Month: October 2021

Dear Friends,

Tangents: Happy Friday.

2007-The New York Yankees and third baseman Alex Rodriguez agreed on a record 10-year, $275 million contract, the richest in sports history.   Go to article »

1917-Mata Hari executed.

Virgil, epic poet, b. 70 BCE.
John K. Galbraith, economist, b. 1908.
Friedrich Nietzsche, philosopher, b. 1844.
P.G. Wodehouse, author, b. 1881.
Duchess Sarah Ferguson, b. 1959.

McDonald’s is testing out its McPlant burger in these cities.  Calling all vegetarians: It’s finally our time. 

The U.S. opened its borders to vaccinated travelers.

New Zealand city fires its wizard. (h/t Mike Smedley).

Scientists find a planet that survived its star’s death.

That’s not a giant skeleton. This is a giant skeleton.

PHOTOS OF THE DAY
Stunning autumnal colour at Hever Castle, Kent. The Boston Ivy adorning the front of the Castle has turned a vivid shade of red.
CREDIT: OLIVER DIXON
Autumn rainbow in the Lake District, UK
CREDIT: JOHN FINNEY/WENN
A walker watches a misty sunrise from the summit of Castle Naze, near Buxton in the Peak District, UK  
CREDIT: MATT WILKINSON

Market Closes for October 15^th, 2021

Market Index	Close	Change
Dow Jones	35294.76	+382.20
		+1.09%
S&P 500	4471.37	+33.11
		+0.75%
NASDAQ	14897.34	+73.91 +0.50%
TSX	20928.10	+108.16
		+0.52%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	29068.63	+517.70
		+1.81%
HANG SENG	25330.96	+368.37
		+1.48%
SENSEX	61305.95	+568.90
		+0.94%
FTSE 100*	7234.03	+26.32 +0.37%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.587	1.534
CND. 30 Year Bond	1.987	1.967
U.S.    10 Year Bond	1.5738	1.5125
U.S. 30 Year Bond	2.0456	2.0167

Currencies

BOC Close	Today	Previous
Canadian $	0.8083	0.8085
US $	1.2372	1.2369
Euro Rate 1 Euro=		Inverse
Canadian $	1.4352	0.6968
US $	1.1600	0.8620

Commodities

Gold	Close	Previous
London Gold Fix	1798.70	1785.70
Oil
WTI Crude Future	82.28	81.31

Market Commentary:
    On this day in 1929, stocks were down an average of 11% from their peak in September, but the head of one of the nation’s largest brokerage operations said not to worry. Twelve days later, the Crash of 1929 erupted, driving the market nearly one-third lower and signaling the onset of the Great Depression.
Canada
By Natasha Abellard
(Bloomberg) — Canadian stocks closed at a fresh record high, posting the best week since March. The S&P/TSX Composite climbed 0.5% Friday, with the financials and tech shares leading the rally. Toronto-Dominion Bank contributed the most to the index gain, increasing 1.8%. First Quantum Minerals Ltd. had the largest increase, rising 8%. Today, 111 of 234 shares rose, while 119 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index rose 20%, heading for the best year in at least 10 years
* So far this week, the index rose 2.5%, heading for the biggest advance since the week ended March 12
* The index advanced 27% in the past 52 weeks. The MSCI AC Americas Index gained 29% in the same period
* The S&P/TSX Composite is 0.2% below its 52-week high on Oct. 15, 2021 and 35.7%above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.9 on a trailing basis and 16.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.28t
* 30-day price volatility little changed to 10.38% compared with 10.38 % in the previous session and the average of 8.94% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 61.2801| 0.9| 22/6
* Information Technology | 17.5295| 0.7| 8/7
* Energy | 14.1333| 0.5| 10/12
* Industrials | 13.6941| 0.6| 19/11
* Consumer Discretionary | 4.7102| 0.6| 7/6
* Materials | 1.3978| 0.1| 20/35
* Communication Services | 0.6418| 0.1| 3/3
* Real Estate | -0.0315| 0.0| 11/13
* Consumer Staples | -0.5837| -0.1| 6/7
* Health Care | -1.7520| -0.9| 3/6
* Utilities | -2.8583| -0.3| 2/14
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* TD Bank | 18.9600| 1.8| -24.6| 21.0
* Shopify | 17.0300| 1.3| -47.1| 22.7
* TC Energy | 9.4450| 2.1| -11.9| 28.3
* Turquoise Hill | -1.9770| -15.1| 861.1| 2.5
* Waste Connections | -2.4400| -0.8| 9.3| 23.1
* Barrick Gold | -7.0340| -2.4| 18.2| -17.4

US
By Rita Nazareth and Kamaron Leach
(Bloomberg) — Stocks notched their best week since July as solid corporate earnings and a surprise increase in retail sales spurred a rally in companies that are more likely to benefit from an economic rebound. Treasuries fell. Equities pushed higher even after data showing that consumer sentiment dropped in early October. Retailers, banks and industrial shares led gains in the S&P 500. Goldman Sachs Group Inc. climbed after posting a surge in its trading business, while broker Charles Schwab Corp. jumped on record earnings.  Trucking giant J.B. Hunt Transport Services Inc. and Alcoa Corp. — the biggest U.S. aluminum producer — also soared on better-than-estimated results. “We believe that being long equities is the best course of action, and that cyclical stocks such as financials, industrials, energy and materials are positioned for further gains,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. “Utilities and consumer staples are going to face headwinds in the form of higher interest rates and inflation.” Goldman Sachs Chief Executive Officer David Solomon said that inflation, particularly in wages, remains top of mind among corporate leaders and shareholders. His comments follow similar concerns voiced this week by other CEOs including Bank of America Corp.’s Brian Moynihan and Morgan Stanley’s James Gorman. The world’s most crucial metals continued on a breakneck surge as energy shortages forced more production cuts, piling pressure on manufacturers and fueling concerns about inflation. Brent oil hovered near $85 a barrel, the latest milestone in a global power crunch that has seen prices jump.

Some other corporate highlights:
* Cryptocurrency-exposed stocks like Marathon Digital Holdings Inc. and Riot Blockchain Inc. jumped. The Securities and Exchange Commission is poised to allow the first U.S. Bitcoin futures exchange-traded fund to begin trading, according to people familiar with the matter.
* Virgin Galactic Holdings Inc. is pushing the start of commercial flights further into next year after rescheduling a test flight, disappointing investors with the unexpected delay to its
space tourism business plans.

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 0.6%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.1604
* The British pound rose 0.5% to $1.3745
* The Japanese yen fell 0.5% to 114.21 per dollar
Bonds
* The yield on 10-year Treasuries advanced six basis points to 1.57%
* Germany’s 10-year yield advanced two basis points to -0.17%
* Britain’s 10-year yield advanced six basis points to 1.11%
Commodities
* West Texas Intermediate crude rose 1.2% to $82.25 a barrel
* Gold futures fell 1.6% to $1,768.80 an ounce
–With assistance from Sunil Jagtiani, Cecile Gutscher and Anchalee Worrachate.
Have  a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

If you are depressed, you are living in the past.  If you are anxious, you are living in the future. 
If you are at peace, you are living in the present. -Lao Tzu, 571 BCE – c.5^th century BCE.

Know thyself.
            –Inscription at the Temple of Apollo at Delphi.

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 Oct. 14, 1964, civil rights leader Martin Luther King Jr. was named winner of the Nobel Peace Prize.  Go to article »
 
e.e. cummings, poet, b. 1894
William Penn, founder Pennsylvania, b.1644.
Dwight Eisenhower, 34^th US President, b. 1890.
1960~Peace Corps proposed.

Billions of years ago, Venus and Earth were both piping hot. Had things been a bit different, Earth might never have become livable, a new study finds.

A fish known as a ‘living fossil’ has been found in Kansas for the first time.  How it got there is still a mystery.

We’re drowning in a sea of salt, and the FDA says we have to help save ourselves.  Reducing our salt intake will be harder than it seems, though.

I hope I never recover from this. I hope that I can maintain what I feel now.  William Shatner, otherwise known as Captain Kirk from the original “Star Trek,” after hitching a ride on a suborbital spacecraft. The 90-year-old is now the oldest person ever to go to space.

Astronomers get a look at the death of our solar system.

A partially destroyed Banksy painting sold at auction on Thursday at Sotheby’s in London for more than 18 times what it went for just three years ago. It’s the most expensive work by the artist to sell at auction ever. The piece, then called Girl with Balloon, made headlines in 2018 when it self-destructed immediately after selling at Sotheby’s.   

