Author: Carolann

Dear Friends,

Tangents: Happy Monday.  Happy St. Patrick’s Day! 💚☘☘☘💚

A St. Patrick’s Day tradition
Every St. Patrick’s Day, Chicago dyes the city’s river a vibrant green, a tradition since 1962.  Check it out.

IRISH BLESSING
When times are hard
May your heart never
Turn to stone.
When shadows
Fall on you – remember:
You never walk alone.

A man in Cork, Ireland, walks into a bar and asks the barman:
“What’s the quickest way to get to Dublin?”  The barman replies:
“Are you walking or driving?”
“Driving.” The barman says:
“That’s the quickest way.”

An Irishman’s Philosophy
There are only two things to worry about.
Either you are well or you are sick.
If you are well,
then there is nothing to worry about.
But if you are sick,
there are two things to worry about.
Either you will get well or you will die.
If you get well, there is nothing to worry about.
If you die,
there are only two things to worry about.
Either you will go to heaven or hell.
If you go to heaven there is nothing to worry about.
But if you go to hell,
you’ll be so damn busy shaking hands with friends
you won’t have time to worry!

March 17, 1755: Transylvania Land Co. buys Kentucky from a Cherokee Chief for $50,000.
March 17, 1845: Stephen Parry patents the first rubber band, providing a simple and effective solution for holding items together.
March 17, 2003: Edging to the brink of war, President George W. Bush gave Saddam Hussein 48 hours to leave his country. Iraq rejected the ultimatum.  Go to article

Nat King /Cole, musician, b.1919.
Rudolph Nureyev, dancer, b.1938.

Refuge from the worst mass extinction in Earth’s history discovered fossilized in China
The End-Permian mass extinction killed an estimated 80% of life on Earth, but new research suggests that plants might have done okay. Read More.

Ocean’s ‘heart’ is slowing down — and it will affect the entire planet’s circulation
Melting ice could weaken Earth’s strongest ocean current 20% by 2050, study reveals. Read More.

James Webb telescope spots ‘rogue’ planet with a cake-like atmosphere barrelling through space without a star
The James Webb Space Telescope has spotted a “rogue” cosmic object barrelling through our galaxy without a star, and covered in clouds of iron and magnesium minerals. Read More.

Could the universe ever stop expanding? New theory proposes a cosmic ‘off switch’
Dark energy, the mysterious phenomenon that powers the expansion of the universe, may undergo periodic “violent transitions” that reverse the growth of the cosmos, a new pre-print study hints. Read More.

Google’s AI ‘co-scientist’ cracked 10-year superbug problem in just 2 days
Scientists took 10 years to figure out how one type of superbug gains its ability to infect diverse bacterial species. When prompted, Google’s new AI “co-scientist” gave them the answer in two days. Read More.

Irish names you’re probably mispronouncing
If you hesitated to tell your friends about how much you loved Cillian Murphy “Oppenheimer” because you don’t know how to say his first name, you need to read this.

Awake at night but tired in the morning? Here’s what could help
Feeling tired at the “wrong” time is a common complaint that patients share with their sleep doctors, says neurologist Dr. Sonja Schütz.  She and other sleep experts share their tips for quality sleep at night.

Michael Fassbender on how he likely blew his James Bond audition
During a conversation with the movie’s producer, the Irish actor said he mentioned Daniel Craig’s name. Craig later became the face of the Bond franchise for five films.

Mysterious radio pulses from the Milky Way
The blasts last between 30 and 90 seconds and seem to come from the direction of the Big Dipper. Now, astronomers have zeroed in on their surprising origin.

Human remains on display
It can be quite a shock to see a mummified body in a museum. One group wants to end those displays in the UK, pointing to the colonial origins of the practice

PHOTOS OF THE DAY

San Marino, US
A hummingbird seeks nectar on blooming cherry blossoms at the Huntington Library and Gardens in California
Photograph: Bruce Chambers/Zuma Press Wire/Rex/Shutterstock

Bangkok, Thailand
A worker harvests sea salt
Photograph: Athit Perawongmetha/Reuters

Najaf, Iraq
Shia Muslims break their fast at the Imam Ali shrine during the Islamic holy month of Ramadan
Photograph: Anmar Khalil/AP
Market Closes for March 17^th, 2025

Market Index	Close	Change
Dow Jones	41841.63	+353.44
		+0.85%
S&P 500	5675.12	+36.18
		+0.64%
NASDAQ	17808.66	+54.57
		+0.31%
TSX	24785.11	+231.71
		+0.94%

International Markets

Market Index	Close	Change
NIKKEI	37396.52	+343.42
		+0.93%
HANG SENG	24145.57	+185.59
		+0.77%
SENSEX	74169.95	+341.04
		+0.46%
FTSE 100*	8680.29	+47.96
		+0.56%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.013	3.066
CND. 30 Year Bond	3.256	3.311
U.S. 10 Year Bond	4.2985	4.3121
U.S. 30 Year Bond	4.5939	4.6219

Currencies

BOC Close	Today	Previous
Canadian $	0.6995	0.6957
US $	1.4295	1.4375

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5612	0.6405
US $	1.0921	0.9157

Commodities

Gold	Close	Previous
London Gold Fix	2978.05	2974.05
Oil
WTI Crude Future	67.58	66.55

Market Commentary:
You’ve got to do your own growing, no matter how tall your grandfather was. –Irish Proverb.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.9%, or 231.71 to 24,785.11 in Toronto.
The index advanced to the highest closing level since March 5.
Brookfield Corp. contributed the most to the index gain, increasing 2.2%.
TerraVest Industries Inc. had the largest increase, rising 20.5%.
Today, 183 of 220 shares rose, while 35 fell; all sectors were higher, led by financials stocks.
Insights
* This quarter, the index was little changed
* The index advanced 13% in the past 52 weeks. The MSCI AC Americas Index gained 10% in the same period
* The S&P/TSX Composite is 4.2% below its 52-week high on Jan. 30, 2025 and 15.5% above its low on June 17, 2024
* The S&P/TSX Composite is up 1.7% in the past 5 days and fell 2.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.5 on a trailing basis and 15.1 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$3.95t
* 30-day price volatility little changed to 14.79% compared with 14.80% in the previous session and the average of 12.71% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 84.4953| 1.1| 25/0
Materials | 58.0936| 1.7| 43/6
Energy | 46.7615| 1.1| 38/5
Information Technology | 13.6555| 0.6| 4/5
Industrials | 10.5818| 0.3| 20/8
Real Estate | 5.8665| 1.2| 20/0
Consumer Discretionary | 5.2245| 0.6| 10/1
Utilities | 4.9513| 0.5| 10/4
Consumer Staples | 0.9483| 0.1| 7/3
Communication Services | 0.8415| 0.1| 3/2
Health Care | 0.2847| 0.4| 3/1
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Brookfield Corp | 15.9900| 2.2| -16.4| -10.4
Shopify | 14.3700| 1.2| -17.7| -9.8
RBC | 10.2200| 0.6| 8.2| -7.1
Lundin Gold | -0.9310| -3.1| -6.0| 40.0
Loblaw | -1.7360| -0.9| -27.2| -1.8
Canadian Pacific Kansas | -3.5990| -0.5| -34.3| 3.3
US
By Rita Nazareth
(Bloomberg) — US stocks climbed for a second day, extending the recovery from a sharp drop that reached 10% last week, as industrial and energy shares rallied on economic data that while missing forecasts was able to quell concern about an imminent recession.
More than 90% of the companies in the S&P 500 rose, overshadowing a slide in most mega caps.
An equal-weighted version of the benchmark — one that gives Target Corp. as much clout as Apple Inc. — climbed 1.3%.
While the latest economic data did little to alter traders’ bets on the Federal Reserve outlook, mixed retail sales brought some relief that consumer spending is not collapsing.
As the chatter around tariffs subsided, equities continued to push away from technically oversold levels.
“Corrections that occur within a bull market, tend to be good buying opportunities,” said David Lefkowitz at UBS Global Wealth Management.
“The spike in policy uncertainty hit the market at a time when investor positioning and sentiment were quite elevated. But we think a lot of this has now been cleaned up.”
To Michael Wilson at Morgan Stanley, sentiment/positioning gauges have lightened up considerably and seasonality is set to improve in the second half of March.
That could provide support for a short-term rally led by the lower-quality, higher-beta stocks that have sold off the most.
“The more important question is whether such a rally is likely to extend into something more durable and mark the end of the volatility we’ve seen year to date,” said Wilson.
“The short answer is, probably not.”
The S&P 500 climbed 0.6%.
The Nasdaq 100 rose 0.5%.
The Dow Jones Industrial Average added 0.9%.
A gauge of the Magnificent Seven mega caps fell 1.1%.
The Russell 2000 gained 1.2%.
The yield on 10-year Treasuries declined one basis point to 4.30%.
The Bloomberg Dollar Spot Index fell 0.3%.
US retail sales rose by less than forecast in February and the prior month was revised lower However, the so-called control-group sales — which feed into the government’s calculation of goods spending for gross domestic product — increased 1% last month, reversing the previous drop.
“This morning’s February retail sales report offers evidence of a limited, modest economic slowdown, rather than signaling a gathering recession,” said Jennifer Timmerman at Wells Fargo Investment Institute.
A sense of wait-and-see may emerge from policymakers this week, in their first assessment of how Trump’s trade policies are impacting the economy. 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 on the path ahead.
Treasury Secretary Scott Bessent, a former hedge fund manager, said he’s not worried about the recent downturn in equities as the US seeks to reshape its economic policies.
“I’ve been in the investment business for 35 years, and I can tell you that corrections are healthy, they are normal,” Bessent said Sunday on NBC’s Meet The Press.
“I‘m not worried about the markets. Over the long term, if we put good tax policy in place, deregulation and energy security, the markets will do great.”

Key events this week:
* Germany ZEW survey expectations, Tuesday
* US housing starts, import price index, industrial production, Tuesday
* Bank of Japan rate decision, Wednesday
* Eurozone CPI, 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 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.4% to $1.0924
* The British pound rose 0.5% to $1.2994
* The Japanese yen fell 0.4% to 149.17 per dollar
Cryptocurrencies
* Bitcoin rose 1.1% to $84,141.79
* Ether rose 2.2% to $1,935.75
Bonds
* The yield on 10-year Treasuries declined one basis point to 4.30%
* Germany’s 10-year yield declined six basis points to 2.82%
* Britain’s 10-year yield declined three basis points to 4.64%
Commodities
* West Texas Intermediate crude rose 0.5% to $67.52 a barrel
* Spot gold rose 0.6% to $3,001.24 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Sujata Rao, John Viljoen and Catherine Bosley.

Have a  lovely evening.

Be magnificent!
As ever,

Carolann
To live is the rarest thing in the world.  Most people exist, that is all. –Oscar Wilde, 1854-1900.

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.  Full moon tonight.
Remember, tomorrow is the Ides of March.

March 14, 1743: First Town Meeting, Fanueil Hall, Boston.
March 14, 1794: American inventor Eli Whitne receives a patent for the cotton gin, transforming the cotton industry by dramatically increasing efficiency.
On March 14, 1900, Congress ratified the Gold Standard Act.  Go to article.

George Frederick Handel, composer, b. 1681.
Alber Einstein, physicist, b. 1879.
Diane Arbus, photographer, b.1923.

The clouds parted just in time last night to dazzle Seattle with a red-orange lunar eclipse. Enjoy the photos and mark your calendar for the celestial sights ahead. Plus, the bright fun isn’t over yet at the Space Needle, which will host a laser light show tonight. Its organizers want you to think about beauty, then take action. If you can’t go, you can watch online.  -Seattle Times.

Dwyane Wade opens up about kidney cancer diagnosis
The three-time NBA champion said that he hopes sharing his story will help others to take initiative when it comes to their own health.

Tourist filmed with baby wombat flees Australia
An American tourist who was reportedly filmed running off with a wild baby wombat while its distressed mother chased after her has fled Australia after officials threatened to cancel her visa.

The world’s greatest places of 2025, according to TIME
Everything from resorts to cruises to museums, restaurants and national parks are featured. See if your dream spot made the list.

The comeback of the humpbacks 
Commercial whaling nearly wiped out the world’s humpback whale population a century ago. Today, these majestic creatures are rebounding. Photographer Chris Fallows catches some playful humpbacks in action off South Africa’s coast.

128 new moons discovered orbiting Saturn, nearly doubling the ringed planet’s total
Faint signatures detected by the Canada France Hawaii Telescope have revealed 128 new moons around Saturn, making it the indisputable frontrunner for having the most moons in our
solar system. Read More.

Epigenetic ‘scars’ on the genome can be passed down by grandmothers, study finds
In a story of collaboration and community, researchers identified intergenerational epigenetic changes caused by war and trauma in Syrian refugees. Read More.

Pi Day quiz: How much do you know about this irrational number?
Test yourself on math’s most famous constant with this pi quiz. Read More.

China achieves quantum supremacy claim with new chip 1 quadrillion times faster than the most powerful supercomputers
This new superconducting prototype quantum processor achieved benchmarking results to rival Google’s new Willow QPU. Read More.

