What is this mold on my tree?

Question: I wonder if you would be able to advise about what to do with this tree. It's probably 3-4 years old. We noticed this infection on it this week (see photo). It is a June snow Dogwood. Any ideas?

responder: Jacki D., Master Gardener Diagnostician Volunteer (Washington, Multnomah and Clackamas Counties) Oregon State University Extension Service Volunteer Metro Master Gardeners (http://metromastergardeners.org/) Replied April 08, 2023, 3:40 PM EDT
response: A couple of clear-focus close-ups of the trunk will help with a diagnosis. Also, which direction of the trunk is the damage on (south or west, that sort of direction).

responder: The Question Asker Replied April 09, 2023, 2:17 PM EDT
response: Thanks, here are some closer up photos. It's on the north (north west) facing side. On Sat, Apr 8, 2023, 12:40 PM Ask Extension <<personal data hidden>> wrote:

responder: Jacki D., Master Gardener Diagnostician Volunteer (Washington, Multnomah and Clackamas Counties) Oregon State University Extension Service Volunteer Metro Master Gardeners (http://metromastergardeners.org/) Replied April 09, 2023, 5:59 PM EDT
response: I still can’t see the injury at the top of the “flow”, but there’s something likely there: physical, insect, bacterial canker are possibilities. When you get close and touch and smell it, how is it? Do you see “bubbles”?

responder: The Question Asker Replied April 12, 2023, 8:31 PM EDT
response: Some more photos - I've now observed it on a nearby tree too - same type and planted the same year. The majority of the slime on the first tree seems to have moved down the trunk now. Can't see anything obvious about where it starts - nothing stands out. The yellow bits are the "bubbles" if anything but it's not particularly bubbly. On Sun, Apr 9, 2023, 2:59 PM Ask Extension <<personal data hidden>> wrote:

responder: Jay W. Pscheidt, PhD, Professor  Replied April 13, 2023, 8:07 AM EDT
response: Your images show (1 or more) trees with a slimy colorful flow starting about mid trunk and extending down to the ground. You also indicated that it was on the north or northwest side. I have seen this before as winter injury to a wide variety of plants. What caused the initial injury is not certain. Could be cold weather or could be some kid or car pushing on the tree to the point a crack forms. Once the crack forms the tree's sap flows out slowly. Sp slow it is not easily seen. But the sap has a lot of nutrients in it that microorganisms can feed and utilize. If we analyzed the slimy flow you would find all kinds of bacteria, fungi and yeasts. Their growth is what produces the slime and colors. The tree may do just find this summer as it grows and tries to seal off the area. If wood rot fungi gain entrance it could have troubles in future years. I suggest just leaving it alone and seeing what happens this year. Give it a drink of water once a month this summer to keep it happy. Good luck.   FYI - Have a look here at the 4th image or so: https://pnwhandbooks.org/plantdisease/pathogen-articles/nonpathogenic-phenomena/winter-injury-landscape-plants-pacific

responder: The Question Asker Replied April 13, 2023, 1:05 PM EDT
response: Thank you very much, that is very helpful! Much appreciated. On Thu, Apr 13, 2023 at 5:07 AM Ask Extension <<personal data hidden>> wrote: