Month: May 2021

Dear Friends,

Tangents: Happy Friday.
Midnight Sun, Norway, until July 30^th.
On May 14, 1948, the independent state of Israel was proclaimed as British rule in Palestine came to an end. Go to article »
2019~ Wikipedia confirms China has banned all versions of their website.

Our brains have something called a “negativity bias” that makes us remember bad news more than good, which is why you quickly forget that your co-worker complimented your presentation but keep dwelling on the fact that a kid at the bus stop insulted your shoes.  To feel balanced, we need at least a five to one ration of good to bad in our lives. -Small Talk.

People will forget what you said, people will forget what you did, but people will never forget how you made them feel. -Maya Angelou.

Letter written by Einstein featuring his famous equation goes up for auction.  It features one of the few handwritten examples of E=mc², which is wild. 

On Thursday, late-night hosts celebrated the C.D.C.’s new guideline stating that fully vaccinated Americans no longer had to wear masks in most places:

“Everyone is excited about the news while the adults who secretly got braces are like, ‘I thought I had more time.’” — JIMMY FALLON

“Oh, man. Every bar in New York City is going to feel like St. Patrick’s Day fell on Cinco de Mayo.” — JIMMY FALLON

PHOTOS OF THE DAY

Photographer Neil Barnes, captured a terrific rainbow from Thorncombe Beacon looking down to Eype and West Bay in Dorset.
CREDIT: Neil Barns/BNPS

Riders take the start of the seventh stage of the Giro d’Italia 2021 cycling race, 181 km between Notaresco and Termoli.
CREDIT: DARIO BELINGHERi/AFP/GETTY IMAGES

Jess Farrington cleans the crystals previously covered in clay,  as part of the The Heights of Abraham attraction at Matlock Bath.
CREDIT: ROD KIRKPATRICK/F STOP PRESS

Market Closes for May 14^th, 2021

Market Index	Close	Change
Dow Jones	34382.13	+360.68
		+1.06%
S&P 500	4173.85	+61.35
		+1.49%
NASDAQ	13429.97	+304.99 +2.32%
TSX	19366.69	+230.88
		+1.21%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28084.47	+636.46
		+2.32%
HANG SENG	28027.57	+308.90
		+1.11%
SENSEX	48732.55	+41.75
		+0.09%
FTSE 100*	7043.61	+80.28 +1.15%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.559	1.569
CND. 30 Year Bond	2.188	2.182
U.S.    10 Year Bond	1.6284	1.6574
U.S. 30 Year Bond	2.3401	2.3955

Currencies

BOC Close	Today	Previous
Canadian $	0.8259	0.8221
US $	1.2107	1.2164
Euro Rate 1 Euro=		Inverse
Canadian $	1.4705	0.6800
US $	1.2146	0.8233

Commodities

Gold	Close	Previous
London Gold Fix	1821.80	1830.70
Oil
WTI Crude Future	65.37	63.82

Market Commentary:
     On this day in 1997, Amazon.com went public on the Nasdaq, offering 3 million shares at an initial price of $18 per share.  (FYI, it closed today at $3222.90/sh – that’s a return of +17,805% or +742%/annum).
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks posted a weekly loss, though ended Friday’s session higher after tech shares led the way. The S&P/TSX Composite Index rose 1.2% Friday, most since April 1. Ten of eleven sectors advanced. Prime Minister Justin Trudeau’s government has begun preliminary internal discussions about reopening the border with the U.S., even as Canada remains well behind its neighbor in vaccinations.
Commodities
* Western Canadian Select crude oil traded at about a $12.75 discount to West Texas Intermediate
* Spot gold rose 0.9% to $1,842.42 an ounce
FX/Bonds
* The Canadian dollar rose 0.4% to C$1.2113 per U.S. dollar
* The 10-year Canada government bond yield fell 1.2 basis points to 1.556%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1.2 percent, or 230.88 to 19,366.69 in Toronto. The move was the biggest since rising 1.5 percent on April 1. Today, financials stocks led the market higher, as 10 of 11 sectors gained; 194 of 229 shares rose, while 35 fell. Brookfield Asset Management Inc. contributed the most to the index gain, increasing 6.0 percent. SNC-Lavalin Group Inc.
had the largest increase, rising 16.0 percent.
Insights
* In the past year, the index had a similar or greater gain 16 times. The next day, it advanced 12 times for an average 0.7
percent and declined four times for an average 1 percent
* So far this week, the index fell 0.5 percent
* The index advanced 33 percent in the past 52 weeks. The MSCI AC Americas Index gained 48 percent in the same period
* The S&P/TSX Composite is 0.9 percent below its 52-week high on May 10, 2021 and 36.5 percent above its low on May 14, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.6 on a trailing basis and 17.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3t
* 30-day price volatility rose to 9.32 percent compared with 8.64 percent in the previous session and the average of 8.78 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 81.7070| 1.3| 26/1
* Energy | 48.8536| 2.0| 23/0
* Materials | 37.0395| 1.5| 40/12
* Information Technology | 36.5737| 2.2| 9/2
* Real Estate | 7.5365| 1.2| 24/2
* Consumer Staples | 6.8227| 1.0| 9/4
* Utilities | 6.0000| 0.7| 14/2
* Consumer Discretionary | 5.0615| 0.7| 9/4
* Health Care | 4.7416| 2.0| 8/2
* Communication Services | 3.9846| 0.4| 7/1
* Industrials | -7.4320| -0.3| 25/5

US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks rose and Treasury yields declined for a second consecutive day as more-tempered commodity prices helped allay concerns about inflation risks. Energy and technology shares led the S&P 500, which tumbled Wednesday by the most since February. The tech-heavy Nasdaq 100 outperformed the broader index, suggesting a market recovery is gaining momentum, after a bruising week that saw gathering price pressures hit equities. Both indexes still finished the week in the red. An advance in European stocks was led by cyclical industries.  MSCI Inc.’s Asia-Pacific share gauge advanced more than 1%. “People are very optimistic economically,” said Simon Maughan, head of trading alpha at Liquidnet. “Between now and the end of the year, the market is still on the upward trajectory. Clearly sentiment is extremely optimistic about pent-up demand.” Markets appear to be regaining their equilibrium at the end of their biggest retreat in 11 weeks, with the focus of the benefits of an economic rebound overriding worry about the negative side-effect of inflation, for now.
The Federal Reserve’s policy is in a good place right now, said Cleveland Fed President Loretta Mester, while playing down signals from data that she warns will be volatile as the economy reopens. That may help to reinvigorate the reflation narrative of picking value shares tied to economic growth over pandemic stay-at-home favorites.  Walt Disney Co. fell after results that showed a faltering in growth at streaming service Disney+. Treasuries gained after a report showed U.S. retail sales stalled in April following a sharp advance in the prior month. The dollar remained weaker against all of its Group of 10 peers. “The disappointing retail sales numbers shouldn’t really come as a huge surprise given that last month encompassed stimulus money hitting bank accounts,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “It probably supports the point of view that the dip we experienced this week is a buying opportunity as all sectors march toward full recovery.” Iron ore continued its fall from a record amid efforts by China to clamp down on surging prices, with the metal set for the biggest two-day plunge since 2019.  Oil erased an earlier decline, paring its weekly loss. Bitcoin traded above $50,000, reversing some of its slump on Tesla Inc.’s decision to suspend purchases using the digital currency.

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 1.5%, more than any closing gain since March 26 as of 4 p.m. New York time
* The Nasdaq 100 rose 2.2%, more than any closing gain since March 11
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World index rose 1.6%, more than any closing gain since March 1
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%, more than any closing loss since May 7
* The euro rose 0.5% to $1.2143
* The British pound rose 0.3% to $1.4098
* The Japanese yen rose 0.1% to 109.35 per dollar
Bonds
* The yield on 10-year Treasuries declined three basis points to 1.63%
* Germany’s 10-year yield declined one basis point, more than any closing loss since May 4
* Britain’s 10-year yield declined four basis points, more than any closing loss since May 4
Commodities
* West Texas Intermediate crude rose 2.4%, the most since May 4
* Gold futures rose 1% to $1,843 an ounce

Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Life is never made unbearable by circumstances, but only by lack of meaning and purpose. -Victor Frankl, 1905-1997, Austrian neurologist, psychiatrist, philosopher, author and Holocaust survivor.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
On May 13, 1981, Pope John Paul II was shot and seriously wounded in St. Peter’s Square by Turkish assailant Mehmet Ali Agca.  Go to article »

Qantas supermoon ‘flight to nowhere’ sells out in record time.  “Flight to nowhere” sounds so ominous! It’s really more like “flight up in the sky near the airport for a little bit.”

Virtual Travel:  Roger Federer shares his favorite places in his home country of Switzerland.

