Business and Finance News - 3.3.25

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Canada will extend its mineral exploration tax credit for two years, providing C$110 million to support investment in mining projects and reduce reliance on Chinese capital. The move aligns with Canada’s strategy to secure critical mineral supplies for the U.S. while navigating potential trade tensions and increasing competition in the global mining sector. (Reuters)

Key Insight → Canada's decision to extend the mineral exploration tax credit for two more years is a strategic move to strengthen its mining sector and reduce reliance on Chinese capital, ensuring a more secure and self-sufficient supply chain for critical minerals. This is particularly significant as global trade tensions rise, with Canada positioning itself as a key supplier to the U.S. amid potential tariffs and restrictions on Chinese exports. However, while the extension provides short-term relief, industry leaders argue that Canada must enhance its competitiveness by streamlining permitting processes and creating a more favorable investment environment to keep pace with emerging mining destinations.

President Donald Trump announced a U.S. strategic crypto reserve including Bitcoin, Ethereum, Solana, XRP, and Cardano, aiming to position the country as a leader in digital assets. The announcement triggered a market rally, with Bitcoin rising 10% and other cryptocurrencies surging, as investors anticipate further policy developments at an upcoming White House Crypto Summit. (CNBC)

Key Insight → Trump’s announcement of a U.S. strategic crypto reserve signals a major shift in government policy, giving digital assets a level of legitimacy and institutional backing that could accelerate mainstream adoption. The inclusion of multiple cryptocurrencies beyond Bitcoin, such as Ethereum, Solana, XRP, and Cardano, suggests a broader vision for blockchain integration in financial infrastructure, payments, and decentralized finance. This move is likely to trigger increased institutional interest, regulatory clarity, and potential geopolitical implications, as nations compete to establish dominance in the evolving digital economy.

Microsoft will retire Skype on May 5, requiring users to export their data or migrate to Microsoft Teams, which will retain message history and contacts. The transition eliminates Skype’s calling features as Microsoft shifts focus to Teams, reflecting the broader industry move away from traditional VoIP services toward modern messaging platforms. (The Verge)

Key Insight → Microsoft shutting down Skype in favor of Teams marks the end of one of the most iconic communication platforms, signaling a shift toward a more integrated, business-oriented messaging experience. This move highlights the declining relevance of traditional VoIP calling in an era where messaging apps and video conferencing platforms dominate digital communication. For the broader market, it reinforces Microsoft's strategy of consolidating its ecosystem around Teams, which could reshape competition in the remote collaboration space and challenge platforms like Zoom, WhatsApp, and FaceTime.

Tesla's stock fell 28% in February, marking its second-worst month ever, amid weakening consumer demand, disappointing earnings, and a 45% drop in EU sales. Investor concerns are also rising over Elon Musk’s political activities, which analysts say could impact the company’s brand and future sales. (Quartz)

Key Insight → Tesla's steep stock decline reflects growing investor unease over weakening EV demand, shifting market dynamics, and the impact of Elon Musk’s increasingly polarizing political engagements. With European sales slumping and U.S. consumer spending tightening, Tesla faces mounting competition from both legacy automakers and emerging EV rivals, challenging its once-dominant market position. While Musk’s loyal base may cushion the stock from a complete collapse, the broader market is signaling that Tesla is no longer immune to traditional valuation pressures and geopolitical risks.

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Here’s how the major indexes did on Friday:

• Dow Jones Industrial Average: 43,840.91 +601.41 (+1.39%)

• S&P 500: 5,954.50 +92.93 (+1.59%)

• Nasdaq Composite: 18,847.28 +302.86 (+1.63%)

• Russell 2000: 2,163.07 +23.41 (+1.09%)

Here’s how The Magnificent Seven did on Friday:

• Apple (AAPL) [3.637T]: 241.84 +4.54 (+1.91%)

• Nvidia (NVDA) [3.048T]: 124.92 +4.77 (+3.97%)

• Microsoft (MSFT) [2.951T]: 396.99 +4.46 (+1.14%)

• Amazon (AMZN) [2.25T]: 212.28 +3.54 (+1.70%)

• Alphabet (GOOGL) [2.079T]: 170.28 +1.78 (+1.06%)

• Meta Platforms (META) [1.693T]: 668.20 +9.96 (+1.51%)

• Tesla (TSLA) [942B]: 292.98 +11.03 (+3.91%)

Here’s how Bitcoin and Ethereum did yesterday:

• Bitcoin (BTC): $93,053.12 (9:30PM PST on 3/2/25)

• Ethereum (ETH): $2,444.31 (9:30PM PST on 3/2/25)