Newsletter, April 24th, 2025

Dear Friends,

Tangents: Happy Friday Eve.

April 24, 1898: Spain declares war on U.S.

April 24^th, 1990: The Hubble Space Telescope is launched into Earth orbit, providing unprecedented views of he universe and greatly advancing our understanding of space.

April 24, 2005: Pope Benedict XVI was installed as leader of the Roman Catholic Church in ceremonies at the Vatican. Go to article.

Robert Bailey Thomas, founder of The Farmer’s Almanac, b. 1766.

Shirley MacLaine, actress, b. 1934.

Barbara Streisand, actress, chanteuse, b. 1942.

Simone Biles wins World Sportswoman of the Year
It was the fourth time the Olympic gold medalist gymnast has won the award.

American Music Awards nominees announced
And rapper Kendrick Lamar, who wowed audiences with his Super Bowl LIX halftime show in February, leads the list with 10 nominations, including artist of the year, album of the year and song of the year.

Time to pick your players!
The first round of the 2025 NFL draft begins at 8 p.m. ET tonight, with the second and third rounds taking place tomorrow and the remaining four rounds happening on Saturday. Fans can watch all of the picks on the NFL Network and ESPN; CNN Sports will also offer live digital coverage.

Pedro Pascal makes statement of solidarity
The star of the hit show “The Last of Us” recently wore a T-shirt to the European premiere of “Thunderbolts*” that said “Protect the dolls.” The slogan is seen as a show of solidarity with trans women, who are affectionately known as “dolls” in the LGBTQ community. The issue is personal for Pascal; his younger sister Lux is a trans actress and model.

Stone Age quiz: What do you know about the Paleolithic, Mesolithic and Neolithic?

EVs could charge 500% faster in freezing weather after new discovery

Gamma-ray bursts reveal largest structure in the universe is bigger and closer to Earth than we knew: ‘The jury is still out on what it all means.’

What is the ancient Egyptian ‘Eye of Horus’ — and why is it found in so many burials?

PHOTOS OF THE DAY

Norfolk, UK
Wicked fans visit a tulip farm where the movie was filmed in Norfolk, UK. Around 31,000 lucky fans of the Hollywood blockbuster have snapped up tickets to walk through the colourful bulb fields near the Royal Sandringham estate in King’s Lynn – which are open to the public for just two weeks

Photograph: Bav Media

Miniature horses race in New Zealand

A pair of runners in the Great Northern Gallop in Houhora in New Zealand’s Far North.
Photographs by Fiona Goodall

Paris, France
Pastry chefs work on a huge strawberry cake during a Guinness world Record attempt in Argenteuil. About 350kg of strawberries, 150kg of sugar, 415kg of crème pâtissière and 4,000 eggs were used to create the 121.9-metre (400ft) creation

Photograph: AFP/Getty Images
Market Closes for April 24^th, 2025

International Markets

Bonds

Currencies

Commodities

Market Commentary:

You do not rise to the level of your goals.  You fall to the level of your systems. –James Clear, b. 1986.

Canada
(MT Newswires)

