Category: Events

Dear Friends,

Tangents:
April 11, 1900: The US Navy acquires its first submarine, designed by Irish immigrant John P. Holland.  Propelled by gasoline while on the surface and by electricity when submerged, the Holland served as a model for modern submarine design.
April 11, 1945 American soldiers liberated the Buchenwald concentration camp in Germany. Go to article >
1968: Civil Rights Act signed into law.

Solving the mystery of Australian “fairy circles.” (h/t Scott Duke Kominers)
Water is wealth.

‘Hidden’ rings of Uranus revealed in dazzling new James Webb telescope images.  Astronomers using the James Webb Space Telescope (JWST) have zoomed in on the faint and dusty rings around Uranus — and they are magnificent.  Uranus is not often thought of as a ringed world, mainly because the icy planet is far too distant and faint to be seen from Earth with the naked eye.
Full Story: Live Science (4/10)

Mysterious ‘cryptic’ molecules made by zombie cells may drive aging, scientists say
“Zombie cells” that lurk in the body and contribute to age-related diseases make small, strange molecules not seen in normal cells.
The exact function of these “cryptic” molecules remains a mystery, but now, scientists think they may know why zombies build them in the first place.  Full Story: Live Science (4/10)

‘Star Wars’ gets ready to celebrate (finally) a return to the movies.  Before you get your hopes up, a new movie about that far-away galaxy is not in the works. But, Disney is planning a 40th-anniversary release of “Return of the Jedi” for those interested in seeing the classic in theaters again.

PHOTOS OF THE DAY

Kamchatka, Russia
A house and car covered in volcanic dust following the eruption of Shiveluch volcano
Photograph: Institute Of Volcanology And Seismology/Reuters

The week in wildlife
A duck and ducklings on a sunny spring day in St James’s Park in London
Photograph: Xinhua/Rex/Shutterstock

The week in wildlife
A blue tit sits on a fence in a garden in south-west London
Photograph: Wiktor Szymanowicz/Rex/Shutterstock
Market Closes for April 11^th, 2023

Market Index	Close	Change
Dow Jones	33684.79	+98.27
		+0.29%
S&P 500	4108.94	-0.17
		—
NASDAQ	12031.88	-52.48
		-0.43%
TSX	20421.85	+146.03
		+0.72%

International Markets

Market Index	Close	Change
NIKKEI	27923.37	+289.71
		+1.05%
HANG SENG	20485.24	+154.04
		+0.76%
SENSEX	60157.72	+311.21
		+0.52%
FTSE 100*	7785.72	+44.16
		+0.57%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.910	2.895
CND. 30 Year Bond	2.998	2.993
U.S.    10 Year Bond	3.4262	3.4112
U.S. 30 Year Bond	3.6188	3.6248

Currencies

BOC Close	Today	Previous
Canadian $	0.7426	0.7402
US $	1.3466	1.3510
Euro Rate 1 Euro=		Inverse
Canadian $	1.4696	0.6805
US  $	1.0914	0.9163

Commodities

Gold	Close	Previous
London Gold Fix	2001.90	2001.90
Oil
WTI Crude Future	81.53	79.74

Market Commentary:
📈 On this day in 1792 emerged one of the earliest narratives of a U.S. stock market crash. Henrietta M. Colden, a leading New York investor, wrote: “The most opulent men in this City are wholly ruined….The Speculators are daily boxing in the Streets, Cursing and abusing each other like pick pockets, & trying every fraud to prey on each others distresses.”
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.7%, or 146.03 to 20,421.85 in Toronto.
The move was the biggest since rising 0.9% on April 3.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.6%. First Quantum Minerals Ltd. had the largest increase, rising 6.0%.
Today, 193 of 232 shares rose, while 37 fell; 9 of 11 sectors were higher, led by energy stocks.
Insights
* The index declined 6.3% in the past 52 weeks. The MSCI AC Americas Index lost 7.9% in the same period
* The S&P/TSX Composite is 7.5% below its 52-week high on April 21, 2022 and 14.3% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.7% in the past 5 days and rose 3.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 13.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.24t
* 30-day price volatility rose to 12.87% compared with 12.70% in the previous session and the average of 11.98% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 37.7690| 1.1| 32/6
Financials | 36.5853| 0.6| 23/6
Materials | 34.5185| 1.3| 44/6
Industrials | 17.2302| 0.6| 22/5
Utilities | 9.0775| 1.0| 14/2
Consumer Discretionary | 5.8730| 0.8| 15/0
Consumer Staples | 4.6447| 0.5| 10/1
Real Estate | 3.2884| 0.7| 17/4
Communication Services | 1.4453| 0.2| 3/2
Health Care | -1.0624| -1.6| 4/2
Information Technology | -3.3309| -0.3| 9/3
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
TD Bank | 16.5900| 1.6| 26.7| -7.3
Nutrien | 9.2560| 2.7| -24.0| -0.2
Enbridge | 8.4450| 1.1| -16.2| 0.9
National Bank of | | | |
Canada | -1.5240| -0.7| -63.1| 6.4
Thomson Reuters | -2.1120| -1.1| -23.8| 12.5
Shopify | -7.5630| -1.5| -10.3| 28.3
US
By Carly Wanna and Emily Graffeo
(Bloomberg) — US stocks lacked conviction, trading in a narrow range as investors braced for inflation data that could signal if the Federal Reserve will once again lift interest-rates.
The tech-heavy Nasdaq 100 slumped 0.7%, sliding for the fifth session of the past six, as traders mulled the likelihood of another rate increase in May.
The S&P 500 skidded in the final minutes of the session reversing a 0.4% gain to end the day little changed. This year’s outperformers — namely mega-cap tech stocks — weighed on the benchmark.
Yields on US government notes rose with the policy-sensitive two-year at 4.03%.
Cracks in 2023’s equity advance are appearing, as hedge funds and other speculators amass the deepest short position since November 2011 when the US sovereign credit rating was cut.
Bank of America Corp. data showed investors were selling US stocks across the board for the past two weeks as investors position ahead of Wednesday’s closely watched inflation print.
“If inflation runs hotter than expected, it’ll undermine the idea that the Fed will be cutting rates aggressively by year-end, and that will leave markets susceptible to a pullback,” Tom Essaye, a former Merrill Lynch trader who founded The Sevens Report newsletter wrote.
Friday will also kick off what’s forecast to be the worst earnings season since the depths of the pandemic crisis as some of the biggest banks in the US report.
Alicia Levine, head of investment strategy and equity advisory solutions at BNY Mellon Wealth Management, told Bloomberg Television that “earnings have to move lower.”
“Earnings estimates have barely budged in the last five weeks,” Levine said. ”That doesn’t really pass the reality test.”
The Fed appears on track to keep raising rates despite recent bank strains, with resilient labor markets and higher oil prices holding sway for policymakers focused on their price-stability mandate.
Markets are pricing in a strong likelihood the Fed will raise borrowing by a quarter-point May 3 to contain inflation, after US payrolls rose at a firm pace last month and the unemployment rate dropped. Wednesday’s report on consumer prices, expected to show a 0.4% monthly increase in the core consumer price index, could cement the Fed’s rate path.
A scenario where the central bank halts rate hikes in May, which markets had briefly entertained last month as fragility in banks raised recession fears, looks increasingly remote.
After May, though, swaps are pricing in a pivot to easier policy.
Traders predict rates will peak around 5%, with the Fed  then cutting by roughly 50 basis points before the end of 2023.
New York Fed President John Williams said that one more increase to the target rate was a “reasonable starting place,” on Tuesday.
The central bank’s newest member, Chicago Fed President Austan Goolsbee, counseled “prudence and patience” on monetary policy though he stopped short of calling for the government agency to pause.
“The Fed mantra has been once we get to the terminal rate, and that’s where the data dependency moves things around, but once we get to the terminal rate, we’re staying there for a while,” said Liz Ann Sonders, chief investment strategist at Charles Schwab.
“If the bond market is right, then the equity market probably has not fully reflected those recession-type conditions to likely hit earnings beyond what we’ve already seen,” Sonders said in a phone call. “This idea that the Fed cannot just pause but pivot, and that’s great for the stock market, to me that doesn’t make sense.”
For now, some asset managers say markets could be range-bound as the chances of an upcoming economic slump are weighed.
“We’re focusing on three areas to determine if the baton passes from rate hikes to recession,” said Saira Malik, chief investment officer at Nuveen pointing to the upcoming inflation report, a potential pause in rate increases after May, as well as recent recession indicators, including manufacturing and jobs data. “Even though the Fed may pause, we’re not in the camp that we will see rate cuts in 2023.”
Meanwhile, the International Monetary Fund trimmed its global growth forecasts citing the recent banking sector turmoil and Russia’s invasion of Ukraine.
Bitcoin advanced for the fourth day, blowing past the key $30,000 level for the first time in ten months.
Oil gained, with West Texas Intermediate trading above $80 a barrel.
Gold rose to trade around $2,000 an ounce while the dollar fell.
Key events this week:
* Minneapolis Fed’s Neel Kashkari and Philadelphia Fed’s Patrick Harker speak at separate events, Tuesday
* Canada rate decision, Wednesday
* US FOMC minutes, CPI, Wednesday
* Richmond Fed’s Thomas Barkin speaks, Wednesday
* China trade, Thursday
* US PPI, initial jobless claim, Thursday
* US retail sales, business inventories, industrial production, University of Michigan consumer sentiment, Friday
* Major US banks JPMorgan Chase, Wells Fargo and Citigroup report earnings, Friday

Some of the main market moves:
Stocks
* The S&P 500 was little changed as of 4:00 p.m. New York time
* The Nasdaq 100 fell 0.7%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.5% to $1.0914
* The British pound rose 0.4% to $1.2427
* The Japanese yen was little changed at 133.70 per dollar
Cryptocurrencies
* Bitcoin rose 3.3% to $30,102.75
* Ether rose 0.4% to $1,893.2
Bonds
* The yield on 10-year Treasuries advanced one basis point to 3.43%
* Germany’s 10-year yield advanced 13 basis points to 2.31%
* Britain’s 10-year yield advanced 11 basis points to 3.54%
Commodities
* West Texas Intermediate crude rose 2.2% to $81.46 a barrel
* Gold futures rose 0.8% to $2,019.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric and Lu Wang.
Have a lovely evening.

Be magnificent!

As ever,

Carolann
In the hour of adversity be not without hope, for crystal rain falls from black clouds. –Nizami Ganjavi, c.1141-1209.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:   Happy Monday.
April 10, 1849: Safety pin patented.
April 10, 1912: Titanic sets sail on her maiden voyage from Southampton to New York. The Titanic has been described as the world’s most luxurious floating hotel, and was only 5 days out when she hit an Iceberg and sank in the Atlantic with the loss of many lives.
April 10, 1992: Financier Charles Keating Jr. was sentenced in Los Angeles to nine years in prison for swindling investors when his Lincoln Savings and Loan collapsed. (The convictions were later overturned).  Go to article >

Golfer Jon Rahm won a record $3.24 million prize at the Masters.

New details of King Charles’ coronation revealed:  Carriages, crown jewels … and a new emoji. Here’s what you can expect when the new British sovereign is crowned alongside his wife, Camilla.

Why you keep having the same dream over and over again: If the same people, scenarios, or worries keep popping up in your dreams, here’s how you can figure out what may be the cause.

