Category: Newsletters

Dear Friends,

Tangents:
August 5, 1914: The world’s first electric traffic light is installed in Cleveland, Ohio, based on James Hoge’s design patented later in 1918.
August 5, 1963: The United States, Britain and the Soviet Union signed a treaty in Moscow banning nuclear tests in the atmosphere, outer space and underwater. Go to article.

The mystery of Keanu Reeves’ missing watches
Six luxury timepieces were stolen from the “John Wick” actor in 2023. They’ve just been found — in Chile.

📸 Behind the scenes: Legendary music photographer Jim Marshall started taking pictures of the Grateful Dead in 1966. The resulting images are intimate and honest, reflecting the trust he built over the years. Take a look.

Michael J. Fox to appear on ‘Shrinking’
Harrison Ford, whose character on the Apple TV+ show also has Parkinson’s disease, described Fox’s presence on the set as “essential.”

4,000: That’s the age of a handprint that researchers discovered on a clay model used for offerings in an Ancient Egyptian tomb. 

Dormant volcano erupts in Russia for first time in around 500 years, days after magnitude 8.8 megaquake
Krasheninnikov volcano has erupted on Russia’s Kamchatka Peninsula. This is the second volcano to erupt in the region following the magnitude 8.8 megaquake on July 30. Read More.

Cosmic rays could help support alien life on worlds outside the ‘Goldilocks zone’
A new study suggests that cosmic radiation could potentially provide the energy to kick-start extraterrestrial life deep beneath the surface of icy worlds like Mars, Europa and Enceladus.  Read More.

Watch a pod of orcas pretending to drown one of their own in macabre training session
Footage from the BBC’s new nature series “Parenthood” shows orcas practicing an important blue whale-hunting technique on each other. Read More.

No-sugar sweetener erythritol may pose risk to cells in the brain, study finds — here’s what to know
A popular zero-calorie sweetener could injure cells in the brain’s blood vessels, a lab study finds. Here’s what we know so far. Read More.

PHOTOS OF THE DAY

Frankfurt, Germany
A Mercedes Unimog van sits beneath overgrown vegetation on a parking spot in Bad Vilbel
Photograph: Michael Probst/AP

Staritsa, Russia
A circus performer prepares for Karandash-Fest, a street festival in western Russia
Photograph: Pavel Bednyakov/AP

Whitby, UK
Miniature steam engines at a traction engine rally on the North Yorkshire coast
Photograph: Ian Forsyth/Getty Images
Market Closes for Aug 5^th, 2025

Market Index	Close	Change
Dow Jones	44111.74	-61.90
		-0.14%
S&P 500	6299.19	-30.75
		-0.49%
NASDAQ	20916.55	-137.03
		-0.65%
TSX	27570.08	+549.65
		+2.03%

International Markets

Market Index	Close	Change
NIKKEI	40549.54	+258.84
		+0.64%
HANG SENG	24902.53	+169.08
		+0.68%
SENSEX	80710.25	-308.47
		-0.38%
FTSE 100*	9142.73	+14.43
		+0.16%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.380	N/A
CND. 30 Year Bond	3.708	N/A
U.S. 10 Year Bond	4.2100	4.2159
U.S. 30 Year Bond	4.7802	4.8221

Currencies

BOC Close	Today	Previous
Canadian $	0.7260	0.7253
US $	1.3774	1.3787

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5946	0.6271
US $	1.1576	0.8638

Commodities

Gold	Close	Previous
London Gold Fix	3380.05	3298.85
Oil
WTI Crude Future	65.16	67.33

Market Commentary:
The goal is to turn data into information, and information, and information into insight. -Carleton S. Fiorina, “Carly”, b. 1954.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 2% at 27,570.08 in Toronto.
The move was the biggest since rising 2.5% on April 11 and follows the previous session’s decrease of 0.9%.
Today, materials stocks led the market higher, as all sectors gained; 179 of 212 shares rose, while 32 fell.
Shopify Inc. contributed the most to the index gain, increasing 7.1%.
Kinross Gold Corp. had the largest increase, rising 12.0%.

Insights
* In the past year, the index had a similar or greater gain two times. The next day, it declined 3% once and advanced 1.2% once
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 22% in the same period
* The S&P/TSX Composite is 0% below its 52-week high on July 30, 2025 and 27.3% above its low on Aug. 6, 2024
* The S&P/TSX Composite is up 0.6% in the past 5 days and rose 2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.6 on a trailing basis and 17.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.37t
* 30-day price volatility rose to 9.38% compared with 7.40% in the previous session and the average of 6.34% over the past month

Index Points
Materials | 203.8890| 5.6| 47/1
Information Technology | 118.3242| 4.4| 10/0
Financials | 103.5224| 1.2| 24/1
Energy | 43.9660| 1.0| 26/14
Industrials | 41.8620| 1.2| 22/7
Consumer Staples | 14.0553| 1.4| 9/1
Consumer Discretionary | 11.6011| 1.3| 9/0
Real Estate | 5.5387| 1.1| 17/1
Utilities | 3.5303| 0.3| 9/5
Health Care | 1.6813| 2.7| 3/0
Communication Services | 1.6739| 0.3| 3/2
Shopify | 98.2100| 7.1| 13.8| 14.5
Agnico Eagle Mines Ltd | 44.6200| 7.3| 78.2| 64.9
RBC | 25.5200| 1.5| -11.9| 3.9
TerraVest Capital | -1.1340| -6.5| 275.2| 39.7
Keyera | -1.2980| -1.9| 40.7| -2.5
Thomson Reuters | -2.2870| -0.9| -3.3| 19.2
(MT Newswires):
Canadian investors on Tuesday returned refreshed after a holiday long weekend by pushing the Toronto Stock Exchange up to a fresh record close, buoyed by data showing most Canadian exports to the United States remained duty free in June, even as National Bank warned the full impact of this year’s trade war is still to be seen.
Despite mixed commodity prices, the resources heavy S&P/TSX Composite Index ended the day up 549.65 points, or 2%, to 27,570.88, ending a three-day losing streak late last week that came after the index closed at a prior record 27,539.88 on July 29.
Most sectors were higher, led by Info Tech up 3% and then Health Care and Base Metals, both up 2.7%.
The Battery Metals Index was down near 0.7%.
As with most days of late, trade related comments and data were the main focus for investors.
Prime Minister Mark Carney had been keeping a pretty low profile since Aug. 1 when the Trump administration implemented a 35% tariff on Canadian goods entering the United States not already covered under the existing North American free trade agreement.
But Carney was shown on Canada’s CBC News on Tuesday afternoon taking questions in British Columbia on the federal government’s response to wildfires in that province and elsewhere, after detailing support for the Canadian softwood lumber industry.
During a press conference the Prime Minister said he has not spoken to U.S. President Trump in recent days, before adding they would speak when it makes sense to do so.
Carney was also asked would Canada impose retaliatory measures beyond those already in place and he noted 85% of trade with the U.S. right now is still tariff free.
The Prime Minister also announced federal government support for the Canadian softwood lumber industry with $700 million in loan guarantees and $500 million to help it diversify markets after the United States last month raised anti-dumping duties on imports of Canadian softwood.
In related data news, RBC noted Canada’s trade deficit widened to $5.9 billion in June from a $5.5 billion shortfall in May, but reportedly entirely due to a large “one-time high value” equipment imports from the United States to Newfoundland’s offshore oil production sector.
RBC said excluding a $2.1 billion jump in the equipment import component that contained those products, imports of goods would have declined by another 1.8% in June, and the trade deficit would have narrowed to $3.8 billion overall.
According to RBC, that large equipment purchase should not impact overall GDP estimates, saying the import increase will mechanically subtract from GDP, but should be offset by higher business equipment spending.
For RBC, the bottom line is that a “plunge” in Q2 Canadian export volumes is on track to substantially subtract from Canadian GDP in Q2 following a pre-tariff surge in Q1 when U.S. importers rushed to front-run tariffs.
But, the bank said, there was further “encouraging” evidence in June that an exemption for trade compliant with the USMCA/CUSMA free trade agreement is backstopping duty free access to the U.S. market for most Canadian exports.
RBC noted sector specific tariffs on U.S. imports from Canada of products like steel and aluminum and the non-U.S. content of finished motor vehicles are raising costs significantly for U.S. buyers, but the U.S.
Census Bureau reported 92% of Canadian exports to the U.S. crossed the border duty free in June, up slightly from 91% in May and 89% in April.
The bank also noted the average effective U.S. tariff rate on imports from Canada remained one of the lowest among U.S. trading partners at 2.4%, well-below the 8.9% average U.S. rate on all imports in June.
That effective tariff rate on imports from Canada will rise with an increase in the rate on products not compliant with the existing trade agreement between the two countries to 35% in August, up from 25% in June, but that increase applies to a relatively small share, RBC estimates near 6%, of exports to the United States that are not compliant.
“We,” RBC said, “continue to expect that current rules, if maintained as currently in place, would leave Canada with the lowest tariff rate of any major U.S. trade partner — putting Canadian exporters in a stronger relative position to compete for U.S. import market share than other countries.
The concern remains, though, that U.S. tariff hikes have been so large, and uncertainty so high surrounding their announcements, that U.S. economic growth will slow with negative implications for close U.S. trade partners like Canada.”
It added: “The total U.S. effective tariff rate on imports from all countries continued to rise in June, hitting its highest level since the 1940s, and there is early evidence that U.S. labour markets are softening as a result, particularly in the U.S. industrial sector where ties with the Canadian economy are extremely close.”
Meanwhile, Ethan Currie at National Bank, in noting the U.S. merchandise deficit continued to shrink in June, primarily the result of falling imports due to both earlier front-loading and higher costs in the form of tariffs.
With adjusted ‘reciprocal’ levies set to take hold starting Thursday, it’s no wonder two-way trade with the tariff capital of the world is dipping, he added.
Currie said while U.S.-assigned tariff rates have come down from their threatened April levels, they are still “massively inflated” relative to last year.
Indeed, he noted, the average effective tariff rate (AETR) resides at levels not seen since WWII.
“While we await ‘hard’ data via customs revenues and trade balances to settle on the 2025 figure, we estimate that the U.S. AETR is above 15% according to current policy.
This number remains fluid as trade behaviour adjusts and presumably, countries with more favourable tariffs may see relatively more U.S. business,” Currie added.
Outside of reciprocal levies, and court rulings which could challenge the imposition of such under the International Emergency Economic Powers Act (IEEPA), sectoral tariffs remain very much in focus.
Fentanyl-related levies in Canada, Mexico, and China make trade deals for these partners a “unique case”, Currie noted.
“Thanks to the USMCA,” Currie said, “Canada’s exposure remains better than most, and the ‘headline’ 35% is not representative of the overall tariffs being paid.”
“Still,” he added, “we see punitive broad-based tariffs, if sustained, and associated uncertainty/volatility weighing on long-run domestic and global growth.
Clearly, this administration is more protectionist than Trump’s first time in office, which is clear when comparing customs duties. It’s also consistent with a stickier term premium.
However, it might not be so obvious when aligning equity and Greenback performance.
The full impact of this year’s trade war is still to be seen, in our view.”
Of commodities, gold prices rose on Tuesday as the dollar gave up early gains after the United States reported its trade deficit fell to a near two-year low in June as imports slowed.
Gold for December delivery was last seen up $7.50 to US$3,433.30 per ounce.
But West Texas Intermediate oil closed lower for a fourth day as traders focus on rising supply and weaker demand as growth slows.
WTI crude oil for September delivery closed down $1.13 to settle at US$65.16 per barrel, while October Brent oil was last seen down $1.06 to US$67.70.
US
By Rita Nazareth
(Bloomberg) — Stocks wiped out gains after data showed weakening US services amid sticky price pressures, raising concern about the Federal Reserve’s policy challenges.
Short-dated Treasuries underperformed.
Oil sank as Russia was said to mull an air-truce with Ukraine.
Following a rally that put S&P 500 on the brink of all-time highs, the equity benchmark lost steam.
A closely watched gauge of chipmakers slid more than 1%.
In late hours, Advanced Micro Devices Inc. gave a bullish revenue outlook.
A soft $58 billion sale of three-year notes kicked off a trio of US auctions this week.
The yield on 10-year Treasuries was little changed at 4.20%, while those on two-year notes rose four basis points to 3.72%“We expect further choppy trading to persist in the later stages of summer, especially as the path of interest-rate policy remains unknown and highly sensitive to incoming economic data,” said Chris Senyek at Wolfe Research.
The US services sector stagnated as firms — faced with tepid demand and rising costs — reduced headcount.
Data out last week showed weaker-than-expected jobs data while inflation-adjusted consumer spending barely rose.
“It is difficult to see how price pressures will stick if employment is cooling,” said Neil Dutta at Renaissance Macro Research.
“Demand is not going to be strong enough for households to absorb the price increase. This is why an insurance cut makes sense.”
President Donald Trump told CNBC that Treasury Secretary Scott Bessent said he did not want to be nominated to replace Jerome Powell as the next Fed chair.
Trump also said that US tariffs on semiconductor and pharmaceutical imports would be announced “within the next week or so.”
The Institute for Supply Management’s index of services declined last month to 50.1, below all estimates in a Bloomberg survey of economists.
The employment index contracted. The group’s measure of prices paid for materials and services climbed to the highest since October 2022.
To Ian Lyngen at BMO Capital Markets, the inflation component was more troubling.
Nonetheless, the payrolls report has still paved the way for a September rate cut, he noted.
“The ISM services survey highlights the challenges for the Fed in the coming months, with the activity and employment indicators weakening even as the prices paid index rose to a new cyclical high,” said Alexandra Brown at Capital Economics.
The latest labor data is weak enough for the Fed to justify cutting interest rates, said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
Her firm’s base case remains that the US central bank will resume rate cuts at the September meeting, with a total of 100 basis points of easing by early 2026.
​​​​​​​
‘Sticky Inflation Signs’
“Traders are continuing to speculate on the time of the Fed’s next rate cuts with sticky inflation signs weighed against weakening economic indicators,” said Fawad Razaqzada at City Index and Forex.com.
He also noted the S&P 500 outlook could start to deteriorate in the near-term amid warnings over sky-high valuations against a backdrop of weakening economy.
“Should worries about overstretched valuations start to weigh on a few high-flying tech names, most of which have been supported by their latest earnings results, then the major indices could start to show bearish signs,” he said.
Fast-money investors will likely reach full exposure to US equities by September, which could prompt them to sell stocks as they become vulnerable to downside market shocks, according to Scott Rubner of Citadel Securities.
At Jefferies, Andrew Greenebaum says the Fed could be poised to trigger a stock-market regime change that sees smaller companies perform better than mega-cap tech.
Data going back to 1990 show that the S&P 500 Equal Weighted Index outperformed the traditional market-cap weighted version of the benchmark when the Fed is reducing rates.
Meantime, HSBC strategists boosted their year-end target for the S&P 500 to 6,400 points from 5,600, citing robust corporate earnings and easing policy uncertainty.
“The AI trade is powering the tech/AI cohort higher, while reduced policy uncertainty (namely tariffs) is fueling the ‘rest’ of the market,” the team led by Nicole Inui wrote.
“We have more confidence in the sustainability of the AI trade than further easing on policy uncertainty.”

Corporate Highlights:
* Two Chinese nationals were arrested this week on charges they sent tens of millions of dollars’ worth of advanced AI chips made by Nvidia Corp. to China in violation of US export restrictions, according to authorities.
* Tesla Inc. continues to post steep sales declines in Europe, where the Elon Musk-led automaker is ceding significant share to China’s BYD Co.
* Amazon.com Inc. plans to make OpenAI’s new open artificial intelligence models available to customers, the first time the cloud computing giant has offered products from the leading AI startup.
* President Donald Trump accused two of the nation’s largest banks of rejecting his business, as his administration was preparing an executive order threatening financial institutions who refused to work with certain customers on ideological grounds.
** Trump told CNBC he had been “informed by my people” that JPMorgan Chase & Co. had asked him to close accounts he held for decades within 20 days, and that Bank of America Corp. declined his attempt to deposit more than $1 billion with their company.
* Rivian Automotive Inc. forecast a larger adjusted loss this year than the electric vehicle maker expected previously, citing recent changes to stringent fuel economy rules in the US that threaten a key source of revenue.
* Amgen Inc. boosted its 2025 guidance after quarterly results beat Wall Street’s estimates on the back of strong sales from older medicines such as the cholesterol-lowering drug Repatha.
* The Trump’s administration proposed a rule to allow more commercial drones to fly beyond an operator’s visual line of sight, a potential boon for companies such as Alphabet Inc.’s Wing unit and Walmart Inc. pushing to deliver packages by autonomous aircraft.
* Caterpillar Inc. has given investors annual guidance for the first time on how much tariffs will impact the maker of iconic yellow diggers and bulldozers this year, as the Trump administration’s trade war deepens.
* Pfizer Inc. raised its profit forecast for the year, with the drugmaker’s ongoing cost cuts helping to make up for a lack of expected sales growth.
* Marriott International Inc. reported second-quarter earnings that beat expectations as the company’s global footprint made up for softening US demand.
* Vertex Pharmaceuticals Inc.’s experimental pain drug failed to provide post-surgery benefits and US regulators said they didn’t see a path forward for broad use of its pill in treating a chronic pain condition.
* Taiwan prosecutors arrested six people suspected of stealing trade secrets from Taiwan Semiconductor Manufacturing Co., opening an investigation into a potential breach of national security involving a global tech industry linchpin.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.7%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World Index fell 0.2%
* Bloomberg Magnificent 7 Total Return Index fell 0.6%
* Philadelphia Stock Exchange Semiconductor Index fell 1.1%
* The Russell 2000 Index rose 0.6%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1573
* The British pound was little changed at $1.3296
* The Japanese yen fell 0.4% to 147.61 per dollar
Cryptocurrencies
* Bitcoin fell 1% to $113,642.14
* Ether fell 3.5% to $3,571.97
Bonds
* The yield on 10-year Treasuries was little changed at 4.20%
* Germany’s 10-year yield was little changed at 2.62%
* Britain’s 10-year yield was little changed at 4.52%
* The yield on 2-year Treasuries advanced four basis points to 3.72%
* The yield on 30-year Treasuries declined two basis points to 4.77%
Commodities
* West Texas Intermediate crude fell 1.7% to $65.14 a barrel
* Spot gold rose 0.2% to $3,379.14 an ounce
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Looking behind I am filled with gratitude; looking forward I am filled with vision.
looking upwards I am filled with strength; looking within I discover peace.
                            Quero Apache prayer

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.
Llamas: first harvest, Wicca.
August 1, 1834: Slavery is abolished across the British Empire as the Slavery Abolition Act 1833 comes into  force, freeing over 800,000 enslaved people.
August 1, 1789: US Customs established.
August 1, 1981: The music video channel MTV made its debut. Go to article.
August 1, 1990: World Wide Web established.

Herman Melville, writer, b. 1819.
Yves St. Laurent, designer, b. 1936.
Jerry Garcia, guitarist/vocalist, b. 1942.

Archaeologists discover 1,800-year-old Roman watchtower built to protect the empire during Marcus Aurelius’ reign
Archaeologists are excavating a Roman-era watchtower in Croatia that was “built in a strategic location” on the banks of the Danube River. Read More.

2,300-year-old arm tats on mummified woman reveal new insights about tattooing technique in ancient Siberia
A new analysis used near-infrared photography to shed light on the methods and tools for creating tattoos in the Early Iron Age Pazyryk culture. Read More.

Tomatoes randomly mated with another plant 9 million years ago. The result? Potatoes.
Researchers say they have finally uncovered the mysterious origins of one of our favorite carbs: the humble potato. Read More.

Lightning on Earth is sparked by a powerful chain reaction from outer space, simulations show
A new model may have finally solved where storm clouds get their missing energy. Read More.

Archaeologists race against time to explore shipwreck
Various threats could cause the remains of the English warship Northumberland to become unstable.

Ted Danson, Mary Steenburgen to receive special award at Emmys
The Hollywood couple will be honored for something other than their top-notch acting talents.

Want a perfect picture of the Dolomites for Instagram?
Prepare to pay for the right to take the shot.

