Category: Uncategorized

Dear Friends,

Tangents: Earth Day today est. April 22, 1970.

April 22, 1955: Congress orders all US coins bear the motto ”In God We Trust.”
April 22, 2010: The Deepwater Horizon oil platform, operated by BP, sank into the Gulf of Mexico two days after a massive explosion that killed 11 workers. Go to article.
April 22, 2016: Over 170 countries sign the Paris Agreement on climate change, aiming to reduce greenhouse gas concentrations in the atmosphere.

Henry Fielding, novelist, b. 1707.
Germaine de Stael, salonnaire, b. 1766
Charles Mingus, bassist, b. 1922.
Jack Nicholson, actor, b. 1937.

Today is Earth Day
Which means it’s the perfect time to celebrate our planet’s wonders. Touch the grass. Listen to the birds. Watch a nature documentary. Admire some of the world’s most unusual landscapes. Start composting. Plant a tree. Or take part in a local cleanup event.

Ryan Gosling’s dream comes true
The “Barbie” actor, who had “Star Wars”-themed sheets on his childhood bed, will star in the new film “Star Wars: Starfighter.” The story will take place approximately five years after “Star Wars: Episode IX – The Rise of Skywalker,” but will serve as a standalone film.
A game changer for combating marine pollution
Hundreds of oil spills happen every year. Now, scientists are hoping to ease the environmental destruction by using artificial intelligence to automatically detect spills at sea.
5000: That’s how many ants two Belgian teens allegedly collected in Kenya. They have been charged with wildlife piracy in what Kenyan authorities said was part of a trend in trafficking smaller and lesser known species.
Ancient ‘military outpost’ in North Macedonia might be birthplace of Alexander the Great’s grandmother.

NASA rover discovers out-of-place ‘Skull’ on Mars, and scientists are baffled.

Watch boozing chimps share alcoholic fruit. Is this how social drinking started?

A long-lost Antarctic ice sheet could predict the future of New York City — one in which Lower Manhattan and Coney Island are ‘perpetually submerged’.

PHOTOS OF THE DAY

Taizhou, China
Volunteers descend cliffs via safety ropes to clean garbage left by tourists in Zhejiang province
Photograph: VCG/Getty Images

Ladakh, India
A nomadic herder leads his pashmina goats across the Changthang plateau
Photograph: Mohd Arhaan Archer/AFP/Getty Images
Salgótarján, Hungary
Fog surrounds Salgo Castle
Photograph: Péter Komka/EPA
Market Closes for April 22nd, 2025

Market Index	Close	Change
Dow Jones	39186.98	+1016.57
		+2.66%
S&P 500	5287.76	+129.56
		+2.51%
NASDAQ	16300.42	+429.52
		+2.71%
TSX	24305.98	+297.12
		+1.24%

International Markets

Market Index	Close	Change
NIKKEI	34220.60	-59.32
		-0.17%
HANG SENG	21562.32	+167.18
		+0.78%
SENSEX	79595.59	+187.09
		+0.24%
FTSE 100*	8328.60	+52.94
		0.64%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.194	3.238
CND. 30 Year Bond	3.539	3.579
U.S. 10 Year Bond	4.4008	4.4106
U.S. 30 Year Bond	4.8775	4.9023

Currencies

BOC Close	Today	Previous
Canadian $	0.7228	0.7227
US $	1.3835	1.3837

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5735	0.6355
US $	1.1373	0.8892

Commodities

Gold	Close	Previous
London Gold Fix	3433.55	3305.65
Oil
WTI Crude Future	64.31	64.68

Market Commentary:
There is no greater obstacle to learning than to be the prisoner of totally invalid but dogmatic theories. -Peter F. Drucker, 1909-2005.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.2%, with nine of 11 sectors higher, led by health care stocks.
As of market close, 149 of 218 stocks fell, while 67 rose.
Aya Gold & Silver Inc. led the decliners, falling 8.1%, while Novagold Resources Inc. increased 39%.
Markets at a Glance:
* S&P/TSX Index rose 1.2% to 24,306
* Nine of 11 sectors rose
** Health care gained, up 3.2%
** Materials declined, down 1%
* Crude oil rose 1.9% to $64/bbl
* Natgas rose 0.3% to $3.03/mmbtu
* Gold fell 1.3% to $3,362/oz
* Silver was little changed at $33/oz
The Toronto Stock Exchange made it five-win days over the last six on Tuesday, boosted by hopes for calming trade tensions between Canada and the United States, and reports that the U.S.
Treasury Secretary expects a “de-escalation” in the trade war between his nation and China.
The S&P/TSX Composite Index closed 297.12 points at 24,305.98.
Among sectors, Base Metals and Health Care had leading gains, recording 2.53% and 4.01% respectively, with Telecoms the sole decliner, down 0.50%.
In tariff related news, Canada’s April 28 federal election could be a catalyst for ratcheting down of Canada-US trade tensions, according to one Macquarie economist.
In the near term, said David Doyle, head of economics at Macquarie, a majority Canadian government that can successfully reduce trade tensions with the U.S.
“Would be a positive catalyst for economic growth and help to remove the tremendous uncertainty impacting Canada.”
Doyle added: “Canada could actually prove to be a winner from the trade tensions, should tariffs remain in place on other countries, but subside against Canada.
For example, our analysis suggests Canada could be a beneficiary from the elevated tariffs against China.
In a minority government scenario, there would still likely be reduced trade tensions, however, it is possible that such a government may not have the same credibility to negotiate long-term changes to the USMCA, particularly if there is no formal support from a third party (as there was from 2021 to 2025 when the NDP [The New Democratic Party] supported the LPC [Liberal Party of Canada]).”
Of commodities, oil closed higher on Tuesday, rebounding from a day-prior loss after the United States imposed additional sanctions on Iran.
WTI oil for May delivery closed $1.23 to settle at US$64.31 per barrel, while June Brent crude was last seen up $1.16 to US$67.42.
Gold fell off a record high late afternoon on Tuesday as stock markets and the dollar moved higher.
Gold for June delivery was last seen down $37.00 from Monday’s record close to US$3,388.30 per ounce after touching US$3,509.90 earlier in the session.
Of individual stocks on the TSX today, Bausch Health (BHC.TO) was up 10% after earlier revealing that billionaire Carl Icahn had built a 34% economic interest in the company.
Meanwhile, Barrick Gold (ABX.TO, GOLD) was down 2.5% as Bloomberg reported the company is looking to sell its last mine in Canada in a push to capitalize on record gold prices and a renewed interest in North American mining operations.
Barrick began a process this month to sell its Hemlo gold mine in Ontario and retained Canadian Imperial Bank of Commerce to find buyers and solicit bids, according to people familiar with the matter, who asked not to be named.
Bloomberg noted the sale of the mine, if completed, would leave Barrick without any mines in the country where it was founded.
One of the largest Toronto-headquartered miners, Barrick has cut back on its Canada presence since it merged with Africa-focused Randgold.
It moved some head office jobs out of Toronto in an effort to decentralize operations, while few executives or board members are still based in Canada.
The company, Bloomberg also noted, has also sought to shed mines and dispense with smaller investments as bullion prices hit repeat record highs.
Barrick sold its stake in an Alaskan gold project for US$1 billion on Tuesday and has sought buyers for its Tongon gold mine in the Ivory Coast.
The strategy mimics that of Newmont (NGT.TO), the world’s largest gold producer, which has generated $4.3 billion from selling some assets the company considered to be “non-core” to its portfolio.
US
By Rheaa Rao
(Bloomberg) — US stocks jumped, wiping out Monday’s plunge, as traders unleashed risky bets that the White House will clinch crucial trade deals with top economic partners.
The dollar recovered slightly from Monday’s lows while short-term Treasury yields climbed.
The S&P 500 rose 2.5% — notching its best day since April 9 — after a series of reports nurtured Wall Street expectations that tariff-related hostilities are easing as the US makes progress in fleshing out agreements.
Traders turned their attention to Tesla Inc.’s earnings after markets closed.
The company reported adjusted earnings that missed analyst estimates and backed away from an earlier view for 2025 sales growth.
Shares were little changed in extended trading in New York as of 4:41 p.m. During the session, the stock rose 4.6% but remains 41% lower this year as controversy over CEO Elon Musk’s role in the federal government has contributed to a global sales slump.
QuickTake
‘Period of Extreme Uncertainty’
A volley of tariff-related headlines during Tuesday’s session continued to fuel market moves as fast-twitch investors pour over news reports for clues on how to trade the crisis.
White House Press Secretary Karoline Leavitt, in a news briefing, said that progress is being made on trade deals and that the “ball is moving in the right direction with China.”
It follows a Politico report that the White House is nearing general agreements with Japan and India on trade.
Earlier, stocks had pushed even higher following Bloomberg News’ report of closed-door comments by Treasury Secretary Scott Bessent saying the tariff standoff with China is unsustainable and that he expects the situation to de-escalate.
Bessent’s comments came against the backdrop of the International Monetary Fund sharply lowering its forecasts for world growth this year and next, along with warning that the outlook could worsen because of the trade war.
Treasuries and the dollar still posted smaller moves on Tuesday, showing greater stability after Monday, when investors were worried about the implications of any effort to replace the Federal Reserve Chair by Trump, who has berated Jerome Powell for being slow to cut interest rates.
While the 10-year Treasury yield barely budged on Tuesday, two-year yields rose to 3.82% after lackluster demand for an auction.
Similar to yesterday, Tuesday’s big moves in stocks came amid lighter-than-usual trading, a backdrop that sometimes exacerbates swings.
“We are in a period of extreme uncertainty, where one should not react too much to daily moves,” Anwiti Bahuguna, Northern Trust Asset Management’s CIO of global asset allocation, said on Bloomberg Television on Tuesday.
Read More: S&P 500 Bounce Has Traders Fearing Another Head- Fake Market Near term, Jeff Schulze of Clearbridge Investments expects the S&P 500 to move between lows seen a couple of weeks ago to around the 5,400 level.
“I think the biggest driver of being outside of that range is whether or not the US does indeed have a recession,” Schulze said at an event on Tuesday.
“However, longer term, I think this is a great opportunity to be dollar-cost-averaging into the weakness that we’ve seen. A lot of negativities have been priced in a short period of time for US equities.”
Gold declined after rising to a record high past $3,500.
Bitcoin advanced more than 4%.
Among individual stock movers on Tuesday:
* All members of the Bloomberg Magnificent Seven Index traded higher on Tuesday
* 3M Co. rose 8.1% after it stood by its full-year financial guidance while acknowledging new risks from the trade war
* Northrop Grumman Corp. reported first-quarter profit that missed analysts’ expectations and cut its earnings forecast for the year — shares dropped 13%
* Shares of RTX Corp., an aerospace and defense giant, fell 9.8% after the company said tariffs pose a significant risk to operating profit
* Verizon Communications Inc. reported a larger-than-expected decline in mobile-phone subscribers in the first quarter.
Shares still closed the session 0.6% higher.
Central-Bank Speakers
Traders also heard from several central-bank speakers on Tuesday.
European Central Bank’s President Christine Lagarde told CNBC that the bank has almost achieved its goal of returning inflation to 2% but must be flexible as the economic backdrop becomes more volatile.
Earlier, Fed vice chair Philip Jefferson said the central bank’s goals of stable prices and maximum employment can help foster economic mobility.
Philadelphia Fed President Patrick Harker wrote in an essay released Tuesday that measuring economic stability with the federal poverty line can fail to provide an accurate picture of the struggles among lower-income households.
Meanwhile, Fed Bank of Minneapolis President Neel Kashkari said it’s the central bank’s job to make sure tariffs don’t spur an ongoing inflation problem, echoing recent comments by Powell.
Trade War
Even though stocks bounced back on Tuesday, concerns that Trump may be preparing to fire Powell have added to unease for traders already grappling with the turmoil unleashed by the president’s tariff onslaught.
Trump’s policies and his broadsides against the Fed have forced a reappraisal of the dollar and Treasuries as havens in times of stress.
The IMF said the latest escalation in the trade war risks saddling China and the US with losses — and that it could only get worse after this year.
Yet, some traders are waiting to see how negotiations play out with allies.
“We are looking at more successful trade negotiations with key trading allies.
I put Europe, India, Japan, South Korea, Australia in that category,” Stuart Kaiser, head of equity trading strategy at Citigroup Inc., said on Bloomberg Television on Tuesday.
“I think we will see good progress there and that is good for markets.”
The US said it’s made “significant progress” toward a bilateral trade deal following talks between Vice President JD Vance and Indian Prime Minister Narendra Modi.
Vance on Tuesday called on India to buy more American goods, particularly energy and military equipment.
Trump has repeatedly criticized the country for high tariffs.
Read More: India Pulls Ahead of Rivals as Trump’s Trade War

Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.6%
* The Dow Jones Industrial Average rose 2.7%
* The MSCI World Index rose 1.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.8% to $1.1421
* The British pound fell 0.4% to $1.3332
* The Japanese yen fell 0.5% to 141.63 per dollar
Cryptocurrencies
* Bitcoin rose 4.8% to $91,530.35
* Ether rose 7.8% to $1,700.97
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.39%
* Germany’s 10-year yield declined three basis points to 2.44%
* Britain’s 10-year yield declined two basis points to 4.54%
Commodities
* West Texas Intermediate crude rose 1.9% to $64.31 a barrel
* Spot gold fell 1.4% to $3,375.54 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from Lynn Thomasson, John Viljoen, Julien Ponthus, Vildana Hajric and Isabelle Lee.
​​​​​​​
Have a  wonderful evening.

Be magnificent!

As ever,

Carolann
You are never too old to set another goal or to dream a new dream. –C.S. Lewis, 1898-1963.

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:
I’m writing the newsletter on Carolann’s behalf today, as she is away from the office for the Easter holidays.

April 21, 1789: John Adams sworn in as 1st US Vice President (9 days before Washington)
April 21, 1865: Abraham Lincoln‘s funeral train leaves Washington
April 21, 1956: Elvis Presley‘s first hit record, “Heartbreak Hotel,” reaches #1
April 21, 1980: The first Cubans sailing to the United States as part of the massive Mariel boatlift reached Florida. Go to article

April 21, 2025: Pope Francis, first Latin American pontiff, a towering figure on the world stage, dies after stroke and cardiac arrest. Go to article

The North Pole could wander nearly 90 feet west by the end of the century
As climate change melts ice sheets and glaciers, water is being redistributed across the globe — and could end up moving the point of Earth’s axis of rotation. Read More.

Two planets will form a ‘smiley face’ with the moon on April 25. Here’s where to look.
A rare ‘smiley face’ triple conjunction is coming to Earth’s morning skies on April 25, when Venus, Saturn and the crescent moon form a celestial smirk near the horizon. Read More.

Student accidentally creates ‘shape-recovering liquid’ that’s an exception to the laws of thermodynamics
A graduate student accidentally created a blend of oil, water and nickel particles that formed an unexpected shape. Read More.

A mysterious, 100-year solar cycle may have just restarted — and it could mean decades of dangerous space weather
New research suggests that the unexpected intensity of the ongoing solar maximum may be partly tied to a lesser-known, 100-year solar cycle. If true, solar activity could spike further in the coming decades. But some experts are skeptical. Read More.

Scientists may have finally found where the ‘missing half’ of the universe’s matter is hiding
About half of the non-dark matter in the universe cannot be accounted for by stars and galaxies alone. Now, scientists say previously undetected clouds of hydrogen gas could finally reveal it. Read More.

