Author: Carolann

Dear Friends,

Tangents:
Carolann is away from the office for Sohn Investment Conference in New York, I will be writing the newsletter on her behalf.

May 14: 1853 Land surveyor, newspaper publisher and inventor Gail Borden patents his process for condensed milk
May 14: 1897 Oldest continuously operating movie theater in the world, the State Theatre first opens in Washington, Iowa (Guinness World Records)
May 14: 1910 Canada authorizes issuing of silver dollar coins
May 14:1932 “We Want Beer!” parade in NY
May 14: 1998 The TV series “Seinfeld” aired its final episode. Go to article

The Milky Way will be visible across the US this month. Here’s how to get the best views.
For those in midlatitudes of the Northern Hemisphere, the arc of our galaxy becomes easier to see in May. Here’s when and where to look.

Scientists think a hidden source of clean energy could power Earth for 170,000 years — and they’ve figured out the ‘recipe’ to find it
Researchers have compiled a list of “ingredients” that could help resource exploration companies locate huge reservoirs of clean hydrogen, a critical element in the transition away from fossil fuels.

4,000-year-old stone-lined burial discovered in Morocco
Archaeologists working in the Tangier Peninsula, in northwest Morocco, have discovered ancient cemeteries, rock art and standing stones.

Your fingers ‘prune’ the exact same way each time, study suggests
The wrinkled, raisin-like patterns you get on your fingers after a long bath form the same patterns every time, new research suggests.

Lights on Mars! NASA rover photographs visible auroras on Red Planet for the first time
NASA’s Perseverance rover recently captured a photo of green auroras shining in the Martian sky for the first time. The alien light show, previously assumed to be impossible, could be visible to future astronauts.

PHOTOS OF THE DAY

Alberobello, Italy
The peloton rolls out of town as cyclists compete in the Giro d’Italia race
Photograph: Zac Williams/SWpix.com/Shutterstock

Damascus, Syria
Crowds of people celebrate the decision by the US president, Donald Trump, to lift sanctions on the country
Photograph: Amadeusz Mikolaj Swierk/Anadolu/Getty Images
Çanakkale, Turkey
A black-winged stilt on Kavak Delta, a natural wetland for migratory birds
Photograph: Alper Tuydes/Anadolu/Getty Images
Market Closes for May 14^th, 2025

Market Index	Close	Change
Dow Jones	42051.06	-89.37
		-0.21%
S&P 500	5892.58	+6.03
		+0.10%
NASDAQ	19146.81	+136.73
		+0.72%
TSX	25692.45	+75.59
		+0.30%

International Markets

Market Index	Close	Change
NIKKEI	38128.13	-55.13
		-0.14%
HANG SENG	23640.65	+532.38
		+2.30%
SENSEX	81330.56	+182.34
		+0.22%
FTSE 100*	8585.01	-17.91
		-0.21%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.259	3.208
CND. 30 Year Bond	3.568	3.509
U.S. 10 Year Bond	4.5363	4.4709
U.S. 30 Year Bond	4.9696	4.9050

Currencies

BOC Close	Today	Previous
Canadian $	0.7155	0.7153
US $	1.3976	1.3980

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5629	0.6398
US $	1.1181	0.8943

Commodities

Gold	Close	Previous
London Gold Fix	3227.95	3324.55
Oil
WTI Crude Future	63.15	61.02

Market Commentary:
“Price is what you pay. Value is what you get.”— Warren Buffett
Canada
(MT Newswires)
The Toronto Stock Exchange rose for a seventh-straight session on Wednesday, with investors perhaps enthused by news of a personal tax cut to come mid-year as part of a drive by the new federal government to help Canadians come out of what has been a difficult few economic months amid U.S. trade wars.
The S&P/TSX Composite Index closed up 75.59 points to close out Wednesday at 25,692.45.
Among sectors, Telecoms and Energy were the biggest decliners, down 1.03% and 0.77%, respectively, followed by Utilities, down 0.25%.
Industrials and Information Technology were both higher, up 1.46% and 1.33%, respectively.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.3%, with four of 11 sectors higher, led by information technology stocks.
As of market close, 122 of 217 stocks rose, while 92 fell.
Finning International Inc. led the advances, rising 6.6%, while Aya Gold & Silver Inc. decreased 7.3%.
Markets at a Glance:
* S&P/TSX Index rose 0.3% to 25,692
* Four of 11 sectors rose
** Information technology gained, up 2.2%
** Materials declined, down 1.8%
* Crude oil fell 1.4% to $63/bbl
* Natgas fell 5.3% to $3.46/mmbtu
* Gold fell 2% to $3,184/oz
* Silver fell 2.4% to $32/oz
Advancers:
* Finning International Inc. (FTT CN) +6.6%: Finning International Volume Jumps to More Than Five Times
* Canadian Pacific Kansas City Ltd. (CP CN) +3.8%: Artisan Partners Buys Baker Hughes, Boosts Icon: 13F
* Shopify Inc. (SHOP CN) +3.8%: Shopify Reinstated Buy at William O’Neil
* Boyd Group Services Inc. (BYD CN) +3.6%: Boyd Group Services 1Q Adjusted Ebitda Beats Estimates
* Celestica Inc. (CLS CN) +3.6%: Celestica Rated New Buy at William O’Neil
Decliners:
* Aya Gold & Silver Inc. (AYA CN) -7.3%: Aya Gold & Silver Rated New Buy at Beacon Securities; PT C$20
* Baytex Energy Corp. (BTE CN) -5.6%
* CAE Inc. (CAE CN) -5%: CAE Falls on Weaker 2026 Guide Amid Travel Woes: Street Wrap
* Onex Corp. (ONEX CN) -5%
* Lundin Gold Inc. (LUG CN) -4.5%: Lundin Gold Raised to Buy at Veritas Investment Research Co
US
By Rita Nazareth
(Bloomberg) — Wall Street’s epic rebound from April’s meltdown is showing signs of exhaustion on speculation stocks have run too fast amid risks stemming from a trade war to an economic slowdown and sticky inflation.
After a 22% jump from last month’s intraday lows, the S&P 500 edged up just 0.1%.
Most sectors fell, but big tech climbed.
Boeing Co. gained on its largest-ever deal, with Qatar Airways placing an order for long-range jets during a visit to Doha by Donald Trump.
The dollar erased losses as Bloomberg News reported the US is not working to include currency policy pledges in trade accords.
Bond yields rose as Federal Reserve rate-cut bets receded.
A sharp rebound in risk assets — fueled by progress in trade talks and economic resilience — followed a month in which the consensus was to brace for the worst.
The US-China truce, a UK pact and high-profile Gulf deals have reassured investors, yet lurking in the background is the worry that stocks get so extended that they’re vulnerable to surprises.
“As trade tensions ease, investors are pivoting back to fundamentals, but they may not like what they see,” said Mark Hackett at Nationwide.
“The market has raced from oversold to overbought in record time.
That limits near-term upside unless we see a clear re-acceleration in growth.”
To Matt Maley at Miller Tabak, a breather in the equity rally would be “quite normal and healthy.”
The S&P 500’s 14-day Relative Strength Index is at the highest since December.
Meantime, the CNN Fear/Greed gauge approached “extreme greed” levels.
“Stocks are getting a little short-term stretched, but we’d view modest pullbacks that confirm support as buying opportunities, especially among sectors with relative strength,” said Craig Johnson at Piper Sandler.
The Nasdaq 100 added 0.6%.
The Dow Jones Industrial Average lost 0.2%.
A gauge of the “Magnificent Seven” megacaps climbed 1.7%.
In late hours, Cisco Systems Inc. gave a bullish forecast while Coreweave Inc. said artificial-intelligence cloud demand is accelerating.
The yield on 10-year Treasuries advanced seven basis points to 4.54%.
The Bloomberg Dollar Spot Index was little changed.
Stocks remain vulnerable to further declines if deteriorating economic data reignite recession worries, according to Goldman Sachs Group Inc. strategists led by Peter Oppenheimer.
The recent correction was rapid and consistent with an “event-driven bear market,” they wote.
“The average profile of these bear markets remains flat at best for some time after the initial fall,” the Goldman strategists said.
“If this typical pattern is followed, the near-term upside is likely to be limited.”
To Rick Gardner at RGA Investments, the stock-market rally has legs.
“The trade negotiation with China was seemingly the toughest one on the docket, and the idea that there has been this much progress on the negotiations over such a short period of time, suggests that a resolution may be on the horizon,” he said.
Gardner says that what’s been remarkable about the rebound from April lows is the leadership of the tech sector — which was not leading the market in the early months of 2025 before the tariff situation escalated.
“We anticipate tech may continue to lead this market, as the sector stands to benefit from easing trade tensions and as investors once again resume their excitement over the promise of artificial intelligence,” he noted.
“Even if we see a continued economic slowdown, the stock market may have already priced that in during the April selloff.”
Two of Wall Street’s major trading desks are making the same bold call on US stocks as trade tensions ease: Pile into this year’s biggest losers for quick, short-term profits.
Heads of equity trading at Citigroup Inc. and JPMorgan Chase & Co. say they’re particularly bullish over the next few weeks on small caps, technology hardware and homebuilders, which have each lagged the broader S&P 500 during the most recent leg up.
In the current environment, Stuart Kaiser, who runs Citi’s desk as head of US equity trading strategy, also likes shares of companies with weaker finances, he said.
With the broader US stock indexes already erasing their declines of the year, the firms now say the traders and other speculative buyers who missed out will be on the hunt for pockets of opportunity to play catch-up before the next bout of tariff-induced turbulence strikes again.
“Despite this momentum, the full extent of tariff and earnings-related hits is still unknown,” said Daniel Skelly at Morgan Stanley’s Wealth Management Market Research & Strategy Team.
“Investors may want to lean toward buying dips rather than chasing rallies, focusing on quality stocks with achievable earnings estimates.”
“Our neutral view is not a ‘negative’ stance,” said David Lefkowitz at UBS Global Wealth Management.
“We believe the bull market is intact and stocks will likely rise further over the next year.
But the economy will have to adjust to higher tariffs, and this could lead to a period of weaker economic data, which could be a modest headwind for stocks.”
Without any relevant economic data to digest, traders awaited a raft of reports scheduled for Thursday while sifting through the latest Fedspeak.
Fed Bank of Chicago President Austan Goolsbee said that it’s important for central bankers not to respond to day-to-day volatility in equities and economic policy pronouncements, noting that economic data remain steady for now.
Fed Vice Chair Philip Jefferson said tariffs and related uncertainty could slow growth and boost inflation this year, but monetary policy is well positioned to respond as needed.
“Fed vice chair Jefferson’s speech today leans a little dovish after a run of more hawkish commentary from Fed officials, signaling that the Fed leadership is (sensibly) wary of calling the all-clear on downside risk even after US-China de-escalation,” said Krishna Guha at Evercore.
TD Securities joined several other Wall Street banks in predicting the Fed will cut rates later than previously anticipated, and swap contracts ceased fully pricing in two quarter-point moves by year-end. 

Corporate Highlights:

* Super Micro Computer Inc. extended this week’s surge on a multi-year partnership agreement with Saudi Arabian data-center firm DataVolt.
* Oil giant Saudi Aramco signed agreements with major US companies potentially totaling about $90 billion.
* EToro Group Ltd. rose 29% in its first session as a public company, after the trading and investment platform and some of its backers raised nearly $620 million in an upsized IPO.
* Apple Inc. is developing a feature for its Vision Pro headset that lets users scroll through software with their eyes, aiming to enhance the device with a novel interface.
* Microsoft Corp.’s recently announced job cuts fell hardest on the people who build the company’s products, showing that even software developers are at risk in the age of artificial intelligence.
* Coinbase Global Inc. Chief Executive Officer Brian Armstrong said the largest US crypto exchange continues to look at mergers and acquisitions, following its $2.9 billion agreement to buy the derivatives exchange Deribit earlier this month.
* Tyson Foods Inc. is looking to run its chicken plants harder as demand is set to remain strong into 2026.
* JBS SA, the world’s largest meat supplier, faces deepening losses at its US beef business, even as chicken continues to drive profits.
* Cboe Global Markets Inc. declined after Morgan Stanley double downgraded the stock, recommending lower defensives exposure on the back of greater than expected tariff de-escalation between China and the US.
* Nucor Corp. shut down production at some of its facilities fter detecting an unauthorized intrusion into its computer systems.
* Saudi-backed electric-vehicle maker Lucid Group Inc. said the kingdom should consider tariffs on foreign cars to boost domestic auto manufacturing and cut reliance on imports.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World Index was little changed
* Bloomberg Magnificent 7 Total Return Index rose 1.7%
* The Russell 2000 Index fell 0.9%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.1168
* The British pound fell 0.3% to $1.3260
* The Japanese yen rose 0.4% to 146.82 per dollar
Cryptocurrencies
* Bitcoin fell 1.2% to $103,306.54
* Ether fell 3.2% to $2,603.36
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 4.54%
* Germany’s 10-year yield advanced two basis points to 2.70%
* Britain’s 10-year yield advanced four basis points to 4.71%
Commodities
* West Texas Intermediate crude fell 1.3% to $62.83 a barrel
* Spot gold fell 2.1% to $3,180.73 an ounce

–With assistance from Margaryta Kirakosian, Sujata Rao and Phil Kuntz.
Have a wonderful evening everyone.

Be magnificent!

As ever,

Shab
” Chance fights ever on the side of the prudent.”—Euripides

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 Sohn Investment Conference in New York, I will be writing the newsletter on her behalf.

May 13:1607 English colonists led by John Smith establish Jamestown at a second landing near the James River in Virginia – first permanent English settlement in North America
May 13: 1846 The United States declared that a state of war existed against Mexico. Go to article
May 13: 1913 First four-engined aircraft is flown by Igor Sikorsky in Russia
May 13: 1927 “Black Friday” on Berlin Stock Exchange

Yosemite’s ultra-deep canyon may have been carved in part by a ghost volcano and river, provocative research suggests
A river that drained the slopes of a now-vanished volcano may have carved Yosemite Valley’s depths during the last 10 million years.

Could a planet really develop a brain?
“My contention is that Earth may, if we are lucky and diligent and clever enough, grow an emergent superconsciousness.”

NASA satellites show Antarctica has gained ice despite rising global temperatures. How is that possible?

‘This should not be published’: Scientists cast doubt on study claiming trees ‘talk’ before solar eclipses
Claims that spruce trees synchronize their responses to a solar eclipse were widely reported recently — but many researchers are sceptical of the results.

May’s Full “Flower Moon” Was Visible Last Night — and It Was a Micromoon 🌕 The moon will also appear bright and full on Tuesday (May 13). Here’s what that means, and how to watch.

PHOTOS OF THE DAY

Bangkok, Thailand
People take pictures of a sculpture by the US artist Kaws in front of the Grand Palace
Photograph: Sakchai Lalit/AP

Vesak Day 2025: celebrations of Buddha
Visitors watch as hot air balloons are launched at Ngawen Temple complex in Muntilan, Central Java, Indonesia
Photograph: Devi Rahman/AFP/Getty Images

Thousands of lanterns are released in front of Borobudur Temple, the world’s largest Buddhist monument and a Unesco World Heritage Site, in Magelang
Photograph: ZUMA Press/Alamy Live News
Market Closes for May 13^th, 2025

Market Index	Close	Change
Dow Jones	42140.43	-269.67
		-0.64%
S&P 500	5886.55	+42.36
		+0.72%
NASDAQ	19010.09	+301.75
		+1.61%
TSX	25616.86	+84.68
		+0.33%

International Markets

Market Index	Close	Change
NIKKEI	38183.26	+539.00
		+1.43%
HANG SENG	23108.27	-441.19
		-1.87%
SENSEX	81148.22	-1281.68
		-1.55%
FTSE 100*	8602.92	-2.06
		-0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.208	3.208
CND. 30 Year Bond	3.518	3.509
U.S. 10 Year Bond	4.4650	4.4709
U.S. 30 Year Bond	4.9060	4.9050

Currencies

BOC Close	Today	Previous
Canadian $	0.7178	0.7153
US $	1.3931	1.3980

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5595	0.6412
US $	1.1195	0.8932

Commodities

Gold	Close	Previous
London Gold Fix	3235.40	3324.55
Oil
WTI Crude Future	63.67	61.02