Late-night hosts were all over the vote by Republicans to boot Representative Liz Cheney on Wednesday from her House leadership post after she refused to toe the party line on Donald J. Trump:

“After the vote, Liz Cheney said that she doesn’t want Trump to get near the Oval Office ever again. Yeah, it’s not that hard — all you have to do is hang a sign outside that says, ‘Just Salad.’” — JIMMY FALLON

“Yeah, Republicans haven’t turned on someone this fast since they tried to murder Mike Pence.” — JIMMY FALLON

PHOTOS OF THE DAY

A woman visits the ’10D Experience’ exhibition at the ‘Casa Batllo’ in Barcelona, Spain
CREDIT: ALEJANDRO GARCIA/EPA

A pedestrian crosses an intersection on a rainy day in Tokyo
CREDIT: CHARLY TRIBALLEAU/AFP VIA GETTY IMAGES

Textiles Supervisor Susie Stokoe checks the condition of the Devonshire Hunting Tapestries at Chatsworth House in Bakewell, Derbyshire. The stately home is preparing to reopen to the public on Tuesday May 18, following the further easing of lockdown restrictions. The nearly 600-year-old tapestries are returning to Chatsworth having belonged to the Devonshire family for more than 500 years before being handed over to the Treasury in lieu of tax in 1957.
CREDIT: PAUL COOPER FOR THE TELEGRAPH

A lion rests at Nsinga Waterhole in Greater Kruger National Park. Photographic guide, Moosa Varachia, was on hand to capture the melancholy moment and said the lion may have been sad at the prospect of leaving his pride. The 29-year-old from South Africa said: “As we arrived we found the lions all scattered around the water hole asleep.
CREDIT: MOOSAWILDLIFE / CATERS NEWS

Market Closes for May 13^th, 2021

Market Index	Close	Change
Dow Jones	34021.45	+433.79
		+1.29%
S&P 500	4112.50	+49.46
		+1.22%
NASDAQ	13124.99	+93.31 +0.72%
TSX	19135.81	+28.04
		+0.15%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27448.01	-699.50
		-2.49%
HANG SENG	27718.67	-512.37
		-1.81%
SENSEX	48691.80	-471.01
		-0.96%
FTSE 100*	6963.33	-41.30 -0.59%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.569	1.599
CND. 30 Year Bond	2.182	2.198
U.S.    10 Year Bond	1.6574	1.6916
U.S. 30 Year Bond	2.3955	2.4113

Currencies

BOC Close	Today	Previous
Canadian $	0.8221	0.8242
US $	1.2164	1.213
Euro Rate 1 Euro=		Inverse
Canadian $	1.4696	0.6805
US $	1.2081	0.8278

Commodities

Gold	Close	Previous
London Gold Fix	1830.70	1829.10
Oil
WTI Crude Future	63.82	66.08

Market Commentary:
     On this day in 1999, Barbie went high-tech as Mattel acquired The Learning Co., a maker of educational software, for $3.51 billion. After only 16 months, Mattel sold The Learning Co. to Gores Technology Group for no cash up front, the assumption of The Learning Co.’s debt and an undisclosed percentage of its future profits. Mattel lost roughly $4 billion on the acquisition, with nothing to show for it—making the deal one of the most disastrous in modern history.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities advanced Thursday after a three-day rout. The S&P/TSX Composite Index rose 0.2%, with 7 of eleven sectors rising. Energy and tech were among laggards. Oil slumped the most in over a month alongside a commodities downturn as growing inflation concerns raise the specter of a less accommodative U.S. Federal Reserve. The Bank of Canada is closely monitoring recent gains in the nation’s currency, to ensure the appreciation doesn’t create headwinds for the economic outlook, according to Governor Tiff Macklem.
Commodities
* Western Canadian Select crude oil traded at about a $12.80 discount to West Texas Intermediate
* Spot gold rose 0.6% to ~$1,827.20 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.2161 per U.S. dollar
* The 10-year Canada government bond yield fell 3.6 basis points to 1.562%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 0.1 percent at 19,135.81 in Toronto. The move follows the previous session’s decrease of 0.9 percent. Today, financials stocks led the market higher, as 7 of 11 sectors gained; 125 of 229 shares rose, while 97 fell. Toronto-Dominion Bank contributed the most to the index gain, increasing 1.5 percent. Canadian Tire Corp. had the largest increase, rising 10.6 percent.
Insights
* So far this week, the index fell 1.7 percent, heading for the biggest decline since the week ended Feb. 26
* The index advanced 32 percent in the past 52 weeks. The MSCI AC Americas Index gained 48 percent in the same period
* The S&P/TSX Composite is 2.1 percent below its 52-week high on May 10, 2021 and 34.9 percent above its low on May 14, 2020
* The S&P/TSX Composite is down 0.8 percent in the past 5 days and fell 0.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24 on a trailing basis and 16.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.99t
* 30-day price volatility fell to 8.64 percent compared with 9.75 percent in the previous session and the average of 8.79 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 75.3555| 1.2| 21/5
* Industrials | 27.1211| 1.2| 23/7
* Consumer Discretionary | 13.0994| 1.7| 8/4
* Real Estate | 4.9761| 0.8| 22/4
* Consumer Staples | 4.6867| 0.7| 10/2
* Communication Services | 4.5291| 0.5| 5/2
* Utilities | 0.3480| 0.0| 9/7
* Health Care | -4.4166| -1.8| 4/6
* Materials | -16.0186| -0.6| 13/36
* Information Technology | -33.0202| -1.9| 5/6
* Energy | -48.6374| -2.0| 5/18

US
By Vildana Hajric and Kamaron Leach
(Bloomberg) — Stocks halted a three-day slide, with investors migrating to value from growth companies as signs of a strengthening labor market tempered inflation worries. Industrial and financial shares led gains in the S&P 500, while energy producers joined a slump in oil. The tech-heavy Nasdaq 100 underperformed major equity benchmarks as Tesla Inc. slipped after Chief Executive Officer Elon Musk said the electric-car maker is suspending purchases using Bitcoin. In late trading, Coinbase Global Inc. sank as the biggest U.S. cryptocurrency exchange reported revenue below Wall Street estimates. “We’ve been on cyclical value and small cap for the better part of the last year,” said Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management. “Our forecast has been that you would have these cyclical upswings that would lead to a broadening market, and that is exactly what you’ve seen. We haven’t wavered one bit in our conviction that is going to continue.”
Confidence on an economic revival that’s reigned supreme amid continued Federal Reserve stimulus has been recently jolted. Data Thursday showed producer prices rose by more than forecast in April, and jobless claims fell. While some investors insist the surge in inflation is a one-off reopening burst, the broader markets are hedging against the possibility it may persist and force the central bank to take action. Officials have been trying to drive home the message that they see inflation spikes this year as transitory, in contrast with heightened Wall Street concern about runaway prices. Increases above the central bank’s 2% goal should be temporary, but may last through 2022, said Fed Governor Christopher Waller. “Taking a step back from inflation, the fact that jobless claims hit another pandemic-era low suggests we’re inching even closer to full reopening, which is no doubt a good thing,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. The Fed tweaked its plans for buying Treasuries, keeping the monthly pace at about $80 billion but focusing more attention on securities maturing in seven years or longer.
These are some of the main moves in markets:
Stocks
* The S&P 500 rose 1.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 1.3%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro was little changed at $1.2084
* The British pound was unchanged at $1.4054
* The Japanese yen rose 0.2% to 109.44 per dollar
Bonds
* The yield on 10-year Treasuries declined four basis points to 1.65%
* Germany’s 10-year yield was little changed at -0.12%
* Britain’s 10-year yield advanced one basis point to 0.90%
Commodities
* West Texas Intermediate crude fell 3.5% to $64 a barrel
* Gold futures rose 0.3% to $1,828 an ounce
Have a great night.

Be magnificent!
As ever,

Carolann

Your attitude, not your aptitude, will determine your altitude. -Zig Ziglar, 1926-2012

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Limerick Day.
Edward Lear, b. 1812.
Limerick Day is observed on the birthday of one of its champions, Edward Lear.  The limerick, which dates from the early 18^th century, has been described as the “only fixed verse form indigenous to the English language.  It gained its greatest popularity following the publication of Edward Lear’s Book of Nonsense.

The profs of our great university
Display the most striking diversity:
Some wise and some foolish,
Some saintly, some ghoulish, and some of the utmost perversity.
   ~From The Art of the Limerick by Cyril Bibby.

Florence Nightingale, b. 1820
Kate Hepburn, actress, b. 1907

On May 12, 1943, during World War II, Axis forces in North Africa surrendered.  Go to article »

Voyager spacecraft detects ‘persistent hum’ beyond our solar system.  Interstellar beings, if you’re trying to contact us, we’re kind of sorting through our own problems right now. 

PHOTOS OF THE DAY

Owner Philip Brind leads the single horse-power Ross along the Grand Western Canal towpath in Devon, assisted by crew and horseman Lauren Brinsden-Miles, as one of Britain’s last canal boat companies get ready for a grand reopening in June
CREDIT: MARK PASSMORE/APEX

Muslims use telescopes to look for the position of the moon to mark the end of the holy month of Ramadan, ahead the Eid al-Fitr festival, at Al-Musyari’in mosque in Jakarta, Indonesia
CREDIT: WILLY KURNIAWAN/REUTERS

This bizarre fish, thought to be a Pacific Football Fish, was found on the sand on the shore of Crystal Cove State Park’s Marine Protected Area in Laguna Beach, California, USA. The Pacific Football Fish is one of over 200 species of angler globally, according to California State parks, and can normally be found in the lower reaches of the ocean where no light reaches.

Market Closes for May 12^th, 2021

Market Index	Close	Change
Dow Jones	33587.66	-681.50
		-1.99%
S&P 500	4063.04	-89.06
		-2.14%
NASDAQ	13031.68	-357.75 -2.67%
TSX	19107.77	-166.27
		-0.86%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28147.51	-461.08
		-1.61%
HANG SENG	28231.04	+217.23
		+0.78%
SENSEX	48690.80	-471.01
		-0.96%
FTSE 100*	7004.63	-56.64 -0.82%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.599	1.540
CND. 30 Year Bond	2.198	2.142
U.S.    10 Year Bond	1.6916	1.6217
U.S. 30 Year Bond	2.4113	2.3451

Currencies

BOC Close	Today	Previous
Canadian $	0.8242	0.8266
US $	1.213	1.2097
Euro Rate 1 Euro=		Inverse
Canadian $	1.4646	0.6828
US $	1.2072	0.8284

Commodities

Gold	Close	Previous
London Gold Fix	1829.10	1840.45
Oil
WTI Crude Future	66.08	65.28

