Category: Newsletters

Dear Friends,

Tangents: Happy Monday.

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

Harry Houdini, magician, b.1874.

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

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

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

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

Be magnificent!
As ever,

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

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

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

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

Dear Friends,

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

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

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

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

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

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

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

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

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

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

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.4%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.3% to $1.0817
* The British pound fell 0.4% to $1.2918
* The Japanese yen fell 0.4% to 149.32 per dollar
Cryptocurrencies
* Bitcoin fell 0.7% to $83,911.48
* Ether fell 0.3% to $1,973.74
Bonds
* The yield on 10-year Treasuries advanced one basis point to 4.25%
* Germany’s 10-year yield declined two basis points to 2.77%
* Britain’s 10-year yield advanced seven basis points to 4.71%
Commodities
* West Texas Intermediate crude rose 0.2% to $68.22 a barrel
* Spot gold fell 0.8% to $3,020.28 an ounce

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

Be magnificent!
As ever,

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

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

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

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

Dear Friends,

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

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

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

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

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

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

Be magnificent!
As ever,

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

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

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

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

Dear Friends,

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

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

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

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

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

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

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

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

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

Be magnificent!
As ever,

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

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

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

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

Dear Friends,

Tangents:

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

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

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

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

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

Be magnificent!
As ever,

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

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

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

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

Dear Friends,

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

Market Commentary:
You’ve got to do your own growing, no matter how tall your grandfather was. –Irish Proverb.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.9%, or 231.71 to 24,785.11 in Toronto.
The index advanced to the highest closing level since March 5.
Brookfield Corp. contributed the most to the index gain, increasing 2.2%.
TerraVest Industries Inc. had the largest increase, rising 20.5%.
Today, 183 of 220 shares rose, while 35 fell; all sectors were higher, led by financials stocks.
Insights
* This quarter, the index was little changed
* The index advanced 13% in the past 52 weeks. The MSCI AC Americas Index gained 10% in the same period
* The S&P/TSX Composite is 4.2% below its 52-week high on Jan. 30, 2025 and 15.5% above its low on June 17, 2024
* The S&P/TSX Composite is up 1.7% in the past 5 days and fell 2.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.5 on a trailing basis and 15.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.95t
* 30-day price volatility little changed to 14.79% compared with 14.80% in the previous session and the average of 12.71% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 84.4953| 1.1| 25/0
Materials | 58.0936| 1.7| 43/6
Energy | 46.7615| 1.1| 38/5
Information Technology | 13.6555| 0.6| 4/5
Industrials | 10.5818| 0.3| 20/8
Real Estate | 5.8665| 1.2| 20/0
Consumer Discretionary | 5.2245| 0.6| 10/1
Utilities | 4.9513| 0.5| 10/4
Consumer Staples | 0.9483| 0.1| 7/3
Communication Services | 0.8415| 0.1| 3/2
Health Care | 0.2847| 0.4| 3/1
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Brookfield Corp | 15.9900| 2.2| -16.4| -10.4
Shopify | 14.3700| 1.2| -17.7| -9.8
RBC | 10.2200| 0.6| 8.2| -7.1
Lundin Gold | -0.9310| -3.1| -6.0| 40.0
Loblaw | -1.7360| -0.9| -27.2| -1.8
Canadian Pacific Kansas | -3.5990| -0.5| -34.3| 3.3
US
By Rita Nazareth
(Bloomberg) — US stocks climbed for a second day, extending the recovery from a sharp drop that reached 10% last week, as industrial and energy shares rallied on economic data that while missing forecasts was able to quell concern about an imminent recession.
More than 90% of the companies in the S&P 500 rose, overshadowing a slide in most mega caps.
An equal-weighted version of the benchmark — one that gives Target Corp. as much clout as Apple Inc. — climbed 1.3%.
While the latest economic data did little to alter traders’ bets on the Federal Reserve outlook, mixed retail sales brought some relief that consumer spending is not collapsing.
As the chatter around tariffs subsided, equities continued to push away from technically oversold levels.
“Corrections that occur within a bull market, tend to be good buying opportunities,” said David Lefkowitz at UBS Global Wealth Management.
“The spike in policy uncertainty hit the market at a time when investor positioning and sentiment were quite elevated. But we think a lot of this has now been cleaned up.”
To Michael Wilson at Morgan Stanley, sentiment/positioning gauges have lightened up considerably and seasonality is set to improve in the second half of March.
That could provide support for a short-term rally led by the lower-quality, higher-beta stocks that have sold off the most.
“The more important question is whether such a rally is likely to extend into something more durable and mark the end of the volatility we’ve seen year to date,” said Wilson.
“The short answer is, probably not.”
The S&P 500 climbed 0.6%.
The Nasdaq 100 rose 0.5%.
The Dow Jones Industrial Average added 0.9%.
A gauge of the Magnificent Seven mega caps fell 1.1%.
The Russell 2000 gained 1.2%.
The yield on 10-year Treasuries declined one basis point to 4.30%.
The Bloomberg Dollar Spot Index fell 0.3%.
US retail sales rose by less than forecast in February and the prior month was revised lower However, the so-called control-group sales — which feed into the government’s calculation of goods spending for gross domestic product — increased 1% last month, reversing the previous drop.
“This morning’s February retail sales report offers evidence of a limited, modest economic slowdown, rather than signaling a gathering recession,” said Jennifer Timmerman at Wells Fargo Investment Institute.
A sense of wait-and-see may emerge from policymakers this week, in their first assessment of how Trump’s trade policies are impacting the economy. With Fed officials expected to hold rates steady on Wednesday, the market will focus on officials’ updated economic projections and Chair Jerome Powell’s press conference for clues on the path ahead.
Treasury Secretary Scott Bessent, a former hedge fund manager, said he’s not worried about the recent downturn in equities as the US seeks to reshape its economic policies.
“I’ve been in the investment business for 35 years, and I can tell you that corrections are healthy, they are normal,” Bessent said Sunday on NBC’s Meet The Press.
“I‘m not worried about the markets. Over the long term, if we put good tax policy in place, deregulation and energy security, the markets will do great.”