PHOTOS OF THE DAY
People walk among the autumn leaves on the grounds of Stormont Estate in Belfast
CREDIT: BRIAN LAWLESS/PA WIRE
Frogs stand in a pond in a frog farm in Pierrelatte, south of Lyon. French people eat around 4,000 tons of frogs each year, according to the Food Safety Agency.
CREDIT: JEFF PACHOUD / AFP
Cyclists starts from Sassi di Matera during the seventh stage of the Giro d’Italia 2020 cycling race, a 143-kilometer route between Matera and Brindisi 
CREDIT:LUCA BETTINI/AFP
A fisherman watches a Meteor during the Draconid meteor shower over Howick rocks in Northumberland. The Draconid meteor shower occurs in October in the Northern hemisphere and tends to be a less active meteor shower
CREDIT: OWN HUMPHREYS/PA WIRE

Market Closes for October 14^th, 2021

Market Index	Close	Change
Dow Jones	34912.56	+534.75
		+1.56%
S&P 500	4438.26	+74.46
		+1.71%
NASDAQ	14823.43	+251.80 +1.73%
TSX	20819.94	+201.47
		+0.98%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28550.93	+410.65
		+1.46%
HANG SENG	24962.59	-362.50
		-1.43%
SENSEX	61305.95	+568.90
		+0.94%
FTSE 100*	7207.71	+65.89 +0.92%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.534	1.605
CND. 30 Year Bond	1.967	2.014
U.S.    10 Year Bond	1.5125	1.5368
U.S. 30 Year Bond	2.0167	2.0287

Currencies

BOC Close	Today	Previous
Canadian $	0.8085	0.8039
US $	1.2369	1.2440
Euro Rate 1 Euro=		Inverse
Canadian $	1.4345	0.6971
US $	1.1598	0.8622

Commodities

Gold	Close	Previous
London Gold Fix	1785.70	1767.75
Oil
WTI Crude Future	81.31	80.44

Market Commentary:
On this day in 1980, the IPO boom of the 1980s got off to a roaring start as Genentech went public at an initial offering price of $35.00. It closed the day’s trading at $71.25, a 103.6% gain, one of the highest first-day returns for a stock in history.
Canada
By Natasha Abellard
(Bloomberg) — Canadian stocks climbed for a seventh straight day as better-than-estimated U.S. earnings boosted risk sentiment. Consumer discretionary shares led the rally. The S&P/TSX Composite rose 1% in Toronto, advancing to the highest closing level since Sept. 3. Brookfield Asset Management contributed the most to the index gain, increasing 1.8%. Aritzia had the largest increase, rising 17.2%. Today, 174 of 234 shares rose, while 55 fell; 10 of 11 sectors were higher, led by financial stocks.
Insights
* In the past year, the index had a similar or greater gain 18 times. The next day, it advanced 14 times for an average 0.4% and declined four times for an average 0.5%
* This year, the index rose 19%, heading for the best year in at least 10 years
* So far this week, the index rose 2%, heading for the biggest advance since the week ended March 12
* The index advanced 27%in the past 52 weeks. The MSCI AC Americas Index gained 28% in the same period
* The S&P/TSX Composite is 0.4%below its 52-week high on Sept. 7, 2021 and 35% above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 3.1% in the past 5 days and rose 1.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.8 on a trailing basis and 16.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.25t
* 30-day price volatility rose to 10.38% compared with 10.08% in the previous session and the average of 8.74% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 59.1912| 0.9| 24/4
* Energy | 39.9423| 1.4| 21/2
* Materials | 31.1839| 1.3| 45/9
* Industrials | 27.4228| 1.2| 20/10
* Information Technology | 17.3822| 0.7| 13/2
* Consumer Discretionary | 11.3629| 1.5| 11/2
* Communication Services | 8.8475| 0.9| 4/3
* Utilities | 2.8116| 0.3| 12/3
* Health Care | 2.6182| 1.3| 9/0
* Consumer Staples | 0.7688| 0.1| 5/6
* Real Estate | -0.0604| 0.0| 10/14
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Brookfield Asset | | | |
* Management | 13.1600| 1.8| -40.1| 37.7
* Royal Bank of | | | |
* Canada | 11.8700| 0.9| 177.9| 24.2
* Canadian Natural | | | |
* Resources | 11.8500| 2.9| -53.5| 68.2
* Ballard Power | | | |
* Systems | -1.0580| -3.0| 70.5| -34.7
* Brookfield | | | |
* Renewable Partners | -1.6170| -2.3| -5.7| -14.0
* Cameco | -1.6560| -1.9| -27.6| 83.5

US
By Rita Nazareth and Nathan Hager
(Bloomberg) — The stock market had its best day since March as better-than-estimated corporate earnings and economic reports outweighed fears that inflation pressures and supply-chain snarls could crimp growth. All major groups in the S&P 500 advanced. The KBW Bank Index — which has surged almost 40% in 2021 — pushed higher as results from some of the largest financial institutions beat Wall Street’s estimates. UnitedHealth Group Inc. led gains in the Dow Jones Industrial Average as the health-care giant raised its outlook for the year, while chipmakers climbed on a bullish forecast from Taiwan Semiconductor Manufacturing Co. Corporate profits have been a boon for the equity market throughout the pandemic. Since March 2020, the S&P 500 has risen each quarter, advancing 4% on average over the six-week stretch. Pent-up demand should drive revenue growth, while pricing power and operating leverage should help offset inflationary pressures, according to Mark Haefele, chief investment officer at UBS Global Wealth Management. “Even though there are cost pressures and supply concerns, the other side of this is that business is strong,” said Kevin Caron, senior portfolio manager at Washington Crossing Advisors. “To the extent that producers can pass on to consumers higher prices — which it seems like they’re able to do — we’re seeing stronger profits, which is helping to give a boost to stocks.” Applications for U.S. state unemployment benefits fell to the lowest since March 2020, showing employers are hanging onto their workers in a tight labor market.  Prices paid to American producers rose at the slowest pace of the year amid cooling costs of services.

Some corporate highlights:
* Bank of America Corp. beat earnings projections as fees climbed at its dealmaking unit. Wells Fargo & Co.’s profit topped estimates, but expenses were higher than anticipated and loans fell.
Morgan Stanley’s investment bankers scored their best quarter ever amid a torrid pace of dealmaking. Citigroup Inc.’s stock-trading revenue surged 40%.
* Walgreens Boots Alliance Inc.’s earnings and sales beat estimates as the pandemic and the immunization campaign continued to have a powerful effect on the drugstore giant’s results.
* Jana Partners, which has pushed for Macy’s Inc. to spin off its online operations, has taken a stake in the department-store operator, according to a news report.

Here are a few events to watch this week:
* Goldman Sachs Group Inc. reports earnings on Friday
* U.S. business inventories, University of Michigan consumer sentiment, retail sales on Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.9%
* The Dow Jones Industrial Average rose 1.6%
* The MSCI World index rose 1.4%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1596
* The British pound rose 0.1% to $1.3673
* The Japanese yen fell 0.4% to 113.67 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.51%
* Germany’s 10-year yield declined six basis points to -0.19%
* Britain’s 10-year yield declined five basis points to 1.04%
Commodities
* West Texas Intermediate crude rose 1.2% to $81.40 a barrel
* Gold futures rose 0.2% to $1,798.10 an ounce
–With assistance from Andreea Papuc, Cecile Gutscher and Lu Wang.
Have a wonderful evening.

Be magnificent!
As ever,

Carolann

That man is in the right who is most closely in league with the future.-Henrik Ibsen, 1828-1906

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 Oct. 13, 1943, Italy declared war on Germany, its one-time Axis partner.  Go to article »
 
Paul Simon, musician, b.1941

Archaeologists uncovered the world’s largest wine factory from the Byzantine period in Israel.  We only have one question: Did it have any wine?

A pair of carved garden ornaments turned out to be ancient Egyptian relics worth $265K.  Time to give another look to those stone statues languishing in the yard.

Al Capone’s stuff sold for $3 million at auction. (h/t Ellen Kominers)

William Shatner is now the oldest person to go to space.

NUMBER IN THE NEWS:  14
People simultaneously in space briefly in September: four amateurs on a private flight, three astronauts working on China’s space station, and seven astronauts aboard the International Space Station.

