Category: Events

Dear Friends,

Tangents: Happy Monday.

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

Sharon Stone, actress, b. 1958.

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

Market Commentary:
The authority of a thousand is not worth the humble reasoning of a single individual. -Galileo Galilei, 1564-1642.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.5% at 24,380.71 in Toronto.
The index dropped to the lowest closing level since Nov. 4 after the previous session’s increase of 0.7%.
Today, financials stocks led the market lower, as 8 of 11 sectors lost; 178 of 220 shares fell, while 42 rose.
Shopify Inc. contributed the most to the index decline, decreasing 6.9%.
Whitecap Resources Inc. had the largest drop, falling 14.6%.
Insights
* In the past year, the index had a similar or greater loss six times. The next day, it declined four times for an average 1.4% and advanced twice for an average 1%
* This quarter, the index fell 1.4%, heading for the biggest decline since the third quarter of 2023
* The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 8.9% in the same period
* The S&P/TSX Composite is 5.8% below its 52-week high on Jan. 30, 2025 and 13.6% above its low on June 17, 2024
* The S&P/TSX Composite is down 2.5% in the past 5 days and fell 5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 14.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.99t
* 30-day price volatility rose to 14.65% compared with 14.11% in the previous session and the average of 11.76% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -126.2797| -1.6| 0/25
Information Technology| -118.4240| -4.8| 0/10
Materials | -83.0055| -2.6| 1/48
Industrials | -61.5729| -2.0| 6/22
Real Estate | -9.8533| -2.1| 2/18
Consumer Staples | -8.2974| -0.9| 4/6
Consumer Discretionary| -8.1914| -1.0| 2/9
Health Care | -0.3906| -0.6| 2/2
Utilities | 3.3822| 0.4| 6/9
Communication Services| 9.1856| 1.5| 4/1
Energy | 25.3987| 0.6| 15/28
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -84.3500| -6.9| 40.5| -12.5
Canadian Pacific Kansas | -27.9400| -3.8| 65.1| 3.1
Brookfield Corp | -22.2200| -3.0| 68.9| -12.1
Pembina Pipeline | 5.0470| 2.3| 175.0| 4.7
TC Energy | 5.9670| 1.2| 149.5| -0.4
Enbridge | 19.0900| 2.1| 11.0| 1.0
US
By Rita Nazareth
(Bloomberg) — Anxiety that tariffs and government firings will torpedo growth in the world’s largest economy extended a three-week stretch of volatility across global markets.
American stocks got hammered as Wall Street tempered bullish views while demand for recession havens boosted sovereign bonds.
A selloff in the S&P 500’s most influential group — big tech — weighed heavily on trading.
The gauge extended its plunge from a record to 8.6% while the Nasdaq 100 saw its worst plunge since 2022.
A gauge of the Magnificent Seven mega caps tumbled 5.4%.
Treasury yields slid on bets that an economic slowdown would force the Federal Reserve to slash interest rates.
Bitcoin slipped below $80,000.
Speculation is intensifying that President Donald Trump is willing to tolerate hardship in the economy and markets in pursuit of long-term goals involving tariffs and smaller government.
Asked on Fox News’ Sunday Morning Futures whether he’s expecting a recession, he said, “I hate to predict things like that. There is a period of transition, because what we’re doing is very big.”
“We’ve gone from animal spirits to what are the odds of a recession,” said Gina Bolvin, president of Bolvin Wealth Management Group.
“This is a headline-driven market; one that could change in an hour. Sit tight. Buckle up. We finally have the correction we were waiting for, and long-term investors will be rewarded again.”
Traders also kept a close eye on something that hasn’t happened with the US equity benchmark since November 2023 – a close below the key 200-day moving average.
“There’s a saying on Wall Street about how nothing good happens below the 200-day moving average,” said Callie Cox at Ritholtz Wealth Management.
“Honestly, out of all the crazy sayings that come out of this industry, it’s one you should take seriously. Selloffs accelerate and swings get dramatically bigger in the danger zone – or the space below the 200-day moving average.”
The S&P 500 dropped 2.7%.
The Nasdaq 100 lost 3.8%.
In the mega cap space, Tesla Inc. sank 15% while Nvidia Corp. drove a closely watched gauge of chipmakers toward the lowest since April.
The Dow Jones Industrial Average lost 2.1%.
The yield on 10-year Treasuries slid eight basis points to 4.22%.
The dollar rose 0.2%.
About 10 high-grade companies delayed US corporate bond sales on Monday.
West Texas Intermediate dipped to trade below $66 a barrel, down more than 15% from its mid-January peak.
“I’ll also note that many of the biggest selloffs we’ve seen in the stock market have started with growth scares and job market worries,” said Cox.
“Considering the disappointing data we’ve seen over the past few days, I’d be a little more cautious here if your timeframe is a matter of days, weeks or months. Get defensive and hug your value stocks. Prioritize portfolio balance.”
The latest moves mark an abrupt about-face for markets, where the dominant driver of the last few years had been the surprising resilience of the US economy even as growth weakened overseas.
That’s shaking the aura of economic and market exceptionalism that has dominated for more than a decade.
“This is a period of high uncertainty on a global macro scale – and as a result, we continue to see de-risking in US stocks,” said Dan Wantrobski at Janney Montgomery Scott.
“Added to the potential geopolitical disruptors are the ongoing narratives of inflation, growth, and now potential recession (exacerbated by tariff wars) in the US.”
The talk of tariffs is in a lot of ways worse than the implementation of them, according to David Bahnsen, chief investment officer at The Bahnsen Group, “I do not believe the administration knows how the tariff situation will play out, but if I were a betting man, I would say that it will persist long enough to do damage to economic activity for at least a quarter or two, and ultimately result in a deal with different countries that make everyone wonder why we went through all the fuss,” Bahnsen said.
He also noted that if a tax cut extension and further tax reform bill is passed through budget reconciliation sooner than later, that will help “offset the damage.”
A chorus of Wall Street strategists is warning about higher stock volatility, with Morgan Stanley’s Michael Wilson the latest to sound the alarm on economic growth worries.
Other market forecasters including at JPMorgan Chase & Co. and RBC Capital Markets have also tempered bullish calls for 2025 as Trump’s tariffs stoke fears of slowing economic growth.
“There are always multiple forces at work in the market, but right now, almost all of them are taking a back seat to tariffs,” said Chris Larkin at E*TRADE from Morgan Stanley.
“Until there’s more clarity on trade policy, traders and investors should anticipate continued volatility.”
To Sam Stovall at CFRA, how long this period of investor caution persists depends on how quickly it will take the global trade clouds, and the resulting threat of recession, to dissipate.
“Markets continue to prove sensitive to trade policy, as considerable uncertainty remains over the size and scope of tariffs to be implemented,” said Jason Pride and Michael Reynolds at Glenmede.
“Just as important may be how long the tariffs stay on. Are they temporary in order to extract concessions, or are they a new permanent fixture of US trade policy?”
From rookie retail traders to hedge fund pros, no one knows what the eventual cost of Trump’s sweeping policies really are.
His pro-growth plans were tax cuts, deregulation and energy dominance.
Tariffs were supposed to bring manufacturing back to the US and create jobs. But so far there’s little evidence of that.
All of this has mom-and-pop investors spooked.
For the first time since 2022, the majority of individual investors say they believe stock prices will drop over the next six months, according to a survey by the American Association of Individual Investors.
Fewer than 20% say they expect prices to rise over that period.
“Here again we would reiterate that despite sentiment indicators like the AAII bull/bears numbers showing excessive bearishness from retail (newsletter writers), actual positioning of both Main Street and institutional investors remains skewed toward long equities,” said Wantrobski.
“ This implies that there could be more firepower to unwind if our unstable macro landscape persists in the coming weeks/months.”
Mark Hackett at Nationwide says he has greater confidence that we are near a bottom rather than on the cusp of a new wave of selling.
“We do need to keep an eye on the pessimistic scenario though, where labor market fears and consumer pullbacks could lead to stagflation, but the proof will be in the datapoints that come out over the next few weeks,” he noted.
“If key risks like the debt ceiling, government shutdown, and tariffs resolve in a better-than-worst-case scenario, and economic data remains stable, we could see a recovery follow this selloff.”
Selling pressure coming from so-called systematic funds, which take cues from the market direction rather than fundamentals, could soon ebb, according to Goldman Sachs Group Inc.’s trading desk.
Meanwhile, TD Securities and Citigroup Inc. say it’s already happening.
The actions of this set of quick-twitch, algorithm-driven investors is important because their aggressive offloading of shares has been a headwind contributing to the market’s tumble of late.
TD says that selling across systematic funds may already have peaked, with commodity trading advisers, or CTAs, capitulating on the majority of their long positions. 

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

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

–With assistance from Sujata Rao and Catherine Bosley.

Have a lovely evening.

Be magnificent!
As ever,

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

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

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

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

Dear Friends,

Tangents: Happy Friday.

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

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

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

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

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

 

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

Commodities

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

Market Commentary:
The thing you do obsessively between the age 13 and 18, that’s the thing you have the most chance of being world-class at. -William H. Gates, b. 1955,  Microsoft founder, Charlie Rose interview 2/22/2016.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.7% at 24,758.76 in Toronto.
The move follows the previous session’s decrease of 1.2%.
Royal Bank of Canada contributed the most to the index gain, increasing 1.2%.
MDA Space Ltd. had the largest increase, rising 17.7%.
Today, 157 of 220 shares rose, while 61 fell; 8 of 11 sectors were higher, led by energy stocks.
Insights
* This quarter, the index was little changed
* So far this week, the index fell 2.5%, heading for the biggest decline since the week ended Dec. 20
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 11% in the same period
* The S&P/TSX Composite is 4.3% below its 52-week high on Jan. 30, 2025 and 15.3% above its low on June 17, 2024
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.3 on a trailing basis and 14.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.97t
* 30-day price volatility rose to 14.11% compared with 13.91% in the previous session and the average of 11.57% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 65.9636| 1.7| 35/8
Financials | 44.5605| 0.6| 16/9
Materials | 19.9652| 0.6| 33/16
Industrials | 17.9214| 0.6| 16/11
Utilities | 14.3812| 1.5| 11/4
Consumer Discretionary | 11.8461| 1.4| 9/2
Communication Services | 8.9247| 1.4| 5/0
Real Estate | 0.6801| 0.1| 15/4
Health Care | -0.4145| -0.6| 2/2
Information Technology | -4.4935| -0.2| 8/2
Consumer Staples | -4.6027| -0.5| 7/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | 19.5500| 1.2| -9.6| -4.6
Suncor | 14.5400| 3.3| 53.2| 0.2
Enbridge | 13.1300| 1.4| -34.2| -1.0
Brookfield Asset Management | -5.5040| -2.9| 32.8| -10.4
Couche-Tard | -7.1400| -1.8| -6.9| -8.7
Shopify | -23.7200| -1.9| 55.7| -6.0
US
By Rita Nazareth
(Bloomberg) — A roller-coaster week for markets ended on that same note, with stocks whipsawing as traders tried to make sense of a myriad of headlines around the economy, tariffs and geopolitical developments.
Just minutes after a slide that drove the S&P 500 down over 1%, the gauge staged an “oversold bounce” as Federal Reserve Chair Jerome Powell said the economy is fine.
The Nasdaq 100 briefly breached the threshold of a correction.
Bonds fell.
In the first signal of a positive response from President Vladimir Putin to US counterpart Donald Trump’s call for a ceasefire, Russia was said to be willing to discuss a temporary truce in Ukraine.
The dollar saw its worst week since November 2022.
“What I do know is that volatility seems like the only thing that is certain at the moment,” said Kenny Polcari at SlateStone Wealth.
“Investors should make sure they understand that and are prepared for what that means. So, make sure you are well diversified for this ride.”
It’s been a whirlwind of a week for markets as tariffs hit a fever pitch, sending the S&P 500 into a tailspin that briefly drove it below it below a closely watched technical level: its 200-day moving average.
While the gauge saw a late-week rebound, it still ended with its worst weekly selloff since September.
Wall Street also kept an eye on the latest economic data.
US job growth steadied last month while the unemployment rate rose — a mixed snapshot of a market hanging on the balance of quickly changing government policy.
Nonfarm payrolls increased 151,000 in February after a downward revision to the prior month.
The unemployment rate rose to 4.1%.
“We are not putting much stock in the jobs report at the moment,” said Byron Anderson at Laffer Tengler Investments.
“Today’s data was mixed at best, but we still have no clarity on the economy moving forward. Markets, businesses, and consumers do not like uncertainty and that means increased volatility.”

