May 1st, 2025, Newsletter

Dear Friends,

Tangents: Happy Friday Eve.  It’s May Day.
May 1, 1707: The Kingdom of Great Britain was created as a treaty merging England and Scotland took effect. Go to article
May 1, 1840: The world’s first adhesive postage stamp, the Penny Black, is issued in the United Kingdom, revolutionizing mail delivery by simplifying postage payment.

Pierre Teilhard de Chardin, philosopher, b.1881.
Judy Collins, singer, b.1934.

Eta Aquariids peak Monday night: How to see ‘shooting stars’ left behind by Halley’s comet.

Hidden messages found on 3,300-year-old Egyptian obelisk in Paris.

Vesta, the 2nd-largest asteroid in the solar system, may be a piece of a lost planet

AI researchers ran a secret experiment on Reddit users — and the results are creepy

ChatGPT update pulled after chatbot complimented users too much

A single molecule may treat rare, devastating mitochondrial diseases

Baseball fan hospitalized after scary fall
The unidentified man fell from the 21-foot right field wall and onto the field at PNC Park in Pittsburgh last night during the seventh inning of the Pirates and the Chicago Cubs game. Players from both teams took a knee while medical personnel attended to the injured fan.

Martin Scorsese scores Pope Francis’ last on-camera interview
The Oscar-winning filmmaker is co-producing a new documentary with the film production arm of Scholas Occurrentes, the late pontiff’s non-profit organization. “Aldeas – A New Story,” about a cinema program named Aldeas, will also feature clips of a conversation between Scorsese and Pope Francis.

Teen completes brutal swim across New Zealand’s Cook Strait
Californian Maya Merhige, 17, suffered thousands of jellyfish stings during the 14-hour, 27-mile swim. Crossing the Cook Strait, which separates New Zealand’s North and South Islands, is just one more step toward her ultimate goal: becoming the youngest person to complete the Oceans Seven — a series of brutal open water swims around the globe.

Slovenian superstar gives back to SoCal community
A vandalized mural depicting Kobe Bryant and his daughter Gianna, who died in a 2020 helicopter crash, may soon be repaired thanks to Luka Dončić. The Lakers’ new guard donated $5,000 — the entire goal of a GoFundMe page created by artist Louie Palsino — to restore “Mambas Forever” in downtown Los Angeles.

Singapore’s pandan cake craze is going global
Have you tried this light, fluffy, fluorescent green chiffon cake? The dessert is becoming so popular that the bakery famed for making it plans to expand sales throughout Asia — and possibly beyond.

RIP: Actress Priscilla Pointer dies at 100
In a Hollywood career that spanned six decades, Pointer became best known for playing formidable mothers in the film “Carrie” and on the hit TV soap “Dallas.” Along with her late husband, Jules Irving, she also co-founded the San Francisco Actor’s Workshop.

PHOTOS OF THE DAY

Somerset, UK
Beltane celebrations, marking the beginning of summer, at Glastonbury Chalice Well
Photograph: Ben Birchall/PA

London, UK
Swimmers using the suspended Sky Pool in Nine Elms on a sunny day
Photograph: Kin Cheung/A

​​​​​​​Hong Kong
Visitors take in the view at Tsim Sha Tsui during the May Day holiday
Photograph: Bertha Wang/AP
Market Closes for May 1^st , 2025

