Author: Carolann

Dear Friends,

Tangents:

***April 1, 1976: Apple Computer was founded by Steve Jobs, Steve Wozniak and Ronald Wayne. Go to article.****

April 1, 1921: French pilot Adrienne Bolland is the first female to fly over  the Andes mountains.
April 1, 1970: Cigarette ads banned from TV.
April 1, 2001: the Netherlands becomes the first

AI models will lie to you to achieve their goals — and it doesn’t take much
Researchers discover that the most advanced AI models may lie to their users when under pressure.

March Madness: Women’s Final Four is set
Connecticut, South Carolina, UCLA and Texas will meet in Tampa for the semifinals of the NCAA women’s basketball tournament. Read More.

James Webb telescope takes emergency look at ‘city-killer’ asteroid 2024 YR4 ahead of close encounter in 2032
The James Webb Space Telescope has taken its first look at the near-Earth asteroid 2024 YR4 before a perilous close approach in 2032. The telescope confirmed Earth is safe,
but the moon may still be in trouble. Read More.

World’s largest atom smasher makes 1st-of-its-kind ‘beauty’ particle discovery that could unlock new physics
Why matter dominates over antimatter in our universe has long been a major cosmic mystery to physicists. A new finding by the world’s largest particle collider has revealed a clue. Read More.

PHOTOS OF THE DAY

Sydney, Australia
A surfer rides a large wave at Bondi Beach as high winds hit the east coast of Australia
Photograph: David Gray/AFP/Getty Images

Paris, France
The restored ceiling paintings by the French painter Eugène Delacroix at the renovated library of the National Assembly. A hidden gem in the heart of the Palais Bourbon, the library is due to reopen in April after a year’s work to restore its nave and its 400 sq metres of painted ceilings, a masterpiece by Delacroix
Photograph: Stéphane de Sakutin/AFP/Getty Images

Manchester, England
Cranes and buildings are illuminated at night in Manchester city centre
Photograph: Peter Byrne/PA
Market Closes for April 1^st, 2025

Market Index	Close	Change
Dow Jones	41989.96	-11.80
		-0.03%
S&P 500	5633.07	+21.22
		+0.38%
NASDAQ	17449.89	+150.60
		+0.87%
TSX	25033.28	+115.78
		+0.46%

International MarketsMarkets

Market Index	Close	Change
NIKKEI	35480.18	-144.30
		-0.41%
HANG SENG	23206.84	+87.26
		+0.38%
SENSEX	76024.51	-1390.41
		-1.80%
FTSE 100*	8634.80	+51.99
		+0.61%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.928	2.968
CND. 30 Year Bond	3.186	3.225
U.S. 10 Year Bond	4.1689	4.2053
U.S. 30 Year Bond	4.5240	4.5707

Currencies

BOC Close	Today	Previous
Canadian $	0.6993	0.6948
US $	1.4300	1.4390

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5432	0.6480
US $	1.0791	0.9266

Commodities

Gold	Close	Previous
London Gold Fix	3115.10	3071.60
Oil
WTI Crude Future	71.20	71.48

Market Commentary:
The door to the American Millionaire’s Club is not locked. –J. Paul Getty, 1892-1976.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.5%, with eight of 11 sectors higher, led by information technology stocks.
As of market close, 154 of 218 stocks rose, while 61 fell.
Ivanhoe Mines Ltd. led the advances, rising 7.7%, while Endeavour Silver Corp. decreased 12%.
US
By Rita Nazareth
(Bloomberg) — A rally in the world’s largest tech companies lifted stocks as investors brushed off weak economic readings to focus on prospects for interest-rate cuts ahead of President Donald Trump’s tariff rollout.
In another volatile session, the S&P 500 wiped out a 1% slide that was triggered by weak manufacturing and jobs data.
A gauge of the “Magnificent Seven” megacaps halted a four-day selloff.
Treasury yields dropped as traders slightly boosted their bets on Federal Reserve policy easing.
That’s despite a surge in a price measure.
Canada’s loonie and Mexico’s peso gained on news the leaders of both countries held a “productive” call on trade.
It’s a been a dizzying period for investors bracing for Trump’s tariffs.
As the deadline approaches, it’s not clear how far he’ll go in overturning the current rules-based system of global commerce. The uncertainty has shaken markets, prompted economists to cut their growth forecasts and forced central bankers to factor in the potential inflationary impact of import costs.
Trump’s sweeping tariffs will take immediate effect after they are announced Wednesday, his top spokeswoman said.
“Sentiment remains fragile before tariff day,” said Fawad Razaqzada at City Index and Forex.com. “With the exact scope of
these measures still uncertain, you would imagine that investors remain cautious. The trajectory of stocks remains highly uncertain in the near-term outlook.”
The S&P 500 rose 0.4%.
The Nasdaq 100 added 0.8%.
The Dow Jones Industrial Average wavered.
The yield on 10-year Treasuries declined four basis points to 4.17%.
The dollar was little changed.
Trump is set Wednesday to impose so-called reciprocal tariffs and other levies on what he has labeled “Liberation Day” — a move expected to cover a broader swath of trade than the 1930 Smoot-Hawley duties that have long served as a cautionary tale about protectionism.
It’s part of Trump’s wider project to dismantle the global trading system the US helped build out of that era’s wreckage, on his belief that Americans got a raw deal.
“We doubt that ‘Liberation Day’ is going to mark the end around tariff uncertainty,” said HSBC strategists led by Max Kettner.
“We’d argue the potential is in fact higher for the 2 April deadline to introduce even more uncertainty – and hence prolonged broad-based weakness in leading indicators.”
Three of Wall Street’s most-reliable bulls have acknowledged that they were too optimistic in their estimates for the S&P 500 this year, with strategists at Goldman Sachs Group Inc., Societe Generale and Yardeni Research lowering theiryear-end targets for the benchmark.
Still, though, all three expect the index to finish the year higher than where it ended Monday.
In other words, while these market pros are warning of a slowdown — pointing to the risks to economic growth and consumer sentiment from Trump’s policies — they are not preparing for a wider meltdown yet.
In fact, every major strategist tracked by Bloomberg still anticipates a rise in the S&P 500 between now and the end of the year.
Market participants are positioning for another solid stretch of performance for Treasuries after signs of cooling US growth drove a first-quarter rally that left benchmark 10-year yields down about a half-percentage point from their January peak.
Trend-following hedge funds turned short US equities and long Treasuries last month and the rotation has room to run, according to analysis by Barclays Plc.
Rising potential for a US recession has Pacific Investment Management Co. touting the attractiveness of “stable sources of returns” in global bonds.
The bond manager is warning that President Donald Trump’s aggressive trade, cost-cutting and immigration policies stand to slow the world’s biggest economy by more than previously expected, hurting the labor market and supporting its view for investors to tilt their portfolios toward safer assets.
There’s “a strong case to diversify away from highly priced US equities into a broader mix of global, high quality bonds,” Pimco’s Tiffany Wilding and Andrew Balls wrote in a note.
Markets “are in the early stages of a multiyear period in which fixed income can outperform equities while offering a more favorable risk-adjusted profile.”

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index rose 0.5%
* Bloomberg Magnificent 7 Total Return Index rose 1.6%
* The Russell 2000 Index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.0790
* The British pound was little changed at $1.2920
* The Japanese yen rose 0.2% to 149.61 per dollar
Cryptocurrencies
* Bitcoin rose 3.1% to $84,952.79
* Ether rose 5% to $1,910.31
Bonds
* The yield on 10-year Treasuries declined four basis points to 4.17%
* Germany’s 10-year yield declined five basis points to 2.69%
* Britain’s 10-year yield declined four basis points to 4.63%
Commodities
* West Texas Intermediate crude fell 0.4% to $71.20 a barrel
* Spot gold fell 0.1% to $3,118.90 an ounce
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Sometimes, carrying on, just carrying on, is the superhuman achievement. -1913-1960.

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

Dear Friends,

Tangents: Happy Friday

March 28, 1854: Great Britain and France declare war on Russia, expanding the Crimean War.
On March 28, 1979, America’s worst commercial nuclear accident occurred inside the Unit Two reactor at the Three Mile Island plant near Middletown, Pa.  Go to article.

Monsters aren’t real, kid. Let me show you …
A babysitter in Kansas was trying to reassure the child in her care that there was no monster under the bed. So, she bent down to look — and came face-to-face with an intruder.

Human sacrifices found in a Bronze Age tomb in Turkey were mostly teenage girls
Archaeologists are unsure why unrelated teenagers were buried in an elaborate Bronze Age tomb but think their age may be a clue. Read More.

James Webb telescope captures auroras on Neptune for first time ever
The James Webb Space Telescope has successfully detected auroras on Neptune for the first time ever, finishing a job that NASA’s Voyager 2 probe began decades ago. Read More.

New cells discovered in eye could help restore vision, scientists say
A new study suggests that never-seen-before stem cells in the human retina can restore vision in mice with a common eye disorder. But more work is needed to
translate the treatment to people. Read More.

Current AI models a ‘dead end’ for human-level intelligence, scientists agree
In a new survey, 76% of scientists said that scaling large language models was “unlikely” or “very unlikely” to achieve AGI. Read More.

Giant, fungus-like organism may be a completely unknown branch of life
An ancient and enormous organism called Prototaxites, initially found to be a type of fungus, may actually be an unknown branch of life, researchers say. Read More.

PHOTOS OF THE DAY

Seoul, South Korea
A worker adjusts colourful lanterns during preparations for Buddha’s birthday celebrations on 5 May at Jogye temple
Photograph: Lee Jin-man/AP

Nuuk, Greenland
The lights from residential housing blocks illuminate snowdrifts
Photograph: Leon Neal/Getty Images

​​​​​​​Bridport, UK
A man walks his dog near the art trail Stampede by the Sea in West Bay. The trail showcases 30 striking and colourful elephants, designed and painted by local artists. The exhibition will conclude with an auction of the artwork raising funds for Weldmar Hospicecare charity
Photograph: Finnbarr Webster/Getty Images
Market Closes for March 28^th, 2025

Market Index	Close	Change
Dow Jones	42587.50	+4.18
		+0.01%
S&P 500	5776.65	+9.08
		+0.16%
NASDAQ	18271.86	+83.27
		+0.46%
TSX	25339.51	+35.40
		+0.14%

International Markets

Market Index	Close	Change
NIKKEI	37780.54	+172.05
		+0.46%
HANG SENG	23344.25	-561.31
		-2.35%
SENSEX	78017.19	+32.81
		+0.04%
FTSE 100*	8663.80	+25.79
		+0.30%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.077	3.096
CND. 30 Year Bond	3.310	3.346
U.S. 10 Year Bond	4.3133	4.3595
U.S. 30 Year Bond	4.6588	4.7208

Currencies

BOC Close	Today	Previous
Canadian $	0.7001	0.6988
US $	1.4284	1.4311

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5548	0.6432
US $	1.0886	0.9186

Commodities

Gold	Close	Previous
London Gold Fix	3007.75	3013.25
Oil
WTI Crude Future	69.46	69.92