PHOTOS OF THE DAY

Mist floats over the quintessentially English village of South Harting in West Sussex at dawn this morning
CREDIT: CHRIS GORMAN BIG LADDER

Mice enjoying the beginning of autumn. Wildlife photographer captures stunning images of mice enjoying first signs of autumn with pair taking cover inside an apple
CREDIT: JAM PRESS / DAVE NEWMAN’S SPECIAL PHOTOGRAPHY

Scenic Railroad is seen during colorful fall foliage in New Hampshire
CREDIT: TAYFUN COSKUN/ANADOLU AGENCY VIA GETTY IMAGES

The image of Our Lady of Fatima in the Candlelight Procession during the October Pilgrimage in the Shrine of Fatima, Portugal
CREDIT: PAULO CUNHA/EPA-EPE/SHUTTERSTOCK

Market Closes for October 13^th, 2021

Market Index	Close	Change
Dow Jones	34377.81	-0.53
		–%
S&P 500	4363.80	+13.15
		+0.30%
NASDAQ	14571.64	+105.72 +0.73%
TSX	20618.47	+181.35
		+0.89%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28140.28	-90.53
		-0.32%
HANG SENG	24962.59	-362.50
		-1.43%
SENSEX	60737.05	+452.74
		+0.75%
FTSE 100*	7141.82	+11.59 +0.16%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.605	1.621
CND. 30 Year Bond	2.014	2.052
U.S.    10 Year Bond	1.5368	1.5768
U.S. 30 Year Bond	2.0287	2.0954

Currencies

BOC Close	Today	Previous
Canadian $	0.8039	0.8023
US $	1.2440	1.2465
Euro Rate 1 Euro=		Inverse
Canadian $	1.4428	0.6931
US $	1.1598	0.8622

Commodities

Gold	Close	Previous
London Gold Fix	1767.75	1757.65
Oil
WTI Crude Future	80.44	80.64

Market Commentary:
     On this day in 1691, Sir Stephen Evance incorporated the Company for Making Hollow Sword Blades in the North of England, one of the earliest companies to issue stock—and the predecessor of the South Sea Co., whose own stock caused a speculative fever that overheated and nearly destroyed the British financial system in 1720.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks rose to their highest level in nearly a month as a rally in technology and materials shares bolstered the benchmark index. The S&P/TSX Composite rose for the sixth day, climbing 0.9 percent, or 181.35 to 20,618.47 in Toronto. The index advanced to the highest closing level since Sept. 15. Today, information technology stocks led the market higher, as 10 of 11 sectors gained; 177 of 234 shares rose, while 55 fell. Shopify Inc. contributed the most to the index gain, increasing 2.9 percent.  Eldorado Gold Corp. had the largest increase, rising 9.3 percent.
Insights
* This year, the index rose 18 percent, heading for the best year since 2019
* The index advanced 25 percent in the past 52 weeks. The MSCI AC Americas Index gained 25 percent in the same period
* The S&P/TSX Composite is 1.3 percent below its 52-week high on Sept. 7, 2021 and 33.7 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 2.2 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 19.6 on a trailing basis and 15.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.22t
* 30-day price volatility rose to 10.08 percent compared with 9.70 percent in the previous session and the average of 8.54 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 57.4458| 2.5| 12/3
* Materials | 51.7223| 2.2| 48/7
* Industrials | 30.6316| 1.3| 25/5
* Utilities | 12.0987| 1.3| 16/0
* Real Estate | 10.8300| 1.7| 24/1
* Energy | 10.6421| 0.4| 10/11
* Consumer Staples | 6.5615| 0.9| 8/5
* Communication Services | 4.8656| 0.5| 4/3
* Consumer Discretionary | 1.0667| 0.1| 8/5
* Health Care | 0.9288| 0.5| 8/1
* Financials | -5.4265| -0.1| 14/14
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 38.9700| 2.9| -45.7| 21.1
* Canadian National | 12.9500| 2.1| -55.9| 5.6
* Barrick Gold | 8.1450| 2.8| -16.6| -16.4
* Fairfax Financial | | | |
* Holdings | -2.4400| -2.5| 14.9| 16.3
* CIBC | -2.7460| -0.6| -63.6| 32.9
* TD Bank | -8.2150| -0.8| 99.4| 18.2

US
By Rita Nazareth and Kamaron Leach
(Bloomberg) — Technology shares climbed amid lower Treasury yields after data showing inflation is running hot lifted companies seen as better equipped to pass on higher costs to consumers without harming their businesses. Traders also assessed minutes of the Federal Reserve’s latest policy meeting, with officials broadly agreeing they should start reducing stimulus in mid-November or mid-December amid increasing concern over inflation. Central bankers discussed an illustrative tapering path featuring “monthly reductions in the pace of asset purchases, by $10 billion in the case of Treasury securities and $5 billion in the case of agency mortgage-backed securities.” The tech-heavy Nasdaq 100 outperformed major equity benchmarks, while the NYSE FANG+ Index of giants such as Amazon.com Inc. and Google’s parent Alphabet Inc. climbed about 1%.  The S&P 500 rebounded, following a three-day drop. Ten-year yields remained below 1.6%. The two-year rate — which is more sensitive to policy moves — rose.
     Delta Air Lines Inc. led losses in U.S. carriers after warning that rising fuel costs will threaten earnings this quarter. Prices paid by U.S. consumers rose in September by more than forecast, underscoring inflationary pressures. The Biden administration is trying to relieve supply-chain bottlenecks ahead of the Christmas shopping season, but officials acknowledge their options are limited.  Unprecedented shipping challenges, materials shortages, high commodities prices and rising wages have driven up costs for producers. Many have passed a portion of those costs to customers, leading to more persistent inflation. “Wednesday’s still elevated consumer-price index marks about six-months’ worth of hot inflation data — suggesting that inflation is  not as transitory as many investors previously expected,” said Nancy Davis, founder of the Greenwich, Connecticut-based firm Quadratic Capital Management. “The overall inflation story is being driven by supply-chain disruptions and a swift rise in prices, due to the labor shortage.”

Some corporate highlights:
* JPMorgan Chase & Co.’s dealmakers posted their best quarter yet, riding what’s on track to be a record year for mergers and acquisitions. Still, shares fell as consumer and commercial loan growth remained challenged.
* American Express Co. and other credit-card issuers tumbled as JPMorgan attributed weakness in its card business to rising costs on marketing and promotions, sparking concern over heightened competition.

Here are a few events to watch this week:
* Bank of America Corp., Morgan Stanley and Citigroup Inc. report earnings on Thursday
* U.S. initial jobless claims, PPI on Thursday
* Goldman Sachs Group Inc. reports earnings on Friday
* U.S. business inventories, University of Michigan consumer sentiment, retail sales on Friday

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 rose 0.8%
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 0.5%
* The Russell 2000 Index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.5% to $1.1593
* The British pound rose 0.5% to $1.3660
* The Japanese yen rose 0.3% to 113.29 per dollar
Bonds
* The yield on 10-year Treasuries declined four basis points to 1.54%
* Germany’s 10-year yield declined four basis points to -0.13%
* Britain’s 10-year yield declined six basis points to 1.09%
Commodities
* West Texas Intermediate crude fell 0.1% to $80.54 a barrel
* Gold futures rose 1.9% to $1,793.30 an ounce
–With assistance from Andreea Papuc, Cecile Gutscher and Sophie Caronello.
Have a wonderful evening.

Be magnificent!

As ever,

Carolann

Courage is contagious.  When a brave man takes a stand, the spines of others are stiffened. -Billy Graham, 1918-2018.

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:
October 12, 1999-World population reaches 6 billion.

On Oct. 12, 2000, the Navy destroyer Cole was attacked in an al-Qaeda suicide bombing while in port in Aden, Yemen, killing 17 sailors and injuring dozens more.  Go to article »

As Starbucks turns 50, believe it or not, it has changed our culture and also inspired a generation of rivals. — Virginia Postrel 

Neuroscientists are mapping all the brain cells.

Strange radio signals are coming from the galaxy center.

Hubble detects a dangerous galactic dance. 

Elon Musk trolled Jeff Bezos to let him know he’s richer than he is.   Billionaires … they’re just like us.