Benin Bronzes were crafted of metal from a completely unexpected place: The Benin Bronzes — 3,000 stunning bronze artworks sculpted by African metalsmiths between the 16th and 19th centuries — were crafted from metal mined from Germany’s Rhineland region, a new study finds.  Researchers had long suspected that the sculptures were made from melted-down brass rings used as a currency during the trans-Atlantic slave trade, but confirmation proved elusive.  Full Story: Live Science (4/7)

Hidden Ptolemy text, printed beneath a Latin manuscript, deciphered after 200 years:  Researchers have deciphered an ancient manuscript that they think Claudius Ptolemy, an Egyptian mathematician and astronomer of Greek descent, penned during the first century A.D.  Written in Greek on parchment, the text was originally discovered in 1819 in a library at Bobbio Abbey in northern Italy.
Full Story: Live Science (4/7)
PHOTOS OF THE DAY

Attendorn, Germany
People light the Easter fire with burning torches on a hill. Easter fires with huge crosses are burned on four hills. In addition, burning torches are waved, with which fire circles are painted in the air
Photograph: Ina Fassbender/AFP/Getty Images

Holloko, Hungary
People wearing traditional clothes attend an Easter celebration
Photograph: Bernadett Szabó/Reuters

Normandy, France
Mont Saint-Michel at sunset
Photograph: Stéphane Mahé/Reuters
Market Closes for April 10^th, 2023

Market Index	Close	Change
Dow Jones	33586.52	+101.23
		+0.30%
S&P 500	4109.11	+4.09
		+0.10%
NASDAQ	12084.36	-3.60
		-0.03%
TSX	20275.82	+79.13
		+0.39%

International Markets

Market Index	Close	Change
NIKKEI	27633.66	+115.35
		+0.42%
HANG SENG	20331.20	+56.61
		+0.28%
SENSEX	59846.51	+13.54
		+0.02%
FTSE 100*	7741.56	+78.62
		+1.03%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.895	2.792
CND. 30 Year Bond	2.993	2.943
U.S.    10 Year Bond	3.4112	3.3050
U.S. 30 Year Bond	3.6248	3.5506

Currencies

BOC Close	Today	Previous
Canadian $	0.7402	0.7414
US $	1.3510	1.3488
Euro Rate 1 Euro=		Inverse
Canadian $	1.4675	0.6814
US  $	1.0863	0.9205

Commodities

Gold	Close	Previous
London Gold Fix	2001.90	2030.85
Oil
WTI Crude Future	79.74	80.70

Market Commentary:
📈 On this day in the year 2000, Jeffrey M. Applegate, chief U.S. investment strategist for Lehman Brothers, was quoted in a BusinessWeek article saying that “technology stocks are the growth stocks of our era, period.” Over the next year, tech stocks lost over half their value as their earnings growth disappeared.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.4%, or 79.13 to 20,275.82 in Toronto.
Nutrien Ltd. contributed the most to the index gain, increasing 4.8%.
Tilray Brands Inc. had the largest increase, rising 6.3%.
Today, 156 of 232 shares rose, while 72 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* The index declined 7.1% in the past 52 weeks. The MSCI AC Americas Index lost 9.5% in the same period
* The S&P/TSX Composite is 8.2% below its 52-week high on April 21, 2022 and 13.4% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.9% in the past 5 days and was unchanged in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.22t
* 30-day price volatility rose to 12.70% compared with 12.66% in the previous session and the average of 11.86% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 23.4768| 0.4| 21/8
Energy | 22.9473| 0.7| 36/4
Industrials | 11.2751| 0.4| 23/4
Information Technology | 6.5474| 0.5| 9/2
Consumer Discretionary | 6.1111| 0.8| 11/3
Communication Services | 5.5285| 0.6| 4/1
Consumer Staples | 2.3118| 0.3| 7/4
Utilities | 1.9920| 0.2| 12/4
Health Care | 1.7383| 2.7| 6/0
Real Estate | -0.7150| -0.1| 9/12
Materials | -2.0836| -0.1| 18/30
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Nutrien | 16.0500| 4.8| -0.9| -2.8
RBC | 5.9710| 0.5| 23.7| 3.0
Bank of Montreal | 5.0310| 0.9| 11.5| -1.7
Canadian National | -3.2080| -0.5| -33.9| -1.1
Barrick Gold | -3.6730| -1.1| -48.3| 13.3
Teck Resources | -4.7260| -2.6| -53.0| 14.0

US
By Carly Wanna and Angel Adegbesan
(Bloomberg) — US stocks eked out a gain in holiday-thinned trading as investors shrugged off fears of one more Federal Reserve interest-rate hike following Friday’s US jobs data.
The dollar climbed.
The S&P 500 benchmark rose 0.1% into the close after falling as much as 0.8% intraday.
The Nasdaq 100 Index clawed its way back from a 1.5% loss to end the day little changed.
The tech-heavy benchmark has advanced for the past three weeks as investors snapped up mega-cap stocks in the sector.
Yields on the policy-sensitive two-year Treasury hovered around 4%.
Tech stocks were weak on the prospect of another rate hike, while an Apple Inc. report that personal computer shipments fell sharply added to the slide.
Semiconductor names like Micron Technology Inc. helped stem tech losses after rival Samsung Electronics said on Friday that it would cut memory chip production.
Volumes were light for US equities markets with much of Europe shuttered for a holiday.
Trading in S&P 500 companies was more than 20% below the 30-day average at this time of day.
On Friday, a solid US hiring report bolstered bets for another Fed rate increase.
Traders are upping their wagers on a May rate hike ahead of Wednesday’s report on consumer prices, which is expected to show a 0.4% monthly increase in core CPI.
Ian Lyngen, head of US rate strategy at BMO Capital Markets, said that the March employment numbers provide “no hurdle for the Fed” to issue a 25 basis point hike in May, although upcoming data could impact the decision.
“With the employment landscape remaining surprisingly robust despite the cumulative global policy tightening in place, the Fed’s looming rate decision will almost entirely be contingent on the March CPI report,” he wrote in a note.
Treasury yields climbed, rebounding from session lows, amid a revival in investment-grade credit issuance Monday while Goldman Sachs strategists pointed out there was “significant room to correct higher” as expectations for a near-term Fed rate hike grow.
The yield on the 10-year advanced to 3.42%.
Swaps traders have been betting that the Fed will be done with its hiking cycle and lowering its target rate sometime in 2023, but it’s still unclear when the central bank will start to cut rates, according to Matt Diczok, head of fixed-income strategy for Bank of America Corp.
“The market feels fairly certain it’s going to start happening this year, but we need to see that play out more in the inflation data,” he told Bloomberg Television.
Fears of an economic downturn were also top of mind Monday.
“The market’s bad news bears are still being fed a data diet sufficient to prolong their existence.
More broadly, a host of economic data — including JOLTS, ADP private payrolls, and service and manufacturing PMIs — have come in softer than expected, increasing the odds of at least a mild recession,” said Saira Malik, chief investment officer at Nuveen.
Lisa Erickson, head of public markets group at US Bank Wealth Management, remains cautious on the chances of a recession.
“What markets are looking for is really a continued trajectory of hopefully some signs of economic deceleration, but not worse than expected, as well as inflation continuing to come down,” Erickson said by phone. “If that continues to happen, you may have a relatively more resilient equity market this week.”
Later this week, traders will be watching earnings and trying to gauge consumer financial health when Wells Fargo & Co., JPMorgan Chase & Co. and Citigroup Inc. kick off reporting for the banking sector Friday.
Members of the C-Suite will look to other companies for clues on how best to communicate during earnings seasons, according to Lori Calvasina at RBC Capital Markets.
“Unfortunately the financials are always on the hot seat early, so they do have to take some of the hits early on before the rest of corporate America can adapt.”
Meanwhile, Bank of Japan Governor Kazuo Ueda held his first news conference since taking the new role.
The Bank of Japan’s yield curve control and negative interest rates are appropriate amid the current economy, Ueda said, signaling any significant changes to its monetary policy framework may be unlikely for the time being.
In a report Monday, the International Monetary Fund put forward that rates in the US and other industrial countries will revert toward ultra-low levels instead of the 1.5% to 2% real neutral interest rate former US Treasury Secretary Lawrence Summers has suggested.
The dollar rose for the third day while the yen fell.
Gold slid, dropping below $2,000 an ounce.
Bitcoin defied a selloff in risky assets to climb as much as 4.2% to $29,306.
After China’s military drills over the weekend increased tensions between the US and China, Peter Tchir, head of macro research at Academy Securities Inc. said on Bloomberg Television investors are not paying attention to geopolitical risks.
“Everywhere we look I think there’s this danger, it’s growing and I’m getting a little bit nervous that a lot of investors pay lip service to geopolitical risk but then kind of push it off,” Tchir said. “We’re being a little bit too complacent on the geopolitical front.”
Key events this week:
* China PPI, CPI, Tuesday
* IMF global financial stability report, Tuesday
* Chicago Fed’s Austan Goolsbee, Minneapolis Fed’s Neel Kashkari and Philadelphia Fed’s Patrick Harker speak at separate events, Tuesday
* Canada rate decision, Wednesday
* US FOMC minutes, CPI, Wednesday
* Richmond Fed’s Thomas Barkin speaks, Wednesday
* China trade, Thursday
* US PPI, initial jobless claim, Thursday
* US retail sales, business inventories, industrial production, University of Michigan consumer sentiment, Friday
* Major US banks JPMorgan Chase, Wells Fargo and Citigroup report earnings, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.1% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.4% to $1.0862
* The British pound fell 0.3% to $1.2383
* The Japanese yen fell 1.1% to 133.59 per dollar
Cryptocurrencies
* Bitcoin rose 3.8% to $29,210.93
* Ether rose 1.8% to $1,891.31
Bonds
* The yield on 10-year Treasuries advanced three basis points to 3.42%
* Germany’s 10-year yield was little changed at 2.18%
* Britain’s 10-year yield was little changed at 3.43%
Commodities
* West Texas Intermediate crude fell 1.1% to $79.81 a barrel
* Gold futures fell 1% to $2,006.90 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Elizabeth Stanton and Isabelle Lee.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

He who blames others has a long way to go on his journey.  He who blames himself is halfway there.
He who blames no one has arrived. –Chinese Proverb.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Carolann is away from the office today, I will be writing the newsletter on her behalf.

On this day,1896 The first modern Olympic Games opened in Athens, Greece. Go to article >

Golf fans worldwide are turning their attention to Augusta, Georgia, today as The Masters gets underway for the 87th time. Scottie Scheffler will attempt to defend the green jacket after his dominant victory last year, while Tiger Woods gears up for his 25th appearance — which may be his last.