Market Commentary:
One of the lessons of history is that nothing is often a good thing to do and always a clever thing to say. -Will Durant.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.6% at 24,759.15 in Toronto.
The move was the biggest since falling 1.7% on March 4 and follows the previous session’s little change.
Today, financials stocks led the market lower, as 10 of 11 sectors lost; 167 of 218 shares fell, while 47 rose.
Shopify Inc. contributed the most to the index decline, decreasing 5.7%.
Aya Gold & Silver Inc. had the largest drop, falling 15.8%.
Insights
* In the past year, the index had a similar or greater loss five times. The next day, it declined three times for an average 1.3% and advanced twice for an average 1%
* This quarter, the index was little changed
* This month, the index fell 2.5%
* So far this week, the index fell 0.8%
* The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 5.9% in the same period
* The S&P/TSX Composite is 4.3% below its 52-week high on Jan. 30, 2025 and 15.3% above its low on June 17, 2024
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.6 on a trailing basis and 15.4 times estimated earnings of\ its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.06t
* 30-day price volatility rose to 15.95% compared with 15.43% in the previous session and the average of 14.46% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -131.9645| -1.6| 6/19
Information Technology| -94.8325| -3.9| 0/10
Industrials | -68.0591| -2.2| 1/27
Materials | -56.7161| -1.7| 7/42
Energy | -28.5129| -0.7| 10/31
Consumer Discretionary| -15.7391| -2.0| 2/8
Real Estate | -3.6619| -0.8| 4/14
Communication Services| -3.1555| -0.5| 2/3
Health Care | -0.9399| -1.4| 2/2
Consumer Staples | -0.4763| -0.1| 6/4
Utilities | 2.1240| 0.2| 7/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -71.4000| -5.7| -17.7| -9.6
RBC | -36.3300| -2.2| 12.3| -7.4
Brookfield Corp | -32.9100| -4.2| -13.5| -10.2
Emera | 2.2640| 1.8| 14.8| 12.3
Fortis | 2.7680| 1.2| -8.3| 8.5
Dollarama | 3.1900| 1.1| -14.1| 8.1
US
By Rita Nazareth
(Bloomberg) — Stocks got hammered, bonds climbed and gold hit a record high, following signs of weakness in the main engine of the US economy and worries that inflation could gain further traction amid a trade war.
With just one more session left before the end of a quarter that’s set to be the S&P 500’s worst since 2022, the gauge fell 2%.
Data showed a plunge in US consumer sentiment and a surge in long-term inflation expectations.
That was after another report underscored tepid spending and a pick-up in prices ahead of next week’s big US tariff rollout.
A gauge of tech mega caps slumped 3.5%.
The yield on 10-year Treasuries sank 10 basis points to 4.26%.
To Bret Kenwell at eToro, the biggest worry is that inflation will remain elevated amid a notable slowdown in the economy.
“And while that risk may not be the base case right now, any traction it gains could further weigh on investor sentiment,” he said. “But unless there’s a larger deterioration in the economy, it’s too soon to jump on the stagflation train.”
The Nasdaq Composite Index lost 2.7%, notching a drop of at least 2% in March for the fifth time — the most for a single month since the bear market in June 2022, according to Bespoke Investment Group.
The Dow Jones Industrial Average slipped 1.7%.
All mega caps sank, with Amazon.com Inc. and Alphabet Inc. sinking over 4%.
Lululemon Athletica Inc. tumbled 14% on a gloomy outlook.
Wall Street’s “fear gauge” – the VIX – topped 21.
The dollar fell 0.1%.
Bitcoin tumbled about 4%.
As President Donald Trump’s tariff policy expands, consumers are growing more worried that the added duties will drive up prices.
A prolonged rise in costs could prompt households to cut back on discretionary spending, which has implications for broader economy — and Corporate America.
“Today’s data has the general pattern of what many observers will be looking for in the months ahead as new tariffs and other policy change begin to bite: weaker-than-expected spending and stronger-than-expected inflation,” according to David Alcaly at Lazard Asset Management.
While it’s premature to be drawing judgments, seeing this pattern in hard data could feed apprehension before next week’s announcements, Alcaly added.
“When you don’t know what’s coming, it’s harder to plan,” said Jim Baird at Plante Moran Financial Advisors.
“In the face of growing uncertainty, consumers are left with tough decisions. For now, inflation has re-emerged as a significant – and growing – concern.”
Economists dialed back their expectations for US growth this year, envisioning softer consumer spending and more limited capital investment amid mounting uncertainty created by the ever-evolving trade policy, according to the latest Bloomberg survey of economists.
US stock funds suffered their largest weekly outflow this year, while inflows continued to pour into European equities, Bank of America Corp. said, citing EPFR Global data.
“Looking ahead, the market’s recovery is expected to be turbulent, with volatility persisting until policy uncertainty clears,” said Mark Hackett at Nationwide.
“However, April has historically provided a seasonal tailwind – whether that holds true this year remains to be seen given the current environment.”
Hackett noted that investor sentiment has reached extreme levels, which often serves as a contrarian signal.
Historically, when sentiment has been this stretched, the S&P 500 has posted strong gains over the following six and 12 months, he said.
“All in all, investors should stay patient for now,” Hackett concluded.
UBS Global Wealth Management’s David Lefkowitz lowered his S&P 500 year-end target to 6,400 from 6,600 to account for recent economic turbulence, but he sees stocks reversing course and rising into the end of 2025.
“We still believe that US stocks can recover and post gains for the year,” he said in a Friday note to clients.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 2% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.6%
* The Dow Jones Industrial Average fell 1.7%
* The MSCI World Index fell 1.7%
* The Nasdaq Composite fell 2.7%
* Bloomberg Magnificent 7 Total Return Index fell 3.5%
* The Russell 2000 Index fell 2.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro rose 0.2% to $1.0826
* The British pound was little changed at $1.2945
* The Japanese yen rose 0.9% to 149.75 per dollar
* The Canadian dollar was little changed at 1.4316
Cryptocurrencies
* Bitcoin fell 4.1% to $83,733.65
* Ether fell 6.7% to $1,872.77
Bonds
* The yield on 10-year Treasuries declined 10 basis points to 4.26%
* Germany’s 10-year yield declined five basis points to 2.73%
* Britain’s 10-year yield declined nine basis points to 4.69%
Commodities
* West Texas Intermediate crude fell 1.2% to $69.11 a barrel
* Spot gold rose 0.8% to $3,081.23 an ounce

–With assistance from Margaryta Kirakosian and Lynn Thomasson.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
No person has was ever honored for what he received.  Honor has been the reward for what he gave. -Calvin Coolidge, 1872-1933.

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

Dear Friends,

Tangents: Happy Friday Eve.

March 27, 1513: Spanish explorer Juan Ponce de Leon sights Florida.
March 27, 1790: the modern shoelace with a n aglet is patented in England by Harvey Kennedy.

Wilhelm Roentgen, scientist, b. 1845.
Sarah Vaughan, singer, b. 1924.
Mariah Carey, singer, b. 1970

‘Exceptional’ hoard of 800 Iron Age artifacts found mysteriously burned and buried in UK field
An Iron Age hoard discovered in England is on a “kind of scale and size that is exceptional for Britain and probably even Europe.” Read More.

2,200-year-old mysterious pyramid structure filled with coins and weapons found near Dead Sea
The purpose of a mysterious pyramidal structure in the Judaean Desert is unknown, but excavators are finding many well-preserved artifacts there. Read More.

Never-before-seen chain of volcanoes discovered hiding near the Cook Islands
After suspecting the presence of a series of underwater volcanoes near the Cook Islands, researchers have now mapped out the newly discovered structures. Read More.

Brain aging accelerates dramatically around age 44 — could ketone supplements help?
A study of thousands of people finds that neural connections in the brain start to break down quickly around age 44, but the research hints that ketone supplements
could potentially help slow that brain aging. Read More.

Scientists unveil new type of ‘time crystal’ that defies our traditional understanding of time and motion
The latest time crystal innovation may expand the known boundaries of quantum mechanics. Read More.

Will Steph Curry become the baller of beverages?
The NBA star and former first lady Michelle Obama have joined forces to launch a new sugar-free sports drink.

‘Doomsday’ mega-cast announced
Marvel is going all out for the upcoming “Avengers” sequel by combining those superheroes with two other classic teams: the X-Men and the Fantastic Four.

Fan of the ‘The Office’? Head to Scranton.
Chili’s is opening a restaurant in the Pennsylvania city that will feature retro decor and menu items. You’ll even be able to drink a “Scranton Margarita,” just like Meredith Palmer.

PHOTOS OF THE DAY

Abu Dhabi, UAE
Muslim worshippers gather at Sheikh Zayed Grand Mosque for prayers during Laylat al-Qadr, the 27th night of the holy month of Ramadan
Photograph: Mohammed Zarandah/Anadolu/Getty Images

Nuuk, Greenland
A boat travels though a frozen sea inlet outside the Greenlandic capital
Photograph: Evgeniy Maloletka/AP

​​​​​​​First days of spring in London – in pictures
Photograph: Sarah Lee/The Guardian, Thu 27 Mar 2025 12.44 GMT
Market Closes for March 27^th, 2025

Market Index	Close	Change
Dow Jones	42299.70	-155.09
		-0.37%
S&P 500	5693.31	-18.89
		-0.33%
NASDAQ	17804.03	-94.99
		-0.53%
TSX	25161.06	—
		—

International Markets

Market Index	Close	Change
NIKKEI	37799.97	-227.32
		-0.60%
HANG SENG	23578.80	+95.48
		+0.41%
SENSEX	77606.43	+317.93
		+0.41%
FTSE 100*	8666.12	-23.47
		-0.27%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.096	3.130
CND. 30 Year Bond	3.346	3.367
U.S. 10 Year Bond	4.3595	4.3519
U.S. 30 Year Bond	4.7208	4.7020

Currencies

BOC Close	Today	Previous
Canadian $	0.6988	0.6994
US $	1.4311	1.4298

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5452	0.6472
US $	1.0797	0.9262

Commodities

Gold	Close	Previous
London Gold Fix	3013.25	3025.20
Oil
WTI Crude Future	69.92	69.65

Market Commentary:
But the good big decisions, they don’t take any time at all.  If they take time, you’re in trouble. -Warren Buffett, (CNBC Town Hall event at Columbia University, November 11, 2009.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite was unchanged at 25,161.06 in Toronto.
The move follows the previous session’s decrease of 0.7%.
Royal Bank of Canada contributed the most to the index decline, decreasing 1.1%.
Magna International Inc. had the largest drop, falling 6.9%.
Today, 97 of 218 shares fell, while 116 rose; 4 of 11 sectors were lower, led by information technology stocks.
Insights
* This quarter, the index rose 1.8%
* This month, the index fell 0.9%
* So far this week, the index rose 0.8%
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 8.2% in the same period
* The S&P/TSX Composite is 2.8% below its 52-week high on Jan. 30, 2025 and 17.2% above its low on June 17, 2024
* The S&P/TSX Composite is up 0.4% in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.8 on a trailing basis and 15.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.06t
* 30-day price volatility fell to 15.43% compared with 15.53% in the previous session and the average of 14.22% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -25.1508| -1.0| 1/9
Energy | -23.7684| -0.6| 6/34
Financials | -21.3319| -0.3| 14/11
Industrials | -8.5307| -0.3| 12/16
Health Care | 0.6948| 1.0| 3/1
Utilities | 0.9510| 0.1| 7/8
Consumer Discretionary | 1.4802| 0.2| 6/4
Real Estate | 1.4896| 0.3| 16/2
Consumer Staples | 8.3502| 0.9| 9/1
Communication Services | 8.5529| 1.5| 5/0
Materials | 57.2709| 1.7| 37/11
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
RBC | -18.3600| -1.1| -37.0| -5.2
Shopify | -18.2500| -1.4| -46.6| -4.2
Canadian Pacific Kansas | -13.8900| -2.0| 1.1| -1.4
Wheaton Precious Metals | 6.8770| 2.0| -44.3| 35.5
Franco-Nevada | 8.1890| 2.8| -32.3| 33.2
Agnico Eagle Mines Ltd | 16.8000| 3.2| -30.6| 37.2
US
By Rita Nazareth
(Bloomberg) — Stocks fell after the US pushed ahead with tariffs on automakers, reinforcing concern about a widening trade war and offsetting data that showed faster-than-estimated growth in the world’s largest economy.
Just days before the end of a quarter that’s set to be the worst for the S&P 500 since 2023, the gauge slipped anew.
Giants from Toyota Motor Corp. to Mercedes-Benz Group AG and General Motors Co. got hit.
AppLovin Corp. sank on a short report from Muddy Waters.
Mega caps were mixed, with Apple Inc. up and Nvidia Corp. down.
In late hours, Lululemon Athletica Inc. gave a gloomy outlook.
Bonds flashed concerns about inflation as short- dated Treasuries outperformed longer ones.
President Donald Trump signed a proclamation to implement a 25% tariff on auto imports and pledged harsher punishment on the EU and Canada if they join forces against the US.
The move overshadowed data showing the economy expanded at a quicker pace in the fourth quarter than previously estimated.
A measure of inflation was revised lower.
To Bret Kenwell at eToro, the data won’t act as a major confidence boost for investors as their focus is firmly planted in the current economic landscape rather than the one from a few months ago.
“Investors will want to see in-line or better inflation results and a strong employment number to gain some reassurance,” he said.
Inflation remains at a disquieting level for the Federal Reserve.
And Friday’s personal consumption expenditures price index is forecast to show signs of stickiness.
The S&P 500 lost 0.3%.
The Nasdaq 100 fell 0.6%.
The Dow Jones Industrial Average slid 0.4%.
The yield on 10-year Treasuries rose one basis point to 4.36%.
The dollar wavered.
Friday’s inflation data will provide a snapshot of price pressures and economic activity leading up to Trump’s planned April 2 announcement on reciprocal tariffs — which he has dubbed “Liberation Day in America.”
General uncertainty about the impact of the duties help explain why Fed officials kept interest rates unchanged last week.
“The threat of further tariff escalation remains a key concern, but our economic forecasts do not call for a recession in the US,” said Mark Haefele at UBS Global Wealth Management.
US PREVIEW: Inflation Uptick to Justify Fed’s Rate Hold For markets, the question is whether anything will be able to rise above the tariff noise, according to Chris Larkin at E*TRADE from Morgan Stanley.
“In the near-term, the most likely scenario is more choppy trading, he said.
To Craig Johnson at Piper Sandler, despite the heightened uncertainties surrounding tariffs and inflation, there are technical signals suggesting an intermediate-term low may be in place.
“While the path to a more meaningful recovery is often not a straight line upward, it appears that equities have found some footing off the March lows from which to build upon in the upcoming weeks,” he said.
Pessimism among individual investors about the short-term outlook for stocks decreased in the latest sentiment survey from the American Association of Individual Investors.
Meanwhile, optimism and neutral sentiment increased.
“With stocks getting a respite from the selling last week and into early this week, we expected some subsiding of the extremely high levels of bearish sentiment in the weekly survey from the AAII,” said Bespoke Investment Group strategists.
Bespoke noted that while bearish sentiment dropped, this week’s reading was still above 50% — and higher than 96.8% of all prior weekly readings since 1987.
US equities will soon regain their long-held edge over European peers as the brighter outlook for the old continent’s stocks is limited to sectors such as defense and banks, according to Jean Boivin, head of the BlackRock Investment Institute.
“This is a pretty narrow European story,” Boivin said in an interview.
“There’s no strong conviction yet to play Europe over the US over a six-to-12 month horizon.  We need to see more fiscal impetus beyond defense and implementation will be key.”

