March 7, 2025, Newsletter

Dear Friends,

Tangents: Happy Friday.

March 7, 1869: Suez Canal opens.
March 7, 1876: Alexander Graham receives a patent for the telephone.  Go to article.
March 7, 1933: Monopoly invented.

Love it or hate it, it’s almost Daylight Saving Time
Clocks will move forward by an hour at 2 a.m. this Sunday for Daylight Saving Time. Watch this video to learn why the US started changing the clock.

Pilot walks out of cockpit to reassure passengers
A Delta Air Lines captain took a moment to reassure passengers as a slew of aviation incidents has made some flyers nervous. Watch the video here.

What music does King Charles listen to?
The Apple Music playlist of Britain’s 76-year-old monarch surprisingly includes reggae star Bob Marley, pop diva Kylie Minogue and genre-bending artist RAYE.

Tecno unveils the ‘world’s thinnest phone’
The Chinese technology company unveiled its new concept smartphone, which apparently is just 5.75 mm thick.

Walgreens is going private in an up to $24 billion deal
The drugstore chain is ending nearly 100 years as a publicly traded company. Read about the deal.

Unproven Einstein theory of ‘gravitational memory’ may be real after all, new study hints
Einstein’s theory of general relativity suggests that the “memory” of ancient events, such as black hole mergers, may be etched into the fabric of space-time by gravitational waves. New research shows how this theory of gravitational memory could finally be proven. Read More.

2,600-year-old jewelry stash from ancient Egypt includes gold statuette depicting family of gods
Archaeologists have found a hoard of 2,600-year-old jewelry at Karnak Temple in Egypt. Read More.

‘This doesn’t appear in computer simulations’: Hubble maps chaotic history of Andromeda galaxy, and it’s nothing like scientists expected
An ambitious new survey by the Hubble Space Telescope offers the first bird’s-eye view of all known dwarf galaxies orbiting the Andromeda galaxy. The data suggests Andromeda had a chaotic past unlike anything scientists expected. Read More.

Golden scaleless cave fish discovered in China shows evolution in action
The discovery of a golden scaleless fish in China is helping scientists understand how animals evolved to live in caves. Read More.

PHOTOS OF THE DAY

Bangkok, Thailand
The sun sets behind the Giant Swing, also known as Sao Chingcha
Photograph: Athit Perawongmetha/Reuters

A gazelle goes past a pack of beisa oryx at Lewa wildlife conservancy, northern Kenya
Photograph: Andrew Kasuku/AP

​​​​​​​Flamingos at Lake Van Basin in Van, Turkey
Photograph: Anadolu/Getty Images
Market Closes for March 7^th, 2025

International Markets

Bonds

Commodities

Market Commentary:
The thing you do obsessively between the age 13 and 18, that’s the thing you have the most chance of being world-class at. -William H. Gates, b. 1955,  Microsoft founder, Charlie Rose interview 2/22/2016.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.7% at 24,758.76 in Toronto.
The move follows the previous session’s decrease of 1.2%.
Royal Bank of Canada contributed the most to the index gain, increasing 1.2%.
MDA Space Ltd. had the largest increase, rising 17.7%.
Today, 157 of 220 shares rose, while 61 fell; 8 of 11 sectors were higher, led by energy stocks.
Insights
* This quarter, the index was little changed
* So far this week, the index fell 2.5%, heading for the biggest decline since the week ended Dec. 20
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 11% in the same period
* The S&P/TSX Composite is 4.3% below its 52-week high on Jan. 30, 2025 and 15.3% above its low on June 17, 2024
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.3 on a trailing basis and 14.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.97t
* 30-day price volatility rose to 14.11% compared with 13.91% in the previous session and the average of 11.57% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 65.9636| 1.7| 35/8
Financials | 44.5605| 0.6| 16/9
Materials | 19.9652| 0.6| 33/16
Industrials | 17.9214| 0.6| 16/11
Utilities | 14.3812| 1.5| 11/4
Consumer Discretionary | 11.8461| 1.4| 9/2
Communication Services | 8.9247| 1.4| 5/0
Real Estate | 0.6801| 0.1| 15/4
Health Care | -0.4145| -0.6| 2/2
Information Technology | -4.4935| -0.2| 8/2
Consumer Staples | -4.6027| -0.5| 7/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | 19.5500| 1.2| -9.6| -4.6
Suncor | 14.5400| 3.3| 53.2| 0.2
Enbridge | 13.1300| 1.4| -34.2| -1.0
Brookfield Asset Management | -5.5040| -2.9| 32.8| -10.4
Couche-Tard | -7.1400| -1.8| -6.9| -8.7
Shopify | -23.7200| -1.9| 55.7| -6.0
US
By Rita Nazareth
(Bloomberg) — A roller-coaster week for markets ended on that same note, with stocks whipsawing as traders tried to make sense of a myriad of headlines around the economy, tariffs and geopolitical developments.
Just minutes after a slide that drove the S&P 500 down over 1%, the gauge staged an “oversold bounce” as Federal Reserve Chair Jerome Powell said the economy is fine.
The Nasdaq 100 briefly breached the threshold of a correction.
Bonds fell.
In the first signal of a positive response from President Vladimir Putin to US counterpart Donald Trump’s call for a ceasefire, Russia was said to be willing to discuss a temporary truce in Ukraine.
The dollar saw its worst week since November 2022.
“What I do know is that volatility seems like the only thing that is certain at the moment,” said Kenny Polcari at SlateStone Wealth.
“Investors should make sure they understand that and are prepared for what that means. So, make sure you are well diversified for this ride.”
It’s been a whirlwind of a week for markets as tariffs hit a fever pitch, sending the S&P 500 into a tailspin that briefly drove it below it below a closely watched technical level: its 200-day moving average.
While the gauge saw a late-week rebound, it still ended with its worst weekly selloff since September.
Wall Street also kept an eye on the latest economic data.
US job growth steadied last month while the unemployment rate rose — a mixed snapshot of a market hanging on the balance of quickly changing government policy.
Nonfarm payrolls increased 151,000 in February after a downward revision to the prior month.
The unemployment rate rose to 4.1%.
“We are not putting much stock in the jobs report at the moment,” said Byron Anderson at Laffer Tengler Investments.
“Today’s data was mixed at best, but we still have no clarity on the economy moving forward. Markets, businesses, and consumers do not like uncertainty and that means increased volatility.”

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World Index rose 0.2%
* Bloomberg Magnificent 7 Total Return Index rose 0.3%
* The Russell 2000 Index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.6% to $1.0847
* The British pound rose 0.3% to $1.2925
* The Japanese yen was little changed at 147.95 per dollar
Cryptocurrencies
* Bitcoin fell 3.2% to $86,999.49
* Ether fell 2.5% to $2,157.75
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.31%
* Germany’s 10-year yield was little changed at 2.84%
* Britain’s 10-year yield declined two basis points to 4.64%
Commodities
* West Texas Intermediate crude rose 1% to $67.04 a barrel
* Spot gold was little changed

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Alexandra Semenova and Sujata Rao.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann
So live your life that the fear of death can never enter your heart. -Tecumseh, 1768-1813.

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