Dear Friends,
Tangents: It’s Ash Wednesday, and Ramadan has begun.
February18, 1930: Pluto is discovered, expanding the known boundaries of the Solar System, as understood at the time. Photographic evidence of Pluto was discovered by Clyde W. Tombaugh at Lowell Observatory in Flagstaff, Ariz. Go to article.
Toni Morrison, b.1931.
Yoko Ono, b.1933.
Video: Injured bird admits itself into hospital
Definitely not your typical patient.
New year, new thinking
Bite-sized shifts in thinking can help you achieve your goals, says Dr. Michele Kehrer, author of the new book "Brave Shift."
States are split on taxing the rich
With budgets under strain, some state lawmakers and advocates are pushing to raise taxes on two groups: millionaires and billionaires.
No food, no fuel, no tourists
Cuba is facing the deepest economic uncertainty its residents have seen in decades — or perhaps in their lifetimes.
How have you been doing with your New Year’s resolutions? It’s easy to backslide, but experts offer tips to help you move beyond the excuses and exercise more — day in and day out.
Deep dive: A team of shipwreck hunters discovered the Lac La Belle, a luxury steamer that sank more than 150 years ago in Lake Michigan. Take a closer look.
| Vanishing lakes in Tibet may have triggered earthquakes by awakening faults in Earth’s crust |
Shrinking lakes in Tibet likely woke up long-dormant tectonic faults, a new study finds. The findings strengthen the link between climate change and earthquakes. Read More.
| Sleep deprivation harms the gut via the vagus nerve, early study reveals |
New research reveals that sleep deprivation sends aberrant signals through the vagus nerve, triggering a serotonin surge that can kill gut stem cells. Read More.
| Humanoid robots show off creepily impressive kung-fu moves during Lunar New Year festival in China |
Improvements to the AI that powers Unitree’s H2 and G1 humanoid robots, alongside mechanical upgrades, have resulted in a dazzling kung-fu demonstration. Read More.
Fun factoid: in the early 20th century, salted raw celery so often was the third most popular item in New York restaurants, behind coffee and tea. It was often more expensive than caviar, as it was difficult to cultivate and ship.
PHOTOS OF THE DAY
Barcelona, Spain
Revellers react amid firecrackers and flares during celebrations of the Santa Eulalia winter festival
Photograph: Jordi Boixareu/Zuma Press/Shutterstock
Macao, China
Dancers from south-west China’s Guizhou province perform at a celebration of the spring festival in front of the Ruins of St Paul’s
Photograph: Xinhua/Shutterstock
Hong Kong, China
Fireworks light up the sky over Victoria Harbour on the second day of the year of the horse
Photograph: Peter Parks/AFP/Getty
Market Closes for February 18th , 2026
| Market Index |
Close | Change |
| Dow Jones |
49662.66 | +129.47 |
| +0.26% | ||
| S&P 500 | 6881.31 | +38.09 |
| +0.56% | ||
| NASDAQ | 22753.63 | +175.25 |
| +0.78% | ||
| TSX | 33389.73 | +493.18 |
| +1.50% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 57143.84 | +577.35 |
| +1.02% | ||
| HANG SENG |
26705.94 | +138.82 |
| +0.52% | ||
| SENSEX | 83734.25 | +283.29 |
| +0.34% | ||
| FTSE 100* | 10686.18 | +130.01 |
| +1.23% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.230 | 3.227 |
| CND. 30 Year Bond |
3.714 | 3.711 |
| U.S. 10 Year Bond |
4.0808 | 4.0464 |
| U.S. 30 Year Bond |
4.7069 | 4.6740 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7300 | 0.7331 |
| US $ |
1.3698 | 1.3639 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 0.6193 | 1.6148 |
| US $ |
0.8482 | 1.1788 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
5003.30 | 4861.45 |
| Oil | ||
| WTI Crude Future | 65.19 | 62.33 |
Market Commentary:
| On this day in 1700, Daniel Bernoulli, one of the giants of probability theory and the father of modern risk analysis, was born in Basel, Switzerland. |
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.5% at 33,389.73 in Toronto.
The move follows the previous session’s decrease of 0.5%.
Shopify Inc. contributed the most to the index gain and had the largest move, increasing 7.6%.
Today, 155 of 217 shares rose, while 60 fell; 8 of 11 sectors were higher, led by materials stocks.