PHOTOS OF THE DAY

A jay is foraging around a small pool in autumn sunshine in mid Wales
CREDIT: PHILIP JONES / ALAMY LIVE NEWS

A waxing crescent moon is seen setting behind London’s central business district Canary Wharf late last night
CREDIT: RICK FINDLER / STORY PICTURE AGENCY

The moon passing over Salisbury Cathedral in Wiltshire last night
CREDIT: NICK BULL/ PICTUREEXCLUSIVE.COM

A cargo Boeing 777 of China Southern Airlines flying from Amsterdam to Shanghai is silhouetted against the Sun with a Sun spot, a result of solar activity, over the village of Podolye, 70km east of St. Petersburg, Russia
CREDIT: AP PHOTO/DMITRI LOVESKY
Market Closes for October 12^th, 2021

Market Index	Close	Change
Dow Jones	34378.34	-117.72
		-0.34%
S&P 500	4350.65	-10.54
		-0.24%
NASDAQ	14465.93	-20.27 -0.14%
TSX	20437.12	+20.81
		+0.10%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28230.61	-267.59
		-0.94%
HANG SENG	24962.59	-362.50
		-1.43%
SENSEX	60284.31	+148.53
		+0.25%
FTSE 100*	7130.23	-16.62 -0.23%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.621	1.626
CND. 30 Year Bond	2.052	2.085
U.S.    10 Year Bond	1.5768	1.6118
U.S. 30 Year Bond	2.0954	2.1640

Currencies

BOC Close	Today	Previous
Canadian $	0.8023	0.8018
US $	1.2465	1.2472
Euro Rate 1 Euro=		Inverse
Canadian $	1.4373	0.6958
US $	1.1531	0.8673

Commodities

Gold	Close	Previous
London Gold Fix	1757.65	1762.10
Oil
WTI Crude Future	80.64	79.35

Market Commentary:
     On this day in 1990, the great bull market of the 1990s began, as the Dow Jones Industrial Average edged up 9.90 points to close at 2407.92. Stocks would more than quadruple over the next ten years.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks edged higher for a fifth session as gains in commodity stocks offset declines in most other sectors. The S&P/TSX Composite rose 0.1%, or 20.81 to 20,437.12 in Toronto. The index advanced to the highest closing level since Sept. 27. Today, energy and materials stocks led the market higher, as 4 of 11 sectors gained; 127 of 234 shares rose, while 103 fell. TC Energy Corp. contributed the most to the index gain, increasing 2.8%.  Denison Mines Corp. had the largest increase, rising 19.4%.
Insights
* This year, the index rose 17 percent, heading for the best year since 2019
* The index advanced 23 percent in the past 52 weeks. The MSCI AC Americas Index gained 24 percent in the same period
* The S&P/TSX Composite is 2.2 percent below its 52-week high on Sept. 7, 2021 and 32.5 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 1.9 percent in the past 5 days and fell 0.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 16 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$3.22t
* 30-day price volatility fell to 9.70 percent compared with 9.71 percent in the previous session and the average of 8.47 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 35.2356| 1.3| 10/11
* Materials | 34.8173| 1.5| 47/7
* Utilities | 10.0336| 1.1| 11/5
* Real Estate | 4.3884| 0.7| 21/3
* Health Care | -1.4002| -0.7| 2/7
* Industrials | -1.8238| -0.1| 16/14
* Consumer Staples | -4.2778| -0.6| 5/8
* Consumer Discretionary | -5.1987| -0.7| 3/10
* Communication Services | -7.1144| -0.7| 1/6
* Financials | -19.0363| -0.3| 7/21
* Information Technology | -24.8174| -1.1| 4/11
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TC Energy | 11.7600| 2.8| -5.7| 23.4
* Cameco | 10.7700| 14.7| 59.9| 78.8
* Enbridge | 7.1700| 1.0| 156.4| 28.0
* Bank of Montreal | -4.7210| -0.8| 39.2| 34.0
* TD Bank | -7.5840| -0.7| 44.4| 19.1
* Shopify | -20.7000| -1.5| -16.5| 17.6

US
By Rita Nazareth
(Bloomberg) — Stocks fell as investors awaited the start of the earnings season and a report that’s forecast to show consumer prices remained elevated. After the close of regular trading, Bloomberg News reported that Apple Inc. is likely to slash its projected iPhone 13 production targets for 2021 by as many as 10 million units because of prolonged chip shortages. Traders have been concerned that supply-chain snarls will sap corporate profits. Federal Reserve Bank of Atlanta President Raphael Bostic said the inflation surge is lasting longer than officials expected, so it’s not appropriate to refer to such rise as transitory. Vice Chair Richard Clarida noted that the conditions required to begin tapering the bond-buying program have “all but been met.” A key test of market confidence will be the start of the earnings season Wednesday. Quarterly guidance, which improved in the runup to the past four reporting periods, is now deteriorating. Analysts project profits at S&P 500 firms to climb 28% to $49 a share, according to data compiled by Bloomberg Intelligence.  That’s down from an eye-popping clip of 94% in the previous quarter, marking the onset of a slowdown that has historically signaled weakening returns for stocks.
“Earnings season is going to give us a really good clue of where we’re going on some of these supply issues,” Alicia Levine, head of equities and capital market advisory at BNY Mellon Wealth Management, told Bloomberg TV. “The two sectors we worry about are the industrials and retail, because that’s where the companies are not able to pass along price as easily.” The S&P 500 dropped for a third day. West Texas Intermediate held above $80 a barrel on speculation that a global energy crunch will continue to boost demand.  Treasury 10-year yields dropped, while the dollar was little changed. The International Monetary Fund warned of the risk of sudden and steep declines in global equity prices and home values as  global central banks withdraw the support they’ve provided during the pandemic.  For Karen Karniol-Tambour, co-chief investment officer for sustainability at Bridgewater Associates, most portfolios are insufficiently hedged for inflation. One of the easiest things investors can do is to “switch up their nominal bond holdings to inflation-linked bonds,” told Bloomberg TV. “It’s very simple. You’re literally going to get paid, whatever CPI is.”

Here are a few events to watch this week:
* U.S. FOMC minutes and CPI Wednesday
* China PPI, CPI Thursday
* U.S. initial jobless claims, PPI Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.1531
* The British pound was little changed at $1.3592
* The Japanese yen fell 0.3% to 113.63 per dollar
Bonds
* The yield on 10-year Treasuries declined five basis points to 1.57%
* Germany’s 10-year yield advanced three basis points to -0.09%
* Britain’s 10-year yield declined four basis points to 1.15%
Commodities
* West Texas Intermediate crude was little changed
* Gold futures rose 0.3% to $1,761.40 an ounce
–With assistance from Andreea Papuc, Cecile Gutscher and Julia Fanzeres.
Have a wonderful evening.

Be magnificent!

As ever,

Carolann

This existence of ours is as transient as autumn clouds.  To watch the birth and death of beings is like looking at the movements of a dance. 
A lifetime is a flash of lightning in the sky.  Rushing by like a torrent down a steep mountain. 
Conquer rage with humility, conquer evil with goodness, conquer greed with generosity, and conquer lies with truth. –Buddha, c.563 BC-483 BC.

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 & Happy Thanksgiving weekend.

October 8, 1871-Great Chicago Fire.

October 8, 2004 Lifestyle guru Martha Stewart reported to prison to begin serving a sentence for lying about a stock sale.  Go to article »

Maria Ressa and Dmitry Muratov win the Nobel Peace Prize. 

PHOTOS OF THE DAY

A woman on a rope bridge in the Rosa Khutor mountain resort in the Caucasus Mountains near Russias Black Sea coast, in mid autumn
CREDIT: DMITRY FEOKTISTOV/TASS VIA GETTY IMAGES

These little grey headed flying foxes are tough to shoot – very tiny, fast and at dusk only do they fly. When summer is at its peak they are in danger of dying from heat exhaustion as they sleep during the day and can literally drop dead out of their trees . Dipping their bellies in the water as they zoom down for a drink is a survival mechanism they’ve developed to cope. This picture wowed judges in the Better Photography Magazine Photo of the Year 2021 contest
CREDIT: ROBIN MOON/BETTER PHOTOGRAPHY MAGAZINE/TNG

Attanasio a maths student at St John’s College in Cambridge trimming the Boston ivy by her room as she returned for her second year at the University this week. The largest wall of Boston Ivy in Britain is putting on a stunning display today after turning a blaze of red as the UK enjoys a warm day with highs of 21C in some parts of the country
CREDIT: GEOFF ROBINSON