Mysterious mosaics depicting Medusa uncovered at 2nd-century Roman villa While excavating a villa used by ancient Roman emperors in Italy, archaeologists uncovered something unexpected: two mosaics that depict the Greek mythological figure Medusa, whose hair was made of snakes and whose gaze was said could turn people into stone. Full Story: Live Science (4/5)

The smallest and largest creatures make up most of Earth’s biomass, surprising study finds Scientists have spent five years classifying the size, mass and population of all living organisms, and at the end they made a surprising discovery — that the tiniest and largest living entities on Earth dominate by sheer mass. Full Story: Live Science (4/5)

PHOTOS OF THE DAY

Kathmandu, Nepal
Tamang people stand in a queue to offer prayers during the Temal Jatra festival at Boudhanath Stupa
Photograph: Niranjan Shrestha/AP

Wehrheim, Germany
A hydrogen train stops at the a station north of Frankfurt
Photograph: Michael Probst/AP

Polar bear, vulnerable, Baffin Island, Nunavut, Canada
Jenny Wong says: ‘We had tracked this bear for several days, and after two weeks it was my last day out on the ice. We watched his brazen personality and curiosity as he wandered close to snowmobiles and camps. I think this image shows that you don’t need to get really close to animals to get an impactful image. We should always be conscious, when out there documenting wildlife, of the impact we have on their wellbeing.’
Photograph: Jenny Wong
Market Closes for April 6^th, 2023

Market Index	Close	Change
Dow Jones	33485.29	+2.57
		+0.01%
S&P 500	4105.02	+14.64
		+0.36%
NASDAQ	12087.96	+91.10
		+0.76%
TSX	20196.69	+37.14
		+0.18%

International Markets

Market Index	Close	Change
NIKKEI	27537.83	+65.20
		+0.24%
HANG SENG	20331.20	+56.61
		+0.28%
SENSEX	59832.97	+143.66
		+0.24%
FTSE 100*	7741.56	+78.62
		+1.03%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.792	2.791
CND. 30 Year Bond	2.943	2.955
U.S.    10 Year Bond	3.3050	3.3071
U.S. 30 Year Bond	3.5506	3.5667

Currencies

BOC Close	Today	Previous
Canadian $	0.7414	0.7428
US $	1.3488	1.3463
Euro Rate 1 Euro=		Inverse
Canadian $	1.4728	0.6788
US  $	1.0919	0.9158

Commodities

Gold	Close	Previous
London Gold Fix	2030.85	2009.60
Oil
WTI Crude Future	80.70	80.61

Market Commentary:
📈 On this day in 1998, the Dow Jones Industrial Average closed above 9000 for the first time. In the midst of a late-1990s bull run, the Dow had only broken through 8000 just over a year earlier. It closed the day at 9033.23.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.2% at 20,196.69 in Toronto. The move follows the previous session’s decrease of 0.6%.
Canadian National Railway Co. contributed the most to the index gain, increasing 1.4%. Tilray Brands Inc. had the largest increase, rising 7.0%.
Today, 148 of 232 shares rose, while 80 fell; 9 of 11 sectors were higher, led by industrials stocks.
Insights
* So far this week, the index rose 0.5%
* The index declined 7.3% in the past 52 weeks. The MSCI AC Americas Index lost 9.6% in the same period
* The S&P/TSX Composite is 8.6% below its 52-week high on April 21, 2022 and 13% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.3% in the past 5 days and fell 1.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.23t
* 30-day price volatility little changed to 12.66% compared with 12.66% in the previous session and the average of 11.28% over the past month
================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | 17.2506| 0.6| 17/10
Financials | 10.6213| 0.2| 19/8
Utilities | 7.1449| 0.8| 14/2
Consumer Staples | 5.7181| 0.7| 9/2
Information Technology | 5.2876| 0.4| 7/5
Real Estate | 4.2133| 0.9| 19/2
Materials | 1.5539| 0.1| 33/16
Health Care | 1.3525| 2.1| 5/1
Consumer Discretionary | 1.2288| 0.2| 9/5
Communication Services | -2.4061| -0.3| 2/3
Energy | -14.8260| -0.4| 14/26
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian National | 9.3280| 1.4| -24.8| -0.6
Teck Resources | 7.6370| 4.3| -15.8| 17.0
Agnico Eagle Mines | 3.3180| 1.3| -62.2| 8.4
Suncor Energy | -4.0330| -1.0| -64.0| -0.7
Cenovus Energy | -7.1060| -3.0| -24.4| -8.7
Nutrien | -16.0900| -4.6| 38.1| -7.3
US
By Rita Nazareth
(Bloomberg) — Wall Street remained unwilling to commit to significant positioning ahead of Friday’s key jobs report, with stocks eking out gains, bonds trading mixed and the dollar barely budging.
Big tech led a rebound in equities, which also got a respite after Federal Reserve Bank of St. Louis President James Bullard said he doesn’t think tighter credit conditions stemming from the recent banking turmoil will tip the economy into recession. Still, uncertainties on whether the payrolls data will show inflation is cooling or fuel economic worries put many traders on hold.
As investors have aggressively priced in rate cuts this year, a “too hot” payrolls number would undermine those expectations, while a “too cold” report would add to concerns about a hard landing, according to Tom Essaye, a former Merrill Lynch trader who founded The Sevens Report newsletter.
“There are two-sided risks to this jobs report for the first time in a long time, and to hold the recent rally, we will need a ‘just right’ number, otherwise we should prepare for more volatility,” Essaye noted.
In the run-up to the jobs data, the S&P 500 halted a two- day drop. The Nasdaq 100 outperformed major benchmarks, with Google’s parent Alphabet Inc. and Microsoft Corp. climbing at least 2.5%. Boeing Co. rose on a Bloomberg News report that the company plans to boost output of its 737 jets in a push for more cash.
Treasury two-year yields, which are more sensitive to imminent Fed moves, topped 3.8%. Benchmark 10-year rates dropped for a seventh consecutive session, trading near 3.3%.
Economists surveyed by Bloomberg forecast employers added nearly a quarter of a million jobs in March while the unemployment rate held at a historically low 3.6%.
The March payrolls print — as well as recent jobless claims and JOLTS data — will likely convince policymakers that rates are close to a sufficiently restrictive level, according to Anna Wong at Bloomberg Economics. BE expects the Fed will deliver another quarter point hike in May, then hold rates there for the rest of the year.
It’s worth noting that Bullard also reiterated Friday that the central bank should keep raising interest rates to fight high inflation.
To Yung-Yu Ma at BMO Wealth Management, there’s probably a bit of a sweet spot where the Fed sees tangible evidence that the economy is cooling — but not too much softness.
“That ‘sweet spot’ is probably around 100,000 to 200,000 jobs created where the market can take some comfort that we’re on a softening trajectory, but one that’s not gaining momentum to the downside,” he noted.
Data Thursday showed applications for US unemployment benefits signaling the labor market still remains relatively strong, even though revisions indicated some emerging signs of softening.
“Jobless claims this morning came in a little higher than expected and that lends credence to the idea that the Fed’s rate hikes are beginning to cool down the labor market and slow down the economy,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. “No one knows what it will take to bring inflation back down to the 2% target, but the odds are much higher that it will cause a recession – and even a significant recession – than most people are currently willing to believe.”
Bloomberg Economics’ recession-probability model, which relies on 13 indicators, sees a 97% chance of recession occurring as soon as July, up from 76% in the previous update – and that’s even before factoring in fallout from the banking crisis and oil-price shock. The 12-month-ahead recession probability remains at 100%.
The International Monetary Fund warned that its outlook for global economic growth over the next five years is the weakest in more than three decades, urging nations to avoid economic fragmentation caused by geopolitical tension and take steps to bolster productivity.
Investors, shaken by the ongoing turmoil in the banking industry and seeking higher yields, are racing into money-market funds.
About $350 billion flowed into those products in the four weeks ending April 5, according to the Investment Company Institute. That pushed assets to a record $5.25 trillion, topping the $4.8 trillion pandemic peak.
As traders parse economic data for signs of a slowdown, the upcoming earnings season will have added significance. It officially kicks off on April 14 when large US lenders including JPMorgan Chase & Co. and Citigroup Inc. report results.
Analyst consensus expectations are for S&P 500 earnings- per-share to fall 7% in the first quarter from a year earlier, marking the sharpest decline since the third quarter of 2020 and a low point in the profit cycle, Goldman Sachs Group Inc. strategists including Lily Calcagnini and David Kostin wrote in a note.  “If analyst projections are realized, this quarter will represent the trough in S&P 500 earnings growth,” they wrote.

Key events this week:
* US unemployment, nonfarm payrolls, Friday
* Good Friday. US stock markets closed, bond markets close for part of the day

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.0923
* The British pound fell 0.2% to $1.2443
* The Japanese yen fell 0.4% to 131.78 per dollar
Cryptocurrencies
* Bitcoin fell 0.5% to $28,023.92
* Ether fell 1.8% to $1,871.52
Bonds
* The yield on 10-year Treasuries declined two basis points to 3.29%
* Germany’s 10-year yield was little changed at 2.18%
* Britain’s 10-year yield was little changed at 3.43%
Commodities
* West Texas Intermediate crude fell 0.1% to $80.51 a barrel
* Gold futures fell 0.7% to $2,022.20 an ounce

–With assistance from Srinivasan Sivabalan, Isabelle Lee, Carly Wanna and Emily Graffeo.

​​​​​​​
Have a lovely evening.

Be magnificent!
As ever,

Isabel

Laughter is the tonic, the relief, the surcease for pain. Charlie Chaplin, 1889-1977

Assistant to Carolann Steinhoff, Registered Representative

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Carolann is away from the office today, I will be writing the newsletter on her behalf.

On this day, 1614 Pocahontas, daughter of the leader of the Powhatan tribe, married English colonist John Rolfe in Virginia. Go to article >  
That’s how many reports of hail officials received Tuesday night across the South and Upper Midwest amid raging storms and tornadoes. In eastern Iowa, 4-inch hail — just larger than a softball — rained down on neighborhoods while some western suburbs of Chicago saw hail the size of baseballs.
Watch the full ‘Pink Moon’ rise into the sky on April 6 This month’s full moon, known as the Pink Moon, will be at its fullest on Thursday, April 6, 2023, and will shine close to the bright star Spica. The moon will also appear bright and full on Wednesday and Friday. Full Story: Live Science (4/4)

‘Absolutely gobsmacking’ gold nugget worth $160,000 unearthed by metal detectorist in Australia An amateur gold digger made the discovery of a lifetime when he unearthed a giant gold nugget buried in a field in Victoria, Australia. The man was using a budget metal detector when he hit pay dirt while exploring an area of the state known as the “Golden Triangle.” Full Story: Live Science (4/4)
PHOTOS OF THE DAY

Amble, UK
The sun rises behind Coquet Island lighthouse off the Northumberland coast. Up to 35,000 sea birds use the island
Photograph: Owen Humphreys/PA

Dunajská Lužná, Slovakia
Morning light illuminates an alley of artificially frozen trees in an orchard. The cherry, apple and pear growers protect crops by spraying them with water that forms a layer of ice, which provides insulation from even lower temperatures overnight
Photograph: Joe Klamar/AFP/Getty Images

Golden snub-nosed monkey, endangered. Foping nature reserve, China
Qiang Zhang says: ‘It was the coldest day in January when we found a golden monkey family. This monkey is taking her baby to walk and jump on the tree. There’s no need to worry about the baby falling – his arms and legs tightly embrace his mother. I saw this and quickly recorded this wonderful moment.’
Photograph: Qiang Zhang
Market Closes for April 5^th, 2023

Market Index	Close	Change
Dow Jones	33482.72	+80.34
		+0.24%
S&P 500	4090.38	-10.22
		-0.25%
NASDAQ	11996.86	-129.47
		-1.07%
TSX	20159.55	-116.21
		-0.57%

International Markets

Market Index	Close	Change
NIKKEI	27813.26	-474.16
		-1.68%
HANG SENG	Market Closed	N.A
SENSEX	59689.31	+582.87
		+0.99%
FTSE 100*	7662.94	+28.42
		+0.37%

Bonds

Bonds		% Yield				Previous % Yield
CND. 10 Year Bond		2.791				2.768
CND. 30 Year Bond		2.955				2.936
U.S.    10 Year Bond		3.3071				3.3387
U.S. 30 Year Bond		3.5667				3.5965

Currencies

BOC Close	Today	Previous
Canadian $	0.7428	0.7444
US $	1.3463	1.3434
Euro Rate 1 Euro=		Inverse
Canadian $	1.4675	0.6814
US  $	1.0905	0.9170

Commodities

Gold	Close	Previous
London Gold Fix	2009.60	1983.30
Oil
WTI Crude Future	80.61	80.71

Market Commentary:
📈 On this day in 1990, the “thrift crisis” was everywhere at once. The estimated cost of bailing out failed savings & loan companies—pegged just one year earlier at $158 billion—was revised by government forecasters to a minimum of $285 billion to $350 billion.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.6%, or 116.21 to 20,159.55 in Toronto. The move was the biggest loss since March 22.
Today, industrials stocks led the market lower, as 7 of 11 sectors lost; 153 of 233 shares fell, while 77 rose.
Shopify Inc. contributed the most to the index decline, decreasing 5.0%. Novagold Resources Inc. had the largest drop, falling 8.4%.
Insights
* The index declined 8.1% in the past 52 weeks. The MSCI AC Americas Index lost 11% in the same period
* The S&P/TSX Composite is 9.2% below its 52-week high on April 5, 2022 and 12.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.6% in the past 5 days and fell 2.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.25t
* 30-day price volatility rose to 12.66% compared with 12.54% in the previous session and the average of 11.22% over the past month
================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | -50.2496| -1.8| 5/22
Information Technology | -33.2729| -2.5| 0/12
Financials | -32.3997| -0.5| 10/19
Materials | -17.4496| -0.7| 15/34
Consumer Discretionary | -6.9966| -1.0| 3/12
Real Estate | -2.1997| -0.5| 7/14
Health Care | -1.5607| -2.4| 1/5
Energy | 0.0085| 0.0| 10/30
Consumer Staples | 2.6482| 0.3| 8/2
Utilities | 12.4722| 1.4| 14/2
Communication Services | 12.7913| 1.3| 4/1
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -26.1800| -5.0| -1.8| 29.4
Canadian National | -17.3200| -2.6| -13.5| -2.0
Canadian Pacific | -11.5600| -1.7| -49.1| 1.1
BCE | 5.5430| 1.4| -15.5| 6.2
TC Energy | 5.5550| 1.5| 15.0| 1.1
Enbridge | 7.1340| 1.0| 10.3| -0.2
US
By Alexandra Semenova
(Bloomberg) — US stocks dropped Wednesday while bonds rallied as another soft employment print reignited investor worries about a recession.
The S&P 500 closed down 0.3% in New York. The Nasdaq 100 sank 1%, falling for a third day. Semiconductors weighed on the technology sector after China reprimanded a move by Japan to join the US in restricting exports of chipmaking gear to the nation. Nvidia Corp., Intel Corp., and Micron Technology Inc. all ended the trading session lower. The 10-year Treasury yield reached its lowest level since mid-September.
Private employers added 145,000 payrolls last month, ADP’s National Employment report showed, trailing Bloomberg’s consensus estimate of 210,000. The reading comes after the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, said vacancies fell below 10 million for the first time since 2021. A key non-farm payrolls report is due Friday.
“Economic numbers are trending lower, both activity and prices. This has led to forecasts that the Fed is close to the end of its year of aggressive rate increases and closer to an expected serious relief rally when this is confirmed,” veteran investor Louis Navellier said in a note. “These same weak numbers, however, elevate fears of the US, and the world overall, may be sinking into a recession.”
Hawkish messaging on interest rates also weighed on sentiment. Federal Reserve Bank of Cleveland President Loretta Mester told Bloomberg Television she expects rates will need to move “a little bit higher” and stay there for an extended period of time, while estimating the Fed will reach its price stability target in 2025.
“We certainly are focused on inflation and making sure that inflation gets back down to 2% over time,” Mester said, adding she and her colleagues have more data to assess before knowing definitively whether a hike is needed at the Fed’s next policy meeting on May 2-3.
Fed officials lifted rates by a quarter percentage point last month, bringing their policy benchmark to a target range of 4.75% to 5%.
US stocks have meandered in the first trading days of April as investors worry the Fed’s aggressive policy tightening will stall economic growth.
Economic data are “pointing toward a potential recession, but the upside might be a pause in interest rates, which would typically be a positive for stocks,” said Danni Hewson, head of financial analysis at AJ Bell. “The concern is the Fed might have to sound the retreat before its war on inflation is truly done. This could leave us with the worst of all worlds – the dreaded stagflation where the economy is shrinking but prices are continuing to surge higher.”
SECTORS IN FOCUS:
* US semiconducters were in focus after Japan’s decision to join the US and Netherlands in restricting exports of chipmaking gear to China.
* Oil majors were in focus after Exxon Mobil said its first- quarter profit took a hit of as much as $1.8 billion amid a decline in oil and natural gas prices.

–With assistance from Sagarika Jaisinghani.
Have a lovely evening.

Be magnificent!
As ever,

Isabel

It’s better to look ahead and prepare, than to look back and regret. Jackie Joyner- Kersee, 1962- present

Assistant to Carolann Steinhoff, Registered Representative

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Carolann is away from the office today, I will be writing the newsletter on her behalf.

On this day, On April 4, 1968, civil rights leader Martin Luther King Jr., 39, was shot to death in Memphis, Tenn. Go to article >  

Fifty years ago this week, the first cell phone call was made on a sidewalk in New York City with a device the size of a brick. Each decade since that day in 1973 has seen the once-bulky phone evolve into a thinner, faster and smarter device that continues to reshape industries, culture and the way we relate to one another — and ourselves.

The four astronauts NASA picked for historic Artemis II moon mission. Meet the decorated astronauts selected to helm the first crewed moon mission in 50 years!

See the oldest human ever found in Egypt in stunning new facial approximation
A lifelike facial approximation of a man who lived 30,000 years ago in what is now Egypt may offer clues about human evolution.
In 1980, archaeologists unearthed the man’s skeletal remains at Nazlet Khater 2, an archaeological site in Egypt’s Nile Valley. Full Story: Live Science (4/3)

Strange radio signals detected from Earth-like planet could be a magnetic field necessary for life
Our planet’s magnetic field protects living creatures from the sun’s rays, draws compass needles north and even creates beautiful auroras.
Other worlds in our solar system have magnetic fields too — but what about Earth-like planets around other stars?
Full Story: Live Science (4/3)

PHOTOS OF THE DAY

Sarajevo, Bosnia and Herzegovina
Snow on a blossoming branch. An unusual occurrence of winter-like weather in spring swept through the western Balkans on Tuesday, bringing snow and gusts that have snarled traffic in the region
Photograph: Armin Durgut/AP

Paris, France
Members of the L’Orchestre de la Garde Républicaine take part in a rehearsal of the opera La Fille du Régiment (The Daughter of the Regiment) written by Gaetano Donizetti. The opera is scheduled to be presented on 3 April and 5 April, 2023 at the Champs-Élysées Theatre
Photograph: Emmanuel Dunand/AFP/Getty Images

London, UK
Gallery assistants pose with artworks entitled Mnemosyne (l), The Blessed Damozel (c) and Proserpine by English artist Dante Gabriel Rossetti, during a photocall at Tate Britain. The exhibition runs from 6 April until 24 September 2023
Photograph: Justin Tallis/AFP/Getty Images
Market Closes for April 4^th, 2023

Market Index	Close	Change
Dow Jones	33402.38	-198.77
		-0.59%
S&P 500	4100.60	-23.91
		-0.58%
NASDAQ	12126.33	-63.12
		-0.52%
TSX	20275.77	-2.51
		-0.01%

International Markets

Market Index	Close	Change
NIKKEI	28287.42	+99.27
		+0.35%
HANG SENG	20274.59	-134.59
		-0.66%
SENSEX	59106.44	+114.92
		+0.19%
FTSE 100*	7634.52	-38.48
		-0.50%

Bonds

Bonds		% Yield				Previous % Yield
CND. 10 Year Bond		2.768				2.848
CND. 30 Year Bond		2.936				2.968
U.S.    10 Year Bond		3.3387				3.4132
U.S. 30 Year Bond		3.5965				3.6309

Currencies

BOC Close	Today	Previous
Canadian $	0.7444	0.7447
US $	1.3434	1.3428
Euro Rate 1 Euro=		Inverse
Canadian $	1.4728	0.6790
US  $	1.0963	0.9122

Commodities

Gold	Close	Previous
London Gold Fix	1983.30	1979.70
Oil
WTI Crude Future	80.71	80.42

Market Commentary:
📈 On this day in 2000, Wall Street had one of its wildest days ever. The Nasdaq plunged almost 14% before an afternoon rally prompted one SG Cowen & Co. analyst to declare the beginning of the end of the tech rout. Make that the beginning of the beginning: The Nasdaq slid more than 40% further by yearend.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 20,275.76 in Toronto, ending a 7-day gain. The loss follows the previous session’s increase of 0.9%.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.5%. Dye & Durham Ltd. had the largest drop, falling 5.3%.
Today, 142 of 233 shares fell, while 90 rose; 7 of 11 sectors were lower, led by financials stocks.
Insights
* The index declined 8.2% in the past 52 weeks. The MSCI AC Americas Index lost 12% in the same period
* The S&P/TSX Composite is 8.7% below its 52-week high on April 5, 2022 and 13.4% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 3.1% in the past 5 days and fell 1.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.2 on a trailing basis and 13.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.26t
* 30-day price volatility fell to 12.54% compared with 12.57% in the previous session and the average of 11.16% over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -47.7505| -0.8| 4/25
Energy | -19.7879| -0.6| 7/32
Consumer Discretionary | -7.1706| -1.0| 3/12
Real Estate | -4.0822| -0.8| 4/17
Health Care | -1.1647| -1.8| 0/6
Industrials | -0.2833| 0.0| 7/20
Consumer Staples | -0.1710| 0.0| 8/3
Utilities | 6.2437| 0.7| 14/2
Information Technology | 9.6851| 0.7| 8/4
Communication Services | 20.5355| 2.1| 6/0
Materials | 41.4146| 1.6| 29/21
================================================================
| | |Volume VS| YTD| Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | -15.9800| -1.5| 94.8| -7.1
Bank of Montreal | -7.0590| -1.2| -5.6| -2.1
Suncor Energy | -6.9910| -1.7| -50.5| 1.4
BCE | 9.0710| 2.4| -26.3| 4.7
Agnico Eagle Mines | 13.3600| 5.6| -10.7| 5.8
Barrick Gold | 14.1100| 4.6| -29.4| 13.7
US
By Rita Nazareth
(Bloomberg) — The stock market snapped a four-day rally amid a selloff in banks. Treasuries climbed as softer data on job openings bolstered bets the Federal Reserve is about to wrap up its tightening campaign.
A gauge of financial heavyweights like Wells Fargo & Co. and Citigroup Inc. sank 2%. First Republic Bank and Zions Bancorporation drove regional lenders down, slumping at least 4.8%. In his wide-ranging annual letter to shareholders, JPMorgan Chase & Co.’s chief Jamie Dimon warned the US banking crisis that sent markets careening last month will be felt for years.
“Investors should continue to be vigilant for signs of bank stress, and we expect market participants to react disproportionately to negative economic news,” said Gennadiy Goldberg, senior US rates strategist at TD Securities.
Two-year yields slumped 14 basis points to around 3.8%.
Swap contracts referencing Fed meeting dates downgraded the odds of a quarter-point rate hike in May to just under 50%, from about 60%. The dollar fell.
Vacancies at US employers dropped to the lowest since May 2021, the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed.
“It was just a matter of when, not if, we were going to see evidence of lessened job demand,” said Peter Boockvar, author of the Boock Report. “And at some point, the pace of firings will pick up as companies try to defend profit margins and respond to the slowing economic backdrop. I just don’t see the Fed hiking rates in May or any time thereafter in this cycle.”
The JOLTS data precede Friday’s jobs report, which is currently forecast to show employers added nearly a quarter of a million workers in March. Economists are expecting the unemployment rate to hold at a historically low 3.6% and for average hourly earnings to rise firmly.
Headwinds from the recent bank turbulence, an oil shock and slowing growth are poised to send stocks back toward their 2022 lows, according to JPMorgan strategist Marko Kolanovic. In his view, the inflows into stocks over the past few weeks “make little sense” and were largely driven by systematic investors, a short squeeze and a decline in the Cboe Volatility Index, or VIX.
Bank of America Corp. clients sold US equities last week for the first time in five weeks, withdrawing the largest amount of funds from the asset class since October, according to strategists led by Jill Carey Hall.