Market Commentary:
     On this day in 1817, the Warsaw Stock Exchange opened for trading in Poland, handling primarily government and corporate bonds. Initially, a mere one hour of trading, from 12 noon until 1 p.m., served to fill all the buy and sell orders.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian shares fell for a third day along with U.S. equities on inflation concerns after a higher than expected uptick in U.S. consumer prices. The S&P/TSX Composite index fell 0.9% in Toronto to lowest since April 23. All of the stock sectors fell, except energy as oil prices climbed. Meanwhile, Canadians are so alarmed by the red-hot housing market that many say they’d like to see the central bank raise the cost of borrowing to dampen demand for real estate and stabilize prices.
Commodities
* Western Canadian Select crude oil traded at about a $12.50 discount to West Texas Intermediate
* Spot gold fell about 1% to $1,819.87 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.2129 per U.S. dollar
* The 10-year Canada government bond yield rose about 6 basis points to 1.598%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.9 percent, or 166.27 to 19,107.77 in Toronto. The move was the biggest since falling 1.1 percent on March 4. Today, materials stocks led the market lower, as 10 of 11 sectors lost; 177 of 229 shares fell, while 50 rose. Shopify Inc. contributed the most to the index decline, decreasing 2.0 percent. BRP Inc. had the largest drop, falling 10.4 percent.
Insights
* The index advanced 28 percent in the past 52 weeks. The MSCI AC Americas Index gained 43 percent in the same period
* The S&P/TSX Composite is 2.2 percent below its 52-week high on May 10, 2021 and 34.7 percent above its low on May 14, 2020
* The S&P/TSX Composite is down 1.1 percent in the past 5 days and fell 0.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.2 on a trailing basis and 17 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.02t
* 30-day price volatility rose to 9.75 percent compared with 9.31 percent in the previous session and the average of 8.84 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | -55.7863| -2.2| 6/46
* Industrials | -30.2342| -1.3| 3/27
* Financials | -25.8462| -0.4| 6/21
* Information Technology | -23.2454| -1.3| 2/9
* Consumer Discretionary | -11.5563| -1.5| 2/10
* Utilities | -9.0883| -1.0| 3/13
* Real Estate | -6.9577| -1.1| 2/23
* Communication Services | -6.2746| -0.7| 1/7
* Health Care | -5.6405| -2.3| 2/8
* Consumer Staples | -0.2209| 0.0| 8/5
* Energy | 8.5908| 0.3| 15/8

US
By Kamaron Leach and Vildana Hajric
(Bloomberg) — U.S. stocks slumped for a third day and bond yields climbed after a report showed inflation rose more than forecast, adding to concern that price pressures will stifle a recovery in the world’s biggest economy. The technology sector continues to lead the retreat in equities, with Apple and Microsoft pacing declines in the Nasdaq 100.  Cathie Wood’s ARK Innovation ETF resumed its slide, bringing this year’s loss to about 18%. After closing at a record high on Friday, the benchmark S&P 500 slumped the most since Feb. 25. Energy was the only one of the 11 industry sectors in the green. Treasury yields moved briefly off the highs of the day after a successful 10-year note auction. “The markets have been hovering around all-time highs with a lot of the reopening trade already priced in,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial.  “So it’s not out of the question that the outsized inflation read could bring us back down to earth a bit.”
The debate over whether inflation will be persistent enough to force the Federal Reserve to tighten policy sooner than current guidance suggests comes as abundant stimulus has powered a rally in global equities, raising concerns valuations had become expensive. Fed Vice Chair Richard Clarida said he was surprised by the rise in consumer prices and “we would not hesitate to act” to bring inflation down to its goals if needed. The consumer price index increased 0.8% from the prior month after a 0.6% gain in March. Excluding the volatile food and energy components, the so-called core CPI rose 0.9% from March. “The CPI data point feeds into a myopic narrative that the U.S. is overheating and the Fed is one step away from tightening,” said Mike Bailey, director of research at FBB Capital Partners. “Bears will feast on this tightening theme in the short term, but my sense is inflation will prove fleeting and markets will revert back to a more bullish view of moderate growth and lower risk of Fed tightening until we get to a full recovery.”
Elsewhere, the claim among advocates that Bitcoin is an inflation hedge appears to be in question after the CPI report. The digital asset slumped as much as 5.8% to around $53,600. European stocks closed mostly higher, lifted by optimism about economic re-openings and booming commodities. Copper and iron ore were on course for new records amid a broadening commodities boom. Oil was steady above $65 per barrel. The biggest U.S. pipeline is still closed in the wake of a cyberattack, leading to acute fuel shortages in some parts of the nation.

These are some of the main moves in markets:
Stocks
* The S&P 500 fell 1.8%, falling for the third straight day, the longest losing streak since March 4 as of 3:05 p.m. New York time
* The Nasdaq 100 fell 2.5%, falling for the third straight day, the longest losing streak since May 5
* The Dow Jones Industrial Average fell 1.6%, more than any closing loss since Feb. 25
* The MSCI World index fell 1.5%, more than any closing loss since Jan. 29
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%, more than any closing gain since April 30
* The euro slipped 0.6%, more than any closing loss since April 30
* The British pound slipped 0.6%, more than any closing loss since April 30
* The Japanese yen slipped 0.9%, more than any closing loss since March 4
Bonds
* The yield on 10-year Treasuries advanced seven basis points, more than any closing gain since March 12
* Germany’s 10-year yield advanced four basis points, climbing for the sixth straight day, the longest winning streak since Feb. 8
* Britain’s 10-year yield advanced five basis points, more than any closing gain since March 12
Commodities
* West Texas Intermediate crude rose 1%, climbing for the fourth straight day, the longest winning streak since April 15
* Gold futures fell 0.9% to $1,820 an ounce

–With assistance from Claire Ballentine.
Have a great evening.

Be magnificent!

As ever,

Carolann

There will come a time when you believe everything is finished; that will be the beginning. –Louis Dearborn L’Amour,1908-1988

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
May 11, 1997~ Deep Blue, a chess-playing supercomputer, defeats Garry Kasparov in the last game of the rematch, becoming the first computer to beat a world-champion chess player in a classic match format.

1998 A French mint produced the first coins of Europe’s single currency, the euro.  Go to article »

Salvador Dali, artist, b.1904
Irving Berlin, lyricist, b. 1888
Martha Graham, dancer, b. 1894

Virtual Travel : See the Russian republic of Kalmykia, where encroaching desert has transformed the landscape.

Oddball star’s strange supernova. 
PHOTOS OF THE DAY

Artist Mark Wallinger stands in the middle of his artwork ‘British Summer Time’, a human sundial in the grounds of Chiswick House and Gardens during a preview for their new artistic programme, as the attraction gets ready for the public ahead of further easing of lockdown restrictions in England
CREDIT: ANDREW MATTHEWS/PA

A large bull shark in Florida faces off with a diver
CREDIT: CAPTAINJOHNMOORE / CATERS NEWS

A member of staff looks at an 800-year-old stained glass window on loan from Canterbury Cathedral for a new exhibition, titled ‘Thomas Becket: murder and the making of a saint,’ at the British Museum in London
CREDIT: PAUL GROVER FOR THE TELEGRAPH

The Queen, without a mask, is escorted by her son and heir to the throne, Prince Charles, during the ceremony for the state opening of Parliament
CREDIT: RICHARD POHLE/POOL

Market Closes for May 11^th, 2021

Market Index	Close	Change
Dow Jones	34269.16	-473.66
		-1.36%
S&P 500	4152.10	-36.33
		-0.87%
NASDAQ	13389.43	-12.43 -0.09%
TSX	19274.04	-87.84
		-0.45%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28608.59	-909.75
		-3.08%
HANG SENG	28013.81	-581.85
		-2.03%
SENSEX	49161.81	-341.60
		-0.69%
FTSE 100*	6947.99	-175.69 -2.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.540	1.516
CND. 30 Year Bond	2.142	2.123
U.S.    10 Year Bond	1.6217	1.6020
U.S. 30 Year Bond	2.3451	2.3256

Currencies

BOC Close	Today	Previous
Canadian $	0.8266	0.8263
US $	1.2097	1.2101
Euro Rate 1 Euro=		Inverse
Canadian $	1.4697	0.6804
US $	1.2149	0.8231

Commodities

Gold	Close	Previous
London Gold Fix	1840.45	1836.55
Oil
WTI Crude Future	65.28	64.92

Market Commentary:
     On this day in 1861, as a sign of patriotic fellowship, the New York Stock Exchange banned all trading in Confederate stocks and bonds. However, members were still free to short-sell any Union securities.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks pared some of their earlier losses on Tuesday, but still ended the session in the red amid a broader equity market selloff. The S&P/TSX Composite index fell 0.5% in Toronto with consumer discretionary and real estate stocks as the worst performers, while tech and health care were the best. Meanwhile, stock-market bull Brian Belski at BMO raised his year-end target for Canadian stocks and expects the S&P/TSX Composite Index to rise 5.9% over the next seven months. He now sees the TSX ending the year at 20,500 from his previous target of 19,500.
Commodities
* Western Canadian Select crude oil traded at about a $12.85 discount to West Texas Intermediate
* Spot gold rose 0.1% to $1,838.04 an ounce
FX/Bonds
* The Canadian dollar was flat at C$1.2097 per U.S. dollar
* The 10-year Canada government bond yield rose to 1.540%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.5 percent, or 87.84 to 19,274.04 in Toronto. Today, financials stocks led the market lower, as 8 of 11 sectors lost; 159 of 229 shares fell, while 65 rose. Royal Bank of Canada contributed the most to the index decline, decreasing 0.8 percent. Aritzia Inc. had the largest drop, falling 4.5 percent.
Insights
* The index advanced 28 percent in the past 52 weeks. The MSCI AC Americas Index gained 44 percent in the same period
* The S&P/TSX Composite is 1.4 percent below its 52-week high on May 10, 2021 and 35.9 percent above its low on May 14, 2020
* The S&P/TSX Composite is up 0.4 percent in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.4 on a trailing basis and 17.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.03t
* 30-day price volatility rose to 9.31 percent compared with 9.17 percent in the previous session and the average of 8.80 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -42.3419| -0.7| 4/23
* Energy | -23.1867| -0.9| 4/16
* Industrials | -21.9573| -1.0| 5/25
* Consumer Discretionary | -15.9541| -2.0| 0/13
* Real Estate | -9.4018| -1.5| 1/25
* Utilities | -6.5896| -0.7| 2/14
* Consumer Staples | -6.2495| -0.9| 4/9
* Communication Services | -4.4503| -0.5| 2/5
* Health Care | 2.3112| 0.9| 4/6
* Materials | 17.2947| 0.7| 36/15
* Information Technology | 22.7118| 1.3| 3/8