PHOTOS OF THE DAY

Flamingos feed in the Gediz delta, in İzmir, Turkey
Photograph: Anadolu/Getty Images

A white-tailed eagle, also known as a sea eagle, perches on an iceberg floating off Nuuk, western Greenland
Photograph: Odd Andersen/AFP/Getty Images

​​​​​​​Tokyo, Japan
A visitor inspects ookanzakura cherry blossom almost in full bloom at Ueno Park
Photograph: Issei Kato/Reuters
Market Closes for March 14^th, 2025

Market Index	Close	Change
Dow Jones	41488.19	+674.62
		+1.65%
S&P 500	5638.94	+117.42
		+2.13%
NASDAQ	17754.09	+451.08
		+2.61%
TSX	24553.40	+350.17
		+1.45%

International Markets

Market Index	Close	Change
NIKKEI	37053.10	+263.07
		+0.72%
HANG SENG	23959.98	+497.33
		+2.12%
SENSEX	73828.91	-200.85
		-0.27%
FTSE 100*	8632.33	+89.77
		+1.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.066	3.050
CND. 30 Year Bond	3.311	3.303
U.S. 10 Year Bond	4.3121	4.2682
U.S. 30 Year Bond	4.6219	4.5891

Currencies

BOC Close	Today	Previous
Canadian $	0.6957	0.6931
US $	1.4375	1.4429

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5689	0.6374
US $	1.0914	0.9163

Commodities

Gold	Close	Previous
London Gold Fix	2974.05	2924.80
Oil
WTI Crude Future	66.55	67.68

Market Commentary:
I never won a fight in the ring; I always won in preparation. –Muhammad Ali, 1942-2016.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.4% at 24,553.40 in Toronto.
The move was the biggest since rising 1.6% on Aug. 8 and follows the previous session’s decrease of 0.9%.
Shopify Inc. contributed the most to the index gain, increasing 4.3%.
NFI Group Inc. had the largest increase, rising 20.8%.
Today, 174 of 220 shares rose, while 42 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* In the past year, the index had a similar or greater gain once
* This quarter, the index fell 0.7%
* So far this week, the index fell 0.8%
* The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 9% in the same period
* The S&P/TSX Composite is 5.1% below its 52-week high on Jan. 30, 2025 and 14.4% above its low on June 17, 2024
* 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$3.9t
* 30-day price volatility rose to 14.80% compared with 14.22% in the previous session and the average of 12.52% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 142.3847| 1.9| 24/0
Information Technology | 73.7697| 3.2| 10/0
Industrials | 53.8703| 1.8| 27/0
Energy | 41.8602| 1.0| 36/7
Materials | 33.4846| 1.0| 34/14
Consumer Discretionary | 6.8433| 0.9| 8/3
Real Estate | 4.7127| 1.0| 15/4
Consumer Staples | 2.9705| 0.3| 7/3
Health Care | 0.6932| 1.0| 3/1
Utilities | 0.4835| 0.1| 8/7
Communication Services | -10.9047| -1.8| 2/3
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 47.7000| 4.3| -27.7| -10.9
RBC | 29.2700| 1.9| -30.4| -7.7
Canadian Pacific Kansas | 19.7000| 2.9| -23.1| 3.9
Emera | -0.7600| -0.6| -61.2| 10.1
Telus | -1.4640| -0.7| -26.9| 10.5
Couche-Tard | -2.0710| -0.6| 33.4| -15.0
US
By Rita Nazareth
(Bloomberg) — A bounce in stocks calmed nerves among equity investors, but the fallout from Donald Trump’s political maneuvering continued to shake global markets and rattle US consumers.
Yields on German bonds surged as government leaders agreed on a massive defense spending package, while the ultimate haven asset — gold — topped $3,000 for the first time.
The 2.1% advance in the S&P 500 was the biggest since the aftermath of the November presidential election.
Not even data showing a slide in consumer confidence prevented the market rebound, which followed a selloff that culminated in a 10% plunge of the US equity benchmark from its peak.
Treasuries trimmed a recent rally fueled by a flight to safety. Bullion climbed as much as 0.5% to $3,004.94 an ounce before erasing gains.
The moves capped a week of drama that included Trump’s on-and-off-again tariffs, recession calls, geopolitical talks and concerns over a US government shutdown.
Combined with all the questioning around lofty tech valuations, global equity funds saw their biggest redemption this year while sentiment indicators turned bearish – which can be bullish from a contrarian perspective.
“Scared-cat bounce?” said Ed Yardeni, founder of his namesake research firm. “Any day without a Trump tariff comment is a good day for the market. We will be more inclined to call a bottom when we see the stock market move higher on a day or days when Trump blusters about tariffs again.”
Despite Friday’s advance, the S&P 500 still saw a fourth straight week of losses — the longest such streak since August.
Tech mega caps led gains on Friday, with Nvidia Corp. and Tesla Inc. up at least 3.8%.
The Nasdaq 100 climbed 2.5%.
The Dow Jones Industrial Average added 1.7%.
The yield on 10-year Treasuries advanced five basis points to 4.31%.
A dollar gauge fell 0.2%.
“We are seeing some oversold rally efforts once again,” said Dan Wantrobski at Janney Montgomery Scott.
“But we caution folks looking to dive back in at the first sign of stability here: nearly everyone is looking for a bottom and to ‘buy the dip’ at some point, but the current condition of the markets has not implied any real improvement on a technical basis – the tape is simply very oversold at this stage.”
Andrew Brenner at NatAlliance Securities says he gets asked multiple times a day: “Is the worst over?”
“We don’t know. We would like to see a capitulation trade, but the seasonals are starting to turn,” Brenner said.
“The end of February to the middle of March is an awful time for equity seasonals.”
Stocks rebounded on Friday after a selloff that shed $5 trillion from the S&P 500’s value.
It took just 16 trading sessions for US stocks to tumble into a correction, leaving a frazzled Wall Street asking just how long the “adjustment period” White House officials have warned about will last.
In the prior 24 instances when stocks have fallen at least 10% from a record but avoided a bear market, it has taken an average of eight months to reclaim an all-time high, according to data from CFRA Research.
That would leave the Feb. 19 high intact until mid-October.
The average drawdown reached 14% in those cases.
“Corrections are unnerving in the moment, though they are not unusual, and often act as a pressure release valve for overheated markets,” said Mark Hackett at Nationwide.
“This will not be the last correction, pullback, or market scare that the bulls will have to face, and yes, an element of caution is warranted.”
“We say this is a correction, not a bear market in US stocks,” Bank of America Corp.’s Michael Hartnett said.
“Since equity bear threatens recession, fresh declines in stock prices will provoke flip in trade and monetary policy.”
Yet a century-old indicator that has helped predict the direction of the US stock market is signaling more pain ahead for battered investors.
Known as the Dow Theory, it holds that moves in the Dow Jones Industrial Average must be confirmed by transport stocks, and vice versa, to be sustained.
As of Thursday’s close, the 20-member Dow Jones Transportation Average — a barometer of consumer and industrial demand — has slumped 19% from its November peak, teetering near so-called bear-market territory.
“What usually differentiates quicker (often healthy) selloffs from drawn-out bear markets is whether a recession follows,” said Ross Mayfield at Baird Private Wealth Management.
The 23 non-recession corrections since 1965 averaged a 16% drawdown, he said.
Meantime, the 8 recession selloffs over that period averaged a 36% drawdown.
“The good news is that despite headwinds, a near-term recession still looks unlikely,” he noted.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.5%
* The Dow Jones Industrial Average rose 1.7%
* The MSCI World Index rose 1.8%
* Bloomberg Magnificent 7 Total Return Index rose 2.8%
* The Russell 2000 Index rose 2.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.3% to $1.0883
* The British pound fell 0.1% to $1.2935
* The Japanese yen fell 0.6% to 148.63 per dollar
Cryptocurrencies
* Bitcoin rose 5.2% to $84,522.26
* Ether rose 5% to $1,934.54
Bonds
* The yield on 10-year Treasuries advanced five basis points to 4.31%
* Germany’s 10-year yield advanced two basis points to 2.88%
* Britain’s 10-year yield declined one basis point to 4.67%
Commodities
* West Texas Intermediate crude rose 0.9% to $67.14 a barrel
* Spot gold fell 0.2% to $2,984.06 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Denitsa Tsekova, Sujata Rao, Margaryta Kirakosian and John Viljoen.
Have  wonderful weekend everyone.

Be magnificent!

As ever,

Carolann
Determine never to be idle.  No person will have occasion to complain of the want of time who never loses any.
It is wonderful how much may be done if we are always doing. –Thomas Jefferson, 1743-1826.

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.

Possible lunar eclipse viewing tonight. -from today’s Seattle Times.

March 13, 1781: The planet Uranus was discovered by Sir William Herschel. Go to article.
March 13, 1887: Earmuffs patented.

Abigail Hubbard, created 1rst White House Library, b. 1798.
L. Ron Hubbard, scientologist, b. 1911.

March 13, 1986: Microsoft offers its first shares to the public in 1986, with share prices rising from $26 to $29 before closing at $27.25. Microsoft is founded in 1975 by Seattle natives and former Lakeside School classmates Bill Gates and Paul Allen. First based in Albuquerque, N.M., they move to the Bellevue area in 1979 and later establish a Redmond campus. (Paul Allen, 65, dies in October 2018.)

En Vogue singer says she’s been living in her car for 3 years  
Dawn Robinson said she didn’t reveal her living situation to seek pity. Instead, she hopes her story of resilience will inspire others. 

Power suits, not PJs  
Designers were all about “office glam” at this year’s Paris Fashion Week, as more people shed their yoga pants for proper work attire. Stella McCartney’s show even took place in an office setting complete with mugs and stationery.  

2,200-year-old grave in China contains ‘Red Princess of the Silk Road’ whose teeth were painted with a toxic substance
Archaeologists in China have discovered a unique burial of a woman whose teeth had been painted with cinnabar, with a toxic red substance that contains mercury. Read More.

A giant extraterrestrial ‘wave’ hit Earth 14 million years ago — and may have dramatically altered our planet’s climate
Our solar system’s journey around the center of the Milky Way takes it through varying galactic environments, and one may have had a lasting impact on Earth’s climate, according to a new study. Read More

Liftoff! NASA launches SPHEREx telescope — an infrared observatory that will help JWST solve the mysteries of the universe
NASA’s newly-launched SPHEREx space telescope will offer a complementary “panoramic” view to the JWST’s high resolution infrared snapshots, enabling astronomers to study some of the universe’s biggest mysteries. Read More.

340 million-year-old ‘nail tooth’ shark found deep inside Mammoth Cave in Kentucky
Scientists have found ancient nail tooth shark fossils deep inside Mammoth Cave in Kentucky, revealing new information about a mysterious group of extinct predators. Read More.

Quantum-inspired storage can store 100s of terabytes of data on a tiny crystal — with plans to make them into much larger discs
Scientists have found a way to store hundreds of terabytes of data onto a tiny crystal, with plans to scale this up to a disc-sized device that can be compatible with modern computing. Read More
PHOTOS OF THE DAY
Travel: Ask a Shaman by Matjaž Šimic (Slovenia)
A group of shamans in La Paz, Bolivia, shot against the brightly painted local architecture.
Shamans play a major role in Indigenous Bolivian culture
Object: Octopuses in the Sky by Sussi Charlotte Alminde (Denmark)
Elaborate handmade kites at the international kite fliers meeting on the Danish island of Fanø. It is one of the world’s largest kite-flying events
Motion: Tbourida La Chute by Olivier Unia (France)
Many photographs taken during a traditional Moroccan tbourida, an equestrian performance, depict the riders firing their rifles. Here, Unia wanted to show how dangerous it can be when a rider is thrown from their mount
Market Closes for March 13^th, 2025

Market Index	Close	Change
Dow Jones	40813.57	-537.36
		-1.30%
S&P 500	5521.52	-77.78
		-1.39%
NASDAQ	17303.01	-345.44
		-1.96%
TSX	24203.23	-220.11
		-0.90%

International Markets

Market Index	Close	Change
NIKKEI	36790.03	-29.06
		-0.08%
HANG SENG	23462.65	-137.66
		-0.58%
SENSEX	73828.91	-200.85
		-0.27%
FTSE 100*	8542.56	+1.59
		+0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.050	3.072
CND. 30 Year Bond	3.303	3.320
U.S. 10 Year Bond	4.2682	4.3124
U.S. 30 Year Bond	4.5891	4.6306

Currencies

BOC Close	Today	Previous
Canadian $	0.6931	0.6961
US $	1.4429	1.4366

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5658	0.6386
US $	1.0852	0.9215

Commodities

Gold	Close	Previous
London Gold Fix	2924.80	2916.90
Oil
WTI Crude Future	67.68	67.68

Market Commentary:
A market is the combined behavior of thousands of people responding to information, misinformation and whim. – Keneth Chang, NY Times journalist.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.9% at 24,203.23 in Toronto. The index dropped to the lowest closing level since Oct. 31 after the previous session’s increase of 0.7%.
Shopify Inc. contributed the most to the index decline, decreasing 5.9%. Vermilion Energy Inc. had the largest drop, falling 8.3%.
Today, 143 of 220 shares fell, while 74 rose; 9 of 11 sectors were lower, led by financials stocks.

