March 21, 2025, Newsletter

Dear Friends,

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

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

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

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

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

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

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

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

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

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

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

International Markets

Bonds

Currencies

Commodities

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

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

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

Be magnificent!
As ever,

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

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

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

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