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

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

Be magnificent!

As ever,

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

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

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

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

Dear Friends,

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

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

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

Market Commentary:
📈
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.2% at 24,584.04 in Toronto.
The move follows the previous session’s increase of 1.2%.
Today, financials stocks led the market lower, as 8 of 11 sectors lost; 157 of 220 shares fell, while 62 rose.
Shopify Inc. contributed the most to the index decline, decreasing 3.6%.
Aecon Group Inc. had the largest drop, falling 16.1%.
Insights
* In the past year, the index had a similar or greater loss 12 times. The next day, it declined seven times for an average 1% and advanced five times for an average 0.5%
* This quarter, the index fell 0.6%
* So far this week, the index fell 3.2%, heading for the biggest decline since the week ended Sept. 22
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 12% in the same period
* The S&P/TSX Composite is 5% below its 52-week high on Jan. 30, 2025 and 14.5% above its low on June 17, 2024
* The S&P/TSX Composite is down 2.2% in the past 5 days and fell3.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 14.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.01t
* 30-day price volatility rose to 13.91% compared with 13.63% in the previous session and the average of 11.41% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -139.9480| -1.7| 3/22
Information Technology| -81.5141| -3.2| 1/9
Materials | -35.2262| -1.1| 12/37
Energy | -30.4650| -0.8| 17/26
Utilities | -18.6490| -1.9| 2/13
Industrials | -9.8252| -0.3| 9/19
Real Estate | -6.4724| -1.3| 1/18
Health Care | -1.0490| -1.5| 1/3
Consumer Discretionary| 5.4923| 0.7| 7/4
Communication Services| 10.5015| 1.7| 4/1
Consumer Staples | 20.3777| 2.2| 5/5
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -47.0200| -3.6| 33.1| -4.2
Brookfield Corp | -40.4200| -5.1| 112.4| -9.0
Enbridge | -22.7500| -2.4| -41.1| -2.4
Canadian National | 8.6510| 1.6| 23.4| -0.1
Canadian Pacific Kansas | 12.7000| 1.8| 39.6| 7.7
Couche-Tard | 14.9900| 3.9| 40.6| -7.1
US
By Rita Nazareth
(Bloomberg) — Wall Street traders continued to navigate intense, quick and sharp market swings amid a slew of tariff headlines, with stocks getting pummeled after almost wiping out their losses.
The S&P 500 slid 1.8% and the Nasdaq 100 sank 2.8%, with the tech-heavy gauge on the brink of a technical correction.
Sentiment was so fragile that equities failed to stage a rebound even after President Donald Trump’s decision to delay levies on Mexican and Canadian goods covered by the North American trade deal.
The dollar saw its longest losing streak since September, while the peso and the loonie rose.
Treasury trading was fairly muted.
The new chapter on the trade war was unveiled days after the US announced its largest tariff increase in a century.
Trump argued that foreign countries are “ripping us off” and that tariffs would put the US on a stronger footing.
When asked for his thoughts on the stock selloff, he told reporters that “it’s globalists who see how rich our country is going to be and they don’t like it.”
“Volatility seems like the only certainty as policies are implemented, challenged, modified, then often re-implemented,” said Chris Low at FHN Financial.
A slide in tech shares dragged down the market, with Nvidia Corp. leading losses in megacaps.
In late hours, Broadcom Inc. gave an upbeat revenue forecast, reassuring investors that spending on artificial-intelligence computing remains healthy.
Hewlett Packard Enterprise Co. issued a weak profit outlook and announced plans to eliminate about 3,000 jobs.
Just 24 hours ahead of the US payrolls report, data showed jobless claims fell, offering some relief after other figures pointed to a worsening labor-market.
The employment print is expected to show a pick in job growth.
Treasury Secretary Scott Bessent rejected the idea that tariff hikes will ignite a new wave of inflation.
Separately, Federal Reserve Governor Christopher Waller repeated his assessment that the impact on prices from tariffs likely won’t be significant.
While he wouldn’t support lowering rates in March, Waller sees room to cut two, or possibly three, times this year.
The S&P 500 hovered near its closely watched 200-day moving average.
The Dow Jones Industrial Average fell 1%.
A gauge of the Magnificent Seven megacaps sank 2.9%.
The Russell 2000 slid 1.6%.
The yield on 10-year Treasuries rose one basis point to 4.29%.
A dollar gauge dropped 0.1%.
“Right now, trade policy is dominating market action,” said Chris Larkin at E*Trade from Morgan Stanley.
“Until the tariff smoke clears, it could continue to be a bumpy ride for traders and investors.”
To Steve Chiavarone of Federated Hermes, the market “isn’t really forgiving” at this stage.
“At the end of the day, we think we are just in a period of max uncertainty and a bit of an economic soft patch,” he noted.
“That said, we think this gives way to a much better second half.”
The recent rout in the S&P 500 is finally giving one group its chance to shine.
Low-volatility stocks are outperforming the overall market and living up to expectations of doing well when things sour.
After two underwhelming years, it has become the best-performing investment theme in 2025, among 13 tracked by Bloomberg Intelligence.
While the S&P 500 sinks from a record, two of the largest low-volatility exchange-traded funds — the Invesco S&P 500 Low- Volatility ETF (SPLV) and the MSCI USA Min-Vol Factor ETF (USMV) — are clocking their best relative performances in a few years.
All that is happening as traders gear up for Friday’s jobs data.
Payrolls rose by 160,000 in February, a slight improvement from the 143,000 increase a month earlier yet softer than during the final months of 2024, according to the median projection of economists surveyed by Bloomberg.
The unemployment rate is seen holding at 4%.
A survey conducted by 22V Research shows 84% of the investors we polled are watching payrolls closer than normal.
Some 53% of survey respondents think Friday’s data will be “risk-off,” 28% “risk-on” and 19% “mixed/negligible.”
“Investors have turned their focus back to payrolls this month after being more focused on average hourly earnings last month,” said Dennis DeBusschere, founder of 22V.

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

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

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

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

Have a wonderful evening everyone.

Be magnificent!
As ever,

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

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

Dear Friends,

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

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

Market Commentary:
📈 On this day in 1923, Montana’s Old-Age Pension Law—the first state law that provides retirement pensions and stands up to constitutional challenges—is enacted, setting a key precedent for the creation of Social Security a decade later.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.2% at 24,870.82 in Toronto.
The move was the biggest since rising 1.3% on Jan. 30 and follows the previous session’s decrease of 1.7%.
Today, materials stocks led the market higher, as 10 of 11 sectors gained; 173 of 220 shares rose, while 47 fell.
Shopify Inc. contributed the most to the index gain, increasing 3.4%. Ivanhoe Mines Ltd. had the largest increase, rising 12.8%.
Insights
* In the past year, the index had a similar or greater gain eight times. The next day, it advanced five times for an average 0.3% and declined three times for an average 1%
* This quarter, the index rose 0.6%
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 3.9% below its 52-week high on Jan. 30, 2025 and 15.9% above its low on June 17, 2024
* The S&P/TSX Composite is down 1.8% in the past 5 days and fell 2.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.2 on a trailing basis and 15 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.97t
* 30-day price volatility rose to 13.63% compared with 13.07% in the previous session and the average of 11.26% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 104.3134| 3.4| 45/4
Information Technology | 62.5232| 2.5| 10/0
Financials | 55.6287| 0.7| 22/3
Industrials | 37.5292| 1.2| 24/4
Consumer Discretionary | 15.0078| 1.8| 9/2
Consumer Staples | 10.6994| 1.1| 9/1
Energy | 9.7416| 0.2| 22/21
Real Estate | 3.6721| 0.8| 18/2
Health Care | 0.1682| 0.2| 2/2
Utilities | 0.0982| 0.0| 9/6
Communication Services | -0.5669| -0.1| 3/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 41.9200| 3.4| 30.0| -0.5
RBC | 25.2000| 1.6| -0.8| -4.5
Canadian Pacific | | | |
Kansas | 17.5400| 2.5| 1.8| 5.9
Waste Connections | -6.5140| -1.3| 84.1| 10.5
Bank of Montreal | -8.0820| -1.1| 15.3| 2.2
Suncor | -13.9300| -3.1| 67.2| -4.0
US
By Rita Nazareth
(Bloomberg) — A late-session runup in US stocks capped another volatile day for global markets, a session that also featured extreme moves in European bonds and equities.
Geopolitical news dominated sentiment once again, including a delay in the imposition of auto tariffs in Canada and Mexico by the White House.
Wall Street remained focused on the latest developments around trade negotiations and how that could impact the economy and Federal Reserve decisions.
The S&P 500 rose over 1%, rebounding from a two-day slide.
Treasuries saw small losses in a stark contrast to the plunge in their European counterparts.
German bunds tumbled the most since 1990.
The dollar fell 1%.
Oil sank to the lowest in about six months.
The market has been on a wild ride, and traders expect more of that as they assess the latest tariff developments and brace for Friday’s US payrolls report.
Options trading projects the S&P 500 to move 1.3% in either direction, in what would be the most for any jobs day since the regional bank turmoil in March 2023.
The S&P 500 rose 1.1%.
The Nasdaq 100 added 1.4%.
The Dow Jones Industrial Average gained 1.1%.
The yield on 10-year Treasuries rose four basis points to 4.28%.
The dollar dropped against most major currencies.

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

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

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.4%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World Index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index fell 1%
* The euro rose 1.6% to $1.0792
* The British pound rose 0.8% to $1.2899
* The Japanese yen rose 0.6% to 148.88 per dollar
Cryptocurrencies
* Bitcoin rose 3.3% to $90,367.57
* Ether rose 2.3% to $2,228.73
Bonds
* The yield on 10-year Treasuries advanced four basis points to 4.28%
* Germany’s 10-year yield advanced 30 basis points to 2.79%
* Britain’s 10-year yield advanced 15 basis points to 4.68%
Commodities
* West Texas Intermediate crude fell 2.7% to $66.45 a barrel
* Spot gold rose 0.1% to $2,921.24 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a wonderful evening everyone.

