Category: Uncategorized

Dear Friends,

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

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

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

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

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

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

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

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

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.9%
* The Dow Jones Industrial Average fell 0.9%
* The MSCI World Index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.5% to $1.1375
* The British pound rose 0.6% to $1.3379
* The Japanese yen rose 0.9% to 142.41 per dollar
Cryptocurrencies
* Bitcoin rose 0.8% to $94,951.82
* Ether fell 1.4% to $1,784.48
Bonds
* The yield on 10-year Treasuries declined four basis points to 4.31%
* Germany’s 10-year yield advanced two basis points to 2.54%
* Britain’s 10-year yield was little changed at 4.51%
Commodities
* West Texas Intermediate crude rose 3.5% to $59.11 a barrel
* Spot gold rose 2.6% to $3,422.43 an ounce

–With assistance from Sujata Rao and John Viljoen.

Have a lovely evening everyone.

Be magnificent!
As ever,

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

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

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

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

Dear Friends,

 

Tangents: Cinco de Mayo.

 

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

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

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

 

Soren Kierkegaard, philosopher, b. 1813.

Karl Marx, communist, b. 1818.

 

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

 

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

 

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

 

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

 

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

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

 

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

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

 

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

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

 

PHOTOS OF THE DAY

 

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

Photograph: Anadolu/Getty Images

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

Photograph: Romeo Boetzle/AFP/Getty Images

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

Photograph: Alberto Pizzoli/AFP/Getty Images

Market Closes for May 5^th, 2025

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

 

Market Commentary:

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

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

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

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

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

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

–With assistance from Vildana Hajric and Isabelle Lee.

Have a lovely evening.

 

Be magnificent!

As ever,

 

Carolann

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

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

 

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM

Senior Investment Advisor

 

Queensbury Securities Inc.,

St. Andrew’s Square,

Suite 340A, 730 View St.,

Victoria, B.C. V8W 3Y7

 

Tel: 778.430.5808

(C): 250.881.0801 (Text Only)

Toll Free: 1.877.430.5895

Fax: 778.430.5828

www.carolannsteinhoff.com

Dear Friends,
Tangents: Happy Friday.

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

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

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

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

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

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

Have a wonderful weekend everyone.

Be magnificent!

As ever,

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

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

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

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

Dear Friends,

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

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

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

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

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

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

ChatGPT update pulled after chatbot complimented users too much

A single molecule may treat rare, devastating mitochondrial diseases

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

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

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

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.1%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World Index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.4% to $1.1288
* The British pound fell 0.4% to $1.3279
* The Japanese yen fell 1.7% to 145.53 per dollar
Cryptocurrencies
* Bitcoin rose 2.1% to $96,576.68
* Ether rose 2.8% to $1,844.27
Bonds
* The yield on 10-year Treasuries advanced five basis points to 4.22%
* Germany’s 10-year yield declined five basis points to 2.44%
* Britain’s 10-year yield advanced four basis points to 4.48%
Commodities
* West Texas Intermediate crude rose 1.5% to $59.06 a barrel
* Spot gold fell 1.8% to $3,228.43 an ounce

This story was produced with the assistance of Bloomberg Automation.

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

Have a lovely evening.

Be magnificent!
As ever,

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

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

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

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

Dear Friends,

Tangents: Walpurgisnacht, Europe.

April 30^th, 1916: Daylight Saving Time is introduced by Germany and its World War I allies, aiming to save energy to support the war effort.
On April 30, 1975, the South Vietnamese capital of Saigon fell to Communist forces. Go to article.
April 30^th, 1883: Impressionist painter Edouard Manet dies in Paris.

For once, take a close look at the sun
The world’s largest solar telescope has taken a close-up image of our nearest star, and the detail is breathtaking. For those with scientific minds, the image reveals a cluster of continent-sized dark sunspots near the center of the sun’s inner atmosphere. For folks who like to see faces in clouds, the sun’s surface appears to show a giant owl or a flying phoenix.

Experienced climbers only, please
In an effort to reduce overcrowding and improve safety, Nepal wants to require that all climbers have experience before trying to scale Mount Everest. According to a draft of a new law, climbers would only be able to obtain a permit if they’ve already climbed at least one of the Himalayan nation’s 22,965 ft. peaks.

The race to save the African penguin
Although the African penguin is essential for sustaining coastal ecosystems, the species is now on the brink of extinction. But scientists are working hard to save this unique water bird.

Titanic note sells for nearly $400,000
A letter card penned by one of the ill-fated ship’s most well-known survivors recently sold at auction to a private collector in the US. The letter is believed to be the sole example in existence of first-class passenger Archibald Gracie from onboard the Titanic.

John Stamos slays in musical challenge
In a video for the Drumeo YouTube channel, the actor and musician was challenged to create a new drum section for a song he’d never heard before. The vloggers chose “Last Resort” by Papa Roach and the results were spectacular.
Robots: Facts about machines that can walk, talk or do tasks that humans can’t (or won’t)

China’s ‘2D’ chip could soon be used to make silicon-free chips.

Researchers react to T. rex ‘leather’ announcement.

The rare genetic disorder that forces people to avoid sunlight.

PHOTOS OF THE  DAY

Pontefract, UK
People enjoy the sunny day at Farmer Copleys Tulip Festival as the warm weather continues across the country. Around 517,000 individual bulbs, consisting of 65 different varieties of tulip, were planted on the 5 acres site
Photograph: Danny Lawson/PA

Paris, France
People enjoy the sun along the Seine, where temperatures rose to 27C
Photograph: Michel Euler/AP

Surrey, UK
People sit on the riverbank as a person paddleboard past on the River Thames in Runnymede
Photograph: Andrew Matthews/PA
Market Closes for April 30^th , 2025

Market Index	Close	Change
Dow Jones	40669.36	+141.74
		+0.35%
S&P 500	5569.06	+8.23
		+0.15%
NASDAQ	17446.34	-14.98
		-0.09%
TSX	24841.68	-32.80
		-0.13%

International Markets

Market Index	Close	Change
NIKKEI	36045.38	+205.39
		+0.57%
HANG SENG	22119.41	+111.30
		+0.51%
SENSEX	80242.24	-46.14
		-0.06%
FTSE 100*	8494.85	+31.39
		+0.37%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.091	3.133
CND. 30 Year Bond	3.441	3.467
U.S. 10 Year Bond	4.1619	4.1716
U.S. 30 Year Bond	4.6774	4.6490

Currencies

BOC Close	Today	Previous
Canadian $	0.7246	0.7231
US $	1.3800	1.3828

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5620	0.6402
US $	1.1319	0.8834

Commodities

Gold	Close	Previous
London Gold Fix	3305.05	3296.30
Oil
WTI Crude Future	58.21	60.42