Insights
* This quarter, the index fell 2.1%, heading for the biggest decline since the third quarter of 2023
* So far this week, the index fell 2.2%
* The index advanced 10% in the past 52 weeks. The MSCI AC Americas Index gained 6.3% in the same period
* The S&P/TSX Composite is 6.5% below its 52-week high on Jan. 30, 2025 and 12.7% above its low on June 17, 2024
* The S&P/TSX Composite is down 1.5% in the past 5 days and fell 5.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.2 on a trailing basis and 14.8 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$3.93t
* 30-day price volatility fell to 14.22% compared with 14.76% in the previous session and the average of 12.31% over the past month
================================================================
| Index Points Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -115.8114| -1.5| 3/22
Information Technology| -99.6623| -4.2| 0/10
Industrials | -28.8293| -0.9| 5/23
Energy | -18.0965| -0.4| 9/33
Consumer Staples | -13.5850| -1.5| 1/9
Consumer Discretionary| -12.8266| -1.6| 0/11
Real Estate | -5.2570| -1.1| 2/17
Utilities | -1.5830| -0.2| 7/8
Health Care | -0.7556| -1.1| 1/3
Communication Services| 0.1783| 0.0| 2/2
Materials | 76.1071| 2.4| 44/5

================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -69.0500| -5.9| 18.8| -14.6
RBC | -29.2700| -1.8| -17.6| -9.4
Brookfield Corp | -21.3200| -2.9| -2.2| -15.1
Wheaton Precious Metals | 8.3340| 2.6| -10.8| 29.8
Agnico Eagle Mines Ltd | 10.5800| 2.1| -8.6| 31.8
First Quantum Minerals | 12.1300| 14.4| 212.8| 9.8
US
By Rita Nazareth
(Bloomberg) — Volatility surged anew across US asset classes Thursday, extending a retreat from risk that has lopped $5 trillion from the S&P 500 and shows signs of seeping into high-yield bonds. New salvos in President Donald Trump’s tariff offensive spurred another race for havens in the Treasury market, with concerns mounting over the goals and impact of his trade war.
The benchmark gauge for US equities — perched at a record as recently as Feb. 19 — slid to a six-month low. This year’s selloff in the market’s largest companies deepened, amplifying the moves. And speculative corners on Wall Street from unprofitable tech to the most-shorted shares got crushed. An $8 billion exchange-traded fund tracking junk bonds saw one of its biggest losses in 2025, bucking the rise in Treasuries.
In another sign of a trade-war escalation, Trump threatened to enact a 200% tariff on European wine, champagne and other alcoholic beverages. Later Thursday, Trump said he would not repeal tariffs on steel and aluminum that took effect this week, nor back off plans for sweeping reciprocal tariffs on global trading partners set to start as soon as April 2.
“In only a few weeks, the broader market has gone from record highs to correction territory,” said Adam Turnquist at LPL Financial. “Tariff uncertainty has captured most of the blame for the selling pressure and is exacerbating economic growth concerns.”
Former Treasury Secretary Steven Mnuchin discounted risks of a US recession, and played down the current selloff in equities, advising investors against overreacting to President Trump’s aggressive trade tactics.
“We came in with the market being fully priced, so I think a 5% to 10% correction on the S&P or the Nasdaq actually makes sense,” Mnuchin said in an interview with Bloomberg’s Saleha Mohsin Thursday.
The S&P 500 fell 1.4%. The Nasdaq 100 slid 1.9%. The Dow Jones Industrial Average dropped 1.3%. A gauge of tech mega caps lost 2.5%. Adobe Inc. sank on a disappointing outlook, while Intel Corp. surged after naming an industry veteran as its next chief.
The yield on 10-year Treasuries fell five basis points to 4.26%. A $22 billion US sale of 30-year bonds was weak. The dollar rose 0.1%. US Shutdown Odds Increase as Democrats Dig In Against GOP Bill
“After the election, we framed the likely impact of economic policies from Donald Trump’s second presidential administration as a mix of vegetables and dessert,” said Libby Cantrill and Allison Boxer at Pacific Investment Management Co.
“Some policies could leave a bitter taste for the economy and markets – i.e., the vegetables – while others would support growth, the so-called dessert.”
“The net economic impact of the Trump administration’s second term will likely depend on the sequencing, scope, and mix of all of these policies, with risks to both the upside and downside,” they added.
Trump used markets as a litmus test for the success of his first administration, and relished in the gains posted after his victory in November.
But the stark shift from economic optimism is creating an unsettling reality for traders trying to figure out where America’s markets go from here. One major question: At a time when it’s easier than ever for people to see fluctuations in their day-to-day net worth, can a stock rout take the US economy down with it?
“Clearly this is going to be a much more volatile year and it remains to be seen if all of the revolutionary changes to the economy and trans-Atlantic alliances will lead to a recession or if it will lead to higher growth rates in the future,” said Chris Zaccarelli at Northlight Asset Management. “In the meantime, a more cautious and risk-off posture is warranted.” “There are immediate and looming questions about how much more pain the equity market might endure,” said Michael Purves at Tallbacken Capital Advisors. “Do we buy this dip (down 10% from the peak)? Or do we sell into relief rallies such as we had yesterday?”
In a note, he highlights that there are various “technical bearish signals” that are converging in the same manner as they did in the first quarter of 2022.
“These are just technical signals, and the market risks and macro backdrop today are very different from what they were in 2022,” he said. “However, in a market environment that lacks clarity, these technical signals take on a greater prominence.”
As a reminder, Purves notes, the 2022 bear market was driven entirely by P/E contraction, not falling earnings.
“Prospectively, the market needs to figure out two things: (1) will valuation need to be re-rated to a lower range to account for policy/economic/inflation uncertainty, and (2) will earnings start falling?” he said. “If we get a concurrence of falling earnings and P/E re-rate, then the probability of the SPX selling off to 4,800 will become much higher.”
“Market fears remain at the forefront,” said Bespoke Investment Group strategists. “Investor sentiment also remains very weak.”
Bespoke cited the latest weekly poll from the American Association of Individual Investors, which showed that bearish sentiment was above 55% for the third straight week. The only other time since 1987 that bearish sentiment was above the
‘speed limit’ was in the three weeks ending March 4, 2009, the Bespoke strategists noted. The flip side of souring sentiment is that it could be a contrarian indicator for markets, noted Jeff Schulze at ClearBridge Investments.
“Surging policy uncertainty has dented consumer and investor sentiment, raised inflation expectations and stalled the equity market rally, he said. “Should policy uncertainty ebb in the coming months, we believe risk assets will rebound.”
While the sharp drop in equity markets has been painful, Turnquist at LPL Financial says the downside rate of change and current drawdown is nothing out of the ordinary.”
Since 1950, 92% of trading days are accompanied by some degree of a drawdown on the S&P 500 (roughly 8% of days have been record highs), he said. A selloff inside of 5% is the most common, occurring in around 40% of all trading days.
“Swift drawdowns also create oversold conditions, and we are beginning to see signs of the broader market reaching washed-out territory,” he said. “However, the damage to longer- term breadth, lack of institutional participation, and defensive
rotational pressures leave us cautious on buying the dip right now.”
Ed Yardeni of eponymous firm Yardeni Research has lowered his year-end estimate on the S&P 500, with the best-case target cut to 6,400 from 7,000. The worst-case goal stands at 5,800.
“We continue to bet on the resilience of the economy. However, we acknowledge that it is being severely stress-tested now by Trump 2.0’s tariff turmoil and shotgun approach to paring the federal workforce,” he said. Earlier in March, Yardeni raised the probability of a US recession this year to 35% from 20%.
US equities are pricing in a recession risk much bigger than credit markets, leaving room for a positive surprise, according to JPMorgan Chase & Co. strategists including Nikolaos Panigirtzoglou and Mika Inkinen wrote in a note.
“While there is clearly elevated uncertainty in the near term as the Trump Administration has at least initially prioritized more disruptive polices, the risk is that credit markets are proven right,” they said.
“The Treasury market is flirting with recession signals, helping amplify the risk-off sentiment in equities, while at the same time sending an alternative message of relative calm with relatively tight credit spreads,” according to Gina Martin Adams
and Michael Casper at Bloomberg Intelligence.
Notably, the Federal Reserve’s Treasury-based recession model flagged year-ahead recession risk a year ago, and may be proven right if tariff uncertainty continues to hamper economic activity, they said. Historically, a model reading exceeding 30% has accurately predicted recession one year out. And the current probability is 29.76%.
“The credit model’s implied probability continues to hint at a much calmer economic climate,” they noted. The indicator’s probability for recession was above 10% for most of the past two years and now sits at 13% — still just shy of suggesting a recession is in the cards.”

Key events this week:

* US University of Michigan consumer sentiment, Friday
Some of the main moves in markets:

Stocks
* The S&P 500 fell 1.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.9%
* The Dow Jones Industrial Average fell 1.3%
* The MSCI World Index fell 1.2%
* Bloomberg Magnificent 7 Total Return Index fell 2.5%
* The Russell 2000 Index fell 1.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.4% to $1.0848
* The British pound fell 0.1% to $1.2944
* The Japanese yen rose 0.4% to 147.71 per dollar
Cryptocurrencies
* Bitcoin fell 3.6% to $80,155.78
* Ether fell 2.1% to $1,851.36
Bonds
* The yield on 10-year Treasuries declined five basis points to 4.26%
* Germany’s 10-year yield declined two basis points to 2.86%
* Britain’s 10-year yield declined four basis points to 4.68%
Commodities
* West Texas Intermediate crude fell 1.6% to $66.58 a barrel
* Spot gold rose 1.6% to $2,982.96 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from Isabelle Lee, Sujata Rao, Allegra Catelli, Chiranjivi Chakraborty and John Viljoen.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
The face is the mirror of the mind, and the eyes without speaking confess the secrets of the heart. –Saint Jerome, 342 AD-420 AD.

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 12, 1755: First steam engine in US is installed, to pump water from a mine. March 12, 1894: The first patent for a Coca-Cola bottling machine is issued, allowing for the mass production and distribution and paving the way for its global presence. March 12, 2009: Disgraced financier Bernard Madoff pleaded guilty in New York to pulling off perhaps the biggest swindle in Wall Street history.  Go to article Jack Kerouac, writer, b. 1922. James Taylor, musician, b. 1948. Charlie “Bird” Parker, musician, d. 1953. Nanoparticle breakthrough could bring ‘holy grail’ of solar power within reach Perovskite cells are much cheaper and more flexible than their silicon alternatives, but they have major durability problems. A new breakthrough could be about to change that. Read More. Scientists discover giant blobs deep inside Earth are ‘evolving by themselves’ — and we may finally know where they come from Giant regions of the mantle where seismic waves slow down may have formed from subducted ocean crust, a new study finds. Read More. China creates powerful spy satellite capable of seeing facial details from low orbit New laser-based imaging technology is reportedly capable of capturing millimeter resolution from over 60 miles away. Read More. East Asians who can digest lactose can thank Neanderthal genes Unique versions of the lactase gene found in the genomes of East Asian people may have increased in prevalence within the population over time because they bolstered immune responses against pathogens, new data reveal. Read More. TikToker jailed for blasphemy    An Indonesian social media influencer was sentenced to more than two years in jail for telling Jesus to get a haircut. The court ruled that her comments could affect “public order” and “religious harmony.” Man lives for 100 days with titanium heart  An Australian man in his 40s received the implant last November, which kept him alive while he awaited a donor transplant this month. It’s the longest period to date that someone has lived with the technology.   866: That’s how many previously unknown species were discovered as part of an ambitious effort to document marine life. The new species — found by divers, piloted submersibles and remotely operated vehicles during 10 ocean expeditions — include a guitar-shaped shark, a fan-like coral and a venomous deep-sea snail equipped with harpoon-like teeth. PHOTOS OF THE DAY Dartmoor, UK‘On what looked like the first day of spring, we took a drive across Dartmoor when this beautiful rainbow emerged. This pony was only too happy to pose with it.’ Photograph: Ruud Jansen Venneboer Lianyungang, China Residential buildings shrouded in fog in Jiangsu province Photograph: AFP/Getty Images Johnstone Strait, Canada‘A humpback whale, called Guardian by whale watchers, returns to the west coast of Canada each spring from Hawaii.’ Photograph: Albert Macfarlane Market Closes for March 12th, 2025 Market Index  Close  Change  Dow Jones 41350.93 -82.55 -0.20% S&P 500  5599.30 +27.23 +0.49% NASDAQ  17648.45 +212.35 +1.22% TSX  24423.34 +175.14 +0.72% International Markets Market Index  Close  Change  NIKKEI  36819.09 +25.98 +0.07% HANG SENG 23600.31 -181.83 -0.76% SENSEX  74029.76 -72.56 -0.10% FTSE 100* 8540.97 +44.98 +0.53% Bonds Bonds  % Yield  Previous % Yield CND. 10 Year Bond  3.072 3.008 CND. 30 Year Bond  3.320 3.266 U.S. 10 Year Bond 4.3124 4.2799 U.S. 30 Year Bond 4.6306 4.5949 Currencies BOC Close  Today  Previous   Canadian $   0.6961 0.6930 US $ 1.4366 1.4429 Euro Rate 1 Euro=    Inverse    Canadian $   1.5637 0.6395 US $ 1.0885 0.9187 Commodities Gold Close  Previous   London Gold Fix  2916.90 2910.20 Oil WTI Crude Future  67.68 66.03 Market Commentary: Lack of money is the root of all evil. -George Bernard Shaw, 1856-1950. Canada By Bloomberg Automation (Bloomberg) — The S&P/TSX Composite rose 0.7% at 24,423.34 in Toronto. The move follows the previous session’s decrease of 0.5%. Shopify Inc. contributed the most to the index gain, increasing 3.6%. Transcontinental Inc. had the largest increase, rising 6.9%. Today, 160 of 220 shares rose, while 57 fell; 9 of 11 sectors were higher, led by financials stocks. Insights * This quarter, the index fell 1.2% * The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 7.7% in the same period * The S&P/TSX Composite is 5.6% below its 52-week high on Jan. 30, 2025 and 13.8% above its low on June 17, 2024 * The S&P/TSX Composite is down 1.8% in the past 5 days and fell 4.5% in the past 30 days * S&P/TSX Composite is trading at a price-to-earnings ratio of 18.3 on a trailing basis and 14.8 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$3.91t * 30-day price volatility rose to 14.76% compared with 14.56% in the previous session and the average of 12.14% over the past month ================================================================ | Index Points Sector Name | Move | % Change | Adv/Dec ================================================================ Financials | 55.4000| 0.7| 22/3 Information Technology | 49.0733| 2.1| 6/4 Energy | 48.1439| 1.2| 41/2 Materials | 18.0378| 0.6| 32/16 Industrials | 17.2226| 0.6| 17/11 Consumer Staples | 2.6460| 0.3| 7/3 Utilities | 2.6094| 0.3| 11/2 Real Estate | 1.2591| 0.3| 14/6 Health Care | 0.1777| 0.3| 3/1 Consumer Discretionary | -9.2229| -1.1| 5/6 Communication Services | -10.2108| -1.6| 2/3 ================================================================ | | |Volume VS || Index | | 20D AVG |YTD ChangeTop Contributors |Points Move| % Change | (%) | (%) ================================================================ Shopify | 41.5000| 3.6| 31.3| -9.2 Bank of Montreal | 10.7400| 1.5| -32.2| -0.1 RBC | 9.8220| 0.6| -5.8| -7.7 Telus | -4.7060| -2.0| 55.5| 11.4 BCE | -4.7330| -2.1| 44.2| 5.2 Restaurant Brands | -4.9700| -2.2| -36.4| 2.3 US By Rita Nazareth and Jan-Patrick Barnert (Bloomberg) — Cooler-than-forecast February inflation pushed stocks higher after two days of heavy losses. A kneejerk rally in bonds quickly reversed and yields rose across the curve amid concerns over an escalating trade war. Equities advanced after a selloff that put the S&P 500 on the verge of a technical correction. The bounce was led by tech mega caps, which got heavily hit during the recent market rout. While the surprise slowdown in consumer prices brought a degree of relief to traders, several voices on Wall Street saw the data as the “calm before the storm” given the uncertainties around the potential impacts of tariffs on the economy. In fact, all the anxiety around President Donald Trump’s trade war continued to influence sentiment, with the US equity benchmark briefly erasing a 1.3% rally before moving higher again. “For the last three weeks, traders have felt like buying this market is like trying to catch a falling knife,” said Mark Hackett at Nationwide. “But extreme oversold conditions and near-universal pessimism suggest a relief rally is likely.” Despite the improvement provided by the latest consumer price index, uncertainty remains in the air as the outlook for inflation remains hazy due to trade policy developments, according to Oscar Munoz and Gennadiy Goldberg at TD Securities. “In this context, the Fed is unlikely to change its policy guidance anytime soon,” they said. “The Committee’s inclination is to wait for the evolution of macro variables and for more clarity from the Trump administration’s trade policies, which remain in flux.” The S&P 500 rose 0.5%. The Nasdaq 100 climbed 1.1%. The Dow Jones Industrial Average lost 0.2%. Tesla Inc. extended a two- day surge to 12% while Nvidia Corp. led chipmakers higher. In late hours, Intel Corp. named industry veteran Lip-Bu Tan as its next chief executive officer. Adobe Inc. gave a tepid revenue outlook. The yield on 10-year Treasuries advanced three basis points to 4.31%. A dollar gauge was little changed. Today’s inflation release is unambiguously positive for risk assets as there is greater confidence that inflation is not re-accelerating like January’s data showed, which gives policymakers a bit of breathing room and should allow the Fed to loosen policy should signs of labor market weakness emerge, according to Jeff Schulze at ClearBridge Investments. “However, the Fed will also need to see that inflation expectations are recovering from their recent rise before cutting rates, as a de-anchoring of inflation expectations is what keeps most central bankers up at night, given the challenge it represents to restoring price stability in the future,” he said. To David Russell at TradeStation, a June Fed cut is still on the table because inflation continues to moderate, especially the key shelter category. “The White House and the Fed are breathing a sigh of relief because tariffs didn’t filter through to consumer prices,” he said. “This is a positive for investors because a huge amount of negativity is priced into stocks. For the first time in several weeks, we might get a break in the streak of frightening news. The other shoe didn’t drop, and that could be good news for Wall Street. Next week’s Fed meeting got a little less worrisome.” Traders are still fully pricing in another quarter-point interest-rate cut in June, with about 70 basis points of easing seen for all of 2025. The two-year yield, reflecting expectations for Fed monetary policy, declined as much as four basis points to a session low 3.90%, then rebounded to as high as 4%. The 10-year yield also whipsawed before rising as high as 4.33%. As we entered 2025, investors’ main economic worry centered around reflation. But as the trade war continues to escalate and as economic policy uncertainty continues to rise, that worry has shifted from inflation to the labor market and the economy as a whole, according to Bret Kenwell at eToro. “In that respect, it will take more than a few reassuring inflation reports to ease investors’ worries,” he said. “Moving forward, the Fed will soon take center stage, but not just for its latest view on inflation. Investors will want to hear the committee’s stance on the economy and the labor market, while they’ll also be on the lookout for the Fed’s quarterly update to its economic projections.” Key events this week: * Eurozone industrial production, Thursday * US PPI, initial jobless claims, Thursday * US University of Michigan consumer sentiment, Friday Some of the main moves in markets***: Stocks * The S&P 500 rose 0.5% as of 4 p.m. New York time * The Nasdaq 100 rose 1.1% * The Dow Jones Industrial Average fell 0.2% * The MSCI World Index rose 0.5% * Bloomberg Magnificent 7 Total Return Index rose 2.3% * The Russell 2000 Index rose 0.1% Currencies * The Bloomberg Dollar Spot Index was little changed * The euro fell 0.3% to $1.0890 * The British pound rose 0.1% to $1.2968 * The Japanese yen fell 0.4% to 148.35 per dollar Cryptocurrencies * Bitcoin rose 0.1% to $82,909.17 * Ether fell 3% to $1,878.14 Bonds * The yield on 10-year Treasuries advanced three basis points to 4.31% * Germany’s 10-year yield declined two basis points to 2.88% * Britain’s 10-year yield advanced five basis points to 4.72% Commodities * West Texas Intermediate crude rose 2.2% to $67.68 a barrel * Spot gold rose 0.5% to $2,931.36 an ounce –With assistance from Isabelle Lee, Sujata Rao, John Viljoen and Winnie Hsu. Have a lovely evening! Be magnificent! As ever, Carolann Our greatest foes, and whom we must chiefly combat, are within. –Miguel de Cervantes, 1547-1616. 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 11, 1702: The Daily Courant, recognized as the first regular daily newspaper in England, is published in London, marking a significant development in journalism.
March 11, 1918 Start of the  Flu Pandemic.
March 11, 1941: President Franklin D. Roosevelt signed into law the Lend-Lease Bill, providing war supplies to countries fighting the Axis.  Go to article.
 