US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — Energy, financial and industrials shares led U.S. stocks lower as the pullback centered in the technology sector widened while investors remained on edge over the threat of inflation. The tech-heavy Nasdaq 100 erased a loss of almost 2% to finish little changed as some dip buyers emerged. The benchmark S&P 500 dropped for a second day after setting a record high on Friday. Treasury yields edged up and the dollar traded near the lowest levels of this year. Debate rages over whether the expected jump in price pressures will be enduring enough to force the Federal Reserve into tightening policy sooner than current guidance suggests. Fed Governor Lael Brainard said policy makers must show continued patience as distortions in the post-pandemic boom sort themselves out while the economy is still far from the central bank’s objectives. “I just think that in general there’s this thought that inflation may rear its ugly head,” said JJ Kinahan, chief market strategist at TD Ameritrade. “We see a little bit higher rates, not significantly, but a bit higher rates. And I think this struggle between value and growth also continues at the same time.” Among the biggest pandemic winners, tech stocks whose valuations often depend on earnings prospects far into the future are now at the center of the inflation debate. That was epitomized in Cathie Wood’s Ark Innovation ETF, which has tumbled about 15% so far this year after surging almost 150% in 2020.
Even after the declines, the Nasdaq Composite trades at 26 times the 12-month projected profits, while the gauge of European technology shares enjoys a valuation of 29 times. Wednesday’s U.S. inflation report along with a series of U.S. government bond auctions this week are seen as the next factors to deepen or arrest the slide. The latest reading is expected to show an accelerated pace of consumer-price increases, with the year-on-year comparison made starker by the pandemic shock in 2020. “What’s interesting about tech and the selloff is that it comes in the face of stable yields, a Fed that is likely on hold for a while and some very strong earnings,” said Michael Arone, chief investment strategist for the U.S. SPDR exchange-traded fund business at State Street Global Advisors. “Markets seem to be anticipating some time of move in rates and inflation that could potentially be problematic for the tech and growth trade.” Copper prices traded near a record, while iron also rallied. Oil rose as fuel shortages are expanding across several U.S. states in the East Coast and South as filling stations run dry amid the unprecedented pipeline disruption caused by a criminal hack.
Here are some key events to watch this week:
* U.S. CPI report Wednesday is forecast to show prices continued to increase in April
* Bank of England Governor Andrew Bailey speaks Wednesday

These are some of the main moves in markets:
Stocks
* The S&P 500 fell 0.9% to the lowest since April 22 as of 4 p.m. New York time
* The Nasdaq 100 fell 0.1% to the lowest since April 1
* The Dow Jones Industrial Average fell 1.4%, more than any closing loss since Feb. 26
* The MSCI World index fell 1.2%, more than any closing loss since March 4
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.2149
* The British pound rose 0.2% to the highest in about three years
* The Japanese yen rose 0.1% to 108.66 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points, climbing for the fourth straight day, the longest winning streak since March 19
* Germany’s 10-year yield advanced five basis points, more than any closing gain since March 3
* Britain’s 10-year yield advanced five basis points, more than any closing gain since March 18
Commodities
* West Texas Intermediate crude rose 0.7% to $65 a barrel
* Gold futures rose 0.1%, climbing for the fifth straight day, the longest winning streak since Jan. 5
–With assistance from Nancy Moran.
Have a great night.

Be magnificent!

As ever,

Carolann

Chance is the first step you take, luck is what comes afterward. –Amy Tan.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
May 10, 1994~Nelson Mandela inauguration
Fred Astaire, dancer, b.1899
1924 J. Edgar Hoover was appointed director of the federal Bureau of Investigation – the forerunner of the FBI – a job he held until his death in 1972.  Go to article »
1940~Winston Churchill succeeds Neville Chamberlain as British Prime Minister.

A really big yacht. 

Animals laugh. 

Erwin Beerens bought his first Bugatti in 1983. Everything about the car intoxicated him, from the hue of the enamel to the roar of the eight cylinders. Beerens has owned 11 cars from the 112-year-old French brand, including a 1,200-horsepower, $1.1 million Veyron from 2007 and an original Bugatti Type 52. But his latest acquisition is less powerful than the others, and a bit smaller. Yes, we know what you’re thinking. 
PHOTOS OF THE DAY

This picture provided and painted by Bob Dylan in 2020 is called “New York Subways”
CREDIT: BOB DYLAN VIA AP

A moody sky looms over a lone oak tree surrounded by a sheet of yellow rapeseed blossom in a feel just outside the village of Woolley, near Wakefield, West Yorkshire
CREDIT: MARK COSGROVE/NEWS IMAGES

A Himalayan griffon walks towards the photographer, with the feathers on its back seeming to form a huge face
CREDIT: HUSEIN LATIF/SPLITPICS UK

Market Closes for May 10^th, 2021

 

Market Index	Close	Change
Dow Jones	34742.82	-34.94
		-0.10%
S&P 500	4188.43	-44.17
		-1.04%
NASDAQ	13401.86	-350.38 -2.55%
TSX	19361.88	-110.86
		-0.57%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29518.34	+160.52
		+0.55%
HANG SENG	28595.66	-14.99
		-0.05%
SENSEX	49502.41	+295.94
		+0.60%
FTSE 100*	7123.68	-6.03 -0.08%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.516	1.497
CND. 30 Year Bond	2.123	2.073
U.S.    10 Year Bond	1.6020	1.5771
U.S. 30 Year Bond	2.3256	2.2749

Currencies

BOC Close	Today	Previous
Canadian $	0.8263	0.8243
US $	1.2101	1.2132
Euro Rate 1 Euro=		Inverse
Canadian $	1.4681	0.6811
US $	1.2132	0.8243

Commodities

Gold	Close	Previous
London Gold Fix	1836.55	1813.15
Oil
WTI Crude Future	64.92	64.90

Market Commentary:
     On this day in 1928, the no-load mutual fund was born as Scudder, Stevens & Clark of Boston launched its First Investment Counsel Corp. (later known as Scudder Income Fund), the first fund that did not charge a sales commission
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks fell after health care and tech companies underperformed on Monday. The S&P/TSX Composite index fell 0.6% in Toronto. Health care sector was the worst performer, led by pot stocks. Consumer staples sector was the best performer, led by grocery stocks. Within the M&A front, Trulieve Cannabis to buy Harvest Harvest Health & Recreation for about C$2.1 billion in shares. Meanwhile, Air Canada was upgraded to buy from hold at TD, who says valuation is attractive when considering earnings potential in 2023 and beyond.
Commodities
* Western Canadian Select crude oil traded at about a $13.40 discount to West Texas Intermediate
* Spot gold rose 0.4% to $1,838.26 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.2193 per U.S. dollar
* The 10-year Canada government bond yield rose slightly to 1.511%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 0.6 percent at 19,361.88 in Toronto. The move was the biggest since falling 0.8 percent on April 30 and follows the previous session’s increase of 0.9 percent. Shopify Inc. contributed the most to the index decline, decreasing 3.1 percent. Village Farms International Inc. had the largest drop, falling 25.1 percent. Today, 150 of 229 shares fell, while 76 rose; 8 of 11 sectors were lower, led by information technology stocks.
Insights
* The index advanced 29 percent in the past 52 weeks. The MSCI AC Americas Index gained 45 percent in the same period
* The S&P/TSX Composite is 0.9 percent below its 52-week high on May 10, 2021 and 36.5 percent above its low on May 14, 2020
* The S&P/TSX Composite is up 0.8 percent in the past 5 days and rose 0.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 24.5 on a trailing basis and 17.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.05t
* 30-day price volatility rose to 9.17 percent compared with 8.97 percent in the previous session and the average of 8.77 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -52.7318| -3.0| 0/11
* Materials | -27.4205| -1.1| 11/41
* Health Care | -10.8052| -4.2| 1/9
* Consumer Discretionary | -9.4509| -1.2| 3/10
* Energy | -8.1739| -0.3| 8/15
* Industrials | -6.4859| -0.3| 11/19
* Financials | -4.8153| -0.1| 13/13
* Real Estate | -2.5727| -0.4| 12/13
* Utilities | 0.2546| 0.0| 7/9
* Communication Services | 4.7854| 0.5| 4/3
* Consumer Staples | 6.5598| 0.9| 6/7

US
By Claire Ballentine and Vildana Hajric
(Bloomberg) — Technology shares led U.S. stocks lower as surging commodity prices stoked concern about whether inflation will derail a growth rebound in the world’s largest economy and spoil a record stock rally. The tech-heavy Nasdaq 100 Index tumbled 2.6% amid the growing anxiety over inflation, which can threaten  longer-horizon revenues typical of the sector. Tesla and Apple were among the biggest decliners.  The ARK Innovation ETF resumed its slide. The Dow Jones Industrial Average briefly topped 35,000 for the first time. The benchmark S&P 500 fell from an all-time high. Treasury yields edged higher as traders brace for a busy week of auctions. “Amid these new highs remember that the market doesn’t move only in one direction,” said Chris Larkin, managing director of trading and investing product at E*Trade Financial. “While a full economic recovery may already be priced into the market, the weak employment data could have temporarily eased worries about too-hot inflation and the necessity of interest rate hikes to combat it.” Copper jumped to a record while iron ore futures surged more than 10%, adding to concern about inflation. West Texas Intermediate fluctuated after a cyberattack forced the closure of a key U.S. pipeline, which operators hope to reopen by the end of the week.
Meanwhile, the pound climbed to its highest level since February after U.K. elections denied Scotland’s main independence party an outright majority and strengthened the grip of the Conservatives. The run-up in raw materials is intensifying debate ahead of a U.S. CPI report Wednesday that is forecast to show price pressures increased in April. The data will be closely watched by policy makers at the Federal Reserve trying to gauge the speed of the recovery after job growth significantly undershot forecasts. “People have been gravitating to value — now you can find growth outside of tech,” said Keith Lerner, chief market strategist at Truist Advisory Services. “As inflation expectations continue to move higher, that’s more beneficial for the value side of the trade.”

Here are some key events to watch this week:
* A range of Fed speakers are due this week, including Governor Lael Brainard on Tuesday, among others
* Chinese inflation data are due Tuesday
* OPEC monthly Oil Market Report is published with global demand forecasts and production estimates Tuesday
* U.S. CPI report Wednesday is forecast to show prices continued to increase in April
* Bank of England Governor Andrew Bailey speaks Wednesday

These are some of the main moves in markets:
Stocks
* The S&P 500 fell 1%, more than any closing loss since March 18 as of 4:01 p.m. New York time
* The Nasdaq 100 fell 2.6%, more than any closing loss since March 18
* The Dow Jones Industrial Average fell 0.1%, more than any closing loss since April 30
* The MSCI World index fell 0.6%, more than any closing loss since May 4
Currencies
* The Bloomberg Dollar Spot Index fell 0%, falling for the fourth straight day, the longest losing streak since April 19
* The euro fell 0.2% to $1.2142
* The British pound surged 1.1%, more than any closing gain since April 19
* The Japanese yen fell 0.1% to 108.76 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points, more than any closing gain since April 29
* Germany’s 10-year yield advanced zero basis points, climbing
for the fourth straight day, the longest winning streak since April 29
* Britain’s 10-year yield advanced one basis point to 0.79%
Commodities
* West Texas Intermediate crude fell 0.1% to $65 a barrel
* Gold futures rose 0.4%, climbing for the fourth straight day, the longest winning streak since Feb. 10
–With assistance from Nancy Moran.
Have a wonderful evening.

Be magnificent!

As ever,

Carolann

When I was thirteen, I had an inspiring teacher of religion who one day went right through the class of boys asking each one, “what do you want to be remembered for?” 
None of us, of course, could give an answer…I’m always asking that question: “What to you want to be remembered for?”  It is a question that induces you to renew yourself,
because it pushes you to see yourself as a different person – the person you can become.  If you are fortunate, someone with moral authority will ask you that question
early enough in your life so that you will continue to ask it as you go though life. –Peter Drucker, 1909-2005.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.

Elon Musk is hosting SNL tomorrow night.

May 7, 1824: Premiere of Beethoven’s 9^th Symphony.
Pyotr Tchaikovsky, composer, b. 1840
Eva Peron, Argentina’s “Evita”, b. 1919
Gary Cooper, actor, b. 1901

On May 7, 1945, Germany signed an unconditional surrender at Allied headquarters in Rheims, France, to take effect the following day, ending the European conflict of World War II.  Go to article »

“And finally, Mother’s Day is this weekend, according to six voicemails from your mother.” — SETH MEYERS

“You know, there’s a limited supply of flowers this year. Because of Covid, here in California, a lot of growers switched to growing pot. Not a joke. We don’t have any flowers. But the good news is, Mom is really going to enjoy brunch this year.” — JIMMY KIMMEL

Happy Mother’s Day to all the Mothers out there. Carolann  xo
PHOTOS OF THE DAY

Bluebells are lit by the sunrise at Dockey Wood near Berkhamsted in Hertfordshire
CREDIT: MATTHEW CHILDS/REUTERS

This Battle of Waterloo model is made entirely from Playmobil by the French artists Laurent Lafont and Bob Borriello, displayed during the ‘The Empire in Playmobil’ exhibition at the Wellington Museum in Waterloo, Belgium
CREDIT: STEPHANIE LECOCQ/EPA-EFE/SHUTTERSTOCK

Wei Fu was highly commended in the  International Garden Photographer of the Year competition for this frame of  two ants about pull apart a wasp; their sunlit evening meal
CREDIT:WEI FU/IGPOTY/TRIANGLE NEWS

Market Closes for May 7^th, 2021

Market Index	Close	Change
Dow Jones	34777.76	+229.23
		+0.66%
S&P 500	4232.60	+30.98
		+0.74%
NASDAQ	13752.24	+119.40 +0.88%
TSX	19472.74	+181.77
		+0.94%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29357.82	+26.45
		+0.09%
HANG SENG	28610.65	-26.81
		-0.09%
SENSEX	49206.47	+256.71
		+0.52%
FTSE 100*	7129.71	+53.54 +0.76%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.497	1.514
CND. 30 Year Bond	2.073	2.071
U.S.    10 Year Bond	1.5771	1.5696
U.S. 30 Year Bond	2.2749	2.2417

Currencies

BOC Close	Today	Previous
Canadian $	0.8243	0.8228
US $	1.2132	1.2154
Euro Rate 1 Euro=		Inverse
Canadian $	1.4757	0.6776
US $	1.2164	0.8221

Commodities

Gold	Close	Previous
London Gold Fix	1813.15	1782.25
Oil
WTI Crude Future	64.90	64.71

Market Commentary:
     On this day in 1946, Akio Morita and Masaru Ibuka co-founded Tokyo Tsushin Kogyo, or Tokyo Telecommunications Engineering, to “bring radio communications and similar devices into common households and to promote the use of home electric appliances.” They later renamed their company Sony.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities gained this week after a strong showing from materials shares. The S&P/TSX Composite Index rose 0.9% Friday to a record, with health care leading all eleven sectors higher. North American lumber companies plan to ramp up production by expanding existing mills as strong home construction fuels the need for more wood. Canada shed 207,100 jobs last month, Statistics Canada reported Friday from Ottawa, partially erasing large gains over the previous two months. Economists in a Bloomberg survey had predicted a drop of 150,000.
Commodities
* Western Canadian Select crude oil traded at about a $13.50 discount to West Texas Intermediate
* Spot gold rose 0.9% to $1,832.26 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.2137 per U.S. dollar
* The 10-year Canada government bond yield fell 2.2 basis points to 1.492%
By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite is rising 0.8 percent at 19,453.73 in Toronto. In midday trading, materials stocks led the market higher, as all sectors gained; 177 of 229 shares rose, while 51 fell. Shopify Inc. contributed the most to the index gain, increasing 2.2 percent. Tilray Inc. had the largest increase, rising 18.3 percent.
Insights
* So far this week, the index rose 1.8 percent, heading for the biggest advance since the week ended March 12
* The index advanced 31 percent in the past 52 weeks. The MSCI AC Americas Index gained 49 percent in the same period
* The S&P/TSX Composite is 0 percent below its 52-week high on May 7, 2021 and 37.1 percent above its low on May 14, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 25.2 on a trailing basis and 17.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.02t
* 30-day price volatility rose to 8.89 percent compared with 8.71 percent in the previous session and the average of 9.02 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 35.3588| 1.4| 38/14
* Information Technology | 23.1823| 1.3| 7/4
* Industrials | 22.4586| 1.0| 22/8
* Financials | 21.4520| 0.4| 22/5
* Health Care | 13.7314| 5.6| 9/1
* Energy | 12.4752| 0.5| 15/7
* Consumer Discretionary | 11.3645| 1.4| 11/2
* Real Estate | 7.1557| 1.2| 23/3
* Communication Services | 5.9635| 0.6| 8/0
* Utilities | 5.8246| 0.7| 14/2
* Consumer Staples | 3.3699| 0.5| 8/5

US
By Rita Nazareth and Anchalee Worrachate
(Bloomberg) — Stocks climbed to a record after surprisingly weak jobs data eased fears about higher inflation and a cutback in stimulus. The dollar slumped, while Treasuries were little changed. All major groups in the S&P 500 rose, with energy, real-estate and industrial shares leading the charge. Earlier in the day, technology led equity gains as softer economic data drove investors into the perceived safety of pandemic darlings — mega caps flush with cash and stay-at-home stocks. A gauge of giant growth companies such as Apple Inc. and Amazon.com Inc. pared most of its advance. The long-awaited employment data rattled markets, with payrolls up only 266,000 in April, trailing the projected 1 million surge.
For several analysts, the figures may give a boost to President Joe Biden’s $6 trillion economic agenda and another reason for the Federal Reserve to keep its accommodative stance. Treasury Secretary Janet Yellen said the report “underscores the long-haul climb back to recovery,” while retaining her expectation of a return to full employment next year. “Today’s report suggests that the jobs recovery may not be quite as rapid as many had expected,” said Mike Bell, global market strategist at JPMorgan Asset Management. “If this slower pace of job gains persists, then the Fed is likely to start raising rates later than markets had been expecting. While less good for the economy than a booming labor market, a ‘Goldilocks’ jobs recovery that is neither too hot nor too cold could continue to support equity markets.” Federal Reserve Bank of Minneapolis President Neel Kashkari told Bloomberg Television he has “zero sympathy” for critics on Wall Street, who slam the central bank’s aggressive support of the U.S. economy while millions of Americans remain out of work. “We need to rebuild this labor market and put them back to work. Then there will be plenty of time to normalize monetary policy,” he said.

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 0.8% to $1.2167
* The British pound rose 0.8% to $1.4002
* The Japanese yen rose 0.4% to 108.60 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.57%
* Germany’s 10-year yield advanced one basis point to -0.22%
* Britain’s 10-year yield declined two basis points to 0.77%
Commodities
* West Texas Intermediate crude rose 0.2% to $65 a barrel
* Gold futures rose 1% to $1,833 an ounce
–With assistance from Emily Barrett, Joanna Ossinger, Yakob Peterseil, Claire Ballentine, Vildana Hajric, Sophie Caronello and Nancy Moran.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Live out of your imagination, not your history. –Stephen Covey, 1932-2012

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
May 6,1527~ Sack of Rome
1955~West Germany joins NATO
Sigmund Freud, founder of Psychoanalysis, b. 1856
Rabindranath Tagore, poet, b.1961
Orson Welles, actor/director, b.1915
George Clooney, actor, b.1961

On May 5, 1961, astronaut Alan B. Shepard Jr. became America’s first space traveler as he made a 15-minute suborbital flight in a capsule launched from Cape Canaveral, Fla. Go to article »

Lost and Found: His ship vanished 176 years ago. DNA offered his descendants a clue.

Mediterranean diet may prevent memory loss and dementia, study finds
Stock up on that salmon and broccoli!