IHOP pines for TikTok’s attention
The restaurant has created its most expensive stack of pancakes to woo fans who enjoy eating luxurious chocolate — and being on trend.

‘Houston, we have a problem.’ 
Thirty years after its original release, the blockbuster film “Apollo 13” is returning to movie theaters in a big way.

PHOTOS OF THE DAY
Cyclists speed around cows down the Cormet de Roseland pass during the 19th stage of the Tour de France which started in Albertville and finished in La Plagne.
Photograph: Mosa’ab Elshamy/AP
Tembisa, South Africa
Young ballet students Philasande Ngcobo and Yamihle Gwababa pose for a photograph outside the Mballet dance academy in Tembisa. The academy was created not just to teach ballet but to open doors in a community where resources are few and dreams often feel out of reach.
Photograph: Phill Magakoe/AFP/Getty Images

A butterfly rests on a bramble leaf in Dunsden, Oxfordshire, UK. Some spotters have seen an increase in butterflies this year
Photograph: Geoffrey Swaine/Shutterstock
Market Closes for Aug 1^st, 2025

Market Index	Close	Change
Dow Jones	43588.58	-542.40
		-1.23%
S&P 500	6238.01	-101.38
		-1.60%
NASDAQ	20650.13	-472.32
		-2.24%
TSX	27020.43	-239.35
		-0.88%

International Markets

Market Index	Close	Change
NIKKEI	40799.60	-270.22
		-0.66%
HANG SENG	24507.81	-265.52
		-1.07%
SENSEX	80599.91	-585.67
		-0.72%
FTSE 100*	9068.58	-64.23
		-0.70%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.382	3.458
CND. 30 Year Bond	3.706	3.759
U.S. 10 Year Bond	4.2159	4.3740
U.S. 30 Year Bond	4.8221	4.9000

Currencies

BOC Close	Today	Previous
Canadian $	0.7253	0.7217
US $	1.3787	1.3856

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5980	0.6257
US $	1.1590	0.8628

Commodities

Gold	Close	Previous
London Gold Fix	3298.85	3304.30
Oil
WTI Crude Future	67.33	69.26

Market Commentary:
I am wrong nine out of ten times but it is what I do in consequence of being right that has made my fortune. -George Soros, b. 1930.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.9%, or 239.35 to 27,020.43 in Toronto.
The move was the biggest since falling 3% on April 10.
Shopify Inc. contributed the most to the index decline, decreasing 3.4%.
Brookfield Renewable Partners LP had the largest drop, falling 6.7%.
Today, 145 of 212 shares fell, while 64 rose; all sectors were lower, led by financials stocks.

Insights
* So far this week, the index fell 1.7%, heading for the biggest decline since the week ended April 4
* The index advanced 19% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 2% below its 52-week high on July 30, 2025 and 24.8% above its low on Aug. 6, 2024
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 17.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.41t
* 30-day price volatility rose to 7.40% compared with 6.80% in the previous session and the average of 6.17% over the past month

Index Points
Financials | -83.8840| -0.9| 5/20
Information Technology | -72.4121| -2.6| 0/10
Energy | -34.8121| -0.8| 6/34
Industrials | -23.0177| -0.7| 6/22
Consumer Staples | -14.2224| -1.4| 1/9
Communication Services | -6.2862| -1.0| 3/2
Real Estate | -2.0290| -0.4| 5/12
Utilities | -1.4099| -0.1| 7/7
Health Care | -0.6208| -1.0| 1/2
Consumer Discretionary | -0.4375| 0.0| 4/5
Materials | -0.2312| 0.0| 26/22
Shopify | -48.8900| -3.4| 39.0| 7.0
Brookfield Corp | -27.0800| -2.9| 43.9| 9.1
Canadian Natural Resources | -16.7000| -2.6| -52.0| -3.7
TC Energy | 4.3620| 0.9| -67.7| -0.3
MDA Space | 5.4440| 18.4| 158.0| 55.5
Enbridge | 14.9400| 1.6| 15.8| 4.5
(MT Newswires):
The Toronto Stock Exchange on Friday saw its losses for the last three sessions since Tuesday’s record close rise to near 500 points, as an “arbitrary” deadline for a trade agreement between Canada and the United States passed, leading to President Donald Trump applying a 35% tariff to many Canadian goods.
The S&P/TSX Composite index closed 239.35 points to 27,020.43, down from the Tuesday record close of 27,539.88.
Most sectors were in the red, led by Info Tech down near 2.3%.
The Battery Metals Index was one of the few gainers, up 0.3%.
On sectors, Rosenberg Research published a note titled ‘Our Big Picture Investment Themes’ which it said, “a screen of global equity markets points to increasing ex. U.S. exposure”.
It remains Underweight on the Energy sector but sees Canadian Utilities as “an attractive single-sector diversification strategy”.
Rosenberg Research said precious metals are “the pick” of the commodity space, noting gold “has tailwinds which should sustain the rally” and gold mining stocks “have a bright future”.
The research added precious metals like platinum, palladium, and rhodium “each face a complex supply picture, so we suggest different time horizons”, while silver is “set to post solid gains when it mean-reverts towards its typical relationship with gold”. According to Rosenberg Research, other gold-exposed financial assets are also “poised for a run”, while supply-demand imbalances in non-precious metals make it “bullish” on uranium, copper, graphite, lithium, and aluminum.
On trade, Canada has refused to roll over and accept whatever deal the Trump Administration was willing to offer it on trade ahead of a penciled in deadline of today.
CBC News on Friday afternoon carried an interview with Dominic LeBlanc, the Minister Responsible for Canada-U.S.
Trade, during which he said the Canadian federal government is “not going to accept any deal because of an arbitrary timeline” the Americans set.
He added his government continues to look for the best deal for Canada: “If yesterday afternoon that deal wasn’t clearly on the table, then we will continue to talk with the Americans.”
LeBlanc noted he has agreed to talk again with Howard Lutnick, the U.S. Secretary of Commerce, over a phone next week.
The Canadian Press is reporting business groups are anxiously watching trade negotiations and don’t want the country to rush into a deal, but say the uncertainty is weighing on their members.
The report noted groups representing Canada’s small businesses, steel producers and more spent Friday hammering a unified message: “no deal is better than a bad deal”.
“A little more time now can deliver lasting benefits for an integrated North American economy – and that’s well worth the wait,” said Candace Laing, chief executive of the Canadian Chamber of Commerce, in a statement.
In a bigger picture, but somewhat related note, Derek Holt, Head of Capital Markets Economics at Scotiabank, published ‘Good Things May Come from Bad Payrolls’ in which he noted the U.S. job market is “suddenly weaker than previously thought” after today’s nonfarm payrolls.
Holt in the summary noted negative revisions for May and June were the biggest since the pandemic first struck.
“Trump administration policies are likely at fault,” he said, before adding later in his note: “So what really caused the revisions to seasonally unadjusted payrolls in May and June? That’s unclear.
But it’s possible that amid the turmoil that has employers scrambling to deal with the effects of rapid change to trade, immigration, fiscal and other policies, that data quality is being further impaired by low response rates.”
Holt noted markets assumed the Fed will rapidly shift toward easing interest rates on the back of numbers like these, that showed a negative revision to job growth in May and June that totaled 258,000 positions. But he said “the bigger policy pivot may have to be made by the Trump administration”.
Perhaps, Holt said, some good may come of it. “To date,” he added, “markets and fundamentals have not shown enough of an impact of soaring policy uncertainty.
That may be changing.
If so, then along with the ongoing court challenge against Trump’s tariffs, this may be the best hope to restore some sense of reason within the US administration in terms of the toxic effects of its trade policies on the world and US economies.
All along, the best hope for pushing back against US tariffs as they went globally has been to exact a toll on the US itself.”
Holt’s comments came before President Trump directed his team to “immediately” fire Dr.
Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, whom he accused of manipulating the monthly jobs reports for “political purposes”.
Of commodities today, gold was sharply higher late afternoon on Friday as the dollar and yields plunged after the U.S. reported new hiring rose less than expected in July, while estimates for job growth in May and June were cut by a quarter-million positions as the country’s economy slows under President’s Donald Trump’s economic policies.
Gold for December delivery was last seen up $62.20 to US$3,410.80 per ounce.
But West Texas Intermediate crude oil closed lower as investors shed risk assets after fresh U.S. tariffs and a weak U.S. jobs report raised worries over slowing global growth.
WTI crude oil closed down $1.93 to settle at US$67.33 per barrel, while October Brent oil was down $2.05 to US$69.65.
US
By Rita Nazareth
(Bloomberg) — Wall Street saw a broad flight from risk assets, with stocks sinking amid mounting signs of job-market weakness, President Donald Trump’s latest volley of tariffs and geopolitical worries.
Short-term Treasury yields plunged the most since 2023 on bets the Federal Reserve will cut rates.
The S&P 500 sank 1.6%, the most since May.
An uninspiring outlook from Amazon.com Inc. spurred a rout in mega caps.
A closely watched volatility gauge – the VIX – topped 20.
Two-year yields tumbled 28 basis points to 3.68%.
The dollar snapped a six-day advance.
Gold climbed as Trump said the US is moving two nuclear submarines to respond to “provocative” statements from former Russian President Dmitry Medvedev.
Job growth cooled sharply, and the unemployment rate rose, with payrolls increasing 73,000 in July after the prior two months were revised down by nearly 260,000.
In the last three months, employment growth has averaged a paltry 35,000.
Money markets fully priced in two rate cuts in 2025, with a 90% chance of a reduction in September.
“What had looked like a Teflon labor market showed some scratches this morning,” said Ellen Zentner at Morgan Stanley Wealth Management.
“A Fed that still appeared hesitant to lower rates may see a clearer path to a September cut, especially if data over the next month confirms the trend.”
The pullback in stocks marked a sharp reversal for markets that had raced to record highs on the back of resilient economic growth, signs of cooling inflation, and a frenzy for AI-linked shares.
With valuations elevated, traders are now confronting a harsher backdrop amid renewed debate over how quickly the Fed might be forced to cut rates.
“The debate now is whether the White House was right, and the Fed was too late,” said Scott Helfstein at Global X.
“The Fed was probably right to wait, but job growth and the economy is slowing from a blistering rate.”
Trump told officials to fire Erika McEntarfer, the commissioner of the Bureau of Labor Statistics, hours after a report showed US job growth cooled sharply.
“The US public statistics represent the gold standard,” said Neil Dutta at Renaissance Macro Research.
“Calling them into question because they tell you something you don’t like undercuts market confidence.”
Cleveland Fed President Beth Hammack, speaking on Bloomberg Television after the numbers came out, said the labor market still looked healthy — though it was a “disappointing report to be sure.”
Ahead of the data, Fed Governors Christopher Waller and Michelle Bowman issued statements explaining why they dissented Wednesday from the decision to hold rates steady, expressing concerns that hesitance to cut rates could risk unnecessary damage to the labor market.
Trump said Fed Chair Jerome Powell should be put “out to pasture” and called on the central bank’s board to “assume control” if rates were not lowered.
Fed Governor Adriana Kugler will step down from her position on the central bank’s board, handing Trump a sooner- than-anticipated opportunity to install a new policymaker who aligns with his vision for rates.
To Alexandra Wilson-Elizondo at Goldman Sachs Asset Management, the jobs miss directly challenges the Fed’s hawkish posture from this week’s meeting.
“Just two days after the conclusion of this month’s Fed meeting, suddenly the dual mandate is back on the table,” said Chris Zaccarelli at Northlight Asset Management.
“The Fed will again need to balance a slowing job market with inflation which isn’t slowing fast enough.”
Today’s report provides the evidence the Fed needs to make a September rate adjustment, so the only question is how large that will be, according to Rick Rieder at BlackRock.
“September is a lock for a rate cut — and it might even be a 50-basis point move to make up the lost time,” said Jamie Cox at Harris Financial Group.
At eToro, Bret Kenwell says the most-obvious question is: How would the Fed handle a slowdown in the labor market alongside a rise in inflation?
“While neither is at an extreme right now, inflation is moving higher and the labor market is losing steam,” he said.
“When push comes to shove, the Fed would likely step in by easing financial conditions if the labor market truly begins to deteriorate, but it may not be as fast or as accommodating if inflation remains stubbornly high.”
To Marvin Loh at State Street Global Markets, the latest jobs data signal what a tough balancing act the Fed has given that wages are still growing at a decent clip and tariffs are still a major uncertainty.
Four months after Trump shocked the world by unveiling a placard full of tariff rates, his revisions Thursday left investors scrambling to grasp the full impacts of those levies.
At an average of 15%, the world is still facing some of the steepest US tariffs since the 1930s, roughly six times higher than they were a year ago.
“Our base case remains that the US effective tariff rate should settle at around 15% by the end of the year, and the economic impact is likely to prove manageable,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
“Still, tariffs are a headwind for global trade and growth, and they have started to contribute to a rise in inflation.”
With markets already pricing in much of the good news on the trade front, she expects stock volatility to pick up in the near term.

Corporate Highlights:
* Amazon.com Inc. projected weaker-than-expected operating income and trailing the sales growth of its cloud rivals, leaving investors searching for signs that the company’s huge investments in artificial intelligence are paying off.
* Apple Inc. reported its fastest quarterly revenue growth in more than three years, easily topping Wall Street estimates, after demand picked up for the iPhone and products in China.
* Exxon Mobil Corp. and Chevron Corp. posted better-than- expected results after record oil production cushioned the impact of lower crude prices.
* Eli Lilly & Co. gained after a report that Medicaid and some Medicare drug plans will experiment with covering expensive weight-loss drugs, a sign the Trump administration is reconsidering its position against expanding coverage of these treatments.
* Moderna Inc.’s cost-cutting efforts failed to assuage investors who are worried about the decline of its Covid vaccine business.
* Kleenex-owner Kimberly-Clark Corp. is making inroads with cost-conscious US consumers, as lower-priced household goods items and surging volume helped it beat second-quarter earnings expectations.
* Reddit Inc. reported its most-profitable quarter to date and projected third-quarter sales that far surpassed analyst expectations, signaling the strength of its growing advertising business.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 2%
* The Dow Jones Industrial Average fell 1.2%
* The MSCI World Index fell 1.3%
* Bloomberg Magnificent 7 Total Return Index fell 3.1%
* The Russell 2000 Index fell 2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.9%
* The euro rose 1.4% to $1.1571
* The British pound rose 0.4% to $1.3262
* The Japanese yen rose 2.2% to 147.43 per dollar
Cryptocurrencies
* Bitcoin fell 2.8% to $113,237.39
* Ether fell 5.8% to $3,516.39
Bonds
* The yield on 10-year Treasuries declined 16 basis points to 4.22%
* Germany’s 10-year yield declined two basis points to 2.68%
* Britain’s 10-year yield declined four basis points to 4.53%
Commodities
* West Texas Intermediate crude fell 2.8% to $67.31 a barrel
* Spot gold rose 2.1% to $3,357.53 an ounce

–With assistance from Denitsa Tsekova, Vildana Hajric, Lu Wang and Julien Ponthus.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Life’s a voyage that’s homeward bound. –Herman Melville, 1819-1891.

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.
July 31^st, 1914: The New York Stock Exchange closed due to the outbreak of World War I. (Trading didn’t resume until December.) Go to article.
July 31,1991: The US and USSR sign the Strategic Arms Reduction Treaty 9STARTI), capping deployed nuclear weapons and easing Cold War tensions.

Milton Friedman, economist, b.1912.
J.K Rowling, writer, b. 1965.
1790: US Patent office opens.

Russian volcano explodes in ‘powerful’ eruption, likely intensified by 8.8 magnitude earthquake
Klyuchevskoy volcano in Russia erupted shortly after a powerful 8.8 magnitude earthquake in the same region. Read More.

Sticky goo in 2,500-year-old bronze jars finally identified, settling 70-year debate
A cutting-edge chemical analysis of a mystery substance that had stymied experts for 70 years finally revealed its identity. Read More.

‘It was so unexpected’: 90 billion liters of meltwater punched its way through Greenland ice sheet in never-before-seen melting event
A previously-undetected flood over Greenland’s ice sheet has confounded model predictions about how the region’s meltwater should leak. Read More.

‘Universal’ cancer vaccine heading to human trials could be useful for ‘all forms of cancer’
A new mRNA-based vaccine triggers a response from the innate immune system to help arm the body against cancer, a mouse study finds. It’s now in early human trials. Read More.

Google has turned 2 billion smartphones into a global earthquake warning system — it’s as effective as seismometers, tests show
Google’s earthquake early-warning system has used phone accelerometers on Android devices to increase quake alerts by tenfold across 98 countries. Read More.

‘South Park’ breaks record dating back to 1999
Nearly 6 million people watched the cartoon’s season premiere last week, which featured ruthless and profane commentary about President Trump.

Peanut butter and chocolate? Yes, please.
Oreo and Reese’s are collaborating on a new candy and what might be the perfect cookie.

Think round, not rectangular 
As hurricanes become more frequent and destructive, one company is building round, aerodynamic houses that are more storm-resistant.

Radioactive wasp nest discovered in South Carolina
The nest was found on a post near tanks where liquid nuclear waste is stored.

Starbucks shuts down entire line of cafes
The pick-up only stores encouraged customers to order via their mobile app and not linger.

PHOTOS OF THE DAY

Yogyakarta, Indonesia
A local artist, Hangno Hartono, sits near an alien figure during the Indonesia UFO festival
Photograph: Dita Alangkara/AP

Whiterocks beach, County Antrim, UK
‘A touring cyclist on the beach, with Dunluce Castle in the background.’
Photograph: James Hamill

Worcestershire, UK
‘As our third heatwave came to an end, I stopped a while to watch the soft refreshing rain through the kitchen window.’
Photograph: Lynne Falconer
Market Closes for July 31^st, 2025

Market Index	Close	Change
Dow Jones	44130.98	-330.30
		-0.74%
S&P 500	6339.39	-23.51
		-0.37%
NASDAQ	21122.45	-7.22
		-0.03%
TSX	27259.78	-110.18
		-0.40%

International Markets

Market Index	Close	Change
NIKKEI	41069.82	+415.12
		+1.02%
HANG SENG	24773.33	-403.60
		-1.60%
SENSEX	81185.58	-296.28
		-0.36%
FTSE 100*	9132.81	-4.13
		-0.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.458	3.481
CND. 30 Year Bond	3.759	3.791
U.S. 10 Year Bond	4.3740	4.3700
U.S. 30 Year Bond	4.9000	4.8989

Currencies

BOC Close	Today	Previous
Canadian $	0.7217	0.7231
US $	1.3856	1.3827

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5830	0.6317
US $	1.1423	0.8754

Commodities

Gold	Close	Previous
London Gold Fix	3304.30	3316.50
Oil
WTI Crude Future	69.26	70.00

Market Commentary:
On this day in 1914, with war raging in Europe, the New York Stock Exchange closed and stayed shut for another four and a half months to allow the chaotic market to settle.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.4%, or 110.18 to 27,259.78 in Toronto.
The index dropped to the lowest closing level since July 16.
Today, financials stocks led the market lower, as 9 of 11 sectors lost; 141 of 212 shares fell, while 69 rose.
Canadian Pacific Kansas City Ltd. contributed the most to the index decline, decreasing 2.8%.
Bausch Health Cos. had the largest drop, falling 7.7%.

Insights
* This month, the index rose 1.5%
* So far this week, the index fell 0.9%, heading for the biggest decline since the week ended April 4
* The index advanced 18% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 1.2% below its 52-week high on July 30, 2025 and 25.9% above its low on Aug. 6, 2024
* The S&P/TSX Composite is down 0.4% in the past 5 days and rose 1.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 17.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.43t
* 30-day price volatility rose to 6.80% compared with 6.69% in the previous session and the average of 6.14% over the past month

Index Points
Financials | -38.6147| -0.4| 8/17
Industrials | -26.0700| -0.8| 6/23
Information Technology | -25.4334| -0.9| 1/9
Energy | -20.3804| -0.5| 8/32
Consumer Staples | -6.8547| -0.7| 3/7
Real Estate | -4.0082| -0.8| 4/15
Communication Services | -3.0190| -0.5| 1/4
Utilities | -2.3609| -0.2| 5/8
Health Care | -1.6055| -2.5| 1/2
Consumer Discretionary | 0.4744| 0.1| 4/5
Materials | 17.6962| 0.5| 28/19
Canadian Pacific Kansas | -19.0600| -2.8| 125.1| -2.1
RBC | -12.6600| -0.7| -16.8| 2.6
Constellation Software | -11.2800| -1.7| 78.5| 7.5
Kinross Gold | 6.9690| 3.8| 70.9| 66.1
Enbridge | 7.6220| 0.8| -15.4| 2.9
TC Energy | 8.2870| 1.8| -44.4| -1.2
(MT Newswires):
The Toronto Stock Exchange fell for a second day on Thursday, bringing losses since Tuesday’s record high to near 270 points amid uncertainty that Canada and the United States will achieve an agreement on trade tomorrow’s deadline.
Not helped today by lower commodity prices, the resources heavy S&P/TSX Composite Index closed down 110.18 points to 27,259.78, adding to the near 160 points lost Wednesday, when it dropped from Tuesday’s record close.
Among sectors, most were lower with the Battery Metals Index down 4%, Health Care down 2.7% and Energy down 1.2%.
Base Metals was up near 1.2%.
Just hours away from an Aug. 1 deadline, the United States and Canada remain locked in talks to resolve a brewing trade dispute.
Prime Minister Mark Carney said Wednesday it is “possible” the two nations won’t reach an agreement before Friday, while U.S. President Donald Trump earlier Thursday agreed to extend talks with Mexico by 90 days, raising the prospect of a similar outcome for the Canadians.
U.S. Treasury Secretary Scott Bessent, as reported by The Wall Street Journal, has said U.S. trade talks with Canada have involved the level of aluminum tariffs as some U.S. manufacturers, most notably Ford Motor, are dealing with a financial hit.
According to The WSJ, the Treasury secretary’s remarks Thursday signal possible relief for Canada’s aluminum sector, which, along with steel makers, faces a 50% tariff on their U.S. exports.
It noted Canada is the U.S.’s biggest foreign supplier of both metals, and the deals President Trump has made to date have maintained the 50% duty of steel and aluminum.
Of commodities today, gold edged lower midafternoon even as the dollar rose after a key U.S. inflation measure climbed in June and a day after the Federal Reserve chair Jerome Powell signaled the central bank will hold off on interest-rate cuts as it assesses the impact of U.S. tariffs on inflation.
Gold for December delivery was last seen down $5.30 to US$3,347.50 per ounce.
Also, West Texas Intermediate crude oil closed lower, falling off a five-week high after an unexpected rise in U.S oil inventories and despite fresh sanction threats on Russian supply from the Trump Administration.
WTI crude for September delivery closed down $0.74 to settle at US$69.26 per barrel, falling off the highest since June 20, while September Brent oil was last seen down $0.73 to US$72.51.
US
By Rita Nazareth
(Bloomberg) — A rally in stocks sputtered ahead of President Donald Trump’s tariff deadline, with the White House demanding drugmakers to slash US prices.
Treasuries and the dollar barely budged in the run-up to the jobs report.
The S&P 500 erased a 1% advance for the first time since April.
Trump sent letters to 17 of the world’s largest pharmaceutical companies.
A gauge of the “Magnificent Seven” hit all-time highs as Microsoft Corp.
briefly topped $4 trillion while Meta Platforms Inc. jumped 11% on solid results.
In late hours, Amazon.com Inc.’s profit forecast underwhelmed investors.
“While we expect equities to advance over the next 12 months, investors should be mindful of potential market swings in the coming weeks,” said Mark Haefele at UBS Global Wealth Management.
“We think capital preservation or phasing-in strategies can be effective in navigating near-term volatility.”
Trump will sign an executive order imposing new tariff rates on trading partners that take effect Friday.
He has struck deals with the European Union, the UK, Japan and South Korea, and unilaterally set rates on other nations, including India and Brazil.
In addition, Trump is bringing in bank leaders to meet with him one by one at the White House.
He’s asking chief executive officers for their pitches on monetizing mortgage giants Fannie Mae and Freddie Mac, including a major public offering of stock, according to people familiar with the matter.
The yield on 10-year Treasuries was little changed at 4.36%.
The dollar rose at the end of its best month in 2025.
The yen slid as comments from Bank of Japan Governor Kazuo Ueda were seen as less hawkish than expected.
In the run-up to jobs data, the Fed’s preferred measure of underlying inflation accelerated in June to one of the fastest paces this year while consumer spending barely rose, underscoring the dueling forces dividing policymakers over the path of rates.
The core personal consumption expenditures price index rose 0.3% from May.
It advanced 2.8% on an annual basis, a pickup from June 2024 that underscores limited progress on taming inflation in the past year.
The data also showed inflation-adjusted consumer spending edged up last month.
“Inflation remains sticky and justifies the Fed’s decision to keep rates unchanged at Wednesday’s meeting,” said Clark Bellin at Bellwether Wealth.
“The stock market doesn’t need rate cuts in order to move higher and has already posted strong gains so far this year without any rate cuts.”
As with so many things in the economy, the situation is very fluid and we have yet to see the full impact of tariffs flowing through to inflation, according to Chris Zaccarelli at Northlight Asset Management.
“We are priced for perfection as they say, and that is a risk, but one that will likely be ignored by the market as long as corporate profits are still growing,” he said.
Separate data Thursday showed initial applications for unemployment insurance were little changed last week.
Another report showed labor cost growth rose 3.6% from a year ago, matching the lowest since 2021, reassuring Fed officials that the job market isn’t a source of inflationary pressure.
The market’s attention will soon turn to Friday’s jobs report for July, which is forecast to show companies are becoming more deliberate in their hiring.
Employment likely moderated after a June increase, while the unemployment rate is seen ticking up to 4.2%.
President Trump resumed his criticism of Fed Chair Jerome Powell after the central bank declined to cut interest rates, ending a short-lived détente.
Trump’s comments come after Fed officials left interest rates unchanged on Wednesday but downgraded their view of the US economy, signaling that policymakers could be edging closer to lowering borrowing costs.

Corporate Highlights:
* Alphabet Inc.’s Google lost its appeal of a judge’s order requiring an overhaul of the technology giant’s app store policies in an antitrust case filed by Fortnite-maker Epic Games Inc.
* Figma Inc. shares jumped 250% in their public debut after the design software maker and some of its shareholders raised $1.2 billion in an IPO, with the trading valuing the company far above the $20 billion mark it would have reached in a now-scrapped merger with Adobe Inc.
* Boeing Co. has resumed contract talks with leaders of the union representing some 3,200 factory workers in the St. Louis area, after members resoundingly rejected its initial offer and voted to strike.
* A judge in California ordered Phillips 66 to pay an additional $195 million in punitive damages on top of an earlier $604.9 million trade secret theft verdict for what he called “reprehensible” conduct that nearly destroyed a much smaller fuel company.
* Mastercard Inc. reported earnings that topped analysts’ estimates and gave a more optimistic forecast for this year’s revenue on continued momentum in consumer spending.
* Moderna Inc. is cutting about 10% of its workforce, part of an effort by the struggling biotech company to reduce spending as sales of its Covid vaccine decline.
* Bristol Myers Squibb Co. slid as investors questioned whether the drugmaker has done enough to spur future sales growth in the face of an aging drug portfolio, even after lifting its full-year guidance and beating Wall Street’s quarterly sales and profit estimates.
* A trial of Eli Lilly & Co.’s blockbuster diabetes drug Mounjaro fell short of expectations that it would do a better job of preventing heart attacks and strokes than its older medicine Trulicity.
* Biogen Inc. raised its full-year financial guidance as growing sales of its Alzheimer’s drug helped the biotech company beat Wall Street’s expectations.
* CVS Health Corp. raised its 2025 profit guidance on strong results in its health insurance and pharmacy businesses, an encouraging sign after a spate of missteps by rival insurers.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World Index fell 0.5%
* Bloomberg Magnificent 7 Total Return Index rose 1.5%
* The Russell 2000 Index fell 0.9%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro was little changed at $1.1413
* The British pound fell 0.2% to $1.3206
* The Japanese yen fell 0.9% to 150.80 per dollar
* The Mexican peso was little changed at 18.8631
Cryptocurrencies
* Bitcoin fell 0.3% to $116,780
* Ether fell 0.9% to $3,737.04
Bonds
* The yield on 10-year Treasuries was little changed at 4.36%
* Germany’s 10-year yield declined one basis point to 2.69%
* Britain’s 10-year yield declined three basis points to 4.57%
* The yield on 2-year Treasuries was little changed at 3.94%
* The yield on 30-year Treasuries was little changed at 4.89%
Commodities
* West Texas Intermediate crude fell 1.2% to $69.18 a barrel
* Spot gold rose 0.5% to $3,291.21 an ounce

–With assistance from Lu Wang.
Have a lovely evening.

Be magnificent!

As ever,

Carolann
The wise does at once what the fool does at last. –Baltasar Gracián, 1601-1658.

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:
July 30, 1930: Uruguay defeats Argentina to win the first FIFA World Cup, hosted in Montevideo and watched by over 90,000 spectators.
July 30, 1975: Former Teamsters union president Jimmy Hoffa disappeared in suburban Detroit. (His remains have never been found.) Go to article.
1935: Paperback books introduced for the first time.

Emily Bronte, writer, b. 1818.
Henry Moore, sculptor, b.1848.
Henry Ford, industrialist, b. 1863.
Arnold Swarzenegger, actor, b.1947.

Russia earthquake: Magnitude 8.8 megaquake hits Kamchatka, generating tsunamis across the Pacific
The 8.8 magnitude megaquake is the joint-sixth largest earthquake ever recorded and the first tsunami waves have already hit Oahu, Hawaii. Read More.

4,000-year-old handprint discovered on ancient Egyptian tomb offering
Researchers have unveiled an ancient Egyptian handprint that was left on a soul house tomb offering 4,000 years ago. Read More.

400-mile-long chain of fossilized volcanoes discovered beneath China
Researchers recently discovered a huge chain of extinct volcanoes buried deep below South China that formed when two tectonic plates collided during the breakup of Rodinia,
around 800 million years ago. Read More.

Scientists use quantum machine learning to create semiconductors for the first time – and it could transform how chips are made
Researchers have found a way to make the chip design and manufacturing process much easier — by tapping into a hybrid blend of artificial intelligence and quantum computing.

Australia reverses course on YouTube
The country’s government has decided to include the world’s largest video platform in its ban on social media for children under 16.
Ozzy Osbourne’s last ride
The “Crazy Train” singer’s funeral procession will travel through Birmingham — his hometown in England — today.

Billy Joel sets the record straight
The 76-year-old singer has been in a few car accidents, but not for the reason many people believe.

A cabal of furry thieves snatch iPhones and other valuables from visitors to a temple in Bali—and trade them for mangos.

PHOTOS OF THE DAY

Cabarete, Dominican Republic
‘Tropic thunder (and lightning).’
Photograph: Jon Nakkerud

Faaborg, Denmark
‘A mural depicting the importance of water in this beautiful port town.’
Photograph: Robert Boon

Guanajuato, Mexico
‘A beautifully colourful hillside.’
Photograph: Alan Wright
Market Closes for July 30^th, 2025

Market Index	Close	Change
Dow Jones	44461.28	-171.71
		-0.38%
S&P 500	6362.90	-7.96
		-0.12%
NASDAQ	21129.67	+31.38
		+0.15%
TSX	27369.96	-169.92
		-0.62%

International Markets

Market Index	Close	Change
NIKKEI	40654.70	-19.85
		-0.05%
HANG SENG	25176.93	-347.52
		-1.36%
SENSEX	81481.86	+143.91
		+0.18%
FTSE 100*	9136.94	+0.62
		+0.01%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.481	3.473
CND. 30 Year Bond	3.791	3.791
U.S. 10 Year Bond	4.3700	4.3204
U.S. 30 Year Bond	4.8989	4.8563

Currencies

BOC Close	Today	Previous
Canadian $	0.7231	0.7260
US $	1.3827	1.3774

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5792	0.6332
US $	1.1421	0.8755

Commodities

Gold	Close	Previous
London Gold Fix	3316.50	3305.25
Oil
WTI Crude Future	70.00	69.21

Market Commentary:
If you would know the value of money, go and try to borrow some. –Benjamin Franklin, 1706-1790.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.6% at 27,369.96 in Toronto.
The move was the biggest since falling 0.8% on May 21 and follows the previous session’s increase of 0.5%.
Today, materials stocks led the market lower, as 9 of 11 sectors lost; 154 of 212 shares fell, while 57 rose.
Intact Financial Corp. contributed the most to the index decline, decreasing 6.5%.
Capital Power Corp. had the largest drop, falling 6.9%.

Insights
* This month, the index rose 1.9%
* The index advanced 20% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is at its 52-week high and 26.4% above, its low on Aug. 6, 2024
* The S&P/TSX Composite is little changed in the past 5 days and rose 1.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.6 on a trailing basis and 17.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.46t
* 30-day price volatility rose to 6.69% compared with 6.31% in the previous session and the average of 6.11% over the past month

Index Points
Materials | -77.1146| -2.1| 0/48
Financials | -57.2551| -0.6| 4/21
Information Technology | -17.6105| -0.6| 4/6
Energy | -8.3020| -0.2| 11/29
Industrials | -6.9902| -0.2| 13/15
Consumer Staples | -2.0016| -0.2| 1/9
Health Care | -1.4883| -2.2| 0/3
Communication Services | -1.0598| -0.2| 1/4
Consumer Discretionary | -0.4076| 0.0| 4/5
Real Estate | 0.6362| 0.1| 9/10
Utilities | 1.6755| 0.2| 10/4
Intact Financial | -24.6400| -6.5| 274.5| 9.1
Shopify | -13.8800| -1.0| 3.1| 11.3
Agnico Eagle Mines | Ltd | -11.0100| -1.8| -10.9| 51.8
Bank of Nova Scotia| 3.5710| 0.5| -21.0| 0.4
RBC | 4.5490| 0.3| -35.4| 3.3
TD Bank | 5.9020| 0.5| -28.5| 33.0
(MT Newswires):
(Includes commentary on the Bank of Canada from Macquarie Group)
The Toronto Stock Exchange dropped nearly 160 points from record high levels Wednesday, likely on some profit taking, but also as one economist suggested Bank of Canada officials “haven’t a clue what to do next” after they left the benchmark interest rate unchanged, as expected, today, while also leaving the door ajar for a possible rate cut to come this year.
The TSX closed down 169.92 points or 0.6% at 27,369.96.
This after it posted a record close of 27,539.88 on Tuesday.
Most sectors were lower, led by Base Metals (-3.2%) and Health Care (-2.6%).
Utilities made a modest gain.
It wasn’t just uncertainty around the outlook for rates that weighed on the TSX.
Trade uncertainties were also a negative factor.
On Wednesday afternoon, ahead of an August 1 deadline for a deal, U.S. President Donald Trump signed an Executive Order that adds a 50% tariff on certain copper imports from Friday.
But, according to Canada’s CBC News, the levy does not apply to copper concentrate, with Canadians accounting for 99% of all copper concentrate imported by its bigger North America neighbor.
This comes as tariffs on a range of Canadian product are slated to rise to 35% from 25% as of Friday, But the tariffs will not apply to goods that are compliant with the Canada-U.S. trade agreement, which is up for renewal next year.
Sectors including aluminum and steel, and autos, have been threatened with tariffs.
CBC cited RBC as saying near 90% of the value of Canadian exports to the U.S. qualify for an exemption from tariffs.
On rates, the BoC held the overnight rate steady for a third consecutive meeting, while leaving the door open to future cuts.
The overnight rate has remained at 2.75% since March, after seven consecutive rate cuts lowered it from last year’s peak of 5%.
For his part, Derek Holt, Vice-President & Head of Capital Markets Economics at Scotiabank, said a “lack of any useful forward guidance and continued avoidance of a base case forecast in favor of three scenarios now versus two back in the prior MPR [Monetary Policy Report] in April basically said they haven’t a clue what to do next”.
He added: “I don’t find we learned anything new whatsoever about the policy bias from this set of communications.”
Despite recent decisions to hold, RBC’s Claire Fan said past rate cuts from the BoC are likely still taking time to support the economy.
But with mortgage rates mostly stabilizing near or above origination back in 2020-2021 origination levels, the effect on households is more like easing off the brakes than pressing on the gas, she added.
“Today,” Fan said, “the car is in neutral, and the outlook is still hazy.
Tariffs in place today have been less severe than feared but Canada as one of the largest trade partners to the U.S., remains particularly vulnerable to protectionist U.S. trade policies.
In two days, the latest U.S. self-imposed trade negotiation deadline could result in escalated tariffs beyond today’s targeted but relatively limited levels.”
According to Fan, a significantly more negative outlook, one that resembles spring, remains a downside risk.
Fan said while the BoC projects inflation will rise in that kind of a scenario as tariff impacts outweigh economic weakness, further rate cuts would be appropriate if it became clear that the economy was sliding into recession.
“Barring such deterioration and following our base case, we expect the BoC will maintain current rates going forward,” she added.
David Doyle, head of economics at Macquarie Group, noted ongoing uncertainty and recent elevated underlying inflation readings featured prominently in the BoC’s decision.
He also noted forward guidance continued to suggest the potential for a cut ahead is still couched in data dependence.
“Looking ahead, the outlook is uncertain. Market pricing for cuts moderated slightly on the announcement and have been broadly lessening since late March,” Doyle said.
Doyle noted Governor Macklem struck a similar tone in his press conference as he did in June, emphasizing that elevated uncertainty means the BoC is putting more weight on risks and taking a shorter time horizon than usual.
He echoed the key forward guidance line from the statement, indicating that “if a weakening economy puts further downward pressure on inflation and the upward pressures from the trade disruptions are contained, there may be a need for a reduction in the policy interest rate.”
In describing the economy, he indicated that while excess supply has increased since January, there has been resilience thus far.
Macquarie’s forecast is that there will be greater economic weakness in the second half of 2025 than implied by the BoC’s current tariff scenario and a moderation in underlying inflation.
This leads it to anticipate about 50 bps in further cuts with these most likely to occur in October and December.
“Should growth hold in better than we anticipate and underlying inflation remain firm, however, the BoC is likely to continue to stay the course,” Doyle added.
Of commodities, gold moved lower midafternoon Wednesday ahead of the end to the two-day meeting of the Federal Reserve’s policy committee that, as expected, left U.S. interest rates unchanged, while reports showed the U.S. economy rose at a faster than expected pace in the second quarter.
Gold for December delivery was last seen down $27.70 to US$3,353.50 per ounce.
But West Texas Intermediate crude oil closed higher, climbing for a third session even as a report showed an unexpected rise in U.S. inventories.
WTI crude oil for September delivery closed up $0.79 to settle at US$70.00 per barrel, while September Brent oil was last seen up $0.68 to US$73.19. Price: 27369.96, Change: -169.92, Percent Change: -0.6
US
By Rita Nazareth and Lu Wang
(Bloomberg) — Wall Street’s hopes the Federal Reserve would signal imminent rate cuts went mostly unfulfilled Wednesday, with stocks and bonds down to cap an otherwise bumper month for risk assets.
In late hours, Microsoft Corp. and Meta Platforms Inc. jumped after their results.
An initially calm investor reaction was broken when Fed Chair Jerome Powell said no decision has been made about easing policy in September.
The US labor market “looks solid,” he said, while inflation remains above target, statements traders interpreted as working against the case for an imminent rate cut.
Equities erased gains, with the S&P 500 down 0.1%. US two- year yields climbed seven basis points to 3.93%.
While the concerted pullback in stocks and bonds looked mild, it marked tumbled as President Donald Trump’s tariffs excluded the refined metal.
While Trump has pressed for an immediate rate cut, investors in risk assets have largely tempered expectations for a Fed pivot anytime soon.
Instead, they’re leaning on resilient economic growth, an AI-fueled earnings boom, and the belief that tariffs will only trigger manageable goods inflation while leaving services inflation contained.
And even though declines in stocks and bonds reflected revisions to market expectations, they came amid another deliberate effort by Powell to characterize the central bank as in a good position to assess the economy as it develops.
Even as both he and the Fed’s communique signaled a slight slowdown in growth Powell repeatedly said policy makers have ample time to assess the impact of Trump’s evolving tariff policy and other data going forward.
The Federal Open Market Committee voted 9-2 on Wednesday to hold the benchmark federal funds rate in a range of 4.25%-4.5%, as they have at each of their meetings this year.
Governors Christopher Waller and Michelle Bowman voted against the decision in favor of a quarter-point cut.
“It appears the Fed will remain data dependent going into its next meeting,” said Bret Kenwell at eToro.
“To get that rate cut, the Fed will need to gain confidence that either inflation increases will be one-off and muted, or that inflation will continue to trend lower in the months and quarters ahead.
That’s assuming we don’t see a notable deterioration in the labor market.”
Money markets pared bets on rate reductions this year and traders now see a less than 50% chance of a cut in September.
The odds for a reduction in October dropped to around 85%, whereas it was fully priced-in before Powell began to speak.
“The next two months’ data will be pivotal, and we see a path to a resumption of the Fed’s easing cycle in the autumn should tariff inflation prove more modest than expected or the labor market show signs of weakness,” said Ashish Shah at Goldman Sachs Asset Management.
US companies stepped up hiring in July, though the pace remained consistent with weaker labor demand.
Private-sector payrolls increased by 104,000, according to ADP Research data.
The median economist estimate called for a 76,000 gain.
The July employment report due Friday from the Bureau of Labor Statistics, which includes government positions, is expected to show job growth moderated and unemployment rose.
Inflation-adjusted gross domestic product, which measures the value of goods and services produced in the US, increased an annualized 3% in the second quarter, according to preliminary government data out Wednesday.
As solid as the pace was, economic growth averaged 1.25% in the first half, a percentage point cooler than the pace for 2024.
The S&P 500, coming off its best streak of gains since 2020, is about to enter what has historically been its toughest stretch of the year.
Over the past three decades, the benchmark has performed the worst in August and September, losing 0.7% on average in each month, compared with a 1.1% gain on average across other months, data compiled by Bloomberg show.
Though equities have likely not peaked this year, we see limited upside given the historically high multiples at which market-leading stocks are trading, according to Chris Brigati at SWBC.
“We are entering a seasonal period of weakness for the market suggesting a fall pullback may be on the horizon before the next move toward higher stock prices in 2026,” he said.