‘Find of a lifetime’: 15th-century gold and silver coins discovered by amateur metal detectorists in Scotland
A collection of over 30 gold and silver English and Scottish coins from throughout the 1400s were discovered near the Scotland border by hobbyist metal detectorists. Read More.

52-foot-high ‘mega ripples’ from asteroid that killed the dinosaurs mapped deep beneath Louisiana in 3D
Buried “mega ripples” — some the size of five-story buildings — are helping scientists piece together the devastation following the impact that wiped out the non avian dinosaurs. Read More

Top-secret X-37B space plane returns to Earth in dead of night after mysterious 434-day mission, US military reveals
The U.S. military’s top-secret X-37B space plane has returned from a mysterious 434-day mission in orbit. The enigmatic mission ‘broke new ground’ for reusable space technology, according to the U.S. Space Force. Read More.

Scientists spot water molecules flipping before they split, and it could help them produce cheaper hydrogen fuel
Splitting water molecules takes more energy than calculations suggest, and is a key roadblock to cheap hydrogen fuel production. Now, scientists have discovered why. Read More.

The world’s most polluted cities 
All but one of the world’s top 20 most polluted cities last year was in Asia, a new study shows. The top five North American cities that made the list were all located in one US state. 

NFL free agency kicks off with big moves
Bags are being packed and new faces are popping up all over the NFL map: The free agency madness has officially begun, with the New York Jets and Seattle Seahawks taking center stage. 

Ski team admits trying to ‘cheat the system’  
Two Norwegian ski jumpers were disqualified from an event at the 2025 FIS Nordic World Ski Championships after their jumpsuits were found to have been manipulated with a reinforced thread. 

PHOTOS 0F THE DAY
Eklutna Tailrace, US
Northern lights (Aurora Borealis) illuminate the sky in Alaska. This natural phenomenon, which decorated the sky in green, purple and red tones, was formed as a result of the interaction of charged particles from the sun with the Earth’s magnetic field. Photographers and nature enthusiasts gathered to capture the spectacle in this region with little light pollution. The year 2025 is predicted to be a period when the Northern Lights will be seen more frequently and intensely due to increased solar activity
Photograph: Anadolu/Getty Images
Fox – Lac La Biche, Alberta, Canada
Bronze in the behaviour mammals category
Photograph: Donna Feldichuk/World Nature Photography awards
A halo is seen during a sunset on the coast of Nuuk
Credit to: www.theguardian.com/artanddesign/gallery/2025/mar/11/
Market Closes for March 11^st, 2025

Market Index	Close	Change
Dow Jones	41433.48	-478.23
		-1.14%
S&P 500	5572.07	-42.49
		-0.76%
NASDAQ	17436.10	-32.22
		-0.18%
TSX	24248.20	-132.51
		-0.54%

International Markets

Market Index	Close	Change
NIKKEI	36793.11	-235.16
		-0.64%
HANG SENG	23782.14	-1.35
		-0.01%
SENSEX	74102.32	-12.85
		-0.02%
FTSE 100*	8495.99	-104.23
		-1.21%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.008	2.982
CND. 30 Year Bond	3.266	3.236
U.S. 10 Year Bond	4.2799	4.1922
U.S. 30 Year Bond	4.5949	4.5252

Currencies

BOC Close	Today	Previous
Canadian $	0.6930	0.6932
US $	1.4429	1.4426

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5751	0.6349
US $	1.0916	0.9161

Commodities

Gold	Close	Previous
London Gold Fix	2910.20	2931.15
Oil
WTI Crude Future	66.03	66.03

Market Commentary:
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.5%, or 132.51 to 24,248.20 in Toronto. The index dropped to the lowest closing level since Oct. 31.
Today, financials stocks led the market lower, as 9 of 11 sectors lost; 114 of 220 shares fell, while 105 rose.
Royal Bank of Canada contributed the most to the index decline, decreasing 2.5%. Tilray Brands Inc. had the largest drop, falling 7.4%..
Insights
* This quarter, the index fell 1.9%, heading for the biggest decline since the third quarter of 2023
* The index advanced 11% in the past 52 weeks. The MSCI AC Americas Index gained 8.3% in the same period
* The S&P/TSX Composite is 6.3% below its 52-week high on Jan. 30, 2025 and 13% above its low on June 17, 2024
* The S&P/TSX Composite is down 1.3% in the past 5 days and fell 5.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.3 on a trailing basis and 14.8 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$3.93t
* 30-day price volatility fell to 14.56% compared with 14.65% in the previous session and the average of 11.95% over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -109.4578| -1.4| 3/22
Industrials | -54.3789| -1.8| 5/23
Consumer Staples | -26.0692| -2.7| 0/10
Communication Services| -14.2267| -2.2| 3/2
Consumer Discretionary| -13.9522| -1.7| 1/10
Information Technology| -5.7173| -0.2| 4/6
Utilities | -2.5031| -0.3| 6/8
Health Care | -0.9569| -1.4| 0/4
Real Estate | -0.6765| -0.1| 7/13
Energy | 11.5469| 0.3| 34/9
Materials | 83.8596| 2.7| 42/7
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | -41.1700| -2.5| 23.2| -8.3
TD Bank | -20.5900| -2.0| 28.4| 8.7
Bank of Montreal | -19.0800| -2.6| 37.5| -1.6
Kinross Gold | 7.2390| 5.5| 45.3| 20.5
Canadian Natural Resources | 7.2500| 1.2| 25.6| -6.7
Agnico Eagle Mines Ltd | 16.8100| 3.4| 41.2| 28.9
US
By Rita Nazareth
(Bloomberg) — A renewed bout of volatility gripped Wall Street, with stocks closing at the lowest level since September amid concerns about the impacts of a trade war on the economy.
Just minutes after erasing a 1.5% slide on hopes for a Ukraine-Russia truce, the S&P 500 resumed its slide. While a rebound in mega caps like Tesla Inc. and Nvidia Corp. drove the market away from session lows, the vast majority of shares in the US equity benchmark retreated. The measure briefly breached the threshold of a technical correction, while closing 9.3% below its all-time high.
“Even if the majority of this drawdown is potentially behind us, volatility may not be, and there’s a good chance the market could chop sideways for a while,” said Daniel Skelly, head of Morgan Stanley’s Wealth Management Market Research & Strategy Team.
President Donald Trump said he was reevaluating plans to double steel and aluminum tariffs on Canada to 50% after Ontario announced it would suspend a 25% surcharge on electricity sent to the US. A widening trade war between the US and Canada has
rocked markets and hung a cloud of uncertainty across major North American industries.
The S&P 500 fell 0.8%. The Nasdaq 100 slid 0.3%. The Dow Jones Industrial Average sank 1.1%.
The yield on 10-year Treasuries advanced six basis points to 4.28%. The Bloomberg Dollar Spot Index fell 0.4%.

Key events this week:

* Canada rate decision, Wednesday
* US CPI, Wednesday
* Eurozone industrial production, Thursday
* US PPI, initial jobless claims, Thursday
* US University of Michigan consumer sentiment, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average fell 1.1%
* The MSCI World Index fell 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.8% to $1.0916
* The British pound rose 0.5% to $1.2949
* The Japanese yen fell 0.4% to 147.84 per dollar
Cryptocurrencies
* Bitcoin rose 4.7% to $82,986.37
* Ether rose 4.5% to $1,951.95
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 4.28%
* Germany’s 10-year yield advanced six basis points to 2.90%
* Britain’s 10-year yield advanced three basis points to 4.67%
Commodities
* West Texas Intermediate crude rose 0.8% to $66.57 a barrel
* Spot gold rose 1% to $2,916.53 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from John Viljoen, Sujata Rao and Aya
Wagatsuma.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

The love you gave in life keeps people alive beyond their time. -Cicero, 106 BCE-42 BCE.

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 10, 1862: Paper money issued in the US.
March 10, 1965: The United States landed about 3,500 Marines in South Vietnam (entering the war). Go to article.
March 10,2000: Dotcom bubble bursts when the NASDAQ Composite index peaks at 5408.60. The NASDAQ closed today at 17,468.32.

Sharon Stone, actress, b. 1958.

Is there really a difference between male and female brains? Emerging science is revealing the answer.  Read More.

29,000-year-old remains of child unearthed in Thailand cave with ‘symbols of blood and power’
The skeleton of a Stone Age child discovered in Thailand is rewriting what experts know about the prehistory of the area. Read More.

‘In that moment, that was everything to me’: Patient describes joy of regaining vision in 1 eye after new stem cell therapy
A first-of-its-kind stem cell transplant has changed the life of a man who was left blind in one eye following a firework accident. Read More.

World’s 1st modular quantum computer that can operate at room temperature goes online
Scientists have built the first networked quantum computer using photons, demonstrating that room-temperature modules can be connected and scaled up. Read More.