Key events this week:
* Eurozone S&P Global Eurozone Services PMI, Wednesday
* US trade, Wednesday
* UBS annual general meeting, Wednesday
* US initial jobless claims, Thursday
* St. Louis Fed President James Bullard speaks, Thursday
* US unemployment, nonfarm payrolls, Friday
* Good Friday. US stock markets closed, bond markets close for part of the day

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.5% to $1.0956
* The British pound rose 0.7% to $1.2499
* The Japanese yen rose 0.6% to 131.66 per dollar
Cryptocurrencies
* Bitcoin rose 2.2% to $28,188.14
* Ether rose 4.9% to $1,868.18
Bonds
* The yield on 10-year Treasuries declined six basis points to 3.35%
* Germany’s 10-year yield was little changed at 2.25%
* Britain’s 10-year yield was little changed at 3.43%
Commodities
* West Texas Intermediate crude rose 0.1% to $80.51 a barrel
* Gold futures rose 1.9% to $2,039.30 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Srinivasan Sivabalan, Vildana Hajric, Angel Adegbesan, Carly Wanna, Peyton Forte and Isabelle Lee.

Have a lovely evening.

Be magnificent!
As ever,

Isabel

What we anticipate seldom occurs; what we least expected generally happens. – Benjamin Disraeli, 1804 – 1881.

Assistant to Carolann Steinhoff, Registered Representative
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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:  Happy Monday.  Happy April.
April 3, 1860: Pony Express established.
On April 3, 1948, President Truman signed the Marshall Plan, which allocated more than $5 billion in aid for 16 European countries.  Go to article >  
April 3, 1973: The first public telephone call is placed on a Manhattan sidewalk.  Motorola’s Martin Cooper called Joel Engle of Bell Labs.  He later told the BBC that his first words were “Joel, I’m calling you from a ‘real’ cellular telephone.  A portable handheld telephone.”

J. Goodall, conservationist, b. 1934.
Marlon Brando, actor, b. 1924.

Laughter is therapy for the mind and body.  Remember to smile today! Giggling and having a positive mood is a great way to enhance your physical and mental well-being, researchers say.

Sarah Polley told to return Oscar statue in April Fools’ Day prank.  Speaking of laughing, this filmmaker’s 11-year-old child pulled off a prank as good as Oscar gold.

Ancient fish hook suggests sharks were hunted off Israel’s coast 6,000 years ago
Shark was likely on the menu around 6,000 years ago in what is now Israel, according to researchers who uncovered a large copper fishing hook in a previously unknown ancient village.
Experts say the “shark hook” could be one of the first of its kind made in the area.  Full Story: Live Science (3/31)

How long will it take for humans to colonize another planet?
SpaceX CEO Elon Musk wants to have a city of a million people on Mars by 2050.  But is it feasible? How long would it take for humans to colonize another planet? And could it ever be possible for people to colonize worlds outside the solar system?  Full Story: Live Science (4/2)

Newly discovered ‘einstein’ tile is a 13-sided shape that solves a decades-old math problem.  Look carefully! Mathematicians have invented a new 13-sided shape that can be tiled infinitely without ever repeating a pattern. They call it “the einstein.”  The new shape solves a decades-old math problem.  Full Story: Live Science (3/31)

Rare blood-red arc of light shines in the Scandinavian sky. What is it?   A bright red streak of light appeared in the sky above parts of Scandinavia last week after a surprise solar storm smashed into Earth and triggered stunning auroras across the planet.  But the bright red band was not an aurora — it was something much rarer.  Full Story: Live Science (3/31)

PHOTOS OF THE DAY

New York, US
Lightning bolts strike One World Trade Center, as seen from Hoboken, New Jersey
Photograph: Gary Hershorn/Getty Images

Florida, US
Competitors take part in the annual Seven Mile Bridge run
Photograph: Andy Newman/Florida Keys News Bureau/AFP/Getty Images

Paris, France
Eiffela, a replica of the city’s tower a tenth its size, created by Philippe Maindron
Photograph: Stéphane de Sakutin/AFP/Getty Images
Market Closes for April 3^rd, 2023

Market Index	Close	Change
Dow Jones	33601.15	+327.00
		+0.98%
S&P 500	4124.51	+15.20
		+0.37%
NASDAQ	12189.45	-32.46
		-0.27%
TSX	20278.28	+178.39
		+0.89%

International Markets

Market Index	Close	Change
NIKKEI	28188.15	+146.67
		+0.52%
HANG SENG	20409.18	+9.07
		+0.04%
SENSEX	59106.44	+114.92
		+0.19%
FTSE 100*	7673.00	+41.26
		+0.54%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.848		2.907
CND. 30 Year Bond		2.968		3.016
U.S.    10 Year Bond		3.4132		3.4752
U.S. 30 Year Bond		3.6309		3.6516

Currencies

BOC Close	Today	Previous
Canadian $	0.7447	0.7398
US $	1.3428	1.3517
Euro Rate 1 Euro=		Inverse
Canadian $	1.4641	0.6830
US  $	1.0903	0.9172

Commodities

Gold	Close	Previous
London Gold Fix	1979.70	1965.80
Oil
WTI Crude Future	80.42	75.67

Market Commentary:
📈 On this day in 1948: Congress passed the Marshall Plan to finance the reconstruction of Western Europe after the devastation of World War II, laying the groundwork for the global economic boom of the 1950s.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the seventh day, climbing 0.9%, or 178.39 to 20,278.28 in Toronto.
The index advanced to the highest closing level since March 8.
Today, energy stocks led the market higher, as 4 of 11 sectors gained; 118 of 234 shares rose, while 114 fell.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 6.2%.
Teck Resources Ltd. had the largest increase, rising 18.7%.
Insights
* The index declined 7.6% in the past 52 weeks. The MSCI AC Americas Index lost 10% in the same period
* The S&P/TSX Composite is 8.7% below its 52-week high on April 5, 2022 and 13.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 3.3% in the past 5 days and fell 1.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.2 on a trailing basis and 13.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.23t
* 30-day price volatility fell to 12.57% compared with 12.84% in the previous session and the average of 10.96% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 122.2919| 3.6| 34/6
Materials | 55.3982| 2.2| 41/10
Financials | 39.0599| 0.6| 18/11
Communication Services | 0.7403| 0.1| 4/2
Consumer Discretionary | -1.3691| -0.2| 6/9
Health Care | -1.6780| -2.5| 1/5
Real Estate | -3.6321| -0.7| 3/17
Consumer Staples | -4.3161| -0.5| 1/10
Utilities | -8.2887| -0.9| 0/15
Industrials | -8.4155| -0.3| 7/20
Information Technology | -11.3940| -0.8| 3/9
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Natural Resources | 35.2500| 6.2| 12.4| 5.6
Teck Resources | 28.7300| 18.7| 108.2| 15.7
Suncor Energy | 21.8000| 5.6| 1.9| 3.1
Brookfield Asset Management | -3.4170| -3.1| -55.1| 10.6
Brookfield Corp | -6.5080| -1.5| -49.3| 1.9
Shopify | -6.8520| -1.3| -0.6| 36.1
US
By Rita Nazareth
(Bloomberg) — Treasuries rose as a gauge of US factory activity contracted by more than expected, tempering inflation concerns fueled by OPEC+’s surprise plan to cut oil production.
Policy-sensitive two-year yields reversed course after earlier climbing as much as 11 basis points.
Energy shares led gains in S&P 500, with US crude hitting $80 a barrel.
The Nasdaq 100 underperformed major benchmarks as Tesla Inc. sank on data showing its price cuts barely boosted deliveries.
The Institute for Supply Management’s gauge of manufacturing activity decreased to 46.3 in March, below the median estimate of 47.5 in a Bloomberg survey of economists.
Readings below 50 indicate contraction.
Measures of new orders and employment retreated.
“The main takeaway from this report is the job market is slowing,” said Jeffrey Roach, chief economist at LPL Financial.  “A cooler job market should release some of the inflationary pressure the Fed is working hard to conquer.”
The government’s monthly employment report will be released Friday and will give a fuller picture of the job market.
Swaps linked to Fed interest-rate expectations showed a quarter-point hike in May as more likely than not.
Fed Bank of St. Louis President James Bullard told Bloomberg Television Monday that OPEC+’s decision was unexpected and an increase in oil prices could make the Fed’s job of lowering inflation more challenging.
“Whether it will have a   lasting impact I think is an open question,” he said.
To Paul Nolte at Murphy & Sylvest Wealth Management, the fact that the Fed has indicated its data dependent means two things.
“First, every data point is important. And second, they have no real long-term plan for the economy,” Nolte added. “The lack of a plan means investors are left to guess what the Fed will do based on the latest piece of economic data. This is giving rise to wild swings in the markets.”
As the possibility of a recession looks more certain, the upcoming earnings season may be the first of several difficult quarters, according to Chris Harvey, head of equity strategy at Wells Fargo & Co.
“We have been seeing for a number of quarters, margins starting to compress, and we think this is where it comes to roost,” Harvey said on Bloomberg Television. “This is the period where if you can’t make numbers, if margins get compressed, this is where you get penalized.”
Key events this week:
* Eurozone PPI, Tuesday
* US factory orders, US durable goods, Tuesday
* Australia rate decision, Tuesday
* Cleveland Fed President Loretta Mester speaks, Tuesday
* Eurozone S&P Global Eurozone Services PMI, Wednesday
* US trade, Wednesday
* UBS annual general meeting, Wednesday
* US initial jobless claims, Thursday
* St. Louis Fed President James Bullard speaks, Thursday
* US unemployment, nonfarm payrolls, Friday
* Good Friday. US stock markets closed, bond markets close for part of the day

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average rose 1%
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.6% to $1.0906
* The British pound rose 0.7% to $1.2421
* The Japanese yen rose 0.3% to 132.44 per dollar
Cryptocurrencies
* Bitcoin was little changed at $28,088.66
* Ether rose 1.6% to $1,818.94
Bonds
* The yield on 10-year Treasuries declined five basis points to 3.42%
* Germany’s 10-year yield declined four basis points to 2.25%
* Britain’s 10-year yield declined six basis points to 3.43%
Commodities
* West Texas Intermediate crude rose 6.3% to $80.46 a barrel
* Gold futures rose 0.8% to $2,002.90 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Srinivasan Sivabalan, Isabelle Lee, Vildana Hajric, Carly Wanna, and Peyton Forte.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
The rock of the world was founded securely on a fairy’s wing. –F. Scott Fitzgerald, 1896-1940.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.

March 31, 1889: French engineer Alexandre Gustave Eiffel unfurled the French tricolor from atop the Eiffel Tower to mark its completion.  Go to article >  
1959: Dalai Llama flees Tibet.

Rene Descartes, philosopher, b. 1596.