The Toronto Stock Exchange rose for a third-straight session on Thursday as optimistic investors chose to mostly ignore Wednesday threats from U.S.
President Donald Trump to impose fresh tariffs on Canada’s auto industry.
Boosted by rising commodity prices.
The resources heavy S&P/TSX Composite Index gained 254.85 points to 24,727.53.
Among sectors, Base Metals was up 4.46%, with Health Care the second biggest gainer, up 5.07%.
Telecoms were down 0.14%.
According to Dow Jones Market Data and FactSet, the TSX was as at the close of trade yesterday off more than 5% from its record close of 25,808.25 on Jan. 30 and off 2.37% from the day that Trump was inaugurated and his threat of all-out tariff wars against every nation, including Canada, began.
Trump on Wednesday said the tariff on Canadian autos “could go up” as he said he wants to force Canadian manufacturers to set up shop in the United States.
Of individual stocks, Briacell Therapeutics (BCT.TO) closed 11% to $8.45 as it earlier reported positive results with its Bria-OMT monotherapy, with a patient reporting sustained complete remission of a metastasized lung tumor.
Canadian market watchers of late have been more mindful of domestic economic issues than those related to the U.S., although they are of course keeping a watching brief on the trade war between the two nations.
On Canadian data points, Rosenberg Research noted industry employment fell sharply in February, and in sectors sensitive to the Canadian dollar and to interest rates.
“The BoC erred in not cutting rates at its recent meeting, but there is time to correct that policy misstep,” it said.
Rosenberg noted February data on industry employment, the SEPH or the Survey of Employment, Payrolls and Hours, was “a dud.”
Payrolls fell by 49,000, the steepest decline since November 2023, and January was revised sharply lower to now show a 14.400 gain instead of 26.800, as the initial report estimated.
“The workweek was as flat as a beaver’s tail,” the Rosenberg noted, before adding: “Thank God for health care and social assistance because if it weren’t for these non-cyclical areas, the jobs plunge would have been closer to -62k on the month.”
According to Rosenberg, the Bank of Canada’s decision to stand pat at the most recent policy meeting is “one that they will come to regret.”
It said the latest jobs data point came before the latest unstable chapter in the Trump trade war and revealed an economy that is in need of a whole lot of help.
And, it added, we already know from the Household survey (LFS) that the labor market eroded further in March, with jobs in this poll showing a steep drop of 33,000.
Of commodities, West Texas Intermediate crude oil closed higher on Thursday even as the focus turned to a potential fracturing of solidarity among OPEC+ members on reports the group will again speed the return of 2.2-million barrels of production cuts in June as some members continue to produce above quota.
WTI crude oil for June delivery closed up $0.52 to US$62.79 per barrel, while June Brent crude was last seen up $0.43 to US$66.55.
Gold prices rebounded from two losing sessions as the dollar and yields slump with investors looking for a safe haven amid volatile markets.
Gold for June delivery was last seen up $58.30 to US$3,352.40 per ounce, but it remained under Monday’s record close of US$3,425.30.
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1%, with nine of 11 sectors higher, led by health care stocks.
As of market close, 122 of 218 stocks rose, while 93 fell.
Cargojet Inc. led the advances, rising 15%, while Aecon Group Inc. decreased 9.8%.
Markets at a Glance:
* S&P/TSX Index rose 1% to 24,728
* Nine of 11 sectors rose
** Health care gained, up 3.7%
** Consumer staples declined, down 0.6%
* S&P 500 Index rose 2% to 5,485
* Nasdaq 100 Index rose 2.8% to 19,214
* Crude oil rose 0.7% to $63/bbl
* Natgas fell 3.1% to $2.93/mmbtu
* Gold rose 1.7% to $3,332/oz
* Silver was little changed at $34/oz
Advancers:
* Cargojet Inc. (CJT CN) +15%: Cargojet PT Cut to C$121 from C$147 at National Bank
* Tilray Brands Inc. (TLRY CN) +11%
* Tfi International Inc. (TFII CN) +7.3%: TFI International Falls on Q1 Miss, Headwinds: Street Wrap
* Energy Fuels Inc/Canada (EFR CN) +7.2%
* Calibre Mining Corp. (CXB CN) +7%: Equinox Gold, Calibre Mining Amend Proposed Combination Pact
Decliners:
* Aecon Group Inc. (ARE CN) -9.8%: Aecon Falls as Legacy Project Losses Hurt Ebitda: Street Wrap
* Boyd Group Services Inc. (BYD CN) -4.1%: Boyd Shares Fall as Stifel Flags Negatives in LKQ’s Results
* Aya Gold & Silver Inc. (AYA CN) -2.6%
* Wesdome Gold Mines Ltd. (WDO CN) -2.1%
* Torex Gold Resources Inc. (TXG CN) -2%: Torex Gold Resources Rated New Buy at Desjardins; PT C$60
US