Market Commentary:
“Time is the friend of the wonderful business, the enemy of the mediocre.” Warren Buffett
Canada
(MT Newswires)
The Toronto Stock Exchange rose for a sixth-straight session on Tuesday as new Prime Minister Mark Carney named his cabinet and emphasized his minority government will work quickly to put Canada’s economy back on track after the disruptions caused by a recent federal election and months of trade tensions with the United States.
The S&P/TSX Composite Index closed up 84.68 points to 25,616.86.
Among sectors today, the biggest gainers were Base Metals and Energy, up 0.73% and 1.84% respectively.
Telecoms, down 2.09%, was the biggest decliner, followed by Health Care, down 1.24%.
According to data provided late Monday afternoon by Dow Jones Market Data, FactSet the TSX was up 578.66 points or 2.32% over the prior five trading days and that had left it 1.07% from its record close of 25,808.25 hit Thursday, Jan. 30, 2025.
Month to date the TSX was up 2.78% and year to date was up 804.24 points or 3.25%.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.3%, with five of 11 sectors higher, led by energy stocks.
As of market close, 137 of 217 stocks rose, while 79 fell.
Finning International Inc. led the advances, rising 14%, while Orla Mining Ltd. decreased 6%.
Markets at a Glance:
* S&P/TSX Index rose 0.3% to 25,617
* Five of 11 sectors rose
** Energy gained, up 1%
** Communication services declined, down 2.3%
* Crude oil rose 2.9% to $64/bbl
* Natgas fell 0.9% to $3.61/mmbtu
* Gold rose 0.8% to $3,254/oz
* Silver rose 1.5% to $33/oz
Advancers:
* Finning International Inc. (FTT CN) +14%: Caterpillar Dealer Finning Rises on Record Backlog, Sales Beat
* Aya Gold & Silver Inc. (AYA CN) +12%: Aya Gold & Silver Gains as FX, Cost Cuts Bring Q1 Beat (1)
* Celestica Inc. (CLS CN) +9.1%
* Baytex Energy Corp. (BTE CN) +8.9%
* Paramount Resources Ltd. (POU CN) +6.6%: Paramount Resources 1Q Petroleum and Natural Gas Sales C$266.6M
Decliners:
* Orla Mining Ltd. (OLA CN) -6%
* Pet Valu Holdings Ltd. (PET CN) -4.5%: Pet Valu Falls by Most Since August After 5.2M Share Offer (1)
* Constellation Software Inc/Canada (CSU CN) -3.8%: Constellation Software 1Q Revenue Misses Estimates
* Energy Fuels Inc/Canada (EFR CN) -3.4%
* Maple Leaf Foods Inc. (MFI CN) -3.3%
US
By Rita Nazareth
(Bloomberg) — A rally in the world’s largest technology companies wiped out the stock market’s losses for the year on bets tensions around Donald Trump’s trade war are cooling, with inflation data showing limited impacts thus far.
Equities climbed to the highest since February, the month that marked the S&P 500’s all-time high.
The gauge was up almost 1%, with chipmakers leading the charge as Nvidia Corp. and Advanced Micro Devices Inc. will supply semiconductors to Saudi Arabian firm Humain for a massive data-center project.
Treasuries erased gains on speculation the Federal Reserve will stay put as it evaluates potential implications of tariffs.
The dollar fell.
The easing of trade tensions and a surprisingly positive earnings season have spurred optimism after a period of doubt about Corporate America’s ability to meet high profit expectations.
The stock market is “gonna go a lot higher,” Trump noted, citing an “explosion of investment and jobs” as he said Saudi Arabia would commit to investing $1 trillion in the US.
The Trump administration plans to overhaul regulations on the export of semiconductors used in artificial intelligence, tossing out a Biden-era approach that had drawn strenuous objections from America’s allies.
The US is also weighing a deal that would allow the United Arab Emirates to import more than a million advanced Nvidia chips, people familiar with the matter said.
After mostly missing out on last month’s rebound, investors are likely to be forced to chase the stock rally sparked by this weekend’s US-China trade truce, Bank of America Corp. strategists said.
A survey conducted before the trade talks in Geneva showed fund managers were a net 38% underweight on US stocks, the most in two years.
The poll is “bearish enough to suggest pain trade modestly higher” given the US-China deal would prevent a recession or a shock in credit markets, BofA strategist Michael Hartnett wrote.
The S&P 500 rose 0.7%.
The Nasdaq 100 climbed 1.6%.
The Dow Jones Industrial Average lost 0.6%.
A closely watched gauge of chipmakers rallied 3.15%.
The Bloomberg Magnificent Seven index of megacaps added 2.2%.
The yield on 10-year Treasuries advanced one basis point to 4.48%.
The Bloomberg Dollar Spot Index fell 0.7%.
US inflation rose by less than forecast in April amid tame prices for clothing and new cars, suggesting little urgency so far by companies to pass along the cost of higher tariffs to consumers.
The temporary agreement reached over the weekend to de- escalate the trade war with China has largely scaled back projections of how much damage tariffs will inflict on the economy.
JPMorgan Chase & Co. boosted its forecast for US growth, dropping its earlier call that the world’s largest economy would sink into a recession in 2025.
While derivative contracts continue to price in two quarter-point rate cuts by the Fed this year, several major Wall Street banks this week forecast a rate cut in December, later “Like the Fed, investors are likely to look through today’s report as the prospect of trade deals and details on the budget reconciliation process are more material drivers for equities in the coming weeks,” said Josh Jamner at ClearBridge Investments.
“However, the absence of a negative with today’s print does lend to incremental upside for risk assets as hedges are unwound.”
Trump cited the softer-than-expected inflation report to again pressure Fed Chair Jerome Powell to lower interest rates.
“No Inflation, and Prices of Gasoline, Energy, Groceries, and practically everything else, are DOWN!!!” Trump wrote in a social media post.
“THE FED must lower the RATE, like Europe and China have done.
What is wrong with Too Late Powell?”
The reprieve in US-China trade tensions that sent stocks soaring has chart watchers anticipating fresh all-time highs for the S&P 500.
According to John Kolovos, chief technical strategist at Macro Risk Advisors, there are now no more major resistance levels left until 6,144, the record hit on February 19.
“The S&P 500 trading above the 200-day moving average is another indication that the trend is turning positive,” Kolovos said.
“This increases the odds that pullbacks will be met with increased demand or buying interest.
It changes your strategy and sends the signal that we’re done with the bear market.”
Meantime, the negative earnings-growth momentum that has plagued US equities for months is finally taking a turn for the better.
A Citigroup Inc. gauge of earnings revisions, based on the number of upgrades and downgrades, has turned positive for the first time in six months.
According to a Bloomberg Intelligence earnings tracker, 77% of S&P 500 members that reported surprised positively in the first quarter, the highest since the second quarter of last year.
Meanwhile, earnings growth in the quarter is running at 13.1%, compared with just 6.6% expected before the start of the season.
Last month, sell-side strategists were downgrading their forecasts for the S&P 500 at a furious pace as Trump unleashed tariffs on the world and sparked a flurry of equities selling.
But since then, his administration has reversed direction and backpedaled on his harshest trade plans — most recently agreeing with China to temporarily reduce their levies on each other — forcing those same strategists to pull U-turns on their calls.
Wall Street veteran Ed Yardeni and David Kostin of Goldman Sachs Group Inc. are among the strategists changing course this week, calling for the S&P 500 to rally past 6,000 by December’s close.
They also were among the first to slash their 2025 targets for the benchmark during April’s stock-market rout triggered by Trump’s tariff announcement.
At the time, prognosticators were slashing expectations at the fastest rate since the Covid crash of March 2020.
Meanwhile, UBS Global Wealth Management’s chief investment officer Mark Haefele downgraded US stocks to neutral from attractive, saying the risk-reward was more balanced after the strong rebound from April lows.
Uncertainty is still high, and investor focus will eventually shift to the possibility of a lasting agreement over trade, Haefele wrote in a note.
“This is not a bearish view, nor a call to sell equities, and we recommend that investors maintain a full strategic allocation to US stocks.”

Corporate Highlights:
* Microsoft Corp. said it will cut 6,000 workers across the company in an effort to reduce management layers.
* Google unveiled the biggest update to its Android mobile operating system in years, weeks before its biggest competitor in the space, Apple Inc., is expected to give a preview of its overhauled iPhone software.
* UnitedHealth Group Inc. unexpectedly replaced its chief executive and suspended earnings guidance, raising increasing questions over how the company once regarded as a safe bet by investors has got its cost predictions so wrong.
* The Commerce Department issued guidance stating that the use of Huawei Technologies Co.’s Ascend artificial intelligence chips “anywhere in the world” violates the government’s export controls, escalating US efforts to curb technological advances in China.
* Southwest Airlines Co. has filed with the US Transportation Department for authority to fly to any country with which the US has an Open Skies aviation agreement, signaling the carrier intends to expand its small international route network.
* Walt Disney Co. said its new sports streaming platform will be called ESPN, the same as its popular cable-TV channel, and cost $30 a month.
* China has removed a month-long ban on airlines taking delivery of Boeing Co. planes, according to people familiar with the matter, following a breakthrough in trade talks with the US that temporarily slashed tariffs on each side.
* Goldman Sachs Group Inc. has held talks with regulators about an Irish launch of its retail bank Marcus, a move that could shake up the country’s heavily concentrated market and give the Wall Street giant access to tens of billions of euros in deposits.
* EchoStar Corp., the wireless and pay-TV operator controlled by billionaire Charlie Ergen, fell for a second straight day after the company acknowledged that US regulators are reviewing its compliance with obligations to build a nationwide 5G network.
* US solar companies jumped after House Republicans released a draft of a tax bill that went easier on many players in the sector than analysts had expected. The lawmakers also proposed eliminating a production tax credit for hydrogen, sending Plug Power Inc. stock lower.
* Hertz Global Holdings Inc. plunged after the car-rental company posted a larger-than-expected loss in the first quarter, pressured by a slowdown in customer bookings.
* Robinhood Markets Inc. agreed to acquire WonderFi Technologies Inc., the operator of two Canadian cryptocurrency platforms, for about C$250 million ($179 million) in cash.
* L’Oreal SA sold $1 billion of investment-grade notes on Tuesday — the cosmetics company’s first deal in the US corporate bond market.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.6%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World Index rose 0.8%
* Philadelphia Stock Exchange Semiconductor Index rose 3.15%
* Bloomberg Magnificent 7 Total Return Index rose 2.2%
* The Russell 2000 Index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 0.9% to $1.1190
* The British pound rose 1% to $1.3306
* The Japanese yen rose 0.7% to 147.43 per dollar
Cryptocurrencies
* Bitcoin rose 2.1% to $104,841.4
* Ether rose 8.3% to $2,692.47
Bonds
* The yield on 10-year Treasuries advanced one basis point to 4.48%
* Germany’s 10-year yield advanced three basis points to 2.68%
* Britain’s 10-year yield advanced three basis points to 4.67%
Commodities
* West Texas Intermediate crude rose 2.7% to $63.65 a barrel
* Spot gold rose 0.4% to $3,249.86 an ounce

–With assistance from Phil Kuntz, Julien Ponthus, Margaryta Kirakosian, Sujata Rao and Winnie Hsu.

Have a wonderful evening everyone.

Be magnificent!

As ever,

Shab
” We must never confuse elegance with snobbery.”– Yves Saint Laurent
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: Happy Monday!
Carolann is away from the office for Sohn Investment Conference in New York, I will be writing the newsletter on her behalf.

May 12, 1789: William Wilberforce makes his first major speech on abolition in the UK House of Commons, reasoning the slave trade morally reprehensible and an issue of natural justice
May 12, 1820: Florence Nightingale, the founder of modern nursing, was born in Florence, Italy. Go to article
May 12, 1835: Charles Darwin visits Alexander Caldcleugh’s copper mines at Panuncillo in northern Chile and is impressed by the extraordinary feats of labor performed by the workers
May 12, 1921: National Hospital Day 1st observed in the United States

‘If it was a man, we would say that’s a warrior’s grave’: Weapon-filled burials are shaking up what we know about women’s role in Viking society
New research is finding that some women in Viking Age Scandinavia were buried with war-grade weapons. Experts are divided about what that means.

Soviet spacecraft Kosmos 482 crashes back to Earth, disappearing into Indian Ocean after 53 years in orbit
The failed Soviet spacecraft Kosmos 482 has finally returned to Earth after 53 years in orbit. It disappeared into the Indian Ocean early Saturday morning.

Solution to ‘cocktail party problem’ could help people with hearing loss
Researchers drew inspiration from the auditory system to design a solution for the “cocktail party problem.”

World’s largest atom smasher turned lead into gold — and then destroyed it in an instant
The world’s largest particle collider produces roughly 89,000 gold nuclei every second, all from smashing lead atoms together at near-light-speed.

Images capturing a starving lion, fighting bison and pit of vipers honored in environmental photography awards
Winners and runners-up of the Prince Albert II of Monaco Foundation’s 2025 Environmental Photography Award revealed.

Scientists find hint of hidden liquid water ocean deep below Mars’ surface

Only 0.001% of deep ocean has ever been explored by humans — an area equal to the size of Rhode Island

Famous tomb said to hold Alexander the Great’s father actually contains younger man, a woman and 6 babies, study finds

PHOTOS OF THE DAY

Buenos Aires, Argentina
An aerial view of fans of the TV series The Eternaut who gathered at one of the show’s filming locations to recreate the final scene. Some
of those in attendance were dressed in character with costumes and replica weapons
Photograph: Anadolu/Getty Images

London, UK
People interact with balloons in the artist Martin Creed’s installation Half the Air in a Given Space (2025), where half the air at
Camden Arts Projects, a Grade II-listed former Methodist church, is filled with hundreds of white balloons
Photograph: Guy Bell/Alamy

A visitor looks out towards the Giza pyramid complex at the world’s largest archeological museum, which is slated to fully open this summer outside of Cairo
Photograph: Khaled Desouki/AFP/Getty Images
Market Closes for May 12^th, 2025

Market Index	Close	Change
Dow Jones	42410.10	+1160.72
		+2.81%
S&P 500	5844.19	+184.28
		+3.26%
NASDAQ	18708.34	+779.42
		+4.35%
TSX	25532.18	+174.44
		+0.69%

International Markets

Market Index	Close	Change
NIKKEI	37644.26	+140.93
		+0.38%
HANG SENG	23549.46	+681.72
		+2.98%
SENSEX	82429.90	+2975.43
		+3.74%
FTSE 100*	8604.98	+50.18
		+0.59%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.208	3.156
CND. 30 Year Bond	3.509	3.471
U.S. 10 Year Bond	4.4709	4.3804
U.S. 30 Year Bond	4.9050	4.8353

Currencies

BOC Close	Today	Previous
Canadian $	0.7153	0.7175
US $	1.3980	1.3937

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5499	0.6452
US $	1.1090	0.9017

Commodities

Gold	Close	Previous
London Gold Fix	3324.55	3352.30
Oil
WTI Crude Future	61.02	59.91

Market Commentary:
On this day in 1817, the Warsaw Stock Exchange opened for trading in Poland, handling primarily government and corporate bonds. Initially, a mere one hour of trading, from 12 noon until 1 p.m., served to fill all the buy and sell orders.
Canada
(MT Newswires)
The Toronto Stock Exchange closed above the 25,500 level for the first time in nearly three months on Monday after China and the United States agreed to a 90-day truce in their trade war.
The S&P/TSX Composite Index closed up 177.44 points at 25,532.18, its fifth-straight gain.
Among sectors, Information Technology, up 5.49%, and Base Metals, up 4.3%, led gains, while Utilities were down 0.97%, followed by Telecoms, down 0.20%.
Stock markets across North America were buoyed from the open by weekend reports the United States agreed to reduce levies on Chinese products to 30% from 145%, while China is cutting its levy on U.S. imports to 10% from 125%.
As the two countries set a three-month deadline to work towards a broader agreement.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.7%, with eight of 11 sectors higher, led by information technology stocks.
As of market close, 141 of 218 stocks rose, while 74 fell.
Shopify Inc. led the advances, rising 14%, while Lundin Gold Inc. decreased 18%.
Markets at a Glance:
* S&P/TSX Index rose 0.7% to 25,532
* Eight of 11 sectors rose
** Information technology gained, up 7.6%
** Materials declined, down 4.9%
* Crude oil rose 1.7% to $62/bbl
* Natgas fell 3.6% to $3.66/mmbtu
* Gold fell 3.1% to $3,241/oz
* Silver fell 0.9% to $32/oz
Advancers:
* Shopify Inc. (SHOP CN) +14%: Shopify Jumps as Stock to Replace MongoDB in Nasdaq 100 Index
* Aritzia Inc. (ATZ CN) +9.5%: Chip, Travel, Consumer Stocks Rise on US-China Trade Thaw (3)
* Tfi International Inc. (TFII CN) +9.1%: Canadian Industrials Gain After US, China Negotiate on Trade
* Hudbay Minerals Inc. (HBM CN) +9%: Hudbay Minerals Shares Gain on 1Q Adj. EPS Beat: Street Wrap
* Tilray Brands Inc. (TLRY CN) +8.5%: Highbridge Capital Management Buys IWM ETF: 13F
Decliners:
* Lundin Gold Inc. (LUG CN) -18%: Chip, Travel, Consumer Stocks Rise on US-China Trade Thaw (3)
* Pan American Silver Corp. (PAAS CN) -16%: Pan American- MAG Deal to Expand Silver Portfolio: Street Wrap
* Orla Mining Ltd. (OLA CN) -16%: Orla Mining Boosts FY Gold Production Forecast
* Iamgold Corp. (IMG CN) -10%
* Novagold Resources Inc. (NG CN) -9.1%
US
By Rita Nazareth
(Bloomberg) — Wall Street’s bets that the US-China trade truce marked the end to an all-out tariff war drove the S&P 500 up over 3%, while sinking defensive corners of the market from bonds to gold and haven currencies.
The dollar climbed the most since its November post-election rally.
The rebound in risk appetite and diminished expectations of a recession drove the stock benchmark above President Donald Trump’s April 2 “Liberation Day” level.
A surge in big techs put the Nasdaq 100 back into a bull market just about a month after it plunged 20% from a previous record.
Amid a potential reset in inflation expectations, Treasury yields climbed as traders lowered their Federal Reserve wagers to just two rate cuts in 2025.
For big investors shocked into defensive measures at the height of April’s chaos, the swift recovery in markets has been a mixed blessing.
Shorting the dollar, going long stock volatility and piling on bets premised on multiple Fed rate cuts were among the most popular trades in mid-April.
Each has taken severe lumps.
Indeed, their unwinding may be adding fuel to the bounce-back.
After two days of high stakes talks in Switzerland, trade negotiators from the world’s biggest economies announced Monday a massive de-escalation in tariffs.
In a carefully coordinated joint statement, the US slashed duties on Chinese products to 30% from 145% for a 90-day period, while Beijing dropped its levy on most goods to 10%.
“No one had these low China tariff rates on their bingo cards. This is a big positive surprise,” said Jeff Buchbinder at LPL Financial.
“Risk remains that tariffs go back up from current levels as the pauses end, though taking worst-case scenarios off the table is reassuring.”
The S&P 500 breached its 200-day moving average.
The Nasdaq 100 rallied 4%.
The Dow Jones Industrial Average added over 1,000 points.
A gauge of megacaps soared 5.7%.
Trump said he spoke with Apple Inc.’s Tim Cook, just as the iPhone maker was reported to be considering price hikes.
Drugmakers bounced on bets they averted the worst-case scenario as Trump targets price cuts.
The two-year yield climbed 11 basis points to around 4%.
The Bloomberg Dollar Spot Index rose 1%.
“The larger-than-expected drop in the tariffs between the US and China, while temporary, and the establishment of a framework for continued discussion, is exactly what the stock market was hoping to see,” said Carol Schleif at BMO Private Wealth.
The risk-on move suggests that investors had not expected such a positive outcome to come so quickly, according to Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
The deal is consistent her firm’s base-case that the effective US tariff on Chinese imports will settle around 30-40%.
“Investors will now be focused on signs that the temporary fix can be turned into a lasting agreement,” she said.
To Matt Maley at Miller Tabak, the news of a trade agreement between the US and China is certainly positive for the stock market.
The question now is whether this change will be enough to help earnings growth reverse higher in a significant way or not.
“Think of this like a trade embargo being lifted, at least for now,” said Callie Cox at Ritholtz Wealth Management.
“Tariffs are still high, Americans will likely feel the sting of higher prices, and companies probably won’t make different strategic decisions in the wake of this deal.
But trade between the US and China could open up more, which means more shipping and fewer empty shelves (for now).”
“There’s still a very steep hill to climb to get a real agreement,” said Jamie Cox at Harris Financial Group.
“The good news is that this pause gives US companies more time to adapt and to plan for contingencies should the trade talks go sideways again.
Also, with any luck, the tax package may be across the finish line and investors will no longer have to worry about trade derailing tax.”
Investors who followed Trump’s advice on social media in the past month have enjoyed one of the biggest rallies in the S&P 500under his leadership.
Having slumped on Trump’s “Liberation Day” tariff announcement, the benchmark soared in the month after he said it was “a great time to buy” on April 9 — hours before he paused some of the harshest levies in a century.
He reiterated that on May 8, telling reporters the economic outlook warranted piling into stocks.
Sentiment toward the US stock market is improving, but it’s too early for investors to sound the all-clear, according to Morgan Stanley strategists.
The team led by Michael Wilson identified four factors needed to sustain a more durable rally but saw progress in just two: “Optimism around a trade deal with China and stabilizing earnings revisions,” they wrote in a note on Monday.
“The other two items on our checklist — a more dovish Fed and the 10-year yield below 4% without recessionary data — have yet to materialize.”
With good news on the trade front giving a boost to stocks at the start of the week, it will be up to inflation data, retail sales, and earnings to sustain the momentum, according to Chris Larkin at E*Trade from Morgan Stanley.
“There’s still debate about how much tariffs have already disrupted supply chains and potentially slowed growth,” Larkin said.
“While numbers that feed into the stagflation narrative could certainly derail the bullish mood, the economy still appears to be on solid ground, as Jerome Powell noted last week.”
Swaps that track upcoming central bank meetings showed just 56 basis points of easing by December, down from near 75 basis points last week.
Traders still see the first quarter-point cut in September.
Fed Governor Adriana Kugler said the Trump administration’s tariff policies are likely to boost inflation and weigh on economic growth, even with the recently announced reduction in levies on China.
Trade policies are evolving and are likely to continue shifting, even as recently as this morning,” Kugler said Monday in remarks prepared for an event in Dublin.
“Still, they appear likely to generate significant economic effects even if tariffs stay close to the currently announced levels.”