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.6%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World Index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.4% to $1.0795
* The British pound rose 0.5% to $1.2950
* The Japanese yen fell 0.3% to 151.04 per dollar
Cryptocurrencies
* Bitcoin fell 0.3% to $87,052.04
* Ether fell 0.3% to $2,004.22
Bonds
* The yield on 10-year Treasuries advanced one basis point to 4.36%
* Germany’s 10-year yield declined two basis points to 2.77%
* Britain’s 10-year yield advanced six basis points to 4.78%
Commodities
* West Texas Intermediate crude rose 0.2% to $69.79 a barrel
* Spot gold rose 1.3% to $3,057.49 an ounce

Have a lovely evening.

Be magnificent!

As ever,

Carolann
Be true to your work, your word, and your friend. –Henry David Thoreau, 1817-1862.

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

Dear Friends,

Tangents:
March 26, 1885: The Eastman Dry Plate and Film Co. of Rochester, N.Y., manufactured the first commercial motion picture film. Go to article.
March 26, 1979: Anwar Sadat of Egypt and Mencheim Begin of Israel sign a peace accord.
March 26, 2000: Vladimir Putin is elected President of Russia, initiating significant political and economic changes in the country.

Beethoven, composer, d. 1827.
Robert Frost, poet, b. 1874.
Tennessee Williams, playwright, b. 1911.
Erica Jong, writer, b. 1942.
Diana Ross, singer, b. 1944.
Keira Knightly, actress, b. 1985.

How did you sleep last night?
If the answer is “not well,” actor Walter Goggins wants to help. The “White Lotus” star has recorded a sleep story for the meditation app Calm that he hopes will provide listeners with a relaxing, dreamlike experience.

Coming soon to a theatre near you
A variety of new movies are arriving in theaters this spring. So, if you’re looking for an escape, check out these flicks featuring killer unicorns, a giant Great Dane and the final reckoning for “Mission: Impossible” hero Ethan Hunt.

Pedro Pascal would like just a little bit of privacy
“The Last of Us” star said he felt violated when the paparazzi revealed his highly-caffeinated coffee order. “It was an incredibly private morning ritual that I never wanted anyone to know about!” Pascal said on “Jimmy Kimmel Live.”

25,000-year-old mammoth bones reveal culture of ancient humans
Archaeologists have discovered the remains of at least five woolly mammoths at a site in Austria. The remains suggest that ancient humans processed the mammoths’ ivory tusks
25,000 years ago. Read More.

‘Unlike any objects we know’: Scientists get their best-ever view of ‘space tornadoes’ howling at the Milky Way’s center
Scientists have gotten the best-ever view of “space tornadoes” howling near the Milky Way’s black hole. The cosmic twisters could play an important role in distributing
organic molecules throughout the galaxy. Read More.

Alef’s Model A — a single-seater ‘retro’ flying car — is 1 step closer to taking to the skies
Alef has billed its Model A electric vehicle, which is capable of operating both as a road-based car and as an aircraft, as the cure for congestion.

Alef’s Model A — a single-seater ‘retro’ flying car — is 1 step closer to taking to the skies
Alef has billed its Model A electric vehicle, which is capable of operating both as a road-based car and as an aircraft, as the cure for congestion. Read More.
PHOTOS OF THE DAY

Vilanova de Sau, Spain
The belfry of an 11th-century Romanesque church emerges from the Sau reservoir in Catalonia
Photograph: Emilio Morenatti/AP

Ulukoy, Turkey
The snow begins to melt and crocuses come into bloom to signify the start of spring in Malatya
Photograph: Bayram Ayhan/Anadolu/Getty Images

​​​​​​​Whitley Bay, England
The sky is filled with colour from the Northern Lights near St Mary’s lighthouse
Photograph: Owen Humphreys/PA
Market Closes for March 26^th, 2025

Market Index	Close	Change
Dow Jones	42454.79	-132.71
		-0.31%
S&P 500	5712.20	-64.45
		-1.12%
NASDAQ	17899.02	-372.84
		-2.04%
TSX	25161.06	+178.45
		-0.70%

International Markets

Market Index	Close	Change
NIKKEI	38027.29	+246.75
		+0.65%
HANG SENG	23483.32	+139.07
		+0.60%
SENSEX	77288.50	-728.69
		-0.93%
FTSE 100*	8689.59	+25.79
		+0.30%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.130	3.077
CND. 30 Year Bond	3.367	3.310
U.S. 10 Year Bond	4.3519	4.3133
U.S. 30 Year Bond	4.7020	4.6588

Currencies

BOC Close	Today	Previous
Canadian $	0.6994	0.7006
US $	1.4298	1.4274

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5358	0.6511
US $	1.0738	0.9313

Commodities

Gold	Close	Previous
London Gold Fix	3025.20	3007.75
Oil
WTI Crude Future	69.65	69.46

Market Commentary:
The stock market is a device for transferring money from the impatient to the patient. -Warren Buffett, b. 1930.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.7% at 25,161.06 in Toronto.
The move was the biggest since falling 0.9% on March 13 and follows the previous session’s increase of 0.1%.
Shopify Inc. contributed the most to the index decline, decreasing 5.2%.
Celestica Inc. had the largest drop, falling 9.9%.
Today, 149 of 218 shares fell, while 66 rose; 8 of 11 sectors were lower, led by information technology stocks.
Insights
* This quarter, the index rose 1.8%
* This month, the index fell 0.9%
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 9.5% in the same period
* The S&P/TSX Composite is 2.8% below its 52-week high on Jan. 30, 2025 and 17.2% above its low on June 17, 2024
* The S&P/TSX Composite is up 0.4% in the past 5 days and fell 0.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.8 on a trailing basis and 15.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.09t
* 30-day price volatility rose to 15.53% compared with 15.42% in the previous session and the average of 14.00% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -94.3109| -3.7| 0/10
Materials | -51.0606| -1.5| 6/43
Financials | -35.0584| -0.4| 8/17
Consumer Staples | -8.5685| -0.9| 1/9
Real Estate | -3.3933| -0.7| 2/17
Utilities | -2.9810| -0.3| 5/10
Consumer Discretionary | -1.9561| -0.2| 6/4
Health Care | -1.3956| -2.0| 0/4
Energy | 4.0552| 0.1| 25/15
Communication Services | 5.7307| 1.0| 5/0
Industrials | 10.4974| 0.3| 8/20
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -68.8400| -5.2| -43.5| -2.8
Brookfield Corp | -15.1000| -1.9| -51.6| -6.2
Teck Resources | -11.7200| -6.1| 4.5| -1.6
Suncor | 4.8040| 1.0| -80.9| 8.2
Canadian Pacific Kansas | 8.6490| 1.3| -41.6| 0.6
Canadian National | 9.7000| 1.8| -42.1| -2.1
US
By Rita Nazareth
(Bloomberg) — Three days of relative peace were broken on Wall Street, with big tech driving major stock benchmarks lower, as concern about a trade war’s impact on the economy and inflation resurfaced to squelch risk appetites.
The S&P 500 fell more than 1%.
The slide was led by the group of mega caps known as “Magnificent Seven” — whose quarterly selloff is shaping up to be the worst since 2022.
Nvidia Corp. and Tesla Inc. dropped at least 5.5%.
Microsoft Corp. has walked away from new data center projects in the US and Europe, according to TD Cowen analysts.
The Nasdaq 100 slipped around 2%.
A gauge of big banks snapped a streak of eight straight days of gains.
President Donald Trump will announce tariffs on the auto industry on Wednesday, a move that would escalate his fight with trading partners ahead of a broader tariff push next week.
Federal Reserve Bank of St. Louis President Alberto Musalem said it’s not clear the impact of tariffs will prove temporary.
“Uncertainty on the tariff front remains ridiculously high, leaving it incredibly tough for businesses or consumers to plan more than about a day into the future, and still making it nigh- on impossible for market participants to price risk,” said
Michael Brown, a strategist at Pepperstone.
The S&P 500 declined 1.1%.
The Nasdaq 100 slipped 1.8%.
The Dow Jones Industrial Average slid 0.3%.
A Bloomberg gauge of mega caps sank 3%.
The Russell 2000 dropped 1%.
The yield on 10-year Treasuries advanced three basis points to 4.35%. The dollar gained 0.3%.
“Today was a reminder that despite the recent rebound in stocks, volatility remains as policy uncertainty lingers,” said Daniel Skelly, head of Morgan Stanley’s Wealth Management Market Research & Strategy Team.
“Moreover, next week’s tariff deadline will likely be more of a starting point for negotiations than a conclusion, so the market may struggle to recover in a straight line higher.”
Tariffs and weakening survey data are set to weigh on the US stock market for the rest of the year, according to Barclays Plc strategists led by Venu Krishna, who cut their 2025 S&P 500 price target to 5,900 from 6,600.
“It’s a common maxim that ‘markets hate uncertainty,’ and the ambiguity around the tariff announcement has undoubtedly hit risk sentiment already, so we may see a small relief rally in risk assets and the greenback once the announcement is behind us,” said Matthew Weller at Forex.com and City Index.
That said, Weller noted that hints of further tariffs to come and the likelihood that punitive tariffs may be used as negotiating levers in the coming months mean that any risk rally may be short-lived.
That’s until there’s confidence that the “relentless stream of economy-disrupting policies are fully behind us,” Weller concluded, Worries over the economic effects of the global trade war are sapping liquidity in US stocks, creating a headache for institutional investors that could also boost volatility in broader markets.
Liquidity in S&P 500 stock-index futures, as measured in the most active contract, stands at a two-year low, data compiled by Deutsche Bank AG show.
“2025 may continue to challenge investors through a dueling mix of macro uncertainty within the geopolitical environment and shifting internal liquidity conditions,” said Dan Wantrobski at Janney Montgomery Scott.
“We remain concerned that there may be a profound change in underlying liquidity conditions which can exert influence on the risk markets over the coming months.”
From a technical standpoint, he noted that the recent “oversold rally effort” is starting to get a “bit sloppy.”
“We remain cautious over the near term and continue to look for confirmation that a bottom has been firmly put in place,” Wantrobski concluded.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.8%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World Index fell 1%
* Bloomberg Magnificent 7 Total Return Index fell 3%
* The Russell 2000 Index fell 1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.4% to $1.0751
* The British pound fell 0.4% to $1.2888
* The Japanese yen fell 0.4% to 150.57 per dollar
Cryptocurrencies
* Bitcoin fell 1.5% to $86,552.46
* Ether fell 3.2% to $2,000.41
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.35%
* Germany’s 10-year yield was little changed at 2.80%
* Britain’s 10-year yield declined three basis points to 4.73%
Commodities
* West Texas Intermediate crude rose 1.1% to $69.73 a barrel
* Spot gold was little changed

–With assistance from Sujata Rao, Margaryta Kirakosian, Winnie
Hsu and Lynn Thomasson.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
The important thing is not to stop questioning.  Curiosity has its own reason for existing.  One cannot help but be in awe when he contemplates the mysteries of eternity, of life, of the marvelous structure of reality.  It is enough if one tries merely to comprehend a little of this mystery every day.  Never lose a holy curiosity. –Albert Einstein 1879-1955.

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

Dear Friends,

Tangents:
March 25^th, 1306: Robert the Bruce is crowned King of Scotland at Scone, asserting Scotland’s independence from English rule.
March 25, 1992: Cosmonaut Sergei Krikalev returned to Earth from the Mir space station after a 10-month stay, during which his native country, the Soviet Union, ceased to exist.  Go to article.