By Rita Nazareth and Denitsa Tsekova
(Bloomberg) — Wall Street investors weighing the impacts of Donald Trump’s trade war on Corporate America sent stocks climbing amid bets the Federal Reserve could cut rates sooner than anticipated to prevent a recession.
The S&P 500 rose 2% to the highest since the day Trump announced his tariff offensive.
The president said the US is talking with China on trade despite Beijing’s denial.
In late hours, Alphabet Inc. jumped on solid earnings. Intel Corp. gave a weak forecast.
Bond yields slid on wagers Fed Chair Jerome Powell will be under pressure to ease policy if the labor market unravels.
In an interview with Bloomberg Television, Fed Governor Christopher Waller said he’d support rate cuts in the event aggressive tariff levels hurt the jobs market.
Fed Bank of Cleveland President Beth Hammack told CNBC the central bank could move on rates as early as June if it has clear evidence of the economy’s direction.
“While the Fed has maintained a cautious approach to monetary easing, we believe it will be willing and able to respond to signs of economic weakness, especially rising layoffs,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
Trump’s tariffs are more likely to hurt growth than spur inflation, Myles Bradshaw at JPMorgan Asset Management told Bloomberg Television.
He expects the US central bank will eventually need to cut rates more aggressively, having kept policy on hold for longer.
As traders waded through the latest batch of earnings, signs of unease about economic prospects have become evident.
American Airlines Group Inc. withdrew its full year earnings outlook, joining a growing number of companies hedging their bets on the broader economy.
Southwest Airlines Co.’s chief said his industry is already in a recession.
PepsiCo Inc. and Procter & Gamble Co.lowered their forecasts.
The looming impact of higher costs from the Trump administration’s trade policy is making it very difficult for the corporate world to forecast how the year will play out as consumers brace for economic pain.
“Companies with direct impact from tariffs are generally being forthcoming, providing guide that incorporates the full brunt of both blanket and reciprocal tariffs,” said John Belton at Gabelli Funds.
In another sign of how firms are growing cautious amid uncertainty surrounding tariffs and tax policy, data Thursday showed orders placed with US factories for business equipment barely rose in March.
“Companies are front running the tariffs, so these durable goods data aren’t something to get excited about,” said Jamie Cox at Harris Financial Group.
“The good news is that companies are protecting their earnings and margins, and investors will be happy about that.”
Yet several analysts are souring on the profit outlook due, to the risk of an economic slowdown, with the US benchmark’s earnings revisions breadth — or estimated upgrades versus downgrades — approaching downside extremes.
One of Wall Street’s biggest bulls is seeing tariffs hitting Corporate America the hardest.
Deutsche Bank AG’s Bankim Chadha slashed his year-end S&P 500 target to 6,150.
He also sees S&P 500 earnings declining 5% this year, compared with a consensus expecting 8% growth.
“Investors should continue to focus on the long term, with an eye toward companies with high earnings achievability, limited tariff exposure, and quality balance sheets,” said Daniel Skelly, head of Morgan Stanley’s Wealth Management Market Research & Strategy Team.
While stocks have finally found breathing room, that doesn’t mean pressure points that rattled the market are gone, according to Goldman Sachs Group Inc.’s Flow of Funds team.
“Much like an 80-degree day in NYC in April, I wouldn’t jump into the pool just yet,” the funds specialists wrote in a note to clients this week.
“We continue to expect very volatile trading heading into and including next week,” said Dan Wantrobski at Janney Montgomery Scott.
“This includes the potential for explosive moves in either direction.”
He also noted that the 5,500 level in the S&P 500 remains a key resistance level to watch.
That’s roughly a 50% retracement of the entire correction cycle to date, he added.
“Rallying above this on a closing basis would generate a bullish technical signal and help put the bulls back in charge of the field,” he concluded.
Craig Johnson at Piper Sandler noted that while the recent rally is constructive, he’s also monitoring the 5,500 marks as a key resistance.
“Until buyers overcome that level, ideally with increased volume, more backing and filling is likely,” he said.
“However, once 5,500 is successfully cleared, we are likely to see another leg up toward 5,800.”
Some of the main moves in markets:
Stocks
* The S&P 500 rose 2% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.8%
* The Dow Jones Industrial Average rose 1.2%
* The MSCI World Index rose 1.6%
* Bloomberg Magnificent 7 Total Return Index rose 2.9%
* The Russell 2000 Index rose 2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.6% to $1.1384
* The British pound rose 0.6% to $1.3338
* The Japanese yen rose 0.5% to 142.72 per dollar
Cryptocurrencies
* Bitcoin was little changed at $93,594.76
* Ether fell 1.8% to $1,763.7
Bonds
* The yield on 10-year Treasuries declined seven basis points to 4.31%
* Germany’s 10-year yield declined five basis points to 2.45%
* Britain’s 10-year yield declined five basis points to 4.50%
Commodities
* West Texas Intermediate crude rose 0.7% to $62.71 a barrel
* Spot gold rose 1.6% to $3,340.33 an ounce

–With assistance from John Viljoen, Sujata Rao, Robert Brand
and Anand Krishnamoorthy.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

Love beauty; it is the shadow of God in the Universe. –Gabriela Mistral, 1889-1957.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM

Senior Investment Advisor

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

Tel: 778.430.5808

(C): 250.881.0801 (Text Only)

Toll Free: 1.877.430.5895

Fax: 778.430.5828

www.carolannsteinhoff.com