Key events this week:
* Germany ZEW survey expectations, Tuesday
* US housing starts, import price index, industrial production, Tuesday
* Bank of Japan rate decision, Wednesday
* Eurozone CPI, Wednesday
* Federal Reserve rate decision, Wednesday
* China loan prime rates, Thursday
* Bank of England rate decision, Thursday
* US Philadelphia Fed factory index, jobless claims, existing home sales, Thursday
* Eurozone consumer confidence, Friday
* Fed’s John Williams speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.4% to $1.0924
* The British pound rose 0.5% to $1.2994
* The Japanese yen fell 0.4% to 149.17 per dollar
Cryptocurrencies
* Bitcoin rose 1.1% to $84,141.79
* Ether rose 2.2% to $1,935.75
Bonds
* The yield on 10-year Treasuries declined one basis point to 4.30%
* Germany’s 10-year yield declined six basis points to 2.82%
* Britain’s 10-year yield declined three basis points to 4.64%
Commodities
* West Texas Intermediate crude rose 0.5% to $67.52 a barrel
* Spot gold rose 0.6% to $3,001.24 an ounce

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

Have a  lovely evening.

Be magnificent!
As ever,

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

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

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

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

Dear Friends

Tangents: Happy Friday.  Full moon tonight.
Remember, tomorrow is the Ides of March.