TSMC’s upcoming 2nm microchip is a breakthrough. Here’s what it means for the future of tech — from AI to smartphones.
Taiwanese manufacturer TSMC will begin producing the chips from the second half of this year. Read More.

PHOTOS OF THE DAY

Antarctica
An emperor penguin chick begs its parent to be fed during a blizzard, in the midst of a colony, on the Ekström ice shelf
Photograph: National Geographic/Bertie Gregory/Reuters

Hanoi, Vietnam
Workers check railway tracks at Long Bien Bridge
Photograph: Luong Thai Linh/EPA

Old City, Jerusalem
Christian pilgrims light candles at the Church of the Holy Sepulchre
Photograph: Saeed Qaq/NurPhoto/REX/Shutterstock
Market Closes for April 21st, 2025

Market Index	Close	Change
Dow Jones	38170.41	-971.82
		-2.48%
S&P 500	5158.20	-124.50
		-2.36%
NASDAQ	15870.90	-415.55
		-2.55%
TSX	24008.86	-183.95
		-0.76%

International Markets

Market Index	Close	Change
NIKKEI	34279.92	-450.36
		-1.30%
HANG SENG	21395.14	+338.16
		+1.61%
SENSEX	79408.50	+855.30
		+1.09%
FTSE 100*	8275.66	+0.06
		—

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.238	3.135
CND. 30 Year Bond	3.579	3.459
U.S. 10 Year Bond	4.4106	4.3249
U.S. 30 Year Bond	4.9023	4.7980

Currencies

BOC Close	Today	Previous
Canadian $	0.7227	0.7226
US $	1.3837	1.3838

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5940	0.6273
US $	1.1519	0.8681

Commodities

Gold	Close	Previous
London Gold Fix	3305.65	3322.90
Oil
WTI Crude Future	64.68	64.68

Market Commentary:
On this day in 1982, futures contracts on the S&P 500 index become available for the first time, as they opened for trading in the pits of the Chicago Mercantile Exchange.
Canada
(MT Newswires)
The Toronto Stock Exchange started the week with a sharp drop, falling along with U.S. exchanges as investors returned from the holiday weekend amid spreading economic turmoil as U.S. Donald Trump’s tariff wars bite into growth.
The S&P/TSX Composite Index shed 183.95 points, closing out the start of the week on a down note, wrapping up Monday at 24,008.86.
The biggest decliners were Health Care, down 2.77%, and Information Technology, down 1.96%.
Telecoms was the sole gainer, up 0.83%.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.8%, with eight of 11 sectors lower, led by health care stocks.
As of market close, 136 of 218 stocks rose, while 79 fell.
Novagold Resources Inc. led the advances, rising 4.6%, while Energy Fuels Inc/Canada decreased 9.5%.
Markets at a Glance:
* S&P/TSX Index fell 0.8% to 24,009
* Eight of 11 sectors fell
** Health care declined, down 2.7%
** Communication services gained, up 0.9%
* Crude oil fell 1.9% to $63/bbl
* Natgas fell 6.2% to $3.04/mmbtu
* Gold rose 3.1% to $3,411/oz
* Silver rose 0.6% to $33/oz
Advancers:
* Novagold Resources Inc. (NG CN) +4.6%
* Torex Gold Resources Inc. (TXG CN) +2.9%
* G. Mining Ventures Corp. (GMIN CN) +2.6%
* Orla Mining Ltd. (OLA CN) +2.1%: Orla Mining PT Raised to C$19 from C$15.50 at Stifel
* Quebecor Inc. (QBR/B CN) +2%
Decliners:
* Energy Fuels Inc/Canada (EFR CN) -9.5%
* Bausch Health Cos. (BHC CN) -7.9%: Bausch Health PT Cutto $5 from $7 at BofA
* Denison Mines Corp. (DML CN) -6.9%
* Ces Energy Solutions Corp. (CEU CN) -5.9%
* Goeasy Ltd. (GSY CN) -5.6%
US
By Cristin Flanagan
(Bloomberg) — Heavy selling lashed Wall Street anew Monday, with longer-dated Treasuries joining stocks and the dollar in a deepening slump, after President Donald Trump’s censure of Jerome Powell’s interest-rate policy sowed angst among investors already coping with a global trade war.
Trump’s assurances that tariff talks were progressing did little to stop the rout.
The S&P 500 and other major US stock indexes tumbled around 2.5% each in light trading, while a gauge of the dollar weakened to a 15-month low.
The benchmark 10-year fell with the yield reaching 4.4%.
As investors turned away from US securities, haven assets climbed.
Gold jumped to another record, above $3,400 an ounce, while the Swiss franc gained around 1% against the dollar.
The agita also spread to the US credit market.
In derivatives, the cost of protecting a basket of high-grade credit securities against default rose to the highest in more than a week.
Three investment-grade companies looked at selling bonds on Monday, but after seeing the market backdrop, two elected to stand down, and only American Express Co. moved forward with a sale.
The US president took to Truth Social Monday, amping up the pressure on the Fed chair insisting there was “virtually” no inflation and it was time for “preemptive cuts.”
The last reading of the Fed’s preferred inflation gauge remains above the central bank’s target; there will be a new readout next week.
Paul Singer, founder of Elliott Investment Management, warned recently at a private event in Abu Dhabi that the US dollar might lose its reserve currency status, according to people present.
Rebuking the Fed risks politicizing US monetary policy in a way that markets find deeply unsettling, according to Christopher Wong, a currency strategist at Oversea-Chinese Banking Corp.
“Frankly, firing Powell stretches belief,” said Wong.
“If the credibility of the Fed is called into question, it could severely erode confidence in the dollar.”
Chicago Fed President Austan Goolsbee warned against efforts to curtail the central bank’s independence.
“There’s virtual unanimity among economists that monetary independence from political interference — that the Fed or any central bank be able to do the job that it needs to do — is really important,” Goolsbee said on CBS’s Face the Nation on Sunday.
Legal scholars say that a president can’t dismiss a Fed chair easily, and Powell has previously said he wouldn’t resign if asked by Trump.
Trade War
A closely watched ETF tracking the S&P 500 is the second- worst performer among 45 country-specific products since Trump’s second term began, according to Bespoke Investment Group.
The SPDR S&P 500 ETF Trust is down about 14% in that period while a BlackRock ETF tracking German stock market moves has surged 12%.
Monday’s stock selling came amid light volume — around 20% below recent averages — that was crimped by the Easter holiday, and an earnings-reporting season that is still being probed by investors for clues on the future of the economy.
Trading was in Contrast to S&P 500 selloffs earlier this month, those were accompanied by record numbers of shares changing hands.
Major retailers, including representatives from Walmart Inc. and Home Depot Inc., are reported to be meeting with President Trump Monday to discuss his levies.
His tariff offensive has been a weight on US markets amid worries about a financial slump down the road.
“The global economy is being buffeted by a US war on trade, which we believe generates a large enough economic shock to threaten the life of the US and global expansion,” wrote Bruce Kasman, chief economist at JPMorgan Chase.
“While pointing to heightened global recession risk, we also emphasize that this outcome is not likely to take hold immediately.”
The Bloomberg Dollar Spot Index slid 0.7% on Monday.
Every Group-of-10 currency gained against the greenback.
The jump in the yen weighed on stock indexes in Japan, pushing the Nikkei 225 down 1.3%.
WTI crude fell around 2% to below $64 a barrel.
European stock markets were largely still shut for a public holiday.
In a sign that investors are rotating investments away from the US, Deutsche Bank AG said that Chinese clients have reduced some of their Treasury’s holdings in favor of European debt.
European high-quality bonds, Japanese government bonds and gold are likely to be the potential choices for investors as alternatives to Treasuries, said Lillian Tao, head of China macro and global emerging market sales at the bank.
Shares of Tesla Inc. ended the day down 5.7%.
Dan Ives at Wedbush Securities said the electric vehicle maker faces a “code red” moment as it prepares to report earnings on Tuesday, and called for Elon Musk to step back from his work at the Department of Government Efficiency to focus on the company.
Verizon Communications Inc. and a smattering of defense contractors, including Northrop Grumman Corp., also report Tuesday.
Netflix Inc. was a rare winner after posting record profits on Thursday.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 2.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.5%
* The Dow Jones Industrial Average fell 2.5%
* The MSCI World Index fell 1.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 1.1% to $1.1514
* The British pound rose 0.6% to $1.3376
* The Japanese yen rose 0.9% to 140.86 per dollar
Cryptocurrencies
* Bitcoin rose 2.6% to $87,319.06
* Ether fell 0.9% to $1,574.62
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 4.42%
* Germany’s 10-year yield was little changed at 2.47%
* Britain’s 10-year yield was little changed at 4.57%
Commodities
* West Texas Intermediate crude fell 1.8% to $63.50 a barrel
* Spot gold rose 2.9% to $3,422.49 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Dan Wilchins, Denitsa Tsekova, Ruth Carson, David Finnerty, Catherine Bosley, Joanne Wong, Anand Krishnamoorthy and Phil Kuntz.

Have a lovely day.

Be magnificent!

As ever,

Shab
” Be as you wish to seem.”– Socrates
Shab Mohammadpour

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

Tel: 778.430.5808
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:Happy Friday Eve!
I’m writing the newsletter on Carolann’s behalf today, as she is away from the office for the Easter holidays.

April 17, 1961, about 1,500 CIA-trained Cuban exiles launched the disastrous Bay of Pigs invasion of Cuba in a failed attempt to overthrow the government of Fidel Castro. Go to article
April17,1982, Canadian Prime Minister Pierre Trudeau and Queen Elizabeth II sign the “Proclamation of the Constitution Act”, establishing the “Charter of Rights and Freedoms” as part of the country’s new Constitution

Scientists reveal ‘most promising yet’ signs of alien life on planet k2-18b
Scientists have discovered evidence of large quantities of biosignature chemicals — only known to be made by life on Earth — on an exoplanet more than 100 light-years away. It could be the most promising sign yet of alien life.

Scientists observe new quantum phase that could have major implications for quantum computing
The exotic quantum phase, predicted over half a century ago, could lead to advances in quantum computing, sensors and communication technology.

A mysterious, 100-year solar cycle may have just restarted — and it could mean decades of dangerous space weather
New research suggests that the unexpected intensity of the ongoing solar maximum may be partly tied to a lesser-known, 100-year solar cycle. If true, solar activity could spike further in the coming decades. But some experts are skeptical. Read more.

Watch Yellowstone wolf pack hunting bison after death of one-eyed alpha ‘queen’
Yellowstone’s Junction Butte wolf pack failed in a recent attempt to kill a bison, but the pack appears to be thriving again after the death of its former alpha female, Wolf 907F.

Massive circular tomb filled with battle-scarred people unearthed in Peru
Human skeletons from a large stone tomb may help archaeologists understand a mysterious pre-Inca population in Peru. Read More.

‘Richly decorated’ antler from Stone Age Sweden was used as battle ax and fishing harpoon
A 7,500-year-old antler unearthed in Sweden had characteristic breakage patterns that suggest it was the handle for a battle ax. Read More.

Lyrid meteor shower peaks after Easter: How to spot the most ‘shooting stars’
Roughly 20 “shooting stars” per hour may be visible during the peak of the Lyrid meteor shower overnight on Monday, April 21-22. Read More.

Scientists reveal signs of crucial life-sustaining process on Mars: ‘I knew right away how important this discovery was’
Samples drilled by the Curiosity rover on Mars have revealed abundant signs of a carbon cycle that remained hidden from orbital scans, alongside clues of how life may have been wiped out on the planet. Read more.

HAPPY EASTER!
HAPPY PASSOVER! “Chag Pesach Sameach”

PHOTOS OF THE DAY

Saillon, Switzerlan
Council workers clear snow from a road in Valais canton. This week’s storms brought flooding, landslides, heavy snow and fallen trees to Valais, severely disrupting traffic. Numerous rail and road links were closed, with the Brig region hit particularly hard
Photograph: Jean-Christophe Bott/EPA

Tokyo,Japan
Visitors stroll through the grounds of Nezu Shrine during the annual Azalea festival
Photograph: Richard A Brooks/AFP/Getty Images

Isle of Palms, South Carolina, US
Beachgoers are silhouetted by the sunrise as they watch from the pier along Front Beach
Photograph: Richard Ellis/Zuma/Rex/Shutterstock
Market Closes for April 17^th, 2025

Market Index	Close	Change
Dow Jones	39142.23	-527.16
		-1.33%
S&P 500	5282.70	+7.00
		+0.13%
NASDAQ	16286.45	-20.71
		-0.13%
TSX	24192.81	+86.02
		+0.36%

International Markets

Market Index	Close	Change
NIKKEI	34377.60	+457.20
		+1.35%
HANG SENG	21395.14	+338.16
		+1.61%
SENSEX	78553.19	+1508.90
		+1.96%
FTSE 100*	8275.66	+0.06
		—

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.135	3.079
CND. 30 Year Bond	3.459	3.400
U.S. 10 Year Bond	4.3249	4.2768
U.S. 30 Year Bond	4.7980	4.7387

Currencies

BOC Close	Today	Previous
Canadian $	0.7226	0.7215
US $	1.3839	1.3860

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5734	0.6356
US $	1.13​70	0.8795

Commodities

Gold	Close	Previous
London Gold Fix	3322.90	3322.90
Oil
WTI Crude Future	64.68	61.33

Market Commentary:
On this day in 1930, the stock market hit a high following the November 1929 crash, with the Dow Jones Industrial Average closing up 48%.
Canada
(MT Newswires)
The Toronto Stock Exchange was up for a fifth-straight day Thursday ahead of the holiday long weekend, buoyed by signs that Canadians are much less concerned about a major break higher in inflation.
Also boosted by elevated commodity prices, the S&P/TSX Composite Index closed up 86.02 points at 24,192.81.
Most sectors were higher, led by Energy, up 2.2%, Telecoms, up 1.9%, and Health Care, up 1.7%.
In contrast, Base Metals declined by 1%.