Jumbo jet becomes Las Vegas party venue
The cockpit and fuselage section of a decommissioned Boeing 747 jumbo jet will be transformed into a nightlife venue in the Vegas entertainment district known as AREA15.
Vacation-style beaches on Mars?
The red planet may have once hosted an ocean with waves that lapped against sandy beaches some 3.6 billion years ago, according to recently published data from China’s now-defunct Mars rover.

The most visited US National Park sites in 2024 are …
US National Park Service sites had a record-setting number of visitors last year. Here are the places that saw the biggest crowds in 2024.

The quest for better sleep
If Daylight Saving Time has you groggy today, maybe you need to up your pre-sleep routine. “Sleepmaxxing” is the latest trend to get better rest, but some of the tips are questionable. Here’s what experts suggest.

PHOTOS OF THE DAY

Maloja, Switzerland
Skiers in the Engadin Skimarathon, a 42km cross-country event that attracts 14,000 participants
Photograph: Peter Klaunzer/AP

Falkirk, UK
Louise Marshall, known as Scotland’s national piper, plays at the sculpture The Kelpies in Falkirk ahead of International Bagpipe Day on 10 March
Photograph: Jane Barlow/PA

​​​​​​​Tunceli, Turkey
A pair of storks in their nest on top of an electricity pole in the Pertek district. The storks have made the precarious perch their home for the past six years and have not migrated
Photograph: Anadolu/Getty Images
Market Closes for March 10^th, 2025

Market Index	Close	Change
Dow Jones	41911.71	-890.01
		-2.08%
S&P 500	5614.56	-155.64
		-2.70%
NASDAQ	17468.32	-727.90
		-4.00%
TSX	24380.71	-378.05
		-1.53%

International Markets

Market Index	Close	Change
NIKKEI	37028.27	+141.10
		+0.38%
HANG SENG	23783.49	-447.81
		-1.85%
SENSEX	74115.17	-217.41
		-0.29%
FTSE 100*	8600.22	-79.66
		-0.92%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.982	3.033
CND. 30 Year Bond	3.236	3.262
U.S. 10 Year Bond	4.1922	4.3011
U.S. 30 Year Bond	4.5252	4.5978

Currencies

BOC Close	Today	Previous
Canadian $	0.6932	0.6956
US $	1.4426	1.4375

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5644	0.6392
US $	1.0844	0.9221

Commodities

Gold	Close	Previous
London Gold Fix	2931.15	2922.20
Oil
WTI Crude Future	66.03	67.04

Market Commentary:
The authority of a thousand is not worth the humble reasoning of a single individual. -Galileo Galilei, 1564-1642.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.5% at 24,380.71 in Toronto.
The index dropped to the lowest closing level since Nov. 4 after the previous session’s increase of 0.7%.
Today, financials stocks led the market lower, as 8 of 11 sectors lost; 178 of 220 shares fell, while 42 rose.
Shopify Inc. contributed the most to the index decline, decreasing 6.9%.
Whitecap Resources Inc. had the largest drop, falling 14.6%.
Insights
* In the past year, the index had a similar or greater loss six times. The next day, it declined four times for an average 1.4% and advanced twice for an average 1%
* This quarter, the index fell 1.4%, heading for the biggest decline since the third quarter of 2023
* The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 8.9% in the same period
* The S&P/TSX Composite is 5.8% below its 52-week high on Jan. 30, 2025 and 13.6% above its low on June 17, 2024
* The S&P/TSX Composite is down 2.5% in the past 5 days and fell 5% 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 14.9 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 rose to 14.65% compared with 14.11% in the previous session and the average of 11.76% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -126.2797| -1.6| 0/25
Information Technology| -118.4240| -4.8| 0/10
Materials | -83.0055| -2.6| 1/48
Industrials | -61.5729| -2.0| 6/22
Real Estate | -9.8533| -2.1| 2/18
Consumer Staples | -8.2974| -0.9| 4/6
Consumer Discretionary| -8.1914| -1.0| 2/9
Health Care | -0.3906| -0.6| 2/2
Utilities | 3.3822| 0.4| 6/9
Communication Services| 9.1856| 1.5| 4/1
Energy | 25.3987| 0.6| 15/28
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -84.3500| -6.9| 40.5| -12.5
Canadian Pacific Kansas | -27.9400| -3.8| 65.1| 3.1
Brookfield Corp | -22.2200| -3.0| 68.9| -12.1
Pembina Pipeline | 5.0470| 2.3| 175.0| 4.7
TC Energy | 5.9670| 1.2| 149.5| -0.4
Enbridge | 19.0900| 2.1| 11.0| 1.0
US
By Rita Nazareth
(Bloomberg) — Anxiety that tariffs and government firings will torpedo growth in the world’s largest economy extended a three-week stretch of volatility across global markets.
American stocks got hammered as Wall Street tempered bullish views while demand for recession havens boosted sovereign bonds.
A selloff in the S&P 500’s most influential group — big tech — weighed heavily on trading.
The gauge extended its plunge from a record to 8.6% while the Nasdaq 100 saw its worst plunge since 2022.
A gauge of the Magnificent Seven mega caps tumbled 5.4%.
Treasury yields slid on bets that an economic slowdown would force the Federal Reserve to slash interest rates.
Bitcoin slipped below $80,000.
Speculation is intensifying that President Donald Trump is willing to tolerate hardship in the economy and markets in pursuit of long-term goals involving tariffs and smaller government.
Asked on Fox News’ Sunday Morning Futures whether he’s expecting a recession, he said, “I hate to predict things like that. There is a period of transition, because what we’re doing is very big.”
“We’ve gone from animal spirits to what are the odds of a recession,” said Gina Bolvin, president of Bolvin Wealth Management Group.
“This is a headline-driven market; one that could change in an hour. Sit tight. Buckle up. We finally have the correction we were waiting for, and long-term investors will be rewarded again.”
Traders also kept a close eye on something that hasn’t happened with the US equity benchmark since November 2023 – a close below the key 200-day moving average.
“There’s a saying on Wall Street about how nothing good happens below the 200-day moving average,” said Callie Cox at Ritholtz Wealth Management.
“Honestly, out of all the crazy sayings that come out of this industry, it’s one you should take seriously. Selloffs accelerate and swings get dramatically bigger in the danger zone – or the space below the 200-day moving average.”
The S&P 500 dropped 2.7%.
The Nasdaq 100 lost 3.8%.
In the mega cap space, Tesla Inc. sank 15% while Nvidia Corp. drove a closely watched gauge of chipmakers toward the lowest since April.
The Dow Jones Industrial Average lost 2.1%.
The yield on 10-year Treasuries slid eight basis points to 4.22%.
The dollar rose 0.2%.
About 10 high-grade companies delayed US corporate bond sales on Monday.
West Texas Intermediate dipped to trade below $66 a barrel, down more than 15% from its mid-January peak.
“I’ll also note that many of the biggest selloffs we’ve seen in the stock market have started with growth scares and job market worries,” said Cox.
“Considering the disappointing data we’ve seen over the past few days, I’d be a little more cautious here if your timeframe is a matter of days, weeks or months. Get defensive and hug your value stocks. Prioritize portfolio balance.”
The latest moves mark an abrupt about-face for markets, where the dominant driver of the last few years had been the surprising resilience of the US economy even as growth weakened overseas.
That’s shaking the aura of economic and market exceptionalism that has dominated for more than a decade.
“This is a period of high uncertainty on a global macro scale – and as a result, we continue to see de-risking in US stocks,” said Dan Wantrobski at Janney Montgomery Scott.
“Added to the potential geopolitical disruptors are the ongoing narratives of inflation, growth, and now potential recession (exacerbated by tariff wars) in the US.”
The talk of tariffs is in a lot of ways worse than the implementation of them, according to David Bahnsen, chief investment officer at The Bahnsen Group, “I do not believe the administration knows how the tariff situation will play out, but if I were a betting man, I would say that it will persist long enough to do damage to economic activity for at least a quarter or two, and ultimately result in a deal with different countries that make everyone wonder why we went through all the fuss,” Bahnsen said.
He also noted that if a tax cut extension and further tax reform bill is passed through budget reconciliation sooner than later, that will help “offset the damage.”
A chorus of Wall Street strategists is warning about higher stock volatility, with Morgan Stanley’s Michael Wilson the latest to sound the alarm on economic growth worries.
Other market forecasters including at JPMorgan Chase & Co. and RBC Capital Markets have also tempered bullish calls for 2025 as Trump’s tariffs stoke fears of slowing economic growth.
“There are always multiple forces at work in the market, but right now, almost all of them are taking a back seat to tariffs,” said Chris Larkin at E*TRADE from Morgan Stanley.
“Until there’s more clarity on trade policy, traders and investors should anticipate continued volatility.”
To Sam Stovall at CFRA, how long this period of investor caution persists depends on how quickly it will take the global trade clouds, and the resulting threat of recession, to dissipate.
“Markets continue to prove sensitive to trade policy, as considerable uncertainty remains over the size and scope of tariffs to be implemented,” said Jason Pride and Michael Reynolds at Glenmede.
“Just as important may be how long the tariffs stay on. Are they temporary in order to extract concessions, or are they a new permanent fixture of US trade policy?”
From rookie retail traders to hedge fund pros, no one knows what the eventual cost of Trump’s sweeping policies really are.
His pro-growth plans were tax cuts, deregulation and energy dominance.
Tariffs were supposed to bring manufacturing back to the US and create jobs. But so far there’s little evidence of that.
All of this has mom-and-pop investors spooked.
For the first time since 2022, the majority of individual investors say they believe stock prices will drop over the next six months, according to a survey by the American Association of Individual Investors.
Fewer than 20% say they expect prices to rise over that period.
“Here again we would reiterate that despite sentiment indicators like the AAII bull/bears numbers showing excessive bearishness from retail (newsletter writers), actual positioning of both Main Street and institutional investors remains skewed toward long equities,” said Wantrobski.
“ This implies that there could be more firepower to unwind if our unstable macro landscape persists in the coming weeks/months.”
Mark Hackett at Nationwide says he has greater confidence that we are near a bottom rather than on the cusp of a new wave of selling.
“We do need to keep an eye on the pessimistic scenario though, where labor market fears and consumer pullbacks could lead to stagflation, but the proof will be in the datapoints that come out over the next few weeks,” he noted.
“If key risks like the debt ceiling, government shutdown, and tariffs resolve in a better-than-worst-case scenario, and economic data remains stable, we could see a recovery follow this selloff.”
Selling pressure coming from so-called systematic funds, which take cues from the market direction rather than fundamentals, could soon ebb, according to Goldman Sachs Group Inc.’s trading desk.
Meanwhile, TD Securities and Citigroup Inc. say it’s already happening.
The actions of this set of quick-twitch, algorithm-driven investors is important because their aggressive offloading of shares has been a headwind contributing to the market’s tumble of late.
TD says that selling across systematic funds may already have peaked, with commodity trading advisers, or CTAs, capitulating on the majority of their long positions. 

Key events this week:
* Japan GDP, household spending, money stock, Tuesday
* US job openings, Tuesday
* Canada rate decision, Wednesday
* US CPI, Wednesday
* Eurozone industrial production, Thursday
* US PPI, initial jobless claims, Thursday
* US University of Michigan consumer sentiment, Friday?

Some of the main moves in markets:
Stocks
* The S&P 500 fell 2.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 3.8%
* The Dow Jones Industrial Average fell 2.1%
* The MSCI World Index fell 2.4%
* Bloomberg Magnificent 7 Total Return Index fell 5.4%
* The Russell 2000 Index fell 2.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro was little changed at $1.0831
* The British pound fell 0.3% to $1.2876
* The Japanese yen rose 0.5% to 147.29 per dollar
Cryptocurrencies
* Bitcoin fell 5% to $78,902.7
* Ether fell 8.8% to $1,866.6
Bonds
* The yield on 10-year Treasuries declined eight basis points to 4.22%
* Germany’s 10-year yield was little changed at 2.83%
* Britain’s 10-year yield was little changed at 4.64%
Commodities
* West Texas Intermediate crude fell 1.6% to $65.97 a barrel
* Spot gold fell 0.8% to $2,884.98 an ounce

–With assistance from Sujata Rao and Catherine Bosley.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Success is peace of mind which is a direct result of self-satisfaction in knowing you did your best to become the best you are capable of becoming. –John Wooden, 1910-2010.

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

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.

March 7, 1869: Suez Canal opens.
March 7, 1876: Alexander Graham receives a patent for the telephone.  Go to article.
March 7, 1933: Monopoly invented.

Love it or hate it, it’s almost Daylight Saving Time
Clocks will move forward by an hour at 2 a.m. this Sunday for Daylight Saving Time. Watch this video to learn why the US started changing the clock.

Pilot walks out of cockpit to reassure passengers
A Delta Air Lines captain took a moment to reassure passengers as a slew of aviation incidents has made some flyers nervous. Watch the video here.

What music does King Charles listen to?
The Apple Music playlist of Britain’s 76-year-old monarch surprisingly includes reggae star Bob Marley, pop diva Kylie Minogue and genre-bending artist RAYE.

Tecno unveils the ‘world’s thinnest phone’
The Chinese technology company unveiled its new concept smartphone, which apparently is just 5.75 mm thick.

Walgreens is going private in an up to $24 billion deal
The drugstore chain is ending nearly 100 years as a publicly traded company. Read about the deal.

Unproven Einstein theory of ‘gravitational memory’ may be real after all, new study hints
Einstein’s theory of general relativity suggests that the “memory” of ancient events, such as black hole mergers, may be etched into the fabric of space-time by gravitational waves. New research shows how this theory of gravitational memory could finally be proven. Read More.

2,600-year-old jewelry stash from ancient Egypt includes gold statuette depicting family of gods
Archaeologists have found a hoard of 2,600-year-old jewelry at Karnak Temple in Egypt. Read More.

‘This doesn’t appear in computer simulations’: Hubble maps chaotic history of Andromeda galaxy, and it’s nothing like scientists expected
An ambitious new survey by the Hubble Space Telescope offers the first bird’s-eye view of all known dwarf galaxies orbiting the Andromeda galaxy. The data suggests Andromeda had a chaotic past unlike anything scientists expected. Read More.