International Markets

Bonds

Currencies

Commodities

Market Commentary:
The number one thing that has made us successful, by far, is obsessive, compulsive focus on the customer, as opposed to obsession over the competitor. – Jeff Bezos, b. 1964.
Canada
(MT Newswires)
The Toronto Stock Exchange closed with a gain on Thursday as investors continue to add risk assets, and in connection to that one veteran mining executive sees gold equities boom as he predicts a bull run for gold to US$5,000 an ounce.
The S&P/TSX Composite Index closed up 46.13 points to 24,795.55.
Among sectors today, Telecoms, down 1.47%, was the biggest decliner, followed by Utilities, down 0.36%.
Information Technology was up 0.67%, followed by Base Metals, up 1.17%.
According to Dow Jones Market Data and FactSet, the index ended April down for the third consecutive months, losing 691.42 points or 2.71% over that period amid the prospect of a global trade war.
Even with global tariffs war still in the background, Canadian investors have had time to focus on domestic issues and events, including this week’s federal election.
Investors now await the first press conference from newly elected Prime Minister Mark Carney tomorrow at 11 a.m.
Eastern Time, for details on his party’s fiscal agenda.
Of commodities, West Texas Intermediate crude oil rose off a four-year low on Thursday as investors move to add risk assets.
WTI crude oil for June delivery closed up $1.03 to settle at US$59.24 per barrel after falling to the lowest since February 2021, a day earlier.
July Brent crude was last seen up $1.00 to US$62.06.
Gold was sharply lower late afternoon on Thursday as the dollar rose amid further data showing a slowing U.S. economy.
Gold for June delivery was last seen down $86.40 to US$3,232.70 per ounce as it continues to correct from the April 21 record high of US$3,435.30.
Staying on bullion, its record-breaking run will attract investors back to gold mining stocks, leading to “explosive” performance in shares of producers of the precious metal, according to Canadian mining-industry veteran Rob McEwen, Bloomberg News reported Thursday.
Bloomberg noted gold has climbed more than 25% this year, extending a stellar run in 2024, on the back of central bank buying, Asian investor interest, and growing haven demand.
However, it also noted, shares of gold miners have lagged, with some investors put off by production misses and rising costs, while others have been lured by higher returns in technology stocks and other sectors.
But with fears growing that the U.S. economy will nosedive as U.S. President Donald Trump’s trade war intensifies, gold miners could soon catch up as bullion prices keep rallying and other asset classes become less appealing according to McEwen, who founded Goldcorp and now leads McEwen Mining (MUX.TO).
Shares of company have dropped 34% over the past year.
McEwen runs a handful of small mines and a portfolio of projects that it is seeking to bring into production.
While investors’ aversion to the gold-mining sector has been a headwind to those efforts, McEwen is confident that the industry is set for a revival.
Bloomberg cites the mining veteran saying bullion is still in the early stages of a bull market and he expects gold equities to eventually outperform that of gold in the next two to three years, as the metal surges to US$5,000 an ounce.
That’s higher than mainstream gold analysts are forecasting, but many of them have been raising their targets as prices have soared to new highs, the report said.
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.2%, with four of 11 sectors lower, led by materials stocks.
As of market close, 118 of 218 stocks rose, while 95 fell.
Ivanhoe Mines Ltd. led the advances, rising 9.9%, while Alamos Gold Inc. decreased 9.6%.
Markets at a Glance:
* S&P/TSX Index fell 0.2% to 24,796
* Four of 11 sectors fell
** Materials declined, down 2.4%
** Information technology gained, up 1.3%
* Crude oil rose 1.4% to $59/bbl
* Natgas rose 3.7% to $3.45/mmbtu
* Gold fell 2.2% to $3,245/oz
* Silver fell 1% to $32/oz
Advancers:
* Ivanhoe Mines Ltd. (IVN CN) +9.9%: Ivanhoe Mines Jumps as Firm Plans Western Forelands Update (1)
* Baytex Energy Corp. (BTE CN) +6.1%
* Aecon Group Inc. (ARE CN) +5.3%
* Bird Construction Inc. (BDT CN) +5.1%
* Celestica Inc. (CLS CN) +5%: Meta Gains on Results, Capex Guide Boosts AI Names: Street Wrap
Decliners:
* Alamos Gold Inc. (AGI CN) -9.6%: Alamos Gold Drops as Higher Costs Weigh on Earnings: Street Wrap
* Bombardier Inc. (BBD/B CN) -9.4%: Bombardier Shares Slip on ‘Modest’ 1Q EPS Miss: Street Wrap
* Aya Gold & Silver Inc. (AYA CN) -8.4%: Precious Metals Miners Retreat as Gold Falls to Two-Week Low
* Spin Master Corp. (TOY CN) -8.2%: Spin Master Cut to Hold at Canaccord; PT C$26
* Wesdome Gold Mines Ltd. (WDO CN) -6.5%
US
By Rheaa Rao
(Bloomberg) — Wall Street’s risk appetite raged anew as robust tech earnings upended the ‘sell America’ narrative that rocked global markets last month in the grip of the tariff shock.
The S&P 500 rose for eight straight days, its longest winning streak since August.
The Nasdaq 100 finished 1.1% higher.
Microsoft Corp. and Meta Platforms Inc. jumped on upbeat results, boosting both the equities gauges.
A report of the US weighing a potential easing of restrictions on Nvidia Corp.’s sales to the United Arab Emirates pushed shares higher.
Treasury yields rose, with the 10-year rate around 4.21%, after investors slightly curbed their bets on US interest-rates cuts this year following factory activity data.
A dollar index climbed on reports that Donald Trump’s administration reached out to China to start tariff talks.
Tech earnings are largely driving optimism in the markets along with expectations that trade deals will offer many countries a reprieve from the highest tariffs first unveiled April 2.
After markets close, Apple Inc. earnings will be in focus for details on how the company views the impact of tariffs.
Amazon.com Inc. gave an operating income forecast that missed estimates after the closing bell, pushing shares lower in post-market trading.
After parsing a slew of earnings on Thursday, traders will turn their attention to the US jobs report that releases Friday, the last piece of significant data this week.
US PREVIEW: April Payrolls Print to Be Solid, Worse to Come“So far, we’re seeing big tech companies deliver on earnings, which is reassuring,” said Georgios Leontaris, chief investment officer for EMEA at HSBC Global Private Banking.
“The other element of the story beyond earnings is obviously the ongoing debate as to whether we’ve seen peak tariff noise or not.”