Be magnificent!
As ever,

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

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

Dear Friends,

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

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

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

Market Commentary:
📈 On this day in 1957, Standard & Poor’s Corp. introduced a new stock index, which it initially called the “Standard ‘500’ Index.” Now known as the S&P 500, the index uses a “scientific weighting formula” that enables investors to measure the movement in the total value of most of America’s major stocks.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.7%, or 429.57 to 24,572.00 in Toronto.
The move was the biggest since falling 2.2% on Dec. 18.
Today, financials stocks led the market lower, as 9 of 11 sectors lost; 143 of 220 shares fell, while 71 rose.
Royal Bank of Canada contributed the most to the index decline, decreasing 3.9%.
Aritzia Inc. had the largest drop, falling 6.1%.
Insights
* In the past year, the index had a similar or greater loss two times. The next day, it declined after both occasions
* This quarter, the index fell 0.6%
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 12% in the same period
* The S&P/TSX Composite is 5% below its 52-week high on Jan. 30, 2025 and 14.5% above its low on June 17, 2024
* The S&P/TSX Composite is down 2.5% in the past 5 days and fell 2.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.2 on a trailing basis and 14.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.04t
* 30-day price volatility rose to 13.07% compared with 12.13% in the previous session and the average of 11.11% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -228.6179| -2.8| 5/20
Information Technology| -68.8686| -2.7| 4/6
Industrials | -55.6408| -1.8| 4/24
Energy | -48.1168| -1.2| 16/26
Materials | -8.5008| -0.3| 19/27
Consumer Discretionary| -8.4281| -1.0| 3/8
Utilities | -6.3161| -0.7| 4/10
Consumer Staples | -5.3964| -0.6| 0/10
Communication Services| -0.8786| -0.1| 2/3
Health Care | 0.0405| 0.1| 2/1
Real Estate | 1.1449| 0.2| 12/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | -64.8900| -3.9| 11.3| -5.9
Shopify | -62.1600| -4.7| 42.1| -3.8
Brookfield Corp | -44.3400| -5.4| 126.8| -6.1
Canadian Natural Resources | 3.4030| 0.6| 130.1| -12.2
Intact Financial | 3.7520| 1.1| -6.2| 10.1
Kinross Gold | 4.2230| 3.1| -6.0| 20.5
US
By Rita Nazareth
(Bloomberg) — Stocks climbed in late hours after US Commerce Secretary Howard Lutnick suggested that there may be some tariff relief after a selloff that shook markets around the globe.
Frantic moves lashed markets all day, both up and down, as sentiment shifted quickly amid uncertainty around Donald Trump’s trade war.
US shares were particularly volatile, first plunging, then recovering, and falling anew at session’s end.
After the close, word Trump was considering a compromise with Mexico and Canada sparked a late-day rally, with a $611 billion exchange-traded fund tracking the S&P 500 (SPY) signaling a rebound.
The US could announce a pathway for tariff relief on Mexican and Canadian goods covered by North America’s free trade agreement as soon as Wednesday, Lutnick told Fox Business.
He added that tariffs would likely land “somewhere in the middle,” with Trump “moving with the Canadians and Mexicans, but not all the way.”
From New York to London and Tokyo, equities sank Tuesday —with the S&P 500 returning to pre-election levels on concerns about the impacts of a trade war on the economy.
The US imposed the largest set of new tariffs in nearly a century, slapping levies on a broad swath of goods from China, Canada and Mexico that spurred swift reprisals.
The moves — before President Donald Trump’s address Tuesday night to Congress — mark a new phase in his broadening economic and diplomatic reset of America’s place in the world.
Treasury Secretary Scott Bessent projected confidence in the tariff plans — even as the stock market slumped.
If Wall Street learned one thing during Trump’s first term as president, it’s that the stock market is a way he keeps score.
The theory was that the president’s penchant for using equities as a report card meant any policy that rattled markets would cause him to revise the plans.
But with stocks tanking, investment pros started to question if there’s a “Trump Put” after all.
“Where’s the Trump Put?” said Tom Essaye at The Sevens Report. “At what level of stock market ‘pain’ would Trump and the administration reverse course? Obviously, we don’t know the exact number, but if we look back at Trade War 1.0, history implies the ‘Trump Put’ would be elected around a 10% decline in the S&P 500.”
To Nancy Tengler at Laffer Tengler Investments, while it’s “always excruciating” to be in the middle of a market correction — this is essentially what she think is currently happening.
The S&P 500 has now dropped about 6% from its record high.
“This time, of course, it’s spurred by the tariffs,” she noted.
“And I think we have to analyze not just what the tariffs will be, but how long we think they’re going to last. If it is short lived, this is just an opportunity to buy stocks for the long term.”
The S&P 500 fell 1.2%.
The Nasdaq 100 lost 0.4%.
The Dow Jones Industrial Average sank 1.6%.
A gauge of the Magnificent Seven megacaps dropped 0.7%.
The Russell 2000 slipped 1.1%.
The yield on 10-year Treasuries rose nine basis points to 4.24%.
A dollar gauge slid 0.6%.
Clark Geranen at CalBay Investments says it’s extremely difficult for investors to make investing decisions off of tariff news, and they should avoid making any drastic portfolio moves at this stage.
“While Tuesday’s tariffs are a go, it remains very unclear on just how long these tariffs will remain,” he said.
“We tend to believe these are more of a negotiation tactic and not the start of a long and drawn out reciprocal trade war. Still, in these situations, investors sell first and ask questions later.”
At Miller Tabak, Matt Maley notes that the market — and several of its key stocks — are becoming “quite oversold.”
“So, even though we are still looking for a deep correction at some point this year, it won’t come in a straight line,” Maley said.
“We have been saying for a while now that investors should ‘sell the rallies’ — and we still feel this way. But we just might get a bounce sooner than many people are thinking.”
“On a short-term basis, while we wait for the markets to bottom, the next leg lower could prove sinister,” said Dan Wantrobski at Janney Montgomery Scott.
“So folks should remain on guard for some big moves in our opinion.”
He noted that while the “buy side” has done a good deal of paring down their technology exposures, they remain overweight US equities in general – which comes alongside some of the heaviest positioning seen on the retail side in years.
“This again presents a good deal of potential firepower in the event that selling pressure gains more momentum from here,” Wantrobski added.
“We have not seen any signs of panic yet, and selling has been rather orderly.”
With S&P 500 within a striking distance of its 200-day moving average, Jonathan Krinsky at BTIG says he’s been receiving an increasing amount of questions as to whether we are near a bottom.
“The question we have isn’t whether or not we bounce at the 200-DMA, it’s what happens after the bounce?” Krinsky said.
“Investors have become accustomed to ‘V-shaped’ recoveries. While we aren’t opposed to that outcome, we do want to at least be open to the possibility that we see more of a ‘W-shaped’ bottom with a bounce and re-test later this month.”
Trend following Commodity Trading Advisors are partly responsible for US stocks declining last week.
There’s more bad news after the S&P 500 began March deep in the red: CTAs are under pressure to keep selling no matter which way the market goes over the next week.
Goldman Sachs Group Inc. estimates the cohort already sold about $23 billion of global stocks last week.
However, they still have about $137 billion in long positions.
“We have this cohort modeled as sellers of SPX in every scenario over the next week,” Cullen Morgan, equity derivatives and flows specialist, wrote in a note.
A Goldman Sachs measure of risk appetite has turned negative for the first time since October amid concerns around a slowing economy.
Those worries have hit the US harder than the rest of the world, strategist Andrea Ferrario says, suggesting international markets could extend their outperformance.
Sentiment around S&P 500 earnings is now “very negative” even as companies enjoyed a strong fourth-quarter reporting season, the strategist writes in a note.
Meanwhile, the outlook for profits in other developed markets remains positive.

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

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

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

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

Have a wonderful evening everyone.

Be magnificent!
As ever,

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

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

Dear Friends,

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

March 3, 1585: The Olympic Theatre, designed by Andrea Palladio, is inaugurated in Vicenza.
March 3, 1863: Abraham Lincoln approves charter for National Academy of Sciences
March 3, 1969: Apollo 9 was launched on a mission to test the lunar module that was used in the moon landings. Go to article
March 3, 2005: Steve Fossett becomes the first person to fly an airplane non-stop around the world solo without refueling.

1955: Elvis Presley’s first TV appearance.
Alexander Graham Bell, inventor, b. 1847.

‘Planet parade’ photo captures 7 planets in a line over Earth — possibly for the 1st time ever
A stunning photo of a “parade of planets”, shows Mars, Jupiter, Uranus, Saturn, Venus, Neptune, and Mercury in alignment from Earth. The image could be the first of its kind.

20,000-year-old evidence of ancient ‘vehicles’ discovered in New Mexico
Ancient footprints and drag marks at White Sands National Park in New Mexico suggest the earliest known Americans dragged wooden travois-like vehicles.

Scientists discover never-before-seen type of brain cell
A new study has pinpointed cells in the brains of mice that have the unique ability to proliferate and may help to repair damaged tissue. Scientists now need to determine if similar cells exist in human brains

PHOTOS OF THE DAY

Gangneung, South Korea
A road curves through snow-covered hills and mountains
Photograph: Yonhap/EPA

Hangzhou, China
Plum blossoms flower at a wetland park in eastern China’s Zhejiang province
Photograph: AFP/Getty Images

Konosu, Japan
An event celebrating Hinamatsuri, a traditional festival dedicated to girls, plays host to 1,605 traditional Japanese dolls
Photograph: Kim Kyung-Hoon/Reuters
Market Closes for March 3^rd, 2025

Market Index	Close	Change
Dow Jones	43191.24	-649.67
		-1.48%
S&P 500	5849.72	-104.78
		-1.76%
NASDAQ	18350.19	-497.09
		-2.64%
TSX	25001.57	-391.88
		-1.54%

International Markets

Market Index	Close	Change
NIKKEI	37785.47	+629.97
		+1.70%
HANG SENG	23006.27	+64.95
		+0.28%
SENSEX	73085.94	-112.16
		-0.15%
FTSE 100*	8871.31	+61.57
		+0.70%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.834	2.899
CND. 30 Year Bond	3.067	3.124
U.S. 10 Year Bond	4.1551	4.2082
U.S. 30 Year Bond	4.4493	4.4894

Currencies

BOC Close	Today	Previous
Canadian $	0.6896	0.6923
US $	1.4502	1.4444

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5198	0.6580
US $	1.0481	0.9541

Commodities

Gold	Close	Previous
London Gold Fix	2834.55	2880.80
Oil
WTI Crude Future	69.76	69.76