Corporate Highlights:
* Palo Alto Networks Inc. agreed to buy CyberArk Software Ltd. in a cash-and-stock deal valuing the Israeli cybersecurity company at about $25 billion.
* Humana Inc. raised its profit guidance for the year, bucking a trend in the US health insurance industry after most other companies cut their forecasts in recent months.
* Harley-Davidson Inc. said tariffs crimped profits in the second quarter as high borrowing costs sapped demand and forced the motorcycle manufacturer to cut production.
* Kraft Heinz Co. used price increases to help offset volume declines as the company continues a strategic review of its brands.
* Hershey Co. lowered its full-year profit guidance in part on tariff costs but is hopeful that the Trump administration will offer relief for products, like cocoa, that can’t be grown in the US.
* Starbucks Corp. sales and profit fell more than anticipated, signaling that a plan to revive growth by speeding up service and making cafes more welcoming has yet to bear fruit.
* Visa Inc., the world’s biggest payments network, left its earnings outlook unchanged for the rest of the fiscal year.
* SoFi Technologies Inc., a provider of consumer financial services, said it’s selling $1.5 billion of stock.
* Tesla Inc. agreed to buy $4.3 billion worth of US-built batteries from LG Energy Solution Ltd., a person familiar with the matter said, in a deal that should eventually boost the carmaker’s slowing energy storage business.
* Airbus SE reported a bigger-than-expected cash outflow in the first half as a shortage of engines for its bestselling A320neo jet delayed deliveries of new aircraft.
* Bunge Global SA’s second-quarter profits fell to the lowest in seven years as lingering uncertainty over tariffs and US biofuel policy continued to pressure crop traders and processors.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World Index fell 0.3%
* Bloomberg Magnificent 7 Total Return Index was little changed
* The Russell 2000 Index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.8%
* The euro fell 1.1% to $1.1424
* The British pound fell 0.8% to $1.3246
* The Japanese yen fell 0.6% to 149.40 per dollar
Cryptocurrencies
* Bitcoin fell 0.5% to $116,904.97
* Ether fell 0.1% to $3,759.86
Bonds
* The yield on 10-year Treasuries advanced five basis points to 4.37%
* Germany’s 10-year yield was little changed at 2.71%
* Britain’s 10-year yield declined three basis points to 4.60%
* The yield on 2-year Treasuries advanced seven basis points to 3.93%
* The yield on 30-year Treasuries advanced four basis points to 4.89%
Commodities
* West Texas Intermediate crude rose 1.7% to $70.40 a barrel
* Spot gold fell 1.7% to $3,270.81 an ounce
Have a lovely evening.

Be magnificent!
As ever,

Carolann
You can’t build a reputation on what you are going to do. -Henry Ford, 1863-1947.

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:
Olsok: Commemoration Day today for Viking King Olaf, Norway.
July 29, 1914: Transcontinental telephone service began with the first phone conversation between New York and San Francisco.  Go to article
July 29, 1958: The United States creates NASA, centralizing civilian space exploration and marking a new era in the space race.

Welcome to the Grocery Store Where Prices Change 100 Times a Day:

Electronic shelf labels are spreading at grocery chains in Europe and the U.S., enabling instant price drops—and raising fears of surge pricing.

‘Time travel’ memory hack rejuvenates memories, study finds
A new study suggests that recalling the context in which a memory was made can help to restore the memory after it has started to erode. Read More.

NASA spacecraft snaps images of lunar transit and Earth eclipse on the same day — see the photos
The Solar Dynamics Observatory saw a lunar transit and an Earth eclipse on July 25 — the first when the moon passed between it and the sun, and another when Earth did the same. Read More.

Ancient shark discovered deep inside world’s longest cave system
The National Park Service has announced another ancient shark discovery at Mammoth Cave in Kentucky. The latest find, named Macadens olsoni, had a unique curved row of teeth and lived around 340 million years ago. Read More.

Scientists hit quantum computer error rate of 0.000015% — a world record achievement that could lead to smaller and faster machines
The record-breaking achievement could lead to practical, utility-scale quantum computers that are both smaller and faster. Read More.

Luminous star may have a hidden companion
Using an instrument on the Gemini North telescope in Hawaii, astronomers have observed a “Betelbuddy.”

Jean Smart has fun fan encounter
The “Hacks” star was greeting admirers outside the theater where her Broadway show “Call Me Izzy” is playing when one fan made an intriguing request.

TikTok made this “diet food” popular
And manufacturers are struggling to keep up with skyrocketing demand.

What’s the secret to longevity?
A 109-year-old woman reveals what has kept her alive for so long.

PHOTOS OF THE DAY

London, UK
England fans cheer as Chloe Kelly scores a penalty to win the Euro 2025 final against Spain
Photograph: Justin Setterfield/Getty Images

Rue Lepic in Paris as the riders ascend Côte de la Butte Montmartre on the Stage 4, Amiens to Rouen
Cycling and sunflowers, what’s not to like?
Photograph: Thibault Camus/AP

Kep beach, Cambodia
‘A child checking crab pots as the sun sets.’
Photograph: Charlotte Thompson
Market Closes for July 29^th, 2025

Market Index	Close	Change
Dow Jones	44632.99	-204.57
		-0.46%
S&P 500	6370.86	-18.91
		-0.30%
NASDAQ	21098.29	-80.29
		-0.38%
TSX	27539.88	+134.46
		+0.49%

International Markets

Market Index	Close	Change
NIKKEI	40674.55	-323.72
		-0.79%
HANG SENG	25524.45	-37.68
		-0.15%
SENSEX	81337.95	+446.93
		+0.55%
FTSE 100*	9136.32	+54.88
		+0.60%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.473	3.528
CND. 30 Year Bond	3.791	3.844
U.S. 10 Year Bond	4.3204	4.4098
U.S. 30 Year Bond	4.8563	4.9585

Currencies

BOC Close	Today	Previous
Canadian $	0.7260	0.7279
US $	1.3774	1.3738

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5908	0.6286
US $	1.1551	0.8657

Commodities

Gold	Close	Previous
London Gold Fix	3305.25	3334.50
Oil
WTI Crude Future	69.21	66.71

Market Commentary:
On this day in 1869, the New York Stock Exchange was formed from the merger of the New York Stock & Exchange Board with the Open Board and the Government Board, where Treasury bonds were traded.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.5% at 27,539.88 in Toronto.
The move was the biggest since rising 0.9% on July 17 and follows the previous session’s decrease of 0.3%.
Today, materials stocks led the market higher, as 8 of 11 sectors gained; 140 of 212 shares rose, while 71 fell.
Celestica Inc. contributed the most to the index gain and had the largest move, increasing 16.9%.

Insights
* This month, the index rose 2.5%
* The index advanced 21% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is at its 52-week high and 27.2% above its low on Aug. 6, 2024
* The S&P/TSX Composite is up 0.6% in the past 5 days and rose 3.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.6 on a trailing basis and 17.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.43t
* 30-day price volatility rose to 6.31% compared with 6.24% in the previous session and the average of 6.08% over the past month

Index Points
Materials | 43.2169| 1.2| 35/13
Energy | 35.5507| 0.8| 31/9
Industrials | 20.2690| 0.6| 13/16
Information Technology | 16.3723| 0.6| 5/5
Real Estate | 8.6089| 1.7| 17/2
Utilities | 5.9617| 0.6| 9/5
Consumer Staples | 4.5270| 0.4| 8/1
Health Care | 1.2840| 2.0| 2/1
Financials | -0.0946| 0.0| 16/9
Communication Services | -0.6040| -0.1| 1/4
Consumer Discretionary | -0.6403| -0.1| 3/6
Celestica | 32.5500| 16.9| 135.1| 109.8
Waste Connections | 15.6600| 3.4| 29.8| 7.2
Agnico Eagle Mines Ltd | 13.5500| 2.3| -29.6| 54.6
TD Bank | -5.7810| -0.5| -30.3| 32.4
CIBC | -10.1200| -1.5| 44.6| 10.0
Shopify | -18.6500| -1.3| -21.6| 12.4
(MT Newswires):
The Toronto Stock Exchange rebounded to a fresh record high on Tuesday, buoyed by elevated commodity prices and hopes that free trade carveouts will be a key part of an eventual tariffs deal between Canada and the United States.
The resources-heavy S&P/TSX Composite Index closed up 134.46 points to 27,539.88, topping the prior record of 27,494.35 set on June 23.
Most sectors were higher.
The biggest gainers were Info tech, up 2.15%, Healthcare up 1.6% and Energy, up 1%.
Base Metals, down 1%, was the biggest decliner.
While the Bank of Canada is seen by nearly all market watchers as holding its benchmark interest rate steady when it provides an economic update tomorrow, the big uncertainty for onlookers remains what kind of a trade deal can the Canadian federal government agree on with the Trump administration.
As The Canadian Press reported today, it’s unclear if the two countries will stick to the August 1 deadline for wrapping up talks.
It noted Prime Minister Mark Carney said Monday negotiations were in an “intense phase,” but U.S. President Donald Trump told reporters last week that Canada wasn’t a priority for his administration amid trade talks with other partners.
Whether a deal is announced Friday or later, Canadian Press cited Canadian Federation of Independent Business president Dan Kelly as saying his organization’s members feel “a good chunk” of trade must remain tariff-free in order for talks to be considered successful.
Canadian Press noted a deal struck by the U.S. with the European Union on Sunday imposes a 15% tariff on most goods imported into the U.S., including European automobiles, and no carveouts for key products like pharmaceuticals and steel.
Kelly is cited by The Canadian Press as saying he would not consider it a win for Canada if its trade agreement with the U.S. ends up looking similar to that deal.
He said the goal should be to keep zero tariffs on products that are currently protected under the Canada-United States-Mexico Agreement.
“What’s most critical, I’d say, for businesses right now is … whether we’re going to be able to protect the CUSMA exemption,” said Kelly.
“The sectoral tariffs on cars, on copper, on aluminum and steel, they’re definitely hurting, but for most manufactured goods there is a pathway to have them effectively tariff-free at the moment and we’re hoping that is maintained.”
Of commodities today, gold moved higher following four losing sessions even as the dollar rose ahead of the start of the two-day meeting of the Federal Reserve’s policy committee that is expected to end with U.S. interest rates unchanged.
Gold for December delivery was up $15.20 to US$3,382.00 per ounce.
Also, West Texas Intermediate crude oil closed at the highest in more than a month as investors move to risk assets on hopes that the United States will reach a trade deal with China, while U.S. President Donald Trump said he will impose sanctions on Russia if it does not reach a ceasefire agreement with Ukraine within 10 days.
WTI crude oil for September delivery closed up $2.50 to settle at US$69.21 per barrel, the highest since June 23, while September Brent crude was last seen up $2.49 to US$72.53.
US
By Rita Nazareth
(Bloomberg) — Wall Street traders sent stocks lower in the run-up to the Federal Reserve decision, with concerns about high valuations overshadowing hopes for an extension of a tariff truce between the world’s two largest economies.
Bonds climbed alongside the dollar.
The S&P 500 snapped a six-day winning streak.
A rally in Treasuries gained steam after a solid sale of seven-year notes.
Longer-dated bonds led gains, with 30-year yields down 10 basis points to 4.86%.
Ahead of the announcement of the size of future debt auctions.
Oil jumped as President Donald Trump reiterated the US may impose additional tariffs on Russia and said the nation has 10 days to reach a truce with Ukraine.
Treasury Secretary Scott Bessent said that the US and China will continue talks over maintaining a tariff truce before it expires in two weeks and that Trump will make the final call on any extension.
Adding an extra 90 days is one option, Bessent said.
Just as it happened after the US tariff deal with the European Union, the underwhelming market reaction to signs of progress in China talks illustrates the steady decline in the ability of those initiatives to spur big moves on Wall Street.
There are other market-moving factors on the horizon.
Those include Wednesday’s Fed decision and key data like the jobs report on Friday.
The market also faces a crucial test, with four tech giants reporting earnings over a two-day stretch.
“Investors are now more focused on hard data to validate the economic and policy outlook, rather than over-interpreting trade agreements,” said Dilin Wu, a research strategist at Pepperstone Group Ltd.
On the economic front, US consumer confidence increased in July as concerns eased about the outlook for the broader economy and the labor market.
While job openings fell, they hovered at a level that indicates generally stable demand for workers.
“Overall, it was a mixed round of data that has done little to materially challenge the price action or macro narrative,” said Ian Lyngen at BMO Capital Markets.
In a rare occurrence, policymakers will convene in the same week that the government issues report on gross domestic product, employment and the Fed’s preferred price metrics.
Fed officials meet Tuesday and Wednesday and are widely expected to keep rates unchanged again.
Forecasters anticipate the heavy dose of data will show economic activity rebounded in the second quarter, largely due to a sharp narrowing of the trade deficit, while job growth moderated in July.
The third marquee report may show underlying inflation picked up slightly in June from a month earlier.
With the Fed’s benchmark rate holding at a target range of 4.25% to 4.5% since December, the business world is looking for any clue that officials are moving toward a rate reduction in the fall.
Fed Chair Jerome Powell could face dissent from one or more colleagues arguing it’s time for the central bank to provide more support to a slowing labor market.
A survey conducted by 22V Research showed investors anticipate a mixed/negligible market reaction to the Fed decision, 33% said “risk-on” and only 11% “risk-off.”
Assuming no cut on Wednesday, the majority of respondents expect two Fed reductions in 2025.
“We believe the Fed wants to maintain flexibility on when to deploy further rate cuts.
In our view, the Fed will remain on hold until ‘hard data’ begins to confirm the slow-down story,” said Luis Alvarado at Wells Fargo Investment Institute.
“The Fed will have the opportunity to cut rates later in the year if the economy slows and as long as inflation allows.”
At eToro, Bret Kenwell says consumers and businesses continue to show their optimism and resilience in the face of multiple headwinds.
“As good as that feels right now, we have yet to take on this week’s main hurdles, which include tomorrow’s Fed meeting, Friday’s jobs report, and a bevy of earnings,” Kenwell said.
“If those events tell a similar story of economic and labor market stability, equity markets have the catalysts in place to continue higher, with pullbacks likely being viewed as buying opportunities.”
Wall Street strategists have a message for investors worrying about signs of excessive optimism emerging as US stocks extend their record run: Any near-term pullback will likely create a buying opportunity.
Strategists from HSBC Holdings Plc, Morgan Stanley and UBS Group AG are maintaining their long-term bullish views even as concerns build that valuations have become stretched at the moment.
They see strong corporate earnings and economic data, growing clarity around tariffs and the tailwind of artificial intelligence propelling stocks higher into next year.
“While we expect equities to advance over the next 12 months, investors should be mindful of potential market swings in the coming weeks,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
“We think capital preservation or phasing-in strategies can be effective in navigating near-term volatility.”
Long positioning on US equity futures keeps increasing, led by rising exposure to the S&P 500 in the past week, according to Citigroup Inc. strategists led by Chris Montagu.
Investors are pricing the US stock market as if there’s no longer any risk of a tariff-driven recession.  Peter Oppenheimer isn’t so sure.
The chief global equity strategist at Goldman Sachs Group Inc. says it’s possible that tariffs bite hard enough to hurt equity prices even as Washington agrees on deals with key trading partners.
And while the US might dodge a recession, valuations are high enough that it’s prudent to keep diversifying into other markets.

Corporate Highlights:
* Union Pacific Corp. agreed to acquire Norfolk Southern Corp. in a $72 billion cash-and-stock transaction, forming the only US transcontinental railroad in what stands to be the industry’s largest deal ever.
* Baker Hughes Co. agreed to buy industrial equipment maker Chart Industries Inc. for about $9.6 billion in cash, expanding the oilfield service giant’s reach into liquefied natural gas, data centers and other technologies.
* JPMorgan Chase & Co. is in advanced talks to replace Goldman Sachs Group Inc. in its credit-card joint venture with Apple Inc., according to people familiar with the matter.
* Microsoft Corp. is in advanced talks to land a deal that could give it ongoing access to critical OpenAI technology, an agreement that would remove a major obstacle to the startup’s efforts to become a for-profit enterprise.
* United Parcel Service Inc. said economic volatility continues to roil its operations, underscoring the challenges for the courier’s effort to reconfigure its network and revitalize its business.
* United Airlines Holdings Inc. flight attendants rejected a new contract that would have provided cumulative pay increases of as much as 45.6% over five years.
* JetBlue Airways Corp. posted a smaller-than-expected loss in the second quarter as demand rebounded and efforts to turn around the struggling carrier gained traction.
* Procter & Gamble Co. issued a wider range than usual for its annual sales outlook, underscoring the volatility US companies continue to navigate even as the Trump administration begins to strike trade deals.
* UnitedHealth Group Inc. offered fresh profit guidance that was far below its early projections and below all analyst expectations. Executives also declined to explicitly affirm a long-term growth outlook that the company has pointed investors to for years, a sign that its challenges aren’t going away any time soon.
* Merck & Co. is slashing $3 billion from its annual spending as it braces for off-brand competition to its cancer drug Keytruda, the best-selling medicine in the world.
* Whirlpool Corp. tumbled as tariff uncertainty upended expected benefits from the levy regime, forcing the appliance-maker to slash its outlook and dividend to shore up its financial position.
* Royal Caribbean Cruises Ltd.’s quarterly profit outlook trailed expectations because of costs related to its newest ship.
* Boeing Co. almost halted its cash burn in the second quarter, indicating that a turnaround initiated by Chief Executive Officer Kelly Ortberg a year ago is paying off as the company delivers more aircraft.
* PayPal Holdings Inc. reported slower growth in payment volume and company executives said they were seeing softer retail spending as a result of the US tariff wars.
* Spotify Technology SA swung to a loss in the second quarter, missing analysts’ estimates after the music-streaming service recorded higher-than-expected expenses related to employee compensation.
* Novo Nordisk A/S named its head of international operations as chief executive officer after slumping weight-loss drug sales led to a profit warning that wiped $93 billion off its market value.
* Sarepta Therapeutics Inc. climbed after US regulators reversed course and recommended that patients who can walk be allowed to take its gene therapy Elevidys again.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.2%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World Index fell 0.4%
* Bloomberg Magnificent 7 Total Return Index fell 0.7%
* The Russell 2000 Index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.3% to $1.1551
* The British pound was little changed at $1.3358
* The Japanese yen was little changed at 148.51 per dollar
Cryptocurrencies
* Bitcoin fell 0.4% to $117,509.14
* Ether fell 0.6% to $3,764.8
Bonds
* The yield on 10-year Treasuries declined nine basis points to 4.32%
* Germany’s 10-year yield advanced two basis points to 2.71%
* Britain’s 10-year yield declined one basis point to 4.63%
Commodities
* West Texas Intermediate crude rose 4% to $69.36 a barrel
* Spot gold rose 0.3% to $3,325.20 an ounce
Have a lovely evening.