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 0.4%, with nine of 11 sectors higher, led by health care stocks.
As of market close, 130 of 218 stocks rose, while 87 fell.
Bausch Health Cos. led the advances, rising 13%, while Tilray\ Brands Inc. decreased 6.1%.
Markets at a Glance:
* S&P/TSX Index rose 0.4% to 24,193
* Nine of 11 sectors rose
** Health care gained, up 2.1%
** Materials declined, down 1.4%
* Crude oil rose 3% to $64/bbl
* Natgas fell 0.1% to $3.24/mmbtu
* Gold fell 0.3% to $3,315/oz
* Silver fell 1.4% to $33/oz
Advancers:
* Bausch Health Cos. (BHC CN) +13%: Bausch Health Upgraded to CCC+ by Fitch
* Energy Fuels Inc/Canada (EFR CN) +11%: Energy Fuels Shares Jump on Plans to Produce Rare Earth Oxides
* Athabasca Oil Corp. (ATH CN) +5.1%
* Baytex Energy Corp. (BTE CN) +4.8%
* International Petroleum Corp. (IPCO CN) +4.2%
Decliners:
* Tilray Brands Inc. (TLRY CN) -6.1%: Tilray Brands Shares Drop on Reverse Stock Split Proposal (1)
* Endeavour Silver Corp. (EDR CN) -4.7%
* Aya Gold & Silver Inc. (AYA CN) -3.8%
* Wesdome Gold Mines Ltd. (WDO CN) -3.7%
* G. Mining Ventures Corp. (GMIN CN) -3.7%
US
By Cristin Flanagan
(Bloomberg) — A rebound in US stocks evaporated this week after Chair Jerome Powell pushed back on the idea of the Federal Reserve stepping in to bolster markets, rankling President Donald Trump who touted a smattering of deals Thursday.
The S&P 500 slumped 1.5% over the four-day span, briefly trimming losses after Trump said there would be a trade deal with the European Union, without giving details or a timeline on when an agreement would be reached.
He was more decisive on a critical US-Ukraine minerals accord, saying that a deal would be signed next week.
The gains eventually melted away and choppy trading ahead of Friday’s holiday left the tech-heavy Nasdaq 100 with a 2.3% weekly loss.
Trump lashed out at the Fed chair on social media, saying Powell’s termination from his post can’t come quickly enough, arguing that the central bank should have lowered interest rates already this year, and in any case should do so now.
Later in the day, Trump told reporters he could force Powell out if he wanted to.
The rebuke came after Powell pierced the market calm Wednesday by indicating he would take a wait-and-see approach to how the trade war would impact inflation, dashing hopes for an immediate intervention.
The moves were far smaller than the prior week when Trump’s trade war machinations drove wild swings in stocks, bonds and the dollar.
All the tariff policy pivots have eroded confidence in the world’s reserve currency, with the dollar extending its losing streak into third week.
In the bond market, yields on Treasuries climbed Thursday as US government bonds pared q weekly advance.
Rising oil prices added pressure as did Trump’s sallies aimed at Powell.
To Krishna Guha at Evercore ISI the independence of the Fed will be a sticking point in the days ahead as tariffs bleed through to consumer prices.
“Continued confidence in the Fed amid a loss of confidence in the administration has shaped the market response to date:
real rates / real term premia higher, dollar lower, less US exceptionalism in equity markets – but well-behaved inflation expectations and no stagflation panic,” the former executive at the New York Fed wrote in a note to clients.
A case involving two heads of independent regulatory agencies ousted by Trump bears watching for any implications to the central bank.
“If you liked the tariff debacle in markets, you’d love the loss-of-Fed-independence trade,” Guha said.
Economic data Thursday was mixed.
Applications for US unemployment benefits fell to the lowest level in two months, signaling a stable labor market.
Meanwhile, the Philadelphia Fed Index tumbled, trailing all economists’ estimates, a warning shot from manufacturing.
Energy was one of the best performing stock sectors as WTI crude climbed more than 5% — its biggest weekly gain this year.
Treasury Secretary Scott Bessent has said he was prepared to take action to get Iran’s energy exports down to zero.
In company news, health insurers slumped after UnitedHealth Group Inc. slashed its earnings outlook for the year, the company’s plunge weighed on the blue-chip Dow Jones Industrial Average which tumbled 1.3%.
Shares of Alphabet Inc. dipped after a federal judge found Google was illegally monopolizing some online advertising technology markets.
Eli Lilly & Co. soared on positive data from a weight-loss pill study.
Trade War
Following the turmoil triggered by the announcement of broad US levies earlier this month, investors are focusing more on developments in country-specific trade negotiations. Key questions surround China, after Beijing indicated Wednesday it has several conditions for agreeing to talks with the Trump administration.
The US and Japan kicked off negotiations with an aim to reach a deal as soon as possible, top Japan negotiator Ryosei Akazawa said.
Preparations are underway for a second round of discussions later this month, he said.
Countries are racing to negotiate deals with the US to avert high import taxes Trump imposed — and then quickly paused — on about 60 trading partners.
That move put a 24% across-the- board tariff on Japanese imports on hold, though a 10% baseline charge still applies — as well as 25% levies on cars, steel and aluminum.
“The trajectory of US-Japan trade talks will continue to be closely monitored, not just for their bilateral implications, but also as a potential framework for how the US may approach trade relationships with other allies,” said Rajeev De Mello, a global macro portfolio manager at Gama Asset Management.
The ECB lowered interest rates for the seventh time since last June as global trade tensions threaten to derail the region’s economic recovery.
The deposit rate was decreased by a quarter-point to 2.25%, as predicted by almost all analysts polled by Bloomberg.
In commodities, gold hit a record earlier Thursday on demand for havens, before turning lower.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.1% as of 4:02 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 1.3%
* The MSCI World Index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.3% to $1.1370
* The British pound rose 0.2% to $1.3266
* The Japanese yen fell 0.4% to 142.42 per dollar
Cryptocurrencies
* Bitcoin rose 0.8% to $84,969.84
* Ether rose 0.8% to $1,585.43
Bonds
* The yield on 10-year Treasuries advanced five basis points to 4.32%
* Germany’s 10-year yield declined four basis points to 2.47%
* Britain’s 10-year yield declined four basis points to 4.57%
Commodities
* West Texas Intermediate crude rose 3% to $64.37 a barrel
* Spot gold fell 0.7% to $3,318.85 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Alyce Andres, Aya Wagatsuma, Julien Ponthus, Anand Krishnamoorthy, Allegra Catelli, John Viljoen and Michael Mackenzie.

Have a lovely long weekend.

Be magnificent!
As ever,

Shab
” Find something you’re passionate about and keep tremendously interested in it.”– Julia Child

Shab Mohammadpour

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

Tel: 778.430.5808
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

view online version Dear Friends, Tangents: I will be preparing the newsletter on Carolann’s behalf. April 16, 1705: Queen Anne of England knights scientist Isaac Newton at Trinity College, Cambridge April 16, 1912: Harriet Quimby becomes the 1st female pilot to fly across English Channel April 16, 1964: “The Rolling Stones (England’s Newest Hitmakers),” the band’s debut album, was released. Go to article Newly ‘awakened’ black hole is releasing 100 times more energy than scientists have ever seen before The quasi-periodic eruptions of X-rays from a black hole 300 million light-years away are unlike any researchers have ever seen before. Read more. Northern lights ignite night sky after rare double solar eruption, and more are forecast for tonight Solar eruptions created a northern lights display in North America and Europe overnight, with more auroras expected through Thursday. Read More. Some people are ‘wired to connect with music on a deeper level,’ study of 9,000 twins finds Genes affect different aspects of music enjoyment — from the emotional reactions that compositions evoke to the social connection music can foster. Read More. An ocean of magma formed early in Earth’s history and it may still influence our planet today, study finds Remnants of a liquid layer of magma near Earth’s core, formed in the first few hundred million years of the planet’s history, may still persist today as odd anomalies in the mantle. James Webb telescope spots Milky Way’s long-lost ‘twin’ — and it is ‘fundamentally changing our view of the early universe’ The James Webb Space Telescope has discovered Zhúlóng, a candidate for the most distant spiral galaxy in the universe. The perplexing Milky Way ‘twin’ dates to 1 billion years after the Big Bang, and appears too big to explain. Read More. PHOTOS OF THE DAY Osaka, Japan Visitors walk along the Grand Ring, made of wood, as it is reflected in the water during a media preview day for the 2025 Osaka Expo Photograph: Richard A Brooks/AFP/Getty Images Kars, Turkey Flowers remain under snow as snowfall continues in the Sarikamis district of Kars Photograph: Huseyin Demirci/Anadolu/Getty Images Lisse, Netherlands Blooming tulips, hyacinths, daffodils and lily fields create a colourful carpet Photograph: Nikos Oikonomou/Anadolu/Getty Images Market Closes for April 16th, 2025 Market Index  Close  Change  Dow Jones 39669.39 -699.57 -1.73% S&P 500  5257.70 -120.93 -2.24% NASDAQ  16307.16 -516.01 -3.07% TSX  24106.79 +38.86 +0.16% International Markets Market Index  Close  Change  NIKKEI  33920.40 -347.14 -1.01% HANG SENG 21056.98 -409.29 -1.91% SENSEX  77044.29 +309.40 +0.40% FTSE 100* 8275.60 +26.48 +0.32% Bonds Bonds  % Yield  Previous % Yield CND. 10 Year Bond  3.079 3.112 CND. 30 Year Bond  3.400 3.432 U.S. 10 Year Bond 4.2768 4.3330 U.S. 30 Year Bond 4.7387 4.7778 Currencies BOC Close  Today  Previous   Canadian $   0.7215 0.7163 US $ 1.3861 1.3961 Euro Rate 1 Euro=    Inverse    Canadian $   1.5800 0.6329 US $ 1.1397 0.8774 Commodities Gold Close  Previous   London Gold Fix  3322.90 3204.20 Oil WTI Crude Future  61.33 61.53 Market Commentary: On this day in 1991, the Warsaw Stock Exchange reopened for trading, after decades of closure under Communist rule.   Canada   (MT Newswires)  The Toronto Stock Exchange rose for a fourth-straight session on Wednesday, posting a small gain after Bank of Canada Governor Tiff Macklem left interest rates unchanged amid the uncertain effect of U.S. trade wars on Canada’s  economy. The S&P/TSX Composite Index closed up 38.86 points to 24,106.79. Among sectors, Energy, up 1.96%, was the biggest gainer, followed by Telecoms, up 0.34%. The biggest decliner on the day was Industrials, down 0.9%. Market focus was on the Bank of Canada, which left its benchmark interest rate unchanged at 2.75%. Derek Holt, Head of Capital Markets Economics at Scotiabank, said this was “widely expected, despite the closeness of the call.” Overall though, Holt added, the BoC “basically threw its hands up in the air with a sigh and a collective ‘beats me’ on the bias.” Holt noted markets “largely shook it all off”, aside from slight appreciation in the Canadian dollar as the slight pricing for a cut was struck out. By Bloomberg Automation: (Bloomberg) — The S&P/TSX Composite rose 0.2%, with six of 11 sectors higher, led by materials stocks. As of market close, 159 of 218 stocks rose, while 55 fell. Torex Gold Resources Inc. led the advances, rising 9.9%, while Finning International Inc. decreased 4.3%. Markets at a Glance: * S&P/TSX Index rose 0.2% to 24,107 * Six of 11 sectors rose ** Materials gained, up 1.2% ** Industrials declined, down 0.9% * Crude oil rose 2.2% to $63/bbl * Natgas fell 2.8% to $3.24/mmbtu * Gold rose 3.6% to $3,334/oz * Silver rose 1.3% to $33/oz Advancers: * Torex Gold Resources Inc. (TXG CN) +9.9%: S&P/TSX Composite Gold Sub Industry GICS Index Rises 2.4% * Iamgold Corp. (IMG CN) +8.1%: Iamgold Reinstated Outperform at BMO; PT C$12 * Energy Fuels Inc/Canada (EFR CN) +7.3%: Critical Mineral Stocks Rise as Trump Weighs Tariffs on Imports * Lundin Gold Inc. (LUG CN) +5.6% * Sprott Inc. (SII CN) +4.5% Decliners: * Finning International Inc. (FTT CN) -4.3% * Brookfield Business Partners LP (BBU-U CN) -4.1% * Linamar Corp. (LNR CN) -3.9% * BRP Inc. (DOO CN) -3.5% * Celestica Inc. (CLS CN) -3.2% US By Cristin Flanagan and Vildana Hajric (Bloomberg) — Warnings from Jerome Powell that trade tensions risk undermining the Federal Reserve’s employment and inflation goals whipped up fresh volatility on Wall Street Wednesday, with stocks resuming sharp declines while haven assets like Treasuries and gold surged. Two days of relative calm were broken as the Fed chief signaled a wait-and-see approach to President Donald Trump’s tariff offensive, pushing back on hopes he would act quickly to soothe investors. Stocks extended losses that began earlier when two big semiconductor companies reported earnings disappointments linked to the global trade war. Asked at the Economic Club of Chicago if he envisioned a “Fed put” in which the central bank intervened to calm markets, Powell said “no,” adding that too many questions exist about the impact of Trump’s policies. “We don’t know that yet, and until we know that we can’t make informed decisions.” The S&P 500 ended the session down 2.2%. Technology stocks took the brunt of the beating with the Nasdaq 100 tumbling 3.0% after the White House imposed new restrictions on Nvidia Corp.’s chip exports to China. The yield on 10-year Treasuries fell around five basis points to 4.28%. For now, the Fed chief stressed, the labor market is “in a really good place,” with supply and demand falling in tandem. Powell said he expected those conditions to continue. “Many had assumed that the Fed would prioritize the labor side of the mandate if forced to choose, but he suggested that price stability is necessary to maintain a healthy labor market,” said Adam Phillips, managing director of investments at EP Wealth Advisors. “If you’re waiting for a Fed put, you should probably set your sights on a lower strike price as long as inflationary pressures remain elevated,” he added. “Don’t look to monetary policy for market support anytime soon.” To Michael Bailey, director of research at FBB Capital Partners: “Powell just threw equities under the bus.” “This has been a year of dashed hopes, first with disappointing tariffs, and now with the Fed leaving investors out in the cold,” he said. “Powell’s market snub came at a bad time with semis wreaking havoc on investor sentiment around the world. Earlier, Cleveland Fed President Beth Hammack took a similar stance as Powell, suggesting the Fed should hold interest rates steady until there’s more clarity on the impact of levies. Swaps traders cemented bets on policy-easing, wagering the Fed would lower interest rates a full percentage point by next January. Chipmakers Quiver Nvidia sank 6.9% Wednesday after the company warned of $5.5 billion in write downs tied to inventory and commitments for its H20 chip in the current quarter. ASML Holding NV added to the angst, reporting lower-than-expected orders. The US government informed Nvidia on Monday that its H20 chip would require a license to export to China “for the indefinite future.” The new rules address Washington’s concerns that “the covered products may be used in, or diverted to, a supercomputer in China,” the company said in a filing. Volatility Rising As volatility picked up, investors turned to haven assets including gold, which set a record high as prices on the precious metal climbed above $3,340 per ounce. The Swiss franc rallied while the dollar weakened as the deepening trade tensions dented conviction in the world’s reserve currency. Also weighing on risk assets, the World Trade organization cut its forecast for the year, saying trade would decline by 0.2% in 2025, almost three percentage points lower than it would have been without new tariffs. China was reported to be looking for a point person and more respect from the Trump administration before it will come to the table to discuss tariffs. “While we expect that trade talks will ultimately yield progress, the brinkmanship between the US and China looks set to continue in the near term,” said Solita Marcelli at UBS Global Wealth Management. US retail sales for March rose 1.4% — the most in two years as Americans went on a spending spree, snapping up everything from cars to electronics, in the days leading up to President Donald Trump’s tariff announcement. Some of the main moves in markets: Stocks * The S&P 500 fell 2.2% as of 4 p.m. New York time * The Nasdaq 100 fell 3% * The Dow Jones Industrial Average fell 1.7% * The MSCI World Index fell 1.5% Currencies * The Bloomberg Dollar Spot Index fell 0.7% * The euro rose 0.9% to $1.1385 * The British pound was little changed at $1.3237 * The Japanese yen rose 0.7% to 142.14 per dollar Cryptocurrencies * Bitcoin rose 0.3% to $84,308.59 * Ether fell 0.4% to $1,588.16 Bonds * The yield on 10-year Treasuries declined five basis points to 4.28% * Germany’s 10-year yield declined three basis points to 2.51% * Britain’s 10-year yield declined four basis points to 4.60% Commodities * West Texas Intermediate crude rose 2.3% to $62.74 a barrel * Spot gold rose 3.3% to $3,337.90 an ounce This story was produced with the assistance of Bloomberg Automation. –With assistance from John Viljoen, Winnie Hsu, Zhu Lin, Abhishek Vishnoi, Anand Krishnamoorthy and Julien Ponthus. Have a lovely evening. Be magnificent! As ever, Shab “You know more of a road by having traveled it than by all the conjectures and descriptions in the world.”– William Hazlitt Shab Mohammadpour Assistant to Carolann Steinhoff Queensbury Securities Inc., St. Andrew’s Square, Suite 340A, 730 View St., Victoria, B.C. V8W 3Y7 Tel: 778.430.5808 Toll Free: 1.877.430.5895 Fax: 778.430.5828 www.carolannsteinhoff.com Copyright © [CURRENT_YEAR] [COMPANY_NAME], All rights reserved. Our mailing address is: [COMPANY_FULL_ADDRESS] Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.

view online version Dear Friends, Tangents: On April 15, 1912, the British luxury liner Titanic sank in the North Atlantic off Newfoundland, less than three hours after striking an iceberg. About 1,500 people died. Go to article April  15, 1955: First McDonald’s opens. April 15, 1995: The World Trade Organization is founded to coordinate and strive to liberalize international trade. Leonardo da Vinci, artist, b.1452. Henry James, writer, b.1843. Zoo elephants form protective ring around young during California earthquake. Primates: Facts about the group that includes humans, apes, monkeys and other close relatives. T. rex fossil trade hurting scientific research, study claims. Trove of dinosaur footprints reveal Jurassic secrets on Isle of Skye where would-be Scottish king Bonnie Prince Charlie escaped. Don’t fly off the handle After years of disruption, air traffic is once again surpassing pre-pandemic levels. If you’re planning to fly in the future, be sure to pack some patience, particularly at these 10 busy airports. This diet may benefit your bones Many people who try to lose weight, primarily through diet alone, can experience a reduction in bone density. Exercising without dieting doesn’t solve the problem either. But, new research shows that older women who adopted the nutrient-rich Mediterranean diet and continued to exercise were able to lose weight and prevent bone loss. Food is so fancy — and fashionable Would you spend $88 for a lamp made from real croissants? How about $1,500 for a purse that looks like a box of Barilla pasta? The trend of food in home decor and in fashion is apparently hitting the luxury sector. Back as Burr on Broadway One of the original cast members of the hit musical, “Hamilton,” is returning for another shot. Leslie Odom Jr., who played Aaron Burr, will once again tackle his Tony Award-winning role this fall. The James Webb telescope reveals the truth about a planet that crashed into its own star Scientists thought they saw a distant star swallow a planet for the first time ever. But new observations from the James Webb Space Telescope suggest something very different, but equally rare, may have happened instead. Read More. Newly discovered comet SWAN just ‘erupted’ with a bright, icy burst. Is it a cold volcano? Photos show that comet C/2025 F2 (SWAN) experienced a “major eruption,” causing it to become temporarily brighter. However, it’s still unclear whether the icy object is a true “cryovolcano.” Read More. Watch zoo elephants form protective ‘alert circle’ around young during 5.2 San Diego earthquake The San Diego Zoo Safari Park’s elephants raced to protect their calves with an “alert circle” when a 5.2 magnitude earthquake struck Julian in Southern California. Read More. PHOTOS OF THE DAY downtown Bonn, Germany People take pictures near pink cherry blossom trees on Cherry Blossom Avenue in downtown Bonn, Germany, April. REUTERS/Jana Rodenbusch Sky Festival, in Lusail Paramotors fly during the Lusail Sky Festival, in Lusail, Qatar, April. REUTERS/Ibraheem Abu Mustafa ​​​​​​​ISRAEL-GAZA BORDER, ISRAEL People pick buttercup flowers in a field near the Israel-Gaza border, in southern Israel. REUTERS/Amir Cohen Market Closes for April 15th, 2025 Market Index  Close  Change  Dow Jones 40368.96 -155.83 -0.38% S&P 500  5396.63 -9.34 -0.17% NASDAQ  16823.17 -8.31 -0.05% TSX  24067.93 +201.40 +0.84% International Markets Market Index  Close  Change  NIKKEI  34267.54 +285.18 +0.84% HANG SENG 21466.27 +48.87 +0.23% SENSEX  76734.89 +1577.63 +2.10% FTSE 100* 8249.12 +114.78 +1.14% Bonds Bonds  % Yield  Previous % Yield CND. 10 Year Bond  3.112 3.119 CND. 30 Year Bond  3.432 3.434 U.S. 10 Year Bond 4.3330 4.3739 U.S. 30 Year Bond 4.7778 4.8091 Currencies BOC Close  Today  Previous   Canadian $   0.7163 0.7189 US $ 1.3961 1.3910 Euro Rate 1 Euro=    Inverse    Canadian $   1.5762 0.6344 US $ 1.1295 0.8853 Commodities Gold Close  Previous   London Gold Fix  3204.20 3230.50 Oil WTI Crude Future  61.53 61.53 Market Commentary: Taxes are what we pay for civilized society. -Oliver Wendell Holmes Jr., 1841-1935. Canada (MT Newswires) The Toronto Stock Exchange posted a third-straight gain on Tuesday, buoyed by lower than expected March inflation data but leaving observers divided on whether or not the Bank of Canada will cut its key benchmark interest rate again tomorrow. The S&P/TSX Composite Index closed up 201.4 points at 24.067.93, adding more than 1,000 points over the past three sessions, but leaving the index more than 1,200 point under the April 2 record high. Among sectors, Telecom was the sole decliner, down 0.42%, with Information Technology and Health Care the biggest gainers, up 1.87% and 2.37% respectively. The TSX did dip modestly after White House Press Secretary, Karoline Leavitt, during a Tuesday afternoon briefing revived talk around Canada becoming the 51st state of the United States, comments that are seen as a threat to this nation’s sovereignty, while also playing down reports that U.S. President Donald Trump was thinking about putting a pause on tariffs for the auto industry, which is a key part of the Canadian economy. But that dip was short lived as Canadians re-focused on domestic matters, digesting today’s CPI data and awaiting tomorrow’s central bank meeting. Following the inflation data, the interest-rate swaps market, which captures investor expectations around monetary policy, was suggesting it’s a coin-flip outcome over whether the BoC will cut rates again or hold them steady at 2.75% on Wednesday, according to LSEG data, the Globe and Mail noted. If the central bank opts to cut it would be the eighth consecutive rate cut since last summer. David Doyle, head of economics at Macquarie, noted inflation moderated in March, driven by lower prices for gasoline and travel. Headline CPI was unchanged month over month and decelerated to 2.3% annualized. Trim/median moderated MoM to an average of 0.14%, the lowest reading since Feb-24. Year over year, these remain elevated at 2.85%. Doyle said further downward pressures are likely on CPI near-term. He noted the consumer carbon tax was removed in April, and added this could lead to a drop of 0.5 percentage points or more in YoY CPI for the month with much of this flowing through the gasoline price. Macquarie’s BoC outlook is unchanged on today’s CPI release. As outlined yesterday in its Bank of Canada preview note, Macquarie said while “not an open and shut case”, it continues to see a 25 bps rate cut tomorrow and further rate cuts of 25 bps in each of June and July. This would take the overnight rate down to 2.0%. Desjardins also said Canadian central bankers face a difficult decision this week. It noted while tariffs and market volatility will slow the economy, policymakers are concerned that the global trade war could unleash another wave of inflation. As a result, Desjardins believes the BoC will opt to hold its policy rate steady Wednesday. “That forecast was made easier by recent Bank of Canada communications which outlined a revised reaction function for this unusual environment.” According to Desjardins, key to understanding the BoC’s willingness to hold off making any changes to interest rates tomorrow is knowing the central bank is also willing to act “quickly when things materialize.” So, if by June or July, the hard economic data deteriorate and both inflation and inflation expectations look more tame, Desjardins thinks monetary policymakers will be debating whether to cut 25 or 50 basis points ahead of each of the announcement dates. It is reiterating its call that the BoC reaches a terminal rate of 1.75% later this year, given the additional headwinds from slower population growth and mortgage renewals. Meanwhile, Desjardins said its models suggest there is little reason to expect the BoC to revise its estimated neutral rate range of 2.25% to 3.25%. Desjardins said: “While rising forecasts of the U.S. neutral rate will put upward pressure on the Canadian neutral rate, slower domestic population and productivity growth should provide an offset. As a result, we are relatively neutral on the neutral rate.” Of commodities, gold traded at a record high late afternoon on Tuesday even as the dollar rose and treasury yields stabilized after last week’s market turmoil amid a tariff battle between China and the United States. Gold for June delivery was last seen up $21.40 to US$3,247.70 per ounce, topping Friday’s record close of US$3,244.60. But West Texas Intermediate crude oil closed with a small loss on Tuesday after the International Energy Agency (IEA) slashed its 2025 demand-growth forecast on slowing global growth amid U.S. President Donald Trump’s tariff wars. WTI crude oil for May delivery closed down $0.20 to settle at US$61.33 per barrel, while June Brent crude was last seen down $0.22 to US$64.66. By Bloomberg Automation: (Bloomberg) — The S&P/TSX Composite rose 0.8%, with eight of 11 sectors higher, led by health care stocks. As of market close, 178 of 218 stocks rose, while 35 fell. Bausch Health Cos. led the advances, rising 5.2%, while BRP Inc. decreased 6.2%. Markets at a Glance: * S&P/TSX Index rose 0.8% to 24,068 * Eight of 11 sectors rose ** Health care gained, up 3% ** Communication services declined, down 0.6% * S&P 500 Index fell 0.2% to 5,397 * Nasdaq 100 Index rose 0.2% to 18,830 * Crude oil was little changed at $62/bbl * Natgas fell 0.3% to $3.32/mmbtu * Gold rose 0.4% to $3,219/oz * Silver rose 0.5% to $32/oz Advancers: * Bausch Health Cos. (BHC CN) +5.2% * Sandstorm Gold Ltd. (SSL CN) +4.5% * Enerflex Ltd. (EFX CN) +4.3% * South Bow Corp. (SOBO CN) +4%: Keystone Pipeline Resumes Operation at Reduced Pressure: PHMSA * Lundin Gold Inc. (LUG CN) +3.9% Decliners: * BRP Inc. (DOO CN) -6.2% * Pet Valu Holdings Ltd. (PET CN) -3% * Ero Copper Corp. (ERO CN) -2.9% * Spin Master Corp. (TOY CN) -2.6% * Energy Fuels Inc/Canada (EFR CN) -2.5% US By Rita Nazareth (Bloomberg) — Stocks whipsawed as President Donald Trump’s fast-evolving tariff war with top trade partners showed little signs of abating, leaving investors unwilling to take on too much risk after a two-day rally. That’s even as results from Wall Street’s financial heavyweights underscored an equity-trading boon and still- healthy consumers and businesses. After climbing almost 1%, the S&P 500 finished lower. In late hours, United Airlines Holdings Inc. stood by its full-year profit outlook, but warned a “recessionary” scenario would erode demand and dramatically lower earnings. Bonds rose as a Treasury official said a rule change was under consideration that could lower trading costs for banks. The dollar snapped a five-day slide. Trump called on China to reach out to him to kick off negotiations, indicating no end in sight to fight that has seen both sides raise trade barriers. The Asian nation ordered airlines not to take further deliveries of Boeing Co. jets, according to people familiar with the matter. Meantime, the European Union and US made scant progress bridging trade differences. “We would advise investors to avoid making hard and fast assumptions about how tariff developments will ultimately play out in the economy and on corporate profits,” said Anthony Saglimbene at Ameriprise. “Instead, we suggest investors prepare for a range of possible intermediate-term outcomes that include slow-to-positive economic and profit growth, and scenarios of slow-to-negative growth.” High uncertainty surrounding US trade policy and a spike in financial-market volatility has unsettled global investors over the past few weeks. Sentiment regarding economic prospects is the most negative in three decades, yet fund managers’ pessimism isn’t fully reflected in their asset allocation which could mean more losses for US stocks, a Bank of America Corp. survey shows. Fund managers are “max bearish on macro, not quite max bearish on the market,” strategists led by Michael Hartnett wrote in a note. “Peak fear” is not yet reflected in cash allocations, they added. Some of the main moves in markets: Stocks * The S&P 500 fell 0.2% as of 4 p.m. New York time * The Nasdaq 100 rose 0.2% * The Dow Jones Industrial Average fell 0.4% * The MSCI World Index rose 0.1% * Bloomberg Magnificent 7 Total Return Index fell 0.6% * The Russell 2000 Index rose 0.1% * KBW Bank Index rose 1.2% Currencies * The Bloomberg Dollar Spot Index rose 0.3% * The euro fell 0.6% to $1.1284 * The British pound rose 0.3% to $1.3228 * The Japanese yen was little changed at 143.16 per dollar Cryptocurrencies * Bitcoin fell 1% to $83,970.85 * Ether fell 1.6% to $1,608.22 Bonds * The yield on 10-year Treasuries declined four basis points to 4.33% * Germany’s 10-year yield advanced two basis points to 2.53% * Britain’s 10-year yield declined one basis point to 4.65% Commodities * West Texas Intermediate crude was little changed * Spot gold rose 0.7% to $3,232.61 an ounce -With assistance from John Viljoen, Julien Ponthus and Anand Krishnamoorthy. Have a lovely evening. Be magnificent! As ever, Carolann Death destroys a man; the idea of death saves him. -E.M. Forster, 1879-1970 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 Copyright © [CURRENT_YEAR] [COMPANY_NAME], All rights reserved. Our mailing address is: [COMPANY_FULL_ADDRESS] Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.

Dear Friends,

Tangents:
April 14, 1828: First Webster’s Dictionary.
On April 14, 1865, President Lincoln was shot and mortally wounded by John Wilkes Booth while attending the comedy “Our American Cousin” at Ford’s Theater in Washington, D.C.
He died the next day. Go to article.
1890: OAS formed.
April 14, 2003: The Human Genome Project is complete.  This 13-year endeavour led to significant advancements in personalized medicine, genetic testing, and our understanding of inherited diseases.

Mook, Bernie and a goth Gaga
If you couldn’t make it to Indio, California, for the first weekend of the Coachella Valley Music and Arts Festival, here’s what you missed.

Oh no, he didn’t!
Los Angeles Angels outfielder Mike Trout had it. On Saturday night, he leaped into the air to catch Houston Astros Yainer Díaz’s fly ball to right field — when a fan ripped the ball right out of his glove. Although the Angels still won, Trout kindly met with the Astros fan after the game. “They were really apologetic,” Trout said.

Fishing net captures a mystery
A fossilized jaw bone caught by fishermen off the coast of Taiwan in 2010 has mystified scientists for over a decade. But after analyzing protein fragments contained in teeth still attached to the jaw, they’ve identified its ancestry.

That’s how many years it took Rory McIlroy to complete his career grand slam of winning each of golf’s four majors.

PHOTOS OF THE DAY
Osaka, Japan
A visitor tries to manoeuvre a Honda Uni-One hands-free electric mobility device during Expo 2025
Photograph: Hiro Komae/AP

Heringsdorf, Germany
A man runs along a beach on the Baltic island of Usedom
Photograph: Hannibal Hanschke/EPA

Jerusalem
People attend the Church of the Holy Sepulchre to celebrate Palm Sunday, commemorating Christ’s triumphal entry into Jerusalem
Photograph: Anadolu/Getty Images
Market Closes for April 14^th, 2025

Market Index	Close	Change
Dow Jones	40524.79	+312.08
		+0.78%
S&P 500	5405.97	+42.61
		+0.79%
NASDAQ	16831.48	+107.02
		+0.64%
TSX	23866.53	+278.73
		+1.18%

International Markets

Market Index	Close	Change
NIKKEI	33982.36	+396.78
		+1.18%
HANG SENG	21417.40	+502.71
		+2.40%
SENSEX	75157.26	+1310.11
		+1.77%
FTSE 100*	8134.34	+170.16
		+2.14%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.119	3.264
CND. 30 Year Bond	3.434	3.552
U.S. 10 Year Bond	4.3739	4.4895
U.S. 30 Year Bond	4.8091	4.8703

Currencies

BOC Close	Today	Previous
Canadian $	0.7189	0.7210
US $	1.3910	1.3868

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5770	0.6341
US $	1.1340	0.8818

Commodities

Gold	Close	Previous
London Gold Fix	3230.50	3230.50
Oil
WTI Crude Future	61.53	61.50

Market Commentary:
If you’re not healthy, you’re not wealthy. -R.E. McMaster.
Canada
(MT Newswires)
The Toronto Stock Exchange rose for a second session on Monday, continuing to recover from last’s week’s global tumble, as U.S. President Donald Trump again said may meddle again with his tariff schemes, this time to Canada’s benefit, as reports said he is considering pausing his tariffs on the auto industry, which is an integral part of the Canadian economy.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 1.2%, with 10 of 11 sectors higher, led by real estate stocks.
As of market close, 194 of 218 stocks rose, while 23 fell.
Lundin Gold Inc. led the advances, rising 6.2%, while Pason Systems Inc. decreased 2.8%.
Markets at a Glance:
* S&P/TSX Index rose 1.2% to 23,867
* 10 of 11 sectors rose
** Real estate gained, up 1.9%
** Information technology declined, down 0.3%
* Crude oil rose 0.2% to $62/bbl
* Natgas fell 5.4% to $3.34/mmbtu
* Gold fell 0.8% to $3,195/oz
* Silver rose 1.2% to $32/oz
Advancers:
* Lundin Gold Inc. (LUG CN) +6.2%: Lundin Gold Raised to Buy at Cormark Securities; PT C$54
* First Majestic Silver Corp. (AG CN) +5.7%
* Mag Silver Corp. (MAG CN) +5.7%
* B2Gold Corp. (BTO CN) +5.4%
* Pan American Silver Corp. (PAAS CN) +5%
Decliners:
* Pason Systems Inc. (PSI CN) -2.8%
* Tfi International Inc. (TFII CN) -2.5%: TFI International PT Cut to $105 from $120 at Stifel
* Richelieu Hardware Ltd. (RCH CN) -2.2%
* MDA Space Ltd. (MDA CN) -2.2%: M&A Watch N.A.: Intel, Altera, Silver Lake, KKR, OSTTRA, CenExel
* Algoma Steel Group Inc. (ASTL CN) -1.8%
US
By Rita Nazareth
(Bloomberg) — A degree of calm returned to Wall Street, with stocks and bonds notching a twin rally after a tumultuous week in the grip of President Donald Trump’s disruptive trade war.
With the White House signaling a tariff reprieve on key consumer electronics, the S&P 500 gained almost 1%.
Apple Inc. extended a two-day surge to more than 6% to lead gains in megacaps.
Carmakers rallied as Trump floated exceptions for auto parts facing 25% US levies.
Treasuries snapped a five-day slide that drove 10-year yields up by the most in over two decades.
To Matt Maley at Miller Tabak, investors are starting to conclude there are now at least some boundaries to how aggressive the administration can be with its proposals.
“If the rebound is going to have legs in the near term, investors will probably need to see continued signs of flexibility from the White House on tariffs,” said Chris Larkin at E*Trade from Morgan Stanley.
“Uncertainty is still high, and day-to-day volatility could remain elevated.”
Meantime, Treasury Secretary Scott Bessent played down the recent selloff in the bond market, rejecting speculation that foreign nations were dumping their holdings of US Treasuries, while flagging that his department has tools to address dislocation if needed.
“I don’t think there’s a dumping” by foreign investors, Bessent said in an interview Monday with Bloomberg Television while on a visit to Buenos Aires, Argentina.
He pointed to what he said was increased foreign demand at auctions for 10-year and 30-year Treasury securities last week.
Investors are still struggling to game out the economic spillovers of the trade war given the back-and-forth in negotiations.
While US officials insist the tariff strategy is carefully constructed, critics see the trading order as subject to the whims of a transactional president.
“As we begin this week, again, traders will be fixated to social-media feeds and the newswires for the latest on this never ending saga of ‘tariffs-on, tariffs-off’,” said Jay Woods at Freedom Capital Markets.
“One thing the current administration has been great at is keeping market participants on their toes.”
Strategists at BlackRock Inc.’s research arm said they are dialing up their risk-taking and embracing US and Japanese stocks following the Trump administration’s pause of tariffs on many global trading partners, even as they steer clear of longer-dated US debt.
“The near-term risk of a financial accident has eased,” wrote the BlackRock Investment Institute strategists including Jean Boivin and Wei Li. “
Checks on policy allowed us to extend our tactical horizon back to six to 12 months and resume our positive view on US and Japanese stocks.”
Meantime, Citigroup Inc. strategists led by Beata Manthey lowered their view on US equities, saying the case to diversify away from the asset class is strengthening as the trade war undermines economic growth and earnings.
“The worst may be over, but the coast is not clear,” said Michael Wilson at Morgan Stanley.
“The 90-day pause on reciprocal tariffs and further concessions over the weekend lessen the near-term probability of a recession, but uncertainty remains high, the Fed is on hold and back-end rates are a headwind.”
Despite all the convulsions and uncertainty, most equities strategists still expect the S&P 500 to rally through the remainder of 2025.
The gauge put up a strong performance last week, but is still down for the year as Trump has placed substantial tariffs on goods imported from China, Canada, Mexico, the EU and numerous other US trade partners.
The benchmark closed trading last Tuesday having lost 15% in 2025, before reversing course on Thursday when Trump announced a 90-day delay on many of his tariffs.
The 15% drop is historically significant.
Going back to 1957, the S&P 500 has fallen at least that much through early April 16 times, and on only three occasions has it recovered to end December in the green, according to data compiled by Ryan Detrick at Carson Group LLC.
And in each of those instances — 2020, 2009 and 1982 — the market was rescued by the Federal Reserve, which stepped in to support a faltering US economy.
“Last week’s moves were so violent that we may be nearing capitulation,” said Callie Cox at Ritholtz Wealth Management.
“The point where expectations are so low that any kind of positive news brings massive relief.  Fear is a good thing, and when fear is abundant, it’s probably fair to say we’re closer to the bottom than the top.  But is this true today?”
Cox says that based on the conditions we’re facing, there may be more selling ahead.
In corporate news, Goldman Sachs Group Inc. became the latest firm to report its highest-ever quarter for equity trading, after JPMorgan Chase & Co. and Morgan Stanley hit similar milestones last week.
The intense market swings create the opportunity to make profit but traders also run the risks of higher losses.
In market parlance, periods when investors capitalize on volatility is called ‘good volatility’ while it’s deemed ‘bad’ if they sit it out, potentially crippling liquidity.
Apple’s iPhone unit shipments surged 10% in the first quarter, according to IDC.
Mark Zuckerberg took the stand in federal court as the first witness in the US Federal Trade Commission’s antitrust trial seeking to break up Meta Platforms Inc.
Nvidia Corp. plans to produce up to $500 billion of AI gear in the US.
Intel Corp. agreed to sell a 51% stake in its programmable chips unit Altera.
Treasuries may have hit the bottom for now amid signs of robust foreign demand and expectations for the Federal Reserve to support US government debt when needed, according to JPMorgan Asset Management.
“I feel pretty good that we’re putting in a low in price and a high in yield here,” Bob Michele, the firm’s global head of fixed income, told Bloomberg Television.
“In our conversations with overseas investors, they’re not being shaken out of Treasuries.”
Michele cited Fed data showing foreign central banks and reserve managers recently boosted their holdings of Treasuries.
Policymakers are closely monitoring a variety of similar gauges to assess whether Trump’s sweeping tariffs will result in more persistent price growth.
While many economists forecast the duties to boost inflation — at least in the near-term — tariff threats so far haven’t changed consumers’ views over the long term.
Fed Governor Christopher Waller laid out two scenarios for how Trump’s trade policy could affect the US economy, but said the inflationary impact of either would likely be temporary.
Waller called the new tariff policy “one of the biggest shocks to affect the US economy in many decades,” in remarks prepared for an event in St. Louis on Monday.
Should there be as mall tariff effect on inflation, rate cuts would “very much” be on the table for the latter half of 2025, he said.
The “S&P Week in Review” is a wrap of equity events, published every Friday.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average rose 0.8%
* The MSCI World Index rose 1.3%
* Bloomberg Magnificent 7 Total Return Index was little changed
* The Russell 2000 Index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro was unchanged at $1.1355
* The British pound rose 0.8% to $1.3190
* The Japanese yen rose 0.3% to 143.06 per dollar
Cryptocurrencies
* Bitcoin rose 1.7% to $84,883.51
* Ether rose 2.8% to $1,635.16
Bonds
* The yield on 10-year Treasuries declined 12 basis points to 4.37%
* Germany’s 10-year yield declined six basis points to 2.51%
* Britain’s 10-year yield declined nine basis points to 4.66%
Commodities
* West Texas Intermediate crude rose 0.2% to $61.62 a barrel
* Spot gold fell 0.8% to $3,212.94 an ounce
–With assistance from John Viljoen, Sujata Rao, Anand Krishnamoorthy and Matthew Burgess.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Whenever you do a thing, act as if all the world were watching. –Thomas Jefferson, 1743-1826.

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

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

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

Dear Friends,

Tangents: Happy Friday.

April 11, 1814 Napoleon Bonaparte abdicated as emperor of France and was banished to the island of Elba. Go to article
April 11. 1900: the first modern submarine, designed and built by John Philip Holland, USS Holland, is acquired by the U.S. Navy, marking a major advancement in naval warfare.
April 11, 1945: Liberation of Buchenwald.
April 11, 1968: Civil Rights Act signed into law.

Coming soon: More details about assassinations
The Trump administration plans to release additional files related to the 1968 assassinations of Sen. Robert F. Kennedy, the late father of HHS Secretary Robert F. Kennedy Jr., and Dr. Martin Luther King, Jr., in the coming days.

Welcome to the neutral phase
La Niña has come to an end after just a few months and its counterpart, El Niño, hasn’t bothered to step up as the next global weather influencer. This neutral phase is forecast to last into at least early fall.

Italian fashion houses to merge
Prada struck a deal to buy rival Versace for $1.375 billion on Thursday. The price tag was a substantial discount from the roughly $2.15 billion, including debt, that Capri (then known as Michael Kors) paid for Versace in 2018.

Archaeologists may have discovered the birthplace of Alexander the Great’s grandmother

Elusive neutrinos’ mass just got halved — and it could mean physicists are close to solving a major cosmic mystery

La Niña finished after just a few months

Largest-ever brain ‘connectome’ built by having a mouse watch ‘The Matrix’ and ‘Star Wars’

What are mRNA vaccines, and how do they work?

PHOTOS OF THE DAY

Up in arms … two Père David’s deer squabble at a nature reserve in Yancheng, eastern China
Photograph: AFP/Getty

Skagit Valley, US
‘Snow geese warming up for the return trip to Wrangel Island, Russia, where they spend their summers, after wintering in the Skagit Valley, Washington.’
Photograph: Edmund Lowe

​​​​​​​Kyoto, Japan
‘Visitors enjoy the plum blossom at Kitano Tenmangū. The shrine grounds are home to a large number of ume (plum) trees, and are one of the most famous spots for ume-mi (plum-viewing).’
Photograph: Hugo Anaya
Market Closes for April 11^th, 2025

Market Index	Close	Change
Dow Jones	40212.71	+619.05
		+1.56%
S&P 500	5363.36	+95.31
		+1.81%
NASDAQ	16724.46	+337.15
		+2.06%
TSX	23587.80	+572.93
		+2.49%

International Markets

Market Index	Close	Change
NIKKEI	33585.58	-1023.42
		-2.96%
HANG SENG	20914.69	+232.91
		+1.13%
SENSEX	75157.26	+1310.11
		+1.77%
FTSE 100*	7964.18	+50.93
		+0.64%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.264	3.236
CND. 30 Year Bond	3.552	3.552
U.S. 10 Year Bond	4.4895	4.4660
U.S. 30 Year Bond	4.8703	4.9261

BOC Close	Today	Previous
Canadian $	0.7210	0.7167
US $	1.3868	1.3952

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5752	0.6348
US $	1.1357	0.8805

Commodities

Gold	Close	Previous
London Gold Fix	3230.50	3075.50
Oil
WTI Crude Future	61.50	60.07

