March 27th 2025- Newsletter

Dear Friends,

Tangents: Happy Friday Eve.

March 27, 1513: Spanish explorer Juan Ponce de Leon sights Florida.
March 27, 1790: the modern shoelace with a n aglet is patented in England by Harvey Kennedy.

Wilhelm Roentgen, scientist, b. 1845.
Sarah Vaughan, singer, b. 1924.
Mariah Carey, singer, b. 1970

‘Exceptional’ hoard of 800 Iron Age artifacts found mysteriously burned and buried in UK field
An Iron Age hoard discovered in England is on a “kind of scale and size that is exceptional for Britain and probably even Europe.” Read More.

2,200-year-old mysterious pyramid structure filled with coins and weapons found near Dead Sea
The purpose of a mysterious pyramidal structure in the Judaean Desert is unknown, but excavators are finding many well-preserved artifacts there. Read More.

Never-before-seen chain of volcanoes discovered hiding near the Cook Islands
After suspecting the presence of a series of underwater volcanoes near the Cook Islands, researchers have now mapped out the newly discovered structures. Read More.

Brain aging accelerates dramatically around age 44 — could ketone supplements help?
A study of thousands of people finds that neural connections in the brain start to break down quickly around age 44, but the research hints that ketone supplements
could potentially help slow that brain aging. Read More.

Scientists unveil new type of ‘time crystal’ that defies our traditional understanding of time and motion
The latest time crystal innovation may expand the known boundaries of quantum mechanics. Read More.

Will Steph Curry become the baller of beverages?
The NBA star and former first lady Michelle Obama have joined forces to launch a new sugar-free sports drink.

‘Doomsday’ mega-cast announced
Marvel is going all out for the upcoming “Avengers” sequel by combining those superheroes with two other classic teams: the X-Men and the Fantastic Four.

Fan of the ‘The Office’? Head to Scranton.
Chili’s is opening a restaurant in the Pennsylvania city that will feature retro decor and menu items. You’ll even be able to drink a “Scranton Margarita,” just like Meredith Palmer.

PHOTOS OF THE DAY

Abu Dhabi, UAE
Muslim worshippers gather at Sheikh Zayed Grand Mosque for prayers during Laylat al-Qadr, the 27th night of the holy month of Ramadan
Photograph: Mohammed Zarandah/Anadolu/Getty Images

Nuuk, Greenland
A boat travels though a frozen sea inlet outside the Greenlandic capital
Photograph: Evgeniy Maloletka/AP

​​​​​​​First days of spring in London – in pictures
Photograph: Sarah Lee/The Guardian, Thu 27 Mar 2025 12.44 GMT
Market Closes for March 27^th, 2025

