Tangents: Last day of Q3.
September 30, 1452: Gutenberg Bible published.
September 30, 1882: The first commercial hydroelectric power plant begins operation in Appleton, Wisconsin, showing how electricity could be generated at scale.
September 30, 2004: Merck & Co. pulled Vioxx, its heavily promoted arthritis drug, from the market after a study found it doubled the risk of heart attacks and strokes. Go to article.
September 30, 1955: James Dean killed in car crash.
Truman Capote, writer, b. 1924.
Elie Wiesel, Holocaust survivor & writer, b. 1928.
| Ancient Egyptian statue of ‘Messi’ found at Saqqara necropolis is ‘only known example of its kind from the Old Kingdom’ |
A unique statue dating back to the fifth dynasty of ancient Egypt has been discovered at the necropolis of Saqqara. Read More.
| Iran among ‘world’s most extreme subsidence hotspots’ with some areas sinking up to 1 foot per year, study finds |
The extraction of water from aquifers in Iran is causing an area the size of Maryland to sink, exposing an estimated 650,000 people to the risks of subsidence and freshwater depletion. Read More.
| Citation cartels, ghost writing and fake peer-review: Fraud is causing a crisis in science — here’s what we need to do to stop it |
Opinion | Thousands of scientific papers are retracted every year because of fraudulent activity, with both authors and journals gaming a system to gain academic acclaim through deceit, dishonesty and false representation. Read More.
| Physicists find a loophole in Heisenberg’s uncertainty principle without breaking it |
By using something called a quantum grid, scientists have found a clever way to simultaneously measure momentum and position without violating Heisenberg’s uncertainty principle. Read More.
McDonald’s is bringing back Monopoly
The fast-food chain is reviving the fan-favorite game for a limited time — with a twist.
‘Dumbphones’ are getting smarter and more premium
Many people are swapping smartphones for “dumbphones” as a way to partially disconnect from digital distractions.
A celebrity breakup
After nearly 20 years of marriage, Nicole Kidman and Keith Urban have decided to go their separate ways.
Video game maker Electronic Arts is going private
Jared Kushner’s firm and the Saudis are taking video game maker EA private in a massive $55 billion deal.
PHOTOS OF THE DAY
Cali, Colombia
People take part in a parade to celebrate Biodiversity Week, which brings together leaders from Latin America and the Caribbean to propose solutions to the region’s environmental challenges
Photograph: Ernesto Guzman/EPA
Silver: Birds in Flight.
Through the Marigold, India. ‘The fields of marigolds around the village of Hiware Bazar are a sight to behold and seeing the flocks of swallows skimming over them gave me the idea for this photo. I noticed that some of the birds kept feeding over the same area and set up my camera so that I could fire it with a remote. This is one of the many thousands of photos I took and is the one I am most pleased with.’
Photograph: Baiju Patil
Australia’s best photos of the month – September 2025
An AFLW match between Hawthorn Hawks and Adelaide Crows at Kinetic Stadium in Melbourne
Photograph: Morgan Hancock/Getty Images
Market Closes for September 30th, 2025
| Market Index |
Close | Change |
| Dow Jones |
46397.89 | +50.90 |
| +0.17% | ||
| S&P 500 | 6688.46 | +27.25 |
| +0.41% | ||
| NASDAQ | 22660.01 | +68.86 |
| +0.30% | ||
| TSX | 30022.81 | +50.90 |
| +0.17% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 44932.63 | -111.12 |
| -0.25% | ||
| HANG SENG |
26855.56 | +232.68 |
| +0.87% | ||
| SENSEX | 80267.62 | -97.32 |
| -0.12% | ||
| FTSE 100* | 9350.43 | +50.59 |
| +0.54% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.183 | 3.183 |
| CND. 30 Year Bond |
3.631 | 3.631 |
| U.S. 10 Year Bond |
4.1503 | 4.1387 |
| U.S. 30 Year Bond |
4.7310 | 4.7037 |
Currencies
| BOC Close | Today | Previous |
| Canadian $ | 0.7182 | 0.7186 |
| US $ |
1.3923 | 1.3915 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 1.6342 | 0.6119 |
| US $ |
1.1737 | 0.8520 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
3826.85 | 3769.85 |
| Oil | ||
| WTI Crude Future | 62.37 | 65.72 |
Market Commentary:
|
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.2%, or 50.9 to 30,022.81 in Toronto.
Enbridge Inc. contributed the most to the index gain, increasing 1.4%. Stella-Jones Inc. had the largest increase, rising 4.1%.
