Month: March 2023

Dear Friends,

Tangents: Happy Friday.  Happy St. Patrick’s Day!

March 17, 1992: A referendum to end apartheid in South Africa is passed 68.7% to 31.2%.

The world’s greatest places of 2023, according to TIME:  Looking for some travel inspo? Consider adding some of these stunning destinations to your bucket list.

Notre Dame is held together by a first-of-its-kind ‘iron skeleton,’ catastrophic fire revealed: In 2019, a fire broke out inside Notre Dame Cathedral in Paris, severely damaging the iconic medieval building.
However, the catastrophic fire gave researchers an opportunity to study the building’s architecture like never before. Full Story: Live Science (3/15)

Watch ‘unprecedented’ animation showcasing 100 million years of Earth history: New “unprecedented” animations of the Earth show how the planet’s surface has shifted and changed over the past 100 million years.
These animations are the most detailed view of the history of Earth’s topography ever, depicting the rise of mountains, the development of basins, and the transport of large masses of sediments around the globe through erosion.
Full Story: Live Science (3/16)
PHOTOS OF THE DAY

The week in wildlife – in pictures
A bird perches on a branch of a cherry tree at Ueno park in Tokyo. Japan’s meteorological agency announced cherry trees came into bloom in the Tokyo area on 14 March
Photograph: Yoshio Tsunoda/Aflo/Rex/Shutterstock

The week in wildlife – in pictures
Jellyfish and plankton off Shetland, Scotland. The picture won Henley Spiers the Coast and Marine award from the British Wildlife Photography Awards
Photograph: Henley Spiers

Dublin, Ireland
A reveller prepares for the St Patrick’s Day parade
Photograph: Charles McQuillan/Getty Images
Market Closes for March 17^th, 2023

Market Index	Close	Change
Dow Jones	31861.98	-384.57
		-1.19%
S&P 500	3916.64	-43.64
		-1.10%
NASDAQ	11630.52	-86.76
		-0.74%
TSX	19387.72	-151.29
		-0.77%

International Markets

Market Index	Close	Change
NIKKEI	27333.79	+323.18
		+1.20%
HANG SENG	19518.59	+314.68
		+1.64%
SENSEX	57989.90	+355.06
		+0.62%
FTSE 100*	7335.40	-74.63
		-1.01%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.779		2.915
CND. 30 Year Bond		2.909		2.987
U.S.    10 Year Bond		3.4286		3.5770
U.S. 30 Year Bond		3.6197		3.7109

Currencies

BOC Close	Today	Previous
Canadian $	0.7280	0.7290
US $	1.3736	1.3717
Euro Rate 1 Euro=		Inverse
Canadian $	1.4725	0.6791
US  $	1.0722	0.9327

Commodities

Gold	Close	Previous
London Gold Fix	1922.75	1923.40
Oil
WTI Crude Future	66.74	68.35

Market Commentary:
📈 This day in 1821 was one of the quietest in Wall Street history. Not a single share changed hands. After a turbulent week, traders might be hoping for such a calm day today.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.8% at 19,387.72 in Toronto.
The move follows the previous session’s increase of 0.8%.
Today, financials stocks led the market lower, as 8 of 11 sectors lost; 153 of 236 shares fell, while 81 rose.
Royal Bank of Canada contributed the most to the index decline, decreasing 2.5%.
Precision Drilling Corp. had the largest drop, falling 5.9%.
Insights
* This quarter, the index was unchanged
* So far this week, the index fell 2%
* The index declined 11% in the past 52 weeks. The MSCI AC Americas Index lost 12% in the same period
* The S&P/TSX Composite is 12.7% below its 52-week high on April 5, 2022 and 8.5% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.4 on a trailing basis and 12.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization
of C$3.13t
* 30-day price volatility rose to 11.46% compared with 11.37% in the previous session and the average of 8.86% over the past month
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -107.1095| -1.8| 7/22
Industrials | -54.9630| -2.0| 3/23
Energy | -40.8503| -1.3| 8/31
Consumer Staples | -8.8675| -1.1| 2/9
Consumer Discretionary| -8.8029| -1.2| 3/12
Real Estate | -7.6627| -1.5| 0/22
Information Technology| -7.6555| -0.6| 6/8
Health Care | -1.0072| -1.4| 1/5
Communication Services| 1.4980| 0.2| 3/3
Utilities | 1.5875| 0.2| 6/10
Materials | 76.8203| 3.3| 42/8
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
RBC | -31.1900| -2.5| 123.8| 0.0
Canadian Pacific | -20.3200| -2.9| 183.6| 5.1
Canadian National | -18.0400| -2.6| 88.1| -1.6
Agnico Eagle Mines | 11.8100| 5.7| 63.0| -0.8
Franco-Nevada | 12.5300| 5.0| 131.2| 6.8
Barrick Gold | 12.5800| 4.3| 96.9| 7.2
US
By Carly Wanna and Angel Adegbesan
(Bloomberg) — Technology stocks were the beneficiary of a tumultuous week for global markets as concern mounted that the turmoil rocking the banking sector will tip the global economy into recession.
The Nasdaq 100 rose 5.8% to notch its best week since November, despite a slump Friday, as investors snapped up old standby favorites in the tech sector, including Microsoft Corp. and Alphabet Inc., on bets the Federal Reserve would temper its tightening path.
“They’ve been on a strong run so far this year. Much of the stress now obviously is focused in financials. And it may be that the money has shifted into tech,” Kelly Bogdanova, a vice president and portfolio analyst at RBC Wealth Management, said in a phone interview. “If you look at the entire tech group, the valuations had come down a lot, especially in communication services. And those stocks took a hit late last year.”
The S&P 500 also carved out a 1.4% weekly gain even as banking stocks dragged the index to a 1.1% drop Friday.
The financial sector was the worst performing with First Republic Bank, the latest US lender to signal stress, plunging over 70% on the week despite the larger banks throwing a lifeline to the regional lender Thursday.
Credit Suisse Group AG added to the sector’s woes after Reuters reported that at least four big banks, including Deutsche Bank AG, were curbing trading with the troubled Swiss lender.
A gauge of regional banks fell 15% over the past five days.
“When an extreme event happens and impacts the financial system, it usually takes markets more than just a few days to work through it,” Bogdanova said. “We can’t rule out more knock on effects.”
The policy-sensitive two-year swung more than 20 basis points for the seventh straight session as traders recalibrated rate-hike wagers.
Yields fell across the curve Friday after a softer-than-expected reading on inflation expectations.
An index of the dollar weakened.
Banks including JPMorgan Chase & Co. and Citigroup Inc. banded together in a show of support for First Republic on Thursday.
While the rescue attempt initially boosted sentiment, billionaire investor Bill Ackman was among those questioning whether it would be enough to halt the crisis.
Meanwhile, US banks borrowed a combined $164.8 billion from two Federal Reserve backstop facilities in the most recent week, a sign of escalated funding strains in the aftermath of Silicon Valley Bank’s failure.
“The Fed’s rate hiking cycle was already feeling restrictive, so now that we have rising risks of more bank bailouts and even tighter credit standards, the growth outlook for the economy is rather bleak,” Ed Moya, a senior market
analyst at Oanda, wrote. “Next week will be huge as markets are unsure if the Fed will continue to tighten or given this week’s banking turmoil decide to hold.”

Markets were also digesting a 50 basis points rate hike by the European Central Bank.
By making it clear that stress points in the banking industry — as well as economic data — will guide future rate decisions, ECB Chief Christine Lagarde paved the way for bond-market gyrations to remain elevated for the remainder
of the year as traders try to figure out when the hiking cycle will end.
Market pricing for the Fed’s March 21-22 meeting has lurched between another quarter-point hike, and the first rate pause in more than a year.
US overnight indexed swaps are now pricing for close to a coin-flip probability of a quarter-percentage point Fed rate hike next week.
Wall Street remains divided on which way the central bank should move.
Anastasia Amoroso, chief investment strategist at iCapital, told Bloomberg Television that the confidence signaled by a 25 basis point hike from the Fed would not go “that far.”
“They have to pause,” said Amoroso. “The biggest signal of confidence would be to say, we are attuned to the issue. We want to take the time to make sure we have the right approach in place before we resume that rate hiking cycle. To me that would be the best approach.”
BlackRock Investment Institute does not expect cracks in the financial sector to deter central banks from raising rates further to contain inflation.
It expects both the ECB and the Fed to “go as far as possible to distinguish their inflation fighting campaigns from measures to deal with bank troubles and safeguard the financial system,” a team of BlackRock analysts wrote in a note.
Jack Manley, global market strategist at JPMorgan Investment Management expects some kind of Fed reprieve next week and that could bring markets a “sigh of relief.”
“Financial stability is more important than inflation. And the Fed’s going to have an awfully hard time transmitting monetary policy through a banking system that it’s broken,” Manley told Bloomberg Television.
Bitcoin reached its highest level since June amid a broad rally in cryptocurrencies.
Other tokens such as Ether, Solana and Polkadot surged as well.
Oil had its worst week so far this year.
Gold rose.
These are the main market moves:
Stocks
* The S&P 500 fell 1.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average fell 1.2%
* The MSCI World index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.5% to $1.0662
* The British pound rose 0.5% to $1.2170
* The Japanese yen rose 1.3% to 131.99 per dollar
Cryptocurrencies
* Bitcoin rose 8.6% to $26,885.52
* Ether rose 5.3% to $1,747.32
Bonds
* The yield on 10-year Treasuries declined 15 basis points to 3.42%
* Germany’s 10-year yield declined 18 basis points to 2.11%
* Britain’s 10-year yield declined 14 basis points to 3.28%
Commodities
* West Texas Intermediate crude fell 3.1% to $66.23 a barrel
* Gold futures rose 3% to $1,998.30 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Robert Brand and Felice Maranz.
Have a wonderful weekend everyone.

Be magnificent!
As ever,
Carolann
Do not pray for easy lives, pray to be stronger men. -J.F. Kennedy, 1917-1963.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday Eve.
March 16, 1968: General Motors produces its 100 millionth automobile, the Oldsmobile Toronado.

March 16, 1926: Rocket science pioneer Robert H. Goddard successfully tested the first liquid-fueled rocket, in Auburn, Mass. Go to article >

Pilot makes first-ever plane landing on Dubai’s Burj Al Arab helipad.  A stunt pilot successfully brought his aircraft to a stop in just 68 feet on top of a Dubai skyscraper. See the images here.

NASA reveals new spacesuit design.  These spacesuits, developed for NASA by Axiom Space, look quite different than the puffy white outfits you may be envisioning.

Da Vinci’s mother was an enslaved teenager trafficked to Italy, new documents suggest: Leonardo da Vinci’s mother was kidnapped and enslaved as a teenager in the Caucasus and sent to Italy, a new analysis of nearly 600-year-old documents suggests. The documents, discovered by an Italian historian, suggest that da Vinci’s mother, Caterina, was kidnapped and torn from her home by the Black Sea in Circassia before being shipped to Venice.
Full Story: Live Science (3/15)

60,000-mile-tall ‘plasma waterfall’ snapped showering the sun with impossibly fast fire: An Astro photographer has snapped a stunning shot of an enormous wall of plasma falling down toward the solar surface at impossibly fast speeds after being spat out near the sun’s south pole.
Eduardo Schaberger Poupeau, who is based near Rafaela in Argentina, captured the striking image on March 9 using specialized camera equipment. Full Story: Live Science (3/15)
PHOTOS OF THE DAY

Chennai, India
People take a sunrise walk along Edward Elliot’s beach
Photograph: Idrees Mohammed/EPA

Spor Etter Jern (Forest of the Finns)
This work draws on historical slash and burn farming methods and shamanistic tradition to investigate what it means to be a Forest Finn today, when agricultural methods have disappeared and the native language is no longer spoken
Photograph: Terje Abusdal

Springing forth
‘Two young beech seedlings wait for spring, sheltered by mother trees and succoured by their mycorrhizal connections. In the foreground, moss and fungi return the substance of a grandmother generation back into the soil. Picture taken on Ranmore Common, Surrey.’
Photograph: Peter Stott
Market Closes for March 16^th, 2023

Market Index	Close	Change
Dow Jones	32246.55	+371.98
		+1.17%
S&P 500	3960.28	+68.35
		+1.76%
NASDAQ	11717.28	+283.23
		+2.48%
TSX	19539.01	+160.17
		+0.83%