Market Commentary:
Those who cannot love want power.  -Guggenbuhl-Craig.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 2.5%, with 11 of 11 sectors higher, led by materials stocks.
As of market close, 173 of 218 stocks fell, while 44 rose.
Tilray Brands Inc. led the declines, falling 2.9%, while Seabridge Gold Inc. increased 11%.
Markets at a Glance:
* S&P/TSX Index rose 2.5% to 23,588
* 11 of 11 sectors rose
** Materials gained, up 4.8%
** Energy gained, up 3.1%
* Crude oil rose 2.5% to $62/bbl
* Natgas fell 0.1% to $3.55/mmbtu
* Gold rose 2.4% to $3,232/oz
* Silver rose 4.6% to $32/oz
Advancers:
* Seabridge Gold Inc. (SEA CN) +11%: Gold Mining Stocks Climb as Bullion Rises on Flight to Havens
* Novagold Resources Inc. (NG CN) +11%
* Torex Gold Resources Inc. (TXG CN) +11%: Torex Prelim. 1Q Payable Output 59,630 Gold-Equivalent Ounces
* Energy Fuels Inc/Canada (EFR CN) +8%
* Ivanhoe Mines Ltd. (IVN CN) +7.9% Decliners:
* Tilray Brands Inc. (TLRY CN) -2.9%: Global X Marijuana Life Falls 4.5%; Tilray Brands Leads Loss
* Power Corp. of Canada (POW CN) -2.7%
* Quebecor Inc. (QBR/B CN) -1.8%
* Shopify Inc. (SHOP CN) -1.6%: Trump Tariff Surcharges Are Now Getting Added to Customer Bills
* First Capital Real Estate Investment Trust (FCR-U CN) -1.5%
The Toronto Stock Exchange got back to winning ways again Friday, but investors cannot be blamed if they are wary about this continuing into next week given the wild fluctuations in equity markets across North America in recent days amid inflation and growth concerns amid trade wars and some negative technical analysis on commodities.
The S&P/TSX Composite Index ended up 572.93 points, or 2.5%, to 23,587.80. Of sectors today, the biggest gainers were Base Metals, up 4%, and Energy, up 3%.
Gold traded at a fresh record high late afternoon on Friday as the dollar continued to plunge amid an escalating tariff between the United States and China, while another U.S. inflation measure weakened last month.
Gold for June delivery was last seen up $71.30 to US$3,248.80 per ounce, rising off Thursday’s record close of $3,177.50.
Also, West Texas Intermediate crude oil closed higher on Friday after a report U.S. Energy Secretary Chris Wright said the Trump Administration could force the suspension of Iran’s oil exports, even as the trade war between the world’s two largest economies intensified, threatening to slow global growth and weaken demand as supply is on the rise.
WTI crude oil for May delivery closed up $1.43 to settle at US$61.50 per barrel, while June Brent crude was last seen up $1.39 to US$64.72.
This week’s issue of ‘Technicals with Dave’ from Rosenberg Research focuses on commodities, and is not optimistic about the outlook for WTI crude oil or gold.
On WTI oil, Rosenberg Research said for many months it has been keeping a “weather eye” on the trading range that oil has been engaged in since late 2022.
“Time and again, sell-offs were rebuffed by support on either side of US$63 per barrel. This time might be different,” it added.
In recent days, the research noted WTI crude oil has traded as low as US$55.12 per barrel before recovering, and the breakdown had occurred even as the weekly Coppock Curve was already in a confirmed downtrend.
Rosenberg said that, plus the expectation that the indicator will remain weak into late April/early May, allows for still lower lows.
That scenario bolsters the notion that the breakdown is “decisive”.
Previous support at US$63.57 to US$71.25 per barrel, and particularly US$63.57 – US$67.71, should now be regarded as “potentially formidable resistance”, it added.
As for potential downside risk, the research said US$54.40 to US$50.33 per barrel is an important Fibonacci target, with the upper part of that range a 61.8% retracement of the 2020-2022 uptrend.
The lower level is where the current downtrend from January’s high will be 50% of the length of the 2022-2023 downdraft. If that range is violated, we would look to US$43.78, it added.
In the same note, Rosenberg said “some of the shine appears to be coming off gold”, noting the multi-month rally has carried gold to just below long-standing resistance of US$3,200 to US$3,300 per ounce.
“At this point, however, the weekly Coppock Curve is overbought and peaking. In that regard, the indicator should move into a confirmed downtrend by the end of this month and potentially remain under pressure through June. This suggests that any test of the recent highs will run the risk of creating a bearish divergence with weekly indicators.”
According to the research, the resulting pressures would be expected to at least consolidate the gains from last November’s low.
However, it said, the risk is that a correction will be a Fibonacci retracement of the larger rally from the October 2023 low at US$1,809 to the recent US$3,164 high.
For example, it cited a US$2,647 to US$2,328 per ounce range on a chart that
encompasses a 38.2%-61.8% retracement of the 2023-2025 rally.
At the lower end of that Fibonacci range, there is a fair amount of chart support in the US$2,450 to US$2,286 per ounce range, it added, Meanwhile, in terms of economic factors behind inflation and bear market concerns, Rosenberg Research in a separate noted said the “recession label” was all over today’s “horrible” University of Michigan consumer sentiment survey.
“Job and income views took another very big hit,” it added in noting the preliminary reading on the headline index sagged badly in April to 50.8 from 57.0 in March and under the consensus call of 53.8.
“Every income cohort saw sentiment decline sharply — the high end consumer, which had been keeping the glue together, has given up, sliding to its lowest level since June 2022.”
This came towards the end of a week that saw a trade war between the U.S. and China in particular escalate quickly, and Treasury yields move higher like they did in the market turmoil of March 2020.
As Douglas Porter Chief Economist at BMO Economics noted, the net result of an eventful week is that “reality caught up with the TSX”, holding it about flat this week (as of Friday morning), after faring better than most last week.
According to Porter, the Bank of Canada now has a “delicate” decision to make around whether or not to cut its benchmark interest rate again next Wednesday, especially with the April 28 federal election due less than two weeks after.
“Canada has gone from the forefront of the trade war to backstage, and we estimate the average weighted U.S. tariff on the economy is now “only” a bit less than 5% (for now).
Since we had built in something much heavier into our forecast initially, we are making a small, almost technical, upward adjustment to GDP this week (from 0.5% growth this year and next to 0.7% and 1.0%), albeit still with two quarters of declining activity this year in Q2 and Q3.
Make no mistake, that’s still a very soft performance and is below consensus, but it’s probably just firm enough to prompt the Bank to hold next week,” Porter wrote.
In contrast, an reflecting market uncertainties, Avery Shenfeld, Chief Economist at CIBC Capital Markets, said given the balance of risks on growth and inflation, he sees a case for a rate cut next week, and hopes the BoC judges it the same way.
“Truth be told, the decision could go the other way, given that the economic consequences of waiting until June would not be material. The advantage of moving now is that the accompanying Monetary Policy Report can’t avoid talking about the downside risks to growth. With that gloomy backdrop, we could all use a little cheer from a 25 basis point Easter present from our central bankers.”
US
By Rita Nazareth, Isabelle Lee and Emily Graffeo
(Bloomberg) — Wall Street’s gyrations shook markets anew, with stocks wiping out losses to extend their best weekly rally since 2023.
The rebound came as a selloff in longer-term Treasuries and the dollar abated, following a few chaotic days that underscored fears foreign investors are beating a retreat from American assets.
Volatility shows little signs of easing as concerns that President Donald Trump’s fast-evolving trade policy is not only shaking the global economy, but threatening the US status as the world’s safe haven.
The S&P 500 jumped about 2% on a report that a Federal Reserve official said the central bank is ready to help stabilize markets, if needed. US 30-year yields dropped, while still remaining up by 45 basis points since last Friday.
“Markets remain emotionally charged,” said Mark Hackett at Nationwide.
“Markets are still searching for footing amid unresolved trade tensions, earnings uncertainty, and macroeconomic headwinds. While this week’s gains are encouraging, they shouldn’t be mistaken for a clear turning point.”
Not since the pandemic has there been this little clarity on the outlook for economies, markets and businesses, with China unleashing retaliatory measures and Trump pausing some levies only hours after they took effect.
Variations of “uncertainty,” “unknowns” and “turbulence” arose again and again as three of the biggest US banks kicked off the industry’s earnings reports on Friday. JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said he expects “a kerfuffle” in Treasuries that prompts a Fed intervention.
If conditions become disorderly, the central bank “would absolutely be prepared” to help stabilize financial markets, Boston Fed President Susan Collins told the Financial Times.
For now, she noted markets are continuing to function well, with no liquidity concerns overall.
“Fed put in play. That should ease some anxiety for now,” said James St. Aubin, chief investment officer at Ocean Park.
“The volatility itself is not a healthy sign. The sharp intraday rallies may seem comforting on the surface, but the whipsaws are a manifestation of overarching uncertainty.”
The S&P 500’s more than 10% intra intraweek trading range rivals the sharp price swings of the depths of the pandemic.
“Roller coaster is not a technical term, but it is probably the best adjective to describe price action across equity markets this week,” said Adam Turnquist at LPL Financial.
“While there has been some recent technical progress, we recognize uncertainty and risks remain high, but argue it comes with the territory of any major market low.”
Signs of a capitulation were evident over the last week as momentum and breadth indicators reached levels commensurate with other major turning points in equity markets, he noted.
But this doesn’t imply stocks will immediately shoot higher or that the period of high volatility is over, Turnquist said.
“Sentiment is the main market driver as there is little visibility,” said Crit Thomas, global market strategist at Touchstone Investments.
“The tariff pause raised hopes for a path to negotiated resolutions and that the administration is paying attention to the markets. Now we wait to see what some of these trade deals look like.”
Despite President Trump’s pause on broad tariffs, investors are still looking to shun US assets in favor of Europe and other developed markets, according to the latest MLIV Pulse survey.
Of the 203 respondents to a poll conducted April 9-11, after Trump announced a 90-day reprieve on levies for most countries, 81% plan to either keep their exposure to US assets the same or decrease it.
More than a quarter of respondents said they’re curbing their investment more than they had anticipated before the president unveiled global tariffs of as much as 50% earlier this month.
Investors should sell any stock rallies until the US and China de-escalate the trade war and the Fed steps in, said Bank of America’s Michael Hartnett.
The strategist said Trump’s tariffs and the resulting market turmoil were turning US exceptionalism into “US repudiation.”
He recommends a short position on stocks — until the S&P 500 hits 4,800 points — and a long bet on two-year Treasuries.
“There’s a decent chance the bottom is in,” said Jeffrey Buchbinder at LPL Financial.
“There’s plenty of evidence of a washout. But following the sharp rally off the lows, the risk-reward trade-off doesn’t look all that compelling, especially with the intensifying trade war with China.”
US first-quarter earnings season kicked off on Friday, with big banks reporting mixed results.
JPMorgan’s stock traders took in a record haul in the first quarter, but CEO Dimon struck a cautious tone about prospects for the US economy.
Wells Fargo & Co. missed analysts’ estimates for net interest income in the first quarter.
Morgan Stanley’s stock-traders delivered first-quarter revenue that exceeded analyst predictions.
To Ajay Rajadhyaksha of Barclays Plc, until Treasuries stabilize and start to behave normally, risk assets will struggle.
While the rout in bonds eased somewhat on Friday, longer-dated yields saw one their biggest weekly jumps since the 1980s.
The rout, which was set off by the US trade war that’s shaken global markets, is threatening to deal another hit to the economy by pushing up borrowing costs more broadly.
It also cast doubt on Treasuries’ status as the world’s safe haven as they slid along with the stock market this week, sending investors into other assets like the Swiss franc, gold and the Japanese yen.
Several Wall Street economists maintained their forecasts for a sharp slowdown in US economic growth and warned recession risk is still elevated despite the Trump administration’s decision this week to delay major tariffs on a wide range of trading partners.
The lingering pessimism among economists contrasts somewhat with the signal from the stock market, which has rallied since Trump announced Wednesday that he was implementing a 90-day pause on previously announced “reciprocal” tariffs for countries other than China and raising the duty on Chinese imports to a whopping 145%.
In fact, Friday brought a fresh signal that consumers were queasy even before Wednesday’s policy shift, with a plunge in sentiment as inflation expectations soared to multi-decades highs.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.9%
* The Dow Jones Industrial Average rose 1.6%
* The MSCI World Index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index fell 1%
* The euro rose 1.2% to $1.1340
* The British pound rose 0.8% to $1.3075
* The Japanese yen rose 0.6% to 143.60 per dollar
Cryptocurrencies
* Bitcoin rose 4.9% to $83,782.45
* Ether rose 2.2% to $1,563.86
Bonds
* The yield on 10-year Treasuries advanced five basis points to 4.47%
* Germany’s 10-year yield declined one basis point to 2.57%
* Britain’s 10-year yield advanced 11 basis points to 4.75%
Commodities
* West Texas Intermediate crude rose 2.4% to $61.50 a barrel
* Spot gold rose 1.7% to $3,231.73 an ounce

–With assistance from Robert Brand, Julien Ponthus and Anand
Krishnamoorthy.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Burdens are for shoulders strong enough to carry them. –Margaret Mitchell, 1900-1949.

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 10, 1849: Safety pin patented.
April 10, 1942: Bataan Death March.
April 10, 1992: Financier Charles Keating Jr. was sentenced in Los Angeles to nine years in prison for swindling investors when his Lincoln Savings and Loan collapsed. (The convictions were later overturned).
April 10, 2001: Mercy killings become legal in the Netherlands as the Dutch senate approves a bill legalizing euthanasia for patients with unbearable terminal illness.

New ‘Kenbassador’ is just a kid from Akron
Mattel Inc. has unveiled its doll of basketball great LeBron James. He is the first professional male athlete to have his likeness depicted in a Ken doll.

Noah Wyle doesn’t dance
The star of the hit TV drama “The Pitt” chose not to dance his way through the spirit tunnel on “The Jennifer Hudson Show.” But his reason was sound: childhood trauma.

Ed Sheeran reveals a secret
Until a recent appearance on the “Call Her Daddy” podcast, no one knew the British singer/songwriter was reviewing movies on the Letterboxd app.

Seeing double at Augusta National
Nicolai and Rasmus Højgaard are expected to make history this week as the first set of twins to compete at the 2025 Masters. The 24-year-old Danish pair also competed at The Open and the PGA Championship in 2023 and 2024.

Hohle Fels water bird: The oldest depiction of a bird in the world
This tiny bird sculpture was created 40,000 years ago by early humans in Europe who carved the key animals in their lives. Read More.

Hubble zooms in on the glittering galaxy next door
The Small Magellanic Cloud, a dwarf galaxy about 200,000 light-years from the solar system, can be seen with the naked eye from the Southern Hemisphere. Read More.

Rainbow Mountains: China’s psychedelic landscape created when 2 tectonic plates collided
The colorful swirls and stripes that characterize China’s Rainbow Mountains would have remained hidden without the epic tectonic collision that created the Himalayas. Read More.

We don’t have to hate China. We don’t have to hate other people. Let’s figure out a way to work together. — Sen. Bernie Sanders, during a CNN town hall on Wednesday, hours after President Trump raised his tariffs on Beijing to 125%. In the event moderated by CNN’s Anderson Cooper, the Vermont independent fielded questions from audience members about Trump’s tariffs, the administration’s cuts to the federal workforce, Democratic struggles with young and Latino voters and more.

PHOTOS OF THE DAY

Karaman, Turkey
Snow-covered tulips in a field in Kızılkuyu village, Göynük district
Photograph: Anadolu/Getty Images

London, England
Whale on the Wharf, a sculpture designed to raise awareness of the ocean plastic crisis. It is made from waste found on Hawaiian beaches and concrete made of spent coffee grounds from nearby cafes and restaurants
Photograph: Matt Alexander/PA

​​​​​​​Hanoi, Vietnam
‘Sunset, looking west through a small tree on a hotel balcony.’
Photograph: Vincent Mortimer
Market Closes for April 10^th, 2025

Market Index	Close	Change
Dow Jones	39593.66	-1014.79
		-2.50%
S&P 500	5268.05	-188.85
		-3.46%
NASDAQ	16387.31	-737.66
		-4.31%
TSX	23014.87	-712.16
		-3.00%

International Markets

Market Index	Close	Change
NIKKEI	33952.12	-656.88
		-1.90%
HANG SENG	20681.78	+417.29
		+2.06%
SENSEX	73847.15	-379.93
		-0.51%
FTSE 100*	7913.25	+233.77
		+3.04%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.236	3.193
CND. 30 Year Bond	3.552	3.475
U.S. 10 Year Bond	4.4660	4.3315
U.S. 30 Year Bond	4.9261	4.7367

Currencies

BOC Close	Today	Previous
Canadian $	0.7167	0.7091
US $	1.3952	1.4102

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5773	0.6339
US $	1.1309	0.8842

Commodities

Gold	Close	Previous
London Gold Fix	3075.50	3015.40
Oil
WTI Crude Future	60.07	59.58

Market Commentary:
Investing is the greatest game in the world.  It’s like baseball except that you never have to swing.  All day you wait for the pitch you like; then when the fielders are asleep,
you step up and hit it. –Warren Buffett, b. 1930.
Canada
(MT Newswires)
The Toronto Stock Exchange on shed more that than half of the 1,200 points gained a day earlier as trade tensions between the United States and China escalate, keeping fears around a global recession alive, although one economist sees Canada potentially to actually gaining more of the U.S. import market.
The S&P/TSX Composite Index closed down 712.16 points to close out the day at 23,014.87.
Among sectors, Energy, Information Technology and Base Metals were the biggest decliners, down 6.59%, 6.12% and 6.32%.
Reflecting the chaos around markets, U.S. President Donald Trump conceded today that there may be “transition problems” with his trade policies.
This came as the White House clarified the U.S. tariff on all Chinese goods is at least 145%, higher than the 125% previously thought.
It followed Trump’s move on Wednesday to pause some tariffs, with Canadian government officials among those left having to reach out to the U.S. administration to then ask if that order covered them or not.