Market Commentary:
📈 On this day in 1901, John Pierpont Morgan announced that he was organizing the largest-ever corporation in the world by merging his Federal Steel conglomerate with Andrew Carnegie’s Carnegie Co.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.5% at 25,001.57 in Toronto.
The move was the biggest since falling 2.2% on Dec. 18 and follows the previous session’s increase of 1.1%.
Today, energy stocks led the market lower, as 9 of 11 sectors lost; 160 of 220 shares fell, while 58 rose.
Shopify Inc. contributed the most to the index decline, decreasing 4.6%.
Celestica Inc. had the largest drop, falling 13.0%.
Insights
* In the past year, the index had a similar or greater loss four times. The next day, it declined three times for an average 1.3% and advanced 0.8% once
* This quarter, the index rose 1.1%
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 3.4% below its 52-week high on Jan. 30, 2025 and 16.5% above its low on June 17, 2024
* The S&P/TSX Composite is down 0.6% in the past 5 days and fell 1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.9 on a trailing basis and 15.4 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$4.1t
* 30-day price volatility rose to 12.13% compared with 11.22% in the previous session and the average of 10.99% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -125.2496| -3.0| 2/40
Information Technology| -100.9884| -3.8| 2/8
Financials | -69.2026| -0.8| 5/20
Industrials | -46.4978| -1.5| 4/24
Materials | -37.1543| -1.2| 15/34
Consumer Staples | -10.0180| -1.1| 3/7
Consumer Discretionary| -8.2961| -1.0| 2/9
Utilities | -0.4830| -0.1| 6/9
Health Care | -0.2304| -0.3| 2/2
Real Estate | 1.4875| 0.3| 14/5
Communication Services| 4.7569| 0.8| 3/2
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Shopify | -63.6900| -4.6| 24.6| 1.0
Canadian Natural Resources | -31.0700| -5.1| 101.6| -12.7
Suncor | -24.9400| -5.1| 171.6| 2.4
BCE | 3.3900| 1.6| -18.5| 1.9
GFL Environmental | 3.6400| 3.3| 67.4| 5.3
Waste Connections | 7.1650| 1.4| -3.7| 12.9
US
By Rita Nazareth
(Bloomberg) — More tepid economic news and a pledge by Donald Trump to push through tariffs on top trading partners stressed Wall Street risk tolerances anew, sending bonds up and stocks to their biggest loss of the year.
The S&P 500 lost nearly 2% as the US president said Mexico and Canada would be unable to negotiate a reprieve from tariffs set to take effect Tuesday.
The loonie and the peso slipped.
The White House later said Trump also signed an order doubling a tariff on China to 20%.
A plunge in big tech weighed heavily on equities, which were also hit by weak manufacturing data.
Stocks erased their Friday runup to push the S&P 500 almost 5% below a record high from Feb. 19.
The gauge has alternated between gains and losses of at least 1.5% for three sessions, a stretch of violent reversals not seen since March 2020.
Monday’s data was the latest in a slew of disappointing economic reports showing weaker housing, rising unemployment claims and a drop in personal spending.
Crypto, a key proxy for risk in post-election markets, tumbled a day after surging when Trump stepped up calls for a digital-asset stockpile.
“It’s time to be nervous,” said Callie Cox at Ritholtz Wealth Management. “Not bearish, but nervous. While there isn’t enough evidence to think we’re on the cusp of a deep pullback, the economy is changing quickly. The headlines are so unrelenting that people don’t know what to do.”
The S&P 500 fell 1.8%.
The Nasdaq 100 slid 2.2%.
The Dow Jones Industrial Average dropped 1.5%.
A gauge of the Magnificent Seven shares sank 3.1%.
The Russell 2000 lost 2.8%.
A UBS basket of US stocks negatively impacted by tariffs slipped 2.9%.
The drop in US shares was in sharp contrast to Europe, where equities staged one of their strongest advances of 2025.
The moves extended an international rotation trade that has held sway most of the year.
Wall Street’s so-called fear gauge — the VIX — hit the highest since December.
All megacaps slipped, with Nvidia Corp. down 8.7%.
Taiwan Semiconductor Manufacturing Co. plans to invest an additional $100 billion in US plants that will boost its chip output on American soil and support Trump’s goal of increasing domestic manufacturing.
Oil sank as OPEC+ will proceed with plans to revive halted production amid pressure from Trump to lower prices.
The yield on 10-year Treasuries fell five basis points to 4.16%.
A dollar gauge slid 0.4%.
Bitcoin tumbled 9.5%.
To David Kostin at Goldman Sachs Group Inc., any S&P 500 recovery attempt is likely to prove temporary amid economic worries.
Investor exposure declined last week, but it isn’t low enough yet to suggest “tactical upside as a result of depressed positioning,” he said.
“An improvement in the US economic growth outlook will be required to fully reverse the recent equity-market weakness.
“Markets have been expressing growing concerns about a potential slowdown in the US,” said Florian Ielpo at Lombard Odier Investment Managers.
“The message of caution needs to be heard, and depending on Friday’s payroll, this deteriorating macro momentum could cap markets’ progression.”
Goldman Sachs’ Scott Rubner says he lacks conviction that demand for US stocks is high enough to sustain a rebound.
The tactical flow specialist turned bearish last month amid fading inflows from retail and other supportive buyers.
He notes that while the market is in the final stages of a clearing event for positioning, he’s “not ready” to sound an all-clear yet.
Instead, he recommends investors be “nimble on highest conviction quality themes.”
In a note to clients, Rubner said March 14 “sticks out” to him as a potential low in stocks, with history suggesting that the first half of the month “typically chops around.”
In a backdrop of some softening economic indicators and continuing uncertainty around tariffs, a rotation out of US big tech is likely to continue, according to JPMorgan Chase & Co. strategists led by Mislav Matejka.
The strategists say the rotation out of growth and into value style should help international markets, which are more value-dominated.
Still, US market will probably benefit from animal spirits and deregulation, while the US usually holds up better than other regions in risk-off periods.
Morgan Stanley strategist Michael Wilson said equities are likely to be more sensitive to economic growth than to a pullback in bond yields.
US earnings estimates don’t fully reflect potential risks from President Trump’s proposed tariffs, according to Citigroup strategists led by Scott Chronert wrote.
Still, the outlook is more optimistic when viewed at the single-stock and sector level, they say.
“A high-level emphasis on index earnings and related valuations can be misleading. As we head further into ’25, the moniker that it’s a market of stocks not a stock market may take on growing importance, particularly as Trump policy impacts become clearer,” they said.
Equity markets around the world are trouncing US stocks in early 2025, an ominous historical signal for how the rest of the year could shape up for US investors.
If history’s a guide, that could mean further relative weakness for US stocks in the months ahead.
The S&P 500 has never outperformed global peers on an annual basis when it has trailed the international benchmark by more than 2.8 percentage points by mid-February, as it did this year, according to a Bloomberg Intelligence analysis studying 35 years of data.
The underperformance is “a rare and historically significant red flag against a full-year recovery as the market’s fundamentals deteriorate,” according to BI strategists Gina Martin Adams and Gillian Wolff, who conducted the analysis.

Corporate Highlights:
* Sunnova Energy International Inc. plunged as the company warned there’s substantial doubt it will remain in business.
* Kroger Co. replaced Chief Executive Officer Rodney McMullen following an investigation into his personal conduct, casting a shadow on the supermarket operator’s path forward following a failed deal and a string of management departures under the longtime leader.
* AbbVie Inc. agreed to pay as much as $2.2 billion for a next- generation obesity drug from Danish biotech Gubra A/S, marking its entry into the hyper-competitive weight-loss market.
* Tether Holdings SA, issuer of the biggest stablecoin cryptocurrency, said its longtime chief financial officer and controlling shareholder Giancarlo Devasini will transition into a new role as chairman of the firm.
* Philip Morris International Inc. is exploring a potential sale of its cigar business in the US, people familiar with the matter said, as the tobacco maker continues its shift toward smoke-free products.
* Allegro Microsystems Inc. is drawing takeover interest from larger competitor ON Semiconductor Corp., according to people familiar with the matter.

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

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.2%
* The Dow Jones Industrial Average fell 1.5%
* The MSCI World Index fell 0.9%
* Bloomberg Magnificent 7 Total Return Index fell 3.1%
* The Russell 2000 Index fell 2.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 1% to $1.0483
* The British pound rose 1% to $1.2699
* The Japanese yen rose 0.8% to 149.47 per dollar
Cryptocurrencies
* Bitcoin fell 9.5% to $85,314.51
* Ether fell 16% to $2,110.13
Bonds
* The yield on 10-year Treasuries declined five basis points to 4.16%
* Germany’s 10-year yield advanced eight basis points to 2.49%
* Britain’s 10-year yield advanced seven basis points to 4.55%
Commodities
* West Texas Intermediate crude fell 2.1% to $68.30 a barrel
* Spot gold rose 1.2% to $2,890.91 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Lu Wang, Isabelle Lee, Margaryta Kirakosian and Catherine Bosley.

Have a wonderful evening everyone.

Be magnificent!
As ever,

Shab
” To create one’s world in any of the arts takes courage.”– Georgia O’Keeffe

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.

February 28, 1972 President Richard M. Nixon and Chinese Premier Chou En-lai issued the Shanghai Communique at the conclusion of Nixon’s historic visit to China, a step toward the eventual normalization of relations between the two countries.  Go to article
February 28, 1986: Olaf Palme, Prime Minister of Sweden, assassinated.
February 28, 2013: researchers at Duke University successfully connect the brains of two rats, allowing direct sharing of information, a pioneering step in brain-to-brain communication.

Mystery of how man’s brain turned to glass after Vesuvius eruption possibly solved
The new study on the “glass brain” from Herculaneum is the latest episode in a long-running academic dispute. Read More.

Next ice age would hit Earth in 11,000 years if it weren’t for climate change, scientists say
Scientists have determined exactly how Earth’s orbit and tilt affect glaciation and deglaciation, based on the length of these parameters’ cycles and clues hidden at the bottom of the ocean. Read More.

‘It’s extremely worrisome’: NASA’s James Webb Space Telescope faces potential 20% budget cut just 4 years after launch
Such a dramatic cut to a flagship space telescope still in its prime will be felt across the mission’s entire operations, affecting science. Read More.

New ‘Ocelot’ quantum processor inspired by Schrödinger’s cat could scale up quantum computers by massively slashing errors
AWS’s first-ever quantum chip uses “cat qubits” to reduce errors exponentially as more qubits are added to a system. Scientists say it will lead to scalable and efficient quantum computers. Read More.

Most powerful cosmic rays in the universe start shockingly close to Earth, paper claims
The most powerful cosmic rays in the universe currently have no explanation. New research suggests that exotic, self-annihilating particles in our own galaxy may hold the answer. Read More.

CNN looks back on Gene Hackman’s life and work
Oscar-winning actor Gene Hackman and his wife were found dead in their home Wednesday under “suspicious” circumstances. Watch this video to learn about his life and legacy.

When does Ramadan officially start?
Roughly a quarter of the world’s population is expected to head into Ramadan this weekend but the official start time could vary. Learn more about the Islamic holy month.

The world’s smallest park is the size of four pieces of paper
A park in Japan, roughly the size of four sheets of A4 paper, was recently crowned the world’s smallest! See a photo here.

Oldest known Holocaust survivor dies at age 113
Rose Girone, the oldest known Holocaust survivor who endured both German and Japanese oppression but lived for eight decades beyond the end of World War II, has died at age 113.