Golden scaleless cave fish discovered in China shows evolution in action
The discovery of a golden scaleless fish in China is helping scientists understand how animals evolved to live in caves. Read More.

PHOTOS OF THE DAY

Bangkok, Thailand
The sun sets behind the Giant Swing, also known as Sao Chingcha
Photograph: Athit Perawongmetha/Reuters

A gazelle goes past a pack of beisa oryx at Lewa wildlife conservancy, northern Kenya
Photograph: Andrew Kasuku/AP

​​​​​​​Flamingos at Lake Van Basin in Van, Turkey
Photograph: Anadolu/Getty Images
Market Closes for March 7^th, 2025

Market Index	Close	Change
Dow Jones	42801.72	+222.64
		+0.52%
S&P 500	5770.20	+31.368
		+0.55%
NASDAQ	18196.22	+126.96
		+0.70%
TSX	24758.76	+174.72
		+0.71%

International Markets

Market Index	Close	Change
NIKKEI	36887.17	-817.76
		-2.17%
HANG SENG	24231.30	-138.41
		-0.57%
SENSEX	74332.58	-7.51
		-0.01%
FTSE 100*	8679.88	-2.96
		-0.03%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.033	3.068
CND. 30 Year Bond	3.262	3.300
U.S. 10 Year Bond	4.3011	4.2784
U.S. 30 Year Bond	4.5978	4.5786

BOC Close	Today	Previous
Canadian $	0.6956	0.6998
US $	1.4375	1.4290

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5574	0.6421
US $	1.0835	0.9230

Commodities

Gold	Close	Previous
London Gold Fix	2922.20	2913.25
Oil
WTI Crude Future	67.04	66.31

Market Commentary:
The thing you do obsessively between the age 13 and 18, that’s the thing you have the most chance of being world-class at. -William H. Gates, b. 1955,  Microsoft founder, Charlie Rose interview 2/22/2016.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.7% at 24,758.76 in Toronto.
The move follows the previous session’s decrease of 1.2%.
Royal Bank of Canada contributed the most to the index gain, increasing 1.2%.
MDA Space Ltd. had the largest increase, rising 17.7%.
Today, 157 of 220 shares rose, while 61 fell; 8 of 11 sectors were higher, led by energy stocks.
Insights
* This quarter, the index was little changed
* So far this week, the index fell 2.5%, heading for the biggest decline since the week ended Dec. 20
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 11% 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 18.3 on a trailing basis and 14.9 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$3.97t
* 30-day price volatility rose to 14.11% compared with 13.91% in the previous session and the average of 11.57% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 65.9636| 1.7| 35/8
Financials | 44.5605| 0.6| 16/9
Materials | 19.9652| 0.6| 33/16
Industrials | 17.9214| 0.6| 16/11
Utilities | 14.3812| 1.5| 11/4
Consumer Discretionary | 11.8461| 1.4| 9/2
Communication Services | 8.9247| 1.4| 5/0
Real Estate | 0.6801| 0.1| 15/4
Health Care | -0.4145| -0.6| 2/2
Information Technology | -4.4935| -0.2| 8/2
Consumer Staples | -4.6027| -0.5| 7/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | 19.5500| 1.2| -9.6| -4.6
Suncor | 14.5400| 3.3| 53.2| 0.2
Enbridge | 13.1300| 1.4| -34.2| -1.0
Brookfield Asset Management | -5.5040| -2.9| 32.8| -10.4
Couche-Tard | -7.1400| -1.8| -6.9| -8.7
Shopify | -23.7200| -1.9| 55.7| -6.0
US
By Rita Nazareth
(Bloomberg) — A roller-coaster week for markets ended on that same note, with stocks whipsawing as traders tried to make sense of a myriad of headlines around the economy, tariffs and geopolitical developments.
Just minutes after a slide that drove the S&P 500 down over 1%, the gauge staged an “oversold bounce” as Federal Reserve Chair Jerome Powell said the economy is fine.
The Nasdaq 100 briefly breached the threshold of a correction.
Bonds fell.
In the first signal of a positive response from President Vladimir Putin to US counterpart Donald Trump’s call for a ceasefire, Russia was said to be willing to discuss a temporary truce in Ukraine.
The dollar saw its worst week since November 2022.
“What I do know is that volatility seems like the only thing that is certain at the moment,” said Kenny Polcari at SlateStone Wealth.
“Investors should make sure they understand that and are prepared for what that means. So, make sure you are well diversified for this ride.”
It’s been a whirlwind of a week for markets as tariffs hit a fever pitch, sending the S&P 500 into a tailspin that briefly drove it below it below a closely watched technical level: its 200-day moving average.
While the gauge saw a late-week rebound, it still ended with its worst weekly selloff since September.
Wall Street also kept an eye on the latest economic data.
US job growth steadied last month while the unemployment rate rose — a mixed snapshot of a market hanging on the balance of quickly changing government policy.
Nonfarm payrolls increased 151,000 in February after a downward revision to the prior month.
The unemployment rate rose to 4.1%.
“We are not putting much stock in the jobs report at the moment,” said Byron Anderson at Laffer Tengler Investments.
“Today’s data was mixed at best, but we still have no clarity on the economy moving forward. Markets, businesses, and consumers do not like uncertainty and that means increased volatility.”

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World Index rose 0.2%
* Bloomberg Magnificent 7 Total Return Index rose 0.3%
* The Russell 2000 Index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.6% to $1.0847
* The British pound rose 0.3% to $1.2925
* The Japanese yen was little changed at 147.95 per dollar
Cryptocurrencies
* Bitcoin fell 3.2% to $86,999.49
* Ether fell 2.5% to $2,157.75
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.31%
* Germany’s 10-year yield was little changed at 2.84%
* Britain’s 10-year yield declined two basis points to 4.64%
Commodities
* West Texas Intermediate crude rose 1% to $67.04 a barrel
* Spot gold was little changed

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Alexandra Semenova and Sujata Rao.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann
So live your life that the fear of death can never enter your heart. -Tecumseh, 1768-1813.

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:
Carolann is away from the office for a Bloomberg Invest Conference “Unlocking Opportunity Across Markets” in New York, I will be writing the newsletter on her behalf.

March 6, 1834: The former town of York was incorporated on March 6, 1834, reverting to the name Toronto to distinguish it from New York City.
March 6, 1865: US President Abraham Lincoln’s Second Inaugural Ball
March 6, 1899: The Bayer company officially registered the trademark for Aspirin
March 6, 1912: Oreo sandwich cookies were first introduced by the National Biscuit Co., which later became Nabisco. Go to article
March 6, 1964: Boxing legend Cassius Clay joins the Nation of Islam and changes his name to “Muhammad Ali,”

Powerful ‘equinox auroras’ may arrive soon: Why changing seasons can bring the best northern lights
Expect an uptick in aurora sightings near the spring equinox on March 20, as celestial geometry swings in favor of geomagnetic disturbances.

‘Planet parade’ ends with a rare conjunction of Venus and Mercury at sunset. Here’s how to watch.
The two innermost planets, Venus and Mercury, will shine together low in the western sky at sunset on March 10. Here’s how to get the best view before they disappear.

2,400-year-old puppets with ‘dramatic facial expression’ discovered atop pyramid in El Salvador
These striking puppets suggest that Indigenous people in what is now El Salvador had rituals that were more connected to the rest of Central American culture than previously thought.

Scientists realize ‘Viking’ shipwreck is something else entirely
A more than 500-year-old shipwreck off the coast of Sweden isn’t a Viking vessel after all, scientists have found.

Scientists discover simpler way to achieve Einstein’s ‘spooky action at a distance’ thanks to AI breakthrough — bringing quantum internet closer to reality
AI has helped physicists discover a simpler way of achieving quantum entanglement. This finding could make it easier to develop quantum communication technologies.

‘Queen of icebergs’ A23a grounds off South Atlantic wildlife haven
The world’s largest iceberg has run aground just off the coast of South Georgia. But what does this mean for the wildlife there?

Poll: Should we bring back woolly mammoths?
Colossal scientists just created “woolly mice” in another step towards their ultimate goal of resurrecting woolly mammoths. But should we be tinkering with extinct species? Take our poll and have your say.

PHOTOS OF THE DAY

Istanbul, Turkey
A view of the half moon over the Sultan Ahmed Mosque last night
Photograph: Isa Terli/Anadolu/Getty Images

Dresden, Germany
A member of the media visits the exhibition Space by German photographer Wolfgang Tillmans at the Albertinum
Photograph: Jens Schlueter/AFP/Getty Images

Northumberland, UK
The Milky Way in a spectacular display over Bamburgh Lighthouse in the early hours
Photograph: Owen Humphreys/PA
Market Closes for March 6^th, 2025

Market Index	Close	Change
Dow Jones	42579.08	-427.51
		-0.99%
S&P 500	5738.52	-104.11
		-1.78%
NASDAQ	18069.26	-483.47
		-2.61%
TSX	24584.04	-286.78
		-1.15%

International Markets

Market Index	Close	Change
NIKKEI	37704.93	+286.69
		+0.77%
HANG SENG	24369.71	+775.50
		+3.29%
SENSEX	74340.09	+609.86
		+0.83%
FTSE 100*	8682.84	-73.00
		-0.83%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.068	2.971
CND. 30 Year Bond	3.300	3.198
U.S. 10 Year Bond	4.2784	4.2785
U.S. 30 Year Bond	4.5786	4.5719

Currencies

BOC Close	Today	Previous
Canadian $	0.6998	0.6977
US $	1.4290	1.4333

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5423	0.6484
US $	1.0793	0.9266

Commodities

Gold	Close	Previous
London Gold Fix	2913.25	2905.90
Oil
WTI Crude Future	66.31	68.26

Market Commentary:
📈
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.2% at 24,584.04 in Toronto.
The move follows the previous session’s increase of 1.2%.
Today, financials stocks led the market lower, as 8 of 11 sectors lost; 157 of 220 shares fell, while 62 rose.
Shopify Inc. contributed the most to the index decline, decreasing 3.6%.
Aecon Group Inc. had the largest drop, falling 16.1%.
Insights
* In the past year, the index had a similar or greater loss 12 times. The next day, it declined seven times for an average 1% and advanced five times for an average 0.5%
* This quarter, the index fell 0.6%
* So far this week, the index fell 3.2%, heading for the biggest decline since the week ended Sept. 22
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 12% in the same period
* The S&P/TSX Composite is 5% below its 52-week high on Jan. 30, 2025 and 14.5% above its low on June 17, 2024
* The S&P/TSX Composite is down 2.2% in the past 5 days and fell3.7% 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 14.9 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$4.01t
* 30-day price volatility rose to 13.91% compared with 13.63% in the previous session and the average of 11.41% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -139.9480| -1.7| 3/22
Information Technology| -81.5141| -3.2| 1/9
Materials | -35.2262| -1.1| 12/37
Energy | -30.4650| -0.8| 17/26
Utilities | -18.6490| -1.9| 2/13
Industrials | -9.8252| -0.3| 9/19
Real Estate | -6.4724| -1.3| 1/18
Health Care | -1.0490| -1.5| 1/3
Consumer Discretionary| 5.4923| 0.7| 7/4
Communication Services| 10.5015| 1.7| 4/1
Consumer Staples | 20.3777| 2.2| 5/5
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -47.0200| -3.6| 33.1| -4.2
Brookfield Corp | -40.4200| -5.1| 112.4| -9.0
Enbridge | -22.7500| -2.4| -41.1| -2.4
Canadian National | 8.6510| 1.6| 23.4| -0.1
Canadian Pacific Kansas | 12.7000| 1.8| 39.6| 7.7
Couche-Tard | 14.9900| 3.9| 40.6| -7.1
US
By Rita Nazareth
(Bloomberg) — Wall Street traders continued to navigate intense, quick and sharp market swings amid a slew of tariff headlines, with stocks getting pummeled after almost wiping out their losses.
The S&P 500 slid 1.8% and the Nasdaq 100 sank 2.8%, with the tech-heavy gauge on the brink of a technical correction.
Sentiment was so fragile that equities failed to stage a rebound even after President Donald Trump’s decision to delay levies on Mexican and Canadian goods covered by the North American trade deal.
The dollar saw its longest losing streak since September, while the peso and the loonie rose.
Treasury trading was fairly muted.
The new chapter on the trade war was unveiled days after the US announced its largest tariff increase in a century.
Trump argued that foreign countries are “ripping us off” and that tariffs would put the US on a stronger footing.
When asked for his thoughts on the stock selloff, he told reporters that “it’s globalists who see how rich our country is going to be and they don’t like it.”
“Volatility seems like the only certainty as policies are implemented, challenged, modified, then often re-implemented,” said Chris Low at FHN Financial.
A slide in tech shares dragged down the market, with Nvidia Corp. leading losses in megacaps.
In late hours, Broadcom Inc. gave an upbeat revenue forecast, reassuring investors that spending on artificial-intelligence computing remains healthy.
Hewlett Packard Enterprise Co. issued a weak profit outlook and announced plans to eliminate about 3,000 jobs.
Just 24 hours ahead of the US payrolls report, data showed jobless claims fell, offering some relief after other figures pointed to a worsening labor-market.
The employment print is expected to show a pick in job growth.
Treasury Secretary Scott Bessent rejected the idea that tariff hikes will ignite a new wave of inflation.
Separately, Federal Reserve Governor Christopher Waller repeated his assessment that the impact on prices from tariffs likely won’t be significant.
While he wouldn’t support lowering rates in March, Waller sees room to cut two, or possibly three, times this year.
The S&P 500 hovered near its closely watched 200-day moving average.
The Dow Jones Industrial Average fell 1%.
A gauge of the Magnificent Seven megacaps sank 2.9%.
The Russell 2000 slid 1.6%.
The yield on 10-year Treasuries rose one basis point to 4.29%.
A dollar gauge dropped 0.1%.
“Right now, trade policy is dominating market action,” said Chris Larkin at E*Trade from Morgan Stanley.
“Until the tariff smoke clears, it could continue to be a bumpy ride for traders and investors.”
To Steve Chiavarone of Federated Hermes, the market “isn’t really forgiving” at this stage.
“At the end of the day, we think we are just in a period of max uncertainty and a bit of an economic soft patch,” he noted.
“That said, we think this gives way to a much better second half.”
The recent rout in the S&P 500 is finally giving one group its chance to shine.
Low-volatility stocks are outperforming the overall market and living up to expectations of doing well when things sour.
After two underwhelming years, it has become the best-performing investment theme in 2025, among 13 tracked by Bloomberg Intelligence.
While the S&P 500 sinks from a record, two of the largest low-volatility exchange-traded funds — the Invesco S&P 500 Low- Volatility ETF (SPLV) and the MSCI USA Min-Vol Factor ETF (USMV) — are clocking their best relative performances in a few years.
All that is happening as traders gear up for Friday’s jobs data.
Payrolls rose by 160,000 in February, a slight improvement from the 143,000 increase a month earlier yet softer than during the final months of 2024, according to the median projection of economists surveyed by Bloomberg.
The unemployment rate is seen holding at 4%.
A survey conducted by 22V Research shows 84% of the investors we polled are watching payrolls closer than normal.
Some 53% of survey respondents think Friday’s data will be “risk-off,” 28% “risk-on” and 19% “mixed/negligible.”
“Investors have turned their focus back to payrolls this month after being more focused on average hourly earnings last month,” said Dennis DeBusschere, founder of 22V.