Be magnificent!
As ever,

Carolann
We must be willing to let go of the life we planned so as to have the life that is waiting for us. –Joseph Campbell, 1904-1987.

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.

July 28, 1914: World War I begins as Austria-Hungary declares war on Serbia, setting Europe on a path to global conflict.

July 28, 1945: A U.S. Army bomber crashed into the 79th floor of New York City’s Empire State Building, killing 14 people.  Go to article.

Beatrix Potter, writer, b.1866.
Lucy Burns, Suffragist, born in Brooklyn in 1879.
Marcel Duchamp, surrealist, b.1887
Jacqueline Kennedy, first lady, b.1929.
Terry Fox, cancer fundraiser, b.1958

Ancient DNA suggests ancestors of Estonians, Finns and Hungarians lived in Siberia 4,500 years ago
A study of genomes from ancient Siberian people shows genetic linkages with people living in Estonia, Finland and Hungary today. Read More.

Moon, Mars, and meteors: Why July 28 is the best night for skywatching all summer
A conjunction between a crescent moon and Mars joins an ongoing display of “shooting stars,” making July 28 one of the best nights for skywatching all summer. Read More.

The more advanced AI models get, the better they are at deceiving us — they even know when they’re being tested
More advanced AI systems show a better capacity to scheme and lie to us, and they know when they’re being watched — so they change their behavior to hide their deceptions. Read More.

Scientists are keeping an eye on this asteroid
The building-sized object initially appeared to be on a potential collision course with Earth. Now it may have a new target.

Marvel is back on top
“The Fantastic Four: First Steps” defeated a DC superhero to finish No. 1 at the box office over the weekend.

Beyoncé caps off Cowboy Carter tour with a bang 
The lucky fans who attended her farewell show in Las Vegas on Saturday night were treated to a starry lineup of surprise guests.

Gwyneth Paltrow’s latest role: Astronomer spokesperson
The actress appeared in a new ad for the tech firm whose ex-CEO and HR chief were caught embracing on the “kiss cam” at a Coldplay concert.

PHOTOS OF THE DAY

Ortisei, Italy
Tourists onboard a Seceda cable car travelling to the summit from the alpine town centre
Photograph: Simone Padovani/Getty Images

Shanghai, China
Revellers watch a boxing match between two remote-controlled robots by Unitree Robotics during the World Artificial Intelligence Conference
Photograph: Héctor Retamal/AFP/Getty Images

Stage 3, Valenciennes to Dunkerque
The peloton cycles under decorative streamers hung above the race route in Aire-sur-la-Lys.
Photograph: Marco Bertorello/AFP/Getty Images
Market Closes for July 28^th, 2025

Market Index	Close	Change
Dow Jones	44837.56	-64.36
		-0.14%
S&P 500	6389.77	+1.13
		+0.02%
NASDAQ	21178.59	+70.27
		+0.33%
TSX	27405.42	-88.93
		-0.32%

International Markets

Market Index	Close	Change
NIKKEI	40998.27	-457.96
		-1.10%
HANG SENG	25562.13	+173.78
		+0.68%
SENSEX	80891.02	-572.07
		-0.70%
FTSE 100*	9081.44	-38.87
		-0.43%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.528	3.526
CND. 30 Year Bond	3.844	3.840
U.S. 10 Year Bond	4.4098	4.3878
U.S. 30 Year Bond	4.9585	4.9296

Currencies

BOC Close	Today	Previous
Canadian $	0.7279	0.7298
US $	1.3738	1.3702

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5923	0.6280
US $	1.1592	0.8626

Commodities

Gold	Close	Previous
London Gold Fix	3334.50	3365.85
Oil
WTI Crude Future	66.71	66.11

Market Commentary:
Marx’s great achievement was to place the system of capitalism on the defensive. -Charles A. Madison, 1895-1985.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.3% at 27,405.42 in Toronto.
The move was the biggest since falling 0.5% on July 15 and follows the previous session’s increase of 0.4%.
Today, materials stocks led the market lower, as 9 of 11 sectors lost; 142 of 212 shares fell, while 66 rose.
Royal Bank of Canada contributed the most to the index decline, decreasing 1.0%.
New Gold Inc. had the largest drop, falling 6.0%.

Insights
* This month, the index rose 2%
* The index advanced 20% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is 0.4% below its 52-week high on July 25, 2025, and 26.5% above its low on Aug. 6, 2024
* The S&P/TSX Composite is up 0.3% in the past 5 days and rose 2.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.6 on a trailing basis and 17.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.45t
* 30-day price volatility rose to 6.24% compared with 6.11% in the previous session and the average of 6.07% over the past month

Index Points
Materials | -55.4196| -1.5| 3/44
Financials | -36.0864| -0.4| 9/15
Industrials | -21.8284| -0.6| 9/19
Communication Services | -8.4566| -1.3| 0/5
Consumer Staples | -6.9482| -0.7| 2/8
Utilities | -6.8274| -0.7| 2/12
Real Estate | -6.0683| -1.2| 1/18
Consumer Discretionary | -3.2093| -0.3| 3/6
Health Care | -0.0485| -0.1| 1/2
Information Technology | 23.0992| 0.8| 3/7
Energy | 32.8690| 0.8| 33/6
RBC | -17.6000| -1.0| 16.8| 3.4
Agnico Eagle Mines Ltd | -13.8600| -2.3| -8.6| 51.1
TD Bank | -10.3600| -0.8| -42.0| 33.0
Suncor | 9.0130| 2.0| 17.8| 7.0
Canadian Natural Resources | 12.6000| 2.0| -59.1| -1.1
Shopify | 30.1500| 2.1| -29.2| 13.8
(MT Newswires)
The Toronto Stock Exchange closed down from a record high on Monday amid some profit taking and as Canadian Prime Minister Mark Carney indicated a trade deal with the United States that does not include tariffs is unlikely to be reached, raising concerns around what level eventual levies might be set at.
The S&P/TSX Composite Index closed down 88.93 points to 27,405.42 with most sectors lower, led by the Battery Metals Index and Telecoms, both down about 1.5%. Energy was easily the biggest gainer, up 1.9%.
The United States agreed to trade deals that set a 15% tariff on most goods it trades with both the European Union and Japan respectively, but Canada is under the threat of 35% tariffs on exports if a deal with its North America neighbor and largest trading partner cannot be reached by an Aug. 1 deadline.
Canada already faces U.S. levies on steel, aluminum, and automobiles, while new tariffs on copper are slated for introduction early next month.
Earlier Monday Prime Minister Mark Carney took questions on the fringes of a government event at which he indicated that a trade deal without tariffs was unlikely.
Carney said “there is a landing zone that is possible” for Canada to reach in terms of agreeing the best possible deal.
Meanwhile, former White House official Larry Haas said the Canadian government has reason to be concerned.
“The tone between the United States and Canada is a lot more negative than the tone seems to be between the United States and the E..U.,” Haas said during an interview with CTV News on Sunday.
“I think both countries … are preparing for the very strong possibility that we’re going to get tariffs.”
According to Haas, the deadline could still shift, depending on economic signals.
“Trump has backed away from other deadlines when it came to tariffs,” he told CTV, before adding: “If we approach August 1 and these tariffs are looming, and the stock market all of a sudden becomes shaky, I could envision another extension.”
While CTV noted that Canada has taken steps to respond to U.S. pressure, including boosting border inspections and cancelling a digital services tax, Haas noted the Canadian government faces a difficult negotiating environment.
“President Trump respects strength as opposed to weakness,” he said. “Canada needs to make clear to the United States that it’s not going to take just any deal.”
Of commodities, gold moved lower late afternoon on Monday as the dollar rose after a weekend trade agreement between the United States and the European Union calmed fears of a spreading global trade war, easing safe-haven demand.
Gold for December delivery was last seen down $18.90 to US$3,373.60 per ounce, remaining off the July 22 record high of US$3,501.80 per ounce.
But West Texas Intermediate crude oil closed higher on the U.S. and Europe trade deal, with the Europeans agreeing to raise purchases of U.S. energy.
WTI crude oil for September delivery closed up US$1.55 to settle at US$66.71 per barrel, while September Brent oil was last seen up US$1.52 to US$69.96.
US
By Rita Nazareth
(Bloomberg) — Wall Street kicked off a pivotal week with stocks holding at record highs while the dollar climbed the most since May as a tariff deal between President Donald Trump and the European Union bolstered hopes for an extension of a China trade truce.
Bonds edged lower.
The start of a key week for markets saw a dollar gauge up nearly 1%, extending its July rally.
The euro slid the most in over two months.
The S&P 500 briefly topped 6,400 to close little changed.
Treasuries barely budged amid mixed results from US debt sales.
Oil rose as Trump said he’d shorten his timeline for Russia to reach a truce with Ukraine.
In the run-up to the Aug. 1 US tariff deadline, traders will go through a raft of key data from jobs to inflation and economic activity.
The big event comes Wednesday when the Federal Reserve is expected to keep rates unchanged.
Then there’s a string of big-tech earnings, with four mega caps worth a combined $11.3 trillion reporting results.
“This is about as busy as a week can get in the markets,” said Chris Larkin at E*TRADE from Morgan Stanley.
“This week could make or break that momentum in the near term.”
US and Chinese officials finished the first of two days of talks aimed at extending their tariff truce beyond a mid-August deadline and hashing out ways to maintain trade ties while safeguarding economic security.
Canada Prime Minister Mark Carney said his government is still deep in trade talks with the Trump administration.
The Treasury jacked up its estimate for federal borrowing for the current quarter to $1 trillion, mainly due to distortions from the debt limit.
On Wednesday, the department will announce its plans for note and bond sales over coming months — which dealers widely see as staying unchanged.
Speaking in Scotland on Sunday to announce the EU deal, Trump gave a brief update on Washington’s relations with Beijing.
“We’re very close to a deal with China. We really sort of made a deal with China, but we’ll see how that goes,” he said without elaborating.
“It is possible that as more trade deals are announced, the level of uncertainty that has hovered over business and the economy will ease,” said Brent Schutte at Northwestern Mutual Wealth Management Co.
“Additionally, the impact of final trade deals could be less than originally forecast after the April 2 announcement of reciprocal tariffs.”
To Thierry Wizman at Macquarie Group, while the dollar’s strength today may reflect the perception that the new EU deal is lopsided in favor of the US, it may also reflect a feeling that America is reengaging with its major allies.
“Whether we agree or not with the use of tariffs and the deals announced, we are getting the big ones out of the way which will allow American businesses to adjust and plan, for better or worse,” said Peter Boockvar at the Boock Report.
“And we can now focus on how this all plays out.”
Fed Chair Jerome Powell and his colleagues will step into the central bank’s board room on Tuesday to deliberate on rates at a time of immense political pressure, evolving trade policy, and economic crosscurrents.
In a rare occurrence, policymakers will convene in the same week that the government issues reports on gross domestic product, employment and the Fed’s preferred price metrics.
Forecasters anticipate the heavy dose of data will show economic activity rebounded in the second quarter.
While the stock market is moving sideways after a solid run, “if we get no surprises in earnings and some dovish comments by the Fed, it’s likely we’ll see yet more new highs by the end of the week,” said Louis Navellier, chief investment officer at Navellier & Associates.
“We do not expect the Federal Reserve to cut interest rates on Wednesday, but it’s possible that they make a stronger signal that cuts are on the horizon in the fall, especially as the inflation data continues to stay muted even in this tariff environment,” said Rick Gardner at RGA Investments.
Gardner also says that while stock market valuations are high, that in and of itself is not a reason why valuations can’t expand even further from here.
In fact, this earnings season is off to a solid start, and all eyes will be on results from Microsoft Corp. and Meta Platforms Inc. on Wednesday, and Apple Inc. and Amazon.com Inc. on Thursday.
So far, Corporate America appears to be taking tariffs in stride.
With about a third of S&P 500 firms having reported, roughly 82% have beaten profit forecasts, on track for the best quarter in about four years, data compiled by Bloomberg Intelligence show.
Progress in trade negotiations will take the S&P 500 to a third consecutive year of 20% gains, according to Oppenheimer Asset Management’s John Stoltzfus, a feat unseen since the late 1990s.
He raised his year-end target for the US benchmark to 7,100.
Some market forecasters including Morgan Stanley’s Michael Wilson have turned more optimistic about the S&P 500 as they expect earnings to remain upbeat.
The technical evidence suggests a broadening of participation in equities off the April low, according to Craig Johnson at Piper Sandler.
“Despite a slight easing in momentum as investors await earnings, the combination of several major indices at all-time highs and improving market breadth continues to draw investors off the sidelines, offering opportunities to buy the dip,” he said.
At RBC Capital Markets, Lori Calvasina says it would be premature to write off the impact of tariffs on inflation and corporate earnings.
“It also poses a risk to the path of stock prices if company outlooks for 2026 don’t end up being as rosy as investors have been anticipating,” she noted.
The S&P 500 is trading around 22.5 times projected earnings, compared to a 10-year average of 18.6.
That’s sparked concerns that there may be little room for error.
The stock market’s stunning rebound and resilience have again emboldened equity investors, who have developed muscle memory around ‘buying the dip’,” according to Lisa Shalett at Morgan Stanley Wealth Management.
“With volatility having decoupled from stress indicators, passive indexes have ground to new highs, while the most speculative corners of the market have begun to lead,” she said.
“Complacency is elevated, and valuations are rich. In this environment, we want to be stock pickers.”
To Mark Hackett at Nationwide, this may be the most compelling intersection of technical momentum and fundamental strength we’ve seen in a long time.
“The S&P hasn’t had a 1% move in over a month and yet bears have capitulated,” he said. “No one’s willing to short this market, and even typically skeptical investors are getting pulled in. While it’s not a blow-off top yet, the odds of that happening are rising.”
If sentiment keeps shifting and dip buyers remain aggressive, we could see a classic melt-up – and any near-term weakness over the next several weeks is likely to be bought aggressively, he said.
“However, for now, bears are hibernating through the summer,” Hackett concluded.
“We would lean toward being more bullish than bearish on US stocks through year-end, but not outside of a balanced portfolio based on risk,” said Anthony Saglimbene at Ameriprise.
“However, that view is contingent on positive corporate profitability and economic growth this year, avoiding worst-case tariff scenarios, and investors remaining willing to ‘buy the dip’.”
Markets have found reassurance in several developments, according to Invesco Global Market Strategy Office.
“For one, the worst fears that manifested around trade in early April haven’t materialized, and key trade agreements are being signed,” the strategists said.
“Tariff rates remain vastly elevated compared to last year, but they appear manageable.
In our view, it’s likely that the cost can be shared between businesses and consumers without a meaningful impact on growth or inflation.”
Invesco strategists also noted that what should really matter for stocks in the medium and long-term is earnings.
“After a strong market rally, investors should prepare for renewed volatility in the near term,” said Mark Haefele at UBS Global Wealth Management. “Potential market dips could offer an opportunity for investors to build long-term exposure to stocks.”

Corporate Highlights:
* Samsung Electronics Co. will produce AI semiconductors for Tesla Inc. in a new $16.5 billion pact that marks a win for its underperforming foundry division.
* Texas Instruments Inc. was upgraded to outperform at Wolfe Research, which said the chipmaker is “near the end” of a spending cycle.
* Cisco Systems Inc. was downgraded to inline at Evercore, which mentioned valuation following recent gains.
* Nike Inc. was raised to overweight at JPMorgan Chase & Co., which cited the earnings impact of the sportswear maker’s five- pronged multi-year recovery plan.
* Albertsons Cos. demanded that Kroger Co. provide details on personal conduct that led the company to replace its chief executive officer, who shepherded the failed $24.6 billion takeover that’s now the focus of litigation between the two companies.
* PayPal Holdings Inc. will soon allow businesses to accept more than one hundred cryptocurrencies at checkout.
* Roche Holding AG plans to test whether an experimental medicine can prevent Alzheimer’s disease symptoms in high-risk people, its latest investment in one of the most failure-prone areas of drug making.
* Arrowhead Pharmaceuticals Inc. said Monday that it’s owed a $100 million milestone payment from Sarepta Therapeutics Inc. within the next two months, pressuring the beleaguered biotech company just days after it stopped selling its biggest drug due to safety concerns.
* EssilorLuxottica SA posted better-than-expected revenue in the second quarter, as the world’s biggest eyewear maker showed strong gains in Europe and pressed ahead with its smart-glasses initiative.
* Warner Bros. Discovery Inc. announced the names of the two companies resulting from a planned separation of the streaming and studios business from its cable-TV networks.

What Bloomberg Strategists say…
“A European trade deal and new China talks will go a long way to bolster risk sentiment in the days ahead, with the Aug. 1 deadline now largely irrelevant. With some level of framework in place for Europe, China and Japan, investors are gaining more visibility into the contours of global trade — and so far, they’re not particularly worried.”
-Tatiana Darie, Macro Strategist, Markets Live

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 fell 0.1%
* The MSCI World Index fell 0.3%
* Bloomberg Magnificent 7 Total Return Index rose 0.8%
* The Russell 2000 Index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.8%
* The euro fell 1.3% to $1.1592
* The British pound fell 0.6% to $1.3355
* The Japanese yen fell 0.6% to 148.56 per dollar
Cryptocurrencies
* Bitcoin fell 0.6% to $118,128.17
* Ether fell 0.6% to $3,802.22
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.41%
* Germany’s 10-year yield declined three basis points to 2.69%
* Britain’s 10-year yield advanced one basis point to 4.65%
Commodities
* West Texas Intermediate crude rose 3% to $67.10 a barrel
* Spot gold fell 0.6% to $3,317.25 an ounce

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Do the thing you fear most, and the death of fear is certain. –Mark Twain, 1835-1910.

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

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

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

Dear Friends,

Tangents:  Happy Friday.
St. James the Great Day.
Pilgrimage of St. Anne d’Auray, France.

July 25, 1893: The Panic of 1893 reached its low point, with nearly one-quarter of the nation’s railroads heading into bankruptcy and the directors of the NYSE nearly closing down the exchange.
July 25, 1909: Louis Blériot makes the first aeroplane flight across the English Channel, proving practical aviation is possible.
July 25, 1978:The first baby conceived by in-vitro fertilization was born in Oldham, England.  Go to article  

July 25, 1969: The Seattle Pop Festival is held at Woodinville’s Gold Creek Park. Over three days, 25 musicians and groups perform, including Led Zeppelin, Chuck Berry, The Byrds, Chicago Transit Authority, Bo Diddley, the Doors, Guess Who, Santana, Ike & Tina Turner and the Youngbloods. More than 50,000 fans attend, with tickets $6 a day or $15 for three days. Neighbors complain of traffic and the “hippie atmosphere,” but fans are orderly with a few exceptions. (The next month, Woodstock Festival draws 500,000 music fans to Bethel, N.Y.) (Compiled from HistoryLink.org)

Iman, model/actress, b. 1955.

Earth is starting to spin faster — and scientists are considering doing something unprecedented
Two days this summer have been unusually short, with the shortest expected on Aug. 5, leading global timekeepers to consider adding a negative leap second. Read More.

3,800-year-old burial of tall warrior buried with 4-pronged spearhead unearthed in Azerbaijan
The burial holds a Bronze Age man who stood more than 6 feet, 6 inches tall and may have been a military leader. Read More.