A new poll indicates that some Americans feel buyer’s remorse about voting for President Donald Trump.
On Thursday’s “Late Show,” Stephen Colbert pointed out that it’s mainly because, after more than a month in office, Trump has yet to eliminate inflation, as he promised during his campaign to do on Day 1.
“That was his claim. He said it over and over again, and now, on Day 38, they still think things are too expensive. Somewhere in Delaware, Joe Biden is shaking his head, chuckling to himself, and thinking, ‘Why did I come into this room?’ ” — STEPHEN COLBERT

“It’s getting so expensive — this is true — that here in New York, some bodegas are selling individual eggs, known as ‘loosie’ eggs, to customers who can’t afford full cartons. Yum, loose egg! And if you can’t afford those, there’s a guy in the alley in the back.” — STEPHEN COLBERT
PHOTOS OF THE DAY

São Paulo, Brazil
Nur, the first polar bear cub born in Latin America, walks towards her mother, Aurora, at the São Paulo aquarium.
Photograph: Isaac Fontana/EPA

Volcanic eruption on the Reykjanes peninsula – Svartsengi, Reykjanes, Iceland
Gold in the nature photojournalism category
Photograph: Ael Kermarec/World Nature Photography awards

​​​​​​​Hyalite Lake – Montana, US
Gold in the planet earth’s landscapes and environments category
Photograph: Jake Mosher/World Nature Photography awards
Market Closes for February 28, 2025

Market Index	Close	Change
Dow Jones	43840.91	+601.41
		+1.39%
S&P 500	5954.50	+92.93
		+1.59%
NASDAQ	18847.28	+302.86
		+1.63%
TSX	25393.45	+265.21
		+1.63%

International Markets

Market Index	Close	Change
NIKKEI	37155.50	-1100.67
		-2.88%
HANG SENG	22941.32	-776.97
		-3.28%
SENSEX	73198.10	-1414.33
		-1.90%
FTSE 100*	8809.74	+53.53
		+0.61%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.899	2.965
CND. 30 Year Bond	3.124	3.180
U.S. 10 Year Bond	4.2082	4.2314
U.S. 30 Year Bond	4.4894	4.5102

Currencies

BOC Close	Today	Previous
Canadian $	0.6923	0.6925
US $	1.4444	1.4439

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5000	0.6666
US $	1.0386	0.9629

Commodities

Gold	Close	Previous
London Gold Fix	2880.80	2901.00
Oil
WTI Crude Future	69.76	70.35

Market Commentary:
Money is usually attracted, not pursued. –Jim Rohn, 1930-2009.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.1% at 25,393.45 in Toronto.
The move was the biggest gain since Feb. 5 and follows the previous session’s decrease of 0.8%.
Royal Bank of Canada contributed the most to the index gain, increasing 2.7%.
Pembina Pipeline Corp. had the largest increase, rising 7.1%.
Today, 138 of 220 shares rose, while 76 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* In the past year, the index had a similar or greater gain 15 times. The next day, it advanced nine times for an average 0.3% and declined six times for an average 0.6%
* This month, the index fell 0.5%
* So far this week, the index rose 1%, heading for the biggest advance since the week ended Jan. 24
* The index advanced 19% in the past 52 weeks. The MSCI AC Americas Index gained 16% in the same period
* The S&P/TSX Composite is 1.9% below its 52-week high on Jan. 30, 2025 and 19.3% above its low on Feb. 29, 2024
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.8 on a trailing basis and 15.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.06t
* 30-day price volatility rose to 11.22% compared with 11.09% in the previous session and the average of 10.99% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 106.6072| 1.3| 19/4
Energy | 52.5839| 1.3| 24/18
Industrials | 51.2413| 1.6| 19/9
Materials | 18.6187| 0.6| 28/18
Information Technology | 15.1760| 0.6| 3/7
Consumer Staples | 10.9071| 1.2| 4/6
Utilities | 9.0775| 1.0| 15/0
Consumer Discretionary | 2.4783| 0.3| 7/4
Real Estate | 1.5472| 0.3| 17/3
Health Care | -0.4178| -0.6| 1/3
Communication Services | -2.6215| -0.4| 1/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | 44.2500| 2.7| 14.2| -1.4
Enbridge | 23.5200| 2.6| 28.9| 1.3
Shopify | 16.7500| 1.2| 29.6| 5.9
Stella-Jones | -1.2610| -4.4| 98.5| -2.8
BCE | -2.3030| -1.1| -38.9| 0.3
CGI Inc | -13.3200| -5.9| 303.7| -4.6
US
By Rita Nazareth, Isabelle Lee, Emily Graffeo and Vildana Hajric
(Bloomberg) — Stocks shook off another bout of volatility spurred by geopolitical anxiety and a White House shouting match to rally at the end of a jittery February.
Equities rebounded after being hit with several twists and turns.
Plans to sign a minerals deal between the US and Ukraine were scrapped as Donald Trump’s meeting with Volodymyr Zelenskiy devolved into a fiery exchange.
Trump later said Zelenskiy can come back when he’s ready for peace.
Meantime, Treasury Secretary Scott Bessent said Mexico has proposed matching US tariffs on China and urged Canada to do the same, signaling a potential path to avert levies.
Wall Street traders have seen a rise in equity swings amid a set of risks ranging from an economic slowdown, geopolitics, a trade war and artificial-intelligence valuations.
“We think the bull market is intact,” said David Lefkowitz at UBS Global Wealth Management. “But we have also cautioned that volatility would likely be higher this year. Therefore, we have been highlighting that short-term hedges may be worth considering.”
To Jay Hatfield at Infrastructure Capital Advisors, while the market was rattled by the US-Ukraine headlines, the indication is that Trump will force peace – which is positive.
To Matt Maley at Miller Tabak + Co., with so many different comments coming out of the White House, it’s hard for investors to have a lot of confidence on the near-term outlook.
“This is a fragile market,” said Adam Phillips at EP Wealth Advisors.
“The anxiety is clear in the market’s behavior and we’re hearing it in the voices of many clients as well. The market is struggling for direction today, but we’re bracing for additional volatility ahead as we await clarity on a long and growing list of issues.”
The S&P 500 rose 1.6%.
The yield on 10-year Treasuries fell five basis points to 4.21%.
A dollar gauge gained 0.3%.
Traders also watched closely a slew of headlines on tariffs.
“I do think one very interesting proposal that the Mexican government has made is perhaps matching the US on our China tariffs,” Bessent said in an interview with Bloomberg Television.
“I think it would be a nice gesture if the Canadians did it also, so in a way we could have ‘Fortress North America’ from the flood of Chinese imports,” he said.
A survey conducted by 22V Research shows there is no clear consensus on the odds of the Mexico and Canada tariffs going into effect next week.
The median guess was 50% odds, but the distribution of responses is fairly flat. Responses are even evenly split above and below 50% odds.
“Net net, no consensus,” wrote Dennis DeBusschere, founder of 22V.
He also noted that 68% of the investors polled think the recent market selloff was mostly or entirely due to tariffs.
Wall Street also got a degree of relief after data showed inflation isn’t heating up — with traders looking past a worrisome decline in consumer spending to focus on prospects for Fed policy easing.
The so-called core personal consumption expenditures price index, which excludes food and energy items, rose 0.3% from December.
From a year ago, it increased 2.6%, matching the smallest annual increase since early 2021.
Inflation-adjusted consumer spending fell 0.5%, marking the biggest monthly decline in almost four years.
“While additional rate cuts are still probably many months away, we believe this report helps to keep one or two rate cuts on the table for 2025,” said Robert Ruggirello at Brave Eagle Wealth Management.
“We believe that inflation is yesterday’s problem and that the data will continue to improve going forward.”
To David Russell at TradeStation, the PCE report provides a “little comfort” after the worrisome print on consumer prices.
“The drop in personal spending confirms the negative retail sales data we got earlier, suggesting the economy started 2025 on a soft footing,” he said.
“Combined with the weak data so far in February, growth is becoming more of a concern for Wall Street. The consumer may finally be throwing in the towel.”
Chris Zaccarelli at Northlight Asset Management says he’s very cautious on the market given the high current valuations, the high policy uncertainty companies are forced to navigate and a consensus belief that recession risk is non-existent (or extremely low).
Atlanta Fed GDPNow Sees Economy Shrinking After Friday Data “Softer consumer spending and slower income growth should catch the Fed’s attention,” said Jeff Roach at LPL Financial.
“Despite the deceleration in the annual pace of inflation, the monthly rate is still running hotter than the Fed would like.”
Roach says investors will continue to focus on the uncertain growth trajectory as real spending unexpectedly fall in January from weaker consumer demand.
“The odds are rising that the Fed’s next rate cut will be in June,” he said.
“Whether the next cut happens then or in July is less relevant than the number of cuts by end of year.
The current macro backdrop suggests only two cuts in total this year but more in 2026.”

Corporate Highlights:
* Microsoft Corp. is signaling the end of the line for Skype, the iconic internet calling and chat service it bought almost 14 years ago.
* Bath & Body Works Inc., a retailer of personal care products, was upgraded at Citigroup Inc. in the wake of the company’s results.
* Redfin Corp., an online real estate company, reported fourth- quarter results that were weaker than expected on key metrics and gave an outlook that is seen as disappointing.
* Rocket Lab USA Inc. delayed the launch of its Neutron rocket to the second half of the year and issued a revenue forecast for the first quarter which fell short of estimates. This prompted analysts to either lower or place their price targets under review.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.6%
* The Dow Jones Industrial Average rose 1.4%
* The MSCI World Index rose 1%
* Bloomberg Magnificent 7 Total Return Index rose 2%
* The Russell 2000 Index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.0373
* The British pound fell 0.2% to $1.2579
* The Japanese yen fell 0.5% to 150.52 per dollar
Cryptocurrencies
* Bitcoin fell 0.2% to $84,138.87
* Ether fell 2.9% to $2,214.34
Bonds
* The yield on 10-year Treasuries declined five basis points to 4.21%
* Germany’s 10-year yield was little changed at 2.41%
* Britain’s 10-year yield declined three basis points to 4.48%
Commodities
* West Texas Intermediate crude fell 0.4% to $70.06 a barrel
* Spot gold fell 0.8% to $2,854.71 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Margaryta Kirakosian, John Viljoen and Chiranjivi Chakraborty.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Excellence is never an accident.  It is always the result of high intention, sincere effort, and intelligent execution;
it represents the wise choice of many alternatives – choice, not chance, determines your destiny. – Aristotle, 384 BCE-332 BCE.

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

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

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

Dear Friends,

Tangents: Happy Friday Eve.
February 27, 1932: James Chadwick discovers the neutron, a fundamental particle in atomic nuclei, advancing the field of nuclear physics.
On Feb. 27, 1991, President George H.W. Bush declared that “Kuwait is liberated, Iraq’s army is defeated,” and announced that the allies would suspend combat operations at midnight. Go to article

Henry W. Longfellow, poet, b.1807.
Rudolph Steiner, philosopher, b.1861.
Elizabeht Taylor, actress, b.1932
Ralph Nader, advocate, b. 1934

Rare fresco discovered in Pompeii shows type of woman who ‘breaks free from male order to dance freely, go hunting and eat raw meat in the mountains’
Archaeologists have brought to light an enormous fresco depicting a secretive cult practice in Pompeii. Read More.

‘Utterly cataclysmic’: James Webb telescope spots 2 alien planets disintegrating before our eyes
In world-first observations, the James Webb Space Telescope is watching two distant alien planets “spilling their guts into space” as they rapidly disintegrate —
and scientists are elated at what they’ve found. Read More.

Chinese scientists reveal plans for near-invisible stealth missiles that could ‘redefine modern warfare’
Chinese scientists claim to have found a new way of injecting helium into rocket engines, which could be used to make missiles that are much harder to detect or intercept. The new technology was allegedly inspired by the faulty spacecraft that “stranded” NASA astronauts on the ISS last year. Read More.

Western travelers visit North Korea
CNN’s Will Ripley spoke to Western social media influencers who visited North Korea on recent trips. Here’s what they saw.

A high-stakes moon mission
A spacecraft built by Houston-based Intuitive Machines will soon attempt to land closer to the moon’s south pole than any vehicle has traveled before! Read about the mission.

Nvidia doubled profits in 2024. And its outlook is rosy despite AI jitters
Chipmaker Nvidia achieved stunning sales and profit growth as it closed out 2024. The company expects its sales to grow 65% year-over-year to $43 billion in the current quarter, exceeding analysts’ expectations.