Market Commentary:
The thing you do obsessively between age 13 and 18, that’s the thing you have the most chance of being world-class at. –Bill Gates, Microsoft founder, b. 1955
Canada
(MT Newswires)
The Toronto Stock Exchange closed lower on Wednesday as data showed the Canadian economy performed ‘below potential” in the first quarter and is expected to weaken further in the second and third quarters, which is seen pushing the Bank of Canada to resume its rate-cutting cycle in June.
The S&P/TSX Composite Index closed down 32.8 points at 24,841.68, only the third losing session in the last 13.
Among sectors, the biggest decliners were Base Metals and Energy, down 3.15% and 2.30%, respectively, followed by Technology, down 1.78%.
Telecoms and Utilities were higher, up 1.40% and 0.99%, respectively.
Veteran economist David Rosenberg noted Mark Carney was today greeted with his first major economic release since taking his Liberal Party to its fourth-straight election win earlier this week.
Statistics Canada released February real GDP and instead of coming in flat, it showed the Canadian economy contracted 0.2% month over month.
Rosenberg also noted Statistics Canada estimates that there was very little recovery in March, seeing a “flattish” 0.1% uptick.
He said: “It looks as though real GDP growth in Q1 expanded at around a +1.6% annual rate, which may not be a technical recession but is still a pace that is below potential, which means a widening output gap.
This poses downside risks to inflation, which will come as a surprise to a more recently cautious Bank of Canada.”
Rosenberg noted the weakness in the economy in February was broadly based with both the goods sector and service providers in contraction mode.
“From our lens,” he added, “the fact that the areas of GDP most sensitive to monetary policy deteriorated as much as they did — construction (-0.5%), real estate (-0.4%), and retail activity (-0.2%) — is a signal that the BoC’s work is not entirely done.”
National Bank economist Kyle Dahms noted the Canadian economy was weaker than expected in February, declining by 0.25%, its worst performance in 26 months as a majority of sectors worsened during the month.
Looking ahead, Dahms noted the preliminary estimate for March suggests growth could have edged up by one tick.
Taking that into account, on a quarterly basis, industry growth could have registered at 1.5% annualized in the first quarter of the year following a 1.8% increase in the last quarter of 2024.
But, Dahms said, “This decent start to the year is unlikely to be propagated for the remainder as uncertainty continues to reign.
Unless tensions with our southern neighbor are significantly reduced, we continue to believe that consumer and business confidence will remain very low.
As such, this scenario should translate into lower outlays and reduced investment.
Moreover, the potential damage to the labor market is palpable and may have already started according to the March LFS report.
All told, our view remains that we expect a weakening of the economy in the second and third quarters.”
Desjardins noted the Bank of Canada released its ‘Summary of Deliberations’, detailing deliberations by the Governing Council for the policy decision made two weeks earlier.
Desjardins continues to believe the BoC will resume its rate cutting cycle in June, with the debate potentially being about whether to cut 25 or 50 basis points.
According to Royce Mendes, Desjardins Head of Macro Strategy, today’s “soft” GDP numbers suggest the economy was already losing momentum ahead of the worst of the tariff shock to date.
West Texas Intermediate (WTI) crude oil fell to the lowest in more than four years on Wednesday as the U.S. economy weakened in the first quarter, slowing demand, while a report said Saudi Arabia is prepared to weather lower prices and raise production. WTI crude oil for June delivery closed down US$2.21 to settle at US$58.21 per barrel, the lowest since February, 2021, while June Brent crude was last seen down US$1.12 to US$63.13.
Gold traded lower for a second day late afternoon on Wednesday as the dollar rose after the United States reported its economy slowed in the first quarter.
Gold for June delivery was last seen down $30.30 to US$3,303.30 per ounce.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.1%, with four of 11 sectors lower, led by information technology stocks.
As of market close, 121 of 218 stocks rose, while 94 fell.
New Gold Inc. led the advances, rising 19%, while Ivanhoe Mines Ltd. decreased 5.9%.
Markets at a Glance:
* S&P/TSX Index fell 0.1% to 24,842
* Four of 11 sectors fell
** Information technology declined, down 2.4%
** Consumer staples gained, up 1.2%
* Crude oil fell 3.6% to $58/bbl
* Natgas fell 1.2% to $3.35/mmbtu
* Gold fell 0.8% to $3,305/oz
* Silver fell 2.3% to $33/oz
Advancers:
* New Gold Inc. (NGD CN) +19%: New Gold Jumps as Production Beats, Bullion Price Buoys Revenue
* Gildan Activewear Inc. (GIL CN) +7.1%: CORRECT: Gildan Gains on Q1 Beat, Maintained Guide: Street Wrap
* Badger Infrastructure Solutions Ltd. (BDGI CN) +6.4%: Badger Infrastructure Shares Gain as Adjusted Ebitda Beats (1)
* Orla Mining Ltd. (OLA CN) +4.8%
* Pet Valu Holdings Ltd. (PET CN) +4.6%
Decliners:
* Ivanhoe Mines Ltd. (IVN CN) -5.9%: Ivanhoe Mines 1Q Adjusted Ebitda Meets Estimates
* Vermilion Energy Inc. (VET CN) -5.5%
* International Petroleum Corp. (IPCO CN) -5.2%
* NGEx Minerals Ltd. (NGEX CN) -4.4%
* Shopify Inc. (SHOP CN) -4.2%
US
By Rita Nazareth and Lu Wang
(Bloomberg) — The great Wall Street rebound resumed in earnest as stocks staged a late-day comeback even as fears grow that the US economy will buckle under the weight of Donald Trump’s trade war.
A month of historic volatility ended on that same note, with the S&P 500 wiping out a 2% slide for the first time since 2022.
Hopes that trade talks will prove constructive firmed up sentiment, after a report that the US has been proactively reaching out to China through various channels.
At the same time, a cohort of investors is betting the Federal Reserve will administer its policy medicine to forestall a recession.
“Weak data could hasten Fed cuts,” said Fawad Razaqzada at City Index and Forex.com.
“The Fed is now more likely to step in sooner with its rate cuts to support an ailing economy, while the weakness in data could also encourage Trump to ease off on tariffs and make deals quicker.”
Wild swings lashed US assets throughout the month as Trump’s fast-evolving tariff war put the S&P 500 on the brink of a bear market, with a plunge of almost 20% from its February record through April 8.
The gauge erased about half of that slide but still saw its third straight month of declines – the longest losing streak since 2023.
Following a few chaotic days that underscored fears foreign investors were beating a retreat from American assets in early April, Treasuries rebounded and notched their fourth straight month of gains.
The dollar saw its worst month since November 2022.
To Louis Navellier, what happens next very much depends on the tariff developments.
“If we get a series of announcements soon of trade agreements reached, optimism will rise, and the Fed will likely cut soon,” said the chief investment officer at Navellier & Associates.
“If things drag out for weeks and months, the damage to supply chains and inevitable near-term inflation could cause shouts of stagflation and be very bearish for stocks.”
The macro picture remained at the forefront ahead of results from giants Microsoft Corp. and Meta Platforms Inc.
A corporate proxy of global activity – Caterpillar Inc. – expects slightly lower sales this year if Trump tariffs remain in place and the economy dips into a recession.
Ford Motor Co.’s chief said the tariff relief to automakers is “reasonable” while indicating more is needed to address the impact of his levies.
The US economy contracted at the start of the year for the first time since 2022 on monumental pre-tariffs import surge and more moderate consumer spending, a first snapshot of the ripple effects from Trump’s trade policy.
Meantime, the Fed’s preferred inflation gauge — the personal consumption expenditures price index — stagnated from a month earlier for the first time in nearly a year.
Excluding food and energy, the so-called core PCE was also unchanged, the tamest in almost five years.
At the very least, says Bret Kenwell at eToro, this could tone down the worry that the Fed can’t lower rates should the labor market begin to weaken, even though officials will likely need to see further proof that inflation is cooling.
To Krishna Guha at Evercore, Wednesday’s data give investors and the Fed a better read on the state of the economy heading into the tariff shock.
But the relative magnitude of these effects may not become clear until sometime in the third quarter, he said.
“This presents the Fed with a dilemma as to whether it should wait to July/September or consider cutting in June anyway because the risk of delay is too high, even though it may not have as much clarity on the outlook as it would like,” Guha noted.
Despite the contraction, the underlying details of the GDP report suggest some key drivers of the economy remained on a good footing at the start of the year.
However, looking further out forecasters contend that the higher tariffs will cause a supply shock, challenging businesses and leading to a pullback in demand.
Retaliatory levies would also discourage exports, setting up a tough backdrop for the rest of the year and making the odds of a recession essentially a coin flip.
“This was all first quarter,” said Neil Dutta at Renaissance Macro Research.
“Now, uncertainty is an enemy of growth, and it is also the enemy of Fed cuts.”
Trump renewed criticism of Fed Chair Jerome Powell as he championed his economic policies and tariff regime during a Tuesday event to mark his 100th day in office.

Corporate Highlights:
* Super Micro Computer Inc. gave preliminary results that fell well short of analysts’ estimates, a sign its comeback plan has been slow to gain traction.
* Starbucks Corp.’s chief executive officer said the coffee chain is making progress in reviving growth but flagging sales in the latest quarter and a decaying macroeconomic backdrop amped up pressure on the company’s new management to deliver.
* Yum! Brands Inc.’s sales surpassed expectations, driven by the continued growth of its Taco Bell fast-food chain.
* Humana Inc. spent less money on medical care than Wall Street expected in the quarter, easing investor concerns about how rising medical costs are making business more difficult for US health insurers.
* Norwegian Cruise Line Holdings Ltd. broke with its cruise peers by warning that cruise demand, which has long defied worrying travel trends, is beginning to weaken.
* Visa Inc.’s fiscal second-quarter earnings beat analysts’ estimates as spending on its payment network remained resilient despite macroeconomic uncertainties.
* Snap Inc. narrowly beat analysts’ estimates for first-quarter revenue but declined to issue a sales forecast for the current period, saying it’s navigating macroeconomic “headwinds” for its advertising business.
* Booking Holdings Inc., the parent to travel brands including Kayak and Priceline, adjusted its revenue outlook due to what the company called increased economic uncertainty.
* First Solar Inc. cut earnings guidance following tariffs imposed by the Trump administration.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World Index rose 0.2%
* Bloomberg Magnificent 7 Total Return Index fell 1.1%
* The Russell 2000 Index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.5% to $1.1329
* The British pound fell 0.6% to $1.3329
* The Japanese yen fell 0.5% to 143.02 per dollar
Cryptocurrencies
* Bitcoin fell 0.6% to $94,279.21
* Ether fell 0.8% to $1,795.63
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.15%
* Germany’s 10-year yield declined five basis points to 2.44%
* Britain’s 10-year yield declined four basis points to 4.44%
Commodities
* West Texas Intermediate crude fell 3.6% to $58.22 a barrel
* Spot gold fell 0.8% to $3,292.31 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
If you really look closely, most overnight successes took a long time. –Steve Jobs, 1955-2011.

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:  Arbor Day today.

April 29, 1769: Scottish engineer James Watt patents a steam engine, revolutionizing industrial power and laying the foundation for the Industrial Revolution.
April 29, 1992: Rioting erupted in Los Angeles after a jury acquitted four Los Angeles police officers of almost all charges in the videotaped beating of Rodney King. Fifty-four people were killed. Go to article

Duke Ellington, musician, b.1899
Emperor Hirohito, b. 1901.
Uma Thurman, actress, b.1970

Scientists spot a ‘dark nebula’ being torn apart by rowdy infant stars — offering clues about our own solar system’s past
The National Science Foundation’s Dark Energy Camera reveals a stunning glimpse into the ‘dark nebula’ known as the Circinus West molecular cloud, a region of space that’s so dense with gas that light can’t escape it.  Read More.

The Mariana Trench is home to some weird deep sea fish, and they all have the same, unique mutations
Deep-sea fish adapt to some of the most extreme conditions on Earth. New research analyzing their evolution finds the same mutation across fish species that have evolved on separate timelines — alongside human-made pollutants contaminating the deep sea. Read More.

Artificial superintelligence (ASI): Sci-fi nonsense or genuine threat to humanity?
Our current AI systems may one day evolve into a superintelligent entity, but scientists aren’t yet certain what this might look like and what the implications are. Read More.

Trial for 2016 Kardashian robbery begins
Almost nine years after reality TV star Kim Kardashian was bound, gagged and robbed at gunpoint in a Paris hotel, nine men and one woman are on trial for allegedly carrying out the dramatic heist. Nearly $10 million in cash and jewelry, including a $4 million engagement ring, was never recovered.

Future Rock & Roll Hall of Famers announced
Bad Company, Chubby Checker, Joe Cocker, Cyndi Lauper, Outkast, Soundgarden and the White Stripes will be inducted into the Rock & Roll Hall of Fame this year. Salt-N-Pepa and the late Warren Zevon will receive the Musical Influence Award.

Kobe’s debut jersey sells for $7 million
The sale set a record for any memorabilia tied to the Los Angeles Lakers legend, who died in a helicopter crash in 2020 along with his 13-year-old daughter Gianna and seven others.

Look but don’t touch, kid
A child has damaged a huge painting by Mark Rothko that was on display at a Dutch museum. Conservators are now trying to repair “Grey, Orange on Maroon, No. 8,” which is said to be worth tens of millions of dollars, to fix the scratches the child left in the paint.

Goldie’s great review: 10/10
“Harry Potter” star Rupert Grint left a humorous review of his new baby girl on Instagram. His partner, Georgia Groome, also received special recognition.
$60 million: That’s about how much a US Navy F/A-18 Super Hornet fighter jet costs. One was recently lost at sea after it fell off the USS Harry S. Truman aircraft carrier.