Today, 115 of 213 shares rose, while 97 fell; 6 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index rose 21%, heading for the best year since 2021
* This quarter, the index rose 12%, heading for the biggest advance since the second quarter of 2020
* This month, the index rose 5.1%
* The index advanced 25% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 0.1% below its 52-week high on Sept. 23, 2025 and 35.1% above its low on April 7, 2025
* The S&P/TSX Composite is up 0.7% in the past 5 days and rose 5.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.1 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 6.91% compared with 7.15% in the previous session and the average of 8.20% over the past month
Index Points
Materials | 31.4254| 0.6| 28/23
Industrials | 21.2707| 0.6| 20/9
Financials | 16.2899| 0.2| 16/8
Utilities | 6.1848| 0.6| 10/4
Consumer Staples | 3.6439| 0.4| 7/3
Real Estate | 0.0000| 0.1| 15/4
Health Care | -2.4281| -2.9| 0/4
Communication Services | -3.3086| -0.5| 2/2
Consumer Discretionary | -4.9859| -0.5| 5/4
Information Technology | -6.8500| -0.2| 3/6
Energy | -10.4463| -0.2| 9/30
Enbridge | 14.9200| 1.4| 3.8| 15.1
TC Energy | 9.3660| 1.7| 10.6| 13.0
Canadian Pacific Kansas | 8.7390| 1.3| 8.9| -0.4
Tourmaline Oil | -6.9790| -4.3| -12.1| -8.3
Canadian Natural Resources | -7.7300| -1.2| -62.7| 0.3
Brookfield Corp | -8.0330| -0.8| 73.0| 15.6
(MT Newswires):
The Toronto Stock Exchange rallied late and eked out a second successive record close Tuesday, its first ever above the 30,000 mark, as market participants here continue to see enough reasons for investing in Canadian assets even amid the temptation for some profit taking and as U.S. President Donald Trump returns to his negative rhetoric around Canada’s sovereignty and economy.
Even with commodity prices mixed, the resources heavy S&P/TSX Composite Index still finished the session up 50.90 points or near 0.2% at 30,022.81 with sectors mixed.
The Battery Metals Index gained 4%, but other sectors rose by less than 1%.
Among decliners, Health Care was down 4.15% and Energy down 1.4%.
In recent weeks Canadian investors took advantage of there being less rhetoric on Canada from a distracted Trump, pushing the TSX to a series of record closes.
They appear to have be little fazed as Trump today returned to his talk of Canada becoming part of the United States during a speech to military leaders on Tuesday.
Also, Trump on Monday night imposed a new tariff on imports of softwood from Canada and other countries, effective Oct. 14.
Adding to today’s negative vibe, West Texas Intermediate crude oil closed lower for a second day Tuesday, falling to a three-week low as the market focuses on supply hikes that are likely to raise production above demand.
WTI oil for November delivery closed down US$1.08 to US$62.37 per barrel, the lowest since Sept. 5, while November Brent crude was last seen down US$0.90 to US$67.07.
But helping to limit losses, gold was trading at a fresh record high late afternoon Tuesday on a weaker dollar and as concerns over a slowing U.S. economy and a likely partial shutdown of the U.S. government coming at midnight tonight continue to support the metal. Gold for December delivery was up US$31.80 to US$3,887.00 per ounce, up from a day-prior record close.
On the subject of precious metals, Rosenberg Research, in its latest update on the Rosie Fund which tracks its highest conviction calls and is dedicated to conservative investors, said it had taken some or its “immense” winnings in the precious metals space in a move to rebalance, but also to gain a toehold in one alternative area it has not been exposed to, but has “tremendous future upside potential”.
It has moved in to the critical minerals sector, into the VanEck Rare Earth and Strategic Metals ETF, with the REMX ticker.
So, the Fund said, it has moved around -6 points out of its total gold and silver holdings and into the rare earths universe, “where underlying prices have corrected nicely and having formed a base to work off of”.
US
By Rheaa Rao
(Bloomberg) — US equities notched a second straight positive quarter even as stock moves were tepid for most of Tuesday’s session as the US government nears a shutdown.
The S&P 500 ended the day 0.4% higher after oscillating between small gains and losses for hours.
The index had its best September in 15 years, fueled by optimism over artificial intelligence and lower rates.
Treasuries gained for the third back-to-back quarter.
The Bloomberg Dollar Spot Index was little changed for the month after falling for a third consecutive session.
Oil declined as OPEC+ considers boosting the pace of its output hikes in the coming months.