Old New Year’s Day was on this date until 1751.
Aretha Franklin, singer, b. 1942.
Sarah Jessica Parker, actress, b. 1965.

Women’s March Madness games finalized
The second round of the women’s 2025 NCAA basketball tournament is done and the Sweet 16 is set. See who made the cut.

Southern Cal superstar injured
Sophomore guard JuJu Watkins was carried off the court during the Trojans’ game against Mississippi State in the women’s NCAA basketball tournament last night after she collided with Bulldogs’ senior guard Chandler Prater and apparently injured her knee.

Even the Earth needs to vent sometimes
Tourists will soon be able to see a new thermal vent spewing steam at Yellowstone National Park. Assuming it stays active until April, the vent will be visible to tourists from an area about a mile north of the Norris Geyser Basin.

Feels like I forgot something …
A United Airlines flight from Los Angeles to China had to turn around two hours into the journey and make an unscheduled stop in San Francisco last weekend after one of the pilots forgot to bring a passport.

Ancient Egyptian pyramids, thought to contain only the elite, may also hold low-class laborers
At the site of Tombos, archaeologists have found that less-affluent laborers may be buried with upper-class people in pyramid tombs. Read More.

‘Extremely Large Telescope’ being built in Chile could detect signs of alien life in a single night
The Extremely Large Telescope will revolutionize our view of the cosmos when it sees first light in Chile in 2028. In fact, it could detect hints of alien life around our closest neighboring star system in its first night of operations, new simulations suggest. Read More.

Silent X chromosome genes ‘reawaken’ in older females, perhaps boosting brain power, study finds
Females have one active X chromosome and one dormant X chromosome in each cell. But a study suggests that genes on the dormant X get “reawakened” later in life,
potentially giving the brain a boost. Read More.

China’s new 2D transistor could soon be used to make the world’s fastest processors
Advances in materials and architecture could lead to silicon-free chip manufacturing thanks to a new type of transistor. Read More.

Can animals understand human language?
There are many famous examples of animals who seem to understand human language. But is there any real science behind them? Read More.

PHOTOS OF THE DAY

Taunus, Germany
Deer come out of a birch grove in a forest
Photograph: Michael Probst/AP

Banteay Meanchey, Cambodia
A boy walks past statues of Buddhist monks at the Trapeang Thma pagoda
Photograph: Tang Chhin Sothy/AFP/Getty Images

​​​​​​​An albino white-tailed doe with two bucks near Johnstown, Pennsylvania, US
Photograph: John Rucosky/AP
Market Closes for March 25^th, 2025

Market Index	Close	Change
Dow Jones	42587.50	+4.18
		+0.1%
S&P 500	5776.65	+9.08
		+0.16%
NASDAQ	18271.86	+83.27
		+0.46%
TSX	25339.51	+35.40
		+0.14%

International Markets

Market Index	Close	Change
NIKKEI	37780.54	+172.05
		+0.46%
HANG SENG	23344.25	-561.31
		-2.35%
SENSEX	78017.19	+32.81
		+0.4%
FTSE 100*	8663.80	+25.79
		+0.30%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.077	3.063
CND. 30 Year Bond	3.310	3.296
U.S. 10 Year Bond	4.3133	4.3346
U.S. 30 Year Bond	4.6588	4.6627

Currencies

BOC Close	Today	Previous
Canadian $	0.7006	0.6983
US $	1.4274	1.4319

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5397	0.6494
US $	1.0787	0.9271

Commodities

Gold	Close	Previous
London Gold Fix	3007.75	3013.70
Oil
WTI Crude Future	69.46	69.51

Market Commentary:
If you have large cap, mid cap and small cap, and the market declines, you’re going to have less cap. –Martin Truax.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.1%, or 35.4 to 25,339.51 in Toronto.
The index advanced to the highest closing level since Feb. 28.
Barrick Gold Corp. contributed the most to the index gain, increasing 2.1%.
Torex Gold Resources Inc. had the largest increase, rising 7.4%.
Today, 131 of 218 shares rose, while 81 fell; 4 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index rose 2.5%
* This month, the index was little changed
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 10% in the same period
* The S&P/TSX Composite is 2.1% below its 52-week high on Jan. 30, 2025 and 18% above its low on June 17, 2024
* The S&P/TSX Composite is up 2.6% in the past 5 days and rose 0.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.9 on a trailing basis and 15.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.08t
* 30-day price volatility little changed to 15.42% compared with 15.41% in the previous session and the average of 13.79% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 26.5605| 0.3| 19/6
Materials | 22.0295| 0.6| 35/14
Consumer Staples | 7.5736| 0.8| 8/1
Communication Services | 2.2141| 0.4| 4/1
Utilities | -0.0222| 0.0| 10/4
Health Care | -0.5253| -0.8| 2/1
Information Technology | -0.7696| 0.0| 6/4
Consumer Discretionary | -0.9888| -0.1| 3/7
Real Estate | -3.1812| -0.7| 8/10
Energy | -6.7366| -0.2| 23/18
Industrials | -10.7398| -0.3| 13/15
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Barrick Gold | 6.7870| 2.1| -33.6| 24.0
RBC | 6.4510| 0.4| -4.1| -3.8
Canadian Natural Resources | 5.4580| 0.8| -8.9| 0.2
Cameco | -6.1100| -3.1| -30.8| -14.1
Canadian Pacific Kansas | -10.2900| -1.5| 20.5| -0.7
Nutrien | -12.4400| -4.8| 48.8| 11.3
US
By Rita Nazareth
(Bloomberg) — A late-day rally in several big techs drove stocks higher on Tuesday, though gains moderated after one of the market’s best days in 2025 as traders assessed economic risks amid the threat of trade war.
After fluctuating throughout most of the session, the S&P 500 managed to close up by 0.2%.
A slide in consumer confidence to a four-year low weighed on Wall Street sentiment.
That’s even as traders added to wagers on Federal Reserve interest-rate cuts this year.
Bond yields slipped. The dollar halted a four-day advance.
Oil declined as US said Russia and Ukraine have agreed to a ceasefire in the Black Sea.
US copper surged to a record.
Market forecasters have been split on whether the rebound in equities has further to go.
Strategists at HSBC Holdings Plc led by Max Kettner downgraded US stocks to underweight, citing economic concerns.
Meantime, JPMorgan Chase & Co.’s Ilan Benhamou said it’s time to pause the rally-fading approach as emerging clarity on tariffs alleviates some key risks.
“Confidence is a fragile thing,” said Steve Sosnick at Interactive Brokers.
“Despite the ever-increasing roles of algorithms and artificial intelligence in the investment process, emotions still play an important role in market behavior. Fear and greed still rule, and their constant tug-of-war has been on full display in both the market and the economy recently.”
To Matt Maley at Miller Tabak, the bounce from a selloff has been a good one, but investors still need to be sure that the worst is really behind us.
Maley says the rebound was nothing more than something you would normally see after a correction.
The Nasdaq 100 rose 0.5%.
The Dow Jones Industrial Average was little changed.
A gauge of mega caps outpaced the market, with only Nvidia Corp. dropping.
KB Home sank after cutting its sales forecast.
AT&T Inc. is said to be in talks to buy Lumen
Technologies Inc.’s consumer fiber operations.
The yield on 10-year Treasuries slid two basis points to 4.31%.
The dollar dropped 0.1%.
“There’s a little bit of paralysis with market participants not knowing what to do because they don’t know what policy is going to go into place,” said Charles Ashley at Catalyst Funds.
“We’re not at the point yet where there’s extreme pricing dislocations to find really good opportunities.”
Consumer sentiment surveys have been dismal of late as households fear a resurgence in inflation from President Donald Trump’s tariffs.
Companies have warned of higher prices and less demand, coinciding with economists’ forecasts that suggest a risk of stagflation and rising odds of recession.
“Sentiment continues to wane among investors, consumers and businesses as economic concerns and economic policy uncertainty takes its toll,” said Bret Kenwell at eToro.
“Until there’s more certainty on the tariff and macro front, sentiment and confidence remain vulnerable.”
At UBS Group AG, Bhanu Baweja said the “visibly tiring” US consumer is set to further pressure stock prices.
He expects the S&P 500 to drop as low as 5,300 points as analysts cut profit estimates for the next three to four months.
The gauge closed at 5,776.65 on Tuesday.
“Over the last several weeks we’ve seen evidence that whatever froth there was in terms of market sentiment, bullish sentiment has been wrung out,” said Bespoke Investment Group strategists.
They noted the latest example came in Tuesday’s consumer confidence, with the percentage of those expecting lower stock prices in the year ahead surging by more than 10 percentage points.
“Following these prior surges in negative sentiment, though, the equity market tended to start recovering, and pretty quickly in most cases,” Bespoke said.
“Sentiment remains cagey,” said Fawad Razaqzada at City Index and Forex.com.
“There are fears that the rebound may have run a bit too high. Clearly, some investors remain unconvinced that the worst is over.”
For much of last year, market forecasters bumped up their outlooks for US equities in tandem, chasing a rally that propelled the S&P 500 from one record high to another.
But a quick 10% drop from the index’s February high caught them offsides, triggering a debate over which way stocks will go next.
The benchmark had bounced back in recent days as the White House signaled plans to take a more targeted approach to the tariffs coming next week.
However, the ultimate outcome remains highly unpredictable since levies from the US are likely to trigger reciprocal responses from the countries they’re aimed at, making the economic consequences almost impossible to predict.
“The issue at this point is the risk/reward is much less favorable than when the S&P 500 was around 5,500-5,600,” said Jonathan Krinsky at BTIG. “So in order to be aggressive buyers here, you have to believe the S&P 500 is going back above 6,000. While we are open to that possibility, it’s not our base case.”

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index rose 0.3%
* Bloomberg Magnificent 7 Total Return Index rose 1.2%
* The Russell 2000 Index fell 0.7%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.0795
* The British pound rose 0.2% to $1.2947
* The Japanese yen rose 0.6% to 149.86 per dollar
Cryptocurrencies
* Bitcoin rose 0.4% to $88,231.4
* Ether fell 0.4% to $2,077.41
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.31%
* Germany’s 10-year yield advanced three basis points to 2.80%
* Britain’s 10-year yield advanced four basis points to 4.75%
Commodities
* West Texas Intermediate crude was little changed
* Spot gold rose 0.3% to $3,019.56 an ounce

–With assistance from Sujata Rao, Margaryta Kirakosian, Aya Wagatsuma and Lynn Thomasson.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Most people would like to be delivered from temptation, but would like it to keep in touch. –Robert Orben, 1927-2023.

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

Dear Friends,

Tangents: Happy Monday.

March 24, 1896:aleksndr Popov achieves the first radio transmission, sending the words “Heinrich Hertz’ between two buildings at St. Petersburg University, pioneering wireless communication.
March 24, 1973: The album “Dark Side of the Moon” by Pink Floyd was released.
March 24, 1989: Exxon Valdez oil spill.

Harry Houdini, magician, b.1874.

Simple blood tests could be the future of cancer diagnosis
Around four years ago, now 77-year-old John Gormly went for what was supposed to be a routine blood test. But the results were life-changing.  The test suggested Gormly had colon cancer, which a colonoscopy later confirmed was Stage 2, meaning the cancer had spread through the wall of the colon but not to his lymph nodes.  “I thought [my doctor] was wrong,” Gormly, CEO of a construction company near Newport Beach, California, told Live Science. “I go, ‘Nah, I don’t feel anything.’ But there it was. It was real; the colonoscopy showed it.”  Gormly was one of the first patients to take a newly approved test called Shield, which its makers say can detect colon cancer from a blood sample. After his diagnosis, Gormly had surgery to remove the tumor and was back at work within 10 days.  “Liquid biopsies” like the one that detected early cancer for Gormly are now coming to market. Could they lead to earlier diagnosis and treatment?  Read More.

3,200-year-old Egyptian tomb may belong to military commander who served under Ramesses III
The ancient Egyptian tomb holds the remains of a man with a gold ring bearing the name of Ramesses III. Read More.

Chinese scientists use laser drones to count the country’s trees — all 142.6 billion of them
Researchers have counted the number of trees in China and mapped their distribution across the country using a laser-based technique called lidar. Read More.

Yellowstone’s iconic bison herds have merged into a single entity after 100 years of wandering the park
More than 100 years after bison from other regions were introduced to the park, the two genetically distinct herds have finally become one. Read More

Men’s March Madness games finalized
The second round of the 2025 NCAA men’s basketball tournament is over and the Sweet 16 is set. See which teams made the cut.

Sleepy debut for ‘Snow White’
Disney’s big-budget live-action remake of the 1937 classic earned $43 million at the domestic box office this weekend — slightly less than early industry estimates predicted.

Famed French restaurant loses a little star power
Georges Blanc, the world’s longest-standing Michelin-starred restaurant, suffered a setback last week. Although the French eatery has boasted a three-star rating since 1981, the Michelin Guide announced it was now a two-star restaurant.