International Markets

Bonds

Currencies

Commodities

Market Commentary:
But the good big decisions, they don’t take any time at all.  If they take time, you’re in trouble. -Warren Buffett, (CNBC Town Hall event at Columbia University, November 11, 2009.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite was unchanged at 25,161.06 in Toronto.
The move follows the previous session’s decrease of 0.7%.
Royal Bank of Canada contributed the most to the index decline, decreasing 1.1%.
Magna International Inc. had the largest drop, falling 6.9%.
Today, 97 of 218 shares fell, while 116 rose; 4 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%
* So far this week, the index rose 0.8%
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 8.2% 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 was little changed 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 15.5 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$4.06t
* 30-day price volatility fell to 15.43% compared with 15.53% in the previous session and the average of 14.22% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -25.1508| -1.0| 1/9
Energy | -23.7684| -0.6| 6/34
Financials | -21.3319| -0.3| 14/11
Industrials | -8.5307| -0.3| 12/16
Health Care | 0.6948| 1.0| 3/1
Utilities | 0.9510| 0.1| 7/8
Consumer Discretionary | 1.4802| 0.2| 6/4
Real Estate | 1.4896| 0.3| 16/2
Consumer Staples | 8.3502| 0.9| 9/1
Communication Services | 8.5529| 1.5| 5/0
Materials | 57.2709| 1.7| 37/11
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
RBC | -18.3600| -1.1| -37.0| -5.2
Shopify | -18.2500| -1.4| -46.6| -4.2
Canadian Pacific Kansas | -13.8900| -2.0| 1.1| -1.4
Wheaton Precious Metals | 6.8770| 2.0| -44.3| 35.5
Franco-Nevada | 8.1890| 2.8| -32.3| 33.2
Agnico Eagle Mines Ltd | 16.8000| 3.2| -30.6| 37.2
US
By Rita Nazareth
(Bloomberg) — Stocks fell after the US pushed ahead with tariffs on automakers, reinforcing concern about a widening trade war and offsetting data that showed faster-than-estimated growth in the world’s largest economy.
Just days before the end of a quarter that’s set to be the worst for the S&P 500 since 2023, the gauge slipped anew.
Giants from Toyota Motor Corp. to Mercedes-Benz Group AG and General Motors Co. got hit.
AppLovin Corp. sank on a short report from Muddy Waters.
Mega caps were mixed, with Apple Inc. up and Nvidia Corp. down.
In late hours, Lululemon Athletica Inc. gave a gloomy outlook.
Bonds flashed concerns about inflation as short- dated Treasuries outperformed longer ones.
President Donald Trump signed a proclamation to implement a 25% tariff on auto imports and pledged harsher punishment on the EU and Canada if they join forces against the US.
The move overshadowed data showing the economy expanded at a quicker pace in the fourth quarter than previously estimated.
A measure of inflation was revised lower.
To Bret Kenwell at eToro, the data won’t act as a major confidence boost for investors as their focus is firmly planted in the current economic landscape rather than the one from a few months ago.
“Investors will want to see in-line or better inflation results and a strong employment number to gain some reassurance,” he said.
Inflation remains at a disquieting level for the Federal Reserve.
And Friday’s personal consumption expenditures price index is forecast to show signs of stickiness.
The S&P 500 lost 0.3%.
The Nasdaq 100 fell 0.6%.
The Dow Jones Industrial Average slid 0.4%.
The yield on 10-year Treasuries rose one basis point to 4.36%.
The dollar wavered.
Friday’s inflation data will provide a snapshot of price pressures and economic activity leading up to Trump’s planned April 2 announcement on reciprocal tariffs — which he has dubbed “Liberation Day in America.”
General uncertainty about the impact of the duties help explain why Fed officials kept interest rates unchanged last week.
“The threat of further tariff escalation remains a key concern, but our economic forecasts do not call for a recession in the US,” said Mark Haefele at UBS Global Wealth Management.
US PREVIEW: Inflation Uptick to Justify Fed’s Rate Hold For markets, the question is whether anything will be able to rise above the tariff noise, according to Chris Larkin at E*TRADE from Morgan Stanley.
“In the near-term, the most likely scenario is more choppy trading, he said.
To Craig Johnson at Piper Sandler, despite the heightened uncertainties surrounding tariffs and inflation, there are technical signals suggesting an intermediate-term low may be in place.
“While the path to a more meaningful recovery is often not a straight line upward, it appears that equities have found some footing off the March lows from which to build upon in the upcoming weeks,” he said.
Pessimism among individual investors about the short-term outlook for stocks decreased in the latest sentiment survey from the American Association of Individual Investors.
Meanwhile, optimism and neutral sentiment increased.
“With stocks getting a respite from the selling last week and into early this week, we expected some subsiding of the extremely high levels of bearish sentiment in the weekly survey from the AAII,” said Bespoke Investment Group strategists.
Bespoke noted that while bearish sentiment dropped, this week’s reading was still above 50% — and higher than 96.8% of all prior weekly readings since 1987.
US equities will soon regain their long-held edge over European peers as the brighter outlook for the old continent’s stocks is limited to sectors such as defense and banks, according to Jean Boivin, head of the BlackRock Investment Institute.
“This is a pretty narrow European story,” Boivin said in an interview.
“There’s no strong conviction yet to play Europe over the US over a six-to-12 month horizon.  We need to see more fiscal impetus beyond defense and implementation will be key.”

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.6%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World Index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.4% to $1.0795
* The British pound rose 0.5% to $1.2950
* The Japanese yen fell 0.3% to 151.04 per dollar
Cryptocurrencies
* Bitcoin fell 0.3% to $87,052.04
* Ether fell 0.3% to $2,004.22
Bonds
* The yield on 10-year Treasuries advanced one basis point to 4.36%
* Germany’s 10-year yield declined two basis points to 2.77%
* Britain’s 10-year yield advanced six basis points to 4.78%
Commodities
* West Texas Intermediate crude rose 0.2% to $69.79 a barrel
* Spot gold rose 1.3% to $3,057.49 an ounce

Have a lovely evening.

Be magnificent!

As ever,

Carolann
Be true to your work, your word, and your friend. –Henry David Thoreau, 1817-1862.

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