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

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

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

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

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

Market Commentary:
I never won a fight in the ring; I always won in preparation. –Muhammad Ali, 1942-2016.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.4% at 24,553.40 in Toronto.
The move was the biggest since rising 1.6% on Aug. 8 and follows the previous session’s decrease of 0.9%.
Shopify Inc. contributed the most to the index gain, increasing 4.3%.
NFI Group Inc. had the largest increase, rising 20.8%.
Today, 174 of 220 shares rose, while 42 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* In the past year, the index had a similar or greater gain once
* This quarter, the index fell 0.7%
* So far this week, the index fell 0.8%
* The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 9% in the same period
* The S&P/TSX Composite is 5.1% below its 52-week high on Jan. 30, 2025 and 14.4% above its low on June 17, 2024
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 15 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.9t
* 30-day price volatility rose to 14.80% compared with 14.22% in the previous session and the average of 12.52% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 142.3847| 1.9| 24/0
Information Technology | 73.7697| 3.2| 10/0
Industrials | 53.8703| 1.8| 27/0
Energy | 41.8602| 1.0| 36/7
Materials | 33.4846| 1.0| 34/14
Consumer Discretionary | 6.8433| 0.9| 8/3
Real Estate | 4.7127| 1.0| 15/4
Consumer Staples | 2.9705| 0.3| 7/3
Health Care | 0.6932| 1.0| 3/1
Utilities | 0.4835| 0.1| 8/7
Communication Services | -10.9047| -1.8| 2/3
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 47.7000| 4.3| -27.7| -10.9
RBC | 29.2700| 1.9| -30.4| -7.7
Canadian Pacific Kansas | 19.7000| 2.9| -23.1| 3.9
Emera | -0.7600| -0.6| -61.2| 10.1
Telus | -1.4640| -0.7| -26.9| 10.5
Couche-Tard | -2.0710| -0.6| 33.4| -15.0
US
By Rita Nazareth
(Bloomberg) — A bounce in stocks calmed nerves among equity investors, but the fallout from Donald Trump’s political maneuvering continued to shake global markets and rattle US consumers.
Yields on German bonds surged as government leaders agreed on a massive defense spending package, while the ultimate haven asset — gold — topped $3,000 for the first time.
The 2.1% advance in the S&P 500 was the biggest since the aftermath of the November presidential election.
Not even data showing a slide in consumer confidence prevented the market rebound, which followed a selloff that culminated in a 10% plunge of the US equity benchmark from its peak.
Treasuries trimmed a recent rally fueled by a flight to safety. Bullion climbed as much as 0.5% to $3,004.94 an ounce before erasing gains.
The moves capped a week of drama that included Trump’s on-and-off-again tariffs, recession calls, geopolitical talks and concerns over a US government shutdown.
Combined with all the questioning around lofty tech valuations, global equity funds saw their biggest redemption this year while sentiment indicators turned bearish – which can be bullish from a contrarian perspective.
“Scared-cat bounce?” said Ed Yardeni, founder of his namesake research firm. “Any day without a Trump tariff comment is a good day for the market. We will be more inclined to call a bottom when we see the stock market move higher on a day or days when Trump blusters about tariffs again.”
Despite Friday’s advance, the S&P 500 still saw a fourth straight week of losses — the longest such streak since August.
Tech mega caps led gains on Friday, with Nvidia Corp. and Tesla Inc. up at least 3.8%.
The Nasdaq 100 climbed 2.5%.
The Dow Jones Industrial Average added 1.7%.
The yield on 10-year Treasuries advanced five basis points to 4.31%.
A dollar gauge fell 0.2%.
“We are seeing some oversold rally efforts once again,” said Dan Wantrobski at Janney Montgomery Scott.
“But we caution folks looking to dive back in at the first sign of stability here: nearly everyone is looking for a bottom and to ‘buy the dip’ at some point, but the current condition of the markets has not implied any real improvement on a technical basis – the tape is simply very oversold at this stage.”
Andrew Brenner at NatAlliance Securities says he gets asked multiple times a day: “Is the worst over?”
“We don’t know. We would like to see a capitulation trade, but the seasonals are starting to turn,” Brenner said.
“The end of February to the middle of March is an awful time for equity seasonals.”
Stocks rebounded on Friday after a selloff that shed $5 trillion from the S&P 500’s value.
It took just 16 trading sessions for US stocks to tumble into a correction, leaving a frazzled Wall Street asking just how long the “adjustment period” White House officials have warned about will last.
In the prior 24 instances when stocks have fallen at least 10% from a record but avoided a bear market, it has taken an average of eight months to reclaim an all-time high, according to data from CFRA Research.
That would leave the Feb. 19 high intact until mid-October.
The average drawdown reached 14% in those cases.
“Corrections are unnerving in the moment, though they are not unusual, and often act as a pressure release valve for overheated markets,” said Mark Hackett at Nationwide.
“This will not be the last correction, pullback, or market scare that the bulls will have to face, and yes, an element of caution is warranted.”
“We say this is a correction, not a bear market in US stocks,” Bank of America Corp.’s Michael Hartnett said.
“Since equity bear threatens recession, fresh declines in stock prices will provoke flip in trade and monetary policy.”
Yet a century-old indicator that has helped predict the direction of the US stock market is signaling more pain ahead for battered investors.
Known as the Dow Theory, it holds that moves in the Dow Jones Industrial Average must be confirmed by transport stocks, and vice versa, to be sustained.
As of Thursday’s close, the 20-member Dow Jones Transportation Average — a barometer of consumer and industrial demand — has slumped 19% from its November peak, teetering near so-called bear-market territory.
“What usually differentiates quicker (often healthy) selloffs from drawn-out bear markets is whether a recession follows,” said Ross Mayfield at Baird Private Wealth Management.
The 23 non-recession corrections since 1965 averaged a 16% drawdown, he said.
Meantime, the 8 recession selloffs over that period averaged a 36% drawdown.
“The good news is that despite headwinds, a near-term recession still looks unlikely,” he noted.