PHOTOS OF THE DAY

Frankfurt, Germany
A hare pauses at Frankfurt airport
Photograph: Michael Probst/AP

Chongqing, the world’s largest city – in pictures
One of the entrances to The Ring shopping centre
Photographs by Alessandro Gandolfi

The Buddhist Luohan temple
built between 1064 and 1067 during the Song dynasty and remodelled several times since
Photographs by Alessandro Gandolfi
Market Closes for April 29^th , 2025

Market Index	Close	Change
Dow Jones	40527.62	+300.03
		+0.75%
S&P 500	5560.83	+32.08
		+0.58%
NASDAQ	17461.32	+95.19
		+0.55%
TSX	24874.48	+75.89
		+0.31%

International Markets

Market Index	Close	Change
NIKKEI	35839.99	+134.25
		+0.38%
HANG SENG	22008.11	+36.15
		+0.16%
SENSEX	80288.38	+70.01
		+0.09%
FTSE 100*	8463.46	+46.12
		+0.55%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.133	3.160
CND. 30 Year Bond	3.467	3.494
U.S. 10 Year Bond	4.1716	4.2025
U.S. 30 Year Bond	4.6490	4.6784

Currencies

BOC Close	Today	Previous
Canadian $	0.7231	0.7230
US $	1.3829	1.3831

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5752	0.6348
US $	1.1393	0.8777

Commodities

Gold	Close	Previous
London Gold Fix	3296.30	3277.30
Oil
WTI Crude Future	60.42	63.95

Market Commentary:
Almost any insider purchase is worth investigating for a possible lead to a superior speculation.  But very few insider sales justify concern. -William Chidester, (Scientific Investing).
Canada
(MT Newswires)
The Toronto Stock Exchange recorded its tenth gain in the last 12 sessions on Tuesday, rising following Monday’s federal election that kept the Liberal Party led by Prime Minister Mark Carney in power but left the party just a few seats short of a majority in Parliament.
The S&P/TSX Composite Index closed up 75.89 points to 24,874.48.
Among sectors, the biggest gainers were Health Care, up 1.48%, and Telecoms, up 0.88%.
Energy, down 0.81%, was the biggest decliner.
Tuesday’s rise leaves the index down about 1% since U.S. President Donald Trump was inaugurated, on Jan. 20, and before he started to threaten the Canadian economy and sovereignty, issues that became central to the platforms for each of the parties that contested the election here.
According to Rosenberg Research, last night’s Canadian election delivered a Liberal minority government with major implications for Canadian fiscal policy.
Rosenberg said with the Liberals already promising major spending increases if they won a majority, it expects the need to make deals with smaller left-wing parties in the minority parliament further increases expected treasury issuance and is a modest support to growth and the loonie.
Fiscal stimulus in late 2025 should reduce easing pressure for the Bank of Canada, it added.
The election, Rosenberg noted, was dominated by a sense of Canadian nationalism and a ‘rally-round-the-flag’ effect that benefited the incumbent Liberals.
It said the replacement of the unpopular Justin Trudeau by Mark Carney as leader of the Liberals also played a major role.
Smaller parties, the NDP, Bloc Quebecois, and the Greens, were all squeezed, with many voters engaging in strategic voting to keep out the Conservatives, the research added.
“One of our major geopolitical themes for this year has been uncertainty, and this is no exception.
A minority parliament avoids the “stability bounce” in the loonie that would have come with a clear majority and slightly weakens Carney’s hand in negotiations with Donald Trump.
Conservative leader Pierre Poilievre lost his seat, as did NDP leader Jagmeet Singh, further increasing the uncertainty.
Another election could come as early as next year once the NDP resolves their leadership situation — or, the minority parliament could run for years,” Rosenberg noted.
It added: “Judging by the parties’ official platforms, we expect to see a significant increase in federal government spending under the Carney Liberals over the life of the parliament.”
Elsewhere, National Bank noted the vote centered on who was deemed best positioned to deal with an antagonistic U.S. Administration, while cost of living pressures were likewise top of mind for many voters.
Given the severity of the U.S. threat and structural roadblocks to growth, the Liberals ran on a ‘Canada Strong’ plan that involves net new investments and thus implies larger deficits and more federal debt, the bank said.
Carney’s Liberals, National Bank said, also favor a new approach to federal budgeting, shifting the focus to an operational budget they aim to balance by year four of their mandate.
No explicit debt targets were outlined in the Liberal plan, the bank noted. ”
Regardless, bond investors will be called upon to absorb incremental GoC supply, with non-residents having been a particularly vital source of demand lately,” National Bank added.
National Bank said the first most vital piece of business for the Prime Minister will be a quick re-engagement with the U.S. President on trade and security issues, ultimately with a view to lessening the tariff burden and securing predictable access for Canadian exporters.
“With the ‘old relationship’ with the U.S. essentially over, Canada needs a fresh strategy and bold action.
The Liberals aim to move on multiple fronts, promoting inter-provincial trade, lessening the personal tax burden, boosting housing supply, among other things.
There’s an opportunity to re-think Canada’s energy strategy too, though quick progress will require revisiting some contentious federal legislation.
We view this a worthwhile endeavor, having the potential to strengthen federal-provincial relationships and the national economy at the same time,” the bank noted.
Of commodities, West Texas Intermediate crude oil fell for a second day on Tuesday on concerns supply is set to outpace flagging demand.
WTI crude oil for June delivery closed down $1.63 to settle at US$60.32 per barrel, while June Brent crude was last seen down $1.65 to US$64.21.
Also, gold eased late afternoon Tuesday as the dollar rose ahead of key U.S. economic data coming this week.
Gold for June delivery was last seen down $16.70 to US$3,331.00 per ounce.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.3%, with eight of 11 sectors higher, led by health care stocks.
As of market close, 150 of 218 stocks rose, while 61 fell.
Brookfield Business Partners LP led the advances, rising 3.9%,
while Kelt Exploration Ltd. decreased 3.7%.
Markets at a Glance:
* S&P/TSX Index rose 0.3% to 24,874
* Eight of 11 sectors rose
** Health care gained, up 1.1%
** Materials declined, down 0.8%
* Crude oil fell 2.9% to $60/bbl
* Natgas rose 0.7% to $3.37/mmbtu
* Gold fell 0.5% to $3,332/oz
* Silver fell 0.2% to $33/oz
Advancers:
* Brookfield Business Partners LP (BBU-U CN) +3.9%
* Tilray Brands Inc. (TLRY CN) +3.1%
* TMX Group Ltd. (X CN) +2.9%: Florida SBA Backs TMX Group on 14 of 14 Proposals May 6, 2025
* GFL Environmental Inc. (GFL CN) +2.9%: GFL Environmental to Report Results; Shares Up 5.5% YTD: Preview
* Nutrien Ltd. (NTR CN) +2.4%: CalSTRS Backs Nutrien on 14 of 14 Proposals at May 7, 2025 AGM
Decliners:
* Kelt Exploration Ltd. (KEL CN) -3.7%
* International Petroleum Corp. (IPCO CN) -3.6%
* Birchcliff Energy Ltd. (BIR CN) -3.5%
* ARC Resources Ltd. (ARX CN) -3.3%
* Energy Fuels Inc/Canada (EFR CN) -3.1%
US
By Rita Nazareth and Isabelle Lee
(Bloomberg) — Wall Street traders are cautiously adding fuel to the stock rebound, in a high-stakes bet that Corporate America will weather slowing economic growth and tariff-fueled disruptions to earnings.
Investors looked past weak consumer confidence and labor data to send the S&P 500 to its best six-day advance since March 2022 – with the gauge up about 8% in the span.
The Nasdaq 100 is close to erasing all its losses since April 2, when President Donald Trump announced his tariff offensive.
Treasuries extended their April gains on bets US activity will further cool down.
A cohort of stock bulls are fueling a comeback in equities, even as Trump’s tariff turmoil shows no sign of letting up with the economic toll rising by the day.
One theory holds that investors are fearful of missing out on the early phase of the market bounce, mindful of the long history of US rebounds.
Add bets that the Federal Reserve will cut interest rates to prevent a recession, and a risk-on investment case may build.
Yet after cruising along comfortably for most of last year, the world’s largest economy lost altitude at the start of 2025 as consumers tired, and the trade deficit ballooned on a tariff- related scramble for imports.
In the latest pivot in Trump’s trade strategy, the president is set to sign an executive order easing the impact of his auto tariffs, preventing duties on foreign-made vehicles from stacking on top of other levies and lessening charges on parts from overseas used to make vehicles in the US.
“Many are still calling for a recession and even lower equity levels, but we think the ‘Trump put’ is real for equities while the ‘Fed put’ is real for the economy,” said Andrew Brenner at NatAlliance Securities.
“And while tops and bottoms are hard to recognize as they are happening, we think the worst is behind us.”
In corporate news, Amazon.com Inc. said it will not display the cost of US tariffs on products after the White House blasted the reported move.
Apple Inc. wants to build the iPhone in the US, Commerce Secretary Howard Lutnick told CNBC.
General Motors Co. and JetBlue Airways Corp. pulled their outlooks.
United Parcel Service Inc. expects to cut 20,000 jobs this year and close dozens of facilities.
After the closing bell, Starbucks Corp. reported sales that fell slightly faster than expected.
Visa Inc.’s earnings beat estimates.
Snap Inc. declined to issue a sales forecast for the current period, saying it’s navigating macroeconomic “headwinds” for its advertising business.
“Looking ahead, we believe the worst-case scenarios for policy change may be in,” said Lauren Goodwin at New York Life Investments.
“But since uncertainty is still high in market- critical areas like business cost and revenue, and since valuations have already improved from recent market bottoms, market volatility is likely to persist.”
At HSBC Holdings Plc, a group of strategists cut their year-end S&P 500 target to 5,600 from 6,700, saying tariffs and weaker-than-expected US economic growth will pressure corporate earnings.
“We expect the market narrative will flip-flop between recession and stagflation until tariff turmoil subsides, the Fed starts easing, and/or inflationary pressures fail to build up,” strategists including Nicole Inui wrote in a note to clients.
Raymond James’ Larry Adam noted that while he’s keeping his S&P 500 target of 5,800 by the end of the year, there’s a long time between here and there.
“In the interim, I would be more cautious because I do think that you’re going to see more tangible evidence show that this economy is slowing,” he said in an interview at Bloomberg headquarters in New York.
A robust earnings season has boosted positioning momentum in US stocks, leaving exposure levels near neutral, according to Citigroup Inc. strategists led by Chris Montagu.
Meantime, hedge-fund managers who’ve been holding fire as tariff headlines whipsawed markets are still reluctant to place any major bets, with one big exception: shorting US stocks.
So-called market conviction, a gauge of hedge funds’ confidence in pursuing a particular investment strategy, is recovering somewhat after swooning to near its lowest in decades, according to data provided by Bob Elliott, a former top executive at Bridgewater Associates Ltd. Positioning across major asset classes — including currencies, bonds and commodities — remains weak after having fallen at the end of March into the bottom 10th percentile relative to levels since 2000.
“On the positive side, while the Trump administration has stirred up volatility, the so-called Trump Put has become more visible, with louder talk of off-ramps and trade deals lately,” said HSBC strategists Alastair Pinder and Dmitriy Leskin.
“On the flip side, recession chatter is also getting louder – and though some of it is already reflected in prices, we think it does cap the upside.”

Corporate Highlights:
* Honeywell International Inc. raised its full-year guidance for earnings per share, saying it will offset about $500 million in tariff exposure with price changes and other actions to protect its bottom line.
* Royal Caribbean Cruises Ltd. raised its profit outlook for the year as cruise demand continues to defy the increasingly dire situation of the wider travel market.
* Hilton Worldwide Holdings Inc. lowered its earnings forecast for 2025, as growing uncertainty about the US economy weighs on future travel demand.
* Kraft Heinz Co. trimmed its annual sales and profit outlook, citing worsening consumer sentiment and the cost of tariffs.
* PayPal Holdings Inc. left its full-year forecast for earnings unchanged even after reporting a stronger first quarter than analysts were expecting, citing “uncertainty in the global macro environment.”
* NXP Semiconductors NV sank after the company announced a new chief executive officer as part of its quarterly earnings report and warned that tariff threats have created “a very uncertain environment.”
* Spotify Technology SA gave a muted outlook for profit and subscriber growth in the current quarter.
* Pfizer Inc. expects to pull off two or three deals totaling as much as $15 billion this year to replenish its pipeline following the failure of its closely watched obesity pill.
* Hims & Hers Health Inc. soared after Novo Nordisk A/S said it would sell its popular weight-loss drug Wegovy for a steeply reduced price on several telehealth platforms.
* Altria Group Inc. reaffirmed its full-year profit guidance even as the Marlboro maker wrestles with weak cigarette and oral tobacco product sales.
* S&P Global Inc. said it expects to bring in less revenue than originally forecast this year, as on-again, off-again tariff policies spur market tumult and cause companies to delay debt sales.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World Index rose 0.5%
* Bloomberg Magnificent 7 Total Return Index rose 0.6%
* The Russell 2000 Index rose 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.3% to $1.1382
* The British pound fell 0.3% to $1.3404
* The Japanese yen fell 0.2% to 142.32 per dollar
Cryptocurrencies
* Bitcoin rose 0.9% to $95,358.61
* Ether rose 2.1% to $1,823.72
Bonds
* The yield on 10-year Treasuries declined four basis points to 4.17%
* Germany’s 10-year yield declined two basis points to 2.50%
* Britain’s 10-year yield declined three basis points to 4.48%
Commodities
* West Texas Intermediate crude fell 2.9% to $60.28 a barrel
* Spot gold fell 0.7% to $3,320.75 an ounce

Have a lovely evening everyone.

Be magnificent!
As ever,

Carolann
There is no failure except in no longer trying. –Elbert Hubbard, 1856-1915.

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.

April 28, 1789: Mutiny on the Bounty.
April 28, 1945: Mussolini executed.
April 28, 1947: Thor Heyerdahl begins his 101-day journey on Kon-Tiki, sailing with his crew n a self-built raft to prove South Americans could have settled Polynesia in pre-Columbian times.
April 28, 1972: Apollo 16 returned to Earth after a manned voyage to the moon. Go to article.

James Munro, 5^th president, b. 1758.
Alice Waters, restauranteur, b. 1944.
Jay Leno, comedian, b. 1950.
Penelope Cruz, actress, b. 1974.

Mini ice age was final death blow to Roman Empire, unusual rocks in Iceland suggest
Rocks from Greenland found on Iceland’s west coast could link the late Roman Empire’s fall to a spell of sudden climate change. But historians say that the real story is likely much more complicated. Read More.

Scientists find ‘breathing’ magma cap inside Yellowstone super volcano
Yellowstone’s super volcano appears to have a magma cap that vents pressure and reduces the chances of a massive eruption happening anytime soon. Read More.

James Webb telescope reveals truth about ‘impossible’ black hole thought to be feeding at 40 times the theoretical limit
Astronomers have used the James Webb Space Telescope (JWST) to revisit a misunderstood black hole thought to be gulping matter 40 times faster than the theoretical limit. It turns out, dust may have obscured the truth. Read More.

Did the James Webb telescope really find evidence of alien life? Here’s the truth about exoplanet K2-18b.
A study suggesting the exoplanet K2-18b shows potential signs of alien life has been met with skepticism from the scientific community. Here’s the truth about what the
James Webb Space Telescope saw. Read More.

Buy the Bard’s First Folio
If you can afford it, of course. A set of the first four editions of William Shakespeare’s collected works is going up for auction in May. It’s the first time since 1989 that all four folios have been offered as a single lot. Sotheby’s auction house expects the set to sell for up to $6 million.

The secret life of pangolins
These small and adorable mammals are one of the most trafficked animals in the world. Now, an Oscar-winning director hopes to teach the world more about them with her documentary, “Pangolin: Kulu’s Journey.”

A Warhol in the wastebasket?
A 1980s Andy Warhol print depicting the Netherlands’ then-Queen Beatrix has disappeared along with an art collection that was stored in a Dutch town’s basement during a renovation. Left unprotected, the print and 45 other works were possibly tossed in the trash.

PHOTOS OF THE DAY

Tochigi, Japan
People enjoy the blooms at Ashikaga flower park, to the north of Tokyo
Photograph: Philip Fong/AFP/Getty Images

Greater Manchester, UK
Morris dancers with the Milltown Cloggies attend the Joint Morris Organisations’ annual National Day of Dance on Saturday in Stockport
Photograph: Oli Scarff/AFP/Getty Images

London, England
Visitors enjoy the spring blooms in Richmond Park
Photograph: Toby Melville/Reuters
Market Closes for April 28^th , 2025

Market Index	Close	Change
Dow Jones	40227.59	+114.09
		+0.28%
S&P 500	5528.75	+3.54
		+0.06%
NASDAQ	17366.13	-16.81
		-0.10%
TSX	24798.59	+88.08
		+0.36%

International Markets

Market Index	Close	Change
NIKKEI	35839.99	+134.25
		+0.38%
HANG SENG	21971.96	-8.78
		-0.04%
SENSEX	80218.37	+1005.84
		+1.27%
FTSE 100*	8417.34	+2.09
		+0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.160	3.175
CND. 30 Year Bond	3.494	3.500
U.S. 10 Year Bond	4.2025	4.2353
U.S. 30 Year Bond	4.6784	4.7010

Currencies

BOC Close	Today	Previous
Canadian $	0.7230	0.7213
US $	1.3831	1.3863

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5797	0.6330
US $	1.1422	0.8755

Commodities

Gold	Close	Previous
London Gold Fix	3277.30	3314.75
Oil
WTI Crude Future	63.95	63.57