International Markets

Market Index	Close	Change
NIKKEI	27010.61	-218.87
		-0.80%
HANG SENG	19203.91	-335.96
		-1.72%
SENSEX	57634.84	+78.94
		+0.14%
FTSE 100*	7410.03	+65.58
		+0.89%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.915		2.786
CND. 30 Year Bond		2.987		2.893
U.S.    10 Year Bond		3.5770		3.4548
U.S. 30 Year Bond		3.7109		3.6430

Currencies

BOC Close	Today	Previous
Canadian $	0.7290	0.7266
US $	1.3717	1.3763
Euro Rate 1 Euro=		Inverse
Canadian $	1.4562	0.6867
US  $	1.0614	0.9422

Commodities

Gold	Close	Previous
London Gold Fix	1923.40	1907.55
Oil
WTI Crude Future	68.35	67.61

Market Commentary:
📈 On this day in 1930, Julius H. Barnes, leader of President Herbert Hoover’s National Business Survey Conference, declared that “the spring of 1930 marks the end of a period of grave concern,” adding, “American business is steadily coming back to a normal level of prosperity.” The Depression would last another nine years.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.8% at 19,539.01 in Toronto.
The move was the biggest since rising 1.2% on March  3 and follows the previous session’s decrease of 1.6%.
Today, industrials stocks led the market higher, as 10 of 11 sectors gained; 166 of 236 shares rose, while 61 fell.
Canadian Pacific Railway Ltd. contributed the most to the index gain, increasing 3.0%.
Tilray Brands Inc. had the largest increase, rising 9.9%.
Insights
* This quarter, the index rose 0.8%
* So far this week, the index fell 1.2%
* The index declined 9% in the past 52 weeks. The MSCI AC Americas Index lost 10% in the same period
* The S&P/TSX Composite is 12% below its 52-week high on April 5, 2022 and 9.3% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 2.7% in the past 5 days and fell 5.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.5 on a trailing basis and 12.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.1t
* 30-day price volatility rose to 11.37% compared with 10.93% in the previous session and the average of 8.65% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | 57.7527| 2.1| 25/1
Financials | 32.4127| 0.5| 26/3
Information Technology | 17.2695| 1.3| 10/4
Energy | 15.2139| 0.5| 30/7
Consumer Discretionary | 9.9991| 1.4| 12/2
Utilities | 9.7966| 1.1| 12/3
Consumer Staples | 6.8599| 0.8| 6/5
Communication Services | 2.1471| 0.2| 3/3
Health Care | 1.9325| 2.7| 5/1
Real Estate | 1.2328| 0.2| 15/7
Materials | -0.1593| 0.0| 22/25
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Pacific | 20.5800| 3.0| 79.3| 8.3
Canadian National | 17.1600| 2.6| -8.8| 1.1
Shopify | 11.5200| 2.3| 8.8| 30.4
Barrick Gold | -2.3210| -0.8| -11.3| 2.8
Nutrien | -2.5170| -0.7| -1.4| 0.8
Wheaton Precious Metals | -3.1250| -1.7| 3.7| 12.5
US
By Carly Wanna and Angel Adegbesan
(Bloomberg) — US stocks ended the day higher after a First Republic Bank rescue package was secured, sparking a rebound in shares of embattled regional lenders.
Treasuries fell after the European Central Bank delivered a rate hike that added to bets the US central bank will also raise next week.
The S&P 500 notched its largest one-day advance since January after the biggest banks in the US agreed to contribute $30 billion in deposits to First Republic.
The regional lender’s shares had tumbled more than 60% before Thursday as investors speculated the bank could be the next to fail after two high-profile demises touched off the crisis last week.
An index of regional banks closed higher, the gauge is still down over 20% this March.
The tech-heavy Nasdaq jumped 2.7%% to a one-month high.
Tech has become more sensitive to interest rates, said Tony Welch, chief investment officer at SignatureFD.
“When economic growth becomes more scarce, you want to look to those industries and sectors that can produce the growth.  Tech is certainly one of those that can potentially be a better grower,” Welch said.
Meanwhile, Treasury Secretary Janet Yellen’s prepared remarks presented to Capitol Hill Thursday “did a good job of boosting confidence about the banking system,” said Art Hogan, chief market strategist at B. Riley Wealth Management.
“They’d like to see the support come from the private sector and that is likely going to be now the first of many larger, more sound banks supporting some of those banks that might have impaired balance sheets,” Hogan said of the big lenders coming to the regional bank’s aid.
The First Republic news comes after a lifeline from Swiss regulators overnight stabilized Credit Suisse Group AG, easing worries that the European lender would lead to a cascading crisis in that region.
The idea of a forced combination with a larger rival, UBS Group AG, was shot down on Thursday and receipts in Credit Suisse ended the session unchanged.
The cost to insure the Swiss bank’s debt has been rising.
“That the market is reacting relatively positively to the fact that we are applying some guardrails here shouldn’t necessarily be a catalyst for markets to move much higher,” said Meera Pandit, JPMorgan Asset Management global market strategist on Bloomberg TV. “There is still some vulnerability here to a correction because we don’t know how this continues to evolve.”
Markets were also digesting a European Central Bank rate hike and comments from the ECB president that inflation is projected to remain too high for too long.
The Federal Reserve is expected to raise interest rates by a quarter percentage point next week.
Rising odds for that move sent two-year Treasury yields back above 4%, though they remained lower than they were just a week ago.
Government securities swung in the session with yields eventually climbing.
A measure of Treasury market volatility touched levels last seen in the midst of the global financial crisis this week.
FedEx Corp. shares jumped in afterhours trading following earnings from the delivery company that beat estimates and its outlook for the year was boosted.
United Parcel Service Inc. also climbed.
Quarterly triple witching, where contracts for index futures, equity index options and stock options all expire, could amp up swings in Friday’s trading.
All eyes are now on the Federal Reserve’s policy meeting next week, with traders debating whether the central bank will increase interest rates.
Market pricing suggests the Fed will soon pivot and will start cutting rates this year.
Data Thursday showed first-time unemployment claims dropped more than analysts’ estimates last week, while housing starts and building permits exceeded expectations, underscoring the economic resilience that’s allowed the Fed to tighten aggressively over the past year.
“Central banks appear to be willing to push through the problems higher rates are causing in order to address inflation,” Louis Navellier, chief investment officer of Navellier & Associates wrote in his daily newsletter.
He views the ECB’s rate increase as a “test run” ahead of the next Fed meeting.
“All else being equal, more restrictive lending increases recession risk,” he said. “Expect lots of volatility in the near term and remain cautious as this banking crisis plays out.”
Stocks
* The S&P 500 rose 1.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.7%
* The Dow Jones Industrial Average rose 1.2%
* The MSCI World index rose 1.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.3% to $1.0614
* The British pound rose 0.5% to $1.2118
* The Japanese yen was little changed at 133.47 per dollar
Cryptocurrencies
* Bitcoin rose 2.5% to $25,003.38
* Ether rose 1.8% to $1,683.68
Bonds
* The yield on 10-year Treasuries advanced 11 basis points to 3.57%
* Germany’s 10-year yield advanced 16 basis points to 2.29%
* Britain’s 10-year yield advanced 10 basis points to 3.43%
Commodities
* West Texas Intermediate crude rose 0.7% to $68.09 a barrel
* Gold futures fell 0.4% to $1,924.40 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Emily Graffeo and Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
There is nothing in a caterpillar that tells you it’s going to be a butterfly.  -R. Buckminster Fuller, 1895-1983.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: THE IDES OF MARCH.
Julius Caesar, d. 44 BC.
1917: Czar Nicholas II of Russia abdicates his throne.

March 15, 1985: The first Internet domain name, symbolics.com, was registered by the Symbolics Computer Corp. of Massachusetts.  Read article

March 15, 2019: More than 1.5 million students participate in climate change protests around the world as part of Fridays for Future, a movement started by Swedish environmental activist Greta Thunberg.

‘Unstable’ moons may be obliterating alien life across the universe: The moon crashing into Earth may sound like an unrealistic doomsday scenario or the stuff of sci-fi disasters. But for some planets in other star systems, such catastrophic collisions may be common.
New research uses computer simulations to show that collisions between exoplanets and their moons (called exomoons) may actually be a regular occurrence, which could be disastrous for any budding alien life on those planets.
Full Story: Live Science (3/15)

‘Very, very rare’ gold and silver medieval treasure unearthed in the Netherlands: A metal detectorist in the Netherlands has discovered dazzling gold and silver treasures that were buried in a medieval swamp 800 years ago, possibly during wartime.
The hoard includes four golden ear pendants, two strips of gold leaf and 39 silver coins. Full Story: Live Science (3/14)

Technology behind ChatGPT is about to get even more powerful.  The artificial intelligence tool that stunned the tech industry has an advanced version on the way. Check out some of its new capabilities.

They bought an ‘ancient’ Italian home for around $9,000. There were many surprises in store.  Home renovations often involve unforeseen costs and hidden surprises… especially if you decide to fix up a 14th-century apartment.

Webb telescope spots a star on the brink of exploding.  View the rare and tumultuous sight 15,000 light-years away from Earth.
PHOTOS OF THE DAY

Frankfurt, Germany
People walk though a park as snow falls
Photograph: Michael Probst/AP

Florida, US
A SpaceX Falcon 9 rocket for Nasa on a resupply mission to the International Space Station launches from pad 39-A at the Kennedy Space Center as seen from Lori Wilson park in Cocoa Beach
Photograph: Malcolm Denemark/AP

​​​​​​​Zhejiang province, China.
Cherry blossoms bursting into bloom in Hangzhou city, Zhejiang province, China.
Photograph: Rex/Shutterstock
Market Closes for March 15^th, 2023

Market Index	Close	Change
Dow Jones	31874.57	-280.83
		-0.87%
S&P 500	3891.93	-27.36
		-0.70%
NASDAQ	11434.05	+5.90
		+0.05%
TSX	19378.84	-315.32
		-1.60%

International Markets

Market Index	Close	Change
NIKKEI	27229.48	+7.44
		+0.03%
HANG SENG	19539.87	+291.91
		+1.52%
SENSEX	57555.90	-344.29
		-0.59%
FTSE 100*	7344.45	-292.66
		-3.83%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.786		2.896
CND. 30 Year Bond		2.893		2.928
U.S.    10 Year Bond		3.4548		3.6778
U.S. 30 Year Bond		3.6430		3.7970

Currencies

BOC Close	Today	Previous
Canadian $	0.7266	0.7307
US $	1.3763	1.3686
Euro Rate 1 Euro=		Inverse
Canadian $	1.4558	0.6869
US  $	1.0578	0.9454

Commodities

Gold	Close	Previous
London Gold Fix	1907.55	1911.30
Oil
WTI Crude Future	67.61	71.33