Market Closes for October 8^th, 2021

Market Index	Close	Change
Dow Jones	34746.25	-8.69
		-0.03%
S&P 500	4391.34	-8.42
		-0.19%
NASDAQ	14579.54	-74.48 -0.51%
TSX	20416.31	+.10
		–%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28048.94	+370.73
		+1.34%
HANG SENG	24837.85	+136.12
		+0.55%
SENSEX	60059.06	+381.23
		+0.64%
FTSE 100*	7095.55	+17.51 +0.25%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.626	1.565
CND. 30 Year Bond	2.085	2.042
U.S.    10 Year Bond	1.6118	1.5729
U.S. 30 Year Bond	2.1640	2.1263

Currencies

BOC Close	Today	Previous
Canadian $	0.8018	0.7967
US $	1.2472	1.2552
Euro Rate 1 Euro=		Inverse
Canadian $	1.4434	0.6928
US $	1.1574	0.8640

Commodities

Gold	Close	Previous
London Gold Fix	1762.10	1759.70
Oil
WTI Crude Future	79.35	78.30

Market Commentary:
     On this day 190 years ago, the Panic of 1831 broke out, as revolution and cholera in Europe slashed imports and a rash of excess lending by U.S. banks set off inflation. “Very urgent demands for money were heard,” said historian Clement Juglar.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks closed virtually unchanged, as gains in energy and financials were offset by declines in most other sectors. The S&P/TSX Composite advanced slightly to 20,416.31 in Toronto after the country added more jobs than expected in September, returning to its pre-Covid employment levels, but still fell short of the  pre-pandemic trend line for job growth. The benchmark was up 1.3% for the week. Toronto-Dominion Bank contributed the most to the index gain, increasing 1%. K92 Mining Inc. had the largest increase, rising 4.3%. Today, 107 of 234 shares rose, while 116 fell; 4 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index rose 17%, heading for the best year since 2019
* So far this week, the index rose 1.3%, heading for the biggest advance since the week ended Aug. 27
* The index advanced 23% in the past 52 weeks. The MSCI AC Americas Index gained 28% in the same period
* The S&P/TSX Composite is 2.3% below its 52-week high on Sept. 7, 2021 and 32.4% above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 16 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.22t
* 30-day price volatility fell to 9.71% compared with 9.95% in the previous session and the average of 8.07% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 39.6661| 0.6| 21/6
* Energy | 28.0165| 1.0| 17/6
* Materials | 5.4096| 0.2| 30/20
* Consumer Discretionary | 1.7173| 0.2| 7/6
* Real Estate | -0.8174| -0.1| 12/13
* Communication Services | -2.7592| -0.3| 1/4
* Industrials | -3.1055| -0.1| 13/14
* Health Care | -4.8087| -2.4| 0/9
* Consumer Staples | -5.7461| -0.8| 3/10
* Utilities | -7.6645| -0.8| 1/15
* Information Technology | -49.8015| -2.1| 2/13
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* TD Bank | 11.0000| 1.0| -30.0| 20.0
* Suncor Energy | 8.3820| 2.9| -8.5| 34.9
* Canadian Natural | | | |
* Resources | 6.5870| 1.6| -43.3| 62.2
* Constellation | | | |
* Software | -4.5000| -1.6| 21.9| 26.1
* Lightspeed Commerce | | | |
* Inc | -7.1170| -7.1| -25.1| 20.4
* Shopify | -30.9200| -2.3| -11.3| 19.5

US
By Natalia Kniazhevich and Vildana Hajric
(Bloomberg) — U.S. stocks fell and Treasury yields gained Friday after weak jobs data upended bets on the Federal Reserve’s policy plans. The S&P 500 and Nasdaq 100 declined in turbulent trading as data showed employers added far fewer jobs than anticipated last month. While the report is unlikely to deter the Fed from announcing cutbacks to its bond buying next month, it may remove pressure for the central bank to raise interest rates any time soon. “We don’t think this derails the Fed from tapering, and with labor markets still somewhat slack, tightening is still a long way away,” said Jay Barry, JPMorgan head of USD government bond strategy. The 10-year Treasury yield rose to 1.6%. Gold erased a 1.5% advance. And crude oil briefly topped $80 a barrel in New York for the first time since 2014. The S&P 500 finished the week higher as stocks struggled for a direction on Friday. The session was marked by high volatility with traders wading in to buy at the market lows. “The buy-the-dip mentality rules the day,” said JJ Kinahan, chief market strategist at TD Ameritrade, by phone. “That’s really what it comes down to.”
The monthly jobs report was the second miss in a row, signaling weakness in the labor market just as the Fed is preparing to cut back stimulus. The biggest job losses in the report came from the government sector while hiring in leisure and hospitality nearly doubled, suggesting the business outlook is strengthening, albeit slowly. “The industries that have seen really strong gains are in some of those that were particularly impacted by the pandemic; so things like leisure, and hospitality, retail,” said Kara Murphy, chief investment officer of Kestra Investment Management. “The pandemic is still driving a lot of this kind of dislocation.” The September payrolls had the smallest advance of the year after a upward revision for August figures. Meanwhile, the unemployment rate fell to 4.8% and average hourly earnings jumped. With the turbulence, it’s unclear how the market is interpreting the data, said Mike Loewengart, managing director of investment strategy at E*Trade Financial.  “On one hand it’s a knock to our economic recovery,” he said. “On the other, delaying Fed policy means the easy money era continues.”

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average was little changed
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.1571
* The British pound was little changed at $1.3620
* The Japanese yen fell 0.5% to 112.22 per dollar
Bonds
* The yield on 10-year Treasuries advanced three basis points to 1.60%
* Germany’s 10-year yield advanced three basis points to -0.15%
* Britain’s 10-year yield advanced eight basis points to 1.16%
Commodities
* West Texas Intermediate crude rose 1.5% to $79.49 a barrel
* Gold futures fell 0.1% to $1,757 an ounce
–With assistance from Emily Graffeo, Kamaron Leach and Elaine Chen.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

As I grow older, I pay les attention to what men say.  I just watch what they do. -Andrew Carnegie,  1835-1919.

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 Oct. 7, 1985 Palestinian gunmen hijacked the Italian cruise ship Achille Lauro in the Mediterranean with more than 400 people aboard.  Go to article »

Neils Bohr, mathematician, b.1885
Vladimir Putin, President, b. 1952
Yo-Yo Ma, cellist, b.1955.

‘Luxury’ 2,700-year-old toilet discovered in Jerusalem.  It was private AND ergonomically designed! Very fancy. 

How to break a phone addiction.

Chipmunks cause an energy crisis. (h/t Ellen Kominers)

PHOTOS OF THE DAY

Mustasinur Rahman Alvi, 23, from Barishal, Bangladesh, snapped the farmers as they floated through a canal collecting water lilies. Mustasinur says that pink lilies and green lily pads cover the 10,000-acre canal and wetlands area in Barishal Division, Bangladesh and that the flowers are only in bloom during the seasonal flooding which begins in August and ends in November
CREDIT: MUSTASINUR RAHMAN ALVI/ CATERS NEWS AGENCY

The London skyline is seen as the sun begins to set behind it on what has been a warm and sunny day for most of the country. This incredible picture was taken almost 30 miles away from the City of London
CREDIT: RICK FINDLER / STORY PICTURE AGENCY

National Gallery’s Poussin and the Dance exhibition. A pair of performers from Hetain Patel’s upcoming live performance, Baa’s Gold dance amongst the Poussin and Classical Artworks. Posed in front of A Dance to the Music of Time c1634
CREDIT: JULIAN SIMMONDS FOR THE TELEGRAPH

Australian endurance swimmer Chloe McCardel approaches France at sunrise during her attempt to swim across the English Channel to equal the World Record, currently held at 43 crossings, before attempting her record breaking 44th crossing due on Sunday
CREDIT: GARETH FULLER/ PA WIRE

Market Closes for October 7^th, 2021

Market Index	Close	Change
Dow Jones	34754.94	+337.95
		+0.98%
S&P 500	4399.76	+36.21
		+0.83%
NASDAQ	14654.02	+152.11 +1.05%
TSX	20416.21	+224.55
		+1.11%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27678.21	+149.34
		+0.54%
HANG SENG	24701.73	+735.24
		+3.07%
SENSEX	59677.83	+488.10
		+0.82%
FTSE 100*	7078.04	+82.17 +1.17%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.565	1.505
CND. 30 Year Bond	2.042	1.991
U.S.    10 Year Bond	1.5729	1.5224
U.S. 30 Year Bond	2.1263	2.0782

