7046 | 0.7053 |
| US $ |
1.1491 | 1.4177 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6214 | 1.6090 |
| US $ |
0.8819 | 1.1338 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4180.55 | 4128.33 |
| Oil | ||
| WTI Crude Future | 89.38 | 92.60 |
Market Commentary:
| On this day in 1952, the New York Stock Exchange changed its trading hours. The market would close at 3:30 p.m. Monday through Friday, instead of 3 p.m., and it would no longer be open at all on Saturday. |
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 35,460.27 in Toronto.
Today, financials stocks led the market lower, as 7 of 11 sectors lost; 105 of 216 shares fell, while 107 rose.
Royal Bank of Canada contributed the most to the index decline, decreasing 0.6%.
MDA Space Ltd. had the largest drop, falling 4.1%.
Insights
* This year, the index rose 12%, heading for the best year since 2025
* This quarter, the index rose 1.7%
* This month, the index fell 2.2%
* The index advanced 18% 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 20.1% above its low on Nov. 7, 2025
* The S&P/TSX Composite is down 2.4% in the past 5 days and fell 3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.7 on a trailing basis and 17.2 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$5.57t
* 30-day price volatility fell to 12.02% compared with 12.22% in the previous session and the average of 11.42% over the past month
Index Points
Financials | -58.8447| -0.5| 7/16
Energy | -54.4020| -0.9| 4/32
Communication Services | -11.0830| -2.1| 0/5
Industrials | -8.7592| -0.2| 17/12
Consumer Staples | -7.8394| -0.7| 3/6
Real Estate | -1.1994| -0.3| 11/6
Health Care | -0.7102| -0.6| 2/2
Consumer Discretionary | 2.4322| 0.2| 6/2
Utilities | 3.3083| 0.3| 7/6
Materials | 40.0914| 0.6| 43/16
Information Technology | 67.4107| 2.3| 7/2
RBC | -17.4600| -0.6| 1.0| 21.1
Suncor | -13.4900| -1.7| -61.5| 57.3
Bank of Montreal | -9.7040| -0.8| -30.6| 35.0
Agnico Eagle Mines Ltd | 10.3400| 1.1| -39.7| 13.4
Celestica | 11.8800| 2.7| -39.6| 27.9
Shopify | 49.6500| 2.9| -8.1| -5.0
MT Newswires:The S&P/TSX Composite Index closed lower on Tuesday as declines in telecom, energy and healthcare outweighed gains in information technology and utilities.
The index closed lower 29.59 points, or 0.1%, to 35,460.27 with mixed sectors.
Telecom led decliners, down 2.2%, followed by energy and healthcare that closed down 1.3% and 0.7%, respectively.
Shares in information technology and utilities closed up 1.7% and 0.3%, respectively.
The Battery Metals Index, which includes companies listed both on the TSX and TSX Venture Exchange, dropped 2.2%.
In commodities, West Texas Intermediate (WTI) and Brent crude oil fell Tuesday as signs of recovering Middle East oil exports eased some supply concerns, including the resumption of loadings from Saudi Arabia’s Yanbu terminal and increased flows through the kingdom’s East-West pipeline.
November WTI crude oil contract settled down $3.22, or 3.5%, at $89.38 per barrel, while November Brent oil was last down $2.96, or 2.8%, at $102.32 per barrel.
Meanwhile, December Comex gold futures jumped 1.0%, or $40.00, to $4,208.40 per ounce at last look.
In currencies, the US dollar edged 0.1% higher against the Canadian dollar, with USD/CAD at 1.4191 at last look.
In economics news, Canada’s preliminary gross domestic product rose 0.2% on the month in August, driven by gains in mining, quarrying and retail trade, after GDP remained essentially unchanged in July, while weaker oil and natural gas extraction partly offset the increase, Statistics Canada said Tuesday.
July’s GDP was in line with a consensus flat reading provided by a Bloomberg survey.
Canada’s economy is set for slower growth in Q3, according to economists on Tuesday.
Tariffs introduced in late August are expected to put greater pressure on September activity and fourth-quarter growth, particularly by weakening exports and business investment.
The US introduced new tariffs on certain Canadian goods from Aug. 22 after negotiations broke down between the two countries.
"We expect these latest measures to reduce GDP by about half a percent over about a year, mostly through lower exports but with some spillovers to consumption," wrote KPMG Senior Economist Peter Shannon in a note.