A Japanese town spent some of its Covid-19 relief money to build a statue of a giant squid
Is it a cool statue? Yes. Is it what the government intended when it handed out funds during a devastating pandemic? … Probably not. 

Bill Gates transferred nearly $2.4 billion worth of stock to Melinda Gates amid their divorce. Stakes in a Coca-Cola bottler, a Mexican broadcaster and other companies were transferred as two of the world’s richest people began dividing their wealth after filing for divorce.

New clouds just dropped.

Culinary geniuses create flat pasta that turns into shapes when boiled.

PHOTOS OF THE DAY

A rainbow shines over Bondi Beach in Sydney, Australia
CREDIT: SAEED KHAN/AFP VIA GETTY IMAGES

A huge pod of dolphins indulges in a feeding frenzy off the shores of Fish Hoek, South Africa, filmed from a local fishing boat, The Wizard
CREDIT:KADE TAME / SWNS.COM

A Zula man clears the way for the hearse in front of the morgue in Johannesburg, South Africa
CREDIT: LUCA SOLA/ AFP VIA GETTY IMAGES

Viktoria Mullova during filming for one of a series of short films which will form a ‘visual album’ at the newly renovated Raphael Court at the Victoria and Albert Museum in London. The collaboration between Apple, Marquee TV and the V&A, is being spearheaded by conductor Oliver Zeffman
CREDIT: IAN WEST/PA

Market Closes for May 6^th, 2021

Market Index	Close	Change
Dow Jones	34548.53	+318.19
		+0.93%
S&P 500	4201.62	+34.03
		+0.82%
NASDAQ	13632.84	+50.42 +0.37%
TSX	19290.98	-19.76
		-0.10%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29331.37	+518.74
		+1.80%
HANG SENG	28637.46	+219.48
		+0.77%
SENSEX	48949.76	+272.21
		+0.56%
FTSE 100*	7076.17	+36.87 +0.52%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.514	1.514
CND. 30 Year Bond	2.071	2.060
U.S.    10 Year Bond	1.5696	1.5660
U.S. 30 Year Bond	2.2417	2.2425

Currencies

BOC Close	Today	Previous
Canadian $	0.8228	0.8150
US $	1.2154	1.2269
Euro Rate 1 Euro=		Inverse
Canadian $	1.4661	0.6821
US $	1.2063	0.8290

Commodities

Gold	Close	Previous
London Gold Fix	1782.25	1797.75
Oil
WTI Crude Future	64.71	65.63

Market Commentary:
     On this day in 1870, Amadeo Peter Giannini was born in San Jose, Calif. In San Francisco in 1904 he founded the Bank of Italy to serve the city’s burgeoning working class. It later financed the Golden Gate Bridge and lent David Selznick the money to finish filming “Gone With the Wind.” Today, as Bank of America, it is one of the world’s biggest financial-services firms.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities closed lower Thursday amid a wave of corporate earnings. The S&P/TSX Composite Index fell 0.1%. Materials were a bright spot, while cannabis and tech retreated. Spot iron ore broke $200 a ton for the first time, while copper approached a record high as Chinese investors unleashed fresh demand following a three-day holiday.
Commodities
* Western Canadian Select crude oil traded at about a $13.15 discount to West Texas Intermediate
* Spot gold rose 1.6% to $1,815 an ounce
FX/Bonds
* The Canadian dollar rose 0.8% to C$1.2165 per U.S. dollar
* The 10-year Canada government bond yield edged lower to 1.512%

By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite fell 0.1 percent at 19,290.98 in Toronto. The move follows the previous session’s increase of 0.6 percent. Today, information technology stocks led the market lower, as 7 of 11 sectors lost; 102 of 229 shares fell, while 125 rose. Shopify Inc. contributed the most to the index decline, decreasing 3.8 percent. Tilray Inc. had the largest drop, falling 11.3 percent.
Insights
* So far this week, the index rose 1 percent
* The index advanced 30 percent in the past 52 weeks. The MSCI AC Americas Index gained 49 percent in the same period
* The S&P/TSX Composite is 0.8 percent below its 52-week high on April 29, 2021 and 36 percent above its low on May 14, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26.3 on a trailing basis and 17.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.02t
* 30-day price volatility rose to 8.71 percent compared with 8.68 percent in the previous session and the average of 9.15 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -46.6460| -2.6| 2/9
* Industrials | -12.4938| -0.5| 9/21
* Health Care | -12.4869| -4.8| 2/8
* Utilities | -4.4248| -0.5| 6/10
* Energy | -1.0875| 0.0| 12/10
* Consumer Discretionary | -0.4702| -0.1| 6/7
* Consumer Staples | -0.3372| 0.0| 7/6
* Real Estate | 0.8533| 0.1| 20/6
* Communication Services | 1.8254| 0.2| 3/4
* Financials | 9.6636| 0.2| 18/9
* Materials | 45.8413| 1.9| 40/12

US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks climbed as data showing the world’s largest economy is strengthening overshadowed inflation worries, with investors awaiting Friday’s jobs report. The dollar retreated. The S&P 500 closed near session highs, while the Dow Jones Industrial Average rose to a record. China’s shares traded in New York briefly extended losses after Bloomberg News reported the Biden administration is likely to preserve limits on U.S. investments in certain companies from the Asian nation. After the close of regular trading, Peloton Interactive Inc. reported revenue that topped estimates. Applications for U.S. state unemployment insurance fell last week to a fresh pandemic low as labor market conditions continued to improve and the economy reopened more broadly. Separate data highlighted a rebound in productivity as the pace of output exceeded a pickup in hours worked.
Economists predict the upcoming employment report will show the U.S. added about 1 million jobs in April. “With jobless claims hitting a pandemic-era low, anticipation for the full jobs picture tomorrow mounts,” said Mike Loewengart, managing director of investment strategy at E*TRADE Financial. “Today’s read is another proof point that we’re one step closer to full economic recovery. As we see some serious momentum building on the jobs front, all eyes will be on how this plays into action taken by the Fed.” A rising appetite for risk across a variety of asset markets is stretching valuations and creating vulnerabilities in the U.S. financial system, the Federal Reserve said in its semi-annual financial stability report. In this environment, prices may be vulnerable to “significant declines” should risk appetite fall, the Fed report noted. After closing at a fresh high on Wednesday, the Dow Jones Transportation Average — considered a barometer of economy activity — surged 25% above its 200-day moving average. The move could be “perceived as indicative of strength likely to continue in the broader equity market,” said Bloomberg Intelligence’s Gina Martin Adams.
These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.9%
* The MSCI World index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.5% to $1.2062
* The British pound was little changed at $1.3893
* The Japanese yen rose 0.1% to 109.07 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.57%
* Germany’s 10-year yield was little changed at -0.23%
* Britain’s 10-year yield declined three basis points to 0.79%
Commodities
* West Texas Intermediate crude fell 1.2% to $65 a barrel
* Gold futures rose 1.7% to $1,815 an ounce
–With assistance from Andreea Papuc, Emily Barrett, Yakob Peterseil, Claire Ballentine, Kamaron Leach and Nancy Moran.
Have a great evening.

Be magnificent!
As ever,

Carolann

It is said an eastern monarch once charged his wise men to invent him a sentence,
to be ever in view, and which should be true and appropriate in all times and situations. 
They presented him the words: And this, too, shall pass away. -Abraham  Lincoln, 1809-1865.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Cinco De Mayo
Mexican national recognizing the anniversary of the Battle of Puebla in 1862, in which Mexican troops under General Ignacio Zaragoza , outnumbered three to one, defeated invading French forces of
Napoleon III.  Anniversary is observed by Mexicans everywhere, with parades, festivals, dances and speeches.   
Portland, Oregon, sister city of Guadalajara, Mexico, celebrates Cinco de Mayo every year in Waterfront Park, with hundreds of thousands of people attending.

May 5, 1821 ~ Napoleon Bonaparte died in exile on the island of St. Helena. Go to article »

Celebrate or cancel Napoleon? France can’t decide

The Late Night Hosts weigh in:
“They’ve already agreed to a custody arrangement. Bill gets to spend time with their money on Tuesday nights and every other weekend, and Melinda gets the rest.” — JIMMY KIMMEL

“Remember what they say — when God closes a door, he opens a Windows 95.” — JIMMY FALLON

“You know, these two, they have a combined estimated worth of at least $134 billion. When you’re that rich, why do you even need to get divorced? Can’t they just live in separate wings?” — JIMMY KIMMEL

“But poor Bill Gates. He’s been sleeping in his jet. It’s very sad.” — JIMMY KIMMEL

PHOTOS OF THE DAY

French reenactors dressed as Imperial Army soldiers pose in front of the Napoleon’s tomb during a ceremony in homage to the French Emperor for the bicentenary of his death under the dome of Saint-Louis cathedral in the Invalides in Paris, France
CREDIT: CHRISTOPHE PETIT TESSON/EPA-EFE/SHUTTERSTOCK

York university campus duck named Long Boi (left) who went viral due to his impressive stature. It is believed that the very large duck is a cross between a Mallard and an Indian Runner duck
CREDIT: DANNY LAWSON/PA

Wonderful wall of wisteria in Cambridge
CREDIT: GEOFF ROBINSON

Members of a senior cheer squad called Japan Pom Pom, laugh after posing for commemorative photos in Tokyo, Japan, 
CREDIT: KIM KYUNG-HOON/REUTERS

Market Closes for May 5^th, 2021

Market Index	Close	Change
Dow Jones	34230.34	+97.31
		+0.29%
S&P 500	4167.59	+2.93
		+0.07%
NASDAQ	13582.43	-51.07 -0.37%
TSX	19310.74	+122.71
		+0.64%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28812.63	-241.34
		-0.83%
HANG SENG	28417.98	-139.16
		-0.49%
SENSEX	48677.55	+424.04
		+0.88%
FTSE 100*	7039.30	+116.13 +1.68%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.514	1.522
CND. 30 Year Bond	2.060	2.063
U.S.    10 Year Bond	1.5660	1.5924
U.S. 30 Year Bond	2.2425	2.2615