3I/ATLAS is 7 miles wide — the largest interstellar object ever seen — new photos from Vera C. Rubin Observatory reveal
Detailed photos from the newly operational Vera C. Rubin Observatory have revealed that the recently discovered interstellar object 3I/ATLAS is roughly 7 miles wide, making it the largest of its kind ever seen.

Ancient whale ‘graveyard’ discovered under melting Russian glacier
An Arctic expedition found a collection of ancient whale remains where a rapidly retreating glacier once lay.

Artist cancels major Smithsonian exhibition
Amy Sherald, who gained national fame for her official portrait of former first lady Michelle Obama in 2018, was told that the museum had “concerns” about one of her paintings.

New Jersey Little Leaguer cleared to play again
The 12-year-old baseball player faced suspension for what he did last week after hitting a game-winning home run.

Halloween is going to be pricier this year
High cocoa costs are prompting a major confectionery company to hike prices for chocolate candy.

David Beckham documents hilarious haircut mishap
“What have you done?” Victoria Beckham, the soccer star’s wife, asked when she saw it

RIP: Legendary jazz musician Chuck Mangione dies
The noted flugelhorn player, trumpeter and composer became known for his signature tune “Feels So Good,” which spent 25 weeks on the Billboard Hot 100 chart, peaking at #4 in 1978. Throughout his six-decade career in music, Mangione received 14 Grammy nominations and won the award twice. He also made recurring appearances on the Fox animated series “King of the Hill,” where he played a tongue-in-cheek version of himself.

PHOTOS OF THE DAY

Dover, UK
Holidaymakers and lorry drivers come to a standstill as traffic builds at the border
Photograph: Gareth Fuller/PA

San Diego, US
A man wades past kelp as he goes for a swim in the Pacific Ocean at La Jolla Shores in California
Photograph: Gregory Bull/AP

​​​​​​​Neuf-Brisach, France
An aerial view of an octagonal fortress that forms one of the most extraordinary cities in the world. Constructed in the 17th-century by Sébastien Le Prestre de Vauban, a military architect serving King Louis XIV, the city in Alsace features evenly spaced bastions, perpendicular streets and star-shaped fortifications
Photograph: Anadolu/Getty Images
Market Closes for July 25^th, 2025

Market Index	Close	Change
Dow Jones	44901.92	+208.01
		+0.47%
S&P 500	6388.64	+25.29
		+0.40%
NASDAQ	21108.32	+50.36
		+0.24%
TSX	27494.35	+122.09
		+0.45%

International Markets

Market Index	Close	Change
NIKKEI	41456.23	-370.11
		-0.88%
HANG SENG	25388.35	-278.83
		-1.09%
SENSEX	81463.09	-721.08
		-0.88%
FTSE 100*	9120.31	-18.06
		-0.20%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.526	3.548
CND. 30 Year Bond	3.840	3.857
U.S. 10 Year Bond	4.3878	4.3957
U.S. 30 Year Bond	4.9296	4.9347

Currencies

BOC Close	Today	Previous
Canadian $	0.7298	0.7328
US $	1.3702	1.3646

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6095	0.6213
US $	1.1746	0.8513

Commodities

Gold	Close	Previous
London Gold Fix	3365.85	3413.55
Oil
WTI Crude Future	66.11	67.23

Market Commentary:
And thus, without a wing, or service of a keel. –Emily Dickinson, 1830-1886.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.4% at 27,494.35 in Toronto.
The move was the biggest since rising 0.9% on July 17 and follows the previous session’s decrease of 0.2%.
Shopify Inc. contributed the most to the index gain, increasing 2.5%.
Tfi International Inc. had the largest increase, rising 5.5%.
Today, 111 of 212 shares rose, while 97 fell; 7 of 11 sectors were higher, led by information technology stocks.

Insights
* This month, the index rose 2.4%
* So far this week, the index rose 0.7%
* The index advanced 22% in the past 52 weeks. The MSCI AC Americas Index gained 19% in the same period
* The S&P/TSX Composite is at its 52-week high and 26.9% above its low on Aug. 6, 2024
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 17.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.43t
* 30-day price volatility fell to 6.11% compared with 6.24% in the previous session and the average of 6.12% over the past month

Index Points
Information Technology | 53.2918| 2.0| 9/1
Financials | 48.3263| 0.5| 19/6
Industrials | 23.9996| 0.7| 24/5
Materials | 11.4083| 0.3| 21/26
Real Estate | 3.4190| 0.7| 10/8
Consumer Discretionary | 1.1541| 0.1| 5/4
Utilities | 0.9006| 0.1| 5/8
Communication Services | -0.3184| 0.0| 3/2
Health Care | -0.4823| -0.7| 1/2
Consumer Staples | -2.0356| -0.2| 5/5
Energy | -17.5958| -0.4| 9/30
Shopify | 34.9200| 2.5| -38.4| 11.5
Canadian Pacific Kansas | 10.1500| 1.5| 7.0| 1.3
RBC | 8.9010| 0.5| 24.9| 4.4
Couche-Tard | -2.9900| -0.7| -34.6| -6.8
Enbridge | -5.4880| -0.6| 37.0| 1.1
Teck Resources | -8.3630| -5.7| 107.6| -22.4
(MT Newswires)
The Toronto Stock Exchange raced to fresh record high on Friday even as U.S. President Donald Trump said his administration has not been focused on reaching a trade deal with Canada, with a deadline for an agreement looming, while Rosenberg Research raised concern around overbought market sentiment.
The S&P/TSX Composite Index rose 122.1 points to a record finish of 27,494.25 despite weaker commodity prices, usually a bearish note for the resources-heavy index.
Despite the gains, sectors were mixed.
The biggest gainer was Info Tech, up 1.8%.
The Battery Metals Index was down 1.7% and Base Metals down 1%.
Just a week out from an August 1 trade-agreement deadline, President Trump told reporters Friday morning “We don’t have a deal with Canada”.
In contrast, he was cited in a report from Canada’s CTV News saying he is likely to reach a deal with the European Union and that he had solidified the confines of an accord with China.
“Aug. 1 is going to come, and we will have most of our deals finished, if not all.  We haven’t really had a lot of luck with Canada. I think Canada could be one where they’ll just pay tariffs. It’s not really a negotiation,” Trump said.
The CTV report noted Trump has promised the U.S. will impose a 35% tariff on Canadian goods crossing the border, and those fees could go even higher if Canada further retaliates.
However, it also noted, they’re limited to the minority of goods not covered under the two countries’ existing free trade deal, which Trump signed in his first term and vowed to renegotiate next year.
Canada is also bearing the weight of Trump’s tariffs on steel, aluminum and automobiles, and will be affected by copper duties that are also expected to kick in on Aug. 1, the CTV report added.
Douglas Porter, Chief Economist at BMO Capital Market, in his weekly ‘Talking Points’ note said the 15% base tariff agreed with Japan “likely sets an important benchmark for other major trading partners, and drums home the point that meaningful tariffs are here to stay.”
Porter noted Canadian Prime Minister Mark Carney more or less echoed that sentiment by cautioning any deal with the United States may well include some semi-permanent tariffs.
At the same time, Porter also noted, Carney warned the Aug.1 deadline may not hold, and that Canada would not be rushed into a bad deal, while Intergovernmental Affairs Minister Dominic LeBlanc said “a lot of work” still needs to be done.
President Trump, Porter noted, showed just how much “work” by suggesting on Friday that, for Canada, it may just be a tariff, not a negotiation.
“While Canada faces the prospect of a 10 ppt hike in its tariff to 35%, that’s only on the narrow slice of non-USMCA compliant goods, so the bigger issue is the sectoral hits on autos and metals,” Porter said.
Elsewhere, Rosenberg Research in its latest Technical Analysis said a composite of four popular sentiment survey suggests market sentiment is “only now edging into overbought, excessive bullishness, territory”.
It cited the S&P 500 medium term Coppock Curve showing that sentiment momentum has broken out to levels not seen since early 2023.
According to the research, “this breakout implies that sentiment will move higher, and become more overbought, in the weeks immediately ahead”.
Rosenberg Research said if it does, but fails to challenge its 2024 highs, that could create a divergence relative to, at least, the S&P 500’s post-April uptrend and perhaps its longer-term trend. “In turn,” it added, “such divergence could be a factor, along with momentum and seasonality, that adversely affects price.”
Of commodities, gold futures fell for a third day, continuing a retreat from Tuesday’s record high as the dollar strengthens and traders take profits.
Gold for December delivery was last seen down $38.20 to US$3,392.90 per ounce.
Tuesday, the metal posted a record high of US$3,501.80.
Also, West Texas Intermediate crude oil prices fell Friday, giving up early gains that came on optimism U.S. tariff battles are calming, as reports said the Trump Administration will allow higher exports from Venezuela into an already over-supplied market.
WTI crude oil for September delivery closed down $0.87 to settle at US$65.16 per barrel.
September Brent oil was last seen down $0.78 to US$68.40.
US
By Rita Nazareth
(Bloomberg) — Wall Street ended the week on a positive note, with stocks hitting fresh all-time highs amid solid earnings and hopes for US trade deals.
After an uneventful meeting between Donald Trump and Jerome Powell, the Treasury market barely budged.
The dollar climbed.
In the run-up to the busiest week for corporate results, the S&P 500 rose for a fifth straight day, approaching 6,400.
While the rally has stoked concerns about inflated prices amid a rush to the riskiest corners and a revival of the meme-stock mania, many traders find it hard to bet against the trend.
A closely watched gauge of equity volatility – the VIX – closed below 15.
“If you are a structurally bearish investor, the recent few weeks must have felt like a century,” said Florian Ielpo at Lombard Odier Investment Managers.
“Not only are most equity indices advancing in what seems like an endless rally, but their valuations now globally surpass those at the start of the year.”
Progress in trade deals, positive economic data and corporate resilience have offset worries that stocks are overheating.
More than 80% of S&P 500 companies have exceeded profit estimates, according to data compiled by Bloomberg Intelligence. That’s on track for the highest share of beats since 2021.
“The pace of earnings so far this month has been positive, economic data has been hanging in there, and we’re even starting to get some sense of clarity on tariffs,” said Bespoke Investment Group. “You can’t fault investors for being optimistic.”
Next week will also bring the latest jobs report, the Federal Reserve’s rate decision and a deadline for US trade deals.
European Commission President Ursula von der Leyen said she will travel to Scotland this weekend to meet with Trump, as the two sides aim to conclude a trade deal ahead of an Aug. 1 deadline.
“The market continues its steady climb as many key investor concerns have failed to materialize,” said Mark Hackett at Nationwide.
“While institutional investors who were short on an absolute or relative basis have largely capitulated, positioning still shows little sign of excess.”
This suggests that the market momentum has room to build if macro conditions improve or even stabilize, Hackett noted.
“It’s been a very, very active year for retail and just in the past month, I’d say, has been the craziest month that we’ve seen, so it is the return of meme stock rallying, sharp increases in really small companies picked up by Reddit channels and things like that,” said Sam Nofzinger, Public’s general manager of brokerage.
Meantime, Goldman Sachs Group Inc.’s trading desk said its clients are growing “more comfortable” betting against shares of unprofitable technology companies, following a resurgence of meme-stock mania that has sparked wild rallies in a cohort of smaller names.
“With the market pushing to new highs and volatility falling to its lowest levels since February, two of the major challenges facing investors are complacency and the urge to chase the market,” said Daniel Skelly, head of Morgan Stanley’s Wealth Management Market Research & Strategy Team.
The risk of a bubble in stock markets is rising as monetary policy loosens alongside an easing in financial regulation, says Bank of America Corp.’s Michael Hartnett.
From a technical standpoint, Craig Johnson at Piper Sandler keeps his bullish view, citing factors such as improving market breadth and many of the popular averages reaching new highs.
Monday kicks off the earnings season’s busiest week, with over 40% of S&P 500 companies reporting results.
Among the highlights will be several mega caps including Apple Inc. Amazon.com Inc., Microsoft Corp. and Meta Platforms Inc.
“We are seeing some divergence in earnings, but for the most part companies are beating expectations and keeping the stock rally going,” said Chris Zaccarelli at Northlight Asset Management.
“As long as trade policy and tariff headwinds are minor, the market can keep moving higher.”
The world’s investors are enjoying a confidence boost after months of uncertainty as Trump finally started signing trade deals.
Earlier this year, rapidly-shifting tariff policies sent global markets spiraling.
But risk assets have rebounded as investors saw signs of progress in negotiations.
“We’ve already seen a deal with Japan. A deal with the EU is necessary for the equity rally to continue, in our view, but would not be surprised,” said Paul Christopher at Wells Fargo Investment Institute.  “The only surprise would be no deal by Aug. 1.”
To Mark Haefele at UBS Global Wealth Management, trade negotiations will ultimately lead to moderate policy.
“We would expect a tariff-led economic slowdown to be mild and short-lived, rather than recessionary,” he said.
Trump also noted he would never back a weak dollar while also touting the economic benefits a low currency would bring, particularly for the country’s manufacturing sector.
While the greenback wrapped out its worst week in July, it’s set for its best month in 2025.
The Fed released a statement Friday thanking Trump and Republican lawmakers for visiting the central bank’s renovation project on Thursday.
During his visit, Trump offered little criticism of the project but urged Fed Chair Powell several times to lower interest rates.
Trump says he had a good meeting with Powell, leading the US president to believe the Fed might cut borrowing costs.
At Pepperstone, Quasar Elizundia says policymakers are expected to hold steady while signaling sensitivity to global trade conditions and softening investment trends.
“The case for leaving policy on hold has been made by several Fed speakers: inflation remains above target, inflation risks still pervade, and the labor market is near full employment,” said Michael Feroli at JPMorgan Chase & Co.
The Fed “should cut rates next week, but we don’t think it will,” said FHN Financial’s Chris Low and his colleagues.
“Instead, watch for Chair Powell to use the press conference to prep markets for a cut in September.”
“While Chair Powell will probably keep his options open for September, we think he will emphasize that recent US inflation and employment data make a case for leaving rates unchanged,” said James Egelhof and Guneet Dhingra at BNP Paribas.
“As we have since December 2024, we expect the policy hold to run past year end.”

Corporate Highlights:
* Intel Corp. sank as Chief Executive Officer Lip-Bu Tan sparked concerns that he was more focused on cost cutting than restoring the chipmaker’s technological edge.
* Microsoft Corp. is investigating whether a leak from its early alert system for cybersecurity companies allowed Chinese hackers to exploit flaws in its SharePoint service before they were patched, according to people familiar with the matter.
* American Airlines Group Inc. finally has taken possession of its first long-range Airbus SE A321XLR aircraft, but the plane will remain in Europe because of a supply chain issue that’s caused a shortage of seats.
* Paramount Global’s merger with Skydance Media was approved by the US Federal Communications Commission.
* Pinnacle Financial Partners Inc. agreed to acquire Synovus Financial Corp. in an all-stock transaction valued at $8.6 billion, combining two sizable players in the US Southeastern market ahead of a potential wave of banking M&A.
* Charter Communications Inc. reported it lost more internet customers than expected during the second quarter amid increased pressure from mobile companies’ 5G and fiber home internet offerings.
* Fuzzy Ugg boots and chunky Hoka running shoes saw big sales gains last quarter, bolstering financial results for parent company Deckers Outdoor Corp.
* Centene Corp. issued fresh annual guidance and laid out a plan to address problems in its Affordable Care Act business, offering investors a ray of hope in a year when insurers across the industry have struggled to cope with rising costs and changing government policies.
* Sarepta Therapeutics Inc. shares plunged after European regulators rejected its gene therapy Elevidys, intensifying scrutiny on the drugmaker after it was pressured to halt shipments of its treatment in the US.
* Bristol-Myers Squibb Co.’s chief medical officer is stepping down from his role after six years at the company, a surprise moves as the drugmaker races to find its next hit to reverse its declining fortunes.
* Eli Lilly & Co. won the backing of European Union regulators for its Alzheimer’s disease drug Kisunla in a specific group of patients, potentially paving the way for it to become the second drug in the region to slow the most common cause of dementia in the elderly.
* Newmont Corp. has made progress getting its costs under control, helping the world’s top gold miner beat expectations on earnings at a time when a rally for the precious metal is underpinning the industry.
* Phillips 66 is maximizing diesel production to take advantage of strong demand and would consider investing in projects that give its refineries greater flexibility to tweak fuel output to match changing consumption patterns.
* Lyft Inc. is partnering with Benteler Group, an Austria-based manufacturer, to deploy autonomous shuttles in the US in late 2026, trying to catch up with rival Uber Technologies Inc. in offering driverless rides.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World Index rose 0.1%
* Bloomberg Magnificent 7 Total Return Index rose 0.5%
* The Russell 2000 Index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro was little changed at $1.1743
* The British pound fell 0.5% to $1.3436
* The Japanese yen fell 0.4% to 147.63 per dollar
Cryptocurrencies
* Bitcoin fell 1.7% to $116,755.58
* Ether fell 2.5% to $3,644.22
Bonds
* The yield on 10-year Treasuries declined one basis point to 4.38%
* Germany’s 10-year yield advanced two basis points to 2.72%
* Britain’s 10-year yield advanced one basis point to 4.64%
Commodities
* West Texas Intermediate crude fell 1.5% to $65.05 a barrel
* Spot gold fell 0.9% to $3,337.87 an ounce

–With assistance from Vildana Hajric.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann
Action may not always bring happiness; but there is no happiness without action. -Benjamin Disraeli, 1804-1881.

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

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

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

Dear Friends,

Tangents: Happy Friday Eve.  The astronomical new moon for July 2025 occurs today, Thursday, July 24, when the Moon reaches conjunction with the Sun—meaning it’s completely invisible from Earth.
Precise timings include:

• July 24, 2025 at 2:11 p.m. PT (Pacific Time)—approximately the same moment across the Northern Hemisphere Calendar 12+5Wikipedia+5Astronomy Magazine+5.

This moment marks the official start of the lunar cycle. In the Northern Hemisphere, it appears as the Moon is entirely dark and unseen in the sky.

Today is Pioneer Day – Mormons enter Salt Lake City, July 24, 1847.

July 24, 1847: American inventor Richard March Hoe patents the rotary printing press, revolutionizing mass printing.
July 24, 1959: During a visit to the Soviet Union, Vice President Richard M. Nixon and Soviet leader Nikita Khrushchev compared the merits of capitalism and communism in the “kitchen debate,” so-named because it took place at a model kitchen at a U.S. exhibition.  Go to article.

Simon Bolivar, S. American liberator, b. 1783.
Alexandre Dumas, writer, b. 1802.
Amelia Earhart, aviatrix, b. 1898.
Zelda Fitzgerald, writer, b. 1900.
Jennifer Lopez, actress, b. 1970

Neanderthal genes may explain disorder where brain bulges out of the skull
Neanderthal genes may explain why some people have Chiari malformation type I, a condition in which the brain bulges out of the back of the skull. Read More.

Iconic ‘Apollo Earthrise’ crater just helped a spaceship get better at hunting aliens
A large lunar crater featured in the iconic ‘Earthrise’ photo has just helped the European JUICE spacecraft hone its alien-hunting instruments during a once-in-a-lifetime flyby. Read More.

Best-ever map of the human genome sheds light on ‘jumping genes,’ ‘junk DNA’ and more
In a pair of papers, scientists greatly expanded our catalog of known genomic variation among humans. Read More.

Watch this robot ‘cannibal’ grow bigger and stronger by consuming smaller robots
Scientists explore the concept of “robot metabolism” with a weird machine that can integrate material from other robots so it can become more capable and overcome physical challenges. Read More.

Students build new ‘hybrid drone’ — watch it fly in the air and then seamlessly dive underwater
A 3D-printed hybrid drone can quickly transition between air and water thanks to variable pitch propellers. Watch a video of the drone in action. Read More.

Venus Williams is engaged
The tennis superstar revealed the big news after becoming the second-oldest woman to win a tour-level singles match.

Pete Davidson expecting first child with partner
And the comedian is overjoyed to be entering his dad era.

What is Shohei Ohtani’s next big hit? 
Let’s just say it has to do with the Los Angeles Dodgers player’s dog.

