March 26, 2025, Newsletter

Dear Friends,

Tangents:
March 26, 1885: The Eastman Dry Plate and Film Co. of Rochester, N.Y., manufactured the first commercial motion picture film. Go to article.
March 26, 1979: Anwar Sadat of Egypt and Mencheim Begin of Israel sign a peace accord.
March 26, 2000: Vladimir Putin is elected President of Russia, initiating significant political and economic changes in the country.

Beethoven, composer, d. 1827.
Robert Frost, poet, b. 1874.
Tennessee Williams, playwright, b. 1911.
Erica Jong, writer, b. 1942.
Diana Ross, singer, b. 1944.
Keira Knightly, actress, b. 1985.

How did you sleep last night?
If the answer is “not well,” actor Walter Goggins wants to help. The “White Lotus” star has recorded a sleep story for the meditation app Calm that he hopes will provide listeners with a relaxing, dreamlike experience.

Coming soon to a theatre near you
A variety of new movies are arriving in theaters this spring. So, if you’re looking for an escape, check out these flicks featuring killer unicorns, a giant Great Dane and the final reckoning for “Mission: Impossible” hero Ethan Hunt.

Pedro Pascal would like just a little bit of privacy
“The Last of Us” star said he felt violated when the paparazzi revealed his highly-caffeinated coffee order. “It was an incredibly private morning ritual that I never wanted anyone to know about!” Pascal said on “Jimmy Kimmel Live.”

25,000-year-old mammoth bones reveal culture of ancient humans
Archaeologists have discovered the remains of at least five woolly mammoths at a site in Austria. The remains suggest that ancient humans processed the mammoths’ ivory tusks
25,000 years ago. Read More.

‘Unlike any objects we know’: Scientists get their best-ever view of ‘space tornadoes’ howling at the Milky Way’s center
Scientists have gotten the best-ever view of “space tornadoes” howling near the Milky Way’s black hole. The cosmic twisters could play an important role in distributing
organic molecules throughout the galaxy. Read More.

Alef’s Model A — a single-seater ‘retro’ flying car — is 1 step closer to taking to the skies
Alef has billed its Model A electric vehicle, which is capable of operating both as a road-based car and as an aircraft, as the cure for congestion.

Alef’s Model A — a single-seater ‘retro’ flying car — is 1 step closer to taking to the skies
Alef has billed its Model A electric vehicle, which is capable of operating both as a road-based car and as an aircraft, as the cure for congestion. Read More.
PHOTOS OF THE DAY

Vilanova de Sau, Spain
The belfry of an 11th-century Romanesque church emerges from the Sau reservoir in Catalonia
Photograph: Emilio Morenatti/AP

Ulukoy, Turkey
The snow begins to melt and crocuses come into bloom to signify the start of spring in Malatya
Photograph: Bayram Ayhan/Anadolu/Getty Images

​​​​​​​Whitley Bay, England
The sky is filled with colour from the Northern Lights near St Mary’s lighthouse
Photograph: Owen Humphreys/PA
Market Closes for March 26^th, 2025