Corporate Highlights:
* Eli Lilly & Co.’s obesity drug Zepbound helped people trim about two inches more off their waists than Novo Nordisk A/S’s Wegovy in the first head-to-head study of the rival medicines.
* NRG Energy Inc. agreed to acquire a fleet of natural gas-fired power plants from LS Power Equity Advisors LLC for about $12 billion including debt, betting the fuel will be crucial to meet electricity demand from data centers.
* CrowdStrike Holdings Inc. Chief Executive Officer George Kurtz disclosed last month that he’d gifted over $1 billion worth of his company’s stock to undisclosed recipients, sharply reducing his influence over the company in an unusual move for a tech founder.
* SoftBank Group Corp.’s plans to invest $100 billion in artificial intelligence infrastructure in the US have slowed, with economic risks stemming from Washington’s tariffs holding up financing talks.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 3.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 4%
* The Dow Jones Industrial Average rose 2.8%
* The MSCI World Index rose 2.2%
* Bloomberg Magnificent 7 Total Return Index rose 5.7%
* The Russell 2000 Index rose 3.4%
Currencies
* The Bloomberg Dollar Spot Index rose 1%
* The euro fell 1.4% to $1.1093
* The British pound fell 1% to $1.3178
* The Japanese yen fell 2.1% to 148.41 per dollar
Cryptocurrencies
* Bitcoin fell 2.3% to $101,874.95
* Ether fell 1.9% to $2,461.81
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 4.47%
* Germany’s 10-year yield advanced nine basis points to 2.65%
* Britain’s 10-year yield advanced eight basis points to 4.64%
Commodities
* West Texas Intermediate crude rose 1.3% to $61.84 a barrel
* Spot gold fell 2.7% to $3,234.48 an ounce

–With assistance from Margaryta Kirakosian, Sujata Rao, Julien Ponthus, Anand Krishnamoorthy and Vildana Hajric.

Have a wonderful evening everyone.

Be magnificent!

As ever,

Shab
” The body says what words cannot.”– Martha Graham
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: Happy Friday.

May 9, 1960: the first birth control pill is approved by the US FDA, providing a revolutionary method for family planning and giving women greater control over reproductive health.
On May 9, 1994, South Africa’s newly elected parliament chose Nelson Mandela to be the country’s first black president.

Candice Bergen, actress, b.1946.
Billy Joel, singer/songwriter, b.1949.

Upcoming movie highlights ‘the most important place on Earth’
“Ocean with David Attenborough” is a new documentary that chronicles the wonders of the ocean and the threats it faces. The film’s release this week coincides with the veteran broadcaster’s 99th birthday.

7 myths about the Vikings that are (almost) totally false
All that you’ve heard about the Vikings may not be true. Read More.

Invasive Asian needle ants are surging in US Southeast — and their bite can trigger anaphylaxis
Asian needle ants found in the southeastern states of the U.S. have been spreading north and west for years, but experts now consider them to be a medically important pest and urge caution. Read More.

Scientists discover how to use your body to process data in wearable devices
Scientists have discovered a way to use live tissue as a computational reservoir to solve problems and potentially predict chaotic systems like the weather. Read More.

PHOTOS OF THE DAY

Canada goslings enjoy the warm sunshine in a pond at Kew Gardens, in west London
Photograph: Imageplotter/Alamy Live News

A sika deer pauses under blossom at Nara Park, Japan. The park, established in 1880, is home to many wild animals and plant species.
Sika deer, a species native to East Asia and numbering more than 1,200, are among the symbols of the park and live among the sakura trees
Photograph: Anadolu/Getty Images

A purple sunbird perches on a flower stem on the outskirts of Ajmer, India
Photograph: Himanshu Sharma/AFP/Getty Images
Market Closes for May 9^th, 2025

Market Index	Close	Change
Dow Jones	41249.38	-119.07
		-0.29%
S&P 500	5659.91	-4.03
		-0.07%
NASDAQ	17928.92	+0.78
		—
TSX	25357.74	+103.68
		+0.41%

International Markets

Market Index	Close	Change
NIKKEI	37503.33	+574.70
		+1.56%
HANG SENG	22867.74	+91.82
		+0.40%
SENSEX	79454.47	-880.34
		-1.10%
FTSE 100*	8554.80	+23.19
		+0.27%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.156	3.202
CND. 30 Year Bond	3.471	3.500
U.S. 10 Year Bond	4.3804	4.3785
U.S. 30 Year Bond	4.8353	4.8428

Currencies

BOC Close	Today	Previous
Canadian $	0.7175	0.7183
US $	1.3937	1.3921

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5676	0.6379
US $	1.1244	0.8893

Commodities

Gold	Close	Previous
London Gold Fix	3352.30	3392.25
Oil
WTI Crude Future	59.91	58.07

Market Commentary:
It takes time to make money.
Canada
(MT Newswires)
The Toronto Stock Exchange on Friday made it four winning sessions in a row as BMO’s Douglas Porter seemed to catch the mood of investors in noting an easing in global trade tensions and that the Canadian economy is “holding up a touch better” than expected, though he noted the uncertainty around tariffs continues.
Buoyed too by higher commodity prices, the resources-heavy S&P/TSX Composite Index closed up 103.68 points at 25,357.74, adding to the 300 points gained over the prior three days.
Sectors were mixed, with the gains led by Telecoms, up 2.6%, and followed by Energy, up 2%.
Limiting gains was the Information Technology sector, down 1.5%.
Porter, chief economist at BMO Capital Markets, in his weekly ‘Talking Points’ noted at least three developments this week were widely interpreted as turning down the temperature on the brewing global trade war, providing modest support for equity prices.
Probably most important, Porter said, the United States and China agreed to talk, without either losing face, and some form of negotiations begin this weekend in neutral Switzerland.
Second, with much fanfare, the U.S. and U.K. agreed on a preliminary deal to dial down tariffs on metals and autos, perhaps providing a framework for others.
And, finally, Canadian PM Mark Carney’s “high-stakes meeting” with President Trump at the White House “at least set the stage for less fractious relations between the two massive trading partners” than seen for four months.
“The calmer tone is a small positive, Porter added. However, Porter said “while all these steps are indeed incrementally positive, it really doesn’t add up to much progress”.
He added, “The stark reality is that overall U.S. tariffs have barely budged, with the weighted average still hovering at levels no one has seen in their lifetime.
And, from our perspective, the U.K. ‘deal’ was arguably bad news.
Even with some concessions, Britain is still left with a base-line tariff rate of 10%, and this is for one of the few major economies that runs a trade deficit with America.
In other words, all others, including penguins, but excluding USMCA-compliant goods, will be dealing with a minimum tariff rate of 10% for the foreseeable future.
And those nations running significant trade surpluses with the U.S. are likely looking at a higher base rate.
The U.K. deal normalized the abnormally high base tariff rate, not good.”
Similarly, Porter said BMO’s big takeaway from the Carney and Trump meeting was the President’s telling response to a journalist question on why Canada couldn’t say or do anything to get tariffs lifted: “It’s the way it is”.
Porter said while words are clearly not policies, the President was “decidedly lukewarm” on the future of USMCA, seeming to even question whether it need exist.
Somewhat offsetting those concerning remarks, he also hinted that Canada may not face any additional measures.
“So,” Porter added, “tariffs on metals and autos are here to stay, as well as on non-USMCA-compliant goods, but that maybe it.
If that’s where things settle, the economy faces something right between the Bank of Canada’s two scenarios, and perhaps slightly firmer than our current base case projection.”
Canada, Porter noted, remains the single biggest U.S. export destination, absorbing US$351 billion in the 12 months to March.
Meanwhile, Porter noted Canada began to see the first “hard” economic results for April this week.
“Our take so far is that while conditions may be holding up a touch better than we expected, it’s still not good.”
He noted employment eked out a modest 7,400 gain but said that was “flattered” by a 37,100 increase in public administration, likely due to election workers.
In other words, Porter said, the economy just saw back-to-back underlying job losses of around 30k, with all of the latest drop in manufacturing payrolls.
He added the spread between Canada’s 6.9% jobless rate and the 4.2% in the U.S. is now a “towering” 2.7 ppts, matching the widest gap of the past 24 years, aside from some results during Covid.
Porter also noted home sales are “slumbering” amid the economic uncertainty.
He said: “One major retailer did report that consumers have been resilient so far, albeit against a backdrop of the country’s oldest retailer sadly in the throes of liquidation.
In sum, the economy has perhaps held up slightly better than our weak and below consensus call but still leaving the Bank of Canada in a position to cut further, with the next meeting in early June very much a live option.”
Canada employment data will push the BoC to cut by 25bps in June, according to David Doyle, head of economics at Macquarie.
He noted the OIS market probability of a rate cut for June 4 increased to about 60-65%, up from near 45% yesterday.
Doyle said whether the BoC proceeds with a cut may hinge on other incoming data including CPI for April due on May 20 and real GDP for Q1, due on May 30.
“Overall, we anticipate intermittent cuts totaling 75 bps by year-end, pushing the Overnight rate down to 2.0%.”
Of commodities, gold prices rose late afternoon on Friday following two days of losses as the dollar fell off the highest in a month ahead of trade talks between the US. and China.
Gold for June delivery was last seen up US$28.70 to US$3,334.70 per ounce.
Also, West Texas Intermediate crude oil closed higher on Friday on hopes global trade tensions will ease as the U.S. and China ready to meet in Switzerland on the weekend for their first talks since the pair last month imposed punishing tariffs on each other’s exports that have nearly halted all trade between the world’s two largest economies.
WTI oil for June delivery closed up $1.11 to settle at US$61.021 per barrel, while July Brent crude was last seen up $1.10 to US$63.94.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.4%, with six of 11 sectors higher, led by communication services stocks.
As of market close, 132 of 218 stocks rose, while 84 fell.
Air Canada led the advances, rising 15%, while Pembina Pipeline Corp. decreased 5.9%.
Markets at a Glance:
* S&P/TSX Index rose 0.4% to 25,358
* Six of 11 sectors rose
** Communication services gained, up 3.6%
** Information technology declined, down 1.7%
* Crude oil rose 1.8% to $61/bbl
* Natgas rose 5.5% to $3.79/mmbtu
* Gold rose 0.9% to $3,335/oz
* Silver rose 1.1% to $33/oz
Advancers:
* Air Canada (AC CN) +15%: Air Canada Shares Jump After 1Q Ebitda Beat: Street Wrap
* Lundin Gold Inc. (LUG CN) +14%: Lundin Gold Jumps on Dividend Hikes and Adjusted EPS Beat (1)
* NFI Group Inc. (NFI CN) +13%: Bus Manufacturer NFI Group Rises as 1Q Revenue Climbs 16% (1)
* Algonquin Power & Utilities Corp. (AQN CN) +9.7%: Algonquin Power Shares Gain as Cost Cuts Lead to Q1 Beat (1)
* SSR Mining Inc. (SSRM CN) +7.7%
Decliners:
* Pembina Pipeline Corp. (PPL CN) -5.9%: Pembina Falls as Pipeline Tolls Seen Falling Post Regulation (1)
* NGEx Minerals Ltd. (NGEX CN) -4.6%
* Trisura Group Ltd. (TSU CN) -4.1%
* Definity Financial Corp. (DFY CN) -3.5%: Definity Financial 1Q Insurance Revenue Beats Estimates
* Tilray Brands Inc. (TLRY CN) -3.3%
US
By Rita Nazareth
(Bloomberg) — Wall Street ended the week on a more cautious note, with stocks and bonds fluctuating as the world’s two largest economies get ready to kickstart their trade negotiations.
Investors refrained from making riskier bets on speculation that while discussions between Chinese and American officials could represent a diplomatic icebreaker, a comprehensive commitment would only come to fruition after several rounds of talks.
Following a rapid $6 trillion surge in the S&P 500 from the brink of a bear market, action has been more muted in recent days.
The gauge closed little changed on Friday.
Traders around the world have been eager for any signs of easing in the tariff war that has roiled markets and raised risks of a global economic downturn.
President Donald Trump floated an 80% tariff on China ahead of negotiations due to begin Saturday as he urged the nation to do more to open its markets to US goods.
“This weekend’s developments will probably be binary for markets, but don’t expect a quick resolution to US-China trade tensions just yet,” said Jose Torres at Interactive Brokers.
“I’m expecting many ups and downs going forward as Washington and Beijing make attempts to meet in the middle while also looking to secure their own economic interests.”
Trump’s team has set a list of roughly 20 partners as the focus of early negotiations, people familiar with the matter said.
The group includes nations such as Japan, South Korea and Vietnam, all top sources of US imports where Trump wants to shrink the trade deficit.
It also encompasses comparatively minor partners like Fiji, Lesotho and Mauritius.
“Markets continue to be reactive to trade headlines,” said Mark Hackett at Nationwide.
“We are likely in a sideways period of volatility until we begin to get tangible, calculable outcomes.
Nobody knows the ultimate outcome, so this is the time to remain informed and vigilant, but not reactive or emotional.”
The S&P 500 and the Nasdaq 100 were little changed.
The Dow Jones Industrial Average slid 0.3%.
Across the Atlantic, Germany’s DAX Index became the first major European gauge to surpass its March peak, recouping all declines sparked by Trump’s trade war.
The yield on 10-year Treasuries was little changed at 4.38%.
The Bloomberg Dollar Spot Index lost 0.2%, while posting best week since March.
Even as the US takes steps toward trade negotiations, the stunning American stock rebound is likely over, according to Bank of America Corp.’s Michael Hartnett.
He doesn’t see further gains as investors “buy the expectation, sell the fact.”
About $24.8 billion was redeemed from US stocks in the past four weeks, the biggest in two years, according to the note from BofA citing EPFR Global data.
Billionaire Barry Sternlicht said the economy will likely weaken even though the stock market has bounced back from Trump’s major tariff announcement in early April.
“The markets have recovered, shockingly, to pre-Liberation Day highs, but that doesn’t really feel right,” Sternlicht said Friday on an earnings call for Starwood Property Trust Inc., where he is chairman and chief executive officer.
“Things like travel are clearly off.”
With talks between the US and China about to start, trillions of dollars are hanging in the balance for American companies.
The average member of the S&P 500 made 6.1% of its revenue from selling goods in China or to Chinese companies in 2024, according to an analysis from Bloomberg Intelligence’s Gina Martin Adams and Gillian Wolff.
“The bottom line is that if the US has to decouple completely from China, it will result in a significant decline in earnings for S&P 500 companies no longer selling products to Chinese consumers,” Torsten Slok, chief economist at Apollo, wrote.
Meantime, a stock-market indicator has entered a phase historically associated with the worst return prospects for the S&P 500 after trade fears gripped financial markets and dimmed Corporate America’s outlook for profit growth.
The Equity Market Regime Model, a Bloomberg Intelligence model that tracks the benchmark stock gauge and clusters periods into three phases — accelerated growth (green), moderate growth (yellow) and decline (red) — fell into the cautious red zone in
March and April, according to data compiled by BI’s Adams and Wolff.
The seven prior instances have been associated with a 5.6% average drop in the S&P 500 in the next 12 months.
The arguments between bulls and bears remain intense, with rational arguments on both sides, according to Hackett at Nationwide.
“Bulls argue that peak uncertainty is behind the market, corroborated by improving trade dynamics, strong price action, and better-than-feared earnings,” he said.
“The bear case highlights the headwinds facing economic and earnings momentum in the coming quarters, with earnings estimates receding.”
In the absence of relevant economic data Friday, investors waded through a raft of remarks from central bank officials.
Federal Reserve Governor Adriana Kugler said that policymakers should hold rates for now amid a stable economy and tariff uncertainties.
Her colleague Michael Barr warned trade policies could put officials in a difficult position by generating inflationary pressures and higher unemployment.
Fed Bank of Richmond President Tom Barkin said not all firms can raise prices on tariffs.