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 3%, with 10 of 11 sectors lower, led by information technology stocks.
As of market close, 206 of 218 stocks rose, while 12 fell.
Fortuna Mining Corp. led the advances, rising 6.8%, while Methanex Corp. decreased 14%.
Markets at a Glance:
* S&P/TSX Index fell 3% to 23,015
* 10 of 11 sectors fell
** Information technology declined, down 7%
** Materials gained, up 1.3%
* Crude oil fell 3.2% to $60/bbl
* Natgas fell 7.5% to $3.53/mmbtu
* Gold rose 3.6% to $3,166/oz
* Silver rose 2.3% to $31/oz
Advancers:
* Fortuna Mining Corp. (FVI CN) +6.8%
* Pet Valu Holdings Ltd. (PET CN) +6.5%: Pet Valu Raised to Buy at Stifel Canada; PT C$28.50
* Osisko Gold Royalties Ltd. (OR CN) +6%: Gold Producers Rise as Bullion Prices Climb on Tariff Chaos
* G. Mining Ventures Corp. (GMIN CN) +5.8%
* Torex Gold Resources Inc. (TXG CN) +5.4%
Decliners:
* Methanex Corp. (MX CN) -14%
* Vermilion Energy Inc. (VET CN) -14%
* Bausch Health Cos. (BHC CN) -14%: Bausch & Lomb Agrees to End Vitamin-Patent Suit Ahead of Trial
* Baytex Energy Corp. (BTE CN) -13%: Tech, Consumer Stocks
Sink as Trade Fear Roils Markets (2)
* Enerflex Ltd. (EFX CN) -10%
US
By Rita Nazareth, Isabelle Lee, Denitsa Tsekova and Vildana Hajric
(Bloomberg) — Economic angst enveloped every corner of Wall Street as US-China trade tensions escalate, sparking a slide in stocks, the dollar and oil, with liquidations in US assets pointing to disorder in the financial system.
A day after the biggest stock-buying wave in years, assets tied to the economic cycle are sinking again, with President Donald Trump’s mollifying message on trade talks providing little relief.
Investors are rushing to game out how the effective freezing of Chinese trade will impact companies and growth.
The S&P 500 fell 3.5%.
The dollar saw its worst day since 2022.
A solid US sale of 30-year Treasuries failed to ignite a rally, but signaled appetite for bonds.
Market euphoria flipped back to unease despite Trump’s signals that he’s close to a first deal on tariffs — without naming the country.
Concern grew that an escalation of the trade war between the two biggest economies will bring lasting damage to global growth after the White House said US tariffs on China rose to 145%.
“Investors are sobering up and realizing that the US-China ‘food fight’ will probably get worse before it gets better,” said Michael Bailey at FBB Capital Partners.
“We’re waking up to the fact that a 10% base tariff will sting, 90 days could fly by and then the pain of higher tariffs could return, and China is fighting back hard.”
Just a day after financial markets cheered Trump’s decision to delay some of his tariff plans, the selloff in riskier corners of the market suggests growing skepticism that trade talks will be wrapped up in a timely manner, despite White House National Economic Council Director Kevin Hassett saying the US is “well advanced” in its discussions with economic partners.
The first signs of a slowdown in global trade are already emerging as companies around the world hit their own pause button on orders and he continues to escalate his trade war with China.
If anything, Trump is extending the uncertainty that has already begun to drag on business and consumer sentiment.
“We still believe the anxiety around tariffs are alive and well. Volatility works in both directions — down and up. The path forward likely includes more market swings as we do not have a conclusion. In fact, we have the opposite, a likely extension of the tariff negotiation process,” said Nathan Thooft at Manulife Investment Management.
US-listed shares of Chinese companies fell on a report that the Trump administration is considering a push to delist the stocks of Chinese public companies that trade on American exchanges, citing unnamed sources.
United States Steel Corp. sank after Trump reiterated his long-held position that he doesn’t want to see the steelmaker owned by a Japanese company.
CarMax Inc. backed away from the timing of its financial goals amid trade war uncertainty.
The staggering US tariffs on China have triggered a tit- for-tat trade war that has unnerved global financial markets.
“The Trump administration’s stance has evolved from an all- out trade war against everyone, to a concentrated trade war against China,” said Nicolas Oudin of Gavekal Research.
“Most investors believe that China shot itself in the foot by retaliating. The view from Beijing is different. Many in China read the ‘Trump fold’ as a sign of US weakness, and therefore as a validation of China’s decision to escalate.”
Bridgewater Associates’ billionaire founder Ray Dalio said investors have been left with “an element of trauma or shock or fear” after all the global markets turmoil this week.
“It dramatically affected psychology and attitude about the United States’ reliability,” he said in an interview with Bloomberg Television.
“It could have been handled better.”
“Tariff-driven inflation is still coming as a result of the trade war, even if the immediacy of the impact has been lessened,” said Vail Hartman at BMO Capital Markets.
“The extent of the flow-through of higher tariffs into realized inflation remains an open question – one that isn’t likely to be resolved until well beyond the 90-day pause window.”
While data Thursday showed US inflation cooled broadly in March, the data was calculated prior to widespread levies that risk contributing to price pressures.
That may change in coming months as Trump’s higher levies filter through the economy.
And price declines for services like hotel stays and airfares may be a warning sign that some consumers are cutting back on discretionary spending
“Healthy drop in inflation or big drop in demand?” said Bret Kenwell at eToro.
“At the end of the day, we do need to see lower inflation to justify lower rates from the Fed and ease the burden on consumers. However, getting lower inflation due to a material drop in economic activity — and thereby jeopardizing the economy — isn’t the best route to take.”
Meantime, a growing chorus of Federal Reserve officials have raised concerns that aggressive trade policies could lead to a more lasting increase in inflation.
US central bankers have signaled they’re not in a hurry to lower borrowing costs further, instead preferring to wait and see how changing government policies impact the economy before adjusting rates.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 3.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 4.2%
* The Dow Jones Industrial Average fell 2.5%
* The MSCI World Index fell 1.2%
* Bloomberg Magnificent 7 Total Return Index fell 5%
* The Russell 2000 Index fell 4.3%
Currencies
* The Bloomberg Dollar Spot Index fell 1.5%
* The euro rose 2.3% to $1.1200
* The British pound rose 1.1% to $1.2966
* The Japanese yen rose 2.1% to 144.67 per dollar
Cryptocurrencies
* Bitcoin fell 4.3% to $79,592.45
* Ether fell 9.5% to $1,514.5
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 4.40%
* Germany’s 10-year yield declined one basis point to 2.58%
* Britain’s 10-year yield declined 14 basis points to 4.64%
Commodities
* West Texas Intermediate crude fell 3.3% to $60.31 a barrel
* Spot gold rose 2.9% to $3,172.81 an ounce

–With assistance from Emily Graffeo, Carter Johnson, Sujata Rao, Margaryta Kirakosian and Anand Krishnamoorthy.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
The beginning is the most important part of the work. -Plato, 428 BC-347 BC.

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

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

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

Dear Friends,

Tangents: It’s International Unicorn Day!

April 9, 1860: The world’s first recording of the human voice is created as French inventor Édouard-Léon Scott de Martinville uses his phonautograph to capture the French folk song “Au Claire de la lune.”
April 9, 1865: US Civil War ends.
April 9, 1866: Civil Rights Bill passed.
April 9, 1959: NASA announced the selection of America’s first seven astronauts: Scott Carpenter, Gordon Cooper, John Glenn, Gus Grissom, Wally Schirra,
Alan Shepard and Donald Slayton.  Go to article.
April 9, 2000: The New Yorker publishes “One Day – and one Night – in the Kitchen at Les Halles” by Anthony Boudrain.

Charles Beaudelaire, writer, b. 1821.
J. William Fullbright, politician, b.1905.

One of the largest carnaval celebrations on East Coast canceled
Organizers of El Carnaval de Puebla decided to call off the popular event celebrating Mexican culture and history out of fear ICE agents might show up and try to arrest attendees.

How to avoid this ‘silent killer’ while traveling
Carbon monoxide, which has no taste, odor or color, has been tied to the recent deaths of several Americans who were traveling abroad. Here are some precautions you can take to limit exposure on the road.

British pop star diagnosed with ‘17th century pirate disease’
Robbie Williams recently sought help to find out why he was feeling so anxious and depressed lately. Turns out his diet was part of the problem.

Scientists reveal new hydrogen-powered ‘robot horse’ that could one day take you up a mountain
Japanese engineers have unveiled a concept design of the Corleo, a four-legged robotic horse that could one day carry people across a vast range of terrains. Read More.

NASA rover watches ‘fiendish’ Martian ‘dust devils’ collide in rare case of extraterrestrial cannibalism
Video footage captured by NASA’s Perseverance rover shows a small “dust devil” merging with a much larger twister on the surface of Mars. Read More.

Amateur astronomer discovers bright green comet SWAN25F — and you can see it too
Comet SWAN25F was discovered using photos from the European Space Agency’s SOHO spacecraft and can currently be spied using backyard equipment — but it could also become visible to the naked eye in the next few weeks. Read More.

PHOTOS OF THE DAY

Sakarya, Turkey
An aerial view of the meanders of the Sakarya River on the Karagol Plateau. The river originates in central Anatolia and reaches the Black Sea
Photograph: Seyit Konyali/Anadolu/Getty Images

London, UK
She says: ‘Everything feels so dark right now, it’s good to know the light is coming back’
Photograph: Sarah Lee/The Guardian

​​​​​​​Jabalpur, India
Devotees from the Jain community take part in a mass recitation of a mantra on Vishwa Navkar Mahamantra Day
Photograph: Uma Shankar Mishra/AFP/Getty Images
Market Closes for April 9^th, 2025

Market Index	Close	Change
Dow Jones	40608.45	+2962.86
		+7.87%
S&P 500	5456.90	+474.13
		+9.52%
NASDAQ	17124.97	+1857.06
		+12.16%
TSX	23727.03	+1220.14
		+5.42%

International Markets

Market Index	Close	Change
NIKKEI	31714.03	-1298.55
		-3.93%
HANG SENG	20264.49	+136.81
		+0.68%
SENSEX	73847.15	-379.93
		-0.51%
FTSE 100*	7679.48	-231.05
		-2.92%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.193	3.130
CND. 30 Year Bond	3.475	3.457
U.S. 10 Year Bond	4.3315	4.2929
U.S. 30 Year Bond	4.7367	4.7647

Currencies

BOC Close	Today	Previous
Canadian $	0.7091	0.7031
US $	1.4102	1.4223

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5448	0.6473
US $	1.0953	0.9129

Commodities

Gold	Close	Previous
London Gold Fix	3015.40	3118.10
Oil
WTI Crude Future	59.58	61.99

Market Commentary:
You are as old as the risks you take.  In many ways, aging is not the process of growing old, but rather the slow death of becoming overly protective, scared, and worried about losing what you have.  Youth is found in the energy of going for it, taking the risk, and trusting that you’ll figure it out along the way. –James Clear.
Canada
By Stephanie Hughes
(Bloomberg) — Canadian equities staged their strongest rebound in five years as US President Donald Trump’s move to pause tariffs on many countries triggered a broader market relief rally.
Canada’s benchmark S&P/TSX Composite index gained 5.4% over the trading day on Wednesday, closing at 23,727.
The gauge joined other North American markets in rallying after Trump said he would halt levies for 90 days on countries that didn’t retaliate against his so-called reciprocal tariffs.
Brian Madden, chief investment officer at First Avenue Investment Counsel Inc., said the market’s reaction is “directionally logical,” and “the magnitude is roughly proportional to what we saw in the downdraft earlier this week and last week.”
Technology stocks led the index higher, buoyed by Celestica Inc.’s 18% gain, which closed out the trading day at C$115.90.
Shopify Inc. also rose by 18%, to C$129.09, and BlackBerry Ltd. jumped 12% to C$4.60.
Some of Canada’s most tariff-exposed names also enjoyed a relief rally.
Bombardier Inc., which sources aircraft parts from Canada and the US, gained 14% and closed at C$85.51. BRP Inc., which has deep product manufacturing and distribution roots in Mexico and the US, gained 11%.
Canadian automakers also rose, with Linamar Corp. gaining 9.1%, Magna International Inc. 8.1% and Martinrea International Inc. 7.3%.
“We don’t anticipate a full recovery to the February high in the short term — rather gradually as the chaos dissipates,” said Philip Petursson, chief investment strategist at IG Wealth Management.
But Colin Cieszynski, chief market strategist at SIA Wealth Management Inc., is still cautious.
“The market seems to be treating this like it’s over and I’m not convinced it’s over yet,” he said.
Markets at a Glance:
* S&P/TSX Index rose 5.4% to 23,727
* 11 of 11 sectors rose
** Information technology gained, up 13%
** Materials gained, up 6.6%
* Crude oil rose 4.7% to $62/bbl
* Natgas rose 8.5% to $3.76/mmbtu
* Gold rose 4% to $3,087/oz
* Silver rose 4.2% to $31/oz

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose 5.4%, with 11 of 11 sectors higher, led by information technology stocks.
As of market close, 186 of 218 stocks fell, while 30 rose.
Quebecor Inc. led the declines, falling 2.1%, while Baytex Energy Corp. increased 22%.
Advancers:
* Baytex Energy Corp. (BTE CN) +22%: Baytex Energy Affirmed at BB- by Fitch
* Vermilion Energy Inc. (VET CN) +20%
* Aritzia Inc. (ATZ CN) +19%
* Celestica Inc. (CLS CN) +18%
* Shopify Inc. (SHOP CN) +18%: Affirm & Shopify Accelerate Global Expansion of Shop Pay
Decliners:
* Quebecor Inc. (QBR/B CN) -2.1%
* Hydro One Ltd. (H CN) -2%: Ontario Spread Tightens: Canada Provinces
* Emera Inc. (EMA CN) -1.5%
* Fortis Inc/Canada (FTS CN) -1.2%
* Great-West Lifeco Inc. (GWO CN) -1.1%
US
By Natalia Kniazhevich, Norah Mulinda, Bernard Goyder and Jessica Menton
(Bloomberg) — The wild ride on US stock markets took a dizzying turn Wednesday afternoon when President Donald Trump announced a pause on some of his harshest tariffs, propelling the S&P 500 Index to its biggest one-day gain since 2008.
The S&P 500 closed 9.5% higher and the Nasdaq 100 Index surged 12%.
The Dow Jones Industrial Average rallied 7.9%.
The Philadelphia Semiconductor Index surged 18.7% and marked the biggest jump on record.
Roughly 30 billion shares traded on US exchanges on Wednesday.
That’s the most ever, according to data compiled by Bloomberg going back nearly 17 years.
Trump on Wednesday afternoon said he “authorized a 90 day pause” on reciprocal tariffs for countries that didn’t retaliate against the US.
The pause does not include tariffs on China, which the White House raised to 125% after the Asian nation retaliated earlier in the day with an 84% levy on US imports.
“It’s crazy!” said Frank Monkam, head of Macro Trading at Buffalo Bayou Commodities, who was rushing back to his desk from a meeting after seeing a headline.
“Eventually it does look like a Trump put but I don’t think we’re out of the woods.”
The President’s post fueled buying across all types of investors, from the retail crowd to hedge funds to algorithmic trading strategies.
The S&P 500 notched its biggest bottom-to-top intraday reversal — at nearly 11% — since the height of the global financial crisis in November 2008 and even higher than the Flash Crash in May 2010, according to data compiled by Bloomberg.
Goldman Sachs Group Inc.’s basket of the most-shorted stocks jumped 17.34%, beating the S&P 500’s gain.
The move comes as traders rushed to cover short positions they accumulated amid the market downturn.
last week, hedge funds registered short bets in US macro products such as indexes and ETFs at the highest weekly volume on record.
“We currently have aggressive covering among hedge funds and long only buying in tech that is ramping with each leg higher in the market,” Goldman Sachs Group Inc. partner John Flood wrote in a note to clients at 2:15 p.m., after Trump announced the pause.
On Tuesday, JPMorgan Chase & Co.’s prime brokerage desk warned that a market rally would force hedge funds to cover short positions that have been added “aggressively.”
Rapid stock buying by leveraged exchange-traded funds also contributed to the velocity of the move.
“Levered ETFs mechanically adding long equity exposure supercharged the rally,” according to Daniel Kirsch, head of options for the brokerage Piper Sandler & Co.
He said traders moved quickly to unwind downside hedges, which also contributed to the move.
UBS Group AG’s trading desk also sees clients unwinding hedges, while “a high level of skepticism remains despite the headlines,” said Michael Romano, the firm’s head of hedge fund equity derivative sales.
Retail traders were among the most active buyers Wednesday.
As of 2:00 p.m. Wednesday they already bought $3.3 billion of equities, which hit the third-largest amount on record for the first 4.5 hours of US trading, according to Emma Wu, JPMorgan’s global quantitative and derivatives strategist.
Shares of Nvidia Corp. soared 18.03%, Delta Air Lines Inc. jumped 23.38%, Advanced Micro Devices added 23.82% and Tesla Inc. rallied 22.69%%.
Wall Street’s so-called fear gauge, the Cboe Volatility Index, or VIX collapsed to 35 from 50.
Fast-money Commodity Trading Advisers, or CTAs, which follow the market direction rather than fundamental factors, also turned into buyers after the S&P 500 hit 5,425.
Before today’s jump, their positioning dropped to the lowest levels since March 2023.
“The Trump put potentially catalyzed a massive whipsaw in CTA positioning,” said Daniel Ghali, senior commodity strategist at TD Securities.
“Expect CTAs to be forced to buy risk assets including equity indices.”
Earlier in the session, Trump indicated he was at least paying attention to the market volatility, writing on Truth Social that “this is a great time to buy” and urging Americans to “BE COOL” amid the turbulence.
The latest change of direction shook investors across Wall Street.
“It feels like his advisers have talked Trump off the cliff,” said Laura Lau, senior vice-president and chief investment officer at Brompton Corp.
She said there was still a lack of clarity on which countries were spared from tariffs for now, and how dramatically Trump is still prepared to escalate his trade war with China.
“It’s hard to have a fundamental view,” she said.
That the reprieve excludes China was cause for some concern on Wall Street.
“Respite? Further economic suicide? It will all depend on where you source product from of course, and unfortunately about $450 billion is still being imported from China,” Peter Boockvar of Bleakley Financial Group wrote in a note titled “Dramamine Please.”
Brent Kochuba, Founder of SpotGamma, said the pause was “very bullish for markets short-term” but “it doesn’t solve the tariff problem.”
The sharp rally comes as US stocks had been at the most oversold since the depths of the pandemic, and traders were looking for a market bottom.
–With assistance from Matthew Griffin and Esha Dey.
By Anand Krishnamoorthy(Bloomberg):