Corporate Highlights:
* The Republican-led House Judiciary Committee subpoenaed Alphabet Inc. and its CEO Sundar Pichai as part of its ongoing investigation into the biggest tech companies’ relationships with the Biden administration.
* OpenAI and Oracle Corp. plan to begin filling a massive new data center in Texas with tens of thousands of powerful AI chips from Nvidia Corp. in the coming months, part of a push to get the first facility for their $100 billion Stargate infrastructure venture up and running.
* Boeing Co. Chief Executive Officer Kelly Ortberg told employees that tariffs imposed by President Donald Trump risk driving up costs, highlighting the fragility of a finely tuned supply-chain network that now faces disruption.
* Macy’s Inc. is the latest retailer to post better-than- expected results only to issue a downbeat annual outlook for sales and profit, citing “external uncertainties.”
* Kroger Co. forecast higher-than-expected sales guidance, seeking to pacify concerns as questions linger about its chief executive officer’s abrupt exit.
* Alibaba Group Holding Ltd. took the wraps off a model that it claims performs as well as DeepSeek with just a fraction of the data required.

Key events this week:
* Eurozone GDP, Friday
* US jobs report, Friday
* Fed Chair Jerome Powell gives keynote speech at an event in New York hosted by University of Chicago Booth School of Business, Friday
* Fed’s John Williams, Michelle Bowman and Adriana Kugler speak, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.8%
* The Dow Jones Industrial Average fell 1%
* The MSCI World Index fell 1.3%
* Bloomberg Magnificent 7 Total Return Index fell 2.9%
* The Russell 2000 Index fell 1.6%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.0787
* The British pound fell 0.1% to $1.2878
* The Japanese yen rose 0.7% to 147.82 per dollar
Cryptocurrencies
* Bitcoin fell 1.5% to $88,990.84
* Ether fell 1.6% to $2,199.76
Bonds
* The yield on 10-year Treasuries advanced one basis point to 4.29%
* Germany’s 10-year yield advanced four basis points to 2.83%
* Britain’s 10-year yield declined two basis points to 4.66%
Commodities
* West Texas Intermediate crude fell 0.1% to $66.24 a barrel
* Spot gold fell 0.3% to $2,910.55 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee, Margaryta Kirakosian, Julien Ponthus, Sujata Rao and Divya Patil.

Have a wonderful evening everyone.

Be magnificent!
As ever,

Shab
“Creativity is a habit, and the best creativity is a result of good work habits.” — Twyla Tharp

Shab Mohammadpour
Assistant to Carolann Steinhoff
Queensbury Securities Inc.
340A – 730 View Street
Victoria BC  V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828

Dear Friends,

Tangents:
Carolann is away from the office for a Bloomberg Invest Conference “Unlocking Opportunity Across Markets” in New York, I will be writing the newsletter on her behalf.

March 5, 1046: Persian scholar Naser Khosrow begins a seven-year Middle Eastern journey, which he later describes in his book “Safarnama”
March 5, 1844:George Brown starts publishing The Toronto Globe
March 5, 2004: Martha Stewart was convicted of obstructing justice and lying to the government about why she’d unloaded her Imclone Systems Inc. stock just before the price plummeted.  Go to article

Earth from space: Giant, pyramid-like ‘star dunes’ slowly wander across Moroccan desert
This 2023 astronaut photo shows a series of slowly moving “star dunes” in the Erg Chebbi region of Morocco. Most of these massive structures are likely several centuries old.

Spectacular photo taken from ISS shows ‘gigantic jet’ of upward-shooting lightning towering 50 miles over New Orleans
A newly unveiled astronaut photo shows a “gigantic jet” shooting upward from a thunderstorm above Louisiana in November 2024.

‘Primordial’ helium from the birth of the solar system may be stuck in Earth’s core
The discovery that helium and iron can mix at the temperatures and pressures found at the center of Earth could settle a long-standing debate over how our planet formed.

Ancient Egyptian city of Alexandria — the birthplace of Cleopatra — is crumbling into the sea at an unprecedented rate
Coastal erosion from rising sea levels has led to the collapse of 280 buildings across Alexandria, Egypt, over the past two decades.

125 million-year-old fossil of giant venomous scorpion that lived alongside dinosaurs discovered in China
Extremely rare fossil of an ancient scorpion unearthed at China’s Jehol Biota. The scorpion would’ve been a key species in the Cretaceous ecosystem, scientists say.

Hoard of silver Roman coins found in UK — and some date to reign of Marcus Aurelius
The silver coins were minted over a period of more than 200 years, suggesting that Roman currency at this time was relatively stable.

PHOTOS OF THE DAY

Nuuk, Greenland
A woman walks with her dogs through the snow on a beach
Photograph: Evgeniy Maloletka/AP

Antarctica
Humpback whales photographed by researchers on the ninth National Antarctic Science Expedition led by the Turkish Polar Research Institute
Photograph: Sebnem Coskun/Anadolu/Getty Images

​​​​​​​Gold Coast, Australia
People take photos at Snapper Rocks as a tropical cyclone is expected to hit part of the Australian coast for the first time in more than 50 years
Photograph: Jason O’Brien/AAP
Market Closes for March 5^th, 2025

Market Index	Close	Change
Dow Jones	43006.59	+485.60
		+1.14%
S&P 500	5842.63	+64.48
		+1.12%
NASDAQ	18552.73	+267.57
		+1.46%
TSX	24870.82	+298.82
		+1.22%

International Markets

Market Index	Close	Change
NIKKEI	37418.24	+87.06
		+0.23%
HANG SENG	23594.21	+652.44
		+2.84%
SENSEX	73730.23	+740.30
		+1.01%
FTSE 100*	8755.84	-3.16
		-0.04%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.971	2.938
CND. 30 Year Bond	3.198	3.181
U.S. 10 Year Bond	4.2785	4.2442
U.S. 30 Year Bond	4.5719	4.5376

Currencies

BOC Close	Today	Previous
Canadian $	0.6977	0.6937
US $	1.4333	1.4416

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5468	0.6465
US $	1.0791	0.9267

Commodities

Gold	Close	Previous
London Gold Fix	2905.90	2880.70
Oil
WTI Crude Future	68.26	68.26

Market Commentary:
📈 On this day in 1923, Montana’s Old-Age Pension Law—the first state law that provides retirement pensions and stands up to constitutional challenges—is enacted, setting a key precedent for the creation of Social Security a decade later.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.2% at 24,870.82 in Toronto.
The move was the biggest since rising 1.3% on Jan. 30 and follows the previous session’s decrease of 1.7%.
Today, materials stocks led the market higher, as 10 of 11 sectors gained; 173 of 220 shares rose, while 47 fell.
Shopify Inc. contributed the most to the index gain, increasing 3.4%. Ivanhoe Mines Ltd. had the largest increase, rising 12.8%.
Insights
* In the past year, the index had a similar or greater gain eight times. The next day, it advanced five times for an average 0.3% and declined three times for an average 1%
* This quarter, the index rose 0.6%
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 3.9% below its 52-week high on Jan. 30, 2025 and 15.9% above its low on June 17, 2024
* The S&P/TSX Composite is down 1.8% in the past 5 days and fell 2.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.2 on a trailing basis and 15 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$3.97t
* 30-day price volatility rose to 13.63% compared with 13.07% in the previous session and the average of 11.26% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 104.3134| 3.4| 45/4
Information Technology | 62.5232| 2.5| 10/0
Financials | 55.6287| 0.7| 22/3
Industrials | 37.5292| 1.2| 24/4
Consumer Discretionary | 15.0078| 1.8| 9/2
Consumer Staples | 10.6994| 1.1| 9/1
Energy | 9.7416| 0.2| 22/21
Real Estate | 3.6721| 0.8| 18/2
Health Care | 0.1682| 0.2| 2/2
Utilities | 0.0982| 0.0| 9/6
Communication Services | -0.5669| -0.1| 3/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 41.9200| 3.4| 30.0| -0.5
RBC | 25.2000| 1.6| -0.8| -4.5
Canadian Pacific | | | |
Kansas | 17.5400| 2.5| 1.8| 5.9
Waste Connections | -6.5140| -1.3| 84.1| 10.5
Bank of Montreal | -8.0820| -1.1| 15.3| 2.2
Suncor | -13.9300| -3.1| 67.2| -4.0
US
By Rita Nazareth
(Bloomberg) — A late-session runup in US stocks capped another volatile day for global markets, a session that also featured extreme moves in European bonds and equities.
Geopolitical news dominated sentiment once again, including a delay in the imposition of auto tariffs in Canada and Mexico by the White House.
Wall Street remained focused on the latest developments around trade negotiations and how that could impact the economy and Federal Reserve decisions.
The S&P 500 rose over 1%, rebounding from a two-day slide.
Treasuries saw small losses in a stark contrast to the plunge in their European counterparts.
German bunds tumbled the most since 1990.
The dollar fell 1%.
Oil sank to the lowest in about six months.
The market has been on a wild ride, and traders expect more of that as they assess the latest tariff developments and brace for Friday’s US payrolls report.
Options trading projects the S&P 500 to move 1.3% in either direction, in what would be the most for any jobs day since the regional bank turmoil in March 2023.
The S&P 500 rose 1.1%.
The Nasdaq 100 added 1.4%.
The Dow Jones Industrial Average gained 1.1%.
The yield on 10-year Treasuries rose four basis points to 4.28%.
The dollar dropped against most major currencies.

Corporate Highlights:
* Marvell Technology Inc. issued a revenue forecast that fell short of the highest estimates, disappointing investors who were looking for a bigger payoff from the AI boom.
* Apple Inc. rolled out updated MacBook Air laptops and Mac Studio desktops, seeking to maintain a sales resurgence for the company’s computer line.
* Novo Nordisk A/S is following in rival Eli Lilly & Co.’s footsteps by selling its hit weight-loss drug Wegovy directly to US patients at a discount.
* Microsoft Corp.’s $13 billion investment into OpenAI Inc. was cleared by the UK’s antitrust watchdog, ending months of uncertainty over the tie-up.
* Abercrombie & Fitch Co. is struggling to meet investors’ lofty expectations. The retailer said revenue this year would grow 3% to 5%. Wall Street projected an average of $5.2 billion in annual sales, which would be a gain of about 5.5%.
* Foot Locker Inc., the struggling sneaker chain, faces limited direct exposure to new US-imposed tariffs, with executives calling their impact small to moderate.
* Oil refiner Phillips 66 is fighting back against activist investor Elliott Investment Management in a letter to shareholders Wednesday.

Key events this week:
* Eurozone retail sales, ECB rate decision, Thursday
* US trade, initial jobless claims, wholesale inventories, Thursday
* US Treasury Secretary Scott Bessent speaks, Thursday
* Fed’s Christopher Waller and Raphael Bostic speak, Thursday
* Eurozone GDP, Friday
* US jobs report, Friday
* Fed Chair Jerome Powell gives keynote speech at an event in New York hosted by University of Chicago Booth School of Business, Friday
* Fed’s John Williams, Michelle Bowman and Adriana Kugler speak, Friday

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 1.4%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World Index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index fell 1%
* The euro rose 1.6% to $1.0792
* The British pound rose 0.8% to $1.2899
* The Japanese yen rose 0.6% to 148.88 per dollar
Cryptocurrencies
* Bitcoin rose 3.3% to $90,367.57
* Ether rose 2.3% to $2,228.73
Bonds
* The yield on 10-year Treasuries advanced four basis points to 4.28%
* Germany’s 10-year yield advanced 30 basis points to 2.79%
* Britain’s 10-year yield advanced 15 basis points to 4.68%
Commodities
* West Texas Intermediate crude fell 2.7% to $66.45 a barrel
* Spot gold rose 0.1% to $2,921.24 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a wonderful evening everyone.

Be magnificent!
As ever,

Shab
” Making the simple complicated is commonplace; making the complicated simple, awesomely simple — that’s creativity.”– Charles Mingus

Shab Mohammadpour
Assistant to Carolann Steinhoff
Queensbury Securities Inc.
340A – 730 View Street
Victoria BC  V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828

Dear Friends,

Tangents:
Carolann is away from the office for a Bloomberg Invest Conference “Unlocking Opportunity Across Markets” in New York, I will be writing the newsletter on her behalf.

March 4, 1841: Longest US presidential inauguration speech (8,443 words) by William Henry Harrison
March 4, 1933, the start of President Roosevelt’s first administration brought with it the first woman to serve in the Cabinet: Labor Secretary Frances Perkins.
March 4, 1987: President Ronald Reagan addressed the nation on the Iran-Contra affair, acknowledging his overtures to Iran had “deteriorated” into an arms-for-hostages deal. Go to article

Sunrise on the moon captured by Blue Ghost spacecraft after NASA and Firefly Aerospace announce successful lunar landing
The Blue Ghost spacecraft has taken its first images of the lunar surface as Firefly Aerospace and NASA celebrate a successful moon landing.

