RESULTS at a glance – 1Q25
Stocks in the US slumped in anticipation of “Liberation Day,” the US’ planned announcement of reciprocal tariffs on April 2nd. Canada managed to stay flat despite itself entering a trade war with the US while international markets managed to achieve positive growth. 10-year rates moved down following two rate cuts in Canada and anticipated cuts in the US, with no material change to the exchange rate between the two countries. Market uncertainty meanwhile has been a boon for gold, which has reached new all-time-highs.
| MARKETS | QTR-END 31-Mar-25 | YR-END 31-Dec-24 | CHANGE THIS YEAR |
| S&P/TSX Composite | 24,918 | 24,728 | 0.8% |
| S&P 500 | 5,612 | 5,882 | -4.6% |
| EAFE | 2,415 | 22,262 | 6.8% |
| GoC 10-Year | 2.97% | 3.22% | -25bps |
| US Gov 10-Year | 4.21% | 4.57% | -36bps |
| CAD$ / US$ | 0.695 | 0.695 | – |
| WTIC Oil | $71.48 | $71.72 | -0.3% |
| Gold | $3,120.20 | $2,610.90 | 19.5% |
Returns are based on price change only, and exclude dividends. Foreign indices are in USD.
Source: National Bank Financial, Monthly Market Performance as of March 31, 2025