The internet is raving about ‘nature’s Botox’
Many beauty enthusiasts have turned to ingredients you’d usually find in the food aisle as a way to hydrate the skin and reduce acne. But does it work?

Time is money
An Indian man was awarded damages in a legal case against the country’s biggest movie theater chain after he complained that it showed too many commercials before a movie.

Thieves target freight trains in California and Arizona deserts
More than $2 million worth of Nike sneakers were recently stolen in a string of freight train heists. Many of the shoes haven’t even hit the retail market yet.

PHOTOS OF THE DAY

Christchurch, New Zealand
Jacob Ryan, aka Yikes, puts the finishing touches on an 11-storey mural, part of Flare 2025, a street art festival. Nearly two dozen artists are taking part in the 11-day event
Photograph: PJ Heller/Zuma Press Wire/Rex/Shutterstock

A hopeful red fox hunts in a snowy field in Kars, Turkey
Photograph: Anadolu/Getty Images

Flamingoes feed at a beach in Kuwait City, Kuwait
Photograph: AFP/Getty Images
Market Closes for February 27, 2025

Market Index	Close	Change
Dow Jones	43239.50	-193.62
		-0.45%
S&P 500	5861.57	-94.49
		-1.59%
NASDAQ	18544.42	-530.84
		-2.78%
TSX	25128.24	-200.13
		-0.79%

International Markets

Market Index	Close	Change
NIKKEI	37248.74	-1007.43
		-2.63%
HANG SENG	23616.18	-102.11
		-0.43%
SENSEX	74612.43	+10.31
		+0.01%
FTSE 100*	8756.21	+24.75
		+0.28%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.965	2.981
CND. 30 Year Bond	3.180	3.181
U.S. 10 Year Bond	4.2314	4.2696
U.S. 30 Year Bond	4.5102	4.5206

Currencies

BOC Close	Today	Previous
Canadian $	0.6925	0.6970
US $	1.4439	1.4347

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5007	0.6664
US $	1.0393	0.9622

Commodities

Gold	Close	Previous
London Gold Fix	2901.00	2933.25
Oil
WTI Crude Future	70.35	68.62

Market Commentary:
Who would you be and what would you do if you weren’t afraid? –David Brooks, b.1961.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.8% at 25,128.24 in Toronto.
The index dropped to the lowest closing level since Jan. 17 after the previous session’s increase of 0.5%.
Royal Bank of Canada contributed the most to the index decline, decreasing 2.9%.
Energy Fuels Inc/Canada had the largest drop, falling 9.0%.
Today, 163 of 220 shares fell, while 56 rose; 9 of 11 sectors were lower, led by materials stocks.
Insights
* This month, the index fell 1.6%
* So far this week, the index was little changed
* The index advanced 18% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 2.9% below its 52-week high on Jan. 30, 2025 and 18.3% above its low on Feb. 28, 2024
* The S&P/TSX Composite is down 1.5% in the past 5 days and fell 0.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.9 on a trailing basis and 19 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.09t
* 30-day price volatility rose to 11.09% compared with 10.80% in the previous session and the average of 11.00% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -68.0747| -2.1| 6/43
Financials | -58.6517| -0.7| 10/15
Information Technology | -34.3806| -1.3| 1/9
Industrials | -26.3231| -0.8| 5/23
Utilities | -6.3633| -0.7| 4/10
Real Estate | -5.3077| -1.1| 2/18
Consumer Staples | -4.4833| -0.5| 2/8
Health Care | -0.7116| -1.0| 1/3
Consumer Discretionary | -0.4513| -0.1| 3/8
Communication Services | 0.1333| 0.0| 0/5
Energy | 4.4886| 0.1| 22/21
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | -48.6100| -2.9| 58.4| -3.9
Shopify | -21.0000| -1.5| -29.1| 4.6
Agnico Eagle Mines Ltd | -13.4300| -2.7| -0.2| 22.0
Enbridge | 5.1920| 0.6| -54.2| -1.2
Restaurant Brands | 6.1730| 3.0| 73.4| 0.5
TD Bank | 7.4770| 0.7| 26.9| 12.7
US
By Rita Nazareth
(Bloomberg) — A selloff in the stock market’s most-influential group drove the Nasdaq 100 to its lowest level since November as Nvidia Corp.’s results failed to revive the artificial-intelligence rally.
The S&P 500 fell 1.6%, erasing its gains for 2025.
Mega caps bore the brunt of the selling as good-but-not-great numbers from Nvidia Corp. disappointed investors.
The chipmaker sank 8.5%.
The dollar rose as Donald Trump said 25% tariffs on Canada and Mexico are on track to go into place March 4, and he’d impose an additional 10% tax on Chinese imports.
CTAs to Sell US Stocks in Every Scenario Again: Equity Insight
“Nvidia’s earnings were good, but they did not do a lot do lessen the growing fears that the earnings from the AI market will not be as strong as investors had been thinking,” said Matt Maley at Miller Tabak + Co.
“The quotes out of Washington, DC continue to create decent sized intraday moves in the markets.”
All the uneasiness around the actual impact of potential US tariffs on things like trade, the economy, inflation and even geopolitics kept Wall Street traders on their toes.
And there was no major relief from Thursday’s big batch of economic data released in the run-up to a key inflation reading.
The US economy advanced at a healthy pace and inflation was more stubborn than initially estimated at the end of 2024.
Gross domestic product increased at an unrevised 2.3% annualized pace in the fourth quarter.
The primary growth engine — consumer spending — advanced at a 4.2% pace.
“Investors want lower rates from the Fed, but they don’t want to get there by seeing a notable deterioration in the underlying economy,” said Bret Kenwell at eToro.
“At the very least, if the economy is going to slow, investors will want to see inflation slow down too.”
The Nasdaq 100 fell 2.8%.
The Dow Jones Industrial Average slid 0.45%.
A gauge of the Magnificent Seven mega caps sank 3%.
The Russell 2000 slipped 1.6%.
In late hours, Dell Technologies Inc. gave a bullish outlook.
The yield on 10-year Treasuries rose two basis points to 4.27%.
The Bloomberg Dollar Spot Index added 0.6%.
Pessimism among individual investors about the short-term outlook for stocks increased, according to the latest Sentiment Survey from the American Association of Individual Investors.
Bearish sentiment, expectations that stock prices will fall over the next six months, increased 20.2 percentage points to 60.6%.
Bullish sentiment dropped to 19.4% while neutral sentiment decreased to 20%, the AAII survey showed.
“AAII data on investor sentiment showed both an extremely high level of bearishness and a rapid increase in that metric,”
said Bespoke Investment Group strategists. “Historically, high levels of bearishness tend to lead to strong returns, but these
levels are unprecedented with stocks near recent highs.”
Bespoke also said that large spikes in bearishness during bull cycles have better precedent and more mixed implications for forward returns.
As some of the world’s largest companies report earnings, one topic is dominating the conversation: tariffs.
The topic has come up about 700 times during quarterly earnings calls for S&P 500 companies — a grouping of the world’s largest publicly traded businesses — according to a Bloomberg News analysis of transcripts.
That’s an all-time high in data going back to 2005 and slightly above the number seen in 2018, when President Trump first enacted tariffs.
“You do not only have uncertainty here in the United States, but you have a lot of uncertainty in terms of relationships with other countries, impact on markets,” said Dan Ivascyn at Pacific Investment Management Co.
“And that’s creating not only a lot of localized volatility but volatility across countries, across sectors, across yield curves and that’s a great opportunity as well.”
Ivascyn thinks the key theme going into this year is to have a “healthy degree of humility around the uncertainty”.
“Acknowledge the uncertainty, but look to take advantage of the full global opportunity set, both within the liquid higher quality areas of the market, as well as in some of the more credit sensitive areas as well,” he noted.
US Inflation, Spending Data to Show January Chill – Nowcasts
Traders also geared up for the Federal Reserve’s preferred inflation metric, which is expected to cool to the slowest pace since June, but glacial progress on taming price pressures overall will keep policymakers cautious about lowering interest rates further.
The core personal consumption expenditures price index — which excludes often-volatile food and energy costs — probably rose 2.6% in the year through January in Commerce Department data due on Friday.
Overall PCE inflation likely eased on an annual basis as well, according to the median estimate in a Bloomberg survey of economists.
“Indications that price pressures may be catching a second wind even before the potential impact of additional tariffs should send a cautionary message about the near-term inflation outlook,” said Jim Baird at Plante Moran Financial Advisors.

Corporate Highlights:
* Tesla Inc. is seeking approval to offer ride-hailing services in California, a key step by Elon Musk’s company to begin carrying paying customers while its traditional car-selling business falters.
* Apollo Global Management Inc. is in talks to lead a roughly $35 billion financing package for Meta Platforms Inc. to help develop data centers in the US, according to people with knowledge of the matter.
* Amazon.com Inc.’s cloud unit has built its first quantum- computing chip, joining a growing roster of technology companies showing off futuristic hardware.
* B. Riley Financial Inc. lined up new funding to replace Nomura Holdings Inc., erasing what’s left of a loan tied to an ill- fated buyout deal that has hobbled the brokerage and investment firm.
* Walgreens Boots Alliance Inc. rose after a report that a potential take-private deal from Sycamore Partners would lead to a breakup of the drugstore chain.
* Peanut butter and jelly maker JM Smucker Co. increased full- year profit guidance, offering a view that’s more optimistic than what Wall Street anticipated.
* Snowflake Inc. projected better-than-expected revenue growth for the fiscal year, sending an optimistic signal about the adoption of its recently launched products for artificial intelligence.
* Toronto-Dominion Bank beat estimates on better-than-expected wealth-management and capital-markets results, capping off an earnings season that saw all of Canada’s big banks benefit from higher trading activity.
* Royal Bank of Canada beat estimates on higher results in its capital-markets and wealth-management divisions as both units benefited from strong markets.
* Canadian Imperial Bank of Commerce came ahead of analyst expectations with gains across all segments, particularly with strength in the capital markets business.
* Elliott Investment Management is ramping up pressure on BP Plc after its new strategy fell short of the activist investor’s expectations, people with knowledge of the matter said.

Key events this week:
* Japan Tokyo CPI, industrial production, retail sales, Friday
* US PCE inflation, income and spending, Friday
* Fed’s Austan Goolsbee speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.8%
* The Dow Jones Industrial Average fell 0.45%
* The MSCI World Index fell 1.4%
* Bloomberg Magnificent 7 Total Return Index fell 3%
* The Russell 2000 Index fell 1.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.8% to $1.0403
* The British pound fell 0.5% to $1.2608
* The Japanese yen fell 0.4% to 149.71 per dollar
Cryptocurrencies
* Bitcoin fell 1.3% to $83,386.43
* Ether fell 3.7% to $2,254.21
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.27%
* Germany’s 10-year yield declined two basis points to 2.41%
* Britain’s 10-year yield advanced one basis point to 4.51%
Commodities
* West Texas Intermediate crude rose 2.2% to $70.16 a barrel
* Spot gold fell 1.5% to $2,873.85 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee, Margaryta Kirakosian, John Viljoen and Divya Patil.

Have a lovely evening everyone.

Be magnificent!
As ever,

Carolann
You can’t go back and change the beginning, but you can start where you are and change the ending. –C.S. Lewis, 1898-1965.

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:
February 26,1991: The world’s first web browser, WorldWideWeb (later renamed Nexus), is presented to the public by British computer scientist Tim Berners-Lee, laying the foundation for the modern internet.
On Feb. 26, 1993, a bomb exploded in the garage of New York’s World Trade Center, killing six people and injuring more than 1,000 others. Go to article.