‘Cosmic Horseshoe’ may contain black hole the size of 36 billion suns — one of the largest ever detected
The “Cosmic Horseshoe” is an Einstein ring, a system made up of a foreground galaxy whose mass is so great, it warps the light from a galaxy behind it. Now, astronomers know where it gets this mass from.

Fortifications older than the Great Wall of China discovered in Chinese mountain pass
A 2,800-year-old fortified wall has been found in a narrow mountain pass in China.

When did modern humans reach each of the 7 continents?
Ideas about the global dispersal of Homo sapiens have changed over time.

1,500-year-old skeleton found in chains in Jerusalem was a female ‘extreme ascetic’
Archaeologists were surprised that the skeleton of a person wrapped in heavy chains was female.

Why can’t you tickle yourself?
Why do we laugh when tickled but are unable to tickle ourselves? Neuroscience has the answer. Read More.

Daylight saving time 2025: When does the time change, and why?
Here’s a look at when the time changes this year, and why we change our clocks in the first place. Read More.

PHOTOS OF THE DAY

London, UK
Daffodils bloom in early spring sunshine, with the London Eye in the background
Photograph: Toby Melville/Reuters

London, UK
Deer make their way across Heron Pond at sunrise on a frosty spring morning in Bushy Park, south-west London
Photograph: Justin Tallis/AFP/Getty Images

Hakkâri, Turkey
A maintenance engineer fixes problems with an electricity pylon covered in snow and ice caused by harsh winter conditions.
Photograph: Anadolu/Getty Images
Market Closes for March 4, 2025

Market Index	Close	Change
Dow Jones	42520.99	-670.25
		-1.55%
S&P 500	5778.15	-71.57
		-1.22%
NASDAQ	18285.16	-65.03
		-0.35%
TSX	24572.00	-429.57
		-1.72%

International Markets

Market Index	Close	Change
NIKKEI	37331.18	-454.29
		-1.20%
HANG SENG	22941.77	-64.50
		-0.28%
SENSEX	72989.94	-96.00
		-0.13%
FTSE 100*	8759.00	-112.31
		-1.27%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.938	2.834
CND. 30 Year Bond	3.181	3.067
U.S. 10 Year Bond	4.2442	4.1551
U.S. 30 Year Bond	4.5376	4.4493

Currencies

BOC Close	Today	Previous
Canadian $	0.6937	0.6896
US $	1.4416	1.4502

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5308	0.6533
US $	1.0617	0.9418

Commodities

Gold	Close	Previous
London Gold Fix	2880.70	2834.55
Oil
WTI Crude Future	68.26	69.76

Market Commentary:
📈 On this day in 1957, Standard & Poor’s Corp. introduced a new stock index, which it initially called the “Standard ‘500’ Index.” Now known as the S&P 500, the index uses a “scientific weighting formula” that enables investors to measure the movement in the total value of most of America’s major stocks.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.7%, or 429.57 to 24,572.00 in Toronto.
The move was the biggest since falling 2.2% on Dec. 18.
Today, financials stocks led the market lower, as 9 of 11 sectors lost; 143 of 220 shares fell, while 71 rose.
Royal Bank of Canada contributed the most to the index decline, decreasing 3.9%.
Aritzia Inc. had the largest drop, falling 6.1%.
Insights
* In the past year, the index had a similar or greater loss two times. The next day, it declined after both occasions
* This quarter, the index fell 0.6%
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 12% in the same period
* The S&P/TSX Composite is 5% below its 52-week high on Jan. 30, 2025 and 14.5% above its low on June 17, 2024
* The S&P/TSX Composite is down 2.5% in the past 5 days and fell 2.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.2 on a trailing basis and 14.8 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$4.04t
* 30-day price volatility rose to 13.07% compared with 12.13% in the previous session and the average of 11.11% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -228.6179| -2.8| 5/20
Information Technology| -68.8686| -2.7| 4/6
Industrials | -55.6408| -1.8| 4/24
Energy | -48.1168| -1.2| 16/26
Materials | -8.5008| -0.3| 19/27
Consumer Discretionary| -8.4281| -1.0| 3/8
Utilities | -6.3161| -0.7| 4/10
Consumer Staples | -5.3964| -0.6| 0/10
Communication Services| -0.8786| -0.1| 2/3
Health Care | 0.0405| 0.1| 2/1
Real Estate | 1.1449| 0.2| 12/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | -64.8900| -3.9| 11.3| -5.9
Shopify | -62.1600| -4.7| 42.1| -3.8
Brookfield Corp | -44.3400| -5.4| 126.8| -6.1
Canadian Natural Resources | 3.4030| 0.6| 130.1| -12.2
Intact Financial | 3.7520| 1.1| -6.2| 10.1
Kinross Gold | 4.2230| 3.1| -6.0| 20.5
US
By Rita Nazareth
(Bloomberg) — Stocks climbed in late hours after US Commerce Secretary Howard Lutnick suggested that there may be some tariff relief after a selloff that shook markets around the globe.
Frantic moves lashed markets all day, both up and down, as sentiment shifted quickly amid uncertainty around Donald Trump’s trade war.
US shares were particularly volatile, first plunging, then recovering, and falling anew at session’s end.
After the close, word Trump was considering a compromise with Mexico and Canada sparked a late-day rally, with a $611 billion exchange-traded fund tracking the S&P 500 (SPY) signaling a rebound.
The US could announce a pathway for tariff relief on Mexican and Canadian goods covered by North America’s free trade agreement as soon as Wednesday, Lutnick told Fox Business.
He added that tariffs would likely land “somewhere in the middle,” with Trump “moving with the Canadians and Mexicans, but not all the way.”
From New York to London and Tokyo, equities sank Tuesday —with the S&P 500 returning to pre-election levels on concerns about the impacts of a trade war on the economy.
The US imposed the largest set of new tariffs in nearly a century, slapping levies on a broad swath of goods from China, Canada and Mexico that spurred swift reprisals.
The moves — before President Donald Trump’s address Tuesday night to Congress — mark a new phase in his broadening economic and diplomatic reset of America’s place in the world.
Treasury Secretary Scott Bessent projected confidence in the tariff plans — even as the stock market slumped.
If Wall Street learned one thing during Trump’s first term as president, it’s that the stock market is a way he keeps score.
The theory was that the president’s penchant for using equities as a report card meant any policy that rattled markets would cause him to revise the plans.
But with stocks tanking, investment pros started to question if there’s a “Trump Put” after all.
“Where’s the Trump Put?” said Tom Essaye at The Sevens Report. “At what level of stock market ‘pain’ would Trump and the administration reverse course? Obviously, we don’t know the exact number, but if we look back at Trade War 1.0, history implies the ‘Trump Put’ would be elected around a 10% decline in the S&P 500.”
To Nancy Tengler at Laffer Tengler Investments, while it’s “always excruciating” to be in the middle of a market correction — this is essentially what she think is currently happening.
The S&P 500 has now dropped about 6% from its record high.
“This time, of course, it’s spurred by the tariffs,” she noted.
“And I think we have to analyze not just what the tariffs will be, but how long we think they’re going to last. If it is short lived, this is just an opportunity to buy stocks for the long term.”
The S&P 500 fell 1.2%.
The Nasdaq 100 lost 0.4%.
The Dow Jones Industrial Average sank 1.6%.
A gauge of the Magnificent Seven megacaps dropped 0.7%.
The Russell 2000 slipped 1.1%.
The yield on 10-year Treasuries rose nine basis points to 4.24%.
A dollar gauge slid 0.6%.
Clark Geranen at CalBay Investments says it’s extremely difficult for investors to make investing decisions off of tariff news, and they should avoid making any drastic portfolio moves at this stage.
“While Tuesday’s tariffs are a go, it remains very unclear on just how long these tariffs will remain,” he said.
“We tend to believe these are more of a negotiation tactic and not the start of a long and drawn out reciprocal trade war. Still, in these situations, investors sell first and ask questions later.”
At Miller Tabak, Matt Maley notes that the market — and several of its key stocks — are becoming “quite oversold.”
“So, even though we are still looking for a deep correction at some point this year, it won’t come in a straight line,” Maley said.
“We have been saying for a while now that investors should ‘sell the rallies’ — and we still feel this way. But we just might get a bounce sooner than many people are thinking.”
“On a short-term basis, while we wait for the markets to bottom, the next leg lower could prove sinister,” said Dan Wantrobski at Janney Montgomery Scott.
“So folks should remain on guard for some big moves in our opinion.”
He noted that while the “buy side” has done a good deal of paring down their technology exposures, they remain overweight US equities in general – which comes alongside some of the heaviest positioning seen on the retail side in years.
“This again presents a good deal of potential firepower in the event that selling pressure gains more momentum from here,” Wantrobski added.
“We have not seen any signs of panic yet, and selling has been rather orderly.”
With S&P 500 within a striking distance of its 200-day moving average, Jonathan Krinsky at BTIG says he’s been receiving an increasing amount of questions as to whether we are near a bottom.
“The question we have isn’t whether or not we bounce at the 200-DMA, it’s what happens after the bounce?” Krinsky said.
“Investors have become accustomed to ‘V-shaped’ recoveries. While we aren’t opposed to that outcome, we do want to at least be open to the possibility that we see more of a ‘W-shaped’ bottom with a bounce and re-test later this month.”
Trend following Commodity Trading Advisors are partly responsible for US stocks declining last week.
There’s more bad news after the S&P 500 began March deep in the red: CTAs are under pressure to keep selling no matter which way the market goes over the next week.
Goldman Sachs Group Inc. estimates the cohort already sold about $23 billion of global stocks last week.
However, they still have about $137 billion in long positions.
“We have this cohort modeled as sellers of SPX in every scenario over the next week,” Cullen Morgan, equity derivatives and flows specialist, wrote in a note.
A Goldman Sachs measure of risk appetite has turned negative for the first time since October amid concerns around a slowing economy.
Those worries have hit the US harder than the rest of the world, strategist Andrea Ferrario says, suggesting international markets could extend their outperformance.
Sentiment around S&P 500 earnings is now “very negative” even as companies enjoyed a strong fourth-quarter reporting season, the strategist writes in a note.
Meanwhile, the outlook for profits in other developed markets remains positive.

Corporate Highlights:
* CrowdStrike Holding Inc., a cybersecurity company, issued a worse-than-expected earnings outlook, signaling that it may still be struggling to recover from a flawed software update that crashed millions of computers globally last year.
* Google is urging officials at President Donald Trump’s Justice Department to back away from a push to break up the search engine company, citing national security concerns, according to people familiar with the discussions.
* Apple Inc. rolled out a new iPad Air along with a redesigned keyboard accessory and an upgraded low-end tablet, enhancing devices that helped lift holiday sales despite an iPhone slump.
* Mars Inc. is talking to investors on Tuesday about selling around $26 billion of bonds to help finance its purchase of Kellanova, according to people with knowledge of the matter, in what would be the biggest US corporate bond sale of the year.
* Bankers are working on funding packages of around $12 billion for Walgreens Boots Alliance Inc. to back a potential take- private deal by Sycamore Partners, in what would be one of the largest leverage buyout debt deals since the great financial crisis.
* UnitedHealth Group Inc. moved closer to winning dismissal of a long-running lawsuit in which the US government claims the company overbilled Medicare by at least $2.1 billion.
* Target Corp. is projecting little to no sales growth this year, a concerning sign for a big-box retailer that’s struggling to shake off a lengthy slump.
* Best Buy Co. said shoppers will remain constrained by inflation this year as it forecast that annual sales could be little changed.
* A BlackRock Inc.-led consortium agreed to buy control of key ports near the Panama Canal from Hong Kong-based conglomerate CK Hutchison Holdings Ltd. after pressure from US President Donald Trump to limit Chinese interests in the region.
* Aramco plans to trim the world’s biggest dividend, lowering a key source of funds for Saudi Arabia’s budget while relieving stress on its own finances.

Key events this week:
* China Caixin services PMI, Wednesday
* Eurozone HCOB services PMI, PPI, Wednesday
* US ADP employment, ISM services index, factory orders, Wednesday
* Fed’s Beige Book, Wednesday
* Eurozone retail sales, ECB rate decision, Thursday
* US trade, initial jobless claims, wholesale inventories, Thursday
* US Treasury Secretary Scott Bessent speaks, Thursday
* Fed’s Christopher Waller and Raphael Bostic speak, Thursday
* Eurozone GDP, Friday
* US jobs report, Friday
* Fed Chair Jerome Powell gives keynote speech at an event in New York hosted by University of Chicago Booth School of Business, Friday
* Fed’s John Williams, Michelle Bowman and Adriana Kugler speak, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average fell 1.6%
* The MSCI World Index fell 1.1%
* Bloomberg Magnificent 7 Total Return Index fell 0.7%
* The Russell 2000 Index fell 1.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.6%
* The euro rose 1.2% to $1.0611
* The British pound rose 0.7% to $1.2786
* The Japanese yen rose 0.3% to 149.06 per dollar
Cryptocurrencies
* Bitcoin rose 1.8% to $86,867.92
* Ether rose 1% to $2,132.09
Bonds
* The yield on 10-year Treasuries rose nine basis points to 4.24%
* Germany’s 10-year yield was little changed at 2.49%
* Britain’s 10-year yield declined two basis points to 4.53%
Commodities
* West Texas Intermediate crude was little changed
* Spot gold rose 0.9% to $2,918.40 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Lu Wang, Isabelle Lee, Margaryta Kirakosian, Julien Ponthus, Sujata Rao, Aya Wagatsuma, Martin Keohan and Phil Kuntz.

Have a wonderful evening everyone.

Be magnificent!
As ever,

Shab
” A painting is finished when the artist says it is finished.”– Rembrandt Harmensz Van Rijn
Shab Mohammadpour
Assistant to Carolann Steinhoff
Queensbury Securities Inc.

340A – 730 View Street
Victoria BC  V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828