Currencies

BOC Close	Today	Previous
Canadian $	0.7967	0.7942
US $	1.2552	1.2591
Euro Rate 1 Euro=		Inverse
Canadian $	1.4503	0.6895
US $	1.1554	0.8655

Commodities

Gold	Close	Previous
London Gold Fix	1759.70	1753.20
Oil
WTI Crude Future	78.30	77.43

Market Commentary:
     On this day in 1896, the Dow Jones Industrial Average began continuous daily publication. Its 12 members were the great industrial giants of the time: American Cotton Oil, American Sugar, American Tobacco, Chicago Gas, American Spirits Manufacturing, General Electric, Laclede Gas, National Lead, U.S. Cordage, Tennessee Coal & Iron, U.S. Leather, and U.S. Rubber.
Canada
By Natasha Abellard
(Bloomberg) — Canadian equities advanced on Thursday with tech and consumer discretionary stocks leading the way.  The S&P/TSX Composite rose for the third day, climbing 1.1% in Toronto. The move was the biggest since rising 1.2% on June 1. Today, information technology stocks led the market higher, as all sectors gained; 188 of 234 shares rose, while 44 fell. Shopify contributed the most to the index gain, increasing 3.4%. Richelieu Hardware had the largest increase, rising 7.0%.
Insights
* In the past year, the index had a similar or greater gain 13 times. The next day, it advanced 10 times for an average 0.5% and declined three times for an average 0.6%
* This year, the index rose 17%, heading for the best year since 2019
* So far this week, the index rose 1.3%, heading for the biggest advance since the week ended Aug. 27
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 29% in the same period
* The S&P/TSX Composite is 2.3% below its 52-week high on Sept. 7, 2021 and 32.4% above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 1.7% in the past 5 days and fell 1.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 16 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility rose to 9.95% compared with 9.38% in the previous session and the average of 7.90% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 69.1285| 3.0| 14/0
* Financials | 45.0218| 0.7| 26/2
* Energy | 37.2105| 1.4| 21/1
* Materials | 28.9482| 1.3| 42/13
* Consumer Discretionary | 16.6663| 2.3| 12/1
* Industrials | 10.0533| 0.4| 26/4
* Real Estate | 7.2839| 1.2| 19/6
* Communication Services | 3.6949| 0.4| 5/2
* Consumer Staples | 3.0861| 0.4| 9/4
* Health Care | 2.1579| 1.1| 6/3
* Utilities | 1.2866| 0.1| 9/7
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 45.6900| 3.4| -8.9| 22.2
* Brookfield Asset | | | |
* Management | 16.2000| 2.3| -27.4| 34.0
* Magna International | 9.2960| 4.9| 42.3| 14.0
* Algonquin Power | -0.7290| -0.9| -10.7| -12.7
* Canadian Pacific | -1.7590| -0.4| -17.0| -3.1
* Canadian National | -7.3630| -1.2| -51.1| 4.8

US
By Elaine Chen and Vildana Hajric
(Bloomberg) — U.S. equities rose on Thursday, bolstered by progress on U.S. debt-ceiling talks and easing concerns about Europe’s energy crunch. The S&P 500 climbed as much as 1.5% before nearly halving gains on China’s plans to tighten its supervision over technology companies. The advance was led by the materials and consumer discretionary sectors, extending a three-day rally to 2.3%. The yield on the U.S. 10-year Treasury note climbed to 1.57%, the highest since June. “We’ve had a 24-hour stretch where we’ve pulled back from a few of the key risk drivers that have been concerning markets,” said Giorgio Caputo, senior portfolio manager at J O Hambro Capital Management. Markets have been buffeted in the past month by worries about an energy crisis, elevated inflation, reduced stimulus and slower growth. However, the prospect of a short-term U.S. debt limit extension is easing concern over political bickering. Natural gas prices were also lower on Thursday after signals Russia may increase supplies to Europe. “The volatility we’ve seen in the markets here this week — where we’re up one day, down the next — is really a reflection of the news cycles and the different news that we’ve been receiving,” Chris Gaffney, president of world markets at TIAA Bank, said by phone.
Up next, all eyes will be on Friday’s U.S. nonfarm payrolls, which may shed light on the Federal Reserve’s timeline to cut bond purchases. There is growing optimism the report will show the kind of “decent” jobs growth Fed Chair Jerome Powell said he wants.  U.S. initial jobless claims fell more than expected last week and ADP employment figures beat expectations for September. “Both really reflect that the job market is strengthening and that people are getting back to work,” Gaffney said of the latest employment data. “That certainly bodes well for the markets going forward in that the more people that are working, the more spending can occur as people get back to work.” Oil reversed losses after the U.S. Energy Department said it has no plans to tap oil reserves. The dollar was little changed. Gold fell.

Here are some events to watch this week:
* Reserve Bank of India monetary policy decision on Friday
* The U.S. Labor Department releases unemployment and job creation data Friday

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 0.9%
* The Dow Jones Industrial Average rose 1%
* The MSCI World index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1554
* The British pound rose 0.3% to $1.3617
* The Japanese yen fell 0.2% to 111.60 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 1.57%
* Germany’s 10-year yield was little changed at -0.19%
* Britain’s 10-year yield was little changed at 1.08%
Commodities
* West Texas Intermediate crude rose 1.8% to $78.85 a barrel
* Gold futures fell 0.3% to $1,755.80 an ounce
–With assistance from Namitha Jagadeesh, Akshay Chinchalkar, Cecile Gutscher and Andreea Papuc.
Have a wonderful evening.

Be magnificent!
As ever,

Carolann

Once the game is over, the King and the pawn go back into the same box. -Italian Proverb.

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 Oct. 6, 1981, Egyptian President Anwar Sadat was shot to death by Islamic militants while reviewing a military parade.  Go to article »

These are the world’s 50 best restaurants for 2021.  Reservations required … and probably a plane ticket. 

Noma is still the world’s best restaurant.

The Nobel Prize in chemistry has been awarded to Benjamin List and David W.C. MacMillan, two scientists honored for creating “an ingenious tool for building molecules” that helped develop new drugs and made chemistry greener.

Grey Poupon has a wine now.  Exhausted from all the weird food news? Take a load off with some mustard wine! 

Planet with iron rainfall is even more extreme than scientists thought.  That’s (literally!) so metal. 

Sunlight affects whether languages have a word for “blue.”

PHOTOS OF THE DAY

Artist Lakwena Maciver unveils her expansive, immersive floorscape titled – Back in the Air: A Meditation on Higher Ground, commissioned by theCoLAB Temple in partnership with Westminster City Council and 180 Studios at The Artist’s Garden, a vast undiscovered half-acre roof terrace on top of Temple Underground Station in London
CREDIT: JEFF BILBERT FOR THE TELEGRAPH

Rescuers help a stranded humpback whale (Megaptera novaeangliae) on the shores of Argentine sea at Nueva Atlantis, some 350 Km south-east of Buenos Aires, on October 3. – During the last 48 hours, two unusual strandings of humpback whales were recorded in the Province of Buenos Aires. In both cases, rescue teams were able to return both whales to the sea
CREDIT: FUNDACION MUNDO MARINO/AFP VIA GETTY IMAGES

Two marine biologists off Koh Tao Island, Thailand, attach fragments of damaged corals onto an electrified metal structure. This has been reported to improve skeletal growth, resilience and resistance to bleaching of these recovered coral fragments, In the past three decades, the Earth has lost 50% of its coral reefs
CREDIT: SIRACHAI ARUNRUGSTICHAI / NATUREPL.COM
Market Closes for October 6^th, 2021

Market Index	Close	Change
Dow Jones	34416.99	+102.32
		+0.30%
S&P 500	4363.55	+17.83
		+0.41%
NASDAQ	14501.91	+68.08 +0.47%
TSX	20191.66	+8.23
		+0.04%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27528.87	-293.25
		-1.05%
HANG SENG	23966.49	-137.66
		-0.57%
SENSEX	59189.73	-555.15
		-0.93%
FTSE 100*	6995.87	-81.23 -1.15%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.505	1.537
CND. 30 Year Bond	1.991	1.2019
U.S.    10 Year Bond	1.5224	1.5258
U.S. 30 Year Bond	2.0782	2.0975

Currencies

BOC Close	Today	Previous
Canadian $	0.7942	0.7949
US $	1.2591	1.2581
Euro Rate 1 Euro=		Inverse
Canadian $	1.4553	0.6872
US $	1.1558	0.8652