Currencies

BOC Close	Today	Previous
Canadian $	0.8150	0.8126
US $	1.2269	1.2308
Euro Rate 1 Euro=		Inverse
Canadian $	1.4731	0.6788
US $	1.2006	0.8329

Commodities

Gold	Close	Previous
London Gold Fix	1797.75	1767.65
Oil
WTI Crude Future	65.63	65.69

Market Commentary:
     On this day in 1850, the National Bank of Belgium was founded as a public limited-liability company. Its shares are still publicly traded—making it one of the world’s only central banks you can own a piece of—but NBB’s stock has underperformed the Belgian market as a whole.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose Wednesday amid a slew of corporate earnings. The S&P/TSX Composite Index rose 0.6%, with energy and materials leading. Teck Resources Ltd. gained 7.1% and Suncor Energy Inc. rose 3.6%. U.S. lumber futures extended their steep rally to fresh record highs, shooting above $1,500 as sawmills try to keep up with surging demand. On the vaccine front, Canada has become the first country to approve the use of the Pfizer Inc.-BioNTech SE Covid-19 vaccine for adolescents as young as 12.
Commodities
* Western Canadian Select crude oil traded at about a $13.20 discount to West Texas Intermediate
* Spot gold rose 0.4% to $1,786.63 an ounce
FX/Bonds
* The Canadian dollar rose 0.3% to C$1.2270 per U.S. dollar
* The 10-year Canada government bond yield edged lower to 1.515%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 0.6 percent at 19,310.74 in Toronto. The move follows the previous session’s decrease of 0.1 percent. Today, energy stocks led the market higher, as 6 of 11 sectors gained; 132 of 229 shares rose, while 93 fell. Enbridge Inc. contributed the most to the index gain, increasing 2.1 percent. Ero Copper Corp. had the largest increase, rising 13.6 percent.
Insights
* The index advanced 30 percent in the past 52 weeks. The MSCI AC Americas Index gained 47 percent in the same period
* The S&P/TSX Composite is 0.7 percent below its 52-week high on April 29, 2021 and 36.1 percent above its low on May 14, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 1.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 26 on a trailing basis and 17.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3t
* 30-day price volatility rose to 8.68 percent compared with 8.59 percent in the previous session and the average of 9.30 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 54.7697| 2.3| 21/2
* Financials | 45.8423| 0.8| 19/7
* Materials | 28.8334| 1.2| 35/16
* Industrials | 22.1943| 1.0| 19/11
* Consumer Staples | 5.8611| 0.9| 9/4
* Communication Services | 3.9480| 0.4| 5/3
* Consumer Discretionary | -0.3872| 0.0| 6/6
* Health Care | -0.9856| -0.4| 4/5
* Real Estate | -2.1017| -0.3| 7/19
* Utilities | -5.4815| -0.6| 4/12
* Information Technology | -29.7820| -1.6| 3/8

US
By Rita Nazareth
(Bloomberg) — Stocks almost wiped out their gains as technology shares turned lower, offsetting optimism over solid corporate earnings and economic reports. Treasuries climbed. The S&P 500 notched an advance of less than 0.1% while the Nasdaq 100 ended in the red. The Dow Jones Industrial Average rose to a fresh record. Moderna and Johnson & Johnson retreated, while Pfizer finished little changed on news the U.S. will support a proposal to waive intellectual-property protections for Covid-19 shots. Peloton tumbled after recalling its treadmill products. Copper and lumber rallied, adding to inflation worries. As the world’s largest economy rebounds, an intense debate has emerged over whether actual price pressures are set to materialize.
The five-year breakeven rate — a proxy for the annual inflation rate bond traders expect over the span — jumped to the highest since 2008. Despite the increase in commodity prices and supply shortages, several Fed officials said Wednesday that inflation is unlikely to get out of control. Money managers who’ve spent the bulk of their careers profiting from deflationary trends need to quickly switch gears or risk an “inflation shock” to their portfolios, warned JPMorgan Chase & Co. chief global markets strategist Marko Kolanovic. “Given the still high unemployment, and a decade of inflation undershoot, central banks will likely tolerate higher inflation and see it as temporary,” he wrote. “The question that matters the most is if asset managers will make a significant change in allocations to express an increased probability of a more persistent inflation.”
Here are some key events to watch this week:
* Bank of England rate decision Thursday
* The April U.S. employment report is released on Friday

These are some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.2003
* The British pound rose 0.1% to $1.3907
* The Japanese yen rose 0.1% to 109.20 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.57%
* Germany’s 10-year yield advanced one basis point to -0.23%
* Britain’s 10-year yield advanced two basis points to 0.82%
Commodities
* West Texas Intermediate crude fell 0.6% to $65 a barrel
* Gold futures rose 0.6% to $1,787 an ounce
–With assistance from Andreea Papuc, Emily Barrett, Yakob Peterseil, Vildana Hajric, Claire Ballentine and Lu Wang.
Have a great night.

Be magnificent!

As ever,

Carolann

How we spend our days is, of course, how we spend our lives. -Annie Dillard, b. 1945.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:

On May 4, 1970, Ohio National Guardsmen opened fire on anti-war protesters at Kent State University, killing four students and wounding nine others. Go to article »

Hubble telescope spies rare giant star battling against self-destruction.  Aren’t we all rare giant stars, battling against self-destruction? 

Belgian farmer accidentally moves the French border. (h/t Mike Smedley)

PHOTOS OF THE DAY

A group of majestic horses charge through wetlands. The grey Camargues horses are one of the oldest breeds in the world and, despite their small stature, are renowned for being powerful. They stand at between four and five feet tall and are closely associated with their indigenous land of Camargue, on the southern coast of France.
CREDIT: MONIKA SEYFERR/SOLENT NEWS & PHOTO AGENCY

Stunning bluebells flowers adorn the woodland floor near Wimborne, Dorset while nearby fields of rapeseed turns the landscape in to a sea of yellow.
CREDIT: VAGNER VIDAL/HYDE NEWS & PIRTURE

A red kite ruffles itself up while it gives a photographer a menacing glare. The angry looking feathered fowl was captured on camera by Programme Manager Gavin Turner, 41, from Sherfield-on-Loddon.  
CREDIT: GAIVN TURNER/SOLENT NEWS & PHOTO AGENCY

Market Closes for May 4^th, 2021

Market Index	Close	Change
Dow Jones	34133.03	+19.80
		+0.06%
S&P 500	4164.66	-28.00
		-0.67%
NASDAQ	13633.50	-261.62 -1.88%
TSX	19188.03	-25.13
		-0.13%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28812.63	-241.34
		-0.83%
HANG SENG	28557.14	+199.60
		+0.70%
SENSEX	48253.51	-465.01
		-0.95%
FTSE 100*	6923.17	-46.64 -0.67%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.522	1.520
CND. 30 Year Bond	2.063	2.063
U.S.    10 Year Bond	1.5924	1.5976
U.S. 30 Year Bond	2.2615	2.2837

Currencies

BOC Close	Today	Previous
Canadian $	0.8126	0.8144
US $	1.2308	1.2279
Euro Rate 1 Euro=		Inverse
Canadian $	1.4785	0.6764
US $	1.2013	0.8325

Commodities

Gold	Close	Previous
London Gold Fix	1767.65	1767.65
Oil
WTI Crude Future	65.69	64.49

Market Commentary:
     On this day in 1979, the first modern leveraged buyout using high-yield junk bonds—a $381 million deal to take Houdaille Industries private—was completed by KKR. Over the next six years, Houdaille produced a 33.9% average annual return for KKR’s institutional investors.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell Tuesday after mixed earnings reports, while U.S. Treasury Secretary Janet Yellen ruffled markets with a comment that interest rates will likely rise. The S&P/TSX Composite Index fell 0.1%. Ballard Power Systems Inc. tumbled 20% after weak earnings, while Bausch Health Cos Inc. lost 11%. The Bloomberg Commodity Spot Index, which tracks prices for 23 raw materials, rose 0.8% Tuesday to its highest since 2011. The gauge has climbed more than 70% since reaching a four-year low in March of last year.
Commodities
* Western Canadian Select crude oil traded at about a $13.10 discount to West Texas Intermediate
* Spot gold fell 0.8% to $1,779 an ounce
FX/Bonds
* The Canadian dollar fell 0.2% to C$1.2307 per U.S. dollar
* The 10-year Canada government bond yield edged higher to 1.526%
By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 0.1 percent at 19,188.03 in Toronto. The move follows the previous session’s increase of 0.5 percent. Bausch Health Cos. contributed the most to the index decline, decreasing 10.7 percent. Ballard Power Systems Inc. had the largest drop, falling 19.5 percent. Today, 161 of 229 shares fell, while 66 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* The index advanced 30 percent in the past 52 weeks. The MSCI AC Americas Index gained 49 percent in the same period
* The S&P/TSX Composite is 1.3 percent below its 52-week high on April 29, 2021 and 35.2 percent above its low on May 14, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 27.4 on a trailing basis and 17.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.01t
* 30-day price volatility fell to 8.59 percent compared with 8.96 percent in the previous session and the average of 9.33 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -10.7219| -0.2| 8/19
* Health Care | -10.6800| -4.3| 6/4
* Consumer Discretionary | -10.4133| -1.3| 1/12
* Utilities | -4.5333| -0.5| 5/11
* Consumer Staples | -3.8886| -0.6| 5/8
* Real Estate | -3.4681| -0.6| 3/22
* Industrials | -2.0192| -0.1| 11/19
* Materials | -1.3762| -0.1| 11/41
* Energy | -0.2141| 0.0| 10/13
* Communication Services | 2.7480| 0.3| 4/4
* Information Technology | 19.4351| 1.1| 2/8