Market Commentary:
📈 On this day in 1999, less than three months after breaking the 1,200 barrier, the Standard & Poor’s 500-stock index closed above 1,300 for the first time, finishing the day at 1,307.26.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.6% at 19,378.84 in Toronto.
The move was the biggest loss since Nov. 9 and follows the previous session’s increase of 0.5%.
Today, energy stocks led the market lower, as 8 of 11 sectors lost; 188 of 236 shares fell, while 44 rose.
Enbridge Inc. contributed the most to the index decline, decreasing 3.7%.
Africa Oil Corp. had the largest drop, falling 8.7%.
Insights
* In the past year, the index had a similar or greater loss 13 times. The next day, it declined 10 times for an average 0.7% and advanced three times for an average 1.4%
* This quarter, the index was little changed
* The index declined 8.5% in the past 52 weeks. The MSCI AC Americas Index lost 9.4% in the same period
* The S&P/TSX Composite is 12.8% below its 52-week high on April 5, 2022 and 8.4% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 4.8% in the past 5 days and fell 6.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.3 on a trailing basis and 12.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.15t
* 30-day price volatility rose to 10.93% compared with 10.06% in the previous session and the average of 8.49% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -161.3457| -4.8| 0/39
Financials | -113.4967| -1.9| 1/28
Materials | -35.8333| -1.5| 15/34
Information Technology| -19.6840| -1.5| 2/11
Real Estate | -8.7211| -1.7| 1/20
Consumer Staples | -3.9404| -0.5| 10/1
Consumer Discretionary| -3.4772| -0.5| 3/12
Health Care | -1.4449| -2.0| 0/7
Utilities | 1.5167| 0.2| 4/12
Communication Services| 2.1867| 0.2| 4/2
Industrials | 23.2221| 0.9| 4/22
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Enbridge | -26.8800| -3.7| -22.1| -4.8
Canadian Natural Resources | -26.4900| -4.7| 85.9| -7.2
Suncor Energy | -26.1100| -6.5| 1.7| -6.2
Fortis | 4.4680| 2.4| 7.3| 4.5
Barrick Gold | 8.7950| 3.1| 18.8| 3.6
Canadian Pacific | 40.5100| 6.3| 193.6| 5.1
US
By Rita Nazareth
(Bloomberg) — Volatility gripped financial markets as fresh turmoil at Credit Suisse Group AG days after the collapse of some American regional banks spurred a frantic rush for shelter, evoking memories of the 2008 global financial crisis and bolstering speculation that major central banks will have to curb their hawkishness to prevent a harsher economic landing.
Equities trimmed a slide that at one point topped 2% for the S&P 500 as Switzerland’s central bank and financial regulator said Credit Suisse will receive a liquidity backstop if needed, in an effort to arrest the slump in confidence around the troubled lender.
A gauge of US financial heavyweights like JPMorgan Chase & Co. and Citigroup Inc. also pared losses, but still sank to the lowest level since November 2020.
First Republic Bank led a rout in US regional peers after being cut to junk by two major credit firms.
Wall Street’s so-called fear gauge touched its highest level since October after being relatively subdued for the most part this year.
As investors dashed to the safest corners of the market, gold reversed an earlier slide and the dollar rallied against all of its developed-market peers except the Japanese yen.
Bond yields plunged globally as mounting financial-stability concerns prompted traders to abandon bets on additional rate hikes and begin pricing in cuts by the Federal Reserve.
They priced in a drop of more than 100 basis points in the US policy rate by year-end and downgraded the odds of additional tightening by the Bank of England and the European Central Bank.
Banks that trade with Credit Suisse rushed to safeguard their exposure with the lender on Wednesday, snapping up contracts that will compensate them if the crisis rocking the Zurich-based firm deepens.
So intense was the demand for the derivatives, known as credit-default swaps, that they spiked to levels that signal the lender is in deep financial distress — something unseen at a major global bank since at least the
throes of the financial crisis.
The renewed bout of banking turbulence spurred some worrisome remarks from prominent Wall Street voices.
As Credit Suisse nosedived, economist Nouriel Roubini — who’s known as “Dr. Doom” — said the troubled lender might be “too big to be saved.”
BlackRock Inc.’s Larry Fink noted that the banking crisis could worsen, worrying aloud about cracks in the financial system that formed during more than a decade of easy money and low interest rates.
Bridgewater Associates’ Ray Dalio expects problems to start mounting in the fallout from contractions in debt and credit markets, saying the recent failure of Silicon Valley Bank was just a “canary in the coal mine.”
“Are the dominoes starting to fall?” Fink, chairman of the world’s largest asset manager, said in a letter on Wednesday.  “It’s too early to know how widespread the damage is.”
With the banking turmoil rippling through financial markets, Bob Michele, the chief investment officer of JPMorgan Asset Management, warned of an economic hard landing.
He now expects the Fed to pause rate hikes next week, saying that a recession is “inevitable” and that the best investment strategy right now is to stick to high quality bonds.
Michele reckoned the whole Treasury yield curve will come down to as low as 3% by August, but he stopped short of predicting the end of a hiking cycle.
The 10-year rate is currently near 3.5%.
Now that’s not to say everyone is buying the idea of a “financial crisis 2.0” at this stage.
Lisa Shalett at Morgan Stanley’s wealth management division stopped short of buying into the latest mega-bear-case on equities — namely that the failure of three American banks would be a prelude to a crisis such as the one that laid global economies low in 2008.
She says the collapse of a few regional lenders was mostly driven by poor risk management at a time when the Fed is aggressively tightening monetary policy to slow the economy.
While more banks are likely to fall, Shalett considers the threat to the broad financial industry and economy as contained.
“Remember, in the great financial crisis, there was a lot of this that was about cross-counterparty credit risk,” she told Bloomberg Television. “This is less about immediate contagion.”
No matter how bullish or bearish traders are, there seems to be consensus on at least one thing: volatility should continue dominating the financial world for now amid so many uncertainties.
“The emotions of investors remain high, and shrinking liquidity is pouring gasoline on volatility in the equity and bond market,” said Mark Hackett, chief of investment research at Nationwide. “The market remains susceptible to continued pressure until confidence in the system returns.”
Key events this week:
* Eurozone rate decision, Thursday
* US housing starts, initial jobless claims, Thursday
* Janet Yellen appears before the Senate Finance Committee, Thursday
* US University of Michigan consumer sentiment, industrial production, Conference Board leading index, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.4%
* The Dow Jones Industrial Average fell 0.9%
* The MSCI World index fell 1.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.9%
* The euro fell 1.4% to $1.0580
* The British pound fell 0.8% to $1.2060
* The Japanese yen rose 0.8% to 133.21 per dollar
Cryptocurrencies
* Bitcoin fell 0.9% to $24,406.63
* Ether fell 3.1% to $1,651.65
Bonds
* The yield on 10-year Treasuries declined 22 basis points to 3.47%
* Germany’s 10-year yield declined 29 basis points to 2.13%
* Britain’s 10-year yield declined 17 basis points to 3.32%
Commodities
* West Texas Intermediate crude fell 4.5% to $68.09 a barrel
* Gold futures rose 0.5% to $1,921.40 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Robert Brand.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
You’re braver than you believe, stronger than you seem, and smarter than you think. –A.A. Milne, 1882-1956.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: It’s Pi Day! That’s a perfect excuse to stop being intimidated by pie-making and enjoy these pie recipes for bakers of every level.

3.14: On Pi Day, celebrate the history of the fundamental number.
On March 14, 1879, Albert Einstein, the Nobel Prize-winning physicist and one of the great thinkers of the ages, was born. Following his death on April 18, 1955, his obituary appeared in The Times. Go to obituary »
March 14, 1794: Eli Whitney is granted a patent for the cotton gin – a device for removing the seeds from cotton fiber, resulting in more profitable agricultural production.

This professional golfer’s lucky charm: grandma: At 88 years old, Scottie Scheffler’s grandmother was notably present on the sidelines of all 72 holes during last week’s TPC Sawgrass tournament — which Scheffler won.

Why it was ‘no accident’ the Obama White House was ‘scandal-free’: Former first lady Michelle Obama said her family was extra mindful of their actions while in the White House. Watch the video here.

Atmospheric rivers are the new hurricanes.

Beer-flavored popsicles.

Roman-era tomb scattered with magical ‘dead nails’ and sealed off to shield the living from the ‘restless dead’: In ancient Roman times, people may have feared the “restless dead,” according to the discovery of a cremation tomb sprinkled with intentionally bent nails and sealed not only with two dozen bricks but also a layer of plaster, a new study finds.
The unusual grave had 41 bent and twisted nails scattered along the edges of its cremation pyre, 24 bricks that had been meticulously placed on the still-smoldering pyre, and a layer of lime plaster on top of that.
Full Story: Live Science (3/13)

10 discoveries that prove Einstein was right about the universe – and 1 that proves him wrong: Despite the technical limitations of his time, Albert Einstein published his famous theory of general relativity in 1915, which made predictions about the nature of the universe that would be proven accurate time and again for more than 100 years to come.
Here are 10 recent observations that proved Einstein was right about the nature of the cosmos a century ago — and one that proved him wrong.  Full Story: Live Science (3/14)

Bizarre sand dunes on Mars are ‘almost perfectly circular,’ and scientists don’t know why: NASA’s Mars Reconnaissance Orbiter (MRO) has captured stunning images of almost perfectly round sand dunes on the surface of the Red Planet.  While sand dunes of all shapes and sizes are common on Mars, circular dunes like these are a rare sight. Full Story: Live Science (3/14
PHOTOS OF THE DAY

Mars
An image from Nasa’s Mars Reconnaissance Orbiter shows circular sand dunes on the surface of the planet
Photograph: Nasa/JPL-CalTech/University of Arizona/Reuters

London, UK
Shire horses spread seeded soil around the moat beside the Tower of London with a chain harrow. The process is part of a long-term transformation of the moat into a biodiverse landscape, one that will be rich with wildflowers
Photograph: Dan Kitwood/Getty Images

London, UK
Two gallery assistants pose next to Glasgow Docks, by LS Lowry, estimated at £1.1-£1.5m, at Christie’s auction house for the Modern British and Irish Art evening sale
Photograph: Justin Tallis/AFP/Getty Images
Market Closes for March 14^th, 2023

Market Index	Close	Change
Dow Jones	32155.40	+336.26
		+1.06%
S&P 500	3920.56	+64.80
		+1.68%
NASDAQ	11428.15	+239.31
		+2.14%
TSX	19694.16	+105.26
		+0.54%

International Markets

Market Index	Close	Change
NIKKEI	27222.04	-610.92
		-2.19%
HANG SENG	19247.96	-448.01
		-2.27%
SENSEX	57900.19	-337.66
		-0.58%
FTSE 100*	7637.11	+88.48
		+1.17%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.896		2.765
CND. 30 Year Bond		2.928		2.807
U.S.    10 Year Bond		3.6778		3.5374
U.S. 30 Year Bond		3.7970		3.6864

Currencies

BOC Close	Today	Previous
Canadian $	0.7307	0.7286
US $	1.3686	1.3725
Euro Rate 1 Euro=		Inverse
Canadian $	1.4689	0.6808
US  $	1.0734	0.9316

Commodities

Gold	Close	Previous
London Gold Fix	1911.30	1861.25
Oil
WTI Crude Future	71.33	74.80

Market Commentary:
📈 On this day in 1821, the market was open but not a single share of stock changed hands in one of the quietest days in Wall Street history.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.5% at 19,694.16 in Toronto.
The move was the biggest since rising 1.2% on March 3 and follows the previous session’s decrease of 0.9%.
Shopify Inc. contributed the most to the index gain, increasing 4.4%.
Ecn Capital Corp. had the largest increase, rising 9.4%.
Today, 178 of 236 shares rose, while 57 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index rose 1.6%
* The index declined 7% in the past 52 weeks. The MSCI AC Americas Index lost 6.9% in the same period
* The S&P/TSX Composite is 11.3% below its 52-week high on April 5, 2022 and 10.2% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 2.9% in the past 5 days and fell 4.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.7 on a trailing basis and 12.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.13t
* 30-day price volatility fell to 10.06% compared with 10.40% in the previous session and the average of 8.36% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 48.4956| 0.8| 25/4
Information Technology | 30.2296| 2.4| 13/1
Materials | 21.5156| 0.9| 40/10
Utilities | 8.0794| 0.9| 15/1
Consumer Staples | 5.6911| 0.7| 9/2
Real Estate | 4.9830| 1.0| 17/5
Industrials | 4.4913| 0.2| 19/7
Consumer Discretionary | 3.9509| 0.6| 10/5
Health Care | 0.0151| 0.0| 5/2
Communication Services | -1.8241| -0.2| 5/1
Energy | -26.0881| -0.8| 20/19
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 20.5700| 4.4| -5.0| 27.4
RBC | 14.3400| 1.1| -18.8| 4.3
Nutrien | 8.4870| 2.3| -1.6| 5.3
Canadian Pacific | -5.9160| -0.9| 57.4| -1.1
Suncor Energy | -7.0880| -1.7| -41.4| 0.3
Canadian Natural Resources | -11.5600| -2.0| 159.7| -2.6
US
By Carly Wanna
(Bloomberg) — US stocks rallied into the close as traders wagered the worst of the banking turmoil has passed.
Treasuries fell.
The S&P 500 recovered much of its lost gains in the late afternoon session after a Russian fighter jet colliding with a US drone tamped down the initial enthusiasm.
The tech-heavy Nasdaq notched its biggest one-day gain in six weeks.
The relief rally in banking stocks was crimped as the KBW Bank Index ended the day with a 3.2% gain.
Remarks from ratings companies on the financial sector underscored the fragile sentiment as markets were jolted by the biggest American bank failures since the financial crisis.
Moody’s Investors Service cut its outlook on the sector on the heels of the trio of banking collapses over the past few days.
First Republic Bank triggered a volatility halt after S&P Global Ratings placing the company on watch negative.
The two-year Treasury yield climbed to 4.3%— following a three-day swoon that was the biggest in decades amid the tumult — after data showed inflation remained elevated in February.
Swaps traders once again expect the Fed to lift rates by a quarter percentage point. Odds of an increase had slipped to nearly 50-50 on Monday.
US consumer prices rose 0.4% in February, meeting economists’ forecast.
The closely watched core CPI number — which excludes food and energy — increased 0.5%, just ahead of the median estimate of 0.4%.
“The market is indecisive right now. It’s completely undecided on which way we’re supposed to go,” said Liz Young, head of investment strategy at SoFi. “At the end of yesterday it tried to price in what it thought CPI was gonna do and then CPI came in. It’s like we’re not sure what’s good and what’s bad anymore. And we’re stuck in this purgatory.”
Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter, expects that the data will keep the Fed on track to raise rates 25 basis points next week.
“Given the bank troubles, this report isn’t bad enough to put 50 bps back on the table, but if the Fed wants to maintain credibility on inflation, then this report says they have to hike again next week and not signal they are done,” Essaye wrote.  “Overall, this is an inflation update that, taken as a sole input, would suggest that a 25 bp hike next week is a foregone conclusion,” said Ian Lyngen, rates strategist at BMO Capital Markets. “Alas, the regional banking stress leaves next week’s decision as a wild card until there is greater clarity on the success of limiting the contagion to the rest of the banking sector from SVB/Signature.”
Elsewhere in markets, oil extended declines.
Gold slid after rising in the three previous sessions as traders turned to haven assets.
Here’s what else Wall Street is saying:

Peter Chatwell, head of global macro strategies trading at Mizuho International: “Although the number was higher in core MoM than expected, it is probably not sufficiently so to corner the Fed into hawkishness at the next meeting. Therefore risk assets are able to breathe a sigh of relief here, as the Fed probably has the option to go easy at the next meeting, if they feel the banking system requires it.”
Wolf von Rotberg, equity strategist at Bank J. Safra Sarasin: “The CPI number is no game changer. After the events last week, a 50bps appeared unlikely going into the data print today and the slightly stronger than expected core inflation print puts speculation of a Fed pause to a rest.”  “The Fed is on track for another 25bps hike next week.  Equities should rebound somewhat as the Fed becomes more predictable for now. But the impact from higher rates on the economy is just starting to be felt and will likely become more and more visible as the year moves on.”
Susannah Streeter, head of money and markets at Hargreaves Lansdown: “Policymakers may still feel forced to press pause on rates, despite evidence the hot inflation is still a risk, unwilling to be blamed for making a bad situation worse. While smaller banks remain under pressure, there are concerns that bigger banks could become more risk averse in lending, which could dip the economy into a sharper downturn.
James Athey, investment director at Abrdn: “Equity markets are still priced for a rosy future which looks increasingly fanciful with each passing day. I’m sure the lack of further selloff in the rates markets today will comfort some but the reality is that treasuries can sense what equities are blissfully or willfully ignoring – this sort of monetary tightening from such an extreme starting position is unequivocal bad news for a fragile and highly levered system.”
Brian Nick, chief investment strategist at Nuveen: “Every 24 hour period that passes where nothing else goes wrong, for the time being, maybe for the next week or so, is going to be encouraging and probably contributing to an upswing in equity prices across the board. But that doesn’t mean we’re going to leave this crisis, assuming that we’ve seen the worst of it, without any impairment at all.”  “It’s a go-ahead for 25 basis points.”
Charles Hepworth, investment director at GAM Investments: “Continued hawkishness should still be warranted, or at least that’s what the Fed will likely want to state.  It puts the Fed in a tight spot. Higher interest rates amid banking
turmoil might not be what investors want to see. However, a pause in a 0.25% hike next week only delays the inevitable.”  

Key events this week:
* China retail sales, industrial production, medium-term lending, surveyed jobless rate, Wednesday
* Eurozone industrial production, Wednesday
* US business inventories, retail sales, PPI, empire manufacturing, Wednesday
* Eurozone rate decision, Thursday
* US housing starts, initial jobless claims, Thursday
* Janet Yellen appears before the Senate Finance Committee, Thursday
* US University of Michigan consumer sentiment, industrial production, Conference Board leading index, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.7% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 2.3%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.0741
* The British pound was little changed at $1.2178
* The Japanese yen fell 0.7% to 134.15 per dollar
Cryptocurrencies
* Bitcoin rose 3.4% to $25,052.27
* Ether rose 3% to $1,722.92
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 3.66%
* Germany’s 10-year yield advanced 16 basis points to 2.42%
* Britain’s 10-year yield advanced 12 basis points to 3.49%
Commodities
* West Texas Intermediate crude fell 4.3% to $71.56 a barrel
* Gold futures fell 0.4% to $1,908.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Allegra Catelli, Sagarika Jaisinghani and Vildana Hajric.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Out of the mountain of despair, a stone of hope. – Martin Luther King Jr., 1929-1968.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Monday.

March 13, 1781: Planet Uranus discovered.

March 13, 1969: Apollo 9 returns safely to Earth after testing the Lunar Module.
1884: Standard Time was adopted throughout the United States.  Go to article » 

1887: Earmuffs patented.

Rare galaxy with three black holes leads astronomers to the most massive objects in the universe: Glimpsed only occasionally at the hearts of massive clusters of galaxies, ultra-massive black holes are some of the largest and most elusive objects in the universe.
Now, researchers studying a rare galaxy merger with three supermassive black holes at its center may have finally discovered the origins of these cosmic monsters. Full Story: Live Science (3/10)

Earliest mention of Odin, ‘king of the gods,’ found in treasure hoard from Denmark: A gold pendant recently unearthed in Denmark bears the earliest known inscription featuring the Norse god Odin.
Archaeologists think the pendant — which is technically known as a bracteate and made of thin, stamped gold — dates to the fifth century A.D., making it 150 years older than the previous oldest known artifact mentioning Norse mythology. Full Story: Live Science (3/11)

Reduce stress and boost happiness with these daily practices.  Practicing gratitude regularly offers many health and wellness benefits. Follow these four steps to boost your happiness year-round.

“The Little Mermaid” reveals first full trailer during the Oscars: The wait is over, Disney enthusiasts: A new trailer for the live-action remake debuted during last night’s Oscars. Watch it here.

This year’s March Madness is upon us:  The best college basketball teams from across the US are set to go head-to-head for prestigious NCAA titles, with matches beginning later this week. Here’s all you need to know ahead of the men’s and women’s tournaments.

How are you adjusting to Daylight Saving Time?  In case you missed it, clocks in most of the US and many other countries “sprang forward” one hour on Sunday. Learn more about the time change.

PHOTOS OF THE DAY

Hong Kong
A helicopter flies near the artwork Giants: Rising Up at Harbour City. The 12-metre x 12-metre installation by the French artist JR depicts a high jumper, adjacent to Victoria Harbour
Photograph: Jérôme Favre/EPA

London, UK
Quinten Massys’ An Old Woman, which became known as The Ugly Duchess, here reunited with her male pendant, An Old Man, on rare loan from a private collection in New York. The two works have been shown together only once in their history. The ‘ugly’ nickname came after she inspired John Tenniel’s illustrations for Lewis Carroll’s Alice in Wonderland (1865)
Photograph: Guy Bell/Rex/Shutterstock

In 2018, artist Phyllida Barlow’s work Quarry was unveiled at the Scottish sculpture park Jupiter Artland to celebrate the organisation’s 10th anniversary. It was Barlow’s first permanent outdoor commission – and it was comprised of two columns and a staircase made of stone, all of which seemingly rose to nowhere.  Barlow died this week.
Photograph: Andy Catlin/Alamy
Market Closes for March 13^th, 2023

Market Index	Close	Change
Dow Jones	31819.14	-90.50
		-0.28%
S&P 500	3855.76	-5.83
		-0.15%
NASDAQ	11188.84	+49.95
		+0.45%
TSX	19588.90	-186.02
		-0.94%

International Markets

Market Index	Close	Change
NIKKEI	27832.96	-311.01
		-1.11%
HANG SENG	19695.97	+376.05
		+1.95%
SENSEX	58237.85	-897.28
		-1.52%
FTSE 100*	7548.63	-199.72
		-2.58%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.765		2.992
CND. 30 Year Bond		2.807		2.913
U.S.    10 Year Bond		3.5374		3.6987
U.S. 30 Year Bond		3.6864		3.7065

Currencies

BOC Close	Today	Previous
Canadian $	0.7286	0.7243
US $	1.3725	1.3806
Euro Rate 1 Euro=		Inverse
Canadian $	1.4727	0.6790
US  $	1.0729	0.9321

Commodities

Gold	Close	Previous
London Gold Fix	1861.25	1831.40
Oil
WTI Crude Future	74.80	76.68

Market Commentary:
📈 On this day in 1986, Microsoft Corp. went public at an initial offering price of $21 a share, raising $61 million just one day after Oracle Corp.’s own IPO. Microsoft closed the day at $28.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.9%, or 186.02 to 19,588.90 in Toronto.
The index dropped to the lowest closing level since Jan. 5.
Today, financials stocks led the market lower, as 6 of 11 sectors lost; 151 of 236 shares fell, while 83 rose.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 3.4%.
Bombardier Inc. had the largest drop, falling 8.9%.
Insights
* This quarter, the index rose 1.1%
* The index declined 8.7% in the past 52 weeks. The MSCI AC Americas Index lost 9.2% in the same period
* The S&P/TSX Composite is 11.8% below its 52-week high on April 5, 2022 and 9.6% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 4.5% in the past 5 days and fell 5.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.6 on a trailing basis and 12.7 times estimated earnings ofits members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-monthbasis
* S&P/TSX Composite’s members have a total market capitalization of C$3.16t
* 30-day price volatility rose to 10.40% compared with 10.25% in the previous session and the average of 8.28% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -125.9396| -2.1| 2/27
Energy | -95.9656| -2.7| 3/36
Industrials | -14.5465| -0.5| 7/19
Consumer Discretionary| -11.1376| -1.6| 0/15
Consumer Staples | -5.2482| -0.6| 2/9
Health Care | -1.0144| -1.4| 2/5
Communication Services| 0.1426| 0.0| 3/3
Real Estate | 0.7264| 0.1| 11/10
Information Technology| 1.4499| 0.1| 6/8
Utilities | 10.6098| 1.2| 13/3
Materials | 49.2081| 2.1| 34/16
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | -36.0000| -3.4| 255.7| -7.7
Canadian Natural | | | |
Resources | -24.8800| -4.2| 84.3| -0.6
Suncor Energy | -22.7600| -5.3| -7.7| 2.0
Agnico Eagle Mines | 8.6620| 4.4| 18.5| -6.8
Wheaton Precious | | | |
Metals | 10.8100| 6.2| 59.2| 12.3
Barrick Gold | 16.7300| 6.2| 48.0| 0.7
US
By Isabelle Lee and Emily Graffeo
(Bloomberg) — The yield on the two-year Treasury note plunged in its biggest one-day slump in decades, while tech stocks rebounded from last week’s rout as the collapse of Silicon Valley Bank reverberated across trading desks.
The two-year yield dropped by more than a half-percentage point, logging the biggest three-day retreat since Black Monday of October 1987, as investors poured into haven assets.
The dollar erased its gains for the year on Monday.
Traders will soon turn their attention back to Tuesday’s consumer price index report, which could drive further bets on the Federal Reserve’s next move.
The market turmoil has caused a swift reassessment over the direction of Fed policy.
Swaps traders are now pricing a less than 60% chance the Fed will hike by another quarter percentage-point later this month.
Goldman Sachs Group Inc. economists as well as asset managers at the world’s largest actively managed bond fund from Pacific Investment Management Co. are saying the Fed could take a breather on the policy rate following the
collapse of SVB.
Nomura economists took it one step further, saying the Fed could cut its target rate next week.

Expectations had weighed a hike of as much as 50 basis points after Chair Jerome Powell addressed lawmakers last Tuesday.
The S&P 500 closed the day down 0.2%, after bouncing between gains and losses amid a rout in bank shares while the policy-sensitive Nasdaq climbed 0.8%, the most in over a week.
The fallout from SVB’s collapse prompted President Joe Biden to promise stronger regulation of US lenders, while reassuring depositors that their money is safe.
First Republic Bank plunged 62% as heightened worries about the state of US regional banks triggered trading halts across the sector.
The KBW Bank Index logged its biggest one-day drop  since the start of the Covid-19 pandemic.

“Problem is that nobody wants to be the last one in a room turning off the light. In other words, as soon as there is a problem in one bank, fear is real. Immediately everybody starts to say, ‘wait a minute, should I also have my deposits at bank ABCD etc.?,’” Mayra Rodriguez Valladares, managing principal at MRV Associates said on Bloomberg TV.  “Bond yields go up, which signal to the rest of the market that there is an increasing probability of default and loss severity. Even if the bank is well capitalized,” she added.