Corporate Highlights:
* US prosecutors and regulators investigating a $32 million deal between CrowdStrike Holdings Inc. and a technology distributor are probing what senior company executives may have known about it and are examining other transactions made by the cybersecurity firm, according to two people familiar with the matter.
* Semiconductor Manufacturing International Corp., China’s leading chipmaker, warned sales could fall as much as 6% this quarter because of production disruptions.
* Taiwan Semiconductor Manufacturing Co.’s revenue jumped 48% in April, underscoring how electronics firms scrambled to acquire essential components before global tariffs took effect.
* Expedia Group Inc. cut its full-year outlook for gross bookings and revenue after it saw weaker-than-expected domestic and inbound travel demand in the US at the start of the year.
* Lyft Inc. reported better-than-expected gross bookings in the first quarter, drawing a sharp contrast with the disappointing results issued by its much-larger ride-hailing rival Uber Technologies Inc. earlier this week.
* Pinterest Inc.’s second-quarter revenue guidance topped estimates at the midpoint, further easing concerns of an advertising slowdown.
* Coinbase Global Inc.’s first-quarter revenue jumped while profit declined as the largest US crypto exchange navigated the volatile price swings of the digital asset market.
* DraftKings Inc. rose as investors looked past a disappointing first quarter hurt by a March Madness basketball tournament that went especially well for gamblers.
* Sweetgreen Inc. cut its annual guidance, citing a sharp decline in consumer sentiment following the announcement of new tariffs in the US.
* Illumina Inc. cut its full-year adjusted profit guidance for the second time in three months as it grapples with the impact of tariffs and China banning imports of its gene-sequencing machines.
* IAG SA announced its biggest order yet for widebody jets, doubling down on long-haul demand with a $10 billion fleet investment that aims to help sustain its earnings momentum.

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World Index was little changed
* Bloomberg Magnificent 7 Total Return Index rose 0.4%
* The Russell 2000 Index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.1256
* The British pound rose 0.5% to $1.3311
* The Japanese yen rose 0.4% to 145.30 per dollar
Cryptocurrencies
* Bitcoin rose 0.6% to $103,200.18
* Ether rose 6.7% to $2,332.5
Bonds
* The yield on 10-year Treasuries was little changed at 4.38%
* Germany’s 10-year yield advanced three basis points to 2.56%
* Britain’s 10-year yield advanced two basis points to 4.57%
Commodities
* West Texas Intermediate crude rose 1.7% to $60.94 a barrel
* Spot gold rose 0.7% to $3,328.68 an ounce

Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann
Happiness is good health and a bad memory. –Ingrid Bergman, 1915-1982.

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.
The Helston Furry Dance or “Flora Dance” takes place today in Helston, Cornwall, England.  It is one of the oldest traditional British customs still practiced today.   Origins: Likely pre-Christian in origin, the dance is a celebration of spring and fertility, welcoming the return of warmer weather and the rebirth of nature. The word “furry” is believed to come from the Cornish word fer, meaning “fair” or “feast.
There are four dances throughout the day, the most famous being the Midday Dance featuring local dignitaries in formal dress — men in morning suits and women in long gowns and hats.
Participants perform a stately, looping dance through the town’s streets, homes, shops, and gardens, accompanied by the traditional Flora Dance tune played by a brass band.  The town is festooned with flowers and greenery, especially lily of the valley, which is also worn by dancers.

May 8, 1886: Coca-Cola is invented by Dr. John S. Pemberton in Atlanta Georgia, originally marketed as a medicinal tonic before becoming one of the most recognized beverages in the world. Go to article.
May 8, 1945: Victory Day, VE Day in Europe.

Metal detectorists unearth dazzling Anglo-Saxon gold-and-garnet raven head and ring: ‘It’s unbelievable — I’m a bit emotional’
Metal detectorists in southwest England unearthed the two gold-and-garnet objects from the Anglo-Saxon period in January. Read More.

NASA Mars satellite uncovers markings ‘like paint dripping down a wall’ on Martian surface
Wave-like soil patterns on the Martian surface match those found in Earth’s cold, mountain regions, which could help scientists better understand the Red Planet’s climate history and
search for signs of life. Read More.

NASA just sent a giant balloon around the world in 16 days. Here’s why.
NASA’s massive super-pressure balloon has completed a 16-day trip around the Southern Hemisphere — a milestone in high-altitude flight and atmospheric research. Read More.

World’s first silicon-based quantum computer is small enough to plug into a regular power socket
An Irish startup has created the world’s first silicon-based quantum computer — it can still integrate seamlessly with classical computing in data centers. Read More.

Globes expand award categories
The Golden Globes are adding a new category for 2026: best podcast of the year. Only the “top 25 podcasts” will qualify for the award. “As the world of entertainment continues to evolve, we are excited to recognize new forms of storytelling,” Golden Globes president Helen Hoehne said.

Regal portrait unveiled in London
In a tradition dating back more than 400 years, the official coronation portrait of Britain’s King Charles was made public this week. Created by English figurative painter Peter Kuhfeld, the king’s portrait will join one of his wife, Queen Camilla, at the National Gallery for one month. It will then be moved to Buckingham Palace.

Like father, like son
The eldest son of soccer superstar Cristiano Ronaldo has earned his first call-up for the Portugal Under-15 national squad. The 14-year-old Ronaldo Jr. has also taken to mimicking his dad’s famous “Siu” goal celebration, a practice that has gone viral on social media.

PHOTOS OF THE DAY

Bristol, UK
‘A peacock butterfly feeding on the blossom on the damson tree in our garden, on the day that British summer time started.’
Photograph: Steven Edgar

Kyoto, Japan
‘Visitors enjoy the plum blossom at Kitano Tenmangū. The shrine grounds are home to a large number of ume (plum) trees, and are one of the most famous spots for ume-mi (plum-viewing).’
Photograph: Hugo Anaya

La Paz, Bolivia
‘Two local cholitas deep in conversation and walking in sync. I loved their vibrant colours against the beige stone behind.’
Photograph: Louise Milne
Market Closes for May 8^th, 2025

Market Index	Close	Change
Dow Jones	41368.45	+254.48
		+0.62%
S&P 500	5663.94	+32.66
		+0.58%
NASDAQ	17928.14	+189.98
		+1.07%
TSX	25254.06	+92.88
		+0.37%

International Markets

Market Index	Close	Change
NIKKEI	36928.63	148.97
		0.41%
HANG SENG	22775.92	+84.04
		+0.37%
SENSEX	80334.81	-411.97
		-0.51%
FTSE 100*	8531.61	-27.72
		-0.32%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.202	3.143
CND. 30 Year Bond	3.500	3.474
U.S. 10 Year Bond	4.3785	4.2946
U.S. 30 Year Bond	4.8428	4.7980

Currencies

BOC Close	Today	Previous
Canadian $	0.7183	0.7226
US $	1.3921	1.3838

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5637	0.6395
US $	1.1225	0.8908

Commodities

Gold	Close	Previous
London Gold Fix	3392.25	3391.45
Oil
WTI Crude Future	58.07	59.09

Market Commentary:
When your outgo exceeds your income, your upkeep becomes your downfall. –Rick Rule, b. 1953.
Canada
(MT Newswires)
The Toronto Stock Exchange closed with a second-straight gain on Thursday as Scotiabank started to look at the impact of temporary versus permanent tariffs and BMO Capital Markets cited “high-quality Canadian companies that have exhibited decelerating breadth of positive revisions over the past several months.”
The S&P/TSX Composite Index closed was up 93.88 points at 25,254.06, adding to the 180-plus points gained Wednesday.
Among sectors, the biggest gainers were Energy, up 2.8% and Base Metals, up 1.8%.
With officials from the United States set to meet their counterparts from China over the weekend to start talks on a possible trade deal between them, and with the U.S. today getting the ball rolling with the outline of a deal between it and the United Kingdom, investors are already looking towards an end to the brewing trade war between Canada and the United States. too.
Scotiabank presented an alternative scenario where tariffs are removed September 2025, generating significantly less economic damage and fewer job losses than the bank had seen as its April baseline.
By 2026, GDP is up to one percentage point higher in both countries compared to a permanent tariffs scenario, while the unemployment rate is around one percentage lower, Scotia said.
“The implications for monetary policy differ between the two countries, reflecting how each economy absorbs the trade shock, it added.
In the United States, Scotia sees a large increase in import duties functioning as a supply shock, raising inflation substantially and damaging growth.
“This limits the Federal Reserve’s ability to react, leading to a higher policy rate relative to a no-tariff scenario.
Quick removal of tariffs would allow inflation to reverse on its own, creating more room for monetary policy to ease.
In this case, the policy rate would be lower than in a permanent tariffs scenario but still above the no-tariff scenario.”
In Canada, Scotia sees the tariffs “shock” primarily acting through demand-side channels, allowing the Bank of Canada more flexibility to respond.
“Under permanent or temporary tariffs, monetary policy is looser than in a no-tariff scenario, with temporary tariffs requiring less easing than permanent ones.”
Meanwhile, some investors are again looking at their Canadian investment strategies, given trade tensions and the corresponding threat of a global recession are seemingly easing, at least for now.
Brian Belski, Chief Investment Strategist at BMO Capital Markets, noted he and his team recently adjusted their 2025 EPS target for the TSX down 3%, from $1,600 to $1,550, “reflecting what the bank believes is a minor ‘tweak’ when considering all the emotion, rhetoric, and frankly, unsubstantiated ‘noise’ that has bullied many analysts, companies, and macro-observers to ‘react’ in a much more decidedly negative tone.”
Nonetheless, Belski said, while the actual quantifiable impact of tariffs and U.S. growth remains unknown, TSX earnings estimates will likely remain under pressure over the near term.
“In fact,” he added, “forward earnings revision trends, which had been stagnant throughout the year as analysts assessed the trade risks, have started to decidedly swing negative since the end of March.”
From BMO’s perspective, Canadian stocks are “exhibiting a well-anticipated negative revision cycle, one we believe has already been fully priced in and may ultimately be short-lived (e.g., regressive)”.
As such, the team at BMO believe investors should not be reactionary to negative guidance and instead use the downward revision cycle for what it truly represents, a historically tested and proven contrarian indicator.
“Overall,” Belski said, “we continue to believe investors should remain focused on high-quality Canadian companies, while also overlaying a contrarian revision tilt.
As such, we have included a screen of high-quality Canadian companies that have exhibited decelerating breadth of positive revisions over the past several months.”
Belski’s “Canadian Quality Screen” included ATCO (ACO-X.TO), Alimentation Couche-Tard (ATD.TO), Bank of Montreal (BMO.TO), Cogeco Communications CCA.TO), CCL Industries (CCL-B.TO), Canadian National Railway (CNR.TO), Constellation Software (CSU.TO), Dollarama (DOL.TO), Enghouse Systems (ENGH.TO) and CGI (GIB-A.TO).
It also included Great-West Lifeco (GWO.TO), iA Financial (IAG.TO), Intact Financial (IFC.TO) and IGM Financial (IGM.TO).
Of commodities, West Texas Intermediate crude oil closed with a gain on Thursday amid hopes around a cooling of trade tensions as the United States readies for tariff talks with China, while reports said the Trump Administration has reached a framework for trade deal with the United Kingdom.
WTI crude oil for June delivery closed up $1.84 to settle at US$59.91 per barrel, while July Brent crude was last seen up $1.67 to US$62.79.
But gold traded lower for a second day late afternoon on Thursday as planned weekend talks between the U.S. and China seemed to calm trade tensions and ease safe-haven demand, while the Federal Reserve held interest rates steady in a day-prior decision, pushing the dollar and yields sharply higher.
Gold for June delivery was last seen down $80.80 to US$3,311.10 per ounce.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.4%, or 92.88 to 25,254.06 in Toronto.
The index advanced to the highest closing level since April 2.
Brookfield Corp. contributed the most to the index gain, increasing 3.8%.
OceanaGold Corp. had the largest increase, rising 12.6%.
Today, 132 of 218 shares rose, while 84 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index rose 0.9%
* The index advanced 13% in the past 52 weeks. The MSCI AC Americas Index gained 9.3% in the same period
* The S&P/TSX Composite is 2.4% below its 52-week high on Jan. 30, 2025 and 17.6% above its low on June 17, 2024
* The S&P/TSX Composite is up 1.8% in the past 5 days and rose 12% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.9 on a trailing basis and 16.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.07t
* 30-day price volatility little changed to 30.23% compared with 30.21% in the previous session and the average of 30.44% over the past month
Financials | 58.1527| 0.7| 17/8
Industrials | 34.6023| 1.1| 21/7
Energy | 24.5602| 0.6| 29/11
Information Technology | 23.3805| 1.0| 9/1
Communication Services | 11.2164| 2.0| 5/0
Consumer Discretionary | 8.0341| 1.0| 9/1
Real Estate | 0.9189| 0.2| 7/12
Health Care | 0.5604| 0.9| 3/1
Utilities | -1.4753| -0.1| 10/5
Consumer Staples | -21.9689| -2.1| 4/6
Materials | -45.0914| -1.3| 18/32
Brookfield Corp | 29.7800| 3.8| 17.6| -3.0
Canadian Natural
Resources | 29.4900| 5.0| 47.8| -5.8
Constellation
Software | 18.2400| 2.6| 40.9| 16.6
Agnico Eagle Mines
Ltd | -9.7380| -1.7| -24.9| 41.9
Enbridge | -14.5200| -1.5| 90.3| 4.6
TC Energy | -16.9800| -3.3| -12.3| 2.0
US
By Rita Nazareth
(Bloomberg) — Wall Street’s risk-on mood prevailed on Thursday, with stocks up and bonds down as Donald Trump announced a trade deal with the UK while noting that if China talks go well, tariffs could be lowered.
Equities also gained after the president said investors should buy shares now.
For a market hoping for an easing of tensions between the US and its top commercial partners, that was enough to fuel a rally in S&P 500 – with the gauge briefly topping its April 2 high before the advance subsided.
While most major industries rose, gains were led by economically sensitive sectors.
Bitcoin surpassed $100,000.
As the safety bid ebbed, gold and haven currencies fell.
Short-term Treasury yields surged as traders pared bets on rate cuts.
Trump pitched his trade framework with the UK as a historic achievement, and the first step in his revolutionary effort to overhaul the global economy.
As the US prepares for the start of talks with China — the biggest target of Trump’s tariff onslaught — the president said he believed negotiations could result in tangible progress.
“As we get the details of this trade deal today, and find out how much progress the US and China are making towards the most important trade deal this weekend, it should give investors some more clarity about how much of an impact the trade issue will have on the US and global economy going forward,” said Matt Maley at Miller Tabak + Co.
Trump also said that promising trade news paired with Republican efforts to pass legislation extending and expanding his signature tax cuts should be reason for investor optimism.
“This country will hit a point that you better go out and buy stock,” he said.
The S&P 500 rose 0.6%.
The Nasdaq 100 gained 1%.
The Dow Jones Industrial Average added 0.6%.
The Russell 2000 climbed 1.8%.
The yield on 10-year Treasuries advanced 11 basis points to 4.37%.
A soft $25 billion sale of 30-year bonds also weighed on the market.
The Bloomberg Dollar Spot Index rose 0.6%.
“Tariffs are steering the boat again,” said Louis Navellier, chief investment officer at Navellier & Associates.
“We are seeing a risk-on sentiment.
The fear of missing out on favorable agreements being reached has limited the number of sellers.”
Trade indeed remains the primary story, says Chris Larkin at E*Trade from Morgan Stanley.
And markets will likely take their cues from how upcoming negotiations unfold, he added.
Treasury Secretary Scott Bessent and US Trade Representative Jamieson Greer are set to meet in Switzerland with Chinese Vice Premier He Lifeng on trade in the coming days.
Trump said that if talks went well, he could consider lowering the 145% tariff he has imposed on many Chinese goods.
“It could be,” Trump said in response to a question about the possibility.
“I mean, we’re going to see. Right now, you can’t get any higher.
It’s at 145% so we know it’s coming down.
I think we’re going to have a very good relationship.”
Icebreaker or Breakthrough?
While the real game-changer would be progress with China, that’s where it gets murky, according Fawad Razaqzada at City Index and Forex.com.
“The weekend meeting between the US and China feels more like a diplomatic icebreaker than a breakthrough moment,” Razaqzada noted.
“We could be in for a long, drawn-out negotiation season, which may limit the upside potential for risk assets.”
While we may be incrementally moving toward de-escalation of the global trade war, there is still plenty of uncertainty remaining, not least given the extensive list of countries that still need to obtain individual deals, noted Martin Frandsen at Principal Asset Management.
“Markets will likely need further evidence that the peak uncertainty is tailing before we see a recovery in consumer and business confidence,” he said.
Wild swings have lashed US assets as Trump’s fast-evolving tariff war put the S&P 500 on the brink of a bear market just a month ago — with a plunge of almost 20% from its February record through April 8.
Since then, the gauge rallied almost 14%.
The gauge’s median performance following one-month rallies of over 10%, as well as those that occurred after declines of that same magnitude in the prior month, has been better than the average for all periods since 1953, according to Bespoke Investment Group.
Corporate Highlights:
* Apple Inc.’s silicon design group is working on new chips that will serve as the brains for future devices, including its first smart glasses, more powerful Macs and artificial intelligence servers.
* British Airways parent IAG SA is poised to order about 30 Boeing Co. 787 Dreamliner aircraft, according to people familiar with the matter, as the US plane maker snags an early win under President Donald Trump’s new trade deal with the UK.
* Warner Bros. Discovery Inc., the parent of HBO and CNN, rose in New York trading on speculation it may split off its cable TV networks into a separate company, overshadowing financial results that missed estimates.
* Peloton Interactive Inc. reported a 13% decline in revenue last quarter, marking the third straight year-over-year decline in sales.
* Arm Holdings Plc gave a disappointing sales forecast for the current quarter, stoking concerns about a tariff-fueled slowdown for the chip industry.
* Shopify Inc. projected slowing profit growth in the current quarter, with executives pledging to keep spending to boost sales growth.
* Coinbase Global Inc. agreed to acquire Deribit, the world’s largest exchange for Bitcoin and Ether options, for $2.9 billion as the biggest US crypto exchange makes a push into the derivatives market.
* Krispy Kreme Inc. said it will no longer pay quarterly cash dividends in order to pay down its debt and focus on growth.
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 1%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World Index rose 0.2%
* Bloomberg Magnificent 7 Total Return Index rose 1.3%
* The Russell 2000 Index rose 1.8%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.7% to $1.1226
* The British pound fell 0.4% to $1.3242
* The Japanese yen fell 1.5% to 145.93 per dollar
Cryptocurrencies
* Bitcoin rose 4.7% to $101,323.45
* Ether rose 18% to $2,117.36
Bonds
* The yield on 10-year Treasuries advanced 11 basis points to 4.38%
* Germany’s 10-year yield advanced six basis points to 2.53%
* Britain’s 10-year yield advanced nine basis points to 4.55%
Commodities
* West Texas Intermediate crude rose 3.4% to $60.02 a barrel
* Spot gold fell 1.7% to $3,308.29 an ounce