US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Volatility gripped financial markets as a rout in some of the largest tech companies dragged down stocks. The dollar rose. Megacaps such Apple Inc., Tesla Inc. and Amazon.com Inc. sent the Nasdaq 100 slumping, while the S&P 500 pared losses amid gains in commodity, financial and industrial shares. Treasury Secretary Janet Yellen rattled markets with a comment economists regarded as self-evident — that rates will likely rise as government spending ramps up and the economy responds with faster growth. Later in the day, Yellen said she wasn’t predicting or recommending rate hikes. The debate on whether government spending could boost inflation comes at a time when stock valuations are hovering near the highest levels in two decades.
Hedge funds have been bailing from equities at a pace not seen since the financial crisis, while shares have struggled to gain traction despite blowout corporate earnings. “We’ve had this spectacular run-up, and I think we’ve seen momentum just run out of steam,” said Fiona Cincotta, senior financial markets analyst at City Index. “Despite earnings being encouraging, they haven’t managed to push those indices higher. Moving out of growth and into cyclicals is the place we’re going to have more movement.” Earlier Tuesday, a sharp drop in equity futures left traders scrambling for an explanation. Some of them speculated on military tensions between China and Taiwan, Singapore’s tougher coronavirus restrictions and Ferrari NV’s decision to postpone financial targets. Investors also monitored the latest economic readings, with the U.S. trade deficit widening to a new record in March. Meanwhile, a senior White House economic aide demurred on the question of whether President Joe Biden will nominate Fed Chair Jerome Powell for a second four-year term, saying the decision on selecting the next central bank chief will come after a thorough “process.”
Here are some key events to watch this week:
* U.S. ADP employment change is due Wednesday
* Chicago Fed President Charles Evans gives a virtual speech at an event hosted by Bard College on Wednesday. Cleveland Fed President Loretta Mester gives a virtual speech to the Boston Economic Club
* Bank of England rate decision Thursday
* The April U.S. employment report is released on Friday

These are some of the main moves in markets:
Stocks
* The S&P 500 fell 0.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.85%
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.8%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.4% to $1.2017
* The British pound fell 0.2% to $1.3887
* The Japanese yen fell 0.2% to 109.29 per dollar
Bonds
* The yield on 10-year Treasuries declined one basis point to 1.58%
* Germany’s 10-year yield declined three basis points to -0.24%
* Britain’s 10-year yield declined five basis points to 0.79%
Commodities
* West Texas Intermediate crude rose 2.3% to $66 a barrel
* Gold futures fell 0.7% to $1,779 an ounce
–With assistance from Andreea Papuc, Yakob Peterseil, Vildana Hajric, Kamaron Leach, Sophie Caronello and Nancy Moran.

Have a great night.

Be magnificent!
As ever,

Carolann

Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome. –Booker T. Washington, 1856-1915.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
May 3, 1948 The Supreme Court ruled that covenants prohibiting the sale of real estate to blacks and other minorities were legally unenforceable. Go to article >>

Evidence is mounting that it’s better to read physical books than digital ones. — Stephen L. Carter 

AI writing is still not as good as human writing and may never be. — Leonid Bershidsky 

Archaeologists discover a 2-million-year-old home. (h/t Ellen Kominers)

Archaeologists discover an “embassy” in a Mayan city. 

Just how long can people live, exactly?

Are you not entertained? An $18 million refit will give tourists a gladiator’s view of the Colosseum.

PHOTOS OF THE DAY

People view an animated video art piece entitled “Remember You Cannot Look At The Sun Or Death For Very Long” by British artist David Hockney at London’s Piccadilly Circus
CREDIT: TOBY MELVILLE/RUETERS

A project to build a high-tech, lightweight stage inside the Roman Colosseum will allow visitors a central viewpoint from within the ancient structure “to see the majesty of the monument,” Italy’s culture minister said

Market Closes for May 3^rd, 2021

Market Index	Close	Change
Dow Jones	34113.23	+238.38
		+0.70%
S&P 500	4192.66	+11.49
		+0.27%
NASDAQ	13895.117	-67.565 -0.48%
TSX	19213.16	+104.83
		+0.55%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28812.63	-241.34
		-0.83%
HANG SENG	28357.54	-347.34
		-1.28%
SENSEX	48718.52	-63.84
		-0.13%
FTSE 100*	6969.81	+8.33 +0.12%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.520	1.546
CND. 30 Year Bond	2.063	2.080
U.S.    10 Year Bond	1.5976	1.6259
U.S. 30 Year Bond	2.2837	2.2967

Currencies

BOC Close	Today	Previous
Canadian $	0.8144	0.8139
US $	1.2279	1.2291
Euro Rate 1 Euro=		Inverse
Canadian $	1.4813	0.6751
US $	1.2064	0.8290

Commodities

Gold	Close	Previous
London Gold Fix	1767.65	1762.65
Oil
WTI Crude Future	64.49	63.58

Market Commentary:
     On this day in 1998, the New York Times reported in a front-page Sunday article that an obscure biotechnology company, EntreMed Inc., had cured cancer in mice. Nobel laureate James Watson told the Times that EntreMed’s head researcher “is going to cure cancer in two years.” On Monday morning, EntreMed’s stock skyrocketed from $12.06 per share to $85, but by the end of the week it had sagged to $33.25.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose Monday after a strong session from key commodities and their corresponding equities. The S&P/TSX Composite Index rose 0.6% led by materials and energy. Precious metal miners outperformed after gold and silver prices rallied and the yield on the U.S. 10-year fell along with a weaker dollar. Energy stocks also rose with oil prices.  Power Corp. of Canada’s Wealthsimple online brokerage raised C$750 million ($610 million) in a funding round that valued it about $4 billion, more than triple what it was worth in October.
Commodities
* Western Canadian Select crude oil traded at about a $11.90 discount to West Texas Intermediate
* Spot gold rose 1.3% to $1,792 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.2278 per U.S. dollar
* The 10-year Canada government bond yield fell 2.4 basis points to 1.523%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 0.5 percent at 19,213.16 in Toronto. The move follows the previous session’s decrease of 0.8 percent. Today, materials stocks led the market higher, as 8 of 11 sectors gained; 171 of 229 shares rose, while 56 fell. Barrick Gold Corp. contributed the most to the index gain, increasing 4.2 percent. NexGen Energy Ltd. had the largest increase, rising 13.8 percent.
Insights
* The index advanced 31 percent in the past 52 weeks. The MSCI AC Americas Index gained 50 percent in the same period
* The S&P/TSX Composite is 1.2 percent below its 52-week high on April 29, 2021 and 35.4 percent above its low on May 14, 2020
* The S&P/TSX Composite is little changed in the past 5 days and rose 1.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 27.4 on a trailing basis and 17.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$2.99t
* 30-day price volatility rose to 8.96 percent compared with 8.87 percent in the previous session and the average of 9.36 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 85.1294| 3.6| 50/2
* Energy | 42.4618| 1.8| 21/2
* Financials | 18.4429| 0.3| 22/5
* Real Estate | 9.8311| 1.6| 24/2
* Industrials | 9.5887| 0.4| 15/15
* Consumer Discretionary | 6.3159| 0.8| 10/2
* Communication Services | 3.2892| 0.4| 7/0
* Consumer Staples | 0.5599| 0.1| 7/6
* Utilities | -2.8816| -0.3| 8/8
* Health Care | -9.6335| -3.7| 2/8
* Information Technology | -58.2795| -3.1| 5/6

US
By Rita Nazareth and Claire Ballentine
(Bloomberg) — Stocks closed near Monday’s lows as giants Tesla Inc. and Amazon.com Inc. weighed on the Nasdaq 100. Traders also parsed economic data, with inflation remaining at the forefront of the investment debate. The dollar dropped, while Treasuries rose. Tech and retail companies in the S&P 500 fell, while commodity and industrial shares gained. Pfizer Inc. climbed as the Biden administration will support its move to begin exporting U.S.-made doses of the coronavirus vaccine, while Moderna Inc. rallied after agreeing to provide as many as 500 million doses of its shot to the global program Covax.
Estee Lauder Cos. sank as the cosmetics giant’s sales missed estimates. A report Monday showed that growth at U.S. manufacturers cooled in April, while a gauge of prices paid for materials jumped to the highest since 2008. Federal Reserve Chairman Jerome Powell said the economic recovery is “making real progress,” but the gains have been uneven following a downturn that cut hard along lines of race and income. New York Fed President John Williams noted that current conditions are “not nearly enough” for a shift in the monetary policy stance. Markets have been obsessed over whether higher inflation is coming. Faced with rising prices for everything from lumber to oil and computer chips, chief executive officers have cut costs and boosted prices for their products. The strategy appears to be working, with first-quarter income from S&P 500 companies jumping five times as fast as sales, according to data compiled by Bloomberg Intelligence.
“The earnings season, the economic recovery and the Covid trends — that’s still going to be the near-term catalyst – and looking for any hints of change in direction from the Fed,” said Keith Lerner, chief market strategist at Truist Advisory Services. Ignoring the adage “sell in May and go away” may reward stock investors in 2021, according to LPL Financial. The firm cited the S&P 500’s track record during the past decade in a blog post. In eight of those years, the gauge posted gains for the six months ended in October. Last year’s rally was 12%, the biggest since 2009, when a bull market was just getting started. The benchmark produced an average advance of 3.8% for all 10 years, beating a 1.7% average since 1950.

Here are some key events to watch this week:
* U.S. trade balance, factory orders, durable goods are due Tuesday
* The Reserve Bank of Australia monetary policy decision is scheduled for Tuesday
* Chicago Fed President Charles Evans gives a virtual speech at an event hosted by Bard College on Wednesday.  Cleveland Fed President Loretta Mester gives a virtual speech to the Boston Economic Club
* Bank of England rate decision Thursday
* The April U.S. employment report is released on Friday

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.3% to $1.2062
* The Japanese yen rose 0.2% to 109.10 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.60%
* Germany’s 10-year yield was little changed at -0.20%
Commodities
* West Texas Intermediate crude rose 1.4% to $64 a barrel
* Gold futures rose 1.4% to $1,793 an ounce
–With assistance from Andreea Papuc, Emily Barrett, Joanna Ossinger, Lynn Thomasson and Vildana Hajric.
Have a great night.

Be magnificent!

As ever,

Carolann

If you look at what you have in life, you’ll always have more.  If you look at what you don’t have in life, you’ll never have enough. -Oprah Winfrey, b. 1954.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828