PHOTOS OF THE DAY

West Bengal, India
A squirrel clings to a tree in Siliguri
Photograph: Diptendu Dutta/Zuma Press Wire/Rex/Shutterstock

Mecca, Saudi Arabia
Muslims perform late-night prayers at the Grand Mosque
Photograph: Saudi Press Agency/Reuters

​​​​​​​Erbil, Iraq
A crescent moon rises above Zaniary Tower, the highest point in the city
Photograph: Ahsan Mohammed Ahmed/Anadolu/Getty Images
Market Closes for March 24^th, 2025

Market Index	Close	Change
Dow Jones	42583.32	+597.97
		+1.42%
S&P 500	5767.57	+100.01
		+1.76%
NASDAQ	18188.59	+404.54
		+2.27%
TSX	25304.11	+335.62
		+1.34%

International Markets

Market Index	Close	Change
NIKKEI	37608.49	-68.57
		-0.18%
HANG SENG	23905.56	+215.84
		+0.91%
SENSEX	77984.38	+1078.87
		+1.40%
FTSE 100*	8638.01	-8.78
		-0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.063	2.996
CND. 30 Year Bond	3.296	3.242
U.S. 10 Year Bond	4.3346	4.2462
U.S. 30 Year Bond	4.6627	4.5890

Currencies

BOC Close	Today	Previous
Canadian $	0.6983	0.6968
US $	1.4319	1.4352

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5466	0.6466
US $	1.0800	0.9259

Commodities

Gold	Close	Previous
London Gold Fix	3013.70	3038.15
Oil
WTI Crude Future	69.51	68.63

Market Commentary:
“Don’t do something; just stand there.” -Legendary Investor Jack Bogle’s advice during a crises, 1929-2019.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.3% at 25,304.11 in Toronto.
The index advanced to the highest closing level since Feb. 28 after the previous session’s decrease of 0.4%.
Shopify Inc. contributed the most to the index gain, increasing 4.7%.
Mag Silver Corp. had the largest increase, rising 5.9%.
Today, 163 of 218 shares rose, while 51 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* In the past year, the index had a similar or greater gain seven times. The next day, it advanced five times for an average 0.5% and declined twice for an average 0.2%
* This quarter, the index rose 2.3%
* This month, the index fell 0.4%
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 10% in the same period
* The S&P/TSX Composite is 2.2% below its 52-week high on Jan. 30, 2025 and 17.9% above its low on June 17, 2024
* The S&P/TSX Composite is up 2.1% in the past 5 days and rose 0.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.9 on a trailing basis and 15.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.02t
* 30-day price volatility rose to 15.41% compared with 15.07% in the previous session and the average of 13.57% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 131.8429| 1.7| 24/1
Information Technology | 82.7223| 3.4| 8/2
Energy | 56.2042| 1.3| 40/2
Industrials | 46.2538| 1.5| 26/2
Materials | 6.6133| 0.2| 26/21
Consumer Discretionary | 6.4347| 0.8| 8/2
Real Estate | 5.1670| 1.1| 12/7
Utilities | 3.0683| 0.3| 7/7
Consumer Staples | 2.4948| 0.3| 8/2
Health Care | 0.9566| 1.4| 4/0
Communication Services | -6.1355| -1.1| 0/5
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 59.7100| 4.7| -26.9| 2.3
RBC | 30.5700| 1.9| 6.1| -4.2
Brookfield Corp | 23.8500| 3.1| -9.8| -4.0
Alamos Gold | -1.9180| -1.7| 1.1| 38.6
BCE | -1.9850| -1.0| -19.3| -3.2
Telus | -2.4440| -1.2| 58.7| 1.4
US
By Rita Nazareth
(Bloomberg) — Stocks rallied as traders snapped up battered tech shares, extending an advance driven by signs US trade policies will be more targeted than anticipated, with President Donald Trump saying he may give a lot of countries breaks on tariffs.
Bonds fell alongside gold.
The dollar wavered.
Wall Street’s risk-on bid lifted shares of nearly all stripes — from small to big caps — in a rebound that followed a selloff from all-time highs that challenged the notion of US exceptionalism.
The S&P 500 rose almost 2%.
Tesla Inc. soared 12% to lead gains in mega caps.
That’s after a slide that put the group of “Magnificent Seven” tech giants on track for its worst quarter since 2022.
A closely watched gauge of chipmakers climbed 3%.
The crypto world surged.
“Stocks look to continue to rally from oversold levels, and any reduction in potential tariff impacts will be an upward catalyst,” said Ivan Feinseth at Tigress Financial Partners.
“I believe we have seen the worst of the market’s pullback, though we will continue to see increased volatility at the beginning of next month based on the outcome of President Trump’s tariff policies.”
Markets gripped by anxiety about an all-out trade war got relief from signs the coming wave of tariffs is shaping up as more focused than the sprawling, fully global effort Trump has otherwise mused about.
The president said his tariff rollout next week would focus on so-called reciprocal duties, featuring rates on a country-by- country basis corresponding to levies and other trade barriers on US products.
Trump twice on Monday signaled trading partners would receive possible exemptions or reductions.
The S&P 500 rose 1.8%.
The Nasdaq 100 climbed 2.2%.
The Dow Jones Industrial Average added 1.4%.
A gauge of the Magnificent Seven mega caps gained 3.4%.
The Russell 2000 advanced 2.5%.
The yield on 10-year Treasuries rose nine basis points to 4.33%.
With improved risk sentiment, 16 issuers tapped the US high-yield market.
Oil climbed as Trump said he would seek a 25% tariff on nations buying crude and gas from Venezuela.
“We said last week that we had already seen ‘peak chaos’ in US tariff policy,” said Thierry Wizman at Macquarie.
“Events over the weekend seemed to confirm that regularization and rationalization of tariff policy is coming, followed by negotiations and concessions.”
A growing chorus of central bankers and finance ministers around the world have expressed concern that a global trade war would inhibit economic growth and fuel inflation — a combination that would make it difficult to calibrate an effective interest-rate response.
“Yes, tariffs hurt the economy by complicating capex decisions about the future,” said Scott Wren at Wells Fargo Investment Institute.
“But today the issue is mainly price increases, which we foresee as incremental and diluted. What’s more, the economy has slowed from 2024, but we think to a sustainable pace.”
Meantime, equity strategists from JPMorgan Chase & Co., Morgan Stanley and Evercore ISI are advising clients that the worst of the recent downturn is likely behind them.
“The US equity pullback has put a dent in US outperformance over the rest of the world,” said BlackRock Investment Institute’s Strategists including Jean Boivin and Wei Li.
“We stay overweight US stocks and see opportunities across global stocks.”
Last week’s lack of any major tariff news and a dovish outcome from the Federal Reserve helped bring buyers back into the market, according to Adam Turnquist at LPL Financial.
On Friday, the S&P 500 halted a stretch of four straight weeks of losses.
Since 1928, Turnquist says the end of those streaks has sent the US benchmark gauge up 1.2%, 2.9%, and 4.6% over the subsequent one-, three-, and six-month periods, respectively.
Whether the rally can reassert itself will largely depend on earnings growth taking the baton from valuation expansion as the key driver of market performance, according to Christian Floro at Principal Asset Management.
“For gains to continue, earnings growth must take over — a transition that has historically extended market cycles,” he said.
“While inflation and policy uncertainty risks remain, improving earnings breadth across sectors and industries and potential tailwinds from monetary and fiscal policy could provide support.”
Floro noted that earnings breadth is improving, with growth expanding beyond technology into more cyclical industries.
Consensus expectations that project 10.2% earnings growth in 2025 also suggest a revival in bullish sentiment, he noted.
“Historical trends suggest that when earnings take the baton from valuations, markets can continue to climb,” Floro said.
“Investors should closely watch earnings revisions and policy developments as key indicators for the path ahead.”

Some of the main moves in markets**:
Stocks
* The S&P 500 rose 1.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.2%
* The Dow Jones Industrial Average rose 1.4%
* The MSCI World Index rose 1.3%
* Bloomberg Magnificent 7 Total Return Index rose 3.4%
* Philadelphia Stock Exchange Semiconductor Index rose 3%
* The Russell 2000 Index rose 2.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.1% to $1.0802
* The British pound was little changed at $1.2922
* The Japanese yen fell 0.9% to 150.66 per dollar
Cryptocurrencies
* Bitcoin rose 3.7% to $88,249.07
* Ether rose 4.9% to $2,090.87
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 4.33%
* Germany’s 10-year yield was little changed at 2.77%
* Britain’s 10-year yield was little changed at 4.71%
Commodities
* West Texas Intermediate crude rose 1.4% to $69.23 a barrel
* Spot gold fell 0.5% to $3,006.33 an ounce

–With assistance from Sujata Rao, Allegra Catelli and Catherine Bosley.
Have a  lovely evening.

Be magnificent!
As ever,

Carolann
What is the soul?  The soul is consciousness.  It shines as the light within the heart.
Brihadaranyaka Upanishad

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

Dear Friends,

Tangents: Happy Friday.  It’s International Day of Forests today.

March 21, 1965: Selma, Alabama Civil Rights March.
March 21, 1987: The album “The Joshua Tree” by U2 was released. Go to article
March 21, 2006: Jack Dorsey sends the world’s first Twitter message, revolutionizing the communication and social networking  landscape.

Johann Sebastien Bach, composer, b. 1685.
Matthew Broderick, actor, b. 1962.
Rosie O’Donnell, actress, b. 1962.

Octopus spotted riding on top of world’s fastest shark
A shortfin mako shark, the fastest-swimming shark in the world, was caught on camera with an octopus catching a ride on its back off the coast of New Zealand. Read More.

Ancient Egyptian soldiers and Greek mercenaries were at ‘Armageddon’ when biblical king was killed, study suggests
Archaeologists have discovered evidence of an Egyptian army where an Israelite king was killed. The discoveries at Megiddo, which inspired “Armageddon,” reinforce biblical stories
about King Josiah of Judah. Read More.

Euclid space telescope unveils ‘treasure trove’ of data on 26 million galaxies in the ‘dark universe’
The Euclid space telescope has spotted 26 million galaxies in just one week of observations. Read More.

Futuristic, ‘alien-like’ nuclear fusion rockets developed in total secret could revolutionize space travel — if they actually work
U.K. start-up Pulsar Fusion has unveiled plans to build a fleet of reusable nuclear fusion-powered rockets, known as Sunbirds, that could cut journey times across the solar system in half. But not everyone is convinced. Read More.

Biological secrets of world’s oldest woman, Maria Branyas Morera, revealed after death
A study of a woman who died in 2024 as the oldest person on Earth attempts to untangle the factors that enable some people to ward off disease in old age. Read More.
PHOTOS OF THE DAY

Napa, California, US
Water drops down the Morning Glory spillway at Lake Berryesa. The circular drain is 72ft in diameter and sends overflow water 200ft straight down through a large tunnel and eventually downstream to control water levels at the Monticello Dam.
Photograph: Josh Edelson/AFP/Getty Images

Hangzhou, China
Workers harvesting Longjing tea leaves at a tea garden in Zhejiang province
Photograph: VCG/Getty Images

​​​​​​​Bishkek, Kyrgyzstan
Kyrgyz artists in national costum perform during Nowruz celebrations. Also known as Nooruz, the festival is celebrated annually on 21 March – recognised by the UN as International Nowruz Day – marking the spring equinox and the new year in many countries
Photograph: Igor Kovalenko/EPA
Market Closes for March 21^st, 2025

Market Index	Close	Change
Dow Jones	41985.35	+32.03
		+0.08%
S&P 500	5667.56	+4.67
		+0.08%
NASDAQ	17784.05	+92.42
		+0.52%
TSX	24968.49	-91.75
		-0.37%

International Markets

Market Index	Close	Change
NIKKEI	37677.06	-74.82
		-0.20%
HANG SENG	23689.72	-530.23
		-2.19%
SENSEX	76905.51	+557.45
		+0.73%
FTSE 100*	8646.79	-55.20
		-0.63%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.996	3.008
CND. 30 Year Bond	3.242	3.248
U.S. 10 Year Bond	4.2462	4.2331
U.S. 30 Year Bond	4.5890	4.5545

Currencies

BOC Close	Today	Previous
Canadian $	0.6968	0.6983
US $	1.4352	1.4321

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5604	0.6408
US $	1.0875	0.9196

Commodities

Gold	Close	Previous
London Gold Fix	3038.15	3027.55
Oil
WTI Crude Future	68.63	68.26