If the trade war persists, economic growth could slow to around 1% annualized as the economy shifts into a lower gear, according to Desjardins Group in a note.
In corporate news, Bell Canada (BCE.TO, BCE) and US technology firm Cisco said Tuesday they signed an initial agreement to jointly develop a sovereign artificial intelligence infrastructure offering for Canadian customers.
USBy Rita Nazareth
(Bloomberg) — Stocks joined bonds lower as a drop in oil prices did little to allay Wall Street’s concerns that still- elevated energy costs could fuel inflation and spur Federal Reserve rate hikes.
Those worries sent Treasury 30-year yields to the highest level since 2002.
About 300 companies in the S&P 500 fell, with the gauge posting back-to-back losses.
The dollar rose.
The euro hit its weakest in 16 months. Brent crude dropped below $103 a barrel as the Trump administration ordered another release of
oil from emergency reserves amid a stalemate in US-Iran talks.
“The conflict in the Middle East and the implications for forward inflation remain the primary macro narrative and are likely to dictate price action in US rates for the foreseeable future,” said Ian Lyngen at BMO Capital Markets.
Investors are demanding greater compensation to hold bonds as concerns about persistent inflation, government spending and surging corporate borrowing to finance the artificial- intelligence buildout intensify.
Against this backdrop, money markets are pricing a series of rate hikes over the next year.
Fed Bank of New York President John Williams said one more rate increase this year may be appropriate to help contain inflation but added there’s no urgency to act following the central bank’s decision to lift rates this month.
Following his remarks, investors dialed back their bets on an October hike.
Meantime, Fed Governor Michael Barr on Tuesday repeated a warning that further rate increases will likely be needed to slow inflation.
“We want to support sustainable, durable growth in support of maximum employment, and price stability is crucial to that,” he said in remarks prepared for an event in Detroit.
In economic news, US job openings fell to a five-month low, suggesting employers grew more cautious about expanding their workforces toward the end of the summer, while layoffs remained subdued.
Consumer confidence dropped to the lowest level since 2014.
The latest labor-market data reinforces the “low-hire, low- fire” backdrop that has taken hold, according to Bret Kenwell at eToro.
On the consumer-confidence front, he says the disappointing headline figure should not come as a surprise.
“Sentiment now sits at multi-year lows as persistent inflation and higher costs weigh on households,” Kenwell noted.
“The question becomes whether we’ll see this materialize into weaker consumer spending — a question that earnings season will help answer.”
Corporate Highlights:
* President Donald Trump shot down the idea of new federal regulations on artificial intelligence after meeting with top industry executives amid growing concerns over threats posed by the technology.
* OpenAI’s Chief Executive Officer Sam Altman said the company wants to navigate a period of heightened AI safety concerns without the pressure of being a newly public company and believes investors will be “patient” with its IPO planning.
** OpenAI aims to raise at least $30 billion from investors in a new round of funding, according to people familiar with the matter, after the AI startup pushed back its plans for an initial public offering.
* Apple Inc. Chief Executive Officer John Ternus, just weeks into the role, is moving to overhaul the iPhone maker in an effort to accelerate product development, broaden its range of devices and create a leaner organization with a greater focus on engineering.
* Paramount Skydance Corp. is promising to cut $6 billion in costs within three years as it looks to lock in lenders for its blockbuster Warner Bros. Discovery Inc. acquisition.
* Some investors approached about potentially buying shares in Oura Inc.’s now-delayed IPO decided not to go forward because of concerns including the health and fitness ring-maker company’s target valuation, according to people familiar with the matter.
What Bloomberg Strategists say…
“Stocks and bonds are vulnerable to further downside as ‘peak hawkishness’ is a long way off by historic norms.”
—Tatiana Darie, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World Index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.3% to $1.1339
* The British pound fell 0.2% to $1.3229
* The Japanese yen was little changed at 157.35 per dollar
Cryptocurrencies
* Bitcoin was little changed at $83,537.95
* Ether rose 0.2% to $2,687.94
Bonds
* The yield on 10-year Treasuries advanced two basis points to 5.25%
* Germany’s 10-year yield declined two basis points to 3.63%
* Britain’s 10-year yield declined one basis point to 5.41%
Commodities
* West Texas Intermediate crude fell 3.7% to $89.14 a barrel
* Spot gold rose 1.5% to $4,177.20 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
You can, you should, and if you’re brave enough to start, you will. –Stephen King, b.1947.
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