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

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

Be magnificent!

As ever,

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

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

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

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

Dear Friends,

Tangents: Happy Friday Eve.

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

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

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

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

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

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

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

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

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

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

Insights
* This quarter, the index fell 2.1%, heading for the biggest decline since the third quarter of 2023
* So far this week, the index fell 2.2%
* The index advanced 10% in the past 52 weeks. The MSCI AC Americas Index gained 6.3% in the same period
* The S&P/TSX Composite is 6.5% below its 52-week high on Jan. 30, 2025 and 12.7% above its low on June 17, 2024
* The S&P/TSX Composite is down 1.5% in the past 5 days and fell 5.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.2 on a trailing basis and 14.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.93t
* 30-day price volatility fell to 14.22% compared with 14.76% in the previous session and the average of 12.31% over the past month
================================================================
| Index Points Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -115.8114| -1.5| 3/22
Information Technology| -99.6623| -4.2| 0/10
Industrials | -28.8293| -0.9| 5/23
Energy | -18.0965| -0.4| 9/33
Consumer Staples | -13.5850| -1.5| 1/9
Consumer Discretionary| -12.8266| -1.6| 0/11
Real Estate | -5.2570| -1.1| 2/17
Utilities | -1.5830| -0.2| 7/8
Health Care | -0.7556| -1.1| 1/3
Communication Services| 0.1783| 0.0| 2/2
Materials | 76.1071| 2.4| 44/5

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

Key events this week:

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

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

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

Be magnificent!
As ever,

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

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

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

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

Dear Friends, Tangents: March 12, 1755: First steam engine in US is installed, to pump water from a mine. March 12, 1894: The first patent for a Coca-Cola bottling machine is issued, allowing for the mass production and distribution and paving the way for its global presence. March 12, 2009: Disgraced financier Bernard Madoff pleaded guilty in New York to pulling off perhaps the biggest swindle in Wall Street history.  Go to article Jack Kerouac, writer, b. 1922. James Taylor, musician, b. 1948. Charlie “Bird” Parker, musician, d. 1953. Nanoparticle breakthrough could bring ‘holy grail’ of solar power within reach Perovskite cells are much cheaper and more flexible than their silicon alternatives, but they have major durability problems. A new breakthrough could be about to change that. Read More. Scientists discover giant blobs deep inside Earth are ‘evolving by themselves’ — and we may finally know where they come from Giant regions of the mantle where seismic waves slow down may have formed from subducted ocean crust, a new study finds. Read More. China creates powerful spy satellite capable of seeing facial details from low orbit New laser-based imaging technology is reportedly capable of capturing millimeter resolution from over 60 miles away. Read More. East Asians who can digest lactose can thank Neanderthal genes Unique versions of the lactase gene found in the genomes of East Asian people may have increased in prevalence within the population over time because they bolstered immune responses against pathogens, new data reveal. Read More. TikToker jailed for blasphemy    An Indonesian social media influencer was sentenced to more than two years in jail for telling Jesus to get a haircut. The court ruled that her comments could affect “public order” and “religious harmony.” Man lives for 100 days with titanium heart  An Australian man in his 40s received the implant last November, which kept him alive while he awaited a donor transplant this month. It’s the longest period to date that someone has lived with the technology.   866: That’s how many previously unknown species were discovered as part of an ambitious effort to document marine life. The new species — found by divers, piloted submersibles and remotely operated vehicles during 10 ocean expeditions — include a guitar-shaped shark, a fan-like coral and a venomous deep-sea snail equipped with harpoon-like teeth. PHOTOS OF THE DAY Dartmoor, UK‘On what looked like the first day of spring, we took a drive across Dartmoor when this beautiful rainbow emerged. This pony was only too happy to pose with it.’ Photograph: Ruud Jansen Venneboer Lianyungang, China Residential buildings shrouded in fog in Jiangsu province Photograph: AFP/Getty Images Johnstone Strait, Canada‘A humpback whale, called Guardian by whale watchers, returns to the west coast of Canada each spring from Hawaii.’ Photograph: Albert Macfarlane Market Closes for March 12th, 2025 Market Index  Close  Change  Dow Jones 41350.93 -82.55 -0.20% S&P 500  5599.30 +27.23 +0.49% NASDAQ  17648.45 +212.35 +1.22% TSX  24423.34 +175.14 +0.72% International Markets Market Index  Close  Change  NIKKEI  36819.09 +25.98 +0.07% HANG SENG 23600.31 -181.83 -0.76% SENSEX  74029.76 -72.56 -0.10% FTSE 100* 8540.97 +44.98 +0.53% Bonds Bonds  % Yield  Previous % Yield CND. 10 Year Bond  3.072 3.008 CND. 30 Year Bond  3.320 3.266 U.S. 10 Year Bond 4.3124 4.2799 U.S. 30 Year Bond 4.6306 4.5949 Currencies BOC Close  Today  Previous   Canadian $   0.6961 0.6930 US $ 1.4366 1.4429 Euro Rate 1 Euro=    Inverse    Canadian $   1.5637 0.6395 US $ 1.0885 0.9187 Commodities Gold Close  Previous   London Gold Fix  2916.90 2910.20 Oil WTI Crude Future  67.68 66.03 Market Commentary: Lack of money is the root of all evil. -George Bernard Shaw, 1856-1950. Canada By Bloomberg Automation (Bloomberg) — The S&P/TSX Composite rose 0.7% at 24,423.34 in Toronto. The move follows the previous session’s decrease of 0.5%. Shopify Inc. contributed the most to the index gain, increasing 3.6%. Transcontinental Inc. had the largest increase, rising 6.9%. Today, 160 of 220 shares rose, while 57 fell; 9 of 11 sectors were higher, led by financials stocks. Insights * This quarter, the index fell 1.2% * The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 7.7% in the same period * The S&P/TSX Composite is 5.6% below its 52-week high on Jan. 30, 2025 and 13.8% above its low on June 17, 2024 * The S&P/TSX Composite is down 1.8% in the past 5 days and fell 4.5% in the past 30 days * S&P/TSX Composite is trading at a price-to-earnings ratio of 18.3 on a trailing basis and 14.8 times estimated earnings of its members for the coming year * The index’s dividend yield is 2.9% on a trailing 12-month basis * S&P/TSX Composite’s members have a total market capitalization of C$3.91t * 30-day price volatility rose to 14.76% compared with 14.56% in the previous session and the average of 12.14% over the past month ================================================================ | Index Points Sector Name | Move | % Change | Adv/Dec ================================================================ Financials | 55.4000| 0.7| 22/3 Information Technology | 49.0733| 2.1| 6/4 Energy | 48.1439| 1.2| 41/2 Materials | 18.0378| 0.6| 32/16 Industrials | 17.2226| 0.6| 17/11 Consumer Staples | 2.6460| 0.3| 7/3 Utilities | 2.6094| 0.3| 11/2 Real Estate | 1.2591| 0.3| 14/6 Health Care | 0.1777| 0.3| 3/1 Consumer Discretionary | -9.2229| -1.1| 5/6 Communication Services | -10.2108| -1.6| 2/3 ================================================================ | | |Volume VS || Index | | 20D AVG |YTD ChangeTop Contributors |Points Move| % Change | (%) | (%) ================================================================ Shopify | 41.5000| 3.6| 31.3| -9.2 Bank of Montreal | 10.7400| 1.5| -32.2| -0.1 RBC | 9.8220| 0.6| -5.8| -7.7 Telus | -4.7060| -2.0| 55.5| 11.4 BCE | -4.7330| -2.1| 44.2| 5.2 Restaurant Brands | -4.9700| -2.2| -36.4| 2.3 US By Rita Nazareth and Jan-Patrick Barnert (Bloomberg) — Cooler-than-forecast February inflation pushed stocks higher after two days of heavy losses. A kneejerk rally in bonds quickly reversed and yields rose across the curve amid concerns over an escalating trade war. Equities advanced after a selloff that put the S&P 500 on the verge of a technical correction. The bounce was led by tech mega caps, which got heavily hit during the recent market rout. While the surprise slowdown in consumer prices brought a degree of relief to traders, several voices on Wall Street saw the data as the “calm before the storm” given the uncertainties around the potential impacts of tariffs on the economy. In fact, all the anxiety around President Donald Trump’s trade war continued to influence sentiment, with the US equity benchmark briefly erasing a 1.3% rally before moving higher again. “For the last three weeks, traders have felt like buying this market is like trying to catch a falling knife,” said Mark Hackett at Nationwide. “But extreme oversold conditions and near-universal pessimism suggest a relief rally is likely.” Despite the improvement provided by the latest consumer price index, uncertainty remains in the air as the outlook for inflation remains hazy due to trade policy developments, according to Oscar Munoz and Gennadiy Goldberg at TD Securities. “In this context, the Fed is unlikely to change its policy guidance anytime soon,” they said. “The Committee’s inclination is to wait for the evolution of macro variables and for more clarity from the Trump administration’s trade policies, which remain in flux.” The S&P 500 rose 0.5%. The Nasdaq 100 climbed 1.1%. The Dow Jones Industrial Average lost 0.2%. Tesla Inc. extended a two- day surge to 12% while Nvidia Corp. led chipmakers higher. In late hours, Intel Corp. named industry veteran Lip-Bu Tan as its next chief executive officer. Adobe Inc. gave a tepid revenue outlook. The yield on 10-year Treasuries advanced three basis points to 4.31%. A dollar gauge was little changed. Today’s inflation release is unambiguously positive for risk assets as there is greater confidence that inflation is not re-accelerating like January’s data showed, which gives policymakers a bit of breathing room and should allow the Fed to loosen policy should signs of labor market weakness emerge, according to Jeff Schulze at ClearBridge Investments. “However, the Fed will also need to see that inflation expectations are recovering from their recent rise before cutting rates, as a de-anchoring of inflation expectations is what keeps most central bankers up at night, given the challenge it represents to restoring price stability in the future,” he said. To David Russell at TradeStation, a June Fed cut is still on the table because inflation continues to moderate, especially the key shelter category. “The White House and the Fed are breathing a sigh of relief because tariffs didn’t filter through to consumer prices,” he said. “This is a positive for investors because a huge amount of negativity is priced into stocks. For the first time in several weeks, we might get a break in the streak of frightening news. The other shoe didn’t drop, and that could be good news for Wall Street. Next week’s Fed meeting got a little less worrisome.” Traders are still fully pricing in another quarter-point interest-rate cut in June, with about 70 basis points of easing seen for all of 2025. The two-year yield, reflecting expectations for Fed monetary policy, declined as much as four basis points to a session low 3.90%, then rebounded to as high as 4%. The 10-year yield also whipsawed before rising as high as 4.33%. As we entered 2025, investors’ main economic worry centered around reflation. But as the trade war continues to escalate and as economic policy uncertainty continues to rise, that worry has shifted from inflation to the labor market and the economy as a whole, according to Bret Kenwell at eToro. “In that respect, it will take more than a few reassuring inflation reports to ease investors’ worries,” he said. “Moving forward, the Fed will soon take center stage, but not just for its latest view on inflation. Investors will want to hear the committee’s stance on the economy and the labor market, while they’ll also be on the lookout for the Fed’s quarterly update to its economic projections.” Key events this week: * Eurozone industrial production, Thursday * US PPI, initial jobless claims, Thursday * US University of Michigan consumer sentiment, Friday Some of the main moves in markets***: Stocks * The S&P 500 rose 0.5% as of 4 p.m. New York time * The Nasdaq 100 rose 1.1% * The Dow Jones Industrial Average fell 0.2% * The MSCI World Index rose 0.5% * Bloomberg Magnificent 7 Total Return Index rose 2.3% * The Russell 2000 Index rose 0.1% Currencies * The Bloomberg Dollar Spot Index was little changed * The euro fell 0.3% to $1.0890 * The British pound rose 0.1% to $1.2968 * The Japanese yen fell 0.4% to 148.35 per dollar Cryptocurrencies * Bitcoin rose 0.1% to $82,909.17 * Ether fell 3% to $1,878.14 Bonds * The yield on 10-year Treasuries advanced three basis points to 4.31% * Germany’s 10-year yield declined two basis points to 2.88% * Britain’s 10-year yield advanced five basis points to 4.72% Commodities * West Texas Intermediate crude rose 2.2% to $67.68 a barrel * Spot gold rose 0.5% to $2,931.36 an ounce –With assistance from Isabelle Lee, Sujata Rao, John Viljoen and Winnie Hsu. Have a lovely evening! Be magnificent! As ever, Carolann Our greatest foes, and whom we must chiefly combat, are within. –Miguel de Cervantes, 1547-1616. Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM Senior Investment Advisor Queensbury Securities Inc., St. Andrew’s Square, Suite 340A, 730 View St., Victoria, B.C. V8W 3Y7 Tel: 778.430.5808 (C): 250.881.0801 (Text Only) Toll Free: 1.877.430.5895 Fax: 778.430.5828 www.carolannsteinhoff.com