Commodities

Gold	Close	Previous
London Gold Fix	1753.20	1754.55
Oil
WTI Crude Future	77.43	78.93

Market Commentary:
     On this day in 1979, Paul Volcker, who became chairman of the Federal Reserve only two months earlier, made his first major announcement, and it was a doozy: The Fed was raising interest rates a full percentage point, to 12%, and would take tough measures to control the money supply. Mr. Volcker’s announcement, made on a Saturday night, became known as “the Saturday Night Massacre” for its murderous effect on bond prices—but it also broke the back of inflation.
Canada
By Natasha Abellard
(Bloomberg) — Canadian stocks closed little changed, reversing earlier declines that were triggered by inflation concerns. The tech industry led the gainers, rising almost 2% rise. The S&P/TSX Composite closed up 0.04% in Toronto. Shopify contributed the most to the index gain, increasing 2.6%. Equinox Gold had the largest increase, rising 6.3%. Today, 99 of 234 shares rose, while 131 fell; 5 of 11 sectors were higher, led by information technology stocks.
Insights
* This year, the index rose 16%, heading for the best year since 2019
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The S&P/TSX Composite is 3.4% below its 52-week high on Sept. 7, 2021 and 31% above its low on Oct. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and fell 3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 16 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility fell to 9.38% compared with 9.41% in the previous session and the average of 7.80% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 38.3994| 1.7| 9/6
* Materials | 12.5609| 0.6| 34/21
* Industrials | 7.0702| 0.3| 9/21
* Utilities | 3.5245| 0.4| 8/8
* Real Estate | 1.9516| 0.3| 15/9
* Consumer Staples | -0.3692| 0.0| 5/8
* Communication Services | -1.2164| -0.1| 1/4
* Health Care | -2.6407| -1.3| 4/5
* Consumer Discretionary | -9.9423| -1.4| 4/9
* Financials | -15.7562| -0.2| 8/20
* Energy | -25.3488| -0.9| 2/20
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 33.2800| 2.6| -12.7| 18.2
* Canadian Pacific | 7.1740| 1.8| -31.4| -2.7
* Enbridge | 6.4670| 0.9| -31.8| 25.3
* TD Bank | -4.9300| -0.5| 185.2| 18.9
* Canadian Natural | | | |
* Resources | -7.0810| -1.8| -21.9| 57.8
* Suncor Energy | -7.1400| -2.5| -35.1| 27.0

US
By Natalia Kniazhevich and Vildana Hajric
(Bloomberg) — Stocks whipsawed in heavy trading as Republicans were poised to offer Democrats a way to end the debt limit impasse. The S&P 500 and Nasdaq 100 both gained, erasing earlier losses of more than 1%, after Senate Minority Leader Mitch McConnell said he planned to offer a short-term debt ceiling increase that would last into December. The turbulence came as the benchmark S&P 500 has logged four straight days of 1% moves amid a growing list of concerns including the debt ceiling, inflation and surging energy prices. European equities also halved losses as natural gas prices – up as much as 40% at one point — turned lower after Russia’s President Vladimir Putin said the country is ready to help. “With the latest news that Republicans are willing to come to the table and negotiate an extension, equities (and yields) have rallied back,” Anna Han, a Wells Fargo Securities strategist, said in an email. “It’s certainly not all peachy, but it does bring short-term relief to one of the various macro risks we have been watching.” The yield on the U.S. 10-year Treasury note was little changed as investors considered the U.S. economic outlook. ADP employment data beat analyst expectations ahead of Friday’s U.S. nonfarm payrolls, cementing predictions the Federal Reserve will taper stimulus next month. A strong U.S. jobs report could assuage worries about ongoing hiring challenges.
However, the market remains volatile on concerns elevated inflation may persist longer than the central bank expects, especially in the face of an energy crunch this winter. “To be sure, the beat on private payroll numbers is a positive but there’s no shortage of catalysts out there that could move the market,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial, adding that positive labor data could prompt the Fed to tighten policy at a quicker pace. “But the fact that hiring is up, shouldn’t be discounted. It’s definitely a good thing in terms of recovery.” If job gains in the ADP data does translate to Friday’s report, analysts expect the Fed to announce taper plans for asset purchases in early November. Fed chair Jerome Powell said he was looking for “decent” job growth. “We’re in quite a different labor market in that for many sectors there is a shortage of workers,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group. “Hopefully we’re in the midst of seeing more labor supply with kids back in school, Covid under control and the end of the extra unemployment benefits.” Crude oil in New York fell, the dollar was stronger against major peers, and Bitcoin jumped above $54,000.

Here are some events to watch this week:
* Reserve Bank of India monetary policy decision on Friday
* The U.S. Labor Department releases unemployment and job creation data Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.3% to $1.1558
* The British pound fell 0.3% to $1.3588
* The Japanese yen was little changed at 111.39 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.52%
* Germany’s 10-year yield was little changed at -0.18%
* Britain’s 10-year yield declined one basis point to 1.07%
Commodities
* West Texas Intermediate crude fell 2.4% to $77.06 a barrel
* Gold futures rose 0.3% to $1,765.50 an ounce
–With assistance from Kamaron Leach, Peyton Forte and Nathan Hager.
Have a wonderful evening.

Be magnificent!

As ever,

Carolann

Losing is not as bad as wanting more. –Laozi, 571 BC-c. 5^th century BC.

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 October 5, 1947, in the first televised White House address, President Truman asked Americans to refrain from eating meat on Tuesdays and poultry on Thursdays to help stockpile grain for starving people in Europe.  Go to article »

1877-Chief Joseph surrenders.
Tecumseh, Shawnee chief, d. 1813
Bob Geldof, singer/activist, b. 1951
Kate Winslet, actress, b. 1975.

William Shatner, 90, is headed to space on Jeff Bezos’ Blue Origin mission.  Captain Kirk would be proud. 

Censored letters between Marie-Antoinette and her rumored lover revealed in full with X-rays.  Among the censored words: “beloved,” “tender friend,” “adore,” and “madly,” ooh

The Earth isn’t as bright as it once was.  Not like, smarts-wise. That would be a really insulting thing to hear this early in the morning. 

Syukuro Manabe, Klaus Hasselmann and Giorgio Parisi win Nobel Prize for physics.
The 2021 award goes to the three scientists for ground-breaking work in predicting global warming and for the understanding of complex physical systems.

The Late Night Hosts weighed in on the Facebook outage yesterday:

“People started noticing something was wrong this morning when they felt happy for more than 30 minutes.” — JAMES CORDEN

“For hours, users were left in suspense about whether their second cousin thinks the vaccine gives your pancreas Wi-Fi.” — STEPHEN COLBERT

“So if you wanted to share photos, you had to go door-to-door with Polaroids of your brunch,” Stephen Colbert joked.

“As the panic grew, Facebook did not say what might be causing the outage. Now, I’m no computer expert, but my theory is a just god?” — STEPHEN COLBERT

“Now, clearly, this is the day the machines have risen up and are taking over, but don’t panic: They only know our thoughts, feelings, family, friends,
location, facial patterns and banking data.” — STEPHEN COLBERT

“It was so bad that the only way Facebook could let the world know what was going on — and this is true — was by posting a message on Twitter. ” — STEPHEN COLBERT

“That must hurt. Facebook communicating problems on Twitter? That’s like Burger King running out of fries and having to announce it on a Big Mac.” — STEPHEN COLBERT

“Yes, Facebook’s entire site crashed. They were like, ‘Oh, my god, this is the best press we’ve had in months!’” — JIMMY FALLON

“Facebook was only down for a day and in that short time, everyone got the vaccine.” — JIMMY FALLON

“Before Facebook, I had no problems with any of my aunts or uncles. It was all — all birthday checks in the mail.” — JIMMY KIMMEL

“I gotta check out Facebook one of these days. I hear bad things.” — STEPHEN COLBERT

“With no social media, I ended up spending most of the day talking to my son. He’s really nice!” — JAMES CORDEN
PHOTOS OF THE DAY

John Moore the head gardener at Churchill College in Cambridge trimming the wall of Boston Ivy on Tuesday morning as it turns red in the autumn weather. One of the largest walls of Boston Ivy in Britain is turning a blaze of red today as Britain is set to see an Indian summer later this week
CREDIT: GEOFF ROBINSON

A polar bear plays in the Fireweed plants on an island off the Hudson Bay Canada
CREDIT: DENNIS FAST/MERCURY PRESS