By Rita Nazareth, Vildana Hajric, Isabelle Lee and Denitsa Tsekova (Bloomberg):
Key Events This Week:
* US CPI, jobless claims, Thursday
* Fed’s Michelle Bowman’s nomination hearing in Senate for the position of vice chair for supervision, Thursday
* Fed’s Austan Goolsbee, Patrick Harker, Lorie Logan, Jeff Schmid speak, Thursday
* US PPI, University of Michigan consumer sentiment, Friday
* Major banks reporting earnings include JPMorgan, Bank of New York Mellon, Morgan Stanley, Wells Fargo, Friday
* Fed’s John Williams and Alberto Musalem speak, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 9.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 12%
* The Dow Jones Industrial Average rose 7.9%
* The MSCI World Index rose 6.3%
* Bloomberg Magnificent 7 Total Return Index rose 14%
* The Russell 2000 Index rose 8.7%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro fell 0.2% to $1.0934
* The British pound rose 0.3% to $1.2800
* The Japanese yen fell 1.1% to 147.90 per dollar
Cryptocurrencies
* Bitcoin rose 6.8% to $82,312.53
* Ether rose 11% to $1,647.34
Bonds
* The yield on 10-year Treasuries advanced four basis points to 4.33%
* Germany’s 10-year yield declined four basis points to 2.59%
* Britain’s 10-year yield advanced 17 basis points to 4.78%
Commodities
* West Texas Intermediate crude rose 4.8% to $62.45 a barrel
* Spot gold rose 3.7% to $3,093.53 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Katie Greifeld, Robert Brand, Julien Ponthus, Anand Krishnamoorthy, Winnie Hsu, Ruth Carson, Rob Verdonck and Phil Kuntz.

Have a lovely evening.

Be magnificent!

As ever,

Carolann
You were born to win, but to be a winner, you must plan to win, prepare to win, and expect to win. –Zig Ziglar, 1926-2012.

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: Buddha’s Birthday; Siddhartha, The Enlightened One.

April 8, 1862: John D. Lynde patents the aerosol dispenser, revolutionizing the packaging and delivery of products like paints, cleaners, and personal care items.
April 8, 1952: President Harry S. Truman seized the steel industry to avert a nationwide strike.  Go to article
.
Florida wins NCAA men’s basketball championship
The Gators came from behind last night to defeat the Houston Cougars 65-63. This is Florida’s third national title; it would’ve been Houston’s first.

Celebrity feud ends
Madonna says she and Elton John “finally buried the hatchet” over the weekend after trading barbs for decades. When she went backstage following his performance on “Saturday Night Live,” John reportedly asked for her forgiveness — and she gave it.

Saturday… what a day
“Happy Days” stars Ron Howard, Henry Winkler, Anson Williams and Don Most reunited last Saturday at Steel City Con outside of Pittsburgh. The cast joined a panel discussion about their hit TV series and were honored by the Allegheny County Council, which declared April 5 as Happy Days Day.

Tracy Chapman is back
And she’s belatedly celebrating the 35th anniversary of her self-titled debut album by re-releasing it in vinyl. The usually reclusive singer last returned to the limelight at the 2024 Grammys to perform her hit song “Fast Car” with country star Luke Combs, who also released a cover of it.

Adorable dire wolf pups mark ‘world’s first de-extinction,’ Colossal Biosciences says
Dire wolves, made famous by HBO’s Game of Thrones, have been extinct for around 12,500 years. But thanks to genetic engineers at biotech company Colossal Biosciences, these majestic predators are back.
Read More.

How a ‘mudball’ meteorite survived space to land in the jungles of Central America
“The fall of Aguas Zarcas was huge news in the country. No other fireball was as widely reported and then recovered as stones on the ground in Costa Rica in the past 150 years.” Read More.

130,000-year-old mammoth calf smells like ‘fermented earth and flesh,’ necropsy reveals
Researchers have performed a necropsy on a 130,000-year-old baby mammoth preserved in the Siberian permafrost. Read More

AI creates better and funnier memes than people, study shows — even when people use AI for help
In a study, memes created by OpenAI’s GPT-4o model were, on average, rated funnier, more creative and more shareable than those created by humans. Read More.

PHOTOS OF THE DAY

Mongolians
Horses walk along a road overlooking the smoggy skyline of Mongolia’s capital, Ulaanbaatar.
Photographs: Andy Hall for the Observer

Konya, Turkey
Great white pelicans rest on the shores of Lake Çavuşçu as they migrate from north from Africa
Photograph: Seyit Konyali/Anadolu/Getty Images

Spring in London
Signs of spring as a plant comes into bud.
Photograph: Sarah Lee/The Guardian
Market Closes for April 8^th, 2025

Market Index	Close	Change
Dow Jones	37645.59	-320.01
		-0.84%
S&P 500	4982.77	-79.48
		-1.57%
NASDAQ	15267.91	-335.35
		-2.15%
TSX	22506.89	-352.57
		-1.54%

International Markets

Market Index	Close	Change
NIKKEI	33012.58	+1876.00
		+6.03%
HANG SENG	20127.68	+299.38
		+1.51%
SENSEX	74227.08	+1089.18
		+1.49%
FTSE 100*	7910.53	+208.45
		+2.71%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.130	2.879
CND. 30 Year Bond	3.457	3.189
U.S. 10 Year Bond	4.2929	3.9943
U.S. 30 Year Bond	4.7647	4.4090

Currencies

BOC Close	Today	Previous
Canadian $	0.7014	0.7031
US $	1.4257	1.4223

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5651	0.6389
US $	1.0978	0.9109

Commodities

Gold	Close	Previous
London Gold Fix	3014.75	3118.10
Oil
WTI Crude Future	59.58	61.99

Market Commentary:
Letting your emotions override your plan or system is the biggest cause of failure. – J. Welles Wilder Jr., 1935-2021.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian stocks dropped for a fourth straight session, marking their longest losing streak since December as fallout from US President Donald Trump’s tariff plans continues and oil prices declined.
The S&P/TSX Composite Index erased an opening gain to close 1.5% lower on Tuesday as key North American equities gauges swung sharply.
Six stocks dropped for every one that gained as every sector in the Toronto market ended Tuesday’s session lower.
Canadian Natural Resources Ltd., the country’s largest oil and gas producer, was the biggest drag on the index as oil prices dropped below $60 a barrel.
The Canadian benchmark, which entered a correction last week during Friday’s sharp selloff, swung nearly 5% over the course of the session.
The S&P/TSX has now posted three straight intraday moves of more than 4% — the last time the index has posted such a prolonged streak of volatility outside of the pandemic was in 2011.
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.5%, with 11 of 11 sectors lower, led by health care stocks.
As of market close, 170 of 218 stocks fell, while 48 rose.
Tilray Brands Inc. led the declines, falling 21%, while Kinaxis Inc. increased 3.1%.
Markets at a Glance:
* S&P/TSX Index fell 1.5% to 22,507
* 11 of 11 sectors fell
** Health care declined, down 5.7%
** Communication services declined, down 3.7%
* S&P 500 Index fell 1.6% to 4,983
* Nasdaq 100 Index fell 2% to 17,090
* Crude oil fell 3.8% to $58/bbl
* Natgas fell 4.3% to $3.50/mmbtu
* Gold rose 0.7% to $2,973/oz
* Silver rose 0.4% to $30/oz
* Kinaxis Inc. (KXS CN) +3.1%
* Iamgold Corp. (IMG CN) +2.4%
* K92 Mining Inc. (KNT CN) +2.1%: K92 Mining 1Q Gold Production at Kainantu 47,817 Oz AuEq
* Aya Gold & Silver Inc. (AYA CN) +1.7%
* Definity Financial Corp. (DFY CN) +1.4%
Decliners
* Tilray Brands Inc. (TLRY CN) -21%: Tilray Brands Shares Tumble as Adjusted Ebitda Misses (1)
* Novagold Resources Inc. (NG CN) -12%
* Vermilion Energy Inc. (VET CN) -11%
* Baytex Energy Corp. (BTE CN) -11%
* Algoma Steel Group Inc. (ASTL CN) -9.3%
US
By Rita Nazareth, Isabelle Lee and Emily Graffeo
(Bloomberg) — Wild swings lashed Wall Street for a fourth straight session as back-and-forth trade threats between the US and China knocked down stocks, erasing an earlier rally that was the biggest since 2022.
The S&P 500 fell 1.6%, leaving it on the brink of a bear market.
Hopes for a quick end to extreme volatility were dashed after a White House official said the US is moving forward with tariffs on China as high as 104%.
Equities extended losses as Chinese Premier Li Qiang said his country has ample policy tools to “fully offset” negative external shocks.
Treasury two-year yields tumbled as traders boosted bets on rate cuts.
Tuesday’s slide extended the S&P 500’s more than 10% drop since the president detailed worldwide levies last Wednesday and at one point pushed the gauge down 20% since its record close in February, though stocks bounced at that level.
It was also a fourth day of nearly unprecedented volume on US equity markets, with more than 23 billion shares changing hands.
“The volatility reflects the new situation in which no one knows what the rules of road are, or even what the desired destination is,” said Que Nguyen at Research Affiliates LLC.
“Until investors reset expectations or those rules and goals are better understood, markets will continue these wild swings between hope and fear.”
Trump spent the final hours before his sweeping tariffs were set for full implementation lining up talks with key US allies, but hopes for a last-minute agreement with China appeared distant.
Across world markets, investors have been gripped by fears that something may break in the financial plumbing amid the cross-asset volatility, spurring speculation the Federal Reserve would need to speed up rate cuts to prevent a recession even with inflation jitters running rampant.
Fed Bank of San Francisco Mary Daly said the US central bank can take its time before making any adjustments to interest rates as it waits to see how trade policy changes play out.
Her Chicago counterpart Austan Goolsbee said tariffs are “way bigger” than he anticipated.
“The fundamental reason for the drawdown has been policy uncertainty – it’s functionally impossible to put in a bottom until that fundamental reason has been resolved, or at least until there is directional clarity on it,” said Scott Ladner at Horizon Investments.
The stock market is particularly vulnerable to wild swings due to a combination of thin liquidity and headline-driven algorithmic trading.
According to Goldman Sachs Group Inc.’s trading desk, the gap between market volume and liquidity in S&P 500 futures is currently the widest in the bank’s data set.
“This is what happens in highly volatile markets — they overshoot in both directions,” said Steve Sosnick, chief strategist at Interactive Brokers.
“The selling gets overdone, but so does the knee-jerk reaction to buy and chase.”
As Trump’s trade war sent markets into a tailspin, Bank of America Corp. clients posted their fourth-biggest inflow into US equities on record last week: $8 billion.
Institutional clients, retail traders and hedge funds were all net buyers, strategist Jill Carey Hall wrote in a Tuesday research note.
Warnings
Meantime, warnings from Wall Street strategists keep piling up on the dour outlook for stocks.
BlackRock Inc. strategists Jean Boivin and Wei Li downgraded US equities on Monday to neutral from overweight on a three-month horizon, saying they expect “more pressure on risk assets in the near term given the major escalation in global trade tensions.”
And a strategy team at Goldman Sachs Group Inc., including Peter Oppenheimer and Lilia Peytavin, said the equity selloff could well turn into a longer-lasting cyclical bear market as recession risks mount.

Key Events This Week:
* Federal Reserve minutes, Wednesday
* Fed’s Tom Barkin speaks, Wednesday
* China PPI, CPI, Thursday
* US CPI, jobless claims, Thursday
* Fed’s Michelle Bowman’s nomination hearing in Senate for the position of vice chair for supervision, Thursday
* Fed’s Austan Goolsbee, Patrick Harker, Lorie Logan, Jeff Schmid speak, Thursday
* US PPI, University of Michigan consumer sentiment, Friday
* Major banks reporting earnings include JPMorgan Chase, Bank of New York Mellon, Morgan Stanley, Wells Fargo, Friday
* Fed’s John Williams and Alberto Musalem speak, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 2%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World Index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.4% to $1.0955
* The British pound rose 0.4% to $1.2772
* The Japanese yen rose 1% to 146.29 per dollar
Cryptocurrencies
* Bitcoin fell 2.8% to $76,752.34
* Ether fell 6.7% to $1,465.6
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 4.27%
* Germany’s 10-year yield advanced two basis points to 2.63%
* Britain’s 10-year yield declined one basis point to 4.60%
Commodities
* West Texas Intermediate crude fell 3.5% to $58.56 a barrel
* Spot gold was little changed
This story was produced with the assistance of Bloomberg Automation.

–With assistance from Vildana Hajric, Robert Brand, Anand Krishnamoorthy and Aya Wagatsuma.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
The eternal mystery of the world is its comprehensibility.  The fact that it is comprehensible is a miracle. –Albert Einstein, 1879-1955.

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