World’s population could plummet to 6 billion by the end of the century, study suggests.
Population growth could grind to a halt by 2050, before decreasing to as little as 6 billion humans on Earth in 2100, a new analysis of birth trends has revealed.   The forecast is both good and bad news for humanity.
Full Story: Live Science (3/30)

Extremely flat explosion dubbed ‘the Cow’ defies explanation
A weird cosmic explosion that stunned scientists in 2018 just got even stranger.  A new analysis of the polarized light from the first recorded fast blue optical transient  explosion, nicknamed “the Cow,” revealed that the blast is the most asymmetrical explosion ever seen by astronomers.  Full Story: Live Science (3/30)

Stressed plants ‘scream,’ and it sounds like popping bubble wrap:  When deprived of water or snipped with scissors, plants emit a flurry of staccato “screams” that are too high-frequency for humans to hear, a study suggests.   When lowered into a range that human ears can detect, these stress-induced pops sound like someone furiously tap dancing across a field of bubble wrap.  Full Story: Live Science (3/30)

The secrets to extreme longevity may be hiding with nuns… and jellyfish
Studying centenarians and supercentenarians could help scientists better understand what allows some people to live so long.  Is their longevity just luck, or is it due to good genes and other factors?   Full Story: Live Science (3/30)

The 14 best new books to read in April

PHOTOS OF THE DAY

The week in wildlife
A starfish lies on the sand and is one of hundreds washed up on to the beach with sea coal in Saltburn-by-the-Sea, UK. Sea coal is found on beaches due partly to erosion of underwater seams but also as a historical result from the dumping of waste from coal mines. [This caption was amended on 31 March 2023. An earlier version said underwater “streams”]
Photograph: Ian Forsyth/Getty Images

The week in wildlife
Large blue butterflies are endangered globally and are very rare in the UK.
Photograph: Keith Warmington

The week in wildlife
A hare during a rain shower in Kidderminster, UK
Photograph: Lee Hudson/Alamy Live News
Market Closes for March 31^st, 2023

Market Index	Close	Change
Dow Jones	33274.15	+415.12
		+1.26%
S&P 500	4109.31	+58.48
		+1.44%
NASDAQ	12221.91	+208.44
		+1.74%
TSX	20099.89	+158.90
		+0.80%

International Markets

Market Index	Close	Change
NIKKEI	28041.48	+258.55
		+0.93%
HANG SENG	20400.11	+90.98
		+0.45%
SENSEX	58991.52	+1031.43
		+1.78%
FTSE 100*	7631.74	+11.31
		+0.15%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.907		2.935
CND. 30 Year Bond		3.016		3.035
U.S.    10 Year Bond		3.4752		3.5450
U.S. 30 Year Bond		3.6516		3.7277

Currencies

BOC Close	Today	Previous
Canadian $	0.7398	0.7395
US $	1.3517	1.3523
Euro Rate 1 Euro=		Inverse
Canadian $	1.4655	0.6824
US  $	1.0843	0.9223

Commodities

Gold	Close	Previous
London Gold Fix	1965.80	1965.00
Oil
WTI Crude Future	75.67	74.37

Market Commentary:
📈 On March 31, 1996, Chase Manhattan and Chemical Banking merged, forming what then was the largest bank-holding company in America.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the sixth day, climbing 0.8%, or 158.9 to 20,099.89 in Toronto.
The index advanced to the highest closing level since March 8.
Today, financials stocks led the market higher, as 10 of 11 sectors gained; 174 of 234 shares rose, while 59 fell.
Shopify Inc. contributed the most to the index gain, increasing 3.0%.
BlackBerry Ltd. had the largest increase, rising 14.4%.
Insights
* This quarter, the index rose 3.7%
* This month, the index fell 0.6%
* So far this week, the index rose 3.1%, heading for the biggest advance since the week ended Nov. 11
* The index declined 8.2% in the past 52 weeks. The MSCI AC Americas Index lost 10% in the same period
* The S&P/TSX Composite is 9.5% below its 52-week high on April 5, 2022 and 12.5% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.2t
* 30-day price volatility rose to 12.84% compared with 12.60% in the previous session and the average of 10.46% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 51.8270| 0.9| 28/1
Industrials | 35.2828| 1.3| 25/2
Information Technology | 32.5954| 2.5| 11/1
Consumer Discretionary | 13.2629| 1.8| 13/2
Energy | 11.9406| 0.4| 28/12
Consumer Staples | 6.5627| 0.8| 9/2
Materials | 5.8471| 0.2| 24/27
Real Estate | 5.3310| 1.1| 19/2
Health Care | 0.9903| 1.5| 3/2
Utilities | 0.9669| 0.1| 11/5
Communication Services | -5.6987| -0.6| 3/3
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
Shopify | 15.6000| 3.0| 5.4| 37.8
Brookfield Corp | 12.3300| 2.9| -8.0| 3.4
Canadian National | 9.0980| 1.4| -22.1| -0.9
BCE | -2.7700| -0.7| -25.7| 1.8
Telus | -3.6450| -1.4| 22.5| 2.7
Rogers Communications | -4.5010| -2.9| 30.2| -1.2
US
By Isabelle Lee and Peyton Forte
(Bloomberg) — Technology shares extended the week’s US stocks rally after a key measure of inflation cooled last month, suggesting the Federal Reserve may be close to ending its rate-hiking campaign.
Treasuries rose.
Excluding food and energy, the Fed’s preferred inflation gauge — the personal consumption expenditures price index — rose 0.3% in February, slightly below the median estimate.
Meanwhile, the PCE price index was up 5% from a year earlier, a deceleration from January but far higher than the Fed’s 2% goal.
The S&P 500 rose 1.4% — bringing its weekly gains to 3.5%, the most since November — while the tech-heavy Nasdaq 100 gained 1.7%, helping it to notch its biggest quarterly gain since June 2020.
“Overall, it was a round of data consistent with the peak inflation narrative but also with the Fed’s insistence that there remains work to be done to re-establish price stability,” Ian Lyngen of BMO Capital Markets wrote in a note.
Treasuries also ended the quarter of wild swings higher on Friday as investors have struggled to adjust for recent bank failures and the shifting outlook for interest rates.
The two-year yield fell to around 4.03% Friday while the 10-year maturity dipped to 3.47%.
The dollar strengthened against major peers.
“The S&P 500 has done well to recover from banking sector concerns over the past few weeks,” wrote Michael Gibbs, director of equity portfolio and technical strategy at Raymond James.  “However, the rally has been a bit more uneven beneath the surface, reflecting the confusion inherent within the current backdrop.”
While technology stocks have risen to the highest since August 2022, propelling gains in the broader market, the percentage of stocks above their 50-day moving average has contracted, Gibbs said.
Only a small number of shares actually account for the US rally.
“Extremely narrow rallies are not healthy ones at all, so it is going to be essential for the bulls to see more groups participate in the rally going forward,” Matt Maley, chief market strategist at Miller Tabak + Co., wrote. “If they don’t,
it will only be a matter of time before a correction in the big-cap tech names turns this nice rally into an ugly decline.”
Citigroup Inc. strategists said the focus among investors
is set to shift from worries about high interest rates to the
risks of a recession, and as that happens, US stocks look more
attractive than those in Europe.
A Citi team led by Beata Manthey upgraded US stocks to overweight from underweight on Friday as they “perform more defensively than other markets” during earnings recessions.
They expect global earnings-per-share to contract 5% in 2023 and say that analysts are likely to slash profit estimates even further.
Elsewhere in markets, oil traded in New York saw a weekly gain of 9% amid ongoing disruption to Iraqi exports.
Bitcoin notched its best quarter since March 2021 with a gain of about 70%.
And Digital World Acquisition Corp., the blank-check firm taking Donald Trump’s media company public, rallied after he became the first former president to be indicted.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.4% as of 4:04 p.m. New York time
* The Nasdaq 100 rose 1.7%
* The Dow Jones Industrial Average rose 1.3%
* The MSCI World index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.6% to $1.0844
* The British pound fell 0.4% to $1.2334
* The Japanese yen was little changed at 132.76 per dollar
Cryptocurrencies
* Bitcoin rose 0.9% to $28,416.49
* Ether rose 1.7% to $1,826.2
Bonds
* The yield on 10-year Treasuries declined eight basis points to 3.47%
* Germany’s 10-year yield declined eight basis points to 2.29%
* Britain’s 10-year yield declined three basis points to 3.49%
Commodities
* West Texas Intermediate crude rose 1.6% to $75.56 a barrel
* Gold futures fell 0.5% to $1,987.50 an ounce
This story was produced with the assistance of Bloomberg Automation.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Knowledge is proud that he has learned so much; Wisdom is humble that he knows no more. –William Cowper, 1731-1800.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday Eve.

March 30, 1858: pencil with attached eraser patented by Hyman L. Lipman of Philadelphia

On March 30, 1981, President Reagan was shot and seriously injured outside a Washington, D.C., hotel by John W. Hinckley Jr. Also wounded were White House news secretary James Brady, a Secret Service agent and a District of Columbia police officer.  Go to article >  

Maimonides, physician, b. 1135.
Vincent Van Gogh, artist, b. 1853
Sean O’Casey, playwright, b.1880.
Eric Clapton, musician, b. 1945.

These US restaurants and chefs are James Beard Award finalists.  View the finalists for this year’s James Beard Awards, one of the culinary world’s highest honors. Some of these chefs and restaurants might even be in your area.

Rare T-Rex skeleton set to be auctioned next month.  This dinosaur skeleton is expected to fetch nearly $9 million when it goes under the hammer. Its teeth are quite impressive — and frightening…

Object mistaken as a galaxy is actually a black hole pointed directly at Earth
In a distant galaxy, a supermassive black hole spewing radiation at near light speed has shifted its angle by a whopping 90 degrees to point directly toward Earth — a sharp turn that’s puzzling physicists.
Active galactic nuclei (AGN) are the hungry black holes at the cores of many other galaxies.  Full Story: Live Science (3/29)

DeepMind’s AI used to develop tiny ‘syringe’ for injecting gene therapy and tumor-killing drugs
Scientists have developed a molecular “syringe” that can inject proteins, including cancer-killing drugs and gene therapies, directly into human cells.  And the researchers did it using an artificial intelligence (AI) program made by Google’s DeepMind called AlphaFold.  Full Story: Live Science (3/29)

We’re nowhere near reaching the maximum human life span, controversial study suggests
Scientists have long debated the greatest possible age of a person, with previous studies placing the limit at up to 150 years.   But in the past 25 years, no one has surpassed the record for the world’s oldest person, held by Jean Louise Calment, who died at age 122 in 1997.  Full Story: Live Science (3/29)

PHOTOS OF THE DAY

Rio de Janeiro, Brazil
The sun rises in front of the Christ the Redeemer statue
Photograph: Carl de Souza/AFP/Getty Images

London, UK
The Patagotitan mayorum, the most complete giant dinosaur ever discovered, displayed during the press preview of the Natural History Museum’s new exhibition Titanosaur: Life as the Biggest Dinosaur
Photograph: Justin Tallis/AFP/Getty Images

Planica, Slovenia
Slovenia’s Rok Oblak in action during the Men’s HS240 at the FIS Ski Jumping World Cup
Photograph: Borut Živulovič/Reuters
Market Closes for March 30^th, 2023

Market Index	Close	Change
Dow Jones	32859.03	+141.43
		+0.43%
S&P 500	4050.83	+23.02
		+0.57%
NASDAQ	12013.47	+87.23
		+0.73%
TSX	19940.99	+103.34
		+0.52%

International Markets

Market Index	Close	Change
NIKKEI	27782.93	-100.85
		-0.36%
HANG SENG	20309.13	+116.73
		+0.58%
SENSEX	57960.09	+346.37
		+0.60%
FTSE 100*	7620.43	+56.16
		+0.74%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.935		2.938
CND. 30 Year Bond		3.035		3.039
U.S.    10 Year Bond		3.5450		3.5639
U.S. 30 Year Bond		3.7277		3.7587

Currencies

BOC Close	Today	Previous
Canadian $	0.7395	0.7374
US $	1.3523	1.3561
Euro Rate 1 Euro=		Inverse
Canadian $	1.4746	0.6782
US  $	1.0905	0.9170