Insights
* In the past year, the index had a similar or greater gain six times. The next day, it advanced four times for an average 1% and declined twice for an average 1.8%
* The index advanced 30% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 0.9% below its 52-week high on Feb. 11, 2026 and 50.2% above its low on April 7, 2025
* The S&P/TSX Composite is up 0.4% in the past 5 days and rose 1.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.6 on a trailing basis and 21.8 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$5.21t
* 30-day price volatility rose to 18.38% compared with 18.11% in the previous session and the average of 12.81% over the past month
Index Points
Materials | 188.4760| 2.8| 49/7
Information Technology | 128.4573| 5.7| 9/1
Energy | 73.1612| 1.4| 30/7
Financials | 60.6282| 0.6| 16/7
Industrials | 33.5064| 1.0| 20/9
Consumer Discretionary | 11.8592| 1.1| 8/1
Real Estate | 3.3605| 0.7| 10/8
Health Care | 0.4475| 0.5| 2/2
Consumer Staples | -0.1552| 0.0| 4/6
Communication Services | -0.5524| -0.1| 2/3
Utilities | -6.0150| -0.5| 5/9
Shopify | 100.6000| 7.6| -15.5| -24.6
Agnico Eagle Mines | Ltd | 41.8800| 4.1| -2.6| 29.9
Barrick Mining | 29.7300| 4.0| -2.0| 10.7
Sun Life Financial | -6.3530| -1.8| 7.5| 6.0
Enbridge | -7.6250| -0.7| 81.9| 6.1
iA Financial | -12.0600| -11.0| 294.5| -14.9
MT Newswires:
The Toronto Stock Exchange set its 12th record close of 2026 on Wednesday, led by Information Technology but also helped by the Energy and Base Metals sectors as a recovery in commodity prices lifted the resources-heavy exchange.
The S&P/TSX Composite Index closed up 493.18 points, or 1.5%, to 33,389.73, taking Canadian investors further along on the roller-coast ride of the last three weeks, during which time the index set two record closes, but also saw it lose near 1,100 points in one session.
Among sectors, Info Tech was up 3.9%, while Energy rose 2.3% and Base Metals near 2%.
Veteran economist David Rosenberg on Wednesday warned the recent market volatility in North American markets could resume from here, saying three words from today’s FOMC (Federal Open Market Committee) Minutes "should be shaking the markets", citing the words "several" and "upward adjustments".
According to Rosenberg the FOMC minutes reflected a "significant shift in tone, with the policy hawks taking command and rate HIKES now on the table".
Rosenberg cited a statement in today’s minutes from the January 27th-28th FOMC meeting, as the most important development because it shows a shifting thought process in the making: "Several participants indicated that they would have supported a two-sided description of the Committee’s future interest rate decisions, reflecting the possibility that upward adjustments to the target range for the federal funds rate could be appropriate if inflation remains at above-target levels."
Of commodities, gold prices rose late afternoon Wednesday, pushing back above the US$5,000 mark it fell below a day earlier on weak demand and as China’s markets remain closed for the Lunar New Year holiday.
Gold for March delivery was up $100.50 to US$5,006.40 per ounce.
The price of the precious metal has remained near US$5,000 since correcting from the record high of $5,354.80 set on Jan. 29.
Also, West Texas Intermediate crude oil surged 4.6% as traders raised geopolitical premiums amid tensions between the United States and Iran and the quick collapse of peace talks between the Ukraine and Russia.
WTI crude oil for March delivery closed up $2.86 to settle at US$65.19 per barrel, the highest since Jan. 30, while April Brent oil was last seen up $2.19 to US$70.33.
US
By Rita Nazareth
(Bloomberg) — A rebound in stocks gained traction amid easing jitters around artificial-intelligence disruption while a slew of data showed the US economy is holding up.
Treasuries fell for a second straight day.
Oil jumped.
About 320 shares in the S&P 500 rose even as minutes of the last Federal Reserve meeting showed “several” officials suggested the central bank may need to raise rates if inflation stays above their goal.
After a rout fueled by AI concerns, investors are seeking signs of a bottom.
A gauge of chipmakers climbed 1% and an ETF tracking software firms jumped 1.3%.