Here’s a snapshot of post-market earnings:
* Airbnb Inc. issued a weak outlook for the second quarter, following online travel peer Booking Holdings Inc. in blaming economic uncertainties for softer travel demand in the US. Shares are down in post-market trading.
* Block shares fell more than 10% after-hours. The digital- payments company posted first-quarter results below analysts’ estimates and lowered its full-year profit guidance.
* Instacart forecast adjusted Ebitda for the second quarter that beat the average analyst estimate.
* Reddit Inc. shares jumped after it said revenue in the current quarter will be better than estimates.
* Amgen Inc. outperformed Wall Street’s quarterly profit estimates as it moves forward with plans to crack the multibillion-dollar market for novel weight-loss medicines.
Among companies that reported earnings earlier, General Motors Co. cut its full-year profit outlook citing exposure to auto tariffs, among the biggest financial hits revealed by any company so far to the trade tumult.
McDonald’s Corp. shares fell after the burger chain’s first quarter sales missed estimates.
Qualcomm Inc. shares dropped after the company gave a tepid forecast, citing concerns over tariffs hurting demand for its products.
Despite some lackluster financial results, sentiment remained upbeat during the trading session on a report that the US has been pro-actively reaching out to China through various channels.
At the same time, Trump remained defiant, saying Wednesday he would not rush deals to appease nervous investors, and that market volatility has “nothing to do with tariffs.”
Earlier, weekly data showed jobless claims jumped to the highest level since February.
US manufacturing activity shrank by the most since November.
Most markets in Europe and many in Asia are shut for holidays.
The yen fell sharply against the dollar after the Bank of Japan said it will take longer than it previously thought to hit the inflation target.
In commodities, gold dropped to a two-week low on signs of potential trade talk progress between the US and other countries, which is quelling demand for haven assets.
US oil futures broke a three-day string of losses as stocks rallied, and President Donald Trump threatened broader sanctions against buyers of Iranian crude.
The US and Ukraine reached a deal over access to the country’s natural resources, offering a measure of assurance to officials in Kyiv who had feared Trump would pull back his support in peace talks with Russia.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.1%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World Index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.4% to $1.1288
* The British pound fell 0.4% to $1.3279
* The Japanese yen fell 1.7% to 145.53 per dollar
Cryptocurrencies
* Bitcoin rose 2.1% to $96,576.68
* Ether rose 2.8% to $1,844.27
Bonds
* The yield on 10-year Treasuries advanced five basis points to 4.22%
* Germany’s 10-year yield declined five basis points to 2.44%
* Britain’s 10-year yield advanced four basis points to 4.48%
Commodities
* West Texas Intermediate crude rose 1.5% to $59.06 a barrel
* Spot gold fell 1.8% to $3,228.43 an ounce

This story was produced with the assistance of Bloomberg Automation.

–With assistance from Richard Henderson, Margaryta Kirakosian, John Viljoen and Cecile Gutscher.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Habits change into character. –Publius Ovidius Naso “Ovid”.

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
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www.carolannsteinhoff.com