PHOTOS OF THE DAY

Konya, Turkey
The harvest season ends in the circular wheat fields of Altınova and Gözlü in the Kadınhanı district
Photograph: Anadolu/Getty Images

Horsey Gap, UK
People watch a grey seal colony on the beach in Norfolk
Photograph: Matthew Chattle/Shutterstock

Almere, Netherlands
A bus drives through a solar farm. The farm produces enough electricity to supply 80,000 households
Photograph: Shutterstock
Market Closes for July 24^th, 2025

Market Index	Close	Change
Dow Jones	44693.91	-316.38
		-0.70%
S&P 500	6363.35	+4.44
		+0.07%
NASDAQ	21057.96	+37.94
		+0.18%
TSX	27372.26	-44.15
		-0.16%

International Markets

Market Index	Close	Change
NIKKEI	41826.34	+655.02
		+1.59%
HANG SENG	25667.18	+129.11
		+0.51%
SENSEX	82184.17	-542.47
		-0.66%
FTSE 100*	9138.37	+76.88
		+0.85%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.548	3.555
CND. 30 Year Bond	3.857	3.865
U.S. 10 Year Bond	4.3957	4.3818
U.S. 30 Year Bond	4.9347	4.9378

Currencies

BOC Close	Today	Previous
Canadian $	0.7328	0.7349
US $	1.3646	1.3607

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6033	0.6237
US $	1.1750	0.8510

Commodities

Gold	Close	Previous
London Gold Fix	3413.55	3409.85
Oil
WTI Crude Future	67.23	66.36

Market Commentary:
You can’t connect the dots looking forward; you can only connect them looking backward, –Steve Jobs, 1955-2011.

On this day in 1987, the corporate assets of ZZZZ Best were sold at bankruptcy auction. The carpet-cleaning company run by 21-year-old whiz kid Barry Minkow had a stock-market value of roughly $300 million months earlier—but virtually no customers, revenues or assets. Minkow had set up an elaborate system of phantom offices and phony account records.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.2% at 27,372.26 in Toronto. The move follows the previous session’s increase of 0.2%.
Teck Resources Ltd. contributed the most to the index decline, decreasing 8.7%.
Orla Mining Ltd. had the largest drop, falling 14.4%.
Today, 120 of 213 shares fell, while 86 rose; 5 of 11 sectors were lower, led by materials stocks.

Insights
* This month, the index rose 1.9%
* So far this week, the index was little changed
* The index advanced 21% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is at its 52-week high and 26.4% above its low on Aug. 6, 2024
* The S&P/TSX Composite is little changed in the past 5 days and rose 2.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.6 on a trailing basis and 17.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.44t
* 30-day price volatility rose to 6.24% compared with 6.23% in the previous session and the average of 6.12% over the past month

Index Points
Materials | -46.9142| -1.3| 3/44
Financials | -24.0829| -0.3| 13/12
Consumer Discretionary | -7.3680| -0.8| 2/7
Utilities | -0.9861| -0.1| 5/9
Information Technology | -0.4268| 0.0| 5/4
Health Care | 0.3582| 0.5| 2/1
Communication Services | 0.5190| 0.1| 3/2
Consumer Staples | 0.5228| 0.1| 5/5
Industrials | 2.6154| 0.1| 12/17
Real Estate | 5.1989| 1.1| 4/13
Energy | 26.4436| 0.6| 32/6
Teck Resources | -14.0400| -8.7| 116.2| -17.7
Canadian Pacific Kansas | -8.1920| -1.2| 46.2| -0.2
Couche-Tard | -7.5520| -1.8| -8.1| -6.1
FirstService | 6.3120| 8.9| 186.8| 1.6
Canadian Natural Resources | 6.7340| 1.1| -57.3| -2.8
Waste Connections | 11.6500| 2.6| 51.1| 4.2
(MT Newswires)
The Toronto Stock closed lower Thursday, falling off a day-prior record close, as market watchers’ debate whether or not a rate cut is possible over the second half of 2025, even if the window for one may be tight.
The S&P/TSX Composite Index fell a modest 44.15 points to 27,372.26.
Among sectors, most were lower, but only Base Metals fell by more than 1%, dropping1.7%.
Energy was the biggest gainer, rising 0.95%.
In the rates debate, RBC noted its central scenario since mid-June is that the Bank of Canada cutting cycle is over.
“Yes,” it said, “there are risks of further cuts if the macro landscape turns out worse than we expect, but status quo seems insufficient to compel the BoC to act.”
According to RBC, the market is “warming up to our view, whereas consensus has pushed out expected cuts to later in the year”.
Still, RBC did say the BoC should, at its July 30 meeting, keep the door open to further easing contingent on slower growth and lower inflation.
“There is no incentive to remove that optionality amid elevated uncertainty around trade wars.
But the window for cuts is closing fast as monetary policy will probably pass the baton to fiscal after the federal budget (expected in October)
Taylor Schleich, National Bank Director, Economics and Strategy, also said the BoC will leave the overnight target unchanged at 2.75%, the middle of its estimated neutral range, for a third straight meeting.
Unlike the prior two decisions, there’s little doubt about this one, as OIS markets discount sub-10% easing odds, he added.
“Those who had earlier been expecting a cut in July, us included, were dealt a blow this month when hiring was reported to have surged in June and underlying inflation failed to moderate.
The closely watched Business Outlook Survey was hardly upbeat but still soft sentiment is insufficient to compensate for firm core inflation and strong job growth.
Inflation expectations improved but remain a bit high, Schleich said.
In citing growing momentum around the idea that the rate easing cycle is over, Schleich said National Bank disagrees and doesn’t expect the bank’s Governing Council to validate this more hawkish view.
“Instead,” he added, “they’re likely to keep guidance unchanged, reiterating that they’re proceeding carefully and monitoring the same four indicators: export demand; tariff impacts on investment, employment and spending; inflation; and inflation expectations.”
Assuming the BoC’s data dependent stance is reaffirmed, National Bank doesn’t expect a material rate reaction post-decision.
“Markets will likely continue pricing less than one cut this year, for now,” he said.
Schleich noted the BoC’s rates decision will bring with it a new Monetary Policy Report and it hopes this will contain a central economic projection, rather two “illustrative scenarios” as presented in April.
“Policymakers have said we’re closer to the less disruptive scenario which could mean the growth forecasts published are stronger than our own.”
Of commodities today, gold prices weakened late afternoon as the dollar rose after the United States reported a drop in initial jobless claims and investors moved to risk assets after the Trump Administration reached a trade deal with Japan.
Gold for December delivery was last seen down $23.90 to US$3,431.20 per ounce.
But West Texas Intermediate crude oil closed higher for the first time in five sessions as a day-prior report showed a steeper than expected drop in U.S inventories, though demand concerns continue amid rising supply.
WTI crude oil for September delivery closed up $0.78 to settle at US$66.03 per barrel, while September Brent oil was last seen up $0.40 to US$68.91.
US
By Rita Nazareth
(Bloomberg) — Stocks closed at all-time highs as Alphabet Inc.’s results showed solid demand for artificial intelligence, bolstering confidence in the technology that has powered the bull market.
Signs of jobs strength ahead of next week’s Federal Reserve decision lifted Treasury yields.
Following a 28% surge from its April lows, the S&P 500 eked out a gain while notching its 10th record in 19 trading days.
Google’s parent AI optimism fueled a rally in companies like Nvidia Corp., which hit a fresh record.
Tesla Inc. sank 8.2% as Elon Musk warned of difficult times after one of the carmaker’s worst stretches since it started producing electric sedans over a dozen years ago.
The S&P 500’s record-setting spree may be stoking concerns about inflated share prices and a revival of meme-stock froth, but JPMorgan Chase & Co.’s trading desk isn’t concerned.
Rather, it expects the rally in US equities to keep going.
“While bullishness is not yet consensus, client conversations reveal that even those that skewed bearish are throwing in the towel,” the bank’s head of global market intelligence Andrew Tyler said Thursday in a note ahead of the market open.
Bonds dropped for a second day, with 10-year yields rising three basis points to 4.41%.
Traders slightly pared bets on Fed cuts, projecting less than two reductions this year.
The dollar edged up.
As European policymakers tempered expectations of policy easing, German bunds slid.
US jobless claims fell for a sixth straight week – the longest stretch of declines since 2022.
The characterization of the labor market will be a key feature of next week’s Fed meeting.
“There are still few signs of major cracks in the labor market,” said Chris Larkin at E*TRADE from Morgan Stanley.
“And if that picture remains intact, the Fed has one less reason to cut interest rates.”
Trading desks at firms including Goldman Sachs Group Inc. and Citadel Securities are telling clients to buy cheap hedges against potential losses in US stocks as a slew of risks loom over the market’s record advance.
US margin debt, a measure showing how much investors are borrowing to buy stocks on the New York Stock Exchange, is starting to run too hot — a potentially concerning sign for the credit market, according to credit strategists at Deutsche Bank AG.
The market euphoria may continue if there are unexpected tariff reductions or a more dovish stance by the Fed than investors anticipate, the strategists said.
The world’s investors are enjoying a confidence boost after months of uncertainty as President Donald Trump finally starts signing trade deals.
Earlier this year, rapidly shifting tariff policies sent global markets spiraling.
But risk assets have rebounded as investors saw signs of progress in negotiations, and the greenback has steadied.
Trump suggested he would not go below 15% as he sets reciprocal tariff rates ahead of an Aug. 1 deadline.
US stocks face near-term risk as the market is too complacent about tariffs and the related backlash, according to BNP Paribas Asset Management strategist Chi Lo.
On the trade front, Trump suggested he would not go below 15% as he sets so-called reciprocal tariff rates ahead of an Aug. 1 deadline, an indication that the floor for the increased levies was rising.
While some investors are concerned about “frothiness,” Craig Johnson at Piper Sandler says that, from a technical point of view, that this is not the case when looking “down-cap” from the heavy-weights in the S&P 500 and Nasdaq indices.
“We believe that this bull market is broadening out in terms of participation,” he said.
The NYSE advance-decline line, which tracks the number of securities rising minus the number falling on the exchange each day, this week hit fresh highs.

Corporate Highlights:
* Alphabet Inc.’s Google inked a deal worth more than $1 billion to provide cloud-computing services to software firm ServiceNow Inc., a win for Google Cloud’s efforts to get major enterprises onto its platform.
* International Business Machines Corp. reported weaker-than- expected sales in its closely watched software segment, disappointing investors who have grown increasingly optimistic about the business.
* Microsoft Corp. said a Chinese hacking group is exploiting security vulnerabilities in the company’s SharePoint servers to deploy ransomware, following a cyberattack discovered last week that has affected hundreds of entities around the world.
* UnitedHealth Group Inc. is responding to criminal and civil requests from the US Department of Justice about its Medicare practices, the company said, confirming reports of probes that have added to mounting challenges for the largest US health insurer.
* Union Pacific Corp., North America’s largest railroad, is in advanced discussions with Norfolk Southern Corp. about a potential tie-up in what would be the industry’s largest deal ever.
* American Airlines Group Inc. scaled back its earnings outlook amid deep fare discounts offered to woo reluctant travelers back on flights during a slump in consumer demand.
* Southwest Airlines Co. expects economic turmoil to erase as much as $1 billion of its annual pre-tax profit this year, prompting the US airline to offer shareholders a much-reduced outlook for 2025.
* Union Pacific Corp., North America’s largest railroad, is in advanced discussions with Norfolk Southern Corp. about a potential tie-up in what would be the industry’s largest deal ever.
* The Food and Drug Administration won’t sign off on Sarepta Therapeutics Inc. bringing its controversial gene therapy back to the market until the company can persuade US regulators that it won’t cause more deaths, according to an official familiar with the situation.
* Dow Inc. slumped after the chemical company reported its first quarterly loss in five years as trade and tariff uncertainties weighed on volumes.
* T-Mobile US Inc., the nation’s second-largest wireless provider, reported more new subscribers than analysts were expecting in the second quarter, overcoming a sluggish start to the year.
* Chipotle Mexican Grill Inc. cut its annual outlook for the second time this year, suggesting that honey chicken and burrito giveaways haven’t been enough to offset a traffic slump that the company attributed to economic anxiety.
* Blackstone Inc. reported a 25% jump in distributable earnings for the second quarter, buoyed by profits from its retail and evergreen funds.
* ServiceNow Inc. gave a strong outlook for revenue growth in the third quarter and touted customer adoption of its artificial intelligence software tools.

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World Index rose 0.2%
* Bloomberg Magnificent 7 Total Return Index fell 0.2%
* The Russell 2000 Index fell 1.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.1% to $1.1759
* The British pound fell 0.5% to $1.3508
* The Japanese yen fell 0.3% to 146.93 per dollar
Cryptocurrencies
* Bitcoin rose 0.9% to $119,052.72
* Ether rose 4.7% to $3,737.51
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.41%
* Germany’s 10-year yield advanced six basis points to 2.70%
* Britain’s 10-year yield declined one basis point to 4.62%
Commodities
* West Texas Intermediate crude rose 1.5% to $66.20 a barrel
* Spot gold fell 0.5% to $3,370.69 an ounce
Have a lovely evening.

Be magnificent!
As ever,

Carolann
The best revenge is massive success. –Frank Sinatra, 1915-1998.

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 July 23, 1914, Austria-Hungary issued an ultimatum to Serbia following the killing of Archduke Francis Ferdinand by a Serb assassin; the dispute led to World War I.  Go to article.
July 23, 1962: Telestar relays the first live television signal between the US and Europe, transforming global communications.
July 23, 1996, stock guru Elaine Garzarelli told her clients to get out of the market, forecasting a 15% to 25% drop. The warning sparked a one-day selloff but she proved absurdly off the mark: The Dow never again came within 1000 points of her target.

Return of wolves to Yellowstone has led to a surge in aspen trees unseen for 80 years
Gray wolves were reintroduced in Yellowstone National Park in 1995 to help control the numbers of elk that were eating young trees, and it is finally paying off for quaking aspen.

Pristine Etruscan tomb discovered in Italy contains more than 100 untouched artifacts
Archaeologists in Italy have discovered a rare 2,600-year-old Etruscan tomb that somehow escaped looters over the centuries. Read More.

See up to 25 ‘shooting stars’ an hour as Southern Delta Aquariid and Alpha Capricornid meteor showers peak
Two minor meteor showers — the Southern Delta Aquariids and Alpha Capricornids — peak overnight on July 29-30, making it a great night for stargazing. Read More.

Students build new ‘hybrid drone’ — watch it fly in the air and then seamlessly dive underwater
A 3D-printed hybrid drone can quickly transition between air and water thanks to variable pitch propellers. Watch a video of the drone in action.

Bite marks reveal giant terror birds were potentially prey for another apex predator — humongous caiman
Researchers have found evidence of a titanic tussle between a terror bird and a large caiman in Colombia’s ancient La Venta wetlands.

Pepsi bets on a popular health trend
The beverage company hopes its new soda will appeal to consumers who buy sparkling waters and hydration drinks.

Jamie Lee Curtis, Lindsay Lohan reunite for ‘Freaky Friday’ sequel
The stars reveal why fans have had to wait for more than 20 years for another movie

Musicians pay tribute to rock legend Ozzy Osbourne
The Black Sabbath frontman, who died on Tuesday at 76, was remembered as a “pioneer” and “dear friend.”

NASA releases new images of the sun’s atmosphere 
In case you’ve always wanted to take a closer look at our host star without going blind.

Archaeologists have discovered the remains of a medieval knight buried under a shuttered ice cream parlor in Poland. The ornate tombstone and bones of an adult male were remarkably well-preserved and date back to the 13th or 14th century.

PHOTOS OF THE DAY

Butuo County, China
Women dressed in traditional costumes of the Yi ethnic group parade at the opening ceremony of a torch festival
Photograph: Xinhua/Shutterstock

Mexico City, Mexico
A visitor explores the Frida Kahlo: The Life of an Icon immersive biography exhibition at Espacio Alter
Photograph: Luis Barron/Eyepix Group/Shutterstock

​​​​​​​Zhenyuan, China
Dragon boat teams from across China compete in a two-day race on the Wuyang River
Photograph: Xinhua/Shutterstock
Market Closes for July 23^rd, 2025

Market Index	Close	Change
Dow Jones	45010.29	+507.85
		+1.14%
S&P 500	6358.91	+49.29
		+0.78%
NASDAQ	21020.02	+127.33
		+0.61%
TSX	27416.41	+51.98
		+0.19%

International Markets

Market Index	Close	Change
NIKKEI	41171.32	+1396.40
		+3.51%
HANG SENG	25538.07	+408.04
		+1.62%
SENSEX	82726.64	+539.83
		+0.66%
FTSE 100*	9061.49	+37.68
		+0.42%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.555	3.501
CND. 30 Year Bond	3.865	3.810
U.S. 10 Year Bond	4.3818	4.3440
U.S. 30 Year Bond	4.9378	4.9173

Currencies

BOC Close	Today	Previous
Canadian $	0.7349	0.7350
US $	1.3607	1.3605

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.6015	0.6244
US $	1.1771	0.8495

Commodities

Gold	Close	Previous
London Gold Fix	3409.85	3386.20
Oil
WTI Crude Future	66.36	66.21

Market Commentary:
However beautiful the strategy, you should occasionally look at the results. –Winston Churchill, 1874-1965.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.2%, or 51.98 to 27,416.41 in Toronto.
Brookfield Corp. contributed the most to the index gain, increasing 1.9%. Celestica Inc. had the largest increase, rising 7.5%.
Today, 123 of 213 shares rose, while 86 fell; 6 of 11 sectors were higher, led by financials stocks.