Market Commentary:
The big profits go to the intelligent, careful and patient investor, not to the reckless and overeager speculator. -J. Paul Getty, 1892-1976, How to Be Rich.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.4%, or 91.75 to 24,968.49 in Toronto.
The move was the biggest since falling 0.9% on March 13.
Canadian Pacific Kansas City Ltd. contributed the most to the index decline, decreasing 2.1%.
Telus Corp. had the largest drop, falling 4.7%.
Today, 130 of 220 shares fell, while 85 rose; 7 of 11 sectors were lower, led by materials stocks.
Insights
* This quarter, the index rose 1%
* This month, the index fell 1.7%
* So far this week, the index rose 1.7%, heading for the biggest advance since the week ended Nov. 22
* The index advanced 13% in the past 52 weeks. The MSCI AC Americas Index gained 7.8% in the same period
* The S&P/TSX Composite is 3.5% below its 52-week high on Jan. 30, 2025 and 16.3% above its low on June 17, 2024
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.7 on a trailing basis and 15.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.04t
* 30-day price volatility little changed to 15.07% compared with 15.06% in the previous session and the average of 13.38% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -34.2775| -1.0| 12/37
Industrials | -31.3632| -1.0| 5/23
Energy | -21.8959| -0.5| 18/21
Communication Services | -14.9524| -2.5| 2/3
Financials | -14.0930| -0.2| 11/14
Consumer Discretionary | -7.8484| -1.0| 3/7
Real Estate | -0.7888| -0.2| 10/10
Health Care | 0.3345| 0.5| 3/1
Consumer Staples | 0.3525| 0.0| 5/5
Utilities | 1.3685| 0.1| 8/7
Information Technology | 31.4254| 1.3| 8/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Pacific Kansas | -14.1300| -2.1| 221.8| -0.8
Telus | -10.3500| -4.7| 236.7| 2.6
Bank of Montreal | -7.2640| -1.0| 139.0| -0.6
National Bank of Canada | 2.0470| 0.6| 121.7| -9.4
Tourmaline Oil | 2.0570| 1.3| -46.1| 3.2
Shopify | 32.7400| 2.6| 166.5| -2.2
US
By Rita Nazareth
(Bloomberg) — A rally in several big techs spurred a late- day rebound in US stocks, following a slide driven by disappointing outlooks from bellwethers across various industries.
Just five minutes before Wall Street’s close, the S&P 500 erased a slide that earlier topped 1%.
A massive expiration of options added an extra dose of volatility, with almost 21 billion shares changing hands on US exchanges – the second- biggest trading volume in 2025.
Tesla Inc. led gains in mega caps, though Nvidia Corp. fell.
Boeing Co. jumped on a contract to build the US’s next-generation fighter jet.
Forecasts from FedEx Corp., Nike Inc. and Lennar Corp. underwhelmed traders.
Trillions of dollars have been shaved from US equity values in the past month as concerns over an economic slowdown, the impact of tariffs, geopolitical risks and questions about lofty tech valuations have unnerved traders.
A volatile stretch that’s plagued Wall Street in 2025 is likely to persist until at least the second half of the year, with equity prices remaining below the highs hit last month, according to Morgan Stanley’s Michael Wilson.
“This is going to be a rolling recovery is my best guess,” Wilson said this week in an interview with Bloomberg Television.
“We think new highs are probably out of the question in the first half of this year.”
The S&P 500 and the Dow Jones Industrial Average were little changed.
The Nasdaq 100 gained 0.4%.
The yield on 10-year Treasuries rose one basis point to 4.25%.
The dollar added 0.3%.
Trend-following systematic funds turned net short on US stocks for the first time in more than a year.
These commodity trading advisers, or CTAs — which take their cues from the market direction rather than fundamental factors — cut their exposure to the S&P 500 to the lowest level since 2023, data from Goldman Sachs Group Inc.’s trading desk show.
Meantime, individual traders pumped more than $12 billion into US equities in the week ending March 19, data from JPMorgan Chase & Co. showed.
Market watchers keep a close eye on mom-and-pop investors as they are often the last to cut their exposure to stocks, with the latest bout of aggressive buying potentially suggesting that equities haven’t found the bottom yet.
What Spooked the S&P 500? It Wasn’t the Trade War: Nir Kaissar Investors are dismissing the risks that a full-fledged trade war would pose to stocks as “monster” flows of capital keep pouring into global equity markets, Bank of America Corp.’s Michael Hartnett said.
The fact that inflows into stocks have reached a year-to- date peak and that indexes in Germany and China — two top exporters to the US — have rallied since the election of Donald Trump suggests investors are skeptical that US tariffs will cause a recession.
“The VIX and spreads are back to levels consistent with a non-recessionary, higher uncertainty economic backdrop, helping equity market internals improve,” said 22V Research’s analysts led by Dennis DeBusschere.
“That fits with our view that the US economy is NOT moving quickly into a recession.”
While concerns around the April 2 reciprocal tariff announcement are increasing, 22V’s Kim Wallace says actual trade policy risk is less concerning today than it was in December.
The headline announcement could be concerning, but Wallace expects the final tariff numbers will be lower.
“Uncertainty will still be high as negotiations take place,” 22V said. “So that is the bad news from a ‘clearing event’ point of view. But the good news (theoretically) is that the direction of travel remains lower on tariffs vs. the headline shocks from the past few months.”

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 rose 0.4%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.3% to $1.0817
* The British pound fell 0.4% to $1.2918
* The Japanese yen fell 0.4% to 149.32 per dollar
Cryptocurrencies
* Bitcoin fell 0.7% to $83,911.48
* Ether fell 0.3% to $1,973.74
Bonds
* The yield on 10-year Treasuries advanced one basis point to 4.25%
* Germany’s 10-year yield declined two basis points to 2.77%
* Britain’s 10-year yield advanced seven basis points to 4.71%
Commodities
* West Texas Intermediate crude rose 0.2% to $68.22 a barrel
* Spot gold fell 0.8% to $3,020.28 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Lu Wang, Sujata Rao and Margaryta Kirakosian.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
There is a magnet in your heart that will attract true friends.  That magnet is unselfishness, thinking of others first.
When you learn to live for others, they will live for you. –Paramahansa Yogananda, 1893-1952.

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

Dear Friends,

Tangents: Happy Friday Eve.  Happy first day of Spring!

March 20, 1602: Dutch East India Company is established; lasted 196 years.
March 20, 1852: Uncle Tom’s Cabin published.
March 20, 1997: Liggett Group settled 22 state lawsuits by admitting the industry markets cigarettes to teenagers and agreeing to warn on every pack that smoking is addictive. Go to article.

Ovid, writer, b. 43 BCE.
Henrik Ibsen, writer, b.1828.
Spike Lee, film-maker, b. 1957.

Scientists find evidence of ‘supernova graveyard’ at the bottom of the sea — and possibly on the surface of the moon
After finding the debris of two colliding stars swimming in the ocean, researchers are after more evidence from the lunar soil. Read More.

Spring has officially sprung!
The vernal equinox has arrived. Time to swap out your winter wardrobe and make plans to see the cherry blossoms.

Tesla booted from Vancouver auto show
A spokesperson for the show — which last year drew a record-breaking 130,000 visitors — said the removal was due to safety concerns.

Mikey Madison to make ‘SNL’ debut
The “Anora” star, who won her first Academy Award last month, will host the March 29 episode. Grammy-nominated country music singer Morgan Wallen will be the show’s musical guest.

Bruce Willis is ‘doing great,’ daughter says
The “Die Hard” star, who has been dealing with cognitive issues after being diagnosed with aphasia, turns 70 this week.

20: That’s how many years it’s been since actor/rapper Will Smith released an album. His new album, “Based on a True Story,” drops on March 28.

Bullfighting in Mexico City to become a little less dangerous
The city’s local congress passed a bill that would bar bullfighters from using spades or swords to attack the animal and require the bull to have its horns covered to avoid injuries to the matadors.

PHOTOS OF THE DAY

Tokyo, Japan
People visit Sensoji temple in Asakusa district, a popular sightseeing spot
Photograph: Issei Kato/Reuters

Dubai, United Arab Emirates
Boats sail at sunset during Ramadan
Photograph: AFP/Getty Images

Frankfurt, Germany
Hares play in a field on the outskirts of the city
Photograph: Michael Probst/AP
Market Closes for March 20^th, 2025

Market Index	Close	Change
Dow Jones	41953.32	-11.31
		-0.03%
S&P 500	5662.89	-12.40
		-0.22%
NASDAQ	17691.63	-59.16
		-0.33%
TSX	25060.24	-8.97
		-0.04%

International Markets

Market Index	Close	Change
NIKKEI	37751.88	-93.54
		-0.25%
HANG SENG	24219.95	-551.19
		-2.23%
SENSEX	76348.06	+899.01
		+1.19%
FTSE 100*	8701.99	-4.67
		-0.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.008	3.002
CND. 30 Year Bond	3.248	3.240
U.S. 10 Year Bond	4.2331	4.2428
U.S. 30 Year Bond	4.5545	4.5507

Currencies

BOC Close	Today	Previous
Canadian $	0.6983	0.6982
US $	1.4321	1.4322

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5549	0.6431
US $	1.0857	0.9210

Commodities

Gold	Close	Previous
London Gold Fix	3027.55	3025.80
Oil
WTI Crude Future	68.26	67.16

Market Commentary:
If you like the story, buy the stock. –Peter Lynch.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 25,060.24 in Toronto.
The move follows the previous session’s increase of 1.5%.
CGI Inc. contributed the most to the index decline and had the largest move, decreasing 4.7%.
Today, 104 of 220 shares fell, while 111 rose; 7 of 11 sectors were lower, led by materials stocks.
Insights
* This quarter, the index rose 1.3%
* This month, the index fell 1.3%
* So far this week, the index rose 2.1%, heading for the biggest advance since the week ended Nov. 22
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 8.1% in the same period
* The S&P/TSX Composite is 3.2% below its 52-week high on Jan. 30, 2025 and 16.7% above its low on June 17, 2024
* The S&P/TSX Composite is up 3.5% in the past 5 days and fell 1.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.8 on a trailing basis and 15.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.04t
* 30-day price volatility little changed to 15.06% compared with 15.07% in the previous session and the average of 13.19% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -12.8777| -0.4| 18/31
Industrials | -12.5458| -0.4| 9/19
Financials | -11.1626| -0.1| 12/13
Communication Services | -8.8370| -1.5| 1/4
Information Technology | -4.6391| -0.2| 5/5
Consumer Discretionary | -3.8139| -0.5| 4/7
Real Estate | -0.9122| -0.2| 8/11
Health Care | 0.3673| 0.5| 3/0
Utilities | 1.1534| 0.1| 11/4
Consumer Staples | 2.3811| 0.3| 6/4
Energy | 41.9093| 1.0| 34/6
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
CGI Inc | -9.9910| -4.7| 50.1| -10.1
Canadian Pacific Kansas | -6.6750| -1.0| 8.2| 1.2
RBC | -6.6470| -0.4| -31.1| -6.0
Celestica | 4.2420| 4.0| -39.4| 3.3
TC Energy | 8.8770| 1.8| -8.8| 5.1
Enbridge | 9.6210| 1.0| -45.2| 3.8
US
By Rita Nazareth and Isabelle Lee
(Bloomberg) — A fresh bout of instability gripped the stock market as uncertainties around the potential impacts of a trade war outweighed the latest housing and jobs data showing the world’s largest economy is still holding up.
Equities erased earlier gains. Not only does sentiment remain fragile just a week after the S&P 500 slipped into a correction, the market is set for a big test on Friday.
That’s when an estimated $4.5 trillion of options contracts expire in an event ominously known as triple witching that often stokes volatility.
In late hours, FedEx Corp. — an economic barometer — fell after cutting its profit outlook.
Micron Technology Inc. gave an upbeat forecast.
Nike Inc.’s results surpassed analysts’ expectations.
“While the bottom of the recent correction is likely in, we probably haven’t seen the end of volatility,” said Daniel Skelly, head of Morgan Stanley’s Wealth Management Market Research & Strategy Team.
“Policy uncertainty hasn’t disappeared, and the market remains sensitive to sentiment shifts.”
After keeping rates steady this week, Federal Reserve Chair Jerome Powell downplayed growth concerns and the price hits that could be on the way from a trade war.
President Donald Trump has promised “reciprocal” tariffs on at least some nations, but his administration has not specified which ones or at what rate.
“We will go up and down as policy uncertainty continues,” Michael Rosen, chief investment officer at Angeles Investments, said in an interview at Bloomberg headquarters in New York.
“Investor sentiment is going to be very volatile, and that will be reflected in the market.”
The S&P 500 fell 0.2%.
The Nasdaq 100 slid 0.3%.
The Dow Jones Industrial Average wavered.
Mega caps were mixed, with Apple Inc. down and Nvidia Corp. closing higher.
A gauge of homebuilders advanced after a surprisingly solid reading on existing home sales.
The yield on 10-year Treasuries was little changed at 4.24%.
The dollar rose 0.3%. The pound held losses as the Bank of England voted to stay put on rates amid a turbulent global backdrop.
“With any luck, the administration will repackage its messaging on tariffs where it should be, which will help remove the uncertainty that is plaguing markets at the moment,” said Jamie Cox at Harris Financial Group.
At Bespoke Investment Group, the strategists say the S&P 500 is looking to find some semblance of stabilization from what has practically been a straight down leg lower.
“Stabilization doesn’t mean immediately reversing and trading in a straight line higher,” they added.
“Usually, it takes a period of back-and-forth churning before the market can gain enough energy to stage a rally.”
Bespoke also highlighted the weekly survey from the American Association of Individual Investors showing that bearish sentiment came in at 58.1%.
That marks the fourth straight week of readings above 55% which has never happened in the survey’s history, the strategists noted.
“Stocks have staged a respectable recovery since the mid-March lows, and while it remains to be seen if the lows are in, the market action over the past month is extremely consistent with a correction and not a bear market,” said Clark Bellin at Bellwether Wealth. “We remain invested and are using the pullback in valuations across sectors to our advantage.”
To Solita Marcelli at UBS Global Wealth Management, optimizing cash holdings and seeking durable income should remain a strategic priority.
Cumulative returns on US stocks are more than 200 times higher than for cash since 1945, underlining that the long-term underperformance of cash is a structural phenomenon, she noted.
“We recommend staying invested in stocks with hedges, and think that quality fixed income should remain an integral part of a resilient portfolio,” Marcelli said. “Investors can also consider diversified fixed-income strategies, senior loans, private credit, and equity income strategies to build diverse and durable portfolio income.”