While AI fears have pummeled stock prices of companies across several industries over the past two weeks, a growing share of stock pickers have been looking at buying opportunities as they survey the wreckage.
The software stock selloff is likely “overdone” as that was a largely knee-jerk reaction, with investors trying to figure out the winners and losers from AI, according to Paul Stanley at Granite Bay Wealth Management.
“While AI is very promising, investors should not assume that all companies will win on the AI front,” he said.
Retail traders spent a record amount snapping up software shares on Citadel Securities’ platform, which began tracking the data in 2017.
“The magnitude, persistence, and breadth of buying activity have materially exceeded prior peaks,” said Scott Rubner, the firm’s head of equity and equity derivatives strategy.
Equities also gained as data showed US industrial production climbed in January by the most in nearly a year.
Orders for business equipment rose in December by more than projected while housing starts hit a five-month high.
Meantime, minutes of the Federal Open Market Committee’s Jan. 27-28 meeting revealed that a “vast majority of participants judged that downside risks to employment had moderated in recent months while the risk of more persistent inflation remained.”
“From our perspective, the minutes support our view that rate cuts are off the table for the foreseeable future,” said Charlie Ripley at Allianz Investment Management.
The S&P 500 rose to around 6,880.
The yield on 10-year Treasuries climbed two basis points to 4.08%.
A $16 billion sale of 20-year bonds drew lackluster demand.
The dollar gained 0.5%.
Oil rallied as traders weighed whether talks between the US and Iran will be enough to avert conflict, following a report that American military intervention could come sooner than expected.
Gold hovered near $5,000.
Despite Wednesday’s equity gains, the S&P 500 has been struggling to breach the 7,000 level since it first made its push toward that level back in October.
“US stock indices have regained their upside momentum,” said David Morrison at Trade Nation.
“But will this prove strong enough to keep buyers engaged, and protracted enough to drive the S&P 500 above key resistance at 7,000?”
Bank of America Corp. clients dumped US equities last week, with single-stock outflows reaching $8.3 billion — the third highest since records began in 2008.
There were outflows in nine of the 11 sectors, led by financials and consumer staples.
Industrials, tech and consumer discretionary also saw large outflows.
Big tech carried the market over the past three years, and sustained broadening in the market’s sector participation is extremely important for the overall health of the bull market, noted Stanley at Granite Bay Wealth Management.
“We view the stock market as currently being in a ‘shaken, not stirred’ state,” said Craig Johnson at Piper Sandler.
“Investors need to embrace the rotation as this year shapes up to be more of a ‘stock picker’s market’.”
Despite the recent breakdown in the “Magnificent Seven” mega caps and software makers, there hasn’t been much evidence of the broader market rolling over, according to Mark Newton at Fundstrat Global Advisors.
“Moreover, sentiment has turned more negative in the last week, given the volatility in equities,” he said.
“However, I feel that the resilience of equity indices themselves is truly what to highlight as being a relative positive in 2026.”
As market structure continues to be dominated by Commodity Trading Advisors, fund flows, and an increasing share of retail investors, Chris Senyek at Wolfe Research says volatility is likely to continue in the near-term, especially given the heightened sensitivity of stocks to AI disruption and other headline risk.
“One of the most frequently asked questions we’ve receive recently from investors has been: What changes the market’s view on AI disruption?,” he said.
“With hyperscaler capital expenditures growing at a breakneck pace, we see bottlenecks in data center buildout likely emerging over the coming quarters.”
Whether these bottlenecks are related to power generation, material costs, or regulatory hurdles, a cut/delay in spending would likely serve as a positive catalyst to areas of the market that have seen downward pressure due to AI concerns, namely software stocks, he said.
“Investors should review current exposures to US technology and communication services and consider hedging or diversifying exposures that are above benchmark levels,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
In such a case, she says investors should consider diversifying toward preferred areas of the market where we see superior risk-reward, including industrials, banks, health care, utilities, and consumer discretionary.
Meantime, the highly anticipated IPO boom may take a little longer to materialize as the market for new issuances limped into a seasonal quiet period.
Postponed listings from broker Clear Street Group Inc. and Blackstone Inc.-backed Liftoff Mobile Inc. and broader stock market volatility left a sour taste in growth investors’ mouths as the window for initial public offerings before annual audits came to an end last week.
The jolt of delayed deals paired with choppy performances across the class of 2026 kept a lid on what’s been the busiest start to a year since the go-go days of 2021.