Commodities

Gold	Close	Previous
London Gold Fix	1965.00	1962.85
Oil
WTI Crude Future	74.37	72.97

Market Commentary:
📈 On this day in 1999, Priceline.com went public in one of the hottest initial public offerings ever. Shares priced at $16 and ended the day at $69, up 331%. A month later, the stock topped $162. A mere year and a half after the IPO, Priceline.com stock traded under $5, making it a symbol of the dotcom crash.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fifth day, climbing 0.5%, or 103.34 to 19,940.99 in Toronto.
The index advanced to the highest closing level since March 9.
Constellation Software Inc/Canada contributed the most to the index gain, increasing 2.4%.
Filo Mining Corp. had the largest increase, rising 6.6%.
Today, 191 of 234 shares rose, while 39 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index rose 2.9%
* This month, the index fell 1.4%
* So far this week, the index rose 2.3%, heading for the biggest advance since the week ended Jan. 13
* The index declined 9.7% in the past 52 weeks. The MSCI AC Americas Index lost 13% in the same period
* The S&P/TSX Composite is 10.2% below its 52-week high on April
5, 2022 and 11.6% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.5% in the past 5 days and fell 1.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.8 on a trailing basis and 13.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.19t
* 30-day price volatility rose to 12.60% compared with 12.51% in the previous session and the average of 10.36% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 25.2221| 0.4| 26/2
Industrials | 18.0612| 0.7| 23/4
Materials | 13.2836| 0.5| 41/10
Consumer Staples | 9.5505| 1.1| 11/0
Utilities | 9.5411| 1.1| 16/0
Communication Services | 7.9777| 0.8| 6/0
Information Technology | 7.5459| 0.6| 8/3
Consumer Discretionary | 4.3751| 0.6| 13/2
Energy | 4.1710| 0.1| 24/15
Real Estate | 3.9976| 0.8| 20/1
Health Care | -0.3904| -0.6| 3/2
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Constellation Software | 7.8180| 2.4| 62.5| 20.2
Brookfield Corp | 4.4380| 1.1| 1.5| 0.5
Couche-Tard | 4.1350| 1.2| -12.1| 13.6
Agnico Eagle Mines | -1.9830| -0.9| -23.1| -1.2
Shopify | -3.3020| -0.6| -18.4| 33.8
US
By Isabelle Lee and Carly Wanna
(Bloomberg) — Technology stocks propelled US stocks higher as Federal Reserve officials reiterated their resolve to lower inflation.
The S&P 500 gained 0.6% — even with financials under pressure — while the tech-heavy Nasdaq 100 rose 0.9%, pushing further into a bull market.
Treasuries were little changed and the dollar was weaker against major peers.
The gains come as market watchers digested a round of Fed commentary suggesting more monetary tightening was necessary, even after the collapse of three US banks earlier this month.
Boston Fed President Susan Collins said tightening was needed.
Richmond Fed President Thomas Barkin said the Fed can raise rates more if inflation risks persist.
And Minneapolis Fed President Neel Kashkari said he’s committed to getting inflation back to 2% and that it’s not yet fully clear what impact the financial-system turmoil will have.
“With cracks in the banking system becoming apparent, the Fed’s job has become even harder,” said Jim Baird, chief investment officer at Plante Moran Financial Advisors.
“Recession risk remains in focus given the Fed’s historical track record of struggling to tighten policy while easing the economy to a soft landing.”
President Joe Biden’s administration also called on regulators Thursday to tighten the rules for mid-sized banks in response to the recent bank failures.
Stress in the financial sector has increased the chance of the Fed tipping the economy into a recession with its rate hikes.
However, Collins echoed remarks by Fed Chair Jerome Powell last week that pain in the banking sector may be worth 25 basis points of tightening.
Tighter credit conditions could remove the need for more hikes later, she said.
Analysts have agreed, saying it could be the equivalent of a far more aggressive hike.
“The plausible range is anything from nearly zero to 200bp or more in the event that stress were to broaden and deepen,” Krishna Guha, Evercore ISI head of central bank strategy, wrote.
“We will all need to update as the data comes in and that updating could be quite rapid.”
Investors expect US rates to sit around 4.3% by the end of the year, around 70 basis points lower than the current level.
However, several strategists have said markets are wrong to expect rate cuts this year.
The labor market remains robust, though US unemployment claims ticked up for the first time in three weeks.
And high inflation — as measured by the so-called PCE Core Deflator due Friday — is expected to have persisted last month.
Elsewhere in markets, oil rebounded, gold gained and Bitcoin traded around $28,000.
Key events this week:
* China PMI, Friday
* Eurozone CPI, unemployment, Friday
* US consumer income, PCE deflator, University of Michigan consumer sentiment, Friday
* ECB President Christine Lagarde speaks, Friday
* New York Fed President John Williams speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4:02 p.m. New York time
* The Nasdaq 100 rose 0.9%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 1.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.6% to $1.0907
* The British pound rose 0.6% to $1.2391
* The Japanese yen rose 0.2% to 132.65 per dollar
Cryptocurrencies
* Bitcoin fell 1.5% to $27,970.47
* Ether fell 1.3% to $1,780.87
Bonds
* The yield on 10-year Treasuries declined one basis point to 3.55%
* Germany’s 10-year yield advanced five basis points to 2.37%
* Britain’s 10-year yield advanced five basis points to 3.52%
Commodities
* West Texas Intermediate crude rose 1.9% to $74.34 a barrel
* Gold futures rose 0.7% to $1,999 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

The secret of success is to do the common thing uncommonly well. –John D. Rockefeller Jr., 1874-1960.

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

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

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

Dear Friends,

Tangents: Hump Day.
On March 29, 1973, the last United States troops left South Vietnam, ending America’s direct military involvement in the Vietnam War.  Go to article >  
March 29, 1999: Dow Jones tops 10,000 for the first time ever.
March 29, 1990: The Czechoslovak parliament is unable to reach an agreement on what to call the country after the fall of Communism, sparking the so-called Hyphen War.

China discovers strange glass beads on moon that may contain billions of tons of water.  Chinese researchers may have discovered billions of tons of water inside strange glass spheres buried on the moon, and they could be used as a future water source for moon bases, a new study suggests.
The tiny glass spherules could be so abundant that they store up to 330 billion tons (300 metric tons) of water across the moon’s surface.  Full Story: Live Science (3/28)

2,000 mummified rams’ heads were gifted to long-dead ancient Egyptian pharaoh Ramesses II.  More than 2,000 mummified rams’ heads have been unearthed at an ancient temple in Egypt, around 430 miles (692 kilometers) south of Cairo.
The severed skulls were likely prepared as an offering to the Egyptian pharaoh Ramesses II, around 1,000 years after he died.  Full Story: Live Science (3/29)

Gargantuan black hole 30 billion times the mass of the sun is one of the largest ever discovered.  Astronomers have discovered one of the largest black holes ever found — an ultra massive monster roughly 30 billion times the mass of the sun — using a space-time trick predicted by Albert Einstein.
The colossal black hole lurks 2.7 billion light-years from Earth in the brightest galaxy of the galaxy cluster Abell 1201.  Full Story: Live Science (3/28)

Brightest gamma-ray burst ever detected defies explanation.  The brightest gamma-ray burst ever detected is revealing new mysteries as scientists study it in greater detail.  Astronomers have found that the evolution of the radio waves released by an enormous stellar explosion seen in 2022 was slower than models predicted, raising new questions.  Full Story: Live Science (3/28)

An Old Master’s secret ingredient?  Leonardo da Vinci, Sandro Botticelli and Rembrandt may have used egg yolk in their oil paintings, according to a new study.

PHOTOS OF THE DAY

Colombo, Sri Lanka
Hindu worshippers take part in an annual festival at Vishnu temple
Photograph: Ishara S Kodikara/AFP/Getty Images

Mammoth Lakes, US
A person walks between snow banks covering condominiums in the Sierra Nevada mountains after another storm. After years of drought, the state snowpack average for California may reach a record high
Photograph: Mario Tama/Getty Images

Fuzhou, China
Tourists pick tea leaves in Fujian province
Photograph: VCG/Getty Images
Market Closes for March 29^th, 2023

Market Index	Close	Change
Dow Jones	32717.60	+323.35
		+1.00%
S&P 500	4027.81	+56.54
		+1.42%
NASDAQ	11926.24	+210.16
		+1.79%
TSX	19837.65	+180.12
		+0.92%

International Markets

Market Index	Close	Change
NIKKEI	27883.78	+365.53
		+1.33%
HANG SENG	20192.40	+407.75
		+2.06%
SENSEX	57960.09	+346.37
		+0.60%
FTSE 100*	7564.27	+80.02
		+1.07%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.938		2.946
CND. 30 Year Bond		3.039		3.039
U.S.    10 Year Bond		3.5639		3.5715
U.S. 30 Year Bond		3.7587		3.7765

Currencies

BOC Close	Today	Previous
Canadian $	0.7374	0.7354
US $	1.3561	1.3598
Euro Rate 1 Euro=		Inverse
Canadian $	1.4703	0.6801
US  $	1.0842	0.9223

Commodities

Gold	Close	Previous
London Gold Fix	1962.85	1946.25
Oil
WTI Crude Future	72.97	73.20