–With assistance from Sujata Rao and John Viljoen.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
A person who knows little likes to talk, and one who knows much mostly keeps silent.  This is because a person who knows little thinks that everything he knows is important, and wants to tell everyone.  A person who knows much also knows that there is much more he doesn’t know.  That’s why he speaks only when it is necessary to speak, and when he is not asked questions, he keeps his silence. –Jean-Jacques Rousseau, 1712-1778.

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:
May 7, 1867: Swedish chemist Alfred Nobel patents dynamite in England, revolutionizing construction and mining industries while also leading to the establishment of the Nobel Prizes in his will.
On May 7, 1945, Germany signed an unconditional surrender at Allied headquarters in Rheims, France, to take effect the following day, ending the European conflict of World War II. Go to article

May 7, 1824: Premiere of Beethoven’s Ninth Symphony.
Pyotr Tchaikovsky, composer, b. 1840.
Eva Peron, Argentina’s “Evita”, b.1919.
May 7, 1955: West European Union formed.

Failed Soviet spacecraft Kosmos 482 could crash to Earth this week — here’s where it might hit (map)
Where will the failed Soviet spacecraft Kosmos 482 land when it crashes back to Earth in the coming week? Most major cities are in the potential crash zone —
but the odds of a direct strike are extremely slim. Read More.

Archaeologists unearth tree-lined walkway that led to ancient Egyptian fortress in Sinai Desert
The ancient Egyptian fortress was in use around 2,000 years ago in the Sinai Desert. Read More.

In a first, physicists spot elusive ‘free-range’ atoms — confirming a century-old theory about quantum mechanics
Physicists have used a novel technique to observe individual atoms interacting in free space for the first time ever. The new technique confirms a century-old quantum mechanical theory. Read More.

US Air Force wants to develop smarter mini-drones powered by brain-inspired AI chips
Plans are underway to create new AI-powered drones that can fly for much longer than current designs. Read More.

Another type of Ozempic effect?
Weightwatchers has filed for bankruptcy protection. The 62-year-old dieting program has struggled with about $1.5 billion in debt, a 12% decline in members and an inability to keep pace with more convenient weight loss options like the GLP-1 drugs Ozempic and Wegovy.

No Triple Crown winner this year
Sovereignty, the 3-year-old thoroughbred who won the Kentucky Derby last weekend, will not compete in the Preakness Stakes. After suffering a scrape above the right front hoof during the race, the colt will instead focus on competing in the Belmont Stakes next month.

T. rex ancestry offers origin answers
A new study has determined how Tyrannosaurus rex’s ancestors arrived in North America around 70 million years ago. A team of international researchers used mathematical models that incorporated data from the existing fossil records, the T. rex family tree and climatic and environmental conditions.

Peering into the past and decoding its secrets
Researchers participating in The Vesuvius Challenge have had a breakthrough. Two graduate students from the University of Würzburg in Germany managed to decipher the title and author of PHerc. 172, a burned scroll that was buried under volcanic debris when Mount Vesuvius erupted in 79 AD, then digitally unwrapped nearly 2,000 years later.

From The Late Night Shows:
Prime Minister Mark Carney of Canada visited the White House on Tuesday, where he said that Canada was not and would never be for sale, despite President Trump’s avid interest in annexing it.
“Then Trump went back to browsing a world map like it’s Zillow,” Jimmy Fallon said.
“Yeah, Trump said if Canada became the 51st state, it would be a ‘wonderful marriage.’ And people — and people were, like, ‘How would he know?’” — JIMMY FALLON

“I think Donald Trump just got friend-zoned. Canada’s, like, ‘You have been such an amazing ally, but I really think we just work better as sovereign neighbors.’” — DESI LYDIC

“Poor Mark Carney had a hell of a job today. It was like an Ewok going to the meeting on the Death Star.” — JIMMY KIMMEL

“That’s true, he doesn’t take no for an answer. In fact, he was found liable for it in a court of law.” — JIMMY KIMMEL

PHOTOS OF THE DAY

Carshalton, UK
‘A buff-tailed bumblebee moving on.’
Photograph: Chris Playle

AlUla, Saudi Arabia‘
The Maraya is the largest mirrored building in the world. While blending into its surroundings with its reflective walls, it creates many strange split-screen panoramas.’
Photograph: Robert Boon

Skagit Valley, US
‘Snow geese warming up for the return trip to Wrangel Island, Russia, where they spend their summers, after wintering in the Skagit Valley, Washington.’
Photograph: Edmund Lowe
Market Closes for May 7th, 2025

Market Index	Close	Change
Dow Jones	41113.97	+284.97
		+0.70%
S&P 500	5631.28	+24.37
		+0.43%
NASDAQ	17738.16	+48.50
		+0.27%
TSX	25161.18	+186.46
		+0.75%

International Markets

Market Index	Close	Change
NIKKEI	36779.66	-51.03
		-0.14%
HANG SENG	22691.88	+29.17
		+0.13%
SENSEX	80746.78	+105.71
		+0.13%
FTSE 100*	8559.33	-38.09
		-0.44%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.099	3.143
CND. 30 Year Bond	3.426	3.474
U.S. 10 Year Bond	4.2674	4.2946
U.S. 30 Year Bond	4.7688	4.7980

Currencies

BOC Close	Today	Previous
Canadian $	0.7226	0.7263
US $	1.3838	1.3768

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5649	0.6390
US $	1.1308	0.8843

Commodities

Gold	Close	Previous
London Gold Fix	3391.45	3249.70
Oil
WTI Crude Future	59.09	57.13

Market Commentary:
Investors should purchase stocks like they purchase groceries – not like they purchase perfume. –Ben Graham, 1894-1976.
Canada
(MT Newswires)
The Toronto Stock Exchange closed at the highest in five weeks on Wednesday amid easing trade tensions between Canada and the United States, at least for now, following the day-prior meeting of Prime Minister Mark Carney and President Donald Trump yesterday, in addition to news the United States and China are preparing for talks of their own on trade matters.
The S&P/TSX Composite Index closed up 186.46 points to 25,161.18, the highest since April 2.
Industrials and Information Technology led gains, up 1.25% and 1.5% respectively.
Limiting upside was a 2.0% decline in Base Metals.
Carney and Trump staged an amicable chat in the Oval Office on Tuesday.
While no deal on removing U.S. tariffs on Canadian goods was agreed to, the first meeting of the pair ended without rancor, an encouraging sign for future negotiations.
As well, the United States and China will meet in Switzerland on the weekend for trade talks of their own, raising hopes for an end to the tariff battles between the world’s two largest economies.
Economist David Rosenberg noted the U.S. Federal Reserve as expected today held the fed funds rate at its current target range of between 4.25-4.50% by unanimous decision.
But he said, the Fed “keeps prioritizing the uncertain picture despite the negative GDP print in the first quarter”.
Rosenberg said “the bar has been raised” for any near-term Fed rate cut even as the Bank of Canada is seen on the rate-cutting path.
There is ongoing concern that a widening interest-rate differential between this nation and the United States could weigh heavily on the Canadian dollar.
According to Rosenberg, the Fed “clearly brushed off” the mild contraction in U.S. first-quarter real GDP, pointing to swings in net exports, mostly the pre-tariff import surge, and sticking with the label “solid” to describe the overall economic backdrop.
“As bizarre as that sounds, consider it ‘cover’ for not signaling any rate cut coming,” he said.
Rosenberg noted the press statement was “short and terse once again,” but the new wrinkle was the addition of heightened risks around higher unemployment and higher inflation.
“It’s as if the latest flat reading in the core PCE deflator and the steady 4.2% unemployment rate never materialized.
But Powell and crew are staring into a bog of uncertainty and getting a tad more nervous over a future of mild stagflation.
The hidden message is that the bar for Fed easing has been raised a touch in the commentary, and any political pressure to lower rates will surely be resisted,” he said.
Investors, Rosenberg said, should note that there is a reference to “uncertainty about the economic outlook has increased further.”
This is a key message because higher uncertainty, even with all the trade ‘deals’ being bandied about, translates into market repricing towards more defensive positioning and wider risk premia across all asset classes, he added.
Among commodities, West Texas Intermediate crude oil traded lower on abundant supply, despite early support on hopes talks between China and the U.S. can end their trade war.
WTI oil for June delivery closed down $1.02 to US$58.07 per barrel, while July Brent crude settled down $1.03 to US$61.12.
Gold traded lower late afternoon as the dollar rose, and safe-haven demand slows after the United States and China agreed to hold trade talks this weekend.
Gold for June delivery was last seen down $25.50 to US$3,397.30 per ounce.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.7%, with eight of 11 sectors higher, led by information technology stocks.
As of market close, 127 of 218 stocks rose, while 88 fell.
Premium Brands Holdings Corp. led the advances, rising 9.4%,while Nova gold Resources Inc. decreased 6.7%.
Markets at a Glance:
* S&P/TSX Index rose 0.7% to 25,161
* Eight of 11 sectors rose
** Information technology gained, up 1.5%
** Communication services declined, down 0.8%
* Crude oil fell 1.9% to $58/bbl
* Natgas rose 4.7% to $3.63/mmbtu
* Gold fell 1.3% to $3,378/oz
* Silver fell 2.8% to $32/oz
Advancers:
* Premium Brands Holdings Corp. (PBH CN) +9.4%: Premium Brands 1Q Adjusted EPS Beats Estimates
* Spin Master Corp. (TOY CN) +6.7%: Spin Master Raised to Outperform at National Bank; PT C$29
* Stella-Jones Inc. (SJ CN) +4.7%: Stella-Jones Gains as 1Q EPS Beats Estimates, Guidance Kept (1)
* BRP Inc. (DOO CN) +4.5%
* NexGen Energy Ltd. (NXE CN) +4.4%
Decliners:
* Novagold Resources Inc. (NG CN) -6.7%: Novagold Resources Offers 43.5m Shares
* Iamgold Corp. (IMG CN) -5.7%: Iamgold Shares Fall as Gold Production, Sales Miss Estimates (1)
* Ivanhoe Mines Ltd. (IVN CN) -5.7%
* TransAlta Corp. (TA CN) -5.1%: TransAlta Shares Drop on ‘Softer’ First Quarter Adj. Ebitda (1)
* Endeavour Silver Corp. (EDR CN) -5%
US
By Rita Nazareth
(Bloomberg) — Assurances by Jerome Powell that the economy remains sound and the Federal Reserve won’t be forced into rash action by Donald Trump’s trade war bolstered markets, pushing up stocks and the dollar.
Equities were also aided by prospects for looser rules on semiconductor exports.
While warning that risks are growing of higher inflation and slowing growth, Powell calmed investors after the Federal Open Market Committee left interest rates unchanged.
The S&P 500 halted a two-day slide, with chipmakers leading the charge after Bloomberg News reported the Trump administration plans to rescind Biden-era curbs for the industry.
The dollar advanced against most major currencies. Benchmark 10-year yields fell.
With unemployment still low and demand steady, Fed officials have said they are comfortable keeping rates unchanged until they have a better understanding of where the economy is headed.
Powell repeated that sentiment Wednesday, adding the cost to waiting is low.
“The Fed is content to stand pat until there is economic data that compels them to change interest rates,” said Greg McBride at Bankrate.
“With inflation already elevated and expected to move higher, it will take evidence of a material downturn in the job market before the Fed resumes cutting interest rates.”
Price action Wednesday was especially muted when compared April 16, when stocks and the dollar tumbled after Powell first mentioned the growing tension between the Fed’s dual mandate of controlling price pressures and bolstering employment.
His comments then, coming amid a violent stretch in markets, were taken by traders as a vow to prioritize the fight against inflation even if it proved costly for investors.
The S&P 500 rose 0.4%.
The Nasdaq 100 added 0.4%.
The Dow Jones Industrial Average gained 0.7%.
The yield on 10-year Treasuries declined two basis points to 4.28%.
The Bloomberg Dollar Spot Index rose 0.5%.

Corporate Highlights:
* Apple Inc. is “actively looking at” revamping the Safari web browser on its devices to focus on AI-powered search engines, a seismic shift for the industry hastened by the potential end of a longtime partnership with Google.
* Walt Disney Co. reported fiscal second-quarter results that beat Wall Street estimates and raised its outlook for the full year, citing strong performances from theme parks and streaming TV.
* Advanced Micro Devices Inc., Nvidia Corp.’s closest rival in artificial intelligence processors, offered an upbeat revenue outlook for the current period, even while warning that US export curbs will take a bite out of sales.
* Super Micro Computer Inc. gave a sales forecast in the current period that fell short of estimates, disappointing investors after the server maker last week released lackluster preliminary quarterly results for the previous quarter.
* Uber Technologies Inc. reported weaker-than-expected quarterly gross bookings, citing lower US inbound travel that’s led to slower gains in it rideshare business.
* Marvell Technology Inc. cut the high end of its revenue forecast and postponed an investor day event, citing the “uncertain” economy.
* Rivian Automotive Inc. said full-year deliveries will decline more sharply than it anticipated just a month ago, citing risks Trump’s trade war will further dampen demand for pricey electric vehicles.
* CrowdStrike Holdings Inc. is cutting about 500 jobs, representing about 5% of its global workforce, as it works toward a goal of generating $10 billion in annual recurring revenue.
* The European Union will propose tariffs on Boeing Co. aircraft and US-made cars if talks with President Donald Trump’s administration fail to de-escalate a brewing trade conflict, according to people familiar with the deliberations.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.4%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World Index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.6% to $1.1306
* The British pound fell 0.5% to $1.3296
* The Japanese yen fell 1% to 143.81 per dollar
Cryptocurrencies
* Bitcoin rose 1.6% to $96,184.15
* Ether rose 1.2% to $1,796.47
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.28%
* Germany’s 10-year yield declined seven basis points to 2.47%
* Britain’s 10-year yield declined five basis points to 4.46%
Commodities
* West Texas Intermediate crude fell 1.7% to $58.09 a barrel
* Spot gold fell 1.8% to $3,371.35 an ounce

–With assistance from Vildana Hajric and Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
We don’t see things as they are, we see them as we are. –Anaïs Nin, 1903-1977.

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:
May 6, 1527: Sack of Rome by the troops of Charles V.
May 6, 1954: Roger Bannister becomes the first person to run a mile in under 4 minutes, a feat that was previously thought impossible and has since been accomplished by an estimated 1,400 athletes.
May 6, 1955: West Germany joins NATO.
May 6, 1994: The Channel Tunnel linking France to the UK officially opens.

Sigmund Freud, founder of psychoanalysis, b. 1856.
Rabindranath Tagore, poet, b. 1861.
Orson Welles, actor/director, b. 1915.
George Clooney, actor, b. 1961.

Look, up in the sky!
A Soviet-era spacecraft that failed to reach Venus more than 50 years ago is due to crash back to Earth this week. Although much about the piece of space debris, called Cosmos 482 (also spelled Kosmos 482), is unknown, it “might well survive Earth atmosphere entry and hit the ground,” one astrophysicist said.

81-year-old ship sinks a tad too soon
A former World War II-era warship was supposed to go down in a blaze of glory during a live-fire exercise off the coast of the Philippines on Monday. Instead, the ex-USS Brattleboro met a different end.