Treasury Secretary Janet Yellen said her office would protect “all depositors” at SVB.
The government actions will also include a new lending program that Fed officials said would be big enough to protect uninsured deposits in the wider US banking sector.
Still, the sudden closing of New York’s Signature Bank by state regulators Sunday underscored the urgency of stabilizing the financial system.
“Warren Buffett said once, when a tide goes out, we find out who’s not wearing swimming suits and we found out already three folks that weren’t wearing swimming suits,” Ralph Schlosstein, Evercore ISI’s chairman emeritus told Bloomberg Television. “Over the weekend, the Fed showed up at the beach and started handing out swimming suits to everyone.”
Wall Street’s so-called “fear gauge” spiked, with the CBOE Volatility Index rising above 30 for the first time since October.
Monday’s market moves come after risk assets got pummeled last week, with the US stock benchmark suffering its worst week since September. 
Wall Street weighs in on the Fed’s next move: 
We forecast a 25bp Fed hike, but Powell talk and high CPI point to close call.
The threat to our views comes from Fed Chair Powell. While Powell opened the door to a large March hike, he did not walk through it, noting that the upcoming decision will be determined by “the totality of the data.”
The Fed decision will incorporate two additional factors.
First, this week’s CPI report. Second, the Fed will consider the potential for financial stress to build. — Marko Kolanovic, JPMorgan Chase & Co. strategist The Fed has to be off the table for now.
They pushed on rates until something cracked, well guess what? Something cracked. 
To see QT stop would not be surprising, and maybe something to support the market. I think we’re back in crisis mode, and remember, to me, bank runs are way way way more important than inflation, so that’s what they’ve got to be arresting. — Peter Tchir, head of macro strategy at Academy Securities
Pressure on banks dampens the rate outlook some, but decisive action on financial stability gives the Fed latitude to continue with rate hikes; 50 in March is not impossible as it would have been under a weak financial stability response and ongoing runs but looks very implausible – we still see 25 with a high bar to pause. — Krishna Guha, Evercore ISI head of central bank strategy
Led by ex-Federal Reserve chair after the financial crisis, Janet Yellen, the comprehensive set of measures has helped to ensure that doubts over systemic issues in the US banking system have been put to bed. With a speedy response to the crisis delivered, the Fed can get back to its day job of raising interest rates to deal with inflation.   — James Lynch, fixed income investment manager at Aegon Asset Management
Speculation about what the Fed’s going to do before we even see CPI is probably ill-founded. But if you look at the fed funds futures, they’re pricing in cuts in the fourth quarter and they’re pricing in the credible potential — like a 50% chance — that the Fed does nothing at the March meeting. So there’s too much noise around what else happens, what does this mean for  monetary policy. — Arthur Hogan, chief market strategist at B. Riley Wealth
Elsewhere in markets, oil dipped while gold rose on its allure as a haven.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 0.8% to $1.0730
* The British pound rose 1.3% to $1.2184
* The Japanese yen rose 1.3% to 133.33 per dollar
Cryptocurrencies
* Bitcoin rose 14% to $24,393.75
* Ether rose 8.1% to $1,684.29
Bonds
* The yield on 10-year Treasuries declined 17 basis points to 3.53%
* Germany’s 10-year yield declined 25 basis points to 2.26%
* Britain’s 10-year yield declined 27 basis points to 3.37%
Commodities
* West Texas Intermediate crude fell 3% to $74.41 a barrel
* Gold futures rose 2.8% to $1,918.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Cecile Gutscher, Angel Adegbesan, Alyce Andres and Benjamin Purvis.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
The optimist thinks this is the best of all possible worlds.  The pessimist fears it is true. –J. Robert Oppenheimer, 1904-1967.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.
Here comes another time change (yes, we’re still doing this).  Daylight saving time starts this weekend, springing our clocks forward an hour.

Changing our clocks is silly.

March 10,2000: the Dot-com bubble peaks with the NASDAQ Composite Index reaching 5,048.62.
March 10, 2008: New York Gov. Eliot Spitzer apologized after allegations surfaced that he had paid thousands of dollars for a high-end call girl, a scandal which eventually led to his resignation. Go to article » 

Jimmy Fallon pranks judges on ‘The Voice’: The comedian shocked the judges with an unexpected performance of Michael McDonald’s “I Keep Forgettin’.” Watch the video here.

World’s biggest spokeless Ferris wheel will be built in South Korea.  Normally, Ferris wheels have complex cables running through the middle. This attraction, on the other hand, takes a much more futuristic approach.

NASA rover shares stunning photo of sunset on Mars.  The rover recently sent back photos of night-shining clouds at sunset.

Gladiators fought in Roman Britain, action-packed cremation urn carvings reveal.  Vivid depictions of battling gladiators on a clay vase are the first concrete evidence that these combatants duked it out in Roman Britain, new research finds.  A forthcoming study has revealed that the vase was made with local clay as a souvenir of a specific match in the second century A.D., giving researchers unprecedented insight into sporting events in the outskirts of the empire.  Full Story: Live Science (3/9)

Scientists use optical tweezers to play world’s smallest game of catch with individual atoms.  Scientists using tiny optical tweezers have played the world’s smallest game of catch — throwing and catching individual atoms using light.
The feat, achieved with highly-focused laser beams that held atoms in place before launching them, is the first time that atoms have been thrown from one pair of optical tweezers to another. Full Story: Live Science (3/9)

PHOTOS OF THE DAY

Merseyside, UK
Snow surrounds one of the Antony Gormley statues that make up Another Place at Crosby Beach
Photograph: Peter Byrne/PA

Plobannalec-Lesconil, France
A huge wave hits the coast
Photograph: Fred Tanneau/AFP/Getty Images

Donetsk, Ukraine
A cat looks down at a Ukrainian soldier resting in a trench on the frontline with Russian-backed separatists near Krasnogorivka village
Photograph: Anatolii Stepanov/AFP/Getty Images
Market Closes for March 10^th, 2023

Market Index	Close	Change
Dow Jones	31909.64	-345.22
		-1.07%
S&P 500	3861.59	-56.73
		-1.45%
NASDAQ	11138.89	-199.46
		-1.76%
TSX	19774.92	-311.80
		-1.55%

International Markets

Market Index	Close	Change
NIKKEI	28143.97	-479.18
		-1.67%
HANG SENG	19319.92	-605.82
		-3.04%
SENSEX	59135.13	-671.15
		-1.12%
FTSE 100*	7748.35	-131.63
		-1.67%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.992		3.157
CND. 30 Year Bond		2.913		3.036
U.S.    10 Year Bond		3.6987		3.9052
U.S. 30 Year Bond		3.7065		3.8548

Currencies

BOC Close	Today	Previous
Canadian $	0.7243	0.7233
US $	1.3806	1.3825
Euro Rate 1 Euro=		Inverse
Canadian $	1.4725	0.6791
US  $	1.0666	0.9376

Commodities

Gold	Close	Previous
London Gold Fix	1831.40	1816.30
Oil
WTI Crude Future	76.68	75.72

Market Commentary:
📈 On this day in1912: John Marks Templeton was born in Winchester, Tenn. He went on to found the Templeton Growth Fund and invent the discipline of global investing.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.6%, or 311.8 to 19,774.92 in Toronto.
The move was the biggest loss since Nov. 9.
Today, financials stocks led the market lower, as all sectors lost; 194 of 236 shares fell, while 41 rose.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 2.2%.
Enghouse Systems Ltd. had the largest drop, falling 24.7%.
Insights
* In the past year, the index had a similar or greater loss 14 times. The next day, it declined 11 times for an average 0.8% and advanced three times for an average 1.4%
* This quarter, the index rose 2%
* So far this week, the index fell 3.9%, heading for the biggest decline since the week ended Sept. 23
* The index declined 8.4% in the past 52 weeks. The MSCI AC Americas Index lost 10% in the same period
* The S&P/TSX Composite is 11% below its 52-week high on April 5, 2022 and 10.6% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.8 on a trailing basis and 12.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.21t
* 30-day price volatility rose to 10.25% compared with 9.29% in the previous session and the average of 8.18% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -136.7129| -2.2| 0/29
Energy | -44.1651| -1.2| 6/33
Information Technology| -40.0707| -3.1| 1/13
Industrials | -31.6873| -1.2| 3/23
Consumer Staples | -17.2942| -2.1| 0/11
Utilities | -14.0321| -1.6| 0/16
Real Estate | -11.1701| -2.2| 1/21
Consumer Discretionary| -9.4903| -1.3| 1/14
Materials | -8.1914| -0.4| 26/24
Communication Services| -2.5082| -0.3| 2/4
Health Care | -2.2080| -2.9| 1/6
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
TD Bank | -23.2100| -2.2| 170.4| -4.4
RBC | -21.9500| -1.7| 10.6| 4.6
Brookfield Corp | -21.2300| -4.9| 94.5| -2.6
Rogers Communications| 2.0840| 1.4| 198.6| -2.2
Barrick Gold | 5.9850| 2.3| 48.9| -5.2
Wheaton Precious | | | |
Metals | 6.0930| 3.6| 60.2| 5.8
US
By Rita Nazareth
(Bloomberg) — A renewed bout of volatility rattled markets around the world as SVB Financial Group’s turmoil spurred concern about further distress in the banking industry at a time when the Federal Reserve is deploying its most-aggressive tightening campaign in a generation.
Not even remarks from prominent voices that a systemic financial crisis is unlikely was able to appease investors.
Equities sold off, with the S&P 500 coming close to wiping out its 2023 gains.
Traders rushed in droves to the safety of bonds, which also soared after jobs figures offered a glimmer of hope that the Fed may refrain from accelerating its pace of rate hikes.
As risk assets got pummeled, the US stock benchmark suffered its worst week since September.
Wall Street’s so-called “fear gauge” spiked, with the CBOE Volatility Index hitting the highest this year.
Treasury two-year yields plummeted 28 basis points to 4.59%.
The trigger for further de-risking was the official news that Silicon Valley Bank became the biggest US financial failure in more than a decade, after its long-established customer base of tech startups grew worried and yanked deposits.
It’s the second regional lender to fold this week after Silvergate Capital Corp. announced it was voluntarily liquidating its bank.
Anxiety is also running high ahead of next week’s consumer price index report, especially after Fed Chair Jerome Powell recently emphasized that a move to a faster pace of tightening would be based on the “totality of the data.”
“We are just beginning to feel the effects of quantitative tightening on markets and the economy,” said Peter van Dooijeweert at Man Solutions. “As such, the market seems to be reverting to a 25 basis-point hike next meeting after almost being certain of 50 basis points only a few days ago.
The worst-case scenario ahead would be a high CPI next week forcing the Fed’s hand despite hints of financial stability issues.”
Swap traders now see a 25-basis point hike at the March policy meeting as more likely than half-point move.
They also lowered expectations for how high the Fed will push the borrowing costs — once again fully pricing in a rate cut from the peak level by year-end.
The rate hikes of the past year were not a prelude to a steady Goldilocks economy that’s running neither too hot nor too cold, but instead to a “hard landing and credit events,” strategists led by Michael Hartnett wrote in a note on fund flows pointing to another risk-off week in markets.
Investors pulled $500 million from equity funds and piled $18.1 billion into cash and $8.2 billion into bonds, according to BofA citing EPFR Global data for the period through March 8.
Treasury Secretary Janet Yellen said the US banking system “remains resilient” and regulators “have effective tools” to address developments around Silicon Valley Bank.
Former Treasury Secretary Lawrence Summers said the meltdown of SVB shouldn’t pose a threat to the financial system as long as depositors are made whole.
“Contagion risk and the systemic threat can be easily contained by careful balance sheet management and avoiding more policy mistakes,” Mohamed El-Erian, the chairman of Gramercy Funds and a Bloomberg Opinion columnist, said in a tweet on Friday.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.4%
* The Dow Jones Industrial Average fell 1.1%
* The MSCI World index fell 1.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.5% to $1.0639
* The British pound rose 0.8% to $1.2026
* The Japanese yen rose 1% to 134.83 per dollar
Cryptocurrencies
* Bitcoin fell 1.2% to $19,974.68
* Ether fell 1% to $1,418.3
Bonds
* The yield on 10-year Treasuries declined 22 basis points to 3.68%
* Germany’s 10-year yield declined 13 basis points to 2.51%
* Britain’s 10-year yield declined 16 basis points to 3.64%
Commodities
* West Texas Intermediate crude rose 1.1% to $76.56 a barrel
* Gold futures rose 2.1% to $1,873.60 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee and Michael P. Regan.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
You take on what’s right in front of you.  You want to do the best you can with the opportunities that you have. -Don Shula, 1930-2020.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday Eve.

March 9,1862: The first documented discovery of gold in California occurs at Rancho San Francisco, six years before the California Gold Rush.
On March 9, 1862, the Space Shuttle Discovery was retired after completing its final mission, STS-133. The spacecraft is now on display in Virginia at the Steven F. Udvar-Hazy Center, an annex of the Smithsonian Institution’s National Air and Space Museum. Go to article » 

1959: Barbie doll debuts.