Victor  Hugo, writer, b. 1802.
Johnny Cash, musician, b. 932.

1848: Communist Manifesto published.
1919: Grand Canyon National Park established.

Reintroducing wolves to Yellowstone helped entire ecosystem thrive, 20-year study finds
A new study calculates the long-term effects of reintroducing wolves to Yellowstone National Park in the 1990s, which ultimately helped willow shrubs that feed wildlife in stream habitats. Read More.

Mars was once a ‘vacation-style’ beach planet, Chinese rover scans reveal
China’s Zhurong rover has found evidence of an ancient shoreline buried deep beneath the planet. That could point to an ocean, a beach, and to life. Read More.

Blue Ghost spacecraft captures rare, stunning views of Earth eclipsing the moon
Firefly Aerospace’s Blue Ghost spacecraft took some unique photos of our home planet on its Mission 1 flight to the moon in late January and early February. The spacecraft is now in orbit around the moon, with a planned landing date of March 2. Read More.

Scientists create world’s 1st chip that can protect data in the age of quantum computing attacks
Scientists in Switzerland have developed a new method to improve internet security against quantum computing attacks, using quantum-resistant encryption and a new type of hardware. Read More.

Why is Mars red?
A study suggests Mars takes its red hue from a type of mineral that forms in cool water, which could reveal insights about whether the planet was ever able to support life.

China’s ‘Puppy Mountain’ goes viral
You’ve probably seen clouds that look like animals. But have you seen a mountain that looks like a puppy? View the photo here.

Ultrarunner breaks 48-hour treadmill world record
Endurance athlete Sophie Power broke the world record for the most distance covered by a woman on a treadmill in 48 hours!
PHOTOS OF THE DAY

Rio de Janeiro, Brazil
Swimmers gather to practise stand-up paddleboarding at Copacabana beach
Photograph: Andre Coelho/EPA

Antarctica
Turkish scientists conduct studies on the human impact on aquatic ecosystems, during the 9th national Antarctic science expedition
Photograph: Anadolu/Getty Images

Leeds, UK
Sunrise at Woodlesford lock as the Canal & River Trust charity calls for more volunteers to help look after 2,000 miles of canals, river navigations, historic bridges and aqueducts across the country.
(This image was taken using a graduated neutral density filter.)
Photograph: Danny Lawson/PA
Market Closes for February 26, 2025

Market Index	Close	Change
Dow Jones	43433.12	-188.04
		-0.43%
S&P 500	5956.06	+0.81
		+0.01%
NASDAQ	19075.26	+48.87
		+0.26%
TSX	25328.37	+124.39
		+0.49%

International Markets

Market Index	Close	Change
NIKKEI	38170.18	+27.81
		+0.07%
HANG SENG	23787.93	+753.91
		+3.27%
SENSEX	74602.12	+147.71
		+0.20%
FTSE 100*	8731.46	+62.79
		+0.72%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.981	2.994
CND. 30 Year Bond	3.181	3.196
U.S. 10 Year Bond	4.2696	4.2868
U.S. 30 Year Bond	4.5206	4.5433

Currencies

BOC Close	Today	Previous
Canadian $	0.6970	0.6989
US $	1.4347	1.4307

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5036	0.6651
US $	1.0480	0.9542

Commodities

Gold	Close	Previous
London Gold Fix	2933.25	2931.90
Oil
WTI Crude Future	68.62	69.26

Market Commentary:
I never attempt to make money on the stock market.  I buy (shares) on the assumption that they could close the market the next day and not reopen it for five years.-Warren Buffett.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.5%, or 124.38 to 25,328.36 in Toronto.
The move was the biggest since rising 0.6% on Feb. 18.
Shopify Inc. contributed the most to the index gain, increasing 2.4%.
Aya Gold & Silver Inc. had the largest increase, rising 7.0%.
Today, 149 of 220 shares rose, while 69 fell; 9 of 11 sectors were higher, led by materials stocks.
Insights
* This month, the index fell 0.8%
* The index advanced 19% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 2.1% below its 52-week high on Jan. 30, 2025 and 19.2% above its low on Feb. 28, 2024
* The S&P/TSX Composite is down 1.2% in the past 5 days and fell 0.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.9 on a trailing basis and 18.8 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 fell to 10.80% compared with 10.95% in the previous session and the average of 11.00% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 51.6836| 1.6| 40/9
Information Technology | 42.8720| 1.6| 7/3
Financials | 14.4850| 0.2| 21/3
Industrials | 8.7543| 0.3| 17/11
Energy | 5.2748| 0.1| 19/24
Consumer Discretionary | 4.6394| 0.6| 7/4
Real Estate | 2.5137| 0.5| 17/3
Utilities | 1.2981| 0.1| 9/5
Health Care | 0.6309| 0.9| 3/1
Consumer Staples | -2.2709| -0.2| 8/2
Communication Services | -5.5014| -0.9| 1/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 31.9700| 2.4| -29.2| 6.2
Bank of Nova Scotia| 8.5500| 1.4| 15.4| -6.2
Agnico Eagle Mines Ltd | 8.2980| 1.7| -29.5| 25.4
BCE | -4.2850| -2.0| -25.6| 0.7
Couche-Tard | -8.0670| -2.1| -23.4| -11.6
National Bank of Canada | -18.7700| -5.5| 107.4| -8.1
US
By Rita Nazareth, Denitsa Tsekova, Isabelle Lee and Lu Wang
(Bloomberg) — The world’s largest technology shares whipsawed in late hours as traders weighed Nvidia Corp.’s earnings.
A $330 billion exchange-traded fund tracking the Nasdaq 100 (QQQ) fluctuated after the close of regular trading.
The giant chipmaker that’s seen as a barometer for AI gave a bullish revenue forecast for the current quarter, but the shares failed to hold gains.
In the run-up to Nvidia’s results, stocks churned as traders processed a barrage of statements from President Donald Trump on trade policy.
Bonds climbed after a solid $44 billion auction of seven-year notes.
The S&P 500 was little changed.
The Nasdaq 100 added 0.2%.
The Dow Jones Industrial Average slid 0.4%.
The yield on 10-year Treasuries fell four basis points to 4.25%.
The dollar rose 0.1%.
The dominance of big tech made life miserable for stock pickers in recent years.
With the group reaching a double-digit drop from its peak, opportunities to uncover the next market vanguards have arisen, says Morgan Stanley’s Lisa Shalett.
Shalett sees “money to be made” in owning standouts within financial services, domestic industrials, energy and materials mining companies, as well as consumer services like media and entertainment.
She also likes health care, one of last year’s worst laggards, pointing to interesting generative AI applications for the sector.
Stock pickers are holding their smallest allocations of mega cap names since the global financial crisis, boosting their funds’ performance in a year that has kicked off with a slide in technology shares.
That under-allocation is turning out to be a blessing in disguise.
With the so-called Magnificent Seven faltering this year, active investors’ are seeing a performance boost: Roughly 49% of actively managed mutual funds and exchange-traded funds that compare themselves to the S&P 500 are beating the index in 2025, according to Morningstar Direct. That’s up from 38% during the same time last year and far above the 17% outperformance level of the last decade.
US stock gains are likely to continue broadening beyond the technology sector, according to Savita Subramanian at Bank of America Corp.
“There are a lot of attractive opportunities within the S&P 500 that may not be the Magnificent Seven,” the strategist told Bloomberg Television.
“The theme is not necessarily ‘rest of world over US,’ but broadening trends outside of just mega cap tech.”

Corporate Highlights:
* Salesforce Inc. gave a fiscal-year revenue forecast that fell short of estimates, dimming optimism for the company’s new artificial intelligence product.
* eBay Inc. projected sales for the current quarter that missed analysts’ estimates, suggesting shoppers keep finding alternatives to the e-commerce pioneer.
* Snowflake Inc. projected better-than-expected revenue growth for the fiscal year, sending an optimistic signal about the adoption of its recently launched products for artificial intelligence. The shares jumped in extended trading.
* Super Micro Computer Inc. soared after it submitted outstanding financial reports to become compliant with Nasdaq Inc. rules, easing concerns that the server maker would be delisted.
* Two short sellers released reports on AppLovin Corp., touching off a record rout of as much as 23% before the shares pared losses.
** AppLovin’s Chief Executive Officer, Adam Foroughi, said in a blog post that the reports “are littered with inaccuracies and false assertions.”
* General Motors Co. plans to step up its program of buybacks by repurchasing $6 billion in shares and raising its dividend, rewarding investors by pushing more cash off its balance sheet.
* Lowe’s Cos. forecast sales to rise this year, an early sign that consumers are starting to spend again after staying on the sidelines due to higher rates.
* Chevron Corp. is interested in buying Phillips 66’s stake in a chemicals joint venture that activist Elliott Investment Management LP is pushing the oil refiner to exit, according to people familiar with the matter.
* Off-price retailer TJX Cos. reported positive quarterly results, rebounding after its TJ Maxx and Marshalls brands saw softer-than-anticipated sales last quarter.

Key events this week:
* Eurozone consumer confidence, Thursday
* US GDP, durable goods, initial jobless claims, Thursday
* Fed’s Jeff Schmid, Beth Hammack, Patrick Harker, Michael Barr, Michelle Bowman speak, Thursday
* Japan Tokyo CPI, industrial production, retail sales, Friday
* US PCE inflation, income and spending, Friday
* Fed’s Austan Goolsbee speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World Index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.3% to $1.0487
* The British pound was little changed at $1.2676
* The Japanese yen was unchanged at 149.03 per dollar
Cryptocurrencies
* Bitcoin fell 5.1% to $84,209.1
* Ether fell 7.3% to $2,327.21
Bonds
* The yield on 10-year Treasuries declined four basis points to 4.25%
* Germany’s 10-year yield declined two basis points to 2.43%
* Britain’s 10-year yield was little changed at 4.50%
Commodities
* West Texas Intermediate crude fell 0.2% to $68.78 a barrel
* Spot gold was little changed

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Emily Graffeo, John Viljoen, Sujata Rao, Alice Gledhill and Winnie Hsu.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Easy choices, hard life.
Hard choices, easy life. -Jerzy Gregorek, b. 1954.

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:

February 25, 1836: Samuel Colt is granted a United States patent for his revolver firearm, revolutionizing personal weaponry and manufacturing.
February 25, 1901: United States Steel Corp. was incorporated by J.P. Morgan. Go to article.
February 25, 1932: Adolph Hitler gets German citizenship.
February 25, 1964: Cassius Clay (Muhammad Ali) becomes heavy weight champ.

Auguste Renoir, artist, b. 1841.
George Harrison, musician, b. 1943.

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‘That’s Zero Folks!’: Asteroid 2024 YR4 is no longer a hazard
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Dogs may have domesticated themselves because they really liked snacks, model suggests
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‘Math Olympics’ has a new contender — Google’s AI now ‘better than human gold medalists’ at solving geometry problems
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Lester Holt is stepping down as anchor of ‘NBC Nightly News’
Lester Holt, the trusted face of “NBC Nightly News” for the past decade, is stepping down from the newscast.

Sony World Photography Awards 2025: The year’s best images unveiled
Spanning categories including landscape, still life, and the environment, the annual competition’s professional awards will see one finalist named Photographer of the Year.