Ri-Ri makes red carpet revelation
There were many dramatic appearances and striking outfits at this year’s Met Gala – and then there was Rihanna. The singer’s classy pinstripe Marc Jacobs ensemble with a polka dot cravat and oversized hat celebrated the night’s theme of Black style and dandyism. But her outfit went the extra mile by highlighting her newest feature: a baby bump.

Here birdie birdie birdie
Residents in Pinecrest, Florida say the loud and colorful peacock population has become a major nuisance. One exotic animal and avian veterinarian has come up with a unique solution.

“May the wind under your wings bear you where the sun sails and the moon walks”
Two massive eagle sculptures inspired by “The Hobbit” and “The Lord of the Rings” books and movies will be removed from the Wellington Airport in New Zealand this week. The 1.2-ton eagles have loomed over air travelers for more than a decade.

Digital ‘resurrection’ of the Titanic sheds light on fateful night the ship tore apart
A new documentary explores the tragic final night of the RMS Titanic with the most detailed digital reconstruction of the ship ever created. Read More.

1,800-year-old warhorse cemetery held remains of a beloved horse — and a man considered an ‘outsider’ to Roman society
A newly excavated horse cemetery in Germany dates to Roman times. Read More.

Earth may not have gotten its water how we thought, controversial meteorite study suggests
A meteorite found in Antarctica in 2012 suggests Earth may have formed with the materials needed to make water, a new study hints. Read More.

Shingles vaccine may directly guard against dementia, study hints
The lower incidence of dementia seen in adults who received the shingles vaccine is likely not just a correlation, scientists say, based on new results of an observational study. Read More.

People really can communicate with just their eyes, study finds
New research reveals how humans communicate through their gaze. Read More.

PHOTOS OF THE DAY

Ankara, Turkey
Flamingos walk through Lake Mogan as they stop at the wetlands during their migration
Photograph: Hamit Yalcin/Anadolu/Getty Images

Hong Kong, China
A boy performs a lion dance at the Piu Sik parade during celebrations of the Bun festival at Cheung Chau Island
Photograph: Bertha Wang/EPA

Kirnbach, Germany
Women wear the traditional Black Forest costume with the ‘Bollenhut’ pompom hat during a festival
Photograph: Steffen Schmidt/Reuters
Market Closes for May 6^th, 2025

Market Index	Close	Change
Dow Jones	40829.00	-389.83
		-0.95%
S&P 500	5606.91	-43.47
		-0.77%
NASDAQ	17689.66	-154.58
		-0.87%
TSX	24974.72	+21.20
		+0.09%

International Markets

Market Index	Close	Change
NIKKEI	36830.69	+378.39
		+1.04%
HANG SENG	22662.71	+158.03
		+0.70%
SENSEX	22662.71	+158.03
		+0.70%
FTSE 100*	8597.42	+1.07
		+0.01%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.143	3.188
CND. 30 Year Bond	3.474	3.516
U.S. 10 Year Bond	4.2946	4.3433
U.S. 30 Year Bond	4.7980	4.8346

Currencies

BOC Close	Today	Previous
Canadian $	0.7263	0.7235
US $	1.3769	1.3821

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5613	0.6405
US $	1.1339	0.8819

Commodities

Gold	Close	Previous
London Gold Fix	3249.70	3249.70
Oil
WTI Crude Future	57.13	57.13

Market Commentary:
When there’s nothing to do, do nothing. -James Tisch, b. 1953.
Canada
(MT Newswires)
The Toronto Stock Exchange closed with a modest gain on Tuesday as Canadian Prime Minister Mark Carney and U.S. President, Donald Trump staged a cordial meeting in Washington, even though there were no signs of a quick end to a trade war between their respective nations.
The S&P/TSX Composite Index closed up 21.20 points to close at 24,974.72.
Among sectors, Energy and Base Metals were the biggest gainers, up 1.13% and 1.12%, respectively.
Health Care, down 1.84%, was the biggest decliner.
Today’s meeting between Carney and Trump ended with no indication when a costly trade war between Canada and the United States will end.
When asked if there was anything Carney could say today that would lead the United States to lift tariffs on Canadian goods, Trump replied, “No.” When a reporter asked why not, Trump said, “It’s just the way it is.”
Also, Trump repeated that the United States does not need Canadian auto and key metals exports, at least during the televised portion of the Oval Office meeting.
Trump also reiterated that he feels it would be much better for Canada to be a state, within the United States, but Carney said Canada “is not for sale (and) won’t be for sale ever.”
While Carney said CUSMA, the free trade agreement between Canada, the United States, and Mexico, “is a basis for a broader negotiation,” Trump indicated he will not walk away from that deal, which was signed during his first term as President. “No, it’s fine. It’s there. It’s good,” the President said.
Of commodities, gold prices rose to a record late afternoon on Tuesday, on strong physical demand and as the dollar weakened.
Gold for June delivery was last seen up $110.00 to US$3.432.20, topping the April 21 record close of US$3.425.30.
West Texas Intermediate crude oil rebounded from a four-year low on Tuesday as traders bought the dip even as OPEC+’s weekend decision to add another outsized tranche of supply to the market in June threatens to push the market into surplus.
WTI oil for June delivery closed up $1.96 to settle at US$59.09 per barrel, rising off a February 2021 low, while July Brent crude was last seen up US$1.96 to US$62.19.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite was little changed, with five of 11 sectors higher and six lower.
As of market close, 127 of 218 stocks fell, while 91 rose.
Shopify Inc. led the declines, falling 4.9%, while Centerra Gold Inc. increased 16%.
Markets at a Glance:
* S&P/TSX Index was little changed at 24,975
* Five of 11 sectors rose
** Materials gained, up 3.2%
** Information technology declined, down 2.5%
* S&P 500 Index fell 0.8% to 5,607
* Nasdaq 100 Index fell 0.9% to 19,791
* Crude oil rose 3.4% to $59/bbl
* Natgas fell 2.2% to $3.47/mmbtu
* Gold rose 3.3% to $3,431/oz
* Silver rose 3.1% to $33/oz
Advancers:
* Centerra Gold Inc. (CG CN) +16%: Centerra Gold 1Q Adjusted EPS 12C Vs. 14C Y/y
* Ero Copper Corp. (ERO CN) +11%: ERO Copper Raised to Outperform at National Bank
* Orla Mining Ltd. (OLA CN) +9.6%
* Lundin Gold Inc. (LUG CN) +9.5%: S&P/TSX Composite Gold Sub Industry GICS Index Rises 3.9%
* Aya Gold & Silver Inc. (AYA CN) +8.4%
Decliners:
* Shopify Inc. (SHOP CN) -4.9%: Shopify Rated New Outperform at BMO on Growth Potential
* Bausch Health Cos. (BHC CN) -4%
* Ces Energy Solutions Corp. (CEU CN) -3.4%
* Algoma Steel Group Inc. (ASTL CN) -3.1%: Steel Producer Algoma Cut to CCC+ by S&P on US Tariff Impacts
* Colliers International Group Inc. (CIGI CN) -3.1%: Colliers Falls on Real Estate Services Miss Despite Overall Beat
US
By Rita Nazareth
(Bloomberg) — Wall Street’s risk-off mode prevailed in the run-up to the Federal Reserve decision, with stocks falling and bonds rising as President Donald Trump’s tariff remarks failed to ease worries that his trade war will cause economic damage.
After almost wiping out losses, the S&P 500 closed with a drop of almost 1%.
Trump said he would prescribe tariff levels and trade concessions for partners looking to avoid higher duties, appearing to move away from the idea that he would engage in back-and-forth negotiations.
Trade jitters spurred gains in Treasuries, which also rose after a solid $42 billion sale of 10-year bonds.
Following a historic winning run for stocks, Goldman Sachs Group Inc. strategists say current valuations leave little room for the recent rally to continue.
For JPMorgan Chase & Co. strategists, US assets are “not a good place to hide.”
At HSBC, Max Kettner remains tactically cautious as “fundamentals remain dire.”
“Fading upside in a complacent equity market amid continued trade uncertainty, and huge downside economic risks which have yet to be adequately discounted,” said Michael Brown at Pepper stone.
“I also remain a dip buyer in gold, and a rally seller in the dollar.”
The S&P 500 fell 0.8%.
The Nasdaq 100 slid 0.9%.
The Dow Jones Industrial Average dropped 0.9%.
The yield on 10-year Treasuries fell four basis points to 4.31%.
The Bloomberg Dollar Spot Index slipped 0.3%.
The steep recovery in equities over the past two weeks is typical of bear-market rallies, and the erratic swings mean almost every investor will experience pain whichever direction the market suddenly moves.
“If the tariff announcements are reversed quickly with little lasting economic damage, this does suggest that the downside risks are limited.
Nonetheless, at current valuations, we also think the upside is limited,” Goldman Sachs strategist Peter Oppenheimer wrote.
Meantime, billionaire investor Paul Tudor Jones said he expects Trump to dial back China tariffs by 50% but said stock markets could hit new lows even if he does.
“You have Trump, who’s locked in on tariffs; you have the Fed, who’s locked in on not cutting rates,” said Jones, founder of macro hedge fund Tudor Investment Corp., speaking on CNBC Tuesday.
“That’s not good for the stock market.”
Bank of America Corp.’s individual-investor clients snapped up stocks for 21 consecutive weeks through last Friday, the longest buying streak in the firm’s data history going back to 2008, strategists led by Jill Carey Hall said Tuesday in a research note.
The cohort has been piling into US equities through a volatile start to 2025 marked by worries around Trump’s tariff regime, building positions in both exchange-traded funds and single stocks.
Eight of 11 S&P 500 sectors have net inflows by the group year-to-date, according to BofA data.
“This market reality suggests heightened short-term volatility is likely to persist but also presents opportunities for investors with longer-term perspectives to capitalize on short-term market dislocations,” said George Maris at Principal Asset Management.

Corporate Highlights:
* Palantir Technologies Inc. tumbled after its financial results and projections failed to live up to investors’ lofty expectations.
* Constellation Energy Corp. surged after it said it is on the verge of signing long-term deals to provide nuclear energy that could meet unrelenting demand to run data centers and factories.
* Ford Motor Co. suspended its full-year financial guidance and said Trump’s auto tariffs will take a toll on profit, joining rivals stung by volatile global trade policies.
* Hims & Hers Health Inc. reiterated its 2025 revenue forecast after posting better-than-expected sales for the first quarter, raising questions about the future as it shifts from making copycat weight-loss drugs to selling discounted versions of Novo Nordisk A/S’s blockbuster Wegovy.
* Archer-Daniels-Midland Co. said earnings this year will be at the lower end of its guidance as a difficult crop trading market is complicated by mounting trade and biofuel policy uncertainty.
* Marriott International Inc. lowered its estimates for a key measure of revenue growth, joining the ranks of hotel companies adjusting expectations for an uncertain economic moment.
* DoorDash Inc. is buying hospitality tech company Seven Rooms Inc. for $1.2 billion, hours after confirming its plans to acquire London-based delivery Deliveroo Plc, underscoring its appetite for aggressive global expansion.

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 0.9%
* The Dow Jones Industrial Average fell 0.9%
* The MSCI World Index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.5% to $1.1375
* The British pound rose 0.6% to $1.3379
* The Japanese yen rose 0.9% to 142.41 per dollar
Cryptocurrencies
* Bitcoin rose 0.8% to $94,951.82
* Ether fell 1.4% to $1,784.48
Bonds
* The yield on 10-year Treasuries declined four basis points to 4.31%
* Germany’s 10-year yield advanced two basis points to 2.54%
* Britain’s 10-year yield was little changed at 4.51%
Commodities
* West Texas Intermediate crude rose 3.5% to $59.11 a barrel
* Spot gold rose 2.6% to $3,422.43 an ounce

–With assistance from Sujata Rao and John Viljoen.

Have a lovely evening everyone.

Be magnificent!
As ever,

Carolann
The noblest pleasure is the joy of understanding. –Leonardo da Vinci, 1452-1519.

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: Cinco de Mayo.

 

May 5, 1904: Cy Yiung pitches a perfect game.

May 5, 1921: Coco Chanel releases her first fragrance, Chanel No. 5, marking the beginning of modern perfumery.

On May 5, 1961, astronaut Alan B. Shepard Jr. became America’s first space traveler as he made a 15-minute suborbital flight in a capsule launched from Cape Canaveral, Fla. Go to article

 

Soren Kierkegaard, philosopher, b. 1813.

Karl Marx, communist, b. 1818.

 

One of Pope Francis’ final wishes will come true
Before he died, the pontiff asked for one of his “popemobiles” to be converted into a mobile healthcare unit and sent to the Gaza Strip. The new clinic will feature medical equipment for diagnosing, examining and treating children and be staffed by doctors and medics.

 

Swing, batter batter… Swing, Kody!
Minnesota Twins’ infielder Kody Clemens hit a home run against the Boston Red Sox at Fenway Park over the weekend — something his father, MLB legend Roger Clemens, never managed to do during his storied career. Even better, his dad was in the stands to see it.

 

Superheroes are back on top
Marvel’s “Thunderbolts*” debuted at No. 1 at the box office this weekend, beating expectations with $76 million in domestic sales. The re-release of “Star Wars: Episode III — Revenge of the Sith” edged Warner Bros. Pictures and Amazon MGM Studios’ “The Accountant 2” for the No. 2 spot. (Warner Bros. Pictures, like CNN, is a unit of Warner Bros. Discovery.)

 

World’s oldest person dies at 116
Sister Inah Canabarro Lucas, a Brazilian nun who loved soccer, credited her Catholic faith as the secret to her longevity.

 

El Cono: The mysterious sacred ‘pyramid’ hidden deep in the Amazon rainforest

Cerro El Cono is a solitary, pyramidal hill in the Peruvian Amazon rainforest whose origins remain mysterious and that holds spiritual significance for Indigenous people. Read More.

 

Iconic ‘Eagle Nebula’ gets a major glow-up on Hubble’s 35th anniversary

One of the Hubble Space Telescope’s most iconic images has been reprocessed using the latest techniques. Read More.

 

Apulian rhyton: A 2,300-year-old Spartan-hound-shaped cup that was likely used at boozy bashes

This dog-shaped vessel was likely used for pouring wine, oil or blood in ancient rituals in what is now Italy. Read More.

 

PHOTOS OF THE DAY

 

Nara, Japan
A woman feeds a sika deer at Nara Park, established in 1880 and located at the foot of Mount Wakakusa. The park is considered a natural treasure and is home to many wild animals and various plant species

Photograph: Anadolu/Getty Images

Rust, Germany
Riders on the ‘Atlantica’ watersplash rollercoaster at the Europa Park amusement park, which marks the 50th anniversary of its opening this year on 12 July

Photograph: Romeo Boetzle/AFP/Getty Images

Vatican City
A mallard duck is seen near tourists taking selfies on the cobblestones of St Peter’s Square, with St Peter’s Basilica in the background

Photograph: Alberto Pizzoli/AFP/Getty Images

Market Closes for May 5^th, 2025

Market Index	Close	Change
Dow Jones	41218.83	-98.60
		-0.24%
S&P 500	5650.38	-36.29
		-0.64%
NASDAQ	17844.24	-133.49
		-0.74%
TSX	24953.52	-77.99
		-0.31%

International Markets

Market Index	Close	Change
NIKKEI	36830.69	+378.39
		+1.04%
HANG SENG	22504.68	+385.27
		+1.74%
SENSEX	80796.84	+294.85
		+0.37%
FTSE 100*	8596.35	+99.55
		+1.17%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.188	3.178
CND. 30 Year Bond	3.516	3.497
U.S. 10 Year Bond	4.3433	4.3083
U.S. 30 Year Bond	4.8346	4.7889

Currencies

BOC Close	Today	Previous
Canadian $	0.7235	0.7238
US $	1.3821	1.3815

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5640	0.6394
US $	1.1316	0.8837

Commodities

Gold	Close	Previous
London Gold Fix	3249.70	3214.75
Oil
WTI Crude Future	57.13	59.24

 

Market Commentary:

Don’t watch the clock; do what it does.  Keep going. –Sam Levonson, b.1985.

Canada
(MT Newswires)
The Toronto Stock Exchange closed with a modest loss Monday as investors await tomorrow’s meeting between Canadian Prime Minister Mark Carney, and U.S. President Donald Trump to see if the groundwork can be laid then for an easing of trade tensions between the two nations.
The S&P/TSX Composite Index closed 77.99 points to 24,953.52. Of sectors, the biggest decliners were Health Care and Energy, down 3.70% and 2.65%, respectively.
Among individual stocks, cinema operator Cineplex (CGX.TO) closed down $0.50 to $9.85 after President Trump, in an unanticipated development on Sunday, said he wants to place a 100% tariff on films produced outside America.
National Bank noted: “It’s not clear if this tariff would hit all movies produced abroad or just non-U.S. productions.
Given the lead time involved in making films, it remains to be seen if such a tariff would be immediately imposed on product coming to the multiplex in 2025 or yet to be made.”
National Bank noted “this odd development” comes after the box office keeps recording gains in Q2 with another solid weekend just past, which has put year to date growth at the North American box office at plus 16.6% per BoxOfficeMojo after a minus 11.6% result for Q1.
“This is ahead of optimism for releases through the rest of the year and before the start of the summer season which begins with the long weekend for U.S. Memorial Day,” the bank said, while noting Cineplex will report its first-quarter results on May 9.
However, the Globe and Mail noted films and other information sources produced outside of the United States are “constitutionally protected” from any sanctions or tariffs under a 1988 law known as the Berman Amendment.
Still on matters related to Trump and tariffs, some investors may have already seen ominous signs ahead of the President’s meeting with Carney on Tuesday.
Trump in answering a question from a reporter in Washington earlier this afternoon claimed he is not sure what Carney wants to see him about when the pair meet at the White House, although the pair spoke on the phone last week and agreed then to meet on May 6.
Trump, who has not completed one trade deal with another nation in the more than 100 days he has been in office, said: “I guess he [Carney] wants to make a deal. Everybody does.”
“My government will fight to get the best deal for Canada,” Carney said Friday in his first news conference since the Canadian federal election this day last week.
Carney has also called for more respect for Canada given Trump’s threats on this nation’s sovereignty, and economy.
Meanwhile, S&P in noting that Canada’s largest trading partner, the United States., has introduced tariffs on Canadian imports, said the resulting trade tensions will disrupt the country’s growth over the next two years.
“The geopolitical trade policy environment remains uncertain,” it added.
S&P noted: “In the face of heightened uncertainty, Canada’s institutions have remained resilient and begun a measured response to tariffs that includes targeted support for affected workers and sectors.
The situation is dynamic, and we expect Canada’s response will continue evolving.”
The ratings agency has revised its base case to reflect growth of 1.4% in 2025, weaker government balances, and higher net debt.
S&P Global Ratings affirmed its ‘AAA’ long-term and ‘A-1+’ short-term sovereign credit ratings in Canada.
The outlook is stable.
Of commodities today, gold was sharply higher late afternoon on Monday as the dollar fell ahead of Wednesday’s interest-rate decision from the Federal Reserve.
Gold for June delivery was last seen up $96.60 to US$3,339.90 per ounce, rising for a second day, but staying below the April 21 record high of US$3,425.30.
But West Texas Intermediate crude oil closed at a four-year low early on Monday after OPEC+ said it will again speed the return of 2.2-million barrels per day of production cuts with a second-straight monthly supply increase of 411,000 bpd in June, a move likely to push the market into surplus even as the global economy slows amid trade wars.
WTI oil for June delivery closed down $1.16 to settle at US$57.21 per barrel, the lowest since February 2021, while July Brent crude was last seen down $0.93 to US$60.36.