Dear Friends,

Tangents:
March 11, 1702: The Daily Courant, recognized as the first regular daily newspaper in England, is published in London, marking a significant development in journalism.
March 11, 1918 Start of the  Flu Pandemic.
March 11, 1941: President Franklin D. Roosevelt signed into law the Lend-Lease Bill, providing war supplies to countries fighting the Axis.  Go to article.
 
‘Find of a lifetime’: 15th-century gold and silver coins discovered by amateur metal detectorists in Scotland
A collection of over 30 gold and silver English and Scottish coins from throughout the 1400s were discovered near the Scotland border by hobbyist metal detectorists. Read More.

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

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

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

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

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

Market Commentary:
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.5%, or 132.51 to 24,248.20 in Toronto. The index dropped to the lowest closing level since Oct. 31.
Today, financials stocks led the market lower, as 9 of 11 sectors lost; 114 of 220 shares fell, while 105 rose.
Royal Bank of Canada contributed the most to the index decline, decreasing 2.5%. Tilray Brands Inc. had the largest drop, falling 7.4%..
Insights
* This quarter, the index fell 1.9%, heading for the biggest decline since the third quarter of 2023
* The index advanced 11% in the past 52 weeks. The MSCI AC Americas Index gained 8.3% in the same period
* The S&P/TSX Composite is 6.3% below its 52-week high on Jan. 30, 2025 and 13% above its low on June 17, 2024
* The S&P/TSX Composite is down 1.3% in the past 5 days and fell 5.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.3 on a trailing basis and 14.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.93t
* 30-day price volatility fell to 14.56% compared with 14.65% in the previous session and the average of 11.95% over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -109.4578| -1.4| 3/22
Industrials | -54.3789| -1.8| 5/23
Consumer Staples | -26.0692| -2.7| 0/10
Communication Services| -14.2267| -2.2| 3/2
Consumer Discretionary| -13.9522| -1.7| 1/10
Information Technology| -5.7173| -0.2| 4/6
Utilities | -2.5031| -0.3| 6/8
Health Care | -0.9569| -1.4| 0/4
Real Estate | -0.6765| -0.1| 7/13
Energy | 11.5469| 0.3| 34/9
Materials | 83.8596| 2.7| 42/7
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | -41.1700| -2.5| 23.2| -8.3
TD Bank | -20.5900| -2.0| 28.4| 8.7
Bank of Montreal | -19.0800| -2.6| 37.5| -1.6
Kinross Gold | 7.2390| 5.5| 45.3| 20.5
Canadian Natural Resources | 7.2500| 1.2| 25.6| -6.7
Agnico Eagle Mines Ltd | 16.8100| 3.4| 41.2| 28.9
US
By Rita Nazareth
(Bloomberg) — A renewed bout of volatility gripped Wall Street, with stocks closing at the lowest level since September amid concerns about the impacts of a trade war on the economy.
Just minutes after erasing a 1.5% slide on hopes for a Ukraine-Russia truce, the S&P 500 resumed its slide. While a rebound in mega caps like Tesla Inc. and Nvidia Corp. drove the market away from session lows, the vast majority of shares in the US equity benchmark retreated. The measure briefly breached the threshold of a technical correction, while closing 9.3% below its all-time high.
“Even if the majority of this drawdown is potentially behind us, volatility may not be, and there’s a good chance the market could chop sideways for a while,” said Daniel Skelly, head of Morgan Stanley’s Wealth Management Market Research & Strategy Team.
President Donald Trump said he was reevaluating plans to double steel and aluminum tariffs on Canada to 50% after Ontario announced it would suspend a 25% surcharge on electricity sent to the US. A widening trade war between the US and Canada has
rocked markets and hung a cloud of uncertainty across major North American industries.
The S&P 500 fell 0.8%. The Nasdaq 100 slid 0.3%. The Dow Jones Industrial Average sank 1.1%.
The yield on 10-year Treasuries advanced six basis points to 4.28%. The Bloomberg Dollar Spot Index fell 0.4%.

Key events this week:

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

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

Have a lovely evening.

Be magnificent!

As ever,

Carolann

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

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

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

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