Market Commentary:
The stone age didn’t end for lack of stone, and the oil age will end long before the world runs out of oil. –Sheik Ahmed Zaki Yamani, b. 1930.
Canada
(MT Newswires)
Investors pushed the Toronto Stock Exchange higher for the ninth time over the last 11 sessions on Monday ahead of the end of voting in a federal election that could herald a new era of self-determination for Canada, marked by increased economic independence from the United States.
The S&P/TSX Composite Index closed up 88.08 points at 24,798.59.
Among sectors, Health Care, down 1.36%, and Base Metals, down 0.77%, were the biggest decliners, with Telecoms, up 0.61%, the biggest gainer on the day.
As a sign of how important this federal election is to most Canadians tired of threats to the economy and sovereignty of the nation from U.S. President Donald Trump, Scotiabank on Monday noted about one quarter of eligible voters voted in advance polls.
For the rest, polls opened first in Newfoundland at 7:00 a.m., Eastern Time and then over the rest of Canada, depending on time zones.
Scotiabank noted results will start rolling in shortly after polls close in Newfoundland at 7:00 p.m. ET and then the rest of Atlantic Canada after 7:30 p.m. ET.
The bank said key to the outcome will be when Ontario, Quebec and the Prairies begin reporting later in the evening and then if the vote is still close, when British Columbia begins reporting after 10 p.m. ET.
“I would guess that we’ll probably know by 11pm, maybe a little earlier or a little later. If the seat mapping sites are close to the actual outcome, then their projected tallies could make BC’s outcome count,” said Derek Holt, Scotia’s Head of Capital Markets Economics.
Holt said whichever political party wins, most likely the Liberals under new leader and former central banker, Mark Carney, will not have the support of a majority of Canadian voters.
Roughly six in 10 voters will choose another party, according to the polls, Holt noted.
According to Holt, the country is likely to remain highly divided, with the outcome speaking more to the political divisions within a first past the post parliamentary system.
“Ask the UK about that one, after Labour’s massive 2024 majority (411 out of 650 seats) was won with just about one-third of the popular vote,” he added.
Of commodities, gold traded higher late afternoon on Monday as the U.S. dollar weakened, boosting safe-haven demand.
Gold for June delivery was last seen up $63.20 to US$3,360.90 per ounce, sticking below the April 21 record high of US$3,425.30.
But West Texas Intermediate crude oil fell as OPEC+ readies to add supply while U.S. President Donald Trump’s global trade wars continue to roil markets.
WTI crude oil for June delivery closed down $0.97 to US$62.05 per barrel, while June Brent crude was last seen down $1.22 to US$65.65.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.4%, with eight of 11 sectors higher, led by information technology stocks.
As of market close, 116 of 218 stocks fell, while 97 rose.
Tilray Brands Inc. led the declines, falling 5.8%, while Denison Mines Corp. increased 4.6%.
Markets at a Glance:
* S&P/TSX Index rose 0.4% to 24,799
* Eight of 11 sectors rose
** Information technology gained, up 0.8%
** Industrials declined, down 0.5%
* S&P 500 Index was little changed at 5,529
* Nasdaq 100 Index was little changed at 19,427
* Crude oil fell 1.8% to $62/bbl
* Natgas rose 7.9% to $3.17/mmbtu
* Gold rose 1.5% to $3,333/oz
* Silver rose 0.3% to $33/oz
Advancers:
* Denison Mines Corp. (DML CN) +4.6%
* NexGen Energy Ltd. (NXE CN) +4.4%
* Aecon Group Inc. (ARE CN) +3.2%
* SSR Mining Inc. (SSRM CN) +3.2%
* Cameco Corp. (CCO CN) +2.6%
Decliners:
* Tilray Brands Inc. (TLRY CN) -5.8%
* Lundin Gold Inc. (LUG CN) -3.8%: TSX-Listed Gold Names Plunge as Safe Haven Demand Wanes
* First Quantum Minerals Ltd. (FM CN) -3.1%
* Lundin Mining Corp. (LUN CN) -2.5%
* Ivanhoe Mines Ltd. (IVN CN) -2.4%
US
By Rita Nazareth and Lu Wang
(Bloomberg) — A late-day wave of dip buying erased losses in stocks, with Wall Street investors awaiting a slew of corporate earnings and economic data for insights on the impacts of President Donald Trump’s tariff war.
As the S&P 500 closed higher for five consecutive sessions, the US equity benchmark posted its longest winning streak since November.
Monday marked the fifth time in the past month the index fully wiped out an intraday gain or drop of 1% or more.
The number of reversals already matches the total seen in the entire year of 2024.
Boeing Co. and International Business Machines Corp. led blue chips up, while Nvidia Corp. sank on news Huawei
Technologies Co. is set to test a new AI chip.
Mega caps Microsoft Corp., Apple Inc., Meta Platforms Inc., and Amazon.com Inc. will report results in coming days.
Treasuries rose.
The dollar fell.
From jobs to inflation and economic growth, traders will have a lot to digest this week.
A measure of Texas manufacturing activity weakened significantly as executives used words like “chaos” and “insanity” to describe the tariff turmoil, according to a report by the Federal Reserve Bank of Dallas.
“This will be one of the busiest weeks of the year,” said Anthony Saglimbene at Ameriprise.
“Ongoing trade headlines, an economic calendar filled with key releases and the peak week of the earnings season, including several Magnificent Seven companies reporting results, should keep investors’ heads spinning.”
With a jittery April near a close, several market pros see little reason to think volatility is in the rearview mirror.
For equities to keep rallying, investors would need to see the White House follow through on the “dovish pivot” toward trade with China, according to Chris Larkin at E*TRADE from Morgan Stanley.
Treasury Secretary Scott Bessent told CNBC the US has put China to the side for now as it seeks trade deals with between 15 to 17 other countries, while indicating it’s up to Beijing to take the first step in de-escalating the tariff fight.
“Underneath the surface, key risks persist — trade tensions, recession worries, and monetary policy uncertainties are very much alive,” said Fawad Razaqzada at City Index and Forex.com.
While many executives have declined to predict how tariffs might impact their bottom lines, Wall Street has been doing its own math.
Based on a 22% tariff rate modeled by Bloomberg Economics, lower gross margins could result in a net income contraction of about 7% in 2025 for the S&P 500, compared with the current consensus estimate of nearly 12% growth, wrote Bloomberg Intelligence chief equity strategist Gina Martin Adams.
Morgan Stanley’s Michael Wilson says the weak dollar will support US corporate earnings, helping the American stock market to outperform the rest of the world.
Yet Wilson expects the S&P 500 to remain in the 5,000 to 5,500 range.
A more substantial increase would require a tariff deal with China, clear rebound in earnings estimates and the possibility of easier monetary policy, he wrote.
Meantime, JPMorgan Chase & Co.’s trading desk is turning tactically bullish on US equities, predicting that tailwinds including big-tech earnings and trade deal announcements will continue to lift stocks after the recent rout.
Still, the bank was quick to emphasize in a note to clients Monday that the rally’s momentum could fade within weeks, with the negative impacts of US tariffs poised to begin dragging on the economy in the months ahead.

Corporate Highlights:
* Chief executive officers from Nvidia Corp., Johnson & Johnson, Eli Lilly & Co., General Electric Co. and SoftBank Group Corp. are among corporate leaders slated to visit the White House on Wednesday as President Trump highlights the US investments they’ve announced in the first 100 days of his second term in office.
* International Business Machines Corp. plans to invest $150 billion in the US over the next five years, joining a cohort of companies that have announced spending commitments following Trump’s election and tariff threats.
* Boeing Co.’s debt is no longer at immediate risk of being cut to junk status by S&P Global Ratings, a sign of progress in the plane maker’s turnaround after a brutal year in 2024.
* United Parcel Service Inc. is in talks with robotics startup Figure AI Inc. to use humanoid robots for some tasks in the logistics giant’s network, according to people familiar with the matter.
* NXP Semiconductors NV announced a new chief executive officer as part of its quarterly earnings report and warned that the chipmaker was navigating “a very uncertain environment” due to tariffs.
* OpenAI now lets users shop for products within ChatGPT, the latest move by the artificial intelligence startup to expand the reach of its popular chatbot and challenge rivals like Google.
* Alibaba Group Holding Ltd. took the wraps off a new version of its flagship Qwen AI model, sustaining the breakneck pace of development that’s characterized China’s artificial intelligence sphere in the wake of DeepSeek.
* Mastercard Inc. announced that it will give merchants the option to receive payments in stablecoins amid increasing global regulatory clarity on the digital assets that are usually pegged to fiat currencies.
* HG Vora Capital Management, an activist investor seeking changes at casino operator Penn Entertainment Inc., criticized  the company for reducing the number of board seats up for election and said it will continue a proxy fight.

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World Index rose 0.4%
* Bloomberg Magnificent 7 Total Return Index fell 0.4%
* The Russell 2000 Index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.5% to $1.1420
* The British pound rose 0.9% to $1.3438
* The Japanese yen rose 1.1% to 142.08 per dollar
Cryptocurrencies
* Bitcoin rose 0.5% to $94,803.48
* Ether fell 0.2% to $1,799.16
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.20%
* Germany’s 10-year yield advanced five basis points to 2.52%
* Britain’s 10-year yield advanced three basis points to 4.51%
Commodities
* West Texas Intermediate crude fell 1.8% to $61.90 a barrel
* Spot gold rose 0.9% to $3,350.33 an ounce

–With assistance from Cecile Gutscher and Anand Krishnamoorthy.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
The poor don’t know that their function in life is to exercise our generosity. -Jean-Paul Sartre, 1905-1980.

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.  Anzac Day, Australia, New Zealand.

April 25, 1915: Battle of Gallipoli.
April 25, 1953:The double helix structure of DNA is described by James Watson and Francis Crick, revolutionizing the understanding of genetics and heredity.
April 25, 1959: The St. Lawrence Seaway opened to shipping. Go to article

1901: First license plates issued.
Oliver Cromwell, English Statesman, Revolutionary, b. 1599.
Ella Fitzgerald, singer, b. 1917.

‘SNL’ wraps up milestone season
The final two celebrity hosts for the 50th season of “Saturday Night Live” have been announced. “White Lotus” star Walton Goggins will make his debut on the show’s May 10 broadcast, with Arcade Fire appearing as the musical guest. For the season finale on May 17, actress Scarlett Johansson will host for the seventh time, with Bad Bunny serving as the musical guest.

Back for more ‘revenge’
“Star Wars: Episode III – Revenge of the Sith” is returning to theaters next week to celebrate the film’s 20th anniversary. Starring Hayden Christensen, Natalie Portman, Ewan McGregor and Samuel L. Jackson, the final film in the “Star Wars” prequel trilogy will be shown in several formats, including, for the first time, 4DX.

Mathematicians just solved a 125-year-old problem, uniting 3 theories in physics

Ghost forests are growing as sea levels rise

‘Royal Egyptian inscription’ of Ramesses III’s name is first of its kind discovered in Jordan

Cloudy with a chance of mushballs: Jupiter’s monster storms include softball size hailstones made of ammonia

PHOTOS OF THE DAY

Passy, France
Tandem paragliders fly over the Arve Valley, one of the most polluted in France. Pollution in the area is mainly caused by wood heating, particularly used in the many chalets in winter, as well as heavy road transport on the major traffic route between France and Italy, and industrial activity
Photograph: Jean-Philippe Ksiazek/AFP/Getty Images

Qingdao, China
Imported iron ore is sorted into piles at a port
Photograph: AFP/Getty Images

Emperor penguin chicks take their first swim in Atka bay, Antarctica
Photograph: National Geographic/Bertie Gregory/Reuters
Market Closes for April 25^th, 2025

Market Index	Close	Change
Dow Jones	40113.50	+20.10
		+0.05%
S&P 500	5525.21	+40.44
		+0.74%
NASDAQ	17382.94	+216.90
		+1.26%
TSX	24710.51	-17.02
		-0.07%

International Markets

Market Index	Close	Change
NIKKEI	35705.74	+666.59
		+1.90%
HANG SENG	21980.74	+70.98
		+0.32%
SENSEX	79212.53	-588.90
		-0.74%
FTSE 100*	8415.25	+7.81
		+0.09%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.175	3.191
CND. 30 Year Bond	3.500	3.521
U.S. 10 Year Bond	4.2353	4.3130
U.S. 30 Year Bond	4.7010	4.7728

Currencies

BOC Close	Today	Previous
Canadian $	0.7213	0.7220
US $	1.3863	1.3850

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5782	0.6336
US $	1.1392	0.8778

Commodities

Gold	Close	Previous
London Gold Fix	3314.75	3262.95
Oil
WTI Crude Future	63.57	62.98