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index fell 0.2%
* Bloomberg Magnificent 7 Total Return Index was little changed
* The Russell 2000 Index fell 0.6%
* S&P Composite 1500 Homebuilding (Sub-Industry) rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.5% to $1.0853
* The British pound fell 0.3% to $1.2965
* The Japanese yen was little changed at 148.80 per dollar
Cryptocurrencies
* Bitcoin fell 1.5% to $84,136.92
* Ether fell 3% to $1,974.2
Bonds
* The yield on 10-year Treasuries was little changed at 4.24%
* Germany’s 10-year yield declined two basis points to 2.78%
* Britain’s 10-year yield advanced one basis point to 4.65%
Commodities
* West Texas Intermediate crude rose 1.6% to $68.26 a barrel
* Spot gold was little changed
This story was produced with the assistance of Bloomberg Automation.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Guard your tongue, for it is highly dangerous; unguarded words can cause terrible distress.  A single bad word can destroy a vast quantity of good.
A wound caused by fire will eventually heal; but a wound caused by the tongue leaves a scar that never heals. -Valluvar, 1479-1531.

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

Dear Friends,

Tangents:
Swallows return to San Juan Capistrano, yearly since 1776.
March 19, 1895: The Lumière brothers record their first footage, with Sortie des Usines Lumière á Lyon, showing workers leaving their factory in Lyon, marking the birth of cinema.

March 19, 1962: Bob Dylan’s self-titled debut album was released by Columbia Records. Go to article.

Wyatt Earp, gunslinger, lawman, b. 1848.
William Jennings Bryant, orator, politician, b. 1860.
Glenn Close, actress, b. 1947.

‘Mystery population’ of human ancestors gave us 20% of our genes and may have boosted our brain function
A novel genetic model suggests that the ancestors of modern humans came from two distinct populations that split and reconnected during our evolutionary history. Read More.

‘We don’t have a climate crisis — we are the crisis’: Environmentalist Paul Hawken on why honoring life is the best thing we can do against climate change
Environmentalist and author Paul Hawken speaks to Live Science about the worldview that has led to the mindless exploitation of the planet — and how we can shift perspectives for a better future. Read More

2,200-year-old shackles discovered at ancient Egyptian gold mine
The discovery of two sets of iron ankle shackles at an ancient Egyptian gold mine reveals forced labor. Read More.

Alaskan volcano Mount Spurr showing activity that will ‘most likely end in an explosive eruption,’ scientist says
Mount Spurr near Anchorage has been showing signs of unrest for a year. Now scientists think it’s creeping closer to an eruption. Read More.

Vernal equinox: How to see spring begin, just by looking at the stars
You can tell spring has officially begun in the Northern Hemisphere just by looking at the stars. Here’s how to easily spot the Spring Triangle without a telescope. Read More.

Exciting start to March Madness
Sophomore guard Amarr Knox made a last-second layup that helped Alabama State beat Saint Francis 70-68 in the First Four of the men’s basketball tournament. It was the Hornets first-ever NCAA tournament victory.

Stars steam up the screen in new flick
Oscar-winning actress Gwyneth Paltrow spilled the tea about her upcoming movie, “Marty Supreme,” in which she and co-star Timothée Chalamet get pretty hot and heavy on screen. “We have a lot of sex in this movie. There’s a lot — a lot,” she said.

Iron Maiden’s plane cut into pieces
Fans can soon own a piece of the heavy metal band’s Boeing 747-400 tour plane — known as “Ed Force One” — which has been dismantled and transformed into limited edition collectable tags.

PHOTOS OF THE DAY

Photography of the year award: Polar Bear Amid Fireweed Blooms by Christopher Paetkau
Photograph: Christopher Paetkau

Natural landscape finalist: Oryx Up the Dune on a Foggy Day by Thomas Vijayan
Photograph: Thomas Vijayan

​​​​​​​A high-tension power line on a hill overlooking Lake Kivu in the Karongi district, Rwanda
Market Closes for March 19^th, 2025

Market Index	Close	Change
Dow Jones	41964.63	+383.32
		+0.92%
S&P 500	5675.29	+60.63
		+1.08%
NASDAQ	17750.79	+246.67
		+1.41%
TSX	25069.21	+363.14
		+1.47%

International Markets

Market Index	Close	Change
NIKKEI	37751.88	-93.54
		-0.25%
HANG SENG	24771.14	+30.57
		+0.12%
SENSEX	75449.05	+147.79
		+0.20%
FTSE 100*	8706.66	+1.43
		+0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.002	3.023
CND. 30 Year Bond	3.240	3.258
U.S. 10 Year Bond	4.2428	4.2831
U.S. 30 Year Bond	4.5507	4.5852

Currencies

BOC Close	Today	Previous
Canadian $	0.6982	0.6994
US $	1.4322	1.4297

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5629	0.6399
US $	1.0912	0.9164

Commodities

Gold	Close	Previous
London Gold Fix	3025.80	2996.50
Oil
WTI Crude Future	67.16	66.90

Market Commentary:
Bank on the trends and don’t worry about the tremors. –J. Paul Getty, 1892-1976.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.5% at 25,069.21 in Toronto.
The move was the biggest since rising 1.6% on Aug. 8 and follows the previous session’s decrease of 0.3%.
Today, information technology stocks led the market higher, as 9 of 11 sectors gained; 186 of 220 shares rose, while 32 fell.
Shopify Inc. contributed the most to the index gain and had the largest move, increasing 8.3%.
Insights
* In the past year, the index had a similar or greater gain once
* This quarter, the index rose 1.4%
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 9.4% in the same period
* The S&P/TSX Composite is 3.1% below its 52-week high on Jan. 30, 2025 and 16.8% above its low on June 17, 2024
* The S&P/TSX Composite is up 2.6% in the past 5 days and fell 2.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.8 on a trailing basis and 15.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.98t
* 30-day price volatility rose to 15.07% compared with 14.80% in the previous session and the average of 13.00% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 111.0857| 4.8| 10/0
Financials | 93.6550| 1.2| 24/1
Energy | 64.0025| 1.5| 40/3
Consumer Staples | 31.0123| 3.4| 10/0
Materials | 29.7002| 0.9| 40/9
Industrials | 27.1036| 0.9| 24/4
Utilities | 6.1070| 0.6| 13/1
Consumer Discretionary | 3.5175| 0.4| 7/4
Real Estate | 3.3090| 0.7| 15/4
Health Care | -0.2847| -0.4| 2/2
Communication Services | -6.0550| -1.0| 1/4
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 94.6400| 8.3| 12.6| -4.9
Brookfield Corp | 29.1600| 3.9| 11.1| -6.2
RBC | 27.5800| 1.7| -23.2| -5.6
Thomson Reuters | -1.4950| -0.6| -43.1| 6.1
Boyd Group Services| -1.5010| -4.4| 147.3| 0.0
BCE | -3.1340| -1.4| -18.5| 0.6
US
By Rita Nazareth
(Bloomberg) — Stocks climbed and bond yields slipped after Jerome Powell calmed tariff-obsessed investors, signaling the Federal Reserve saw no need for drastic action in the face of Donald Trump’s trade war and its impact on inflation.
After central bankers held monetary policy steady, as expected, Powell was measured in his assessment of how the president’s actions might shape the economy, citing the potential for the impact of tariffs on consumer prices to be “transitory.”
The jump in stocks, the biggest for any Fed day since July, follows a bruising four-week stretch in which the S&P 500 slid into a correction.
Treasuries saw an abrupt reversal, with two-year yields sinking below 4%.
“Powell came in and gave a pretty dovish performance in the sense of, ‘We got this, we’re in a good place, we can afford to wait, we’ll see how it goes, we’re gonna get the job done’,” said Bill Dudley, the former president of the New York Fed, on
Bloomberg Television.
“He was pretty reassuring to people that this was all quite manageable.”
Fed officials held their benchmark interest rate steady for a second straight meeting, caught between mounting concerns that the economy is slowing and inflation could remain stubbornly high.
The Fed also said that, beginning in April, it will lower the monthly cap on the amount of Treasuries on its balance sheet that it allows to mature without being reinvested, to $5 billion from $25 billion.
“The Fed indirectly cut rates today by taking action to reduce the pace of runoff of its Treasury holdings,” said Jamie Cox at Harris Financial Group.
“This paves the way for the Fed to eliminate runoff by summer, and, with any luck, inflation data will be in place where reducing the Federal Funds rate will be the obvious choice.”
The S&P 500 rose 1.1%.
The Nasdaq 100 gained 1.3%.
The Dow Jones Industrial Average added 0.9%.
The yield on 10-year Treasuries declined four basis points to 4.25%.
The dollar pared its advance to 0.2%.
Stocks rallied despite changes to Fed forecasts that could be viewed as bearish for stock, among them a tamping down of growth expectations in 2025 and a higher estimate of inflation.
That’s because the correction in equities already accounted for a significantly worse economic backdrop than existed when the Fed last met, according to Amanda Lynam, the head of macro credit research at BlackRock Financial Management.
“A lot of that was baked in,” Lynam said on Bloomberg Television.
“We’ve had such a bruising few weeks in the equity market. Most forecasters have reflected lower growth and higher inflation, and that’s part of what’s driving us here.”

Wall Street’s Reaction to Fed:
* Adam Crisafulli of Vital Knowledge: Bottom Line: the Fed decision was net positive given the balance sheet-runoff change and Powell’s view that tariffs will have only a “transitory” effect on inflation.
* Sameer Samana at Wells Fargo Investment Institute: The equity markets focused on the Fed’s decision to lower their growth forecast, keep 50 basis points of cuts, and wind down quantitative tightening (QT), all of which were viewed by markets as supportive.
We believe the Fed’s vigilance towards an economic slowdown is synchronous with our constructive equity outlook and we would encourage investors to add exposure.
* Charlie Ripley at Allianz Investment Management:
While the outcome of this meeting was broadly in line with market participant expectations, it clearly shows the conundrum the Fed has in balancing growth and inflation expectations. On the other hand, the Fed offered some consolation with plans to begin slowing the run-off of the balance sheet.
* Florian Ielpo at Lombard Odier Investment Managers: Although it might seem like a non-event since the rate path appears unchanged, the evolution of these forecasts is probably more favorable to bonds than to equities. The market reaction shows that bonds are benefiting from the news of the Fed combating its primary adversary—inflation—while tweaking its QT program. This might come however at the expense of lower growth as short rates remain unchanged in the face of inflation, which could weigh on profits. For now, the equity market does not perceive it this way, but should the Fed continue to exert pressure on the economy, earnings could find themselves caught between a rock and a hard place.
* Whitney Watson at Goldman Sachs Asset Management: As expected, the Fed adopted a cautious tone at this month’s meeting, remaining on hold as it waits for clarity on the growth outlook and changes to trade policy. Revisions to FOMC members’ projections had a somewhat “stagflationary” feel with forecasts for growth and inflation moving in opposite directions. For the time being, the Fed is in wait and see mode, as it monitors whether the recent growth slowdown develops into something more serious.
* Dan Siluk at Janus Henderson:
The Federal Reserve’s latest update came as a surprise, striking a slightly less hawkish tone than many on Wall Street anticipated. Amid persistent inflation and mounting economic uncertainties, the decision to maintain current interest rates while subtly adjusting its approach to securities holdings signals a cautious yet flexible stance. It conveys a clear message to the markets: despite the challenges, the Fed currently lacks the compelling data needed to adjust policy settings.
In the initial market response, the downward revision to growth forecasts and the upward revision to unemployment rates have seemingly overshadowed the upward adjustment in inflation expectations. This shift underscores a recent change in market focus, with greater emphasis now placed on the risks of weaker growth outcomes, rather than the inflationary concerns that dominated discourse in recent years.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.3%
* The Dow Jones Industrial Average rose 0.9%
* The MSCI World Index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.4% to $1.0898
* The British pound was little changed at $1.2998
* The Japanese yen rose 0.3% to 148.88 per dollar
Cryptocurrencies
* Bitcoin rose 4.2% to $85,489.51
* Ether rose 6.6% to $2,031.92
Bonds
* The yield on 10-year Treasuries declined four basis points to 4.25%
* Germany’s 10-year yield was little changed at 2.80%
* Britain’s 10-year yield declined one basis point to 4.63%
Commodities
* West Texas Intermediate crude rose 0.5% to $67.23 a barrel
* Spot gold rose 0.4% to $3,047.67 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Lu Wang, Isabelle Lee, Sujata Rao, Levin Stamm, Margaryta Kirakosian, Winnie Hsu and John Viljoen.
Have a lovely evening everyone.