CNN reporter calls his parents using AI voice. Watch what happens next.  If you have a short recording of someone’s voice, you can use this artificial intelligence tool to make the voice say just about anything. It’s convincing … scary convincing.

Two diets reduced signs of Alzheimer’s in brain tissue, study finds. People who consumed food from the Mediterranean and MIND diets had fewer of the hallmark signs of Alzheimer’s when autopsied.

Bronze Age craftspeople tempered steel more than 1,000 years before the Romans did it: Intricate 2,900-year-old engravings on stone monuments from what is now Portugal in the Iberian Peninsula could only have been made using steel instruments, archaeologists have found.
The discovery hints at small-scale steel production during the Final Bronze Age, a century before the practice became widespread in ancient Rome.  Full Story: Live Science (3/9)

Antarctica’s sea ice reaches its lowest level since records began, for the 2nd year in a row.  The amount of sea ice surrounding Antarctica has reached its lowest level since modern records began, for the second year in a row.  Last year, the minimum sea ice extent was less than 772,000 square miles (2 million square km), the lowest total since scientists began recording sea ice extent with satellites in 1979. On Feb. 21 this year, that number had shrunk to just 691,000 square miles (1.8 million square km), which is roughly 40% less than the average between 1981 and 2010.  Full Story: Live Science (3/8)

Scientists discover enzyme that can turn air into energy, unlocking potential new energy source.  Scientists studying a cousin of the bacteria responsible for tuberculosis and leprosy have discovered an enzyme that converts hydrogen into electricity, and they think it could be used to create a new, clean source of energy literally from thin air.  The enzyme, which has been named Huc, is used by the bacterium Mycobacterium smegmatis to draw energy from atmospheric hydrogen, enabling it to survive in extreme, nutrient-poor environments. Full Story: Live Science (3/8)

PHOTOS OF THE DAY

Barcelona, Spain
Moco Museum’s owner, Kim Logchies-Prins (centre), speaks to the Serbian artist Marina Abramović (right) during her visit to the gallery. Abramović will have her show 7 Deaths of Maria Callas premier at the Liceu opera in Barcelona
Photograph: Enric Fontcuberta/EPA

Bogolyubovo, Russia
A woman walks through snow in front of the 12th-century Church of the Intercession on the Nerl outside the city of Vladimir, about 125 miles from Moscow
Photograph: Kirill Kudryavtsev/AFP/Getty Images

Gateshead, UK
The Angel of the North sculpture receives a dusting of snow
Photograph: Lee Smith/Reuters
Market Closes for March 9^th, 2023

Market Index	Close	Change
Dow Jones	32254.86	-543.54
		-1.66%
S&P 500	3918.32	-73.69
		-1.85%
NASDAQ	11338.36	-237.64
		-2.05%
TSX	20086.72	-259.81
		-1.28%

International Markets

Market Index	Close	Change
NIKKEI	28623.15	+178.96
		+0.63%
HANG SENG	19925.74	-125.51
		-0.63%
SENSEX	59806.28	-541.81
		-0.90%
FTSE 100*	7879.98	-49.94
		-0.63%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.157		3.260
CND. 30 Year Bond		3.036		3.109
U.S.    10 Year Bond		3.9052		3.9873
U.S. 30 Year Bond		3.8548		3.8877

Currencies

BOC Close	Today	Previous
Canadian $	0.7233	0.7244
US $	1.3826	1.3805
Euro Rate 1 Euro=		Inverse
Canadian $	1.4629	0.6836
US  $	1.0582	0.9450

Commodities

Gold	Close	Previous
London Gold Fix	1816.30	1826.55
Oil
WTI Crude Future	75.72	76.66

Market Commentary:
📈 On this day in 2000, the Nasdaq Composite Index closed above 5000 for the first time.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.3% at 20,086.72 in Toronto.
The move was the biggest loss since Feb. 21 and follows the previous session’s increase of 0.4%.
Today, financials stocks led the market lower, as all sectors lost; 187 of 236 shares fell, while 42 rose.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.8%.
Maple Leaf Foods Inc. had the largest drop, falling 14.1%.
Insights
* This quarter, the index rose 3.6%
* So far this week, the index fell 2.4%, heading for the biggest decline since the week ended Dec. 16
* The index declined 6.5% in the past 52 weeks. The MSCI AC Americas Index lost 9.2% in the same period
* The S&P/TSX Composite is 9.6% below its 52-week high on April 5, 2022 and 12.4% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1.2% in the past 5 days and fell 2.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13 on a trailing basis and 13.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.25
* 30-day price volatility rose to 9.29% compared with 8.70% in the previous session and the average of 8.10% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -114.4116| -1.8| 1/27
Materials | -40.2618| -1.7| 12/36
Industrials | -28.6477| -1.0| 4/22
Energy | -21.0123| -0.6| 12/24
Communication Services| -16.3879| -1.7| 0/6
Consumer Discretionary| -12.1961| -1.7| 3/12
Consumer Staples | -10.5482| -1.2| 0/11
Information Technology| -8.4849| -0.7| 5/9
Utilities | -6.7331| -0.8| 3/13
Real Estate | -5.1825| -1.0| 2/20
Health Care | -1.6575| -2.1| 0/7
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
TD Bank | -19.6900| -1.8| 82.8| -2.3
RBC | -16.0800| -1.2| -9.0| 6.4
CIBC | -15.9500| -4.2| 62.9| 7.4
Wheaton Precious Metals | 1.8430| 1.1| -18.7| 2.1
Cenovus Energy | 2.1020| 0.9| 7.2| -2.2
Constellation Software | 3.3440| 1.1| 53.7| 13.0
US
By Isabelle Lee, Peyton Forte and Vildana Hajric
(Bloomberg) — US stocks notched their worst day in two weeks after a rout in bank shares picked up steam on concerns pockets of trouble in the sector could portend broader dangers.
Treasuries rallied.
The S&P 500 fell to the lowest since Jan. 19 with financial companies in the index plunging more than 4%.
The KBW Bank Index, which includes regional lenders, plunged 7.7%.
Banks came under fire after Silvergate Capital Corp. collapsed overnight amid growing scrutiny in Washington.
SVB Financial Group plummeted by a record amount following a stock sale to shore up losses.
“Everybody has been concerned that higher interest rates will lead to higher defaults at some point in 2023, and this raises those questions even more,” said Matt Maley, chief market strategist at Miller Tabak + Co.
Cryptocurrencies slid with Bitcoin falling the most since November amid Silvergate’s meltdown.
“Banks and semis are two groups that historically have been very good leading indicators. Typically, markets can do OK if either of them are languishing, but when one of them is having an outsized move it’s usually wise to listen,” said Jonathan Krinsky, chief market technician at BTIG. “In this case, the outsized move is clearly banks to the downside.”
Stocks erased early session gains after Thursday’s data showed weekly jobless claims had risen to 211,000 during the week ending March 4, ahead of expectations for 195,000 and marking the first time claims surpassed 200,000 since early January.
“This is a tiny glimmer of hope that maybe the US labor market isn’t quite as tight as the other data points are saying,” Fiona Cincotta, senior financial markets analyst at City Index, said by phone. “This is a preshow before the main
event.”
The numbers set the stage for Friday’s monthly jobs report, with even just slightly stronger-than-forecast figures expected to cement bets for a bigger hike at the March 21-22 Fed meeting.
Economists project a 225,000 increase in February payrolls, about half January’s blockbuster pace, but a figure in that range would confirm the US economy continues to add jobs at a strong rate.
A softer-than expected number could soften wagers on a half-point move in March, and tilt expectations back to a quarter-point hike.
“The market had to do a pretty quick job of repricing higher rate expectations from the Fed after a couple of days of Chair Powell’s testimony on Capitol Hill,” said Art Hogan, chief market strategist at B. Riley Wealth. “We now become data-dependent until the Fed meets.”
Two-year yields’ premium over their 10-year equivalent narrowed to around 97 basis points, having surpassed 110 basis points earlier this week.
The inversion is considered a reliable recession harbinger.
Key events this week:
* Bank of Japan policy rate decision, Friday
* US nonfarm payrolls, unemployment rate, monthly budget statement, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.8% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 1.8%
* The Dow Jones Industrial Average fell 1.7%
* The MSCI World index fell 1.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.3% to $1.0580
* The British pound rose 0.6% to $1.1919
* The Japanese yen rose 0.9% to 136.14 per dollar
Cryptocurrencies
* Bitcoin fell 8.2% to $20,208.79
* Ether fell 8.2% to $1,425.02
Bonds
* The yield on 10-year Treasuries declined seven basis points to 3.92%
* Germany’s 10-year yield was little changed at 2.64%
* Britain’s 10-year yield advanced three basis points to 3.80%
Commodities
* West Texas Intermediate crude fell 1.4% to $75.56 a barrel
* Gold futures rose 0.9% to $1,834.90 an ounce
This story was produced with the assistance of Bloomberg Automation.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Make each day your masterpiece. -John Wooden, 1910-2010.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: International Women’s Day.

March 8, 1971: Joe Frazier defeated Muhammad Ali by decision at Madison Square Garden in New York in the first of three bouts between the heavyweights. Go to article » 

1913: US income tax begins.
1917: Russian Revolution begins.

What it’s like to drive Ferrari’s $393,000 SUV.

New York, London top list of cities with the most super-rich homeowners.

What to know about Holi, the festival of colors.  Millions of people in India and around the world are celebrating Holi this week. Learn about the Hindu festival and its signature traditions!

Couple jailed for stealing $1.7 million of wine from restaurant.  The pair of thieves made several pour decisions… here’s what we know about the heist.

The Oscars are this weekend.  And host Jimmy Kimmel said he’s ready for anything — even another slap.

Bronze Age ice skates with bone blades discovered in China: Archaeologists in China have unearthed 3,500-year-old ice skates crafted from animal bone in the country’s western Xinjiang Uyghur Autonomous Region, a mountainous area that some archaeologists think was the birthplace of skiing.
These ice skates, the oldest ever found in China, were made from the bones of oxen and horses. Full Story: Live Science (3/7)

Newfound ancient Egyptian sphinx statue may depict Roman emperor Claudius, but not everyone agrees: Archaeologists excavating an ancient temple in Egypt have unearthed a statue of a sphinx whose face may depict the Roman emperor Claudius, the Egyptian Ministry of Tourism and Antiquities said in a statement Monday (March 6).
However, scholars not affiliated with the research told Live Science that they cannot be certain the face is that of Claudius. Full Story: Live Science (3/7)

Ghostly scraps of oldest recorded supernova revealed in stunning telescope image: The shredded remnants of the first supernova ever recorded by humans — which appeared in the sky more than 1,800 years ago and vanished within eight months — rise from the cosmic grave in a stunning new image from the National Science Foundation’s NOIRLab.
Tinged blood red and swirling around an invisible center of mass, the ghostly clouds of gas are thought to be the last scraps of a star that exploded so brightly and violently that the blast was visible in Earth’s nighttime skies for nearly a year in A.D. 185.  Full Story: Live Science (3/7)

Galaxy-size shock waves found rattling the cosmic web – the largest structure in the universe: For the first time, astronomers have spotted enormous, galaxy-scale shock waves rattling the “cosmic web” that connects nearly all known galaxies.
These cosmic waves could reveal clues about how the largest objects in the universe were sculpted. Full Story: Live Science (3/7)

PHOTOS OF THE DAY

London, UK
Research into clothing patents stretching back over 200 years, funded by the European Research Council at Goldsmiths, University of London, has revealed a hidden history of women’s sport. As part of the project, a selection of active and sportswear patents from the 1890s to the 1940s were recreated by the sewing sociologist Dr Katrina Jungnickel and her team at the Politics of Patents project
Photograph: Goldsmiths/PA

Manchester, UK
The Flying Scotsman, which is being operated by an all-female footplate team to mark International Women’s Day, passes over the River Irwell at Ramsbottom. The crew is made up of three volunteers from the East Lancashire Railway – Linda Henderson, Charlotte Instance and Steph Elwood – who are accompanied by driver Beth Furness from Network Rail
Photograph: Peter Byrne/PA

Kabul, Afghanistan
Women campaign for their rights on International Women’s Day
Photograph: AFP/Getty
Market Closes for March 8^th, 2023

Market Index	Close	Change
Dow Jones	32798.40	-58.06
		-0.18%
S&P 500	3992.01	+5.64
		+0.14%
NASDAQ	11576.00	+45.67
		+0.40%
TSX	20346.53	+70.99
		+0.35%