Market Commentary:
Income tax returns are the most imaginative fiction being written today. –Herman Wouk, 1915-2019.
Canada
(MT Newswires)
The Toronto Stock Exchange closed modestly lower on Friday as investors took positions ahead of Monday’s federal election, even as Rosenberg Research flagged the index “should soon move into position for a summer rally”.
Today, the S&P/TSX Composite Index fell only the second time in the last 10 sessions, closing down 17.02 points at 24,710.51.
Sectors were mixed, with Base Metals down 1.4% and Industrials down 1%, while the Battery Metals Index was up 3.5%.
In its latest ‘Technical Analysis’ on global equity markets, Rosenberg Research said the TSX had “successfully tested important support during its tariff-related decline earlier this month and then rebounded”.
It noted the relevant support was the 22,554 to 21,467 range.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite was little changed, with seven of 11 sectors higher and four lower.
As of market close, 171 of 218 stocks rose, while 43 fell.
Boralex Inc. led the advances, rising 3.2%, while Novagold Resources Inc. decreased 11%.
Markets at a Glance:
* S&P/TSX Index was little changed at 24,711
* Four of 11 sectors fell
** Industrials declined, down 1%
** Health care gained, up 1%
* Crude oil rose 0.7% to $63/bbl
* Natgas rose 1% to $2.96/mmbtu
* Gold fell 1.5% to $3,282/oz
* Silver fell 1.6% to $33/oz
Advancers:
* Boralex Inc. (BLX CN) +3.2%
* Spin Master Corp. (TOY CN) +3.1%
* TransAlta Corp. (TA CN) +2.4%
* Shopify Inc. (SHOP CN) +2.2%: Hartford Growth Adds CME Group, Exits Shopify
* Chartwell Retirement Residences (CSH-U CN) +2%
Decliners:
* Novagold Resources Inc. (NG CN) -11%: M&A in U.S. Totaled $18.6 Billion Last Week
* Energy Fuels Inc/Canada (EFR CN) -6%
* Tfi International Inc. (TFII CN) -5.5%: TFI International PT Cut to $115 from $128 at TD Cowen
* WSP Global Inc. (WSP CN) -4.3%: WSP Global Falls as Largest Holder Plans 2.1 Million Share Sale
* Cargojet Inc. (CJT CN) -3.6%
US
By Rita Nazareth
(Bloomberg) — A solid Wall Street week ended with gains for stocks as a rally in the market’s most-influential group offset conflicting signals about progress in President Donald Trump’s trade negotiations.
The surge in megacaps sent the S&P 500 above 5,500, with the gauge notching its longest advance since January.
Tesla Inc. jumped 9.8% while Alphabet Inc. climbed on solid results.
Equities briefly lost steam as Trump suggested another delay to reciprocal tariffs was unlikely, and he wouldn’t drop levies on China without “something substantial” in return.
Bonds and the dollar rose.
“Markets have staged an impressive recovery,” said Mark Hackett at Nationwide.
“While fears of a 2008- or 2020-style crisis are fading, the road back to record highs won’t be easy.
Markets are showing resilience, but still face the same persistent challenges, including tariff uncertainty and signs of an economic slowdown.”
Worries about the economic fallout from tariffs drove US consumer sentiment to one of its lowest readings on record while long-term inflation expectations climbed to the highest since 1991.
As investors weighed mixed signs on whether the trade war between the world’s two largest economies is de-escalating, Bloomberg News reported China is considering suspending its 125% tariff on some US imports.
Trump told Time magazine he expects to wrap up trade deals with US partners looking for lower tariffs in three to four weeks.
But the president gave confusing signals about the status of talks with China, even as Beijing has denied negotiations are taking place.
“We are currently in tariff purgatory,” said Joachim Klement, strategist at Panmure Liberum.
“There is no fundamental change to the outlook, so markets latch on to noise and get constantly whipsawed by the ever-changing utterances of Donald Trump and his cabinet.”
While recent data indicate US spending is holding up so far, the outlook for this year is less promising.
With companies poised to pass on tariff and commodity costs to shoppers, the hikes could further slow consumer demand and juice inflation.
As profit margins remain close to record levels, Corporate America has some room to absorb costs from higher tariffs.
However, the track record of S&P 500 companies over the past two decades suggests their ability to withstand additional levies is fragile, at least by one measure.
Nearly all the margin growth eked out from corporate sales on the gauge since 2004 has come from the booming technology sector, according to Bloomberg Intelligence.
Removing the group, profitability barely rose.
“The tariff-induced slowdown in economic activity, as well as the higher costs, will crimp corporate profit growth,” said David Lefkowitz at UBS Global Wealth Management.
“But the economy should rebound next year as businesses and consumers adjust to the tariffs, with an assist from Federal Reserve rate cuts and certainty on tax policy.”
Bank of America Corp. strategists led by Michael Hartnett said investors should sell into rallies in US stocks and the dollar.
The greenback is during a longer-term depreciation while the shift away from US assets has further to go, they noted.
The trend would continue until the Federal Reserve starts cutting rates, the US reaches a trade deal with China and consumer spending stays resilient.
Foreign investors have sold $63 billion of US equities since the start of March, Goldman Sachs Group Inc. strategists estimate, noting that the data from high-frequency fund flows suggest that European investors have been driving the selling, while other regions have continued to buy US stocks.
Forecasters anticipate the trade war will hit economic growth this year and next as tariffs push prices higher and put a dent in consumer spending.
The US economy is set to expand 1.4% in 2025 and 1.5% in 2026, according to the latest Bloomberg survey of economists, compared with 2% and 1.9% in last month’s poll.
The median respondent now sees a 45% chance of a downturn in the next 12 months, up from 30% in March.

Corporate Highlights:
* Intel Corp. Chief Executive Officer Lip-Bu Tan gave investors a stark diagnosis of the chipmaker’s problems this week, along with the sense that it will take a while to fix them.
* Apple Inc. is seeking to import most of the iPhones it sells in the US from India by the end of next year, accelerating a shift beyond China to mitigate risks related to tariffs and geopolitical tensions.
* T-Mobile US Inc. reported fewer new wireless phone subscribers than analysts expected in the first quarter.
* AbbVie Inc. raised its profit outlook for the year on better- than-expected sales from newer autoimmune treatments but warned its forecast doesn’t consider any potential changes in trade policy.
* Centene Corp. expects higher medical costs this year, adding to investor concerns after the largest health insurer sounded a similar alarm earlier this month.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.1%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index rose 0.6%
* Bloomberg Magnificent 7 Total Return Index rose 2.8%
* The Russell 2000 Index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.1363
* The British pound fell 0.2% to $1.3320
* The Japanese yen fell 0.7% to 143.64 per dollar
Cryptocurrencies
* Bitcoin rose 2.1% to $95,404.61
* Ether rose 2.3% to $1,803.71
Bonds
* The yield on 10-year Treasuries declined six basis points to 4.26%
* Germany’s 10-year yield advanced two basis points to 2.47%
* Britain’s 10-year yield declined two basis points to 4.48%
Commodities
* West Texas Intermediate crude rose 0.6% to $63.19 a barrel
* Spot gold fell 1.3% to $3,305.25 an ounce

–With assistance from John Viljoen and Kit Rees.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
I don’t know why we are here, but I’m pretty sure that it is not in order to enjoy ourselves. –Ludwig Wittgenstein, 1889-1951.

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.

April 24, 1898: Spain declares war on U.S.

April 24^th, 1990: The Hubble Space Telescope is launched into Earth orbit, providing unprecedented views of he universe and greatly advancing our understanding of space.

April 24, 2005: Pope Benedict XVI was installed as leader of the Roman Catholic Church in ceremonies at the Vatican. Go to article.

 

Robert Bailey Thomas, founder of The Farmer’s Almanac, b. 1766.

Shirley MacLaine, actress, b. 1934.

Barbara Streisand, actress, chanteuse, b. 1942.

 

Simone Biles wins World Sportswoman of the Year
It was the fourth time the Olympic gold medalist gymnast has won the award.

 

American Music Awards nominees announced
And rapper Kendrick Lamar, who wowed audiences with his Super Bowl LIX halftime show in February, leads the list with 10 nominations, including artist of the year, album of the year and song of the year.

 

Time to pick your players!
The first round of the 2025 NFL draft begins at 8 p.m. ET tonight, with the second and third rounds taking place tomorrow and the remaining four rounds happening on Saturday. Fans can watch all of the picks on the NFL Network and ESPN; CNN Sports will also offer live digital coverage.

 

Pedro Pascal makes statement of solidarity
The star of the hit show “The Last of Us” recently wore a T-shirt to the European premiere of “Thunderbolts*” that said “Protect the dolls.” The slogan is seen as a show of solidarity with trans women, who are affectionately known as “dolls” in the LGBTQ community. The issue is personal for Pascal; his younger sister Lux is a trans actress and model.

 

Stone Age quiz: What do you know about the Paleolithic, Mesolithic and Neolithic?

 

EVs could charge 500% faster in freezing weather after new discovery

 

Gamma-ray bursts reveal largest structure in the universe is bigger and closer to Earth than we knew: ‘The jury is still out on what it all means.’

 

What is the ancient Egyptian ‘Eye of Horus’ — and why is it found in so many burials?

 

PHOTOS OF THE DAY

Norfolk, UK
Wicked fans visit a tulip farm where the movie was filmed in Norfolk, UK. Around 31,000 lucky fans of the Hollywood blockbuster have snapped up tickets to walk through the colourful bulb fields near the Royal Sandringham estate in King’s Lynn – which are open to the public for just two weeks

Photograph: Bav Media

Miniature horses race in New Zealand

A pair of runners in the Great Northern Gallop in Houhora in New Zealand’s Far North.
Photographs by Fiona Goodall

Paris, France
Pastry chefs work on a huge strawberry cake during a Guinness world Record attempt in Argenteuil. About 350kg of strawberries, 150kg of sugar, 415kg of crème pâtissière and 4,000 eggs were used to create the 121.9-metre (400ft) creation

Photograph: AFP/Getty Images
Market Closes for April 24^th, 2025

Market Index	Close	Change
Dow Jones	40093.40	+486.83
		+1.23%
S&P 500	5484.77	+108.91
		+2.03%
NASDAQ	17166.04	+457.99
		+2.74%
TSX	24727.53	+254.85
		+1.04%

International Markets

Market Index	Close	Change
NIKKEI	35039.15	+170.52
		+0.49%
HANG SENG	21909.76	-162.86
		-0.74%
SENSEX	79801.43	-315.06
		-0.39%
FTSE 100*	8407.44	+4.26
		+0.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.191	3.243
CND. 30 Year Bond	3.521	3.563
U.S. 10 Year Bond	4.3130	4.3870
U.S. 30 Year Bond	4.7728	4.8304

Currencies

BOC Close	Today	Previous
Canadian $	0.7220	0.7207
US $	1.3850	1.3874

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5773	0.6339
US $	1.1389	0.8780

Commodities

Gold	Close	Previous
London Gold Fix	3262.95	3433.55
Oil
WTI Crude Future	62.98	64.31

Market Commentary:

You do not rise to the level of your goals.  You fall to the level of your systems. –James Clear, b. 1986.