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.3%, with seven of 11 sectors lower, led by health care stocks.
As of market close, 151 of 218 stocks rose, while 64 fell.
Parkland Corp. led the advances, rising 5.5%, while Bausch Health Cos. decreased 8.7%.
Markets at a Glance:
* S&P/TSX Index fell 0.3% to 24,954
* Seven of 11 sectors fell
** Health care declined, down 2.8%
** Materials gained, up 1.6%
* S&P 500 Index fell 0.6% to 5,650
* Nasdaq 100 Index fell 0.7% to 19,968
* Crude oil fell 2.1% to $57/bbl
* Natgas fell 1.1% to $3.59/mmbtu
* Gold rose 3% to $3,339/oz
* Silver rose 0.7% to $32/oz
Advancers:
* Parkland Corp. (PKI CN) +5.5%: Sunoco to Buy Parkland
* Bird Construction Inc. (BDT CN) +4.9%
* G. Mining Ventures Corp. (GMIN CN) +4.6%
* SSR Mining Inc. (SSRM CN) +4.6%: CORRECT: SSR Mining to Report Results: Preview
* Wesdome Gold Mines Ltd. (WDO CN) +4.3%
Decliners:
* Bausch Health Cos. (BHC CN) -8.7%
* Secure Waste Infrastructure Corp. (SES CN) -6.7%: Secure Waste Infrastructure Slips on Outlook Warning
* Baytex Energy Corp. (BTE CN) -6.6%
* Allied Properties Real Estate Investment Trust (AP-U CN) -5.1%
* Tilray Brands Inc. (TLRY CN) -4.8%
US

By Rita Nazareth
(Bloomberg) — A historic stock-market run came to a halt as President Donald Trump’s latest tariff remarks provided little relief to investors bracing for the impacts of his trade war on the economy and corporate earnings.
Despite data showing a pick-up in growth at US service providers, the S&P 500 halted its longest rally in about 20 years.
While Trump suggested some trade deals could come as soon as this week, there was no indication of an imminent accord with China.
In late hours, Ford Motor Co. pulled its financial guidance and said auto tariffs will take a toll on profit.
Palantir Technologies Inc. sales forecast fell short of Wall Street’s high hopes.
Recent economic data seems to have assuaged market concerns of a recession, but the outcome of Trump’s tariff war has yet to be felt.
For several market observers, tariffs will eventually slow the US economy as supply chains are upended and consumer confidence tumbles, with the increases in levies possibly delivering at least a temporary inflation shock.
Attention will soon shift to Wednesday’s Federal Reserve decision after bond traders dialed back rate-cut bets that had steadily mounted as Trump’s trade war unleashed havoc in financial markets.
As long as the economy holds firm, Jerome Powell and his colleagues can more easily justify the standing pat.
“Uncertainty rules amid a trade war and the ever-changing landscape of tariffs, but with the hard data on consumer spending and employment still hanging in there, the Fed will remain firmly planted on the sidelines,” said Greg McBride at Bankrate.
The S&P 500 fell 0.6%.
The Nasdaq 100 slid 0.7%.
The Dow Jones Industrial Average lost 0.2%.
The yield on 10-year Treasuries rose three basis points to 4.34%.
The Bloomberg Dollar Spot Index slipped 0.2%.
Oil sank as OPEC+ agreed to an output increase.
Taiwan’s dollar jumped on bets authorities might allow it to appreciate to help reach a trade deal with the US.
Treasury Secretary Scott Bessent touted the US as the “premier destination” for global capital and argued that the Trump administration’s policies will solidify that position — countering the so-called sell America theme that materialized last month.
Concerns about the international appeal of dollar-based assets materialized last month during a selloff in stocks in the wake of Trump’s announcement of steep reciprocal tariffs on major trading partners.
Contrary to typical practice, US Treasuries also tumbled — failing to play the haven asset role it has in the past.
“Clearly, it really is the uncertainty and the volatility — and so that is how clients are feeling globally, domestically.
And as part of that, they’re trying to figure out: Is there opportunity in this market?” Racquel Oden at HSBC said at an event.
“We’re seeing all these market swings, each day there’s a new report that may pivot things in the economy.”
After piling into short-term Treasuries, anticipating the Fed would start easing policy soon to contain the fallout, traders reversed course.
Two-year yields rose for a third consecutive session – the longest run since December – as traders bet policymakers will remain in wait-and-see mode until there’s more clarity on the impacts of tariffs.
“We believe that the longer policy uncertainty persists, the greater the potential hit to economic activity,” said Invesco’s Global Market Strategy Office.
“Tariff clock is ticking, and the Trump administration has a fairly limited window to make progress on trade deals before the economic damage becomes more pervasive and less reversible,” said Dave Grecsek, managing director at Aspiriant.
“The longer trade policy uncertainty lingers, the more economic damage accumulates.”
A trade deal with China would be a prerequisite to spur the S&P 500 to a new all-time high in the near term, according to strategists at Morgan Stanley.
The team led by Michael Wilson says a deal reached in the next few weeks would calm businesses that supply chains will face limited disruption going forward.
While there are many reasons to doubt the recent rebound in US stocks, it has at least one powerful factor on its side: momentum.
The S&P 500 notched it’s the longest winning stretch since 2004 on Friday, and such streaks have tended to precede further upside.
The gauge was a median 20% higher a year after moves of similar magnitude while notching gains in shorter-term periods along the way, according to WisdomTree’s Jeff Weniger, who analyzed data going back to the late 1980s.
“Your gut says, ‘Maybe this is too much, maybe take some chips off the table,’” said Weniger, the firm’s head of equities.
“But in actuality, this often times tends to beget more in the way of the rally.”

Corporate Highlights:
* Berkshire Hathaway Inc. followed Chief Executive Officer Warren Buffett’s recommendation, naming Vice Chairman Greg Abel to replace the billionaire as CEO, effective Jan. 1.
* President Trump said he would meet with Hollywood executives after confounding the US film industry over his plan to impose a 100% tariff on movies made overseas.
* Less than a year after completing a restructuring that was supposed to turn the troubled pharmacy chain around, Rite Aid Corp. has filed for bankruptcy again.
* Tyson Foods Inc. slumped as investors shrugged off stronger- than-expected quarterly earnings to focus on deepening losses at the company’s beef business.
* Shell Plc is working with advisers to evaluate a potential acquisition of BP Plc, though it’s waiting for further stock and oil price declines before deciding whether to pursue a bid, according to people familiar with the matter.
* Sunoco LP agreed to acquire Parkland Corp. for about $9.1 billion, including debt, offering a premium for a Canadian fuel distributor that’s in the midst of a leadership upheaval and a fight with its largest shareholder.
* 3G Capital will acquire footwear maker Skechers USA Inc. for $9.4 billion, marking a splashy return to dealmaking for the investment firm after nearly four years.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.7%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World Index fell 0.5%
* Bloomberg Magnificent 7 Total Return Index fell 1%
* The Russell 2000 Index fell 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.1317
* The British pound rose 0.2% to $1.3295
* The Japanese yen rose 0.8% to 143.76 per dollar
Cryptocurrencies
* Bitcoin fell 1.5% to $94,342.31
* Ether fell 1.1% to $1,816.2
Bonds
* The yield on 10-year Treasuries advanced three basis points to4.34%
* Germany’s 10-year yield declined two basis points to 2.52%
* Britain’s 10-year yield advanced three basis points to 4.51%
Commodities
* West Texas Intermediate crude fell 2.2% to $57.01 a barrel
* Spot gold rose 2.8% to $3,330.51 an ounce

–With assistance from Vildana Hajric and Isabelle Lee.

Have a lovely evening.

 

Be magnificent!

As ever,

 

Carolann

Learning does not make one learned: there are those who have knowledge and those who have understanding.

The first requires memory and the second philosophy. –Alexandre Dumas, 1824-1895.

 

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.

August 2, 1519: Leonardo da Vinci, died at the Château du Clos Lucé in Amboise, France.
August 2, 1611: King James bible published.
August 2, 1903: Benjamin Spock, pediatrician born.
August 2, 1952: The world’s first commercial jet airliner, the De Havilland Comet !, makes its maiden flight from London to Johannesburg, ushering in the jet age.

1932: Pearl S. Buck wins the Pulitzer Prize.
Naomi Campbell, model, b. 1970.

Mummy reveals preservation secrets
A team of scientists studying a mummified body say it was embalmed in a way they’d never seen before. Through CT scanning, radiocarbon dating and chemical analysis of bone and tissue samples, they were able to determine the unique method in which the “air-dried chaplain” had been preserved.

Tennis legend ousted from US Open Pickleball match
Andre Agassi’s pro pickleball debut came to an end this week. Agassi, 55, and his 18-year-old partner Anna Leigh Waters, the No. 1-ranked player in the world, lost to Len Yang and Trang Huynh-McClain in three sets.

It’s almost time for the Tonys!
Nominations for the 2025 Tony Awards were announced yesterday and three productions earned 10 nods each: “Buena Vista Social Club,” “Death Becomes Her” and “Maybe Happy Ending.”

‘Groundbreaking’ ancient DNA research confirms Pueblo peoples’ ties to famous Chaco Canyon site
New genetic research confirms what the oral traditions of the Picuris Pueblo people of New Mexico have long described — that they’re related to the Indigenous people of Chaco Canyon. Read More.

‘Propaganda’ praising Ramesses II discovered on famous ancient Egyptian obelisk in Paris, Egyptologist claims
A researcher believes he has found hidden messages on a 3,300-year-old ancient Egyptian obelisk that is now in Paris. Read More.

Ancient zircon crystals shed light on 1 billion-year-old meteorite strike in Scotland
Geologists have found that an ancient meteorite hit Scotland 200 million years later than previously thought, which has massive implications for the geological history of the region and some of the U.K.’s earliest land life. Read More.

Dinosaurs might still roam Earth if it weren’t for the asteroid, study suggests
The dinosaurs were not in decline before the asteroid hit, a new study finds. Instead, poor fossilization conditions and unexposed late Cretaceous rock layers mean they’re either
not preserved or hard to find. Read More.

PHOTOS OF THE DAY

Konya, Turkey
A butterfly at the Tropical Butterfly Garden, which holds 20,000 butterflies from 60 different species
Photograph: Cem Genco/Anadolu/Getty Images

Hanoi, Vietnam
A couple practice ballroom dancing as part of their morning exercise
Photograph: Richard Vogel/AP

A bearded tit shows off its resplendent ‘whiskers’ as it perches in the reeds in the Lake Mogan, Turkey
Photograph: Anadolu/Getty Images
Market Closes for May 2^nd, 2025

Market Index	Close	Change
Dow Jones	41317.43	+564.47
		+1.39%
S&P 500	5686.67	+82.53
		+1.47%
NASDAQ	17977.73	+266.99
		+1.51%
TSX	25031.51	+235.96
		+0.95%

International Markets

Market Index	Close	Change
NIKKEI	36830.69	+378.39
		+1.04%
HANG SENG	22504.68	+385.27
		+1.74%
SENSEX	80501.99	+259.75
		+0.32%
FTSE 100*	8596.35	+99.55
		+1.17%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.178	3.103
CND. 30 Year Bond	3.497	3.452
U.S. 10 Year Bond	4.3083	4.2176
U.S. 30 Year Bond	4.7889	4.7228

Currencies

BOC Close	Today	Previous
Canadian $	0.7238	0.7219
US $	1.3815	1.3852

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5612	0.6405
US $	1.1295	0.8854

Commodities

Gold	Close	Previous
London Gold Fix	3214.75	3302.05
Oil
WTI Crude Future	59.24	59.24

Market Commentary:
There is nothing more terrible than ignorance in action. -Goethe, 1749-1832.
Canada
(MT Newswires)
The Toronto Stock Exchange ended a two-session losing streak in gaining 236 points on Friday as investors here hope that a planned meeting next week between Canada’s new Prime Minister, Mark Carney, and the U.S. President, Donald Trump, will lead to a quick end to a brewing, and likely costly, trade war.
Today, the TSX closed up 0.95% at 25,031.51, its highest level in a month.
Among sectors, most here higher, led by Base Metals (+2.05%) and Industrials (+2.1%).
Telecoms and Utilities were modest decliners.
During his first press conference since receiving the mandate to form a minority government following conclusion of his first federal election campaign last Monday, former Bank of Canada and Bank of England Governor Carney on Friday confirmed he will meet with Trump at the White House on Tuesday.
It is expected the two will discuss Trump’s trade tariffs on Canada and talks could set the stage for negotiation of a new trade and security pact between the two nations.
Leading into Tuesday’s meeting, one Macquarie economist said there were “concerning” signs in Friday’s U.S. employment report, noting the labor market “remains interlinked with trade policy”.
This may be the kind of report that prompts Trump to be more open in his talks with trading partners, including Canada.
David Doyle, head of economics at Macquarie, said the U.S. labor market “remained on solid footing” through mid-April, although this timing likely precedes any forthcoming impacts from trade policy uncertainty.
He added: “While solid overall, there were some concerning signs.
Most notably, a continued rise in the trends in the number of permanent job losers and unemployment amongst new entrants and re-entrants.
While an encouraging result, it is much too soon to sound all clear from the trade policy shock of recent months.”
Doyle added: “Looking ahead the trajectory of the labor market remains interlinked with trade policy developments.
A recent softening in measures against the auto market should help reduce downside risks, but overall uncertainty is likely to continue to be a near-term headwind.”
Elsewhere, Douglas Porter over at BMO Economics in his regular Friday ‘Talking Points’ note noted there was “a morsel” of good news for Canada on the U.S. trade front as USMCA auto parts will be free of tariffs.
He said: “While that’s cold comfort for auto assemblers in Canada and Mexico, at least the two-year parts reprieve will allow for a modicum of normalcy in U.S. production.
Still, the new regime somewhat normalizes the broader tariffs on autos and threatens production in Canada.
As one analyst put it, the parts reprieve is like a band aid on a bullet wound.”
Porter added that he and his colleagues are “highly skeptical” that the, so far, positive tone between the two leaders will translate into a quick reversal of tariffs and counter tariffs.
“The gap between Mr. Trump’s goals (a shift in auto production from Canada to the U.S., as well as the bountiful tariff revenue) and Canada’s are a bridge too far.”
Aside from the fraught trade outlook, Porter noted the economic platform that PM Carney presented today was replete with measures to support the economy, from direct spending to infrastructure and defense, to a cut in the lowest marginal tax rate, to an activist agenda for housing.
Porter also noted this week’s data showed an economy that managed to churn out 1.5% annualized GDP growth in Q1 even amid all the trade and political drama, and a similar pre-tariff burst in auto sales.
“Yet,” Porter said, “financial markets largely yawned at the election results, with GoC yields barely budging for the week, the TSX just edging up, and the Canadian dollar seeing a late week pick up to 72.5 cents, largely due to a sag in the greenback.
While the minority result was a small surprise, Canada has been dealing with such since 2019, and it is likely to prove a stable minority.
After four months of seemingly unending uncertainty, markets willingly accepted that stability.”
Of commodities, gold traded higher mid-afternoon on Friday following two days of losses as the dollar fell after a better-than-expected U.S. jobs report pushes investors to add risk.
Gold for June delivery was last seen up $19.70 to US$3,241.90 per ounce.
But West Texas Intermediate oil closed with a loss on Friday despite signs of cooling trade tensions between the U.S. and China as supply is on the rise, with OPEC+ adding new barrels to the market as it winds down 2.2-million barrels per day of voluntary production cuts.
WTI crude closed $0.95 to settle at US$58.29 per barrel, while July Brent oil was last seen down $0.88 to US$61.25.
Price: 25031.51, Change: +235.96, Percent Change: +0.95
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 1%, with eight of 11 sectors higher, led by industrials stocks.
As of market close, 107 of 218 stocks fell, while 106 rose.
MDA Space Ltd. led the declines, falling 14%, while Aritzia Inc. increased 14%.
Markets at a Glance:
* S&P/TSX Index rose 1% to 25,032
* Eight of 11 sectors rose
** Industrials gained, up 2.1%
** Communication services declined, down 0.9%
* Crude oil fell 1.1% to $59/bbl
* Natgas rose 5% to $3.65/mmbtu
* Gold rose 0.7% to $3,244/oz
* Silver fell 0.9% to $32/oz
Advancers:
* Aritzia Inc. (ATZ CN) +14%: Aritzia Soars on Across- Board Beat, Room for Upside: Street Wrap
* TerraVest Industries Inc. (TVK CN) +9.5%: TerraVest Capital Raised to Outperform at National Bank
* Algoma Steel Group Inc. (ASTL CN) +7.7%
* Ivanhoe Mines Ltd. (IVN CN) +6%: Kopernik Int’l Adds Ivanhoe Mines, Exits Shanghai Mechanical
* Canadian National Railway Co. (CNR CN) +5.7%: CN Railway Defies Tariff Gloom, Keeps 2025 Growth Outlook
Decliners:
* MDA Space Ltd. (MDA CN) -14%: MDA Space Shares Hit by Friday Selloff, Down as Much as 18%
* Magna International Inc. (MG CN) -5.8%: Magna International Shares Slip on Q1 Earnings Miss: Street Wrap
* Tilray Brands Inc. (TLRY CN) -4.5%: Global X Marijuana Life Rises 2.0%; Skye Bioscience Leads Gain
* Alamos Gold Inc. (AGI CN) -4.2%
* OceanaGold Corp. (OGC CN) -2.5%
US
By Rheaa Rao
(Bloomberg) — Wall Street’s risk-on brigade pushed the S&P 500 to its longest winning streak in two decades, with scars from April’s tariff shock healing on fresh signs of US-China diplomacy.
The S&P 500 and the Nasdaq 100 rose more than 1% each on Friday, notching a second straight week of gains.
A dollar index dropped.
Treasuries slid, with the policy-sensitive two-year yield jumping over 10 basis points to 3.83%.
Oil slipped as OPEC+ discussed making another major production increase.
With demand for havens fading, gold suffered a second consecutive week of losses.
Strong jobs report earlier showed a labor market that’s cooling but remaining resilient.
That calmed fears about the impact President Donald Trump’s would have on the economy.
Recent developments also indicate that trade tensions are easing between China and the US.
“We may have reached peak policy uncertainty,” said Kevin Thozet, a member of the investment committee at Carmignac in Paris.
“There are talks ongoing, and Trump seems to have watered down some of his policies.
If you add in that the earnings season has been positive, the overall backdrop isn’t that bad.”
Despite the rally, some caution that the worst isn’t over.
US stocks may be in for another drop that will push gauges to bear market territory in the coming months, said Tom DeMark, a veteran technical strategist.
Lawrence Creatura, a fund manager at PRSPCTV Capital LLC, added that it may be too soon to conclude how tariff news is affecting US companies.
“A lot of people — based on Liberation Day and the events since — have forecast economic Armageddon and every time economic Armageddon doesn’t happen, it’s good news,” Creatura said.
“Maybe it’s just too early. A lot of the phenomenon that people fear hasn’t really had time to sink into the data yet.”
He noted that companies are reporting earnings for a period ended March 31 while Trump announced tariffs on April 2.
Earlier, China said it’s assessing the possibility of trade talks with the US.
A report also showed that China has started exempting some US goods from tariffs.
Earnings
On Friday, stocks shook off lackluster earnings from Apple Inc. and Amazon.com Inc. that came in Thursday after markets closed.
Apple received at least two downgrades on Friday after its results reinforced concerns over tariffs and its growth potential.
It shares fell 3.7%, bring its year-to-date drop to 18%.
Amazon, meanwhile, said it’s bracing for a tougher business climate in the coming months.
While it reported a decent first quarter on Thursday, it said operating profit in the current period would be weaker than Wall Street anticipated.
Its shares ended the day lower.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.5% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 1.6%
* The Dow Jones Industrial Average rose 1.4%
* The MSCI World Index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.1% to $1.1305
* The British pound was unchanged at $1.3278
* The Japanese yen rose 0.3% to 145.01 per dollar
Cryptocurrencies
* Bitcoin rose 0.5% to $96,975.61
* Ether was little changed at $1,839.07
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 4.30%
* Germany’s 10-year yield advanced nine basis points to 2.53%
* Britain’s 10-year yield advanced three basis points to 4.51%
Commodities
* West Texas Intermediate crude fell 1.3% to $58.48 a barrel
* Spot gold fell 0.2% to $3,233.16 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Cecile Gutscher, Julien Ponthus, John Viljoen, Edward Bolingbroke and Lu Wang.

Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann
Nature is the source of all true knowledge.  She has her own logic, her own laws; she has no effect without cause
nor invention without necessity. –Leonardo da Vinci, 1452-1519.

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.  It’s May Day.
May 1, 1707: The Kingdom of Great Britain was created as a treaty merging England and Scotland took effect. Go to article
May 1, 1840: The world’s first adhesive postage stamp, the Penny Black, is issued in the United Kingdom, revolutionizing mail delivery by simplifying postage payment.

Pierre Teilhard de Chardin, philosopher, b.1881.
Judy Collins, singer, b.1934.

Eta Aquariids peak Monday night: How to see ‘shooting stars’ left behind by Halley’s comet.

Hidden messages found on 3,300-year-old Egyptian obelisk in Paris.

Vesta, the 2nd-largest asteroid in the solar system, may be a piece of a lost planet

AI researchers ran a secret experiment on Reddit users — and the results are creepy

ChatGPT update pulled after chatbot complimented users too much

A single molecule may treat rare, devastating mitochondrial diseases

Baseball fan hospitalized after scary fall
The unidentified man fell from the 21-foot right field wall and onto the field at PNC Park in Pittsburgh last night during the seventh inning of the Pirates and the Chicago Cubs game. Players from both teams took a knee while medical personnel attended to the injured fan.

Martin Scorsese scores Pope Francis’ last on-camera interview
The Oscar-winning filmmaker is co-producing a new documentary with the film production arm of Scholas Occurrentes, the late pontiff’s non-profit organization. “Aldeas – A New Story,” about a cinema program named Aldeas, will also feature clips of a conversation between Scorsese and Pope Francis.

Teen completes brutal swim across New Zealand’s Cook Strait
Californian Maya Merhige, 17, suffered thousands of jellyfish stings during the 14-hour, 27-mile swim. Crossing the Cook Strait, which separates New Zealand’s North and South Islands, is just one more step toward her ultimate goal: becoming the youngest person to complete the Oceans Seven — a series of brutal open water swims around the globe.

Slovenian superstar gives back to SoCal community
A vandalized mural depicting Kobe Bryant and his daughter Gianna, who died in a 2020 helicopter crash, may soon be repaired thanks to Luka Dončić. The Lakers’ new guard donated $5,000 — the entire goal of a GoFundMe page created by artist Louie Palsino — to restore “Mambas Forever” in downtown Los Angeles.

Singapore’s pandan cake craze is going global
Have you tried this light, fluffy, fluorescent green chiffon cake? The dessert is becoming so popular that the bakery famed for making it plans to expand sales throughout Asia — and possibly beyond.

RIP: Actress Priscilla Pointer dies at 100
In a Hollywood career that spanned six decades, Pointer became best known for playing formidable mothers in the film “Carrie” and on the hit TV soap “Dallas.” Along with her late husband, Jules Irving, she also co-founded the San Francisco Actor’s Workshop.

PHOTOS OF THE DAY

Somerset, UK
Beltane celebrations, marking the beginning of summer, at Glastonbury Chalice Well
Photograph: Ben Birchall/PA

London, UK
Swimmers using the suspended Sky Pool in Nine Elms on a sunny day
Photograph: Kin Cheung/A

​​​​​​​Hong Kong
Visitors take in the view at Tsim Sha Tsui during the May Day holiday
Photograph: Bertha Wang/AP
Market Closes for May 1^st , 2025

Market Index	Close	Change
Dow Jones	40752.96	+83.60
		+0.21%
S&P 500	5604.14	+35.08
		+0.63%
NASDAQ	17710.74	+264.40
		+1.52%
TSX	24795.55	-46.13
		-0.19%

International Markets

Market Index	Close	Change
NIKKEI	36452.30	+406.92
		+1.13%
HANG SENG	22119.41	+111.30
		+0.51%
SENSEX	80242.24	-46.14
		-0.06%
FTSE 100*	8496.80	+1.95
		+0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.103	3.091
CND. 30 Year Bond	3.452	3.441
U.S. 10 Year Bond	4.2176	4.1619
U.S. 30 Year Bond	4.7228	4.6774

Currencies

BOC Close	Today	Previous
Canadian $	0.7219	0.7246
US $	1.3851	1.3800

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5644	0.6392
US $	1.1295	0.8854

Commodities

Gold	Close	Previous
London Gold Fix	3302.05	3296.30
Oil
WTI Crude Future	59.24	58.21

Market Commentary:
The number one thing that has made us successful, by far, is obsessive, compulsive focus on the customer, as opposed to obsession over the competitor. – Jeff Bezos, b. 1964.
Canada
(MT Newswires)
The Toronto Stock Exchange closed with a gain on Thursday as investors continue to add risk assets, and in connection to that one veteran mining executive sees gold equities boom as he predicts a bull run for gold to US$5,000 an ounce.
The S&P/TSX Composite Index closed up 46.13 points to 24,795.55.
Among sectors today, Telecoms, down 1.47%, was the biggest decliner, followed by Utilities, down 0.36%.
Information Technology was up 0.67%, followed by Base Metals, up 1.17%.
According to Dow Jones Market Data and FactSet, the index ended April down for the third consecutive months, losing 691.42 points or 2.71% over that period amid the prospect of a global trade war.
Even with global tariffs war still in the background, Canadian investors have had time to focus on domestic issues and events, including this week’s federal election.
Investors now await the first press conference from newly elected Prime Minister Mark Carney tomorrow at 11 a.m.
Eastern Time, for details on his party’s fiscal agenda.
Of commodities, West Texas Intermediate crude oil rose off a four-year low on Thursday as investors move to add risk assets.
WTI crude oil for June delivery closed up $1.03 to settle at US$59.24 per barrel after falling to the lowest since February 2021, a day earlier.
July Brent crude was last seen up $1.00 to US$62.06.
Gold was sharply lower late afternoon on Thursday as the dollar rose amid further data showing a slowing U.S. economy.
Gold for June delivery was last seen down $86.40 to US$3,232.70 per ounce as it continues to correct from the April 21 record high of US$3,435.30.
Staying on bullion, its record-breaking run will attract investors back to gold mining stocks, leading to “explosive” performance in shares of producers of the precious metal, according to Canadian mining-industry veteran Rob McEwen, Bloomberg News reported Thursday.
Bloomberg noted gold has climbed more than 25% this year, extending a stellar run in 2024, on the back of central bank buying, Asian investor interest, and growing haven demand.
However, it also noted, shares of gold miners have lagged, with some investors put off by production misses and rising costs, while others have been lured by higher returns in technology stocks and other sectors.
But with fears growing that the U.S. economy will nosedive as U.S. President Donald Trump’s trade war intensifies, gold miners could soon catch up as bullion prices keep rallying and other asset classes become less appealing according to McEwen, who founded Goldcorp and now leads McEwen Mining (MUX.TO).
Shares of company have dropped 34% over the past year.
McEwen runs a handful of small mines and a portfolio of projects that it is seeking to bring into production.
While investors’ aversion to the gold-mining sector has been a headwind to those efforts, McEwen is confident that the industry is set for a revival.
Bloomberg cites the mining veteran saying bullion is still in the early stages of a bull market and he expects gold equities to eventually outperform that of gold in the next two to three years, as the metal surges to US$5,000 an ounce.
That’s higher than mainstream gold analysts are forecasting, but many of them have been raising their targets as prices have soared to new highs, the report said.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.2%, with four of 11 sectors lower, led by materials stocks.
As of market close, 118 of 218 stocks rose, while 95 fell.
Ivanhoe Mines Ltd. led the advances, rising 9.9%, while Alamos Gold Inc. decreased 9.6%.
Markets at a Glance:
* S&P/TSX Index fell 0.2% to 24,796
* Four of 11 sectors fell
** Materials declined, down 2.4%
** Information technology gained, up 1.3%
* Crude oil rose 1.4% to $59/bbl
* Natgas rose 3.7% to $3.45/mmbtu
* Gold fell 2.2% to $3,245/oz
* Silver fell 1% to $32/oz
Advancers:
* Ivanhoe Mines Ltd. (IVN CN) +9.9%: Ivanhoe Mines Jumps as Firm Plans Western Forelands Update (1)
* Baytex Energy Corp. (BTE CN) +6.1%
* Aecon Group Inc. (ARE CN) +5.3%
* Bird Construction Inc. (BDT CN) +5.1%
* Celestica Inc. (CLS CN) +5%: Meta Gains on Results, Capex Guide Boosts AI Names: Street Wrap
Decliners:
* Alamos Gold Inc. (AGI CN) -9.6%: Alamos Gold Drops as Higher Costs Weigh on Earnings: Street Wrap
* Bombardier Inc. (BBD/B CN) -9.4%: Bombardier Shares Slip on ‘Modest’ 1Q EPS Miss: Street Wrap
* Aya Gold & Silver Inc. (AYA CN) -8.4%: Precious Metals Miners Retreat as Gold Falls to Two-Week Low
* Spin Master Corp. (TOY CN) -8.2%: Spin Master Cut to Hold at Canaccord; PT C$26
* Wesdome Gold Mines Ltd. (WDO CN) -6.5%
US
By Rheaa Rao
(Bloomberg) — Wall Street’s risk appetite raged anew as robust tech earnings upended the ‘sell America’ narrative that rocked global markets last month in the grip of the tariff shock.
The S&P 500 rose for eight straight days, its longest winning streak since August.
The Nasdaq 100 finished 1.1% higher.
Microsoft Corp. and Meta Platforms Inc. jumped on upbeat results, boosting both the equities gauges.
A report of the US weighing a potential easing of restrictions on Nvidia Corp.’s sales to the United Arab Emirates pushed shares higher.
Treasury yields rose, with the 10-year rate around 4.21%, after investors slightly curbed their bets on US interest-rates cuts this year following factory activity data.
A dollar index climbed on reports that Donald Trump’s administration reached out to China to start tariff talks.
Tech earnings are largely driving optimism in the markets along with expectations that trade deals will offer many countries a reprieve from the highest tariffs first unveiled April 2.
After markets close, Apple Inc. earnings will be in focus for details on how the company views the impact of tariffs.
Amazon.com Inc. gave an operating income forecast that missed estimates after the closing bell, pushing shares lower in post-market trading.
After parsing a slew of earnings on Thursday, traders will turn their attention to the US jobs report that releases Friday, the last piece of significant data this week.
US PREVIEW: April Payrolls Print to Be Solid, Worse to Come“So far, we’re seeing big tech companies deliver on earnings, which is reassuring,” said Georgios Leontaris, chief investment officer for EMEA at HSBC Global Private Banking.
“The other element of the story beyond earnings is obviously the ongoing debate as to whether we’ve seen peak tariff noise or not.”

Here’s a snapshot of post-market earnings:
* Airbnb Inc. issued a weak outlook for the second quarter, following online travel peer Booking Holdings Inc. in blaming economic uncertainties for softer travel demand in the US. Shares are down in post-market trading.
* Block shares fell more than 10% after-hours. The digital- payments company posted first-quarter results below analysts’ estimates and lowered its full-year profit guidance.
* Instacart forecast adjusted Ebitda for the second quarter that beat the average analyst estimate.
* Reddit Inc. shares jumped after it said revenue in the current quarter will be better than estimates.
* Amgen Inc. outperformed Wall Street’s quarterly profit estimates as it moves forward with plans to crack the multibillion-dollar market for novel weight-loss medicines.
Among companies that reported earnings earlier, General Motors Co. cut its full-year profit outlook citing exposure to auto tariffs, among the biggest financial hits revealed by any company so far to the trade tumult.
McDonald’s Corp. shares fell after the burger chain’s first quarter sales missed estimates.
Qualcomm Inc. shares dropped after the company gave a tepid forecast, citing concerns over tariffs hurting demand for its products.
Despite some lackluster financial results, sentiment remained upbeat during the trading session on a report that the US has been pro-actively reaching out to China through various channels.
At the same time, Trump remained defiant, saying Wednesday he would not rush deals to appease nervous investors, and that market volatility has “nothing to do with tariffs.”
Earlier, weekly data showed jobless claims jumped to the highest level since February.
US manufacturing activity shrank by the most since November.
Most markets in Europe and many in Asia are shut for holidays.
The yen fell sharply against the dollar after the Bank of Japan said it will take longer than it previously thought to hit the inflation target.
In commodities, gold dropped to a two-week low on signs of potential trade talk progress between the US and other countries, which is quelling demand for haven assets.
US oil futures broke a three-day string of losses as stocks rallied, and President Donald Trump threatened broader sanctions against buyers of Iranian crude.
The US and Ukraine reached a deal over access to the country’s natural resources, offering a measure of assurance to officials in Kyiv who had feared Trump would pull back his support in peace talks with Russia.

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 1.1%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World Index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.4% to $1.1288
* The British pound fell 0.4% to $1.3279
* The Japanese yen fell 1.7% to 145.53 per dollar
Cryptocurrencies
* Bitcoin rose 2.1% to $96,576.68
* Ether rose 2.8% to $1,844.27
Bonds
* The yield on 10-year Treasuries advanced five basis points to 4.22%
* Germany’s 10-year yield declined five basis points to 2.44%
* Britain’s 10-year yield advanced four basis points to 4.48%
Commodities
* West Texas Intermediate crude rose 1.5% to $59.06 a barrel
* Spot gold fell 1.8% to $3,228.43 an ounce

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Richard Henderson, Margaryta Kirakosian, John Viljoen and Cecile Gutscher.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Habits change into character. –Publius Ovidius Naso “Ovid”.

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

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

Tel: 778.430.5808
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