International Markets

Market Index	Close	Change
NIKKEI	28444.19	+135.03
		+0.48%
HANG SENG	20051.25	-483.23
		-2.35%
SENSEX	60348.09	+123.63
		+0.21%
FTSE 100*	7929.92	+10.44
		+0.13%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.260		3.318
CND. 30 Year Bond		3.109		3.170
U.S.    10 Year Bond		3.9873		3.9637
U.S. 30 Year Bond		3.8877		3.8721

Currencies

BOC Close	Today	Previous
Canadian $	0.7244	0.7273
US $	1.3805	1.3751
Euro Rate 1 Euro=		Inverse
Canadian $	1.4554	0.6871
US  $	1.0543	0.9485

Commodities

Gold	Close	Previous
London Gold Fix	1826.55	1849.05
Oil
WTI Crude Future	76.66	77.58

Market Commentary:
📈 On this day in 1817: The New York Stock & Exchange Board, the ancestor of the NYSE, was formed when 24 brokers agreed on a “Constitution” that fixed commissions at 0.25% and set a fine of at least six cents for talking out loud about other subjects while stocks were being traded.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.4% at 20,346.53
in Toronto. The move follows the previous session’s decrease of
1.2%.
Shopify Inc. contributed the most to the index gain,
increasing 3.2%. Ecn Capital Corp. had the largest increase,
rising 16.6%.
Today, 132 of 236 shares rose, while 96 fell; 6 of 11
sectors were higher, led by information technology stocks.
Insights
* This quarter, the index rose 5%
* The index declined 4.2% in the past 52 weeks. The MSCI AC Americas Index lost 5.1% in the same period
* The S&P/TSX Composite is 8.4% below its 52-week high on April 5, 2022 and 13.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.4% in the past 5 days and fell 1.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.24t
* 30-day price volatility rose to 8.70% compared with 8.62% in the previous session and the average of 8.08% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 27.3430| 2.2| 14/0
Industrials | 14.7619| 0.5| 20/6
Materials | 11.5738| 0.5| 22/28
Energy | 7.5195| 0.2| 20/15
Utilities | 5.7916| 0.7| 13/2
Financials | 2.6987| 0.0| 16/12
Real Estate | -0.0759| 0.0| 11/11
Communication Services | -0.3250| 0.0| 3/3
Consumer Staples | -0.6701| -0.1| 5/6
Health Care | -0.7177| -0.9| 2/4
Consumer Discretionary | -2.6222| -0.4| 6/9
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 15.2200| 3.2| -23.8| 28.2
Nutrien | 9.7090| 2.5| -10.1| 13.4
Constellation Software | 9.6890| 3.2| -31.7| 11.8
Bank of Montreal | -2.6250| -0.4| -18.3| 3.8
Sun Life Financial | -2.7150| -1.0| -54.4| 5.9
Bank of Nova Scotia | -2.7180| -0.5| -27.0| 3.6
US
By Rita Nazareth
(Bloomberg) — Wall Street didn’t get much relief from Jerome Powell’s testimony to American lawmakers — especially after another round of jobs figures came on the hot side, bolstering bets the Federal Reserve will have no alternative but remain hawkish in the months to come.
Equities whipsawed even after the Fed chief’s reassurance that no decision has been made on the size of a rate increase in March and the central bank isn’t seeking to cause a recession.
For one, Powell reiterated that officials are likely to take rates higher than previously anticipated, and could move at a faster pace if needed.
Then, there’s all the anxiety building ahead of the next economic readings.
Policymakers will scrutinize Friday’s jobs report for three key indicators: payrolls, wage gains and the unemployment rate.
If they all point to a robust labor market — perhaps even just slightly stronger than forecast — that will be a green light to a bigger hike, likely reducing suspense in the inflation reports due next week.
“The Fed has been very consistent in that ‘if inflation continues to be higher, we’re going to hike more’,” said Kara Murphy at Kestra Investment Management. “And now the market is acting surprised. I’ve likened it a little bit to when it’s bedtime at my house and I’m telling the kids, ‘it’s bedtime,’ and I tell them three times and they don’t listen to me. And then suddenly the fourth time they’re like ‘oh, I’ve got to get my pj’s on.’”
After a series of small twists and turns, the S&P 500 finished up by just 0.1%, while remaining below the 4,000 level.
The gauge is still trading above its key 200-day moving average — a threshold that has been vigorously defended by traders.
Bonds also saw some choppy action on Wednesday, with the two-year yield remaining above 5% — its highest since 2007.
Bets among swap traders were solidly tilted toward a half-point move in March rather than a quarter-point.
It’s proving quite difficult to budge Treasury investors from the turbocharged curve shift that’s gripped markets — with yields on shorter-term US securities continuing to rise faster than longer-maturity peers — as traders double down on the prospects for a US recession.
To James Demmert at Main Street Research, the market is finally coming to the realization that elevated interest rates are here to stay and the idea of a Fed pivot anytime soon is wishful thinking.
“The Fed may be much more determined to raise rates,” Demmert added. “At the same time, the lag effect of rising rates over the past year may be slowing the economy.
The risk of a recession has now increased in recent weeks, as the lag effect from the Fed’s tightening may soon start to show up in the data, just as the Fed has doubled down on raising interest rates.
This combination of a weakening economy and more rate hikes would surely push the economy into a recession.”
The economy proved resilient to start the new year, marked by steady consumer spending and stabilizing manufacturing activity, according to the Fed’s latest Beige Book.
However, the outlook going forward is less optimistic.
“Amid heightened uncertainty, contacts did not expect economic conditions to improve much in the months ahead.”
Fed Bank of Richmond President Thomas Barkin said the central bank needs to continue to raise rates, without giving an opinion on the size of the hike planned later this month. “We’ve seen some progress but at 5.5% inflation remains well above the Fed 2% target, and as a result we’ve made clear we still have work to do.”
Citigroup Inc. economists see the Fed raising its benchmark lending rate by 50 basis points at the March meeting, joining Goldman Sachs Group Inc. in lifting their forecast.
They increased the estimate from 25 basis points, and also boosted their projection for peak rates to a range of 5.5% to 5.75%.
Amid ever-changing macro data that’s dimming visibility into future cash flows, Wall Street analysts have been busy revisiting their corporate earnings views.
The bottoms-up consensus currently sees S&P 500 earnings per share coming in at $220 this year compared with $222 in 2022.
And for all the criticism that the estimate should go down more, analysts are moving very quickly compared with recent history.
From June 2022 to now, analysts have slashed their 2023 EPS estimates by 12%, on pace for the sharpest decline in full-year outlooks since 2010, data compiled by RBC Capital Markets show.
“Analysts’ estimates have come down a lot, possibly setting the market up for some pleasant surprises,” Nicholas Colas, co-founder of DataTrek Research, said in a note to clients. “If those fail to materialize, we are looking at another wave of reductions in earnings estimates, and no amount of sector rotation performance chasing will fill the hole left by that issue.”
Key events this week:
* Canada rate decision, Wednesday
* EIA crude oil inventories, Wednesday
* China CPI, PPI, Thursday
* US Challenger job cuts, initial jobless claims, household change in net worth, Thursday
* Bank of Japan policy rate decision, Friday
* US nonfarm payrolls, unemployment rate, monthly budget statement, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.1%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0548
* The British pound rose 0.2% to $1.1848
* The Japanese yen was little changed at 137.25 per dollar
Cryptocurrencies
* Bitcoin rose 0.2% to $22,093.4
* Ether rose 0.6% to $1,559.44
Bonds
* The yield on 10-year Treasuries advanced one basis point to 3.98%
* Germany’s 10-year yield declined five basis points to 2.65%
* Britain’s 10-year yield declined six basis points to 3.77%
Commodities
* West Texas Intermediate crude fell 1.4% to $76.51 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee, Vildana Hajric and Elena Popina.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
A woman’s guess is much more accurate than a man’s certainty. –Rudyard Kipling, 1865-1936.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Monday.
March 6, 1836: Fall of the Alamo.
March 6, 1899: Bayer registers “Aspirin” (acetylsalicylic acid) as  a trademark.

2004: Martha Stewart was convicted of obstructing justice and lying to the government about why she’d unloaded her Imclone Systems Inc. stock just before the price plummeted.  Go to article » 

Michelangelo, artist, b.1475.
Elizabeth Barrett Browning, poet, b.1806.
Gabriel Garcia Marquez, author, b. 1928.
Shaquille O’Neal, basketball player. b.1972.

World’s 1st horseback riders swept across Europe roughly 5,000 years ago
Archaeologists accidentally discovered the world’s earliest horseback riders while studying skeletons found beneath 5,000-year-old burial mounds in Europe and Asia, a new study finds.
The ancient riders were part of the Yamnaya culture, groups of semi-nomadic people who swept across Europe and western Asia, bringing the precursor to the Indo-European language family with them.
Full Story: Live Science (3/3)

Bright new comet discovered zooming toward the sun could outshine the stars next year
A newly discovered comet may appear as bright as a star in the night sky by fall 2024.
The comet, known as C/2023 A3 (Tsuchinshan-ATLAS), was first noted by the Asteroid Terrestrial-impact Last Alert System (ATLAS) telescope project in South Africa on Feb. 22.  Full Story: Live Science (3/4)

Painting recovered by Holocaust victims’ heirs sets auction record: A Kandinsky painting that once belonged to victims of the Nazi Holocaust has sold for nearly $45 million.

99% of people got this trivia question wrong: Ready to test your knowledge? See if you can answer some of the most challenging questions from the live mobile game HQ Trivia. Take the quiz here.

PHOTOS OF THE DAY

Mana Pools, Zimbabwe
Danger in the mud, the winner in the category of animal portraits at the World Nature Photography awards
Photograph: Jens Cullmann/World Nature Photography Awards 2022

California, US
Guests attend AlienCon 2023 at the Pasadena Convention Center
Photograph: Randy Shropshire/Getty Images for A+E Networks

Kathmandu, Nepal
A man celebrating Holi, the festival of colours
Photograph: Monika Malla/Reuters
Market Closes for March 6^th, 2023

Market Index	Close	Change
Dow Jones	33431.44	+40.47
		+0.12%
S&P 500	4048.42	+2.78
		+0.07%
NASDAQ	11675.74	-13.27
		-0.11%
TSX	20514.80	-66.78
		-0.32%

International Markets

Market Index	Close	Change
NIKKEI	28237.78	+310.31
		+1.11%
HANG SENG	20603.19	+35.65
		+0.17%
SENSEX	60224.46	+415.49
		+0.69%
FTSE 100*	7929.79	-17.32
		-0.22%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.353		3.344
CND. 30 Year Bond		3.211		3.194
U.S.    10 Year Bond		3.9577		3.9556
U.S. 30 Year Bond		3.8932		3.8739

Currencies

BOC Close	Today	Previous
Canadian $	0.7346	0.7354
US $	1.3613	1.3598
Euro Rate 1 Euro=		Inverse
Canadian $	1.4539	0.6878
US  $	1.0680	0.9363

Commodities

Gold	Close	Previous
London Gold Fix	1841.15	1836.20
Oil
WTI Crude Future	80.46	79.68