Canada
(MT Newswires)

The Toronto Stock Exchange rose for a third-straight session on Thursday as optimistic investors chose to mostly ignore Wednesday threats from U.S.
President Donald Trump to impose fresh tariffs on Canada’s auto industry.
Boosted by rising commodity prices.
The resources heavy S&P/TSX Composite Index gained 254.85 points to 24,727.53.
Among sectors, Base Metals was up 4.46%, with Health Care the second biggest gainer, up 5.07%.
Telecoms were down 0.14%.
According to Dow Jones Market Data and FactSet, the TSX was as at the close of trade yesterday off more than 5% from its record close of 25,808.25 on Jan. 30 and off 2.37% from the day that Trump was inaugurated and his threat of all-out tariff wars against every nation, including Canada, began.
Trump on Wednesday said the tariff on Canadian autos “could go up” as he said he wants to force Canadian manufacturers to set up shop in the United States.
Of individual stocks, Briacell Therapeutics (BCT.TO) closed 11% to $8.45 as it earlier reported positive results with its Bria-OMT monotherapy, with a patient reporting sustained complete remission of a metastasized lung tumor.
Canadian market watchers of late have been more mindful of domestic economic issues than those related to the U.S., although they are of course keeping a watching brief on the trade war between the two nations.
On Canadian data points, Rosenberg Research noted industry employment fell sharply in February, and in sectors sensitive to the Canadian dollar and to interest rates.
“The BoC erred in not cutting rates at its recent meeting, but there is time to correct that policy misstep,” it said.
Rosenberg noted February data on industry employment, the SEPH or the Survey of Employment, Payrolls and Hours, was “a dud.”
Payrolls fell by 49,000, the steepest decline since November 2023, and January was revised sharply lower to now show a 14.400 gain instead of 26.800, as the initial report estimated.
“The workweek was as flat as a beaver’s tail,” the Rosenberg noted, before adding: “Thank God for health care and social assistance because if it weren’t for these non-cyclical areas, the jobs plunge would have been closer to -62k on the month.”
According to Rosenberg, the Bank of Canada’s decision to stand pat at the most recent policy meeting is “one that they will come to regret.”
It said the latest jobs data point came before the latest unstable chapter in the Trump trade war and revealed an economy that is in need of a whole lot of help.
And, it added, we already know from the Household survey (LFS) that the labor market eroded further in March, with jobs in this poll showing a steep drop of 33,000.
Of commodities, West Texas Intermediate crude oil closed higher on Thursday even as the focus turned to a potential fracturing of solidarity among OPEC+ members on reports the group will again speed the return of 2.2-million barrels of production cuts in June as some members continue to produce above quota.
WTI crude oil for June delivery closed up $0.52 to US$62.79 per barrel, while June Brent crude was last seen up $0.43 to US$66.55.
Gold prices rebounded from two losing sessions as the dollar and yields slump with investors looking for a safe haven amid volatile markets.
Gold for June delivery was last seen up $58.30 to US$3,352.40 per ounce, but it remained under Monday’s record close of US$3,425.30.
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1%, with nine of 11 sectors higher, led by health care stocks.
As of market close, 122 of 218 stocks rose, while 93 fell.
Cargojet Inc. led the advances, rising 15%, while Aecon Group Inc. decreased 9.8%.
Markets at a Glance:
* S&P/TSX Index rose 1% to 24,728
* Nine of 11 sectors rose
** Health care gained, up 3.7%
** Consumer staples declined, down 0.6%
* S&P 500 Index rose 2% to 5,485
* Nasdaq 100 Index rose 2.8% to 19,214
* Crude oil rose 0.7% to $63/bbl
* Natgas fell 3.1% to $2.93/mmbtu
* Gold rose 1.7% to $3,332/oz
* Silver was little changed at $34/oz
Advancers:
* Cargojet Inc. (CJT CN) +15%: Cargojet PT Cut to C$121 from C$147 at National Bank
* Tilray Brands Inc. (TLRY CN) +11%
* Tfi International Inc. (TFII CN) +7.3%: TFI International Falls on Q1 Miss, Headwinds: Street Wrap
* Energy Fuels Inc/Canada (EFR CN) +7.2%
* Calibre Mining Corp. (CXB CN) +7%: Equinox Gold, Calibre Mining Amend Proposed Combination Pact
Decliners:
* Aecon Group Inc. (ARE CN) -9.8%: Aecon Falls as Legacy Project Losses Hurt Ebitda: Street Wrap
* Boyd Group Services Inc. (BYD CN) -4.1%: Boyd Shares Fall as Stifel Flags Negatives in LKQ’s Results
* Aya Gold & Silver Inc. (AYA CN) -2.6%
* Wesdome Gold Mines Ltd. (WDO CN) -2.1%
* Torex Gold Resources Inc. (TXG CN) -2%: Torex Gold Resources Rated New Buy at Desjardins; PT C$60
US

By Rita Nazareth and Denitsa Tsekova
(Bloomberg) — Wall Street investors weighing the impacts of Donald Trump’s trade war on Corporate America sent stocks climbing amid bets the Federal Reserve could cut rates sooner than anticipated to prevent a recession.
The S&P 500 rose 2% to the highest since the day Trump announced his tariff offensive.
The president said the US is talking with China on trade despite Beijing’s denial.
In late hours, Alphabet Inc. jumped on solid earnings. Intel Corp. gave a weak forecast.
Bond yields slid on wagers Fed Chair Jerome Powell will be under pressure to ease policy if the labor market unravels.
In an interview with Bloomberg Television, Fed Governor Christopher Waller said he’d support rate cuts in the event aggressive tariff levels hurt the jobs market.
Fed Bank of Cleveland President Beth Hammack told CNBC the central bank could move on rates as early as June if it has clear evidence of the economy’s direction.
“While the Fed has maintained a cautious approach to monetary easing, we believe it will be willing and able to respond to signs of economic weakness, especially rising layoffs,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
Trump’s tariffs are more likely to hurt growth than spur inflation, Myles Bradshaw at JPMorgan Asset Management told Bloomberg Television.
He expects the US central bank will eventually need to cut rates more aggressively, having kept policy on hold for longer.
As traders waded through the latest batch of earnings, signs of unease about economic prospects have become evident.
American Airlines Group Inc. withdrew its full year earnings outlook, joining a growing number of companies hedging their bets on the broader economy.
Southwest Airlines Co.’s chief said his industry is already in a recession.
PepsiCo Inc. and Procter & Gamble Co.lowered their forecasts.
The looming impact of higher costs from the Trump administration’s trade policy is making it very difficult for the corporate world to forecast how the year will play out as consumers brace for economic pain.
“Companies with direct impact from tariffs are generally being forthcoming, providing guide that incorporates the full brunt of both blanket and reciprocal tariffs,” said John Belton at Gabelli Funds.
In another sign of how firms are growing cautious amid uncertainty surrounding tariffs and tax policy, data Thursday showed orders placed with US factories for business equipment barely rose in March.
“Companies are front running the tariffs, so these durable goods data aren’t something to get excited about,” said Jamie Cox at Harris Financial Group.
“The good news is that companies are protecting their earnings and margins, and investors will be happy about that.”
Yet several analysts are souring on the profit outlook due, to the risk of an economic slowdown, with the US benchmark’s earnings revisions breadth — or estimated upgrades versus downgrades — approaching downside extremes.
One of Wall Street’s biggest bulls is seeing tariffs hitting Corporate America the hardest.
Deutsche Bank AG’s Bankim Chadha slashed his year-end S&P 500 target to 6,150.
He also sees S&P 500 earnings declining 5% this year, compared with a consensus expecting 8% growth.
“Investors should continue to focus on the long term, with an eye toward companies with high earnings achievability, limited tariff exposure, and quality balance sheets,” said Daniel Skelly, head of Morgan Stanley’s Wealth Management Market Research & Strategy Team.
While stocks have finally found breathing room, that doesn’t mean pressure points that rattled the market are gone, according to Goldman Sachs Group Inc.’s Flow of Funds team.
“Much like an 80-degree day in NYC in April, I wouldn’t jump into the pool just yet,” the funds specialists wrote in a note to clients this week.
“We continue to expect very volatile trading heading into and including next week,” said Dan Wantrobski at Janney Montgomery Scott.
“This includes the potential for explosive moves in either direction.”
He also noted that the 5,500 level in the S&P 500 remains a key resistance level to watch.
That’s roughly a 50% retracement of the entire correction cycle to date, he added.
“Rallying above this on a closing basis would generate a bullish technical signal and help put the bulls back in charge of the field,” he concluded.
Craig Johnson at Piper Sandler noted that while the recent rally is constructive, he’s also monitoring the 5,500 marks as a key resistance.
“Until buyers overcome that level, ideally with increased volume, more backing and filling is likely,” he said.
“However, once 5,500 is successfully cleared, we are likely to see another leg up toward 5,800.”
Some of the main moves in markets:
Stocks
* The S&P 500 rose 2% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.8%
* The Dow Jones Industrial Average rose 1.2%
* The MSCI World Index rose 1.6%
* Bloomberg Magnificent 7 Total Return Index rose 2.9%
* The Russell 2000 Index rose 2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.6% to $1.1384
* The British pound rose 0.6% to $1.3338
* The Japanese yen rose 0.5% to 142.72 per dollar
Cryptocurrencies
* Bitcoin was little changed at $93,594.76
* Ether fell 1.8% to $1,763.7
Bonds
* The yield on 10-year Treasuries declined seven basis points to 4.31%
* Germany’s 10-year yield declined five basis points to 2.45%
* Britain’s 10-year yield declined five basis points to 4.50%
Commodities
* West Texas Intermediate crude rose 0.7% to $62.71 a barrel
* Spot gold rose 1.6% to $3,340.33 an ounce

–With assistance from John Viljoen, Sujata Rao, Robert Brand
and Anand Krishnamoorthy.
Have a lovely evening.

 

Be magnificent!

As ever,

 

Carolann

Love beauty; it is the shadow of God in the Universe. –Gabriela Mistral, 1889-1957.

 

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: St. George’s Day.

April 23, 1985: The Coca-Cola Co. announced it was changing its secret formula for Coke. (Negative public reaction forced the company to revert to the original version.) Go to article

April 23, 2005: the first YouTube video is posted, with co-founder Jawed Karim sharing an 18-second clip titled “Me at the zoo’ at the San Diego Zoo.

 

“I’m one with the Force. The Force is with me.”
But if you’re feeling a bit lost by all of the latest “Star Wars” offerings, fear not. CNN’s Scottie Andrew has put together this fabulous timeline of the ever-expanding “Star Wars” galaxy.