Hello, Claude
Artificial intelligence startup Anthropic said its new Claude 3.7 Sonnet model can display its step-by-step reasoning process, among other updates. Learn more about the tool’s “extended thinking mode.”
PHOTOS OF THE DAY

Norfolk, UK
‘This beautiful kingfisher was diving between rocks on the groyne to catch small prey. Quite an unusual site in the middle of the holiday season in Sheringham.’
Photograph: Jane Crossen

Somerset, UK
‘A moment of calm at Clevedon pier.’
Photograph: Sofoulis Iacovou

Seagulls pose for the camera at the Baltic Sea in Scharbeutz, northern Germany
Photograph: Michael Probst/AP
Market Closes for February 25, 2025

Market Index	Close	Change
Dow Jones	43621.16	+159.95
		+0.37%
S&P 500	5955.25	-28.00
		-0.47%
NASDAQ	19026.39	-260.54
		-1.35%
TSX	25203.98	+52.72
		+0.21%

International Markets

Market Index	Close	Change
NIKKEI	37836.17	-401.62
		-1.05%
HANG SENG	23034.02	-307.59
		-1.32%
SENSEX	74602.12	+147.71
		+0.20%
FTSE 100*	8668.67	+9.69
		+0.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.994	3.073
CND. 30 Year Bond	3.196	3.272
U.S. 10 Year Bond	4.2868	4.3868
U.S. 30 Year Bond	4.5433	4.6424

Currencies

BOC Close	Today	Previous
Canadian $	0.6989	0.7005
US $	1.4307	1.4275

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5049	0.6645
US $	1.0518	0.9507

Commodities

Gold	Close	Previous
London Gold Fix	2931.90	2934.15
Oil
WTI Crude Future	69.26	70.91

Market Commentary:
Money is made by sitting, not trading. –Jesse Livermore, 1877-1940.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.2%, or 52.72 to 25,203.98 in Toronto.
Bank of Montreal contributed the most to the index gain, increasing 4.7%.
Innergex Renewable Energy Inc. had the largest increase, rising 54.8%.
Today, 104 of 220 shares rose, while 111 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This month, the index fell 1.3%
* The index advanced 18% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 2.6% below its 52-week high on Jan. 30, 2025 and 18.7% above its low on Feb. 28, 2024
* The S&P/TSX Composite is down 1.7% in the past 5 days and fell 1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.7 on a trailing basis and 18.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.06t
* 30-day price volatility little changed to 10.95% compared with 10.95% in the previous session and the average of 11.01% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 66.0834| 0.8| 13/12
Industrials | 29.0544| 0.9| 16/10
Consumer Staples | 14.1330| 1.5| 8/2
Utilities | 9.8557| 1.0| 9/6
Real Estate | 7.2521| 1.5| 17/2
Consumer Discretionary | 3.8089| 0.5| 7/4
Communication Services | 2.7051| 0.4| 3/2
Health Care | 1.1714| 1.7| 3/1
Materials | -5.3647| -0.2| 16/31
Energy | -25.1090| -0.6| 8/35
Information Technology | -50.8548| -1.9| 4/6
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Bank of Montreal | 34.4800| 4.7| 62.5| 6.8
RBC | 15.3800| 0.9| 15.9| -1.5
Canadian Pacific Kansas | 13.2800| 1.9| -8.4| 6.5
Bank of Nova Scotia| -7.2420| -1.2| 51.5| -7.5
Canadian Natural Resources | -9.3220| -1.5| 144.9| -7.0
Shopify | -49.7400| -3.6| 0.5| 3.8
US
By Rita Nazareth
(Bloomberg) — Stocks closed at a five-week low and bonds surged as another disappointing reading on the US consumer fueled concern about the health of the world’s largest economy.
Another slide in the Nasdaq 100 pushed its four-day loss to around 5%, the most since early September.
A gauge of mega caps extended a plunge from its peak to more than 10% – passing the threshold that meets the definition of a correction.
Selling was heaviest in speculative corners of the market, with a 6% slide in Bitcoin spurring a plunge in exchange-traded funds specializing in crypto.
A rally in Treasuries drove 10-year yields to their lowest levels in 2025.
US consumer confidence fell the most since August 2021 on concerns about the outlook for the broader economy.
The data followed recent disappointments on the retail, services and housing fronts.
That’s prompted traders to boost their bets on Federal Reserve rate cuts this year even as inflation pressures seem to be intensifying.
“The market seems more worried about growth than inflation,” said Chris Verrone at Strategas.
At Brown Brothers Harriman, Elias Haddad says “red flags are emerging,” and another month or two of weak US data would deliver “a blow to the US exceptionalism narrative.
” To Keith Lerner at Truist Advisory Services, while the primary stock-market uptrend remains intact and recession risks remain relatively low, the near-term risk/reward appears more mixed.
The S&P 500 fell 0.5%.
The Nasdaq 100 slid 1.2%.
The Dow Jones Industrial Average rose 0.4%.
A gauge of the “Magnificent Seven” mega caps sank 2.2%.
On the eve of Nvidia Corp.’s results, the shares lost 2.8%.
The yield on 10-year Treasuries sank 11 basis points to 4.29%.
Money markets are now pricing in more than two quarter-point reductions by the Fed in 2025.
A dollar gauge slid 0.2%.
Wall Street Gamblers Get Crushed as Leveraged ETF Losses Hit 40%
“Markets have suddenly begun declining on fears over a slowdown in growth. Wasn’t everyone just worried about too-strong growth and higher inflation a couple of weeks ago?” said Bespoke Investment Group strategists.
“We would also note that three of the five Fed manufacturing reports released in February were all in growth territory. So not all the news is bad. The economic outlook is uncertain, but isn’t it always?”
To Jeff Roach at LPL Financial, consumers are increasingly nervous about the unknown impacts from potential tariffs and could pull forward consumer demand as they anticipate higher prices for imports in the near future.
One note of caution from Roach: Consumer surveys are much more volatile than the hard data of retail sales.
That means the Fed will not likely change their stance on monetary policy at the next couple meetings, according to the economist.
Inflation expectations over the coming year increased to the highest since May 2023.
Fed officials including Chair Jerome Powell have signaled they’re keeping interest rates steady until progress on inflation resumes.
“Consumer confidence continues to come off its election-fueled sugar high from November,” said Bret Kenwell at eToro.
“Economic uncertainty remains elevated, whether that’s around tariffs or more US-centric data like inflation or retail sales.”
That’s why this week’s reading on prices will be key.
The Fed’s preferred inflation metric is expected to cool to the slowest pace since June.
The core personal consumption expenditures price index — which excludes often-volatile food and energy costs — probably rose 2.6% in the year through January in Commerce Department data due on Friday.
Overall PCE inflation likely eased on an annual basis as well.
“Investors should keep an eye on this week’s PCE report,” said Kenwell.
“It will give another clue as to how consumers are feeling about their purchasing power. An in-line or lower reading may act as a relief catalyst for consumers and investors alike.”
Before that, traders will be wading through Nvidia’s earnings.
They will arrive at a critical juncture, with US stocks vulnerable from a technical and systematic standpoint.
Not only have equities rejected a move beyond their all- time highs, the market is also in a state of vulnerability from three of its biggest drivers.
Retail flows are fading, trend followers are estimated to be sellers in every scenario and option flows are unfavorable.
Nvidia Results to Show the Status of AI Build-Out: Preview “There are fewer volatility buffers in place to stabilize the market” and a weak print from Nvidia could just be the catalyst “we need to send volatility significantly higher,”  the option strategists at Tier 1 Alpha said.
Nvidia’s numbers are the most closely watched barometer of the AI boom.
Investors also will be looking for signs that the company is transitioning smoothly to its new Blackwell design from the older Hopper lineup.
The shift may cause customers to slow purchases until there’s better availability of the new products, according to some analysts.
In Wednesday’s Nvidia earnings report, investors will examine not only whether the chipmaker beats projections for earnings, revenues, and units sold, but will also listen closely to what chief Jensen Huang says about the company’s prospects going forward, according to Mary Ann Bartels at Sanctuary Wealth.
There’s growing “suspicion” among investors about the scope for more S&P 500 gains at a time when European and Chinese stocks are outperforming, according to Bank of America Corp. strategist Michael Hartnett.
“The longer it takes and the harder it is for the S&P to get to new highs, the doubts grow,” Hartnett said in an interview on Bloomberg Television.
He has recommended international equities over US peers this year as he expects the Magnificent Seven mega caps to wobble.
While he said investors are far from pessimistic about big tech, these stocks are vulnerable to declines if the trade “doesn’t keep working.”

Corporate Highlights:
* UnitedHealth Group Inc. shares fell after a report that Republican Senator Charles Grassley is launching an inquiry into the insurer’s Medicare billing practices.
* Home Depot Inc. expects a key sales metric to return to growth this year, though the retailer cautioned that housing demand won’t change significantly in the near term.
* Nvidia Corp., the top provider of chips used in new artificial intelligence computers, is extending a partnership with networking-gear maker Cisco Systems Inc. in a push aimed at making it easier for corporations to deploy AI systems.
* ASM International NV’s first-quarter revenue forecast beat estimates as an artificial intelligence boom drives demand for the Dutch semiconductor-equipment maker’s products.
* PayPal Holdings Inc. predicted growth in earnings and transaction margins in coming years, as its new leadership continues to streamline the sprawling business.
* Eli Lilly & Co. is ramping up the fight against cheaper, copycat versions of Zepbound by lowering prices for a version of its blockbuster obesity drug.
* Krispy Kreme Inc.’s net revenue forecast disappointed. The company is weighing refranchising some of its businesses in international markets even as it expands its distribution network in the US, Chief Executive Officer Josh Charlesworth said.
* Warner Bros. Discovery Inc. is closing three video-game studios and halting work on a highly anticipated Wonder Woman title in a bid to boost the profitability of its interactive entertainment business.
* Bank of Montreal and Bank of Nova Scotia kicked off Canadian bank earnings season with strong results from their capital- markets divisions amid an increase in trading activity.

Key events this week:
* US new home sales, Wednesday
* Nvidia earnings, Wednesday
* Fed’s Raphael Bostic speaks, Wednesday
* Eurozone consumer confidence, Thursday
* US GDP, durable goods, initial jobless claims, Thursday
* Fed’s Jeff Schmid, Beth Hammack, Patrick Harker, Michael Barr, Michelle Bowman speak, Thursday
* Japan Tokyo CPI, industrial production, retail sales, Friday
* US PCE inflation, income and spending, Friday
* Fed’s Austan Goolsbee speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.2%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World Index fell 0.3%
* Bloomberg Magnificent 7 Total Return Index fell 2.2%
* The Russell 2000 Index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.5% to $1.0517
* The British pound rose 0.4% to $1.2672
* The Japanese yen rose 0.5% to 148.94 per dollar

* Bitcoin fell 6% to $88,329.46
* Ether fell 5.5% to $2,491.99
Bonds
* The yield on 10-year Treasuries declined 11 basis points to 4.29%
* Germany’s 10-year yield declined two basis points to 2.46%
* Britain’s 10-year yield declined six basis points to 4.51%
Commodities
* West Texas Intermediate crude fell 2.3% to $69.10 a barrel
* Spot gold fell 1.3% to $2,913.65 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Denitsa Tsekova, Cecile Gutscher, Sujata Rao, Robert Brand and Aya Wagatsuma.
Have a lovely evening everyone.

Be magnificent!
As ever,

Carolann
I do not know anyone who has got to the top without hard work.  That is the recipe.  It will not always get you to the top, but should get you pretty near. -Margaret Thatcher, 1925-2013.

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