Also capturing Wall Street’s attention is the upcoming options expiry later this week.
The US listed-options market is set for $3 trillion of contracts by notional value to roll off on Friday, the largest ever for an expiration date in February, according to data from Citigroup Inc.
Corporate Highlights:
* Mark Zuckerberg testified that it’s “very difficult” to enforce Instagram’s age limits as he sought to defend the platform during a landmark trial over social media addiction.
* Tesla Inc. will be allowed to continue selling electric vehicles in California uninterrupted after the company revised what the state had called misleading marketing of driver- assistance technology.
* Alphabet Inc.’s Google and Apple Inc. are adding music-focused generative artificial intelligence features to their core consumer apps, underscoring how advanced AI tools are moving into mainstream use.
** Alphabet Inc.’s Google introduced its latest entry-level Pixel smartphone, hoping that new AI software capabilities, minor hardware refinements and an unchanged $499 price can make up for an otherwise iterative update.
* Berkshire Hathaway Inc. slashed its holding in Amazon.com Inc. by more than 75% in the fourth quarter, while also building a stake in the New York Times Co. — Warren Buffett’s last new bet as chief executive officer.
* Cybersecurity company Palo Alto Networks Inc. tumbled after releasing a forecast for adjusted earnings that was weaker than anticipated.
* Powerlaw Corp., a fund that owns stakes in Anduril Industries Inc., SpaceX, OpenAI and Anthropic PBC, is filing to sell shares in New York, giving retail investors a shot at profiting from some of the biggest private companies in artificial intelligence, defense and space.
* The US Food and Drug Administration will review a Moderna Inc. flu shot made with mRNA technology, reversing a previous decision that shocked Wall Street and spurred a public spat between the company and its regulator.
* Kraft Heinz Co. announced it’s replacing its North American president this month as its new chief executive officer embarks on a plan to bolster growth at the struggling food company, rather than continue with a planned split.
* Madison Square Garden Sports Corp.’s board of directors approved a plan to explore spinning off the NBA’s New York Knicks and NHL’s New York Rangers, a move that would make it easier to attract investors to the teams.
* Bank of America Corp. is broadening the scope of its rewards program to encourage customers to do more business with the company, part of an effort to reach lofty financial targets it promised investors last year.
* US banks including Huntington Bancshares Inc., First Horizon Corp. and M&T Bank Corp. are working to build a tokenized deposit network as financial firms fight to stay relevant amid the rise of digital assets.
* Uber Technologies Inc. is planning to spend more than $100 million to build fast-charging, autonomous-vehicle charging stations in the US, the latest move to establish itself as a critical player in the robotaxi industry.
* Wingstop Inc. reported better-than-expected results, easing fears of a marked slowdown at the chicken chain.
* A ruling requiring Kalshi to shut down its sports prediction contract offerings in Massachusetts won’t take effect until after an appeals court considers the company’s challenge to the ban.
What Bloomberg strategists say…
“The Magnificent Seven’s influence goes to show how hard it will be for the market to advance without mega cap tech.
While information technology’s weight in the S&P 500 has edged lower in recent months, it remains the largest sector by far, with a wide gap over the rest.”
— Tatiana Darie, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World Index rose 0.7%
* Philadelphia Stock Exchange Semiconductor Index rose 1%
* iShares Expanded Tech-Software Sector ETF rose 1.3%
* Bloomberg Magnificent 7 Total Return Index rose 0.7%
* The Russell 2000 Index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.6% to $1.1784
* The British pound fell 0.5% to $1.3501
* The Japanese yen fell 1% to 154.80 per dollar
Cryptocurrencies
* Bitcoin fell 2.3% to $66,103.01
* Ether fell 3.1% to $1,937.02
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.08%
* Germany’s 10-year yield was little changed at 2.74%
* Britain’s 10-year yield was little changed at 4.37%
* The yield on 2-year Treasuries advanced three basis points to 3.46%
* The yield on 30-year Treasuries advanced two basis points to 4.71%
Commodities
* West Texas Intermediate crude rose 4.9% to $65.39 a barrel
* Spot gold rose 2.2% to $4,985.63 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Be a yardstick of quality. Some people aren’t used to an environment where excellence is expected.-Steven Jobs, 1955-2011.
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