Market Commentary:
📈 On this day in 1989, Michael Milken was indicted on 98 counts of racketeering and securities fraud while head of Drexel Burnham Lambert’s junk-bond desk—placing him at the heart of an insider-trading scandal that came to epitomize Wall Street in the 1980s. Mr. Milken went on to serve less than two years in prison.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.9%, or 180.12 to 19,837.65 in Toronto.
The move was the biggest since rising 1.2% on March 3.
Shopify Inc. contributed the most to the index gain, increasing 5.1%.
Aritzia Inc. had the largest increase, rising 7.4%.
Today, 173 of 234 shares rose, while 58 fell; all sectors were higher, led by financials stocks.
Insights
* This quarter, the index rose 2.3%
* This month, the index fell 1.9%
* The index declined 10% in the past 52 weeks. The MSCI AC Americas Index lost 14% in the same period
* The S&P/TSX Composite is 10.7% below its 52-week high on April 5, 2022 and 11% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.6% in the past 5 days and fell 1.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.7 on a trailing basis and 13 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis 
* S&P/TSX Composite’s members have a total market capitalization of C$3.16t
* 30-day price volatility rose to 12.51% compared with 12.09% in the previous session and the average of 10.26% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 58.8888| 1.0| 22/6
Energy | 52.3942| 1.6| 32/8
Information Technology | 26.4032| 2.1| 6/6
Consumer Staples | 9.7851| 1.2| 10/1
Utilities | 9.5457| 1.1| 16/0
Consumer Discretionary | 9.3958| 1.3| 13/2
Industrials | 6.5945| 0.2| 22/4
Real Estate | 5.4648| 1.1| 21/0
Health Care | 1.2958| 2.0| 5/1
Communication Services | 0.2904| 0.0| 3/3
Materials | 0.0571| 0.0| 23/27
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 25.2700| 5.1| 10.6| 34.7
Enbridge | 18.8800| 2.7| -24.4| -3.0
Brookfield Corp | 14.9900| 3.7| 37.8| -0.6
Canadian Pacific | -2.5690| -0.4| 2.2| 2.0
Agnico Eagle Mines | -2.8340| -1.3| -46.2| -0.3
Barrick Gold | -3.4060| -1.1| -61.5| 8.3
US
By Isabelle Lee and Vildana Hajric
(Bloomberg) — US stocks advanced as risk appetite continued to recover from turmoil in the banking sector, led by gains in technology and financial shares.
The tech-heavy Nasdaq 100 entered a bull market, rising 20% from a December low.
The S&P 500 powered back above 4,000, with 92% of components ending higher — the first time that has happened in 2023, according to Susquehanna.
Meanwhile, the CBOE Volatility index closed at the lowest in three weeks.
US Treasuries were little changed and the dollar strengthened as investors digested the latest remarks by Fed officials and looked ahead to core PCE data for the clues on how the Fed’s path for interest rates might change after turbulence in the financial sector upended market expectations.
Financial stocks were hit hard by the collapse of three US banks this month but were able to stage a rally Wednesday, even after a report the Federal Deposit Insurance Corp. was mulling a squeeze on big banks to help cover the almost $23 billion in costs from the bank failures.
Wall Street strategist are struggling to predict how US stocks might react in the months ahead, given the uncertainty of the Fed’s path forward.
Their average year-end target for the S&P 500 has stayed at 4,050 for a third straight month in a streak of inaction not seen since 2005.
“The Fed remains in a very difficult position (largely of its own doing),” wrote Chris Senyek of Wolfe Research in a note.
“With banks stabilizing, inflation still way above target, the labor market still historically strong, and the Fed desperately needing to rebuild credibility, our sense is that the FOMC will hike by 25 basis points on May 3.
However, Powell does not like to surprise markets, so this is far from a certainty.”
Fed Chair Jerome Powell pointed to Fed officials’ forecast for another quarter percentage-point hike this year when asked by lawmakers Wednesday when the central bank will stop raising interest rates, Bloomberg News reported. However, traders are pricing in roughly 50-50 odds that move will occur at the Fed’s next meeting in May.
With easing concerns about the safety of bank deposits, Peter Tchir of Academy Securities said analysts are turning their attention back to examining the economy and prepping for upcoming earnings.
In the latest batch of corporate results, Lululemon Athletica Inc. jumped after its earnings and outlook topped estimates.
A profit drop at Jefferies Financial Group Inc. could spell trouble for other bank earnings.
Meanwhile, weaker homebuying demand from a March survey of real estate agents could be a potential early sign buyers are unnerved by the turmoil in the banking sector.
Gold fell, Bitcoin extended its climb to $28,500, and oil erased an earlier gain from a decline in US crude stockpiles.
Key events this week:
* Eurozone economic confidence, consumer confidence, Thursday
* US GDP, initial jobless claims, Thursday
* Boston Fed President Susan Collins and Richmond Fed President Thomas Barkin speaks at event. Treasury Secretary Janet Yellen also speaks, Thursday
* China PMI, Friday
* Eurozone CPI, unemployment, Friday
* US consumer income, PCE deflator, University of Michigan consumer sentiment, Friday
* ECB President Christine Lagarde speaks, Friday
* New York Fed President John Williams speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.9%
* The Dow Jones Industrial Average rose 1%
* The MSCI World index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro was little changed at $1.0840
* The British pound fell 0.2% to $1.2313
* The Japanese yen fell 1.5% to 132.83 per dollar
Cryptocurrencies
* Bitcoin rose 4% to $28,408.45
* Ether rose 1.9% to $1,808.65
Bonds
* The yield on 10-year Treasuries was little changed at 3.57%
* Germany’s 10-year yield advanced four basis points to 2.33%
* Britain’s 10-year yield advanced two basis points to 3.47%
Commodities
* West Texas Intermediate crude fell 0.3% to $72.97 a barrel
* Gold futures fell 0.4% to $1,982 an ounce
This story was produced with the assistance of Bloomberg Automation.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Honor is a harder master than law. –Mark Twain, 1835-1910.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
On March 28, 1979, America’s worst commercial nuclear accident occurred inside the Unit Two reactor at the Three Mile Island plant near Middletown, Pa. Go to article >  

Dusty old painting turns out to be Brueghel ‘masterpiece’.  This 17th-century painting was hiding in a family home for years. It’s expected to fetch up to 800,000 euros ($865,000!) at a Paris auction today.

Was Stonehenge an ancient calendar? A new study says no.
Stonehenge wasn’t a prehistoric solar calendar but served mainly as a memorial to the dead, according to new research by scientists who study ancient astronomy.  Full Story: Live Science (3/28)

Mysterious aurora-like phenomenon ‘STEVE’ appears during strongest solar storm for more than half a decade.
A bizarre, aurora-like phenomenon known as STEVE made several appearances across the United States and parts of the United Kingdom last week, after a powerful solar storm slammed into Earth without warning.
Full Story: Live Science (3/28)

PHOTOS OF THE DAY

Kyiv, Ukraine
Members of the Berehynia Kyiv Academic Theatre of Ukrainian Folklore perform their Vidrodzennia (Renaissance) concert during an award ceremony
Photograph: Ukrinform/REX /Shutterstock

Suqian, China
Crowds gather on a bridge to see the blossoming pear flowers
Photograph: AFP/Getty Images

Beijing, China
A model for the Dieyingchongchong collections by designer Dong Yaer has final makeup applied backstage during the China Fashion Week
Photograph: Andy Wong/AP
Market Closes for March 28^th, 2023

Market Index	Close	Change
Dow Jones	32394.25	-37.83
		-0.12%
S&P 500	3971.27	-6.26
		-0.16%
NASDAQ	11716.08	-52.76
		-0.45%
TSX	19657.53	+32.79
		+0.17%

International Markets

Market Index	Close	Change
NIKKEI	27518.25	+41.38
		+0.15%
HANG SENG	19784.65	+216.96
		+1.11%
SENSEX	57613.72	-40.14
		-0.07%
FTSE 100*	7484.25	+12.48
		+0.17%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		2.946		2.895
CND. 30 Year Bond		3.039		3.012
U.S.    10 Year Bond		3.5715		3.5299
U.S. 30 Year Bond		3.7765		3.7604

Currencies

BOC Close	Today	Previous
Canadian $	0.7354	0.7321
US $	1.3598	1.3659
Euro Rate 1 Euro=		Inverse
Canadian $	1.4748	0.6780
US  $	1.0844	0.9222

Commodities

Gold	Close	Previous
London Gold Fix	1946.25	1993.80
Oil
WTI Crude Future	73.20	72.81

Market Commentary:
📈 On this day in 1979, a minor malfunction occurred in a cooling mechanism at a power plant in Pennsylvania. One technical error followed another until the malfunction escalated into a “meltdown.” Three Mile Island became synonymous with troubles in American nuclear power, which once held out the promise of cheap, safe, clean energy for all.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.2%, or 32.79 to 19,657.53 in Toronto.
The index advanced to the highest closing level since March 14.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 1.7%.
Spartan Delta Corp. had the largest increase, rising 7.2%.
Today, 122 of 234 shares rose, while 110 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* This quarter, the index rose 1.4%
* This month, the index fell 2.8%
* The index declined 11% in the past 52 weeks. The MSCI AC Americas Index lost 14% in the same period
* The S&P/TSX Composite is 11.5% below its 52-week high on April 5, 2022 and 10% above its low on Oct. 13, 2022
* The S&P/TSX Composite is unchanged 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 12.7 on a trailing basis and 12.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.15t
* 30-day price volatility rose to 12.09% compared with 12.06% in the previous session and the average of 10.15% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 26.4330| 0.8| 29/10
Materials | 23.0422| 0.9| 41/10
Consumer Staples | 5.9132| 0.7| 9/2
Consumer Discretionary | 2.8286| 0.4| 8/7
Industrials | 1.5308| 0.1| 10/17
Utilities | 1.1451| 0.1| 10/6
Communication Services | -0.6245| -0.1| 4/2
Health Care | -1.2506| -1.9| 0/6
Real Estate | -5.1268| -1.1| 2/19
Financials | -5.3990| -0.1| 7/21
Information Technology | -15.7069| -1.2| 2/10
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Natural Resources | 9.0990| 1.7| -55.2| -2.7
TD Bank | 9.0570| 0.9| -32.6| -8.9
Cenovus Energy | 5.4380| 2.6| -40.5| -13.3
Enbridge | -4.4740| -0.6| -49.4| -5.6
RBC | -6.0280| -0.5| 3.7| -0.1
Shopify | -10.9800| -2.2| -14.3| 28.2
US
By Emily Graffeo and Isabelle Lee
(Bloomberg) — A slide in technology shares halted a three-day advance in US stocks as investors continued to recalibrate bets on the Federal Reserve’s path forward on interest rates.
Treasuries drifted lower.
The Nasdaq 100 slumped 0.5% — paring a March advance to 4.7% — with tech stalwarts from Apple Inc. to Alphabet Inc. among the biggest drags.
Tech stocks had found favor in recent weeks with the rotation out of financials following the collapse of three US banks.
However, the trade has started to unwind with increased speculation turbulence in the banking sector will be contained.
Two-year Treasury yields edged to just above 4%, while a gauge of the dollar notched its lowest close in eight weeks.
“Part of the giant bid in Treasuries last week was fear of contagion in financials,” said Tom Hearden, senior trader at Skylands Capital LLC.
“That’s abated so far this week” with thin markets, off side positioning, and a financial contagion bid.
The moves come as investors prepare for a raft of data on the American economy this week, including the central bank’s preferred measure of inflation, which is likely to factor into the Fed’s next rate decision.
St. Louis Fed President James Bullard said “appropriate monetary policy can continue to put downward pressure on inflation” despite the turmoil in banking.
Meanwhile, US consumers appear to have shrugged off the bank failures, with the latest consumer confidence figures unexpectedly higher in March.
Swaps traders have priced in more than a 50% probability the Fed will lift rates by a quarter point at its next meeting, with plans to ease then sharply thereafter.
However, several strategists have joined BlackRock Investment Institute in saying markets are wrong in expecting imminent rate cuts.
“Recent events in the US and European banking sectors have not altered our macroeconomic views,” wrote Joe Davis, chief global economist at Vanguard, in a note. “The Federal Reserve still has work to do to bring down inflation — a task that was always going to be a challenge, likely to entail higher unemployment and tighten credit and financial conditions.”
In Europe, stocks fell after French prosecutors said banks including Societe Generale SA and BNP Paribas SA face collective fines of more than 1 billion euros ($1.1 billion) as part of a probe into tax fraud and money laundering.
Elsewhere, oil was higher after a clash between Iraq and its Kurdish region curtailed exports.
Gold gained and Bitcoin traded around $27,400.
Key events this week:
* EIA Crude Oil Inventory Report, Wednesday
* Eurozone economic confidence, consumer confidence, Thursday
* US GDP, initial jobless claims, Thursday
* Boston Fed President Susan Collins and Richmond Fed President Thomas Barkin speaks at event. Treasury Secretary Janet Yellen also speaks, Thursday
* China PMI, Friday
* Eurozone CPI, unemployment, Friday
* US consumer income, PCE deflator, University of Michigan consumer sentiment, Friday
* ECB President Christine Lagarde speaks, Friday
* New York Fed President John Williams speaks, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.5% to $1.0847
* The British pound rose 0.5% to $1.2343
* The Japanese yen rose 0.6% to 130.80 per dollar
Cryptocurrencies
* Bitcoin rose 1.4% to $27,436.29
* Ether rose 4.7% to $1,787.59
Bonds
* The yield on 10-year Treasuries advanced two basis points to 3.55%
* Germany’s 10-year yield advanced six basis points to 2.29%
* Britain’s 10-year yield advanced nine basis points to 3.46%
Commodities
* West Texas Intermediate crude rose 0.8% to $73.40 a barrel
* Gold futures rose 1.1% to $1,992.80 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric and Namitha Jagadeesh.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Sometimes it is not enough to do our best; we must do what is required. –Winston Churchill, 1874-1965.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com