Traders are concerned this week that the shutdown would delay the release of Friday’s nonfarm payrolls data by the Bureau of Labor Statistics, clouding the Federal Reserve’s path of interest-rate cuts.
Economic data over the past month has showed that the labor market is slowing down while inflation is relatively under control — though still above the Fed’s 2% target.
BLS’ data would have provided more clarity on the state of the labor market and consequently the central bank’s pace of rate cuts for the rest of the year.
“Things could get ugly if the shutdown creates an information vacuum for jobs and inflation data ahead of the next Fed rate decision,” said Michael Bailey at FBB Capital Partners.
“Also, with stocks and valuations near prior peaks, we could see some minor bad news snowball into a correction near term.”
Traders are still getting glimpses this week of how the labor market is faring.
The JOLTS report on Tuesday showed US job openings were little changed in August while hiring was subdued, indicating that demand for workers is slowing.
Wednesday’s data will provide insight on company hiring.
The lack of key data on Friday in the event of a shutdown wouldn’t change the Fed’s decision for at least its upcoming meeting in October, according to David Seif, Nomura’s chief economist for developed markets.
“The less data that comes out, the less reason the Fed would have to deviate from the dot plot,” he said on Bloomberg Television on Tuesday.
“The dot plot indicates 25 basis points in October. It is our view that will happen, whether or not they get the data.”
There are ample investment opportunities a shutdown could create.
Citi Research says that the length of the shutdown is important to note, as stocks typically weaken in the event of longer shutdowns while rates rally.
Monica Guerra, head of US policy at Morgan Stanley Wealth Management, writes that shutdowns in the past have had minimal negative impact on real GDP and S&P 500 performance historically.
“Sectors with high exposure to government contracts, such as defense and health care, may face weakness in a full shutdown scenario, indicating a buying opportunity given a positive long- term outlook for the sectors,” she wrote.
Traders have also been hearing from a handful of Fed speakers.
Chicago Fed President Austan Goolsbee said the most recent round of tariffs may be causing businesses in his district to again pause decision-making in order to see where the levies settle.
Boston Fed President Susan Collins said further rate reductions may be appropriate this year given a weaker labor market, but officials need to remain wary about the possibility of persistent inflation.
Fed Vice Chair Philip Jefferson warned that the central bank faces a cooling labor market alongside rising inflation pressures, complicating the policy outlook.
“I see the risks to employment as tilted to the downside and risks to inflation to the upside,” Jefferson said in remarks prepared for the fourth International Monetary Policy Conference hosted by the Bank of Finland.
“It follows that both sides of our mandate are under pressure.”
Corporate News:
* Pfizer Inc. secured a reprieve from President Donald Trump’s long-threatened tariffs on the pharmaceutical industry Tuesday by agreeing to slash some of its drug prices by up to 85% and selling directly to the American public, a move other major
drugmakers are expected to follow.
* CoreWeave Inc. has signed a deal to supply Meta Platforms Inc. with as much as $14.2 billion worth of computing power.
* EchoStar Corp. shares jumped as the satellite-TV company engaged in talks to sell some of its wireless spectrum to Verizon Communications Inc.
* Exxon Mobil Corp. plans to cut about 2,000 jobs globally as the Texas oil company consolidates smaller offices into regional hubs as part of its long-term restructuring plan.
* Spotify Technology SA Chief Executive Officer Daniel Ek is stepping aside after almost two decades at the music streaming company he co-founded, leaving the leadership in the hands of two trusted executives.
* China’s state-run iron ore buyer has told major steelmakers and traders to temporarily halt purchases of all new BHP Group cargoes, escalating a pricing dispute that risks upending one of the mining giant’s most important trading partnerships.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4:03 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World Index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro was little changed at $1.1738
* The British pound rose 0.1% to $1.3444
* The Japanese yen rose 0.5% to 147.90 per dollar
Cryptocurrencies
* Bitcoin was little changed at $114,271.76
* Ether fell 1.8% to $4,152.91
Bonds
* The yield on 10-year Treasuries advanced one basis point to 4.15%
* Germany’s 10-year yield was little changed at 2.71%
* Britain’s 10-year yield was little changed at 4.70%
Commodities
* West Texas Intermediate crude fell 1.4% to $62.56 a barrel
* Spot gold rose 0.5% to $3,853.67 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Andre Janse van Vuuren, Eman Abouhassira, Isabelle Lee, Vildana Hajric and Tatiana Darie.
Have a lovely evening.
Be magnificent!
As ever,
Carolann
You have power over your mind – not outside events. Realize this, and you will find strength. – Marcus Aurelius, 121-180 CE.
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