Be magnificent!
As ever,

Carolann
In the right light, at the right time, everything is extraordinary. –Aaron Rose, b.1969.

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

Dear Friends,

Tangents:

On March 18, 1965, the first spacewalk took place as Soviet cosmonaut Aleksei Leonov left his Voskhod 2 capsule and remained outside the spacecraft for 20 minutes, secured by a tether. Go to article

1931: electric razor debuted.
John Updike, writer, b.1933.

What’s the oldest lake on Earth?
The oldest lake in the world dates back about 25 million years and is also the world’s deepest and most biologically diverse on Earth. Read More.

March 29 solar eclipse: Where and when to see the rare sunrise solar eclipse from North America
A dramatic solar eclipse on March 29 will be the first one visible in North America since April 2024. Here’s how to get the best view of the partial eclipse before it ends. Read More.

Punishing AI doesn’t stop it from lying and cheating — it just makes it hide better, study shows
Scientists at OpenAI have attempted to stop a frontier AI model from cheating and lying by punishing it. But this just taught it to scheme more privately. Read More.

So nice, he gets to do it twice
Conan O’Brien has been tapped to return as host of next year’s Academy Awards ceremony. “I want to hear Adrien Brody finish his speech,” O’Brien joked.

Twister tosses buildings into the air
A resident of Gordo, Alabama, captured footage of an EF-2 tornado as it destroyed several chicken houses. Watch the video here.

PHOTOS OF THE DAY

Zaozhuang, China
A farmer pollinates apricot flowers.
Photograph: Costfoto/NurPhoto/Rex/Shutterstock

Baku, Azerbaijan
Nowruz celebrations at the Fire Temple of Baku in Surakhany district. Nowruz is one of the most important holidays of the Turkic world and considered the harbinger of spring.
Photograph: Resul Rehimov/Anadolu/Getty Images

Gölbaşı district, Turkey
An aerial view of flamingos on a reservoir, which is home to many bird species.
Photograph: Rasit Aydogan/Anadolu/Getty Images
Market Closes for March 18^th, 2025

Market Index	Close	Change
Dow Jones	41581.31	-260.32
		-0.62%
S&P 500	5614.66	-60.46
		-1.07%
NASDAQ	17504.12	-304.54
		-1.71%
TSX	24706.07	-79.04
		-0.32%

International Markets

Market Index	Close	Change
NIKKEI	37845.42	+448.90
		+1.20%
HANG SENG	24740.57	+595.00
		+2.46%
SENSEX	75301.26	+1131.31
		+1.53%
FTSE 100*	8705.23	+24.94
		+0.29%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.023	3.013
CND. 30 Year Bond	3.258	3.256
U.S. 10 Year Bond	4.2831	4.2985
U.S. 30 Year Bond	4.5852	4.5939

Currencies

BOC Close	Today	Previous
Canadian $	0.6994	0.6995
US $	1.4297	1.4295

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5644	06392
US $	1.0942	1.0939

Commodities

Gold	Close	Previous
London Gold Fix	2996.50	2978.05
Oil
WTI Crude Future	66.90	67.58

Market Commentary:
It was never my thinking that made the big money for me.  It was always my sitting.  Got that?  My sitting tight! -Jesse Livermore, 1877-1940.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.3% at 24,706.07 in Toronto.
The move follows the previous session’s increase of 0.9%.
Shopify Inc. contributed the most to the index decline, decreasing 2.6%.
Celestica Inc. had the largest drop, falling 4.5%.
Today, 119 of 220 shares fell, while 95 rose; 6 of 11 sectors were lower, led by information technology stocks.
Insights
* This quarter, the index was little changed
* The index advanced 13% in the past 52 weeks. The MSCI AC Americas Index gained 8.7% in the same period
* The S&P/TSX Composite is 4.5% below its 52-week high on Jan. 30, 2025 and 15.1% above its low on June 17, 2024
* The S&P/TSX Composite is up 1.9% in the past 5 days and fell 3.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 15 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.99t
* 30-day price volatility little changed to 14.80% compared with 14.79% in the previous session and the average of 12.81% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -52.1220| -2.2| 2/8
Industrials | -19.3356| -0.6| 7/21
Financials | -19.2260| -0.2| 6/19
Consumer Staples | -8.7014| -0.9| 4/6
Real Estate | -4.0370| -0.8| 3/17
Health Care | -0.3817| -0.6| 1/3
Consumer Discretionary | 1.3210| 0.2| 6/5
Utilities | 1.5553| 0.2| 10/4
Communication Services | 2.3665| 0.4| 3/2
Energy | 7.6436| 0.2| 25/15
Materials | 11.8709| 0.4| 28/19
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Shopify | -30.9500| -2.6| -34.1| -12.2
Constellation Software | -12.9500| -2.0| -3.4| 3.5
Canadian Pacific Kansas | -8.0490| -1.1| 18.2| 2.1
Agnico Eagle Mines Ltd | 2.8480| 0.5| -17.8| 34.6
Canadian Natural Resources | 3.8470| 0.6| -16.3| -3.4
Brookfield Corp | 5.8320| 0.8| -21.4| -9.7
US
By Rita Nazareth
(Bloomberg) — Heavy selling resumed in Wall Street’s largest technology companies, with American shares snapping a two-day rebound amid signs investors are paring exposure in US risk assets.
European stocks gained.
One day before a Federal Reserve decision that will be parsed for an assessment on how President Donald Trump’s trade policies are affecting the economy, US equities slid, with mega caps hitting the lowest since September.
Nvidia Corp. sank 3.4% despite laying out plans to expand its AI reign with robots and desktop systems.
Data showing hot import prices didn’t help market sentiment either.
Treasuries rose after a solid $13 billion sale of 20-year bonds.
Gold climbed to a fresh record.
Investors have slashed holdings of US equities by the most on record while cash levels jumped, according to Bank of America Corp.’s latest survey.
Just about a month ago, stocks were making new highs on expectations that Trump administration policies would stoke growth.
Those assumptions may now be under threat if the economy slows and big bets on artificial intelligence don’t pay off.
“Because investors’ favorite stocks have suffered so much, it’s likely impacting investor sentiment disproportionately,” said Bret Kenwell at eToro.
“Historically, similar levels in sentiment have coincided with at least a short-term bottom in US stocks, although it’s not clear that we’ve seen a capitulatory type move that generally marks the bottom.”
Following a rapid stock selloff, talks about a “Fed put” to rescue investors have risen.
But anyone expecting some reassurance at the March meeting will be disappointed, according to Anna Wong at Bloomberg Economics.
“Sticky inflation and higher inflation expectations raise the bar for Fed cuts,” said Lauren Goodwin at New York Life Investments.
“The Fed is likely to need to see a stronger deterioration in financial conditions and the economic growth outlook before pre-emptively cutting with inflation figures so strong.”
Using 2018’s insurance cuts as a guideline, Goodwin said an equity market valuation decline of at least 20% would be required to push the Fed to act.
The S&P 500 fell 1.1%.
The Nasdaq 100 slid 1.7%.
The Dow Jones Industrial Average lost 0.6%.
Tesla Inc. slid 5.3%.
Meta Platforms Inc. became the last of the Magnificent Seven stocks to lose its year-to-date gain.
Alphabet Inc. agreed to acquire cybersecurity firm Wiz Inc. for $32 billion in cash.
The yield on 10-year Treasuries dropped one basis point to 4.29%.
The dollar fluctuated.
With Fed officials expected to hold rates steady on Wednesday, the market will focus on officials’ updated economic projections and Chair Jerome Powell’s press conference for clues about the path ahead.
For now, policymakers have signaled they’re in a wait-and-see mode as they seek further progress on inflation and greater clarity on the economic impact of Trump’s policies.
“The Fed likely holds tight here,” said Scott Helfstein at Global X.
“Fed Chair Powell has repeatedly said that the risks to price stability and full employment are balanced. That is likely still true, but risks to both are rising. This is not time to sell and go away, but perhaps time to review long-term strategy against near-term volatility.”
A survey conducted by 22V Research shows investors are watching the Fed more closely than the prior three meetings.
But there’s no real consensus on the market reaction — with 34% of respondents saying “risk-off”, 27% “risk-on” and 39% “mixed/negligible.”
The tally also revealed there’s no consensus on whether Powell will express concern over the recent moves higher in consumer inflation expectations.
“Our survey respondents think the current tariff environment will still lead to 50 basis point of cuts in 2025, but the skew has shifted to more cuts,” said Dennis DeBusschere, founder of 22V.
“The last time we asked was pre-tariff announcements and equity drawdowns.”
“Time will tell if the decision and meeting offers relief from the pain for the S&P 500,” according to Bespoke Investment Group strategists.
“If there is one silver lining though, historically, Fed days when rates have been left unchanged have tended to see solid gains.”
Bespoke also analyzed the average intraday path of the S&P 500 on Fed days based on whether or not the S&P 500 has been in the midst of correction.
“Whereas the S&P 500 has tended to rally throughout the session on Fed days when the market is rallying (which is the bulk of Fed days), the moves have been more volatile when the S&P 500 is in a correction,” the strategists said.
For times when rates were left unchanged and the S&P 500 was in the middle of a correction, the index has tended to fall after the rate decision, but by the close it has averaged a slightly larger gain than the norm for all Fed days.
As the S&P 500 slid into a correction last week, Bank of America Corp. clients bought US equities — with the sectors they favored indicating they weren’t betting on an economic contraction.
There were “bigger inflows into cyclical than defensive sectors in aggregate, suggesting that clients weren’t positioning for recession,” quantitative strategist Jill Carey Hall wrote in a research note.
Even after the 10% correction in US large caps, earnings expectations embedded in stock prices are extremely high — at levels achieved only four times since the tech bubble 25 years ago — and may remain a challenge to equities, according to Gina Martin Adams and Michael Casper at Bloomberg Intelligence.
“Consensus has taken down estimates for the first half but is still holding onto forecasts for a robust second-half recovery that doesn’t appear likely without a major near-term change at the Federal Reserve or with taxes,” they said.

Key events this week:
* Bank of Japan rate decision, Wednesday
* Federal Reserve rate decision, Wednesday
* China loan prime rates, Thursday
* Bank of England rate decision, Thursday
* US Philadelphia Fed factory index, jobless claims, existing home sales, Thursday
* Eurozone consumer confidence, Friday
* Fed’s John Williams speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.7%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World Index fell 0.6%
* Bloomberg Magnificent 7 Total Return Index fell 2.5%
* The Russell 2000 Index fell 0.9%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.0946
* The British pound rose 0.1% to $1.3006
* The Japanese yen was little changed at 149.30 per dollar
Cryptocurrencies
* Bitcoin fell 2% to $82,293.57
* Ether fell 1.6% to $1,904.2
Bonds
* The yield on 10-year Treasuries declined one basis point to 4.29%
* Germany’s 10-year yield was little changed at 2.81%
* Britain’s 10-year yield was little changed at 4.64%
Commodities
* West Texas Intermediate crude fell 1% to $66.92 a barrel
* Spot gold rose 1.2% to $3,035.76 an ounce

–With assistance from Sujata Rao, Allegra Catelli, John Viljoen and Aya Wagatsuma.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Defeat isn’t bitter, if you don’t swallow it. –Clarence Darrow, 1857-1938.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
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