International Markets

Bonds

Currencies

Commodities

Market Commentary:
The stock market is a device for transferring money from the impatient to the patient. -Warren Buffett, b. 1930.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.7% at 25,161.06 in Toronto.
The move was the biggest since falling 0.9% on March 13 and follows the previous session’s increase of 0.1%.
Shopify Inc. contributed the most to the index decline, decreasing 5.2%.
Celestica Inc. had the largest drop, falling 9.9%.
Today, 149 of 218 shares fell, while 66 rose; 8 of 11 sectors were lower, led by information technology stocks.
Insights
* This quarter, the index rose 1.8%
* This month, the index fell 0.9%
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 9.5% in the same period
* The S&P/TSX Composite is 2.8% below its 52-week high on Jan. 30, 2025 and 17.2% above its low on June 17, 2024
* The S&P/TSX Composite is up 0.4% in the past 5 days and fell 0.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.8 on a trailing basis and 15.6 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$4.09t
* 30-day price volatility rose to 15.53% compared with 15.42% in the previous session and the average of 14.00% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -94.3109| -3.7| 0/10
Materials | -51.0606| -1.5| 6/43
Financials | -35.0584| -0.4| 8/17
Consumer Staples | -8.5685| -0.9| 1/9
Real Estate | -3.3933| -0.7| 2/17
Utilities | -2.9810| -0.3| 5/10
Consumer Discretionary | -1.9561| -0.2| 6/4
Health Care | -1.3956| -2.0| 0/4
Energy | 4.0552| 0.1| 25/15
Communication Services | 5.7307| 1.0| 5/0
Industrials | 10.4974| 0.3| 8/20
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -68.8400| -5.2| -43.5| -2.8
Brookfield Corp | -15.1000| -1.9| -51.6| -6.2
Teck Resources | -11.7200| -6.1| 4.5| -1.6
Suncor | 4.8040| 1.0| -80.9| 8.2
Canadian Pacific Kansas | 8.6490| 1.3| -41.6| 0.6
Canadian National | 9.7000| 1.8| -42.1| -2.1
US
By Rita Nazareth
(Bloomberg) — Three days of relative peace were broken on Wall Street, with big tech driving major stock benchmarks lower, as concern about a trade war’s impact on the economy and inflation resurfaced to squelch risk appetites.
The S&P 500 fell more than 1%.
The slide was led by the group of mega caps known as “Magnificent Seven” — whose quarterly selloff is shaping up to be the worst since 2022.
Nvidia Corp. and Tesla Inc. dropped at least 5.5%.
Microsoft Corp. has walked away from new data center projects in the US and Europe, according to TD Cowen analysts.
The Nasdaq 100 slipped around 2%.
A gauge of big banks snapped a streak of eight straight days of gains.
President Donald Trump will announce tariffs on the auto industry on Wednesday, a move that would escalate his fight with trading partners ahead of a broader tariff push next week.
Federal Reserve Bank of St. Louis President Alberto Musalem said it’s not clear the impact of tariffs will prove temporary.
“Uncertainty on the tariff front remains ridiculously high, leaving it incredibly tough for businesses or consumers to plan more than about a day into the future, and still making it nigh- on impossible for market participants to price risk,” said
Michael Brown, a strategist at Pepperstone.
The S&P 500 declined 1.1%.
The Nasdaq 100 slipped 1.8%.
The Dow Jones Industrial Average slid 0.3%.
A Bloomberg gauge of mega caps sank 3%.
The Russell 2000 dropped 1%.
The yield on 10-year Treasuries advanced three basis points to 4.35%. The dollar gained 0.3%.
“Today was a reminder that despite the recent rebound in stocks, volatility remains as policy uncertainty lingers,” said Daniel Skelly, head of Morgan Stanley’s Wealth Management Market Research & Strategy Team.
“Moreover, next week’s tariff deadline will likely be more of a starting point for negotiations than a conclusion, so the market may struggle to recover in a straight line higher.”
Tariffs and weakening survey data are set to weigh on the US stock market for the rest of the year, according to Barclays Plc strategists led by Venu Krishna, who cut their 2025 S&P 500 price target to 5,900 from 6,600.
“It’s a common maxim that ‘markets hate uncertainty,’ and the ambiguity around the tariff announcement has undoubtedly hit risk sentiment already, so we may see a small relief rally in risk assets and the greenback once the announcement is behind us,” said Matthew Weller at Forex.com and City Index.
That said, Weller noted that hints of further tariffs to come and the likelihood that punitive tariffs may be used as negotiating levers in the coming months mean that any risk rally may be short-lived.
That’s until there’s confidence that the “relentless stream of economy-disrupting policies are fully behind us,” Weller concluded, Worries over the economic effects of the global trade war are sapping liquidity in US stocks, creating a headache for institutional investors that could also boost volatility in broader markets.
Liquidity in S&P 500 stock-index futures, as measured in the most active contract, stands at a two-year low, data compiled by Deutsche Bank AG show.
“2025 may continue to challenge investors through a dueling mix of macro uncertainty within the geopolitical environment and shifting internal liquidity conditions,” said Dan Wantrobski at Janney Montgomery Scott.
“We remain concerned that there may be a profound change in underlying liquidity conditions which can exert influence on the risk markets over the coming months.”
From a technical standpoint, he noted that the recent “oversold rally effort” is starting to get a “bit sloppy.”
“We remain cautious over the near term and continue to look for confirmation that a bottom has been firmly put in place,” Wantrobski concluded.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.8%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World Index fell 1%
* Bloomberg Magnificent 7 Total Return Index fell 3%
* The Russell 2000 Index fell 1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.4% to $1.0751
* The British pound fell 0.4% to $1.2888
* The Japanese yen fell 0.4% to 150.57 per dollar
Cryptocurrencies
* Bitcoin fell 1.5% to $86,552.46
* Ether fell 3.2% to $2,000.41
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.35%
* Germany’s 10-year yield was little changed at 2.80%
* Britain’s 10-year yield declined three basis points to 4.73%
Commodities
* West Texas Intermediate crude rose 1.1% to $69.73 a barrel
* Spot gold was little changed

–With assistance from Sujata Rao, Margaryta Kirakosian, Winnie
Hsu and Lynn Thomasson.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
The important thing is not to stop questioning.  Curiosity has its own reason for existing.  One cannot help but be in awe when he contemplates the mysteries of eternity, of life, of the marvelous structure of reality.  It is enough if one tries merely to comprehend a little of this mystery every day.  Never lose a holy curiosity. –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