 

Miguel Cervantes, d.1616.

William Shakespeare, b. 1564; d. 1616.

Michael Moore, filmmaker, b. 1954.

 

What is the ancient Egyptian ‘Eye of Horus’ — and why is it found in so many burials?

 

Cancer: Facts about the diseases that cause out-of-control cell growth

 

NASA’s Lucy spacecraft snaps first close-ups of weird peanut-shaped asteroid

 

Lion mauled gladiator to death 1,800 years ago in Roman Britain, controversial study suggests

 

PHOTOS OF THE DAY

Nevşehir, Turkey

Hot-air balloons fill the sky above the unique rock formations of the Cappadocia region

Photograph: Anadolu/Getty Images

Kilauea, Hawaii
Lava spews into the sky during the 18th eruption of Mt Kilauea since December 2024

Photograph: Anadolu/Getty Images

Hirosaki, Japan
People admire cherry trees in full blossom

Photograph: 斎藤美雪/AP

Market Closes for April 23rd, 2025

Market Index	Close	Change
Dow Jones	39606.57	+419.59
		+1.07%
S&P 500	5375.86	+88.10
		+1.67%
NASDAQ	16708.05	+407.63
		+2.50%
TSX	24472.68	+166.70
		+0.69%

International Markets

Market Index	Close	Change
NIKKEI	34868.63	648.03
		+1.89%
HANG SENG	22072.62	+510.30
		+2.37%
SENSEX	80116.49	+520.90
		+0.65%
FTSE 100*	8403.18	+74.58
		+0.90%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.243	3.194
CND. 30 Year Bond	3.563	3.539
U.S. 10 Year Bond	4.3870	4.4008
U.S. 30 Year Bond	4.8304	4.8775

Currencies

BOC Close	Today	Previous
Canadian $	0.7207	0.7228
US $	1.3874	1.3835

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5728	0.6357
US $	1.1337	0.8821

Commodities

Gold	Close	Previous
London Gold Fix	3433.55	3433.55
Oil
WTI Crude Future	64.31	64.31

Market Commentary:

When you lose, say little.  When you win, say less.  Everyone can see the score. –Al Shaver, 1927-2024.

Canada

By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.7%, with six of 11 sectors higher, led by information technology stocks.
As of market close, 157 of 218 stocks rose, while 60 fell.
First Quantum Minerals Ltd. led the advances, rising 9.4%, while Iamgold Corp. decreased 4.9%.
Markets at a Glance:
* S&P/TSX Index rose 0.7% to 24,473
* Six of 11 sectors rose
** Information technology gained, up 4.4%
** Materials declined, down 0.9%
* S&P 500 Index rose 1.7% to 5,376
* Nasdaq 100 Index rose 2.3% to 18,693
* Crude oil fell 2.2% to $62/bbl
* Natgas was little changed at $3/mmbtu
* Gold fell 3.6% to $3,277/oz
* Silver rose 2.1% to $34/oz
Advancers:
* First Quantum Minerals Ltd. (FM CN) +9.4%: US HY OPEN: Junk Bonds Post Gains as Primary Market Awakens
* Capstone Copper Corp. (CS CN) +8.6%
* Novagold Resources Inc. (NG CN) +7.8%: Barrick Is Cashing In on Gold’s Record Rally With Asset Sales
* NexGen Energy Ltd. (NXE CN) +7.4%
* Celestica Inc. (CLS CN) +7.1%: Celestica to Report Results; Shares Down 6.6% YTD: Preview

The Toronto Stock Exchange rose for the sixth session in seven on Wednesday as BMO Capital Markets encouraged investors looking to continue to diffuse market uncertainty to add higher quality and dividend growth names to their portfolios.
The S&P/TSX Composite Index closed 166.7 points at 24,472.68.
Among sectors, the biggest gainers were Information Technology, up 3.32%, and Base Metals, up 4.10%.
Energy was the biggest decliner, down 0.77%.
On sectors, BMO Capital Markets in a report said investors should look to dividend and quality, two of the most consistent strategies for the TSX, often outpacing the broader market for extended periods of time.
“Indeed,” BMO added, “their long-term return profiles are remarkably similar, with both strategies posting some of their best relative returns when markets are soft, and/or volatility is elevated.
Additionally, these strategies can even keep pace with the market during periods of prolonged strength, making these ideal tools for diffusing profound market swings.
While these strategies have similar return profiles, we believe they can be complementary to each other, particularly during the current period of heightened angst, to say the least.”
In citing key Outperform-rated names for both screens, BMO named Alimentation Couche-Tard (ATD.TO), CCL Industries (CCL-A.TO, CCL-B.TO), Choice Properties REIT (CHP-UN.TO), Constellation Software (CSU.TO), Dollarama (DOL.TO), FirstService (FSV.TO), CGI Inc. (GIB-A.TO), Intact Financial (IFC.TO), Metro (MRU.TO), National Bank of Canada (NA.TO), Stantec (STN.TO), Toromont Industries (TIH.TO) and WSP Global (WSP.TO).
Of commodities, West Texas Intermediate (WTI) closed lower on Wednesday after a report said OPEC+ is considering boosting production again in June.
Providing some support for crude, U.S. President Donald Trump said he is willing to negotiate lower tariffs with China and backed down from threats to fire Federal Reserve Chair Jerome Powell.
In its first day as the active contract, West Texas Intermediate crude for June delivery closed $1.40 to settle at US$62.27 per barrel, while June Bent crude was last seen down $1.33 to US$66.11.
Gold traded sharply lower late afternoon on Wednesday, falling for a second day off Monday’s record high as the dollar rose.
Gold for June delivery was last seen down $112.30 to US$3,307.10 per ounce.
Decliners:
* Iamgold Corp. (IMG CN) -4.9%
* Tilray Brands Inc. (TLRY CN) -4.7%
* G. Mining Ventures Corp. (GMIN CN) -4.5%: Chipmakers, China ADRs Rise as Trump Floats China Tariff Cut (1)
* Sprott Inc. (SII CN) -4.4%
* Barrick Gold Corp. (ABX CN) -4.2%: Barrick Is Cashing in on Gold’s Record Rally with Asset Sales

US

By Rita Nazareth, Emily Graffeo, and Isabelle Lee
(Bloomberg) — Signs Donald Trump is rethinking the most- aggressive elements of his combative stances on trade and the Federal Reserve sent stocks to the first back-to-back gains since his tariff war escalated, while soothing volatility across asset classes.
The S&P 500 rose 1.7%, though it pared an earlier rally that had swelled to as much 3.4%, as investors tried to gauge how seriously to take pronouncements of flexibility in negotiations with China and other trading partners.
After a report that the US would be willing to phase in lighter tariffs on Beijing over five years on Wednesday, Trump told reporters that China was “going to do fine” once talks had settled.
Meantime, Treasury Secretary Scott Bessent said the president hasn’t offered to take down US tariffs in China on a unilateral basis.
Long-maturity Treasury yields fell as Trump allayed fears he would fire Fed Chair Jerome Powell.
The dollar rose.
The yen slid as Bessent said America won’t be pursuing specific exchange-rate targets in its talks with Japan.
Bitcoin climbed while haven trades like gold pushed lower.
“It’s just the perception of how strong the tensions are or not,” said Brent Schutte at Northwestern Mutual Wealth Management.
“I suspect that you’re going to see more of this in the coming months as we see a ratcheting up and a pulling back up of trade tensions until we get some sort of an idea of what the future actually looks like.”
As the earnings season rolled in, Boeing Co.’s results beat estimates.
Tesla Inc. rallied as Elon Musk vowed to pull back “significantly” from his work with the government, assuaging investors worried about the carmaker’s profits.
In late hours, Texas Instruments Inc. gave a bullish forecast.
Bessent said that the Trump administration is looking at multiple factors regarding China beyond just tariffs.
He also noted that the strongest relationship between Washington and Beijing is at the top, and that there was no timeframe for engagement.
He said that a full rebalancing of trade might take two to three years.
Trump said separately that the US is going to have a fair deal with China.
Trade Worries Dominate Fed’s Beige Book, Activity Little Changed “Given our view that policy is driving the proverbial bus, we haven’t spent too much time in trying to forecast the outlook for earnings or the economy all that much,” said Michael
Kantrowitz at Piper Sandler & Co.
“As the policy backdrop becomes clearer, and is driving markets less, estimates about the economic and earnings road ahead will become important once again.”
Kantrowitz continues to recommend a balanced portfolio of companies with more stable fundamentals during the period of uncertainty.
“While we don’t think we’re out of the woods, we must respect history and how market corrections begin to find their footing as the primary problem begins to ‘heal’,” he noted.
Despite the advance on Tuesday and Wednesday, the S&P 500 is still down since April 2, when Trump announced his tariff plans.
Stocks have swung wildly over that stretch, with the gauge posting five declines of more than 2% and two gains of more than 2% in just 14 sessions.
Retail investors have been aggressive buyers of US equities this year even as professional money managers ran for cover.
Since April 2 alone, the group has pumped over $30 billion into American stocks and ETFs, according to JPMorgan Chase & Co.’s Emma Wu.
Meantime, the amount of money clearing houses demands to cover equity futures positions has spiked this month amid wild market swings, adding one more headache for Wall Street money managers.
CME Group Inc.’s CME Clearing raised the initial margin requirement for E-mini-S&P 500 futures by nearly 30% during April, including a 12% jump in a single day, the most since the post-Covid era, according to data seen by Bloomberg.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.3%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World Index rose 1.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.8% to $1.1325
* The British pound fell 0.5% to $1.3264
* The Japanese yen fell 1.3% to 143.43 per dollar
Cryptocurrencies
* Bitcoin rose 2.6% to $93,547.06
* Ether rose 5.3% to $1,786.66
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.38%
* Germany’s 10-year yield advanced five basis points to 2.50%
* Britain’s 10-year yield was little changed at 4.55%
Commodities
* West Texas Intermediate crude fell 2.1% to $62.31 a barrel
* Spot gold fell 2.6% to $3,292.99 an ounce

–With assistance from Rheaa Rao, John Viljoen, Robert Brand, Julien Ponthus and Anand Krishnamoorthy.

 

Have a lovely evening.

 

Be magnificent!

As ever,

 

Carolann

Every time you smile at someone, it is an action of love, a gift to that person, a beautiful thing. –Mother Teresa, 1910-1997.

 

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