Insights
* This month, the index rose 2.1%
* The index advanced 20% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is at its 52-week high and 26.6% above its low on Aug. 6, 2024
* The S&P/TSX Composite is up 1% in the past 5 days and rose 3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.6 on a trailing basis and 17.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.43t
* 30-day price volatility fell to 6.23% compared with 6.27% in the previous session and the average of 6.12% over the past month

Index Points
Financials | 54.5110| 0.6| 18/7
Energy | 35.7520| 0.8| 35/5
Consumer Discretionary | 6.5236| 0.7| 7/2
Communication Services | 2.8994| 0.5| 4/1
Utilities | 2.4543| 0.2| 6/8
Health Care | 0.5346| 0.8| 2/1
Real Estate | -0.4050| -0.1| 9/9
Information Technology | -3.3943| -0.1| 7/2
Consumer Staples | -5.3976| -0.5| 1/9
Materials | -20.0958| -0.5| 17/31
Industrials | -21.3874| -0.6| 17/11
Brookfield Corp | 17.2400| 1.9| -29.8| 11.5
Celestica | 12.9600| 7.5| 53.2| 72.9
RBC | 11.9600| 0.7| 27.5| 5.3
Canadian Pacific Kansas | -9.1020| -1.3| 38.7| 1.0
Shopify | -20.3500| -1.4| -10.9| 8.5
Canadian National | -21.5700| -4.1| 129.8| -10.3
US
By Rita Nazareth
(Bloomberg) — A record-breaking run in stocks gained fuel as the US reached a trade agreement with Japan while speculation grew about a similar deal with the European Union.
Treasuries halted a five-day rally and the dollar fell as demand for haven assets waned.
The S&P 500 hit all-time highs on news reports the EU and the US are progressing toward an agreement that would set a 15% tariff for most products.
In late hours, Alphabet Inc. reported better-than-expected revenue, but said capital expenditures will be higher than previously forecast.Tesla Inc.’s earnings fell short of Wall Street’s estimates.
Treasury 10-year yields rose four basis points to 4.39%.
Bonds remained lower even after a strong $13 billion sale of 20- year securities that tested the appetite for long-maturity debt.
Japan’s 40-year government bond auction saw its weakest demand since 2011.
The EU and the US have accelerated talks over the past weeks to avoid a full-blown trade war.
Bloomberg News reported that European officials are optimistic that a deal can be reached, but negotiations remain fluid.
“Momentum is building with trade deals a week ahead of the Aug. 1 deadline,” said Mark Hackett at Nationwide.
“The adage ‘don’t short a dull tape’ seems apropos, given the steady move higher for equities with low volatility.”
President Donald Trump’s top trade negotiators hailed their approach toward addressing grievances with Japan as a possible incentive for the EU.
Commerce Secretary Howard Lutnick said Japan’s pledge of billions in US investments “could be” a model for the EU.
Treasury Secretary Scott Bessent stopped short of saying the bloc can win the same sort of deal.
“With the Aug. 1 deadline looming, investors have been encouraged by the recent trade-deal announcements,” said Ian Lyngen and Vail Hartman at BMO Capital Markets.
“The progress on the trade war will provide clarity and help the market move forward to incorporate the new global trade environment.”
At Interactive Brokers, Jose Torres says this week’s news of cemented trade agreements is supporting the “animal spirits” we’re seeing in equity markets.
“The deals are bolstering economic growth projections and offering confidence to investors that the path for corporate earnings expansion remains clear and wide,” he said.
Meanwhile, hesitation regarding income prospects has led to participants doubting whether firms can deliver strong top and bottom lines while additionally providing robust outlooks,according to Torres.
“Incoming quarterly performance reports will probably be well received by Wall Street as economic activity has been buoyant in the second quarter while the skies ahead are clearing up from here,” he concluded.
Signs of stock-market complacency are emerging as the searing equity rally coincides with an acceleration in earnings downgrades, according to JPMorgan Chase & Co. quantitative strategists led by Khuram Chaudhry.
“There appears to be an environment of bullish sentiment, speculation, and a growing air of complacency,” they wrote.
“Either sell-side analysts are about to start a new round of upward revisions or the market is at risk of suffering a period of increased volatility and draw-downs. Something has to give!”
US stocks will shrug off tariff risks to get a boost from the second-quarter earnings season, the latest Markets Pulse survey showed.
Equities will beat Treasuries and deliver better volatility-adjusted returns as the reporting season ramps up in the coming weeks, according to nearly two-thirds of the 102 participants in a poll conducted July 10-17.
The positive outlook for stocks continues to be underpinned by technology, and the sector is poised to perform strongest this earnings season, respondents noted.
“The trend remains positive,” said Louis Navellier, chief investment officer at Navellier & Associates. “Earnings continue to deliver better than average beats.”
While valuations are steep, the prospects of supporting lower interest rates are good in the medium term, and the expectations of further tariff agreements will provide short- term catalysts, he said.
“Focus will stay on trade and earnings,” said Tom Essaye at The Sevens Report. “On trade, the Japan deal will raise hopes a similar deal with the EU can be stuck before next Friday.”
Bond traders are boosting bets that the Federal Reserve will slash rates more aggressively next year, pricing about 75 basis points of cuts. That compares to 25 basis points projected in April.
Trump said the Fed board “should act” on lowering rates, “but they don’t have the courage to do so.”
Meantime, Treasury Secretary Bessent said that there’s “no rush” to identify a successor to Fed Chair Jerome Powell.
Corporate Highlights:
* International Business Machines Corp. reported weaker-than- expected sales in its closely watched software segment, disappointing investors who have grown increasingly optimistic about the business.
* T-Mobile US Inc., the nation’s second-largest wireless provider, reported more new subscribers than analysts were expecting in the second quarter, overcoming a sluggish start to the year.
* Mattel Inc. introduced a new forecast for 2025 sales and profit — two months after pulling its previous outlook over the uncertainty tied to President Donald Trump’s tariff policies.
* ServiceNow Inc. gave a strong outlook for revenue growth and touted customer adoption of its artificial intelligence software tools.
* Microsoft Corp. stands to gain from new White House AI guidelines that call on the US Federal Trade Commission to show more restraint in probes involving artificial intelligence and stand down on cases that put “AI innovation” at risk.
* Texas Instruments Inc., a key chipmaker for producers of cars and factory equipment, sank after stoking fears that a tariff- fueled surge in demand will be short-lived.
* AT&T Inc. reported second-quarter results that mostly exceeded Wall Street estimates, including faster-than-expected growth in wireless phone subscribers after offering perks and incentives to attract customers from rivals.
* Fiserv Inc.’s stock plunged after the financial-technology company reported lackluster growth in its merchant business.
* GE Vernova Inc. has increased its sales of transformers and other electrical equipment to big tech firms building large data centers.
* Infosys Ltd. raised the lower end of its sales forecast for the year, signaling it had a little more certainty of how clients are spending on business transformation projects.
* Hilton Worldwide Holdings Inc. lowered expectations for net income for 2025 as demand for US hotel bookings declined in the second quarter.
* Moody’s Corp., a bond grader and financial data provider, reported second-quarter revenue that beat analysts’ estimates, underscoring credit markets’ relatively quick recovery from April’s tariff-fueled tumult.
What Markets Live says:
“A slow start to US trade progress had greatly curbed investor expectations for timely deals.
Now that there’s been a steady stream of news flow to the contrary, investors have been more than happy to load up on equities.
Of course, the downside of headline driven trading is that stock sentiment is vulnerable to turning on a dime.
Unless there’s a big macro shock that recalibrates the outlook for risk assets in coming months, there’s enough animal spirits in markets to sustain the stock rally.”
– Kristine Aquino, Managing Editor, Markets Live US

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.4%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World Index rose 1.1%
* Bloomberg Magnificent 7 Total Return Index rose 0.6%
* The Russell 2000 Index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.1774
* The British pound rose 0.4% to $1.3582
* The Japanese yen was little changed at 146.53 per dollar
Cryptocurrencies
* Bitcoin fell 1.1% to $118,437.51
* Ether fell 3.2% to $3,589.98
Bonds
* The yield on 10-year Treasuries advanced four basis points to 4.39%
* Germany’s 10-year yield advanced five basis points to 2.64%
* Britain’s 10-year yield advanced seven basis points to 4.63%
Commodities
* West Texas Intermediate crude rose 0.2% to $65.46 a barrel
* Spot gold fell 1.2% to $3,390.28 an ounce
Have a lovely evening.

Be magnificent!
As ever,

Carolann
If you are far from the enemy, make him believe you are near. -Sun Tzu, c.544 BC- c.496 BC.

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:
July 22, 1298: English forces under Edward I defeat William Wallace at the Battle of Falkirk, quelling the Scottish uprising.
July 22, 1376: Pied Piper of Hamelin, Germany, leads the children away.
July 22, 1944, the Bretton Woods Agreement was signed in New Hampshire, pegging major foreign currencies to the U.S. dollar, fixing the gold price at $35 per ounce, and laying the groundwork for the International Monetary Fund and the World Bank.
July 22, 2004: The Sept. 11 commission issued a report saying America’s leaders failed to grasp the gravity of terrorist threats before the 9/11 attacks.  Go to article.

Edward Hopper, artist, b.1882.
Karl Menninger, psychiatrist, b. 1893.
Alexander Calder, sculptor, b. 1898.
Tom Robbins, writer, b. 1936.

Hang on: Earth is spinning faster today. OK, so you won’t feel the 1.38-millisecond difference, but the reason still makes for an intriguing read for science nerds. The spin will be even faster in two weeks.

China launches world’s first robot that can run by itself 24/7 — watch it change its own batteries in unsettling new footage
The Walker S2 humanoid robot, which can change its own battery when it’s running low on power, could potentially be left to run on its own forever. Read More.

2,200-year-old Celtic settlement discovered in Czech Republic — and it’s awash in gold and silver coins
A 2,200-year-old Celtic settlement containing coins and jewelry has been discovered in the Czech Republic. Read More.

Ötzi the Iceman and his neighbors had totally different ancestries, ancient DNA study finds
A study of prehistoric skeletons from the Italian Alps shows that society may have been organized around fathers and that Ötzi the Iceman had a unique family lineage. Read More.

Shark Week team discovers unusual ‘black makos’ off California coast
Weird makos filmed off the California coast in a new Shark Week show raise questions about what these sharks actually are. Read More.

Springsteen makes appearance at Zach Bryan concert
The Boss surprised the audience at MetLife Stadium in East Rutherford, New Jersey, last weekend and performed two songs.

Someone has eaten artist Maurizio Cattelan’s $6 million banana
Yes, again.

 “The fact that CBS didn’t try to save their No. 1 rated late-night franchise that’s been on the air for over three decades is part of what’s making everybody wonder … was this purely financial or maybe the path of least resistance for your $8 billion merger?”  — Jon Stewart, host of “The Daily Show,” on the cancellation of “The Late Show With Stephen Colbert.”

PHOTOS OF THE DAY

Uyuni, Bolivia
Tourists watch the sunset at the Uyuni salt flat, which has an area of more than 10,000 sq km and is the biggest such landscape in the world
Photograph: Esteban Biba/EPA

Villars-sur-Ollon, Switzerland
A giant biodegradable land art painting, Vers l’Horizon by the French-Swiss artist Saype, is seen on the ridges of the Grand Chamossaire mountain, above the alpine resort of Villars-sur-Ollon
Photograph: Jean-Christophe Bott/AP

Long summer days on Hampstead Heath in London
Photograph: Sarah M Lee/The Guardian
Market Closes for July 22^nd, 2025

Market Index	Close	Change
Dow Jones	44502.44	+179.37
		+0.40%
S&P 500	6309.62	+4.02
		+0.06%
NASDAQ	20892.69	-81.48
		-0.39%
TSX	27364.43	+47.43
		+0.17%

International Markets

Market Index	Close	Change
NIKKEI	39774.92	-44.19
		-0.11%
HANG SENG	25130.03	+135.89
		+0.54%
SENSEX	82186.81	-13.53
		-0.02%
FTSE 100*	9023.81	+10.82
		+0.12%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.501	3.518
CND. 30 Year Bond	3.810	3.829
U.S. 10 Year Bond	4.3440	4.3777
U.S. 30 Year Bond	4.9173	4.9440

Currencies

BOC Close	Today	Previous
Canadian $	0.7350	0.7309
US $	1.3605	1.3681

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5984	0.6256
US $	1.1750	0.8510

Commodities

Gold	Close	Previous
London Gold Fix	3386.20	3355.10
Oil
WTI Crude Future	66.21	67.20

Market Commentary:
In the short run, the stock market is a voting machine, but in the long run it acts like a weighing machine. –Benjamin Graham, 1894-1976.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.2%, or 47.43 to 27,364.43 in Toronto.
Agnico Eagle Mines Ltd. contributed the most to the index gain, increasing 4.2%.
Ivanhoe Mines Ltd. had the largest increase, rising 7.0%.
Today, 141 of 213 shares rose, while 69 fell; 7 of 11 sectors were higher, led by materials stocks.

Insights
* This month, the index rose 1.9%
* The index advanced 20% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 0.3% below its 52-week high on July 21, 2025 and 26.3% above its low on Aug. 6, 2024
* The S&P/TSX Composite is up 1.1% in the past 5 days and rose 3.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 17.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.42t
* 30-day price volatility little changed to 6.27% compared with 6.27% in the previous session and the average of 6.11% over the past month

Index Points
Materials | 90.1062| 2.5| 46/1
Energy | 26.6542| 0.6| 27/12
Communication Services | 5.2470| 0.8| 3/2
Financials | 4.1459| 0.0| 15/10
Consumer Discretionary | 3.5688| 0.4| 7/2
Utilities | 3.1886| 0.3| 7/8
Real Estate | 0.8196| 0.2| 11/7
Health Care | -0.5746| -0.9| 1/2
Consumer Staples | -2.0461| -0.2| 5/5
Industrials | -6.6085| -0.2| 14/15
Information Technology | -77.0966| -2.8| 5/5
Agnico Eagle Mines Ltd | 24.9700| 4.2| 36.3| 55.6
Wheaton Precious Metals | 16.1800| 4.1| 31.0| 60.9
Canadian Natural Resources | 8.9300| 1.5| -13.5| -4.4
Constellation Software | -9.1190| -1.4| 5.5| 9.1
RBC | -11.3700| -0.6| 149.7| 4.6
Shopify | -62.4900| -4.2| 6.2| 10.1
(MT Newswires)
The Toronto Stock Exchange finished Tuesday’s session higher and near record close levels as UBS joined a growing list of firms this week that see the Bank of Canada getting back on the rate cuts path this year, although Rosenberg Research suggests Canada’s equity market doesn’t “screen favorably’ when it comes to the outlook.
The TSX closed up 47.43 points at 27,364,43, within 25 points of the July 17 record close of 27,386.93.
Among sectors, battery metals led advancers, up 2.3%, while base metals rose 2.05%, while energy lagged, falling 0.05%.
Of commodities, gold rose to a five-week high as it looks to challenge record levels on a weak dollar and falling treasury yields.
Gold for August delivery was last seen up $37.40 to US$3,443.80 per ounce, the highest since the metal’s record high of US$3,452.80 set on June 13.
But West Texas Intermediate crude oil closed lower for a third-straight session as supply is climbing while traders wait to see if U.S. President Donald Trump will follow through on his threat to impose tariffs on the country’s trading partners next month.
In its final day as the active contract, West Texas Intermediate crude oil for August delivery closed $0.99 to settle at US$66.21 per barrel, while September Brent oil was last seen down $0.77 to US$68.44.
On interest rates, UBS in a July 21 note said it expects Canada’s central bank to keep monetary policy on hold at its July 30 meeting, but added it sees some downside risk to its view of rates staying on hold through the rest of 2025.
“The economy has performed better than feared although trade policy uncertainty has still weighed on activity and business and consumer expectations.”
The UBS note was published following the release Monday by the BoC of a Business Outlook Survey and a Canadian Survey of Consumer Expectations for the second quarter.
Rosenberg Research, for its part, published a note breaking down the global equity landscape, evaluating various country fundamentals and valuations, both nominal and adjusted for real interest rates.
According to it, international markets, namely Emerging Markets and parts of Europe, stand out for their more attractive risk/reward profiles.
“Diversifying abroad remains the prudent strategy at this time for global equity investors,” it added.
The research focused on valuations, especially benchmarked against current interest rates, and fundamentals to assess which countries and regions “screen favorably” when it comes to the outlook.
It cited a few notable findings in the results: Emerging Markets being the clear favorites — specifically, Poland and Asia-Pacific ex. Japan, which make up the top four countries in its list, Of the 21 countries on the list, Canada was ranked 18.
“Safe to say that diversifying abroad remains a prudent strategy – something we have been advocating for some time.
Despite U.S. assets receiving the bulk of investors’ attention, large pockets of international stocks serve up attractive fundamentals yet have been broadly ignored.
Emerging Asia and Poland top our stock screen presented above (Canada, Japan, Italy, and the Netherlands bring up the rear).
As such, investors who are sitting on years of outsized gains in the former would be best to crystalize some of those profits and increase ex. U.S. weights in the portfolio,” Rosenberg Research concluded.
US
By Rita Nazareth
(Bloomberg) — Wall Street traders gearing up for the start of the high-stakes mega cap earnings season kept stocks at all- time highs, with investors also parsing the latest tariff developments.
Bond yields and the dollar fell.
While the S&P 500 barely budged, more than 400 of its shares rose.
A gauge of the “Magnificent Seven” giants halted a nine-day advance, but Tesla Inc. and Alphabet Inc. climbed before their results. D.R. Horton Inc. led a rally in homebuilders.
Kohl’s Corp. surged as much as 105% — before paring gains to 38% — in a move reminiscent of the meme era.
In late hours, Texas Instruments Inc. gave a disappointing forecast.
Big tech’s strength will be on full display over the next few weeks as the group begins unveiling quarterly earnings.
The lion’s share of S&P 500 earnings growth continues to come from beneficiaries of advancements in artificial intelligence.
The Magnificent Seven companies are expected to post a combined 14% rise in second-quarter profits, while earnings for the rest of the US equity benchmark are predicted to be relatively flat, according to Bloomberg Intelligence data.
“Tech heavyweights remain critical to market health,” said Lauren Goodwin at New York Life Investments.
“We expect AI- driven firms to continue anchoring tech sector growth.
AI adoption at the corporate level is improving, but the application layer of this technology is only just being tested.”
On the trade front, President Donald Trump unveiled an agreement with the Philippines setting a 19% tariff on the country’s exports.
Canada’s prime minister Mark Carney sought to cool expectations about reaching a deal in the next 10 days but said he’s looking to stabilize the relationship with the US.
Treasury Secretary Scott Bessent said he will meet his Chinese counterparts in Stockholm next week for their third round of trade talks aimed at extending a tariff truce and widening the discussions.
Bessent told Fox Business he sees no reason for Federal Reserve Chair Jerome Powell to step down.
Meantime, Trump stressed his belief that the Fed’s benchmark rate should be 3 percentage points lower.
Bessent, in the same Oval Office event, said that “based on the way they cut rates last fall, they should be cutting rates now.”
“We expect market volatility to pick up in the lead-up to the August tariff deadline, with threats to Federal Reserve independence and geopolitical uncertainty lingering in the background,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
Bank of America Corp. clients were net buyers of US equities in the week ended last Friday, with purchases most pronounced among individual investors, followed by hedge funds.
BofA clients funneled $1.8 billion into US stocks last week, with buying across all size segments, the team led by equity and quantitative strategist Jill Carey Hall wrote Tuesday in research note.
“Is this running of the bulls with the S&P 500 and Nasdaq at record highs sustainable?” said Craig Johnson at Piper Sandler.
“The weight of the technical evidence suggests that breadth remains bullish, and we would welcome ‘healthy’ pullbacks of less than 5% to add to positions.”
What Bloomberg Strategists say… “An ugly start to US equity trading is far from across the board.
The frothier tech and growth stocks are leading declines, but value stocks and defensive sectors are up on the day still.
Coupled with the decline in bond yields, this looks like the market paring a little risk, perhaps ahead of Tesla and Alphabet earnings on Wednesday.” – Sebastian Boyd, Macro Strategist, Markets Live. 

Corporate Highlights:
* Microsoft Corp. accused Chinese state-sponsored hackers of using flaws in its SharePoint document management software in a hacking campaign that has targeted businesses and government agencies around the world.
* OpenAI and Oracle Corp. announced they will develop 4.5 gigawatts of additional US data center capacity in an expanded partnership, furthering a massive plan to power artificial intelligence workloads.
* ASM International NV’s second-quarter orders missed expectations, as some chipmakers’ struggles undermined demand for its semiconductor equipment.
* Hershey Co. is raising prices on its candy due to historically high cocoa costs.
* Lockheed Martin Corp. caught investors off guard with $1.6 billion in charges and a possible tax hit that sent its stock tumbling, the latest setback for the defense giant whose popular F-35 jet faces criticism over cost overruns and delays.
* Northrop Grumman Corp. raised its earnings guidance for the full year after getting a boost from its Sentinel ballistic missile and B-21 bomber programs.
* RTX Corp. lowered its full-year profit outlook as the company digests the impact of tariffs that have roiled the aerospace industry, even as strong demand boosts sales above Wall Street’s expectations.
* General Motors Co. earned $2.53 per share on an adjusted basis, above the Bloomberg consensus forecast of $2.33 but short of the $3.06 it made a year ago. GM’s profits also suffered from higher warranty costs and a buildup in inventory of electric vehicles.
* Coca-Cola Co. posted second-quarter sales growth that beat Wall Street expectations as consumers continue to pay higher prices for the company’s soft drinks.
* Philip Morris International Inc.’s shipments of its Zyn nicotine pouches accelerated by less than analysts had expected.
* Synovus Financial Corp., a regional bank in the southeastern US, is weighing options including a potential merger after drawing interest, people familiar with the matter said.

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 fell 0.5%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World Index rose 0.1%
* Bloomberg Magnificent 7 Total Return Index fell 0.5%
* The Russell 2000 Index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.5% to $1.1751
* The British pound rose 0.3% to $1.3532
* The Japanese yen rose 0.5% to 146.57 per dollar
Cryptocurrencies
* Bitcoin rose 2% to $119,300.11
* Ether fell 2.3% to $3,670.08
Bonds
* The yield on 10-year Treasuries declined four basis points to 4.34%
* Germany’s 10-year yield declined two basis points to 2.59%
* Britain’s 10-year yield declined three basis points to 4.57%
Commodities
* West Texas Intermediate crude fell 1.5% to $66.21 a barrel
* Spot gold rose 1% to $3,431.59 an ounce
Have a lovely evening.

Be magnificent!
As ever,

Carolann
No man ever steps in the same river twice, for it is not the same river and he is not the same man. –Heraclitus, c.534 BCE- c.475 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

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