Market Commentary:
📈 On this day in 2000, Federal Reserve Chairman Alan Greenspan gave an optimistic speech on the “Revolution in Information Technology.” Just four days later, the Nasdaq peaked and began tumbling in the worst market crash to that point since 1929.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.3% at 20,514.80 in Toronto.
The move was the biggest since falling 1.3% on Feb. 21 and follows the previous session’s increase of 1.2%.
Canadian Pacific Railway Ltd. contributed the most to the index decline, decreasing 1.1%. Secure Energy Services Inc. had the largest drop, falling 19.6%.
Today, 150 of 236 shares fell, while 82 rose; 6 of 11 sectors were lower, led by materials stocks.
Insights
* This quarter, the index rose 5.8%, heading for the biggest advance since the second quarter of 2021
* The index declined 4.1% in the past 52 weeks. The MSCI AC Americas Index lost 7.2% in the same period
* The S&P/TSX Composite is 7.6% below its 52-week high on April 5, 2022 and 14.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.3% in the past 5 days and fell 0.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.2 on a trailing basis and 13.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.29t
* 30-day price volatility fell to 7.90% compared with 8.06% in the previous session and the average of 8.19% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -34.8756| -1.4| 4/44
Energy | -21.7803| -0.6| 11/28
Information Technology | -10.3434| -0.8| 5/9
Industrials | -8.0583| -0.3| 13/13
Financials | -2.5272| 0.0| 12/17
Health Care | -1.4102| -1.8| 2/5
Consumer Staples | 0.0730| 0.0| 5/6
Consumer Discretionary | 0.2131| 0.0| 5/10
Real Estate | 0.4962| 0.1| 12/9
Communication Services | 2.2790| 0.2| 3/3
Utilities | 3.4356| 0.4| 10/6
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
Canadian Pacific | -7.3950| -1.1| -50.7| 4.7
Nutrien | -7.1200| -1.8| -16.5| 11.9
Brookfield Corp | -6.5160| -1.4| -32.8| 7.2
Brookfield Infrastructure | 2.7230| 1.9| 48.5| 11.2
Waste Connections | 3.6980| 1.1| -4.9| 2.7
RBC | 4.4280| 0.3| -32.9| 7.8
US
By Rita Nazareth
(Bloomberg) — The stock market failed to gain much traction Monday on speculation that a recent rally has probably gotten overdone as economic risks linger.
It’s not that investors were brimming with confidence at the start of trading, but the S&P 500 managed to climb almost 1% at one point.
Those gains, which followed the best week for equities in a month, waned throughout the session — with a rise in Treasury yields bringing an additional layer of pressure.
To Michael Wilson at Morgan Stanley, while technical factors could give some support to equities in the near term, the “bear-market rally” wouldn’t last long as fundamentals continue to deteriorate.
So basically the recent market action could be seen as the “calm before the storm,” said Mark Hackett, chief of investment research at Nationwide.
Four major events between now and the Federal Reserve’s March 22 decision will be the key catalysts in determining whether the 2023 revival in equities gets derailed or starts rolling again after a February slump.
“Traders are still anticipating a 25 basis-point hike in a few weeks, and investors should prepare for volatility if the jobs read surprises in either direction — especially as some Fed officials have indicated a 50 basis-point hike remains on the table,” said Chris Larkin, managing director at E*Trade from Morgan Stanley.
Before the pivotal jobs report Friday, a double-day dose of Fed Chair Powell before Congress will set expectations for the next policy meeting later this month.
Krishna Guha at Evercore said Powell will possibly emphasize the notable resilience of the economy and indications that the process of returning inflation to its target will be lengthy and bumpy.
However, Powell will not turn “max hawkish” or fuel speculation of a 50 basis-point hike, Guha noted.
“This would not present any need to shift market rate pricing higher,” he added.
The stock and the credit markets are telegraphing a message of caution on how global financial assets and the economy may evolve.
The spread between BBB rated dollar-denominated corporate debt and the earnings available on the S&P 500 is now above zero for the first time since the global financial crisis.
The differential is typically negative, reflecting the higher risk of capital that is invested in equities even as corporate bond yields stay elevated.
However, when speculative money flocks into equities, it turns positive, suggesting that investors may be overlooking the risk embedded in stocks.
Key events this week:
* US wholesale inventories, consumer credit, Tuesday
* Fed Powell’s semiannual Monetary Policy Report to the Senate Banking Committee, Tuesday
* Australia rate decision, Tuesday
* Euro area GDP, Wednesday
* US MBA mortgage applications, ADP employment change, trade balance, JOLTS job openings, Wednesday
* Fed Chair Powell’s semiannual Monetary Policy Report to the House Financial Services Committee, Wednesday
* Canada rate decision, Wednesday
* EIA crude oil inventories, Wednesday
* China CPI, PPI, Thursday
* US Challenger job cuts, initial jobless claims, household change in net worth, Thursday
* Bank of Japan policy rate decision, Friday
* US nonfarm payrolls, unemployment rate, monthly budget statement, Friday

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 was little changed
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.4% to $1.0677
* The British pound fell 0.1% to $1.2019
* The Japanese yen was little changed at 135.99 per dollar
Cryptocurrencies
* Bitcoin fell 0.6% to $22,350.68
* Ether fell 0.7% to $1,560.95
Bonds
* The yield on 10-year Treasuries advanced three basis points to 3.98%
* Germany’s 10-year yield advanced three basis points to 2.75%
* Britain’s 10-year yield advanced two basis points to 3.87%
Commodities
* West Texas Intermediate crude rose 1.1% to $80.59 a barrel
* Gold futures fell 0.1% to $1,852.40 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Isabelle Lee, Angel Adegbesan, Peyton Forte and Ven Ram.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Some people dream of success, while other people get up every morning and make it happen. –Wayne Huizenga, 1937-2018.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.
March 3, 2005: Steve Fossett becomes the first person to fly an airplane non-stop around the world solo without refueling.
On March 3, 1991: in a case that sparked a national outcry, motorist Rodney King was severely beaten by Los Angeles police officers in a scene captured on amateur video.   Go to article » 

1805: Louisiana/Missouri Territory formed.
1955: Elvis Presley’s first TV appearance.

Alexander Graham Bell, inventor, b. 1847.
Ring Lardner Sr., writer, b.1885.

‘Creed III’ premieres in US theaters today.  Michael B. Jordan and Jonathan Majors bring heavyweight talent to the latest chapter in the “Rocky” franchise.

Leading soccer figures raise more than $44 million in a single day for Turkey quake victims.  These famous soccer players are putting their rivalries aside to raise money for the victims of last month’s devastating earthquake in Turkey.

Want to avoid an early death? A brisk 11-minute walk every day may help.
Yosemite National Park is closed indefinitely as snow depth rises to a 54-year high.

Cosmic rays reveal ‘hidden’ 30-foot-long corridor in Egypt’s Great Pyramid: Cosmic rays and photos from an endoscope have revealed a “hidden” corridor inside the Great Pyramid of Giza’s north face, above the pyramid’s ancient entrance, new research finds.  The new study reveals that, just above the ancient entrance to the pyramid, there is likely a horizontal chamber that runs for 30 feet (9 meters) in length and is 6.6 feet by 6.6 feet (2 by 2 m) in width and height. Full Story: Live Science (3/2)

Stunning gem-covered gold earrings discovered in 800-year-old hoard in Germany: A trainee metal detectorist in northern Germany recently hit on something his mentor never expected: an 800-year-old hoard of gold jewelry and silver coins that hints at the area’s trade connections.
The large hoard contained a dazzling collection of artifacts.  Full Story: Live Science (3/2)

PHOTOS OF THE DAY

Paris, France
Dancers wearing Louboutin shoes perform on the sidelines of the Paris fashion week at the Opéra Comique
Photograph: Julien de Rosa/AFP/Getty Images

The week in wildlife
A fox among blooming daffodils on the banks of the Dodder River in Dublin, Ireland
Photograph: Brian Lawless/PA

The week in wildlife
A white-eye bird is seen on early-flowering cherry blossoms in full bloom at a park in Tokyo, Japan
Photograph: Issei Kato/Reuters
Market Closes for March 3^rd, 2023

Market Index	Close	Change
Dow Jones	33390.97	+387.40
		+1.17%
S&P 500	4045.64	+64.29
		+1.61%
NASDAQ	11689.01	+226.03
		+1.97%
TSX	20581.58	+244.37
		+1.20%

International Markets

Market Index	Close	Change
NIKKEI	27927.47	+428.60
		+1.56%
HANG SENG	20567.54	+138.08
		+0.68%
SENSEX	59808.97	+899.62
		+1.53%
FTSE 100*	7947.11	+3.07
		+0.04%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.344		3.474
CND. 30 Year Bond		3.194		3.323
U.S.    10 Year Bond		3.9556		4.0556
U.S. 30 Year Bond		3.8739		3.9935

Currencies

BOC Close	Today	Previous
Canadian $	0.7354	0.7363
US $	1.3598	1.3582
Euro Rate 1 Euro=		Inverse
Canadian $	1.4470	0.6911
US  $	1.0639	0.9399

Commodities

Gold	Close	Previous
London Gold Fix	1836.20	1841.25
Oil
WTI Crude Future	79.68	78.16

Market Commentary:
📈 On this day in 1901, John Pierpont Morgan announced that he was organizing the largest-ever corporation in the world by merging his Federal Steel conglomerate with Andrew Carnegie’s Carnegie Co.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 1.2%, or 244.37 to 20,581.58 in Toronto.
The move was the biggest since rising 1.6% on Jan. 6.
Today, financials stocks led the market higher, as all sectors gained; 207 of 236 shares rose, while 26 fell.
Shopify Inc. contributed the most to the index gain, increasing 5.4%.
Park Lawn Corp. had the largest increase, rising 8.6%.
Insights
* This quarter, the index rose 6.2%, heading for the biggest advance since the second quarter of 2021
* So far this week, the index rose 1.8%, heading for the biggest advance since the week ended Jan. 13
* The index declined 3.1% in the past 52 weeks. The MSCI AC Americas Index lost 8% in the same period
* The S&P/TSX Composite is 7.3% below its 52-week high on April 5, 2022 and 15.2% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 13.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.25t
* 30-day price volatility rose to 8.06% compared with 7.59% in the previous session and the average of 8.32% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 59.8494| 0.9| 23/6
Energy | 49.0973| 1.4| 35/4
Materials | 36.0450| 1.5| 49/1
Information Technology | 30.4786| 2.4| 13/1
Industrials | 20.5648| 0.8| 22/3
Utilities | 11.4883| 1.3| 15/0
Consumer Staples | 11.3321| 1.3| 8/3
Communication Services | 8.0111| 0.8| 4/2
Consumer Discretionary | 6.6498| 0.9| 12/3
Real Estate | 4.0793| 0.8| 20/2
Health Care | 1.0701| 1.4| 6/1
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 24.8500| 5.4| -17.9| 25.5
Canadian Natural Resources | 13.0100| 2.1| 88.2| 8.9
Brookfield Corp | 10.9600| 2.5| -14.7| 8.8
George Weston | -0.4510| -0.6| 61.5| -0.6
Great-West Lifeco | -0.4860| -0.7| 23.6| 16.7
Fairfax Financial | -1.1540| -0.8| -58.6| 16.3
US
By Denitsa Tsekova and Alice Atkins
(Bloomberg) — US stocks ended the week on a high note driven by speculation that the Federal Reserve won’t raise interest rates beyond peak levels already priced in.
A rally in the S&P 500 Friday helped snap a three-week losing streak.
The Nasdaq 100 scored its best day since early February.
Sentiment remained upbeat despite a report showing resilience in the service sector as some investors wagered the impact of the Fed’s hikes on the economy would be delayed.
A measure of prices paid by service providers showed costs rising at a slower pace, which was cheered by traders.
Bond yields rose for the week though Treasuries richened in a Friday rally, with the 10-year yield hovering around 3.96%.
A benchmark of the dollar had its worst week since mid-January, ending four consecutive weeks of gains.
All eyes will be on the non-farm payrolls report next week for clues on whether the economy can handle more rate hikes.
Data this week showed continued labor-market resilience in the US, supporting the case for the Fed to stick to its tightening policy, a theme that had pushed almost every major asset into the red in February.
But investors were heartened after Atlanta Fed’s Raphael Bostic said on Thursday that the central bank could possibly pause its rate hikes sometime this summer.
Traders interpreted his comments as dovish, even though Bostic and his colleagues said decisions would continue to be data dependent and a Fed report on Friday emphasized that further rate increases are in store.
Traders are still optimistic because even the most hawkish Fed officials haven’t suggested that rates could need to go beyond levels already baked in, said Priya Misra, global head of rates strategy at TD Securities.
Swap markets have been pricing a peak Fed policy rate of 5.5% in September.
“I think they stay at 5.5% and we have to see how data evolves in the second quarter,” she said on Bloomberg Television.
Misra also added that robust data doesn’t mean the Fed’s persistent tightening isn’t working.
“It takes a long time,” she said. “Policy only turned restrictive last year.”
Risk sentiment also received a boost on Friday from forecast-beating factory data from China.
Oil gained for the fourth day, with confidence in China’s robust rebound supporting prices. 
Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 2%
* The Dow Jones Industrial Average rose 1.2%
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.3% to $1.0634
* The British pound rose 0.8% to $1.2041
* The Japanese yen rose 0.7% to 135.85 per dollar
Cryptocurrencies
* Bitcoin fell 4.8% to $22,296.29
* Ether fell 5% to $1,558.57
Bonds
* The yield on 10-year Treasuries declined 10 basis points to 3.96%
* Germany’s 10-year yield declined four basis points to 2.72%
* Britain’s 10-year yield declined three basis points to 3.85%
Commodities
* West Texas Intermediate crude rose 2% to $79.74 a barrel
* Gold futures rose 1.1% to $1,861.30 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Sujata Rao and Peyton Forte.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Honor is simply the morality of superior men. -H.L. Mencken, 1880-1956.

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
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