People visit an art piece by Turkish-American new media digital artist Refik Anadol’s entitled ‘Machine Hallucination Space: Metaverse Lot 1’ at the Digital Art Fair Asia in Hong Kong, China
CREDIT: JEROME FAVRE/EPA-EFE/SHUTTERSTOCK

Market Closes for October 5^th, 2021

Market Index	Close	Change
Dow Jones	34314.67	+311.75
		+0.92%
S&P 500	4345.72	+45.26
		+1.05%
NASDAQ	14433.83	+178.35 +1.25%
TSX	20183.43	+131.17
		+0.65%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27822.12	-622.77
		-2.19%
HANG SENG	24104.15	+67.78
		+0.28%
SENSEX	59744.88	+445.56
		+0.75%
FTSE 100*	7077.10	+66.09 +0.94%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.537	1.483
CND. 30 Year Bond	1.2019	1.959
U.S.    10 Year Bond	1.5258	1.4789
U.S. 30 Year Bond	2.0975	2.0442

Currencies

BOC Close	Today	Previous
Canadian $	0.7949	0.7944
US $	1.2581	1.2588
Euro Rate 1 Euro=		Inverse
Canadian $	1.4592	0.6853
US $	1.1600	0.8622

Commodities

Gold	Close	Previous
London Gold Fix	1754.55	1757.05
Oil
WTI Crude Future	78.93	77.62

Market Commentary:
On this day in 1993, Daimler-Benz became the first German company to be listed on the New York Stock Exchange.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.7 percent at 20,183.43 in Toronto. The move was the biggest since rising 0.8 percent on Sept. 22 and follows the previous session’s decrease of 0.5 percent. Royal Bank of Canada contributed the most to the index gain, increasing 0.8 percent. Stelco Holdings Inc. had the largest increase, rising 8.6 percent. Today, 155 of 234 shares rose, while 76 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index rose 16 percent, heading for the best year since 2019
* The index advanced 23 percent in the past 52 weeks. The MSCIAC Americas Index gained 28 percent in the same period
* The S&P/TSX Composite is 3.4 percent below its 52-week high on Sept. 7, 2021 and 30.9 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is little changed in the past 5 days and fell 3.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 16 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$3.16t
* 30-day price volatility rose to 9.41 percent compared with 9.24 percent in the previous session and the average of 7.73 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 58.7683| 0.9| 24/4
* Energy | 24.0885| 0.9| 16/7
* Industrials | 18.6050| 0.8| 24/6
* Materials | 12.2345| 0.5| 30/23
* Consumer Staples | 7.6268| 1.0| 10/3
* Consumer Discretionary | 7.5675| 1.0| 11/2
* Information Technology | 3.0617| 0.1| 10/5
* Health Care | 2.9565| 1.5| 7/2
* Communication Services | 1.2451| 0.1| 6/1
* Real Estate | 0.2732| 0.0| 14/10
* Utilities | -5.2611| -0.6| 3/13
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Royal Bank of Canada| 10.3800| 0.8| 31.2| 21.7
* TD Bank | 10.2400| 1.0| 257.3| 19.4
* Suncor Energy | 9.8300| 3.5| -13.1| 30.3
* TC Energy | -3.1260| -0.7| 131.5| 18.6
* Constellation | | | |
* Software | -3.3440| -1.2| 4.4| 23.3
* Enbridge | -4.2180| -0.6| -6.4| 24.2

US
By Kamaron Leach and Vildana Hajric
(Bloomberg) — Stocks rebounded from Monday’s rout and Treasuries fell as investors assessed the state of the economy before a key payroll report Friday. The S&P 500 and Nasdaq 100 gained — led by advances in mega-cap tech names — while the 10-year yield spiked to 1.53%. Investors are anxiously awaiting the latest labor market data for a signal on the Federal Reserve’s next move. An ISM reading on the U.S. services sector activity came in better than expected Tuesday, likely keeping the Fed on track to announce a pullback in bond-buying. The advances helped ease concerns of a market correction as the S&P 500 rose back above its 100-day moving average. A wall of worry has been building amid elevated inflation, fading recovery indicators, a spreading energy crisis, and U.S. political bickering. The Nasdaq 100’s gain came after a measure of its relative strength fell to the lowest since March. “While some parts of the stock market have declined more than others, we still have a ways to go before reaching an actual correction in the major stock indexes,” said David Bahnsen, chief investment officer at Newport Beach, California-based wealth management firm The Bahnsen Group. “It is impossible to get overly worried about these incredibly modest market declines, which are mostly concentrated in highly overpriced technology stocks.”
The S&P 500 information technology sector is down about 6% from a high in August as rising inflation and Treasury yields have prompted a rotation out of high-growth companies trading at a premium. Meanwhile, the energy sector is up 17% from a low in September as Europe braces for a winter energy crunch. European natural gas contracts soared on Tuesday to an unprecedented 114 euros per megawatt-hour, compared with 15.49 euros in February. Crude oil in New York also gained for a fourth day. “I think we’re going to most likely continue this pattern of pretty rapid sector shifts,” said Liz Ann Sonders, chief investment strategist at Charles Schwab. “You’ve got these rotational corrections that have been happening under the surface, and yes, the deterioration has been more significant recently in the Nasdaq, but throughout the course of this year, you’ve seen various periods where breadth deterioration was more severe in areas like the Nasdaq or small cap.”
The latest Fed commentary ahead of the U.S. nonfarm-payrolls data came on Monday from St. Louis Fed President James Bullard who said elevated price pressures may be changing the mentality of businesses and consumers by making them more accustomed to higher inflation. “The nonfarm payrolls report will be released on Friday and will give us a sense of how the Delta variant has impacted the employment environment,” said Lauren Goodwin, economist and portfolio strategist at New York Life Investments. “We don’t expect the report to have a meaningful market impact; Covid-19 cases are also on the decline again, and Federal Reserve communication points to reducing their market support as long as the report is ‘decent.’” The dollar rose, rebounding from a three-day selloff. Bitcoin extended a rally, surpassing the $50,000 mark. And equities in Europe and Hong Kong rose, while those in Japan fell.
Here are some events to watch this week:
* Rate decision in New Zealand on Wednesday
* Reserve Bank of India monetary policy decision on Friday
* The U.S. Labor Department releases unemployment and job creation data Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.1% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 1.4%
* The Dow Jones Industrial Average rose 0.9%
* The MSCI World index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.1599
* The British pound rose 0.1% to $1.3625
* The Japanese yen fell 0.5% to 111.46 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 1.53%
* Germany’s 10-year yield advanced three basis points to -0.19%
* Britain’s 10-year yield advanced seven basis points to 1.08%
Commodities
* West Texas Intermediate crude rose 2.1% to $79.22 a barrel
* Gold futures fell 0.4% to $1,761.10 an ounce
–With assistance from Nathan Hager and Lu Wang.
Have a wonderful evening.

Be magnificent!

As ever,

Carolann

If you want to lift yourself up, lift up someone else. -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:
On Oct. 4, 1957, the Space Age began as the Soviet Union launched Sputnik, the first man-made satellite, into orbit. Go to article »

St. Francis of Assisi, b. 1181

Nobel Prize in Physiology or Medicine:
The 2021 award goes to David Julius and Ardem Patapoutian for identifying the receptors that allow humans to perceive temperature and touch.

William Shatner is going to space. 

Mick Jagger went to a Charlotte bar and nobody noticed.

Unleashing the atom made humans think of the deep future.

PHOTOS OF THE DAY

A beautiful sunrise and horses on a fresh autumnal morning on Bamburgh beach in Northumberland this morning
CREDIT: SOMIN WOODLEY / SWNS

Cooks crafting their famed dim sum specialities in Shanghai’s Yu Garden district. The image, taken by Ian Douglas Scott, was the runner-up in the food and travel category at the National Geographic Traveller (UK) Photography Competition 2021
CREDIT: IAN DOUGLAS SCOTT?NATIONAL GEOGRAPHIC

A rainbow over St Mary’s Lighthouse in Whitley Bay
CREDIT: OWEN HUMPHREYS/PA WIRE

Market Closes for October 4^th, 2021

Market Index	Close	Change
Dow Jones	34002.92	-323.54
		-0.94%
S&P 500	4300.46	-56.58
		-1.30%
NASDAQ	14255.48	-311.22 -2.14%
TSX	20052.25	-98.62
		-0.49%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28444.89	-326.18
		-1.13%
HANG SENG	24036.37	-539.27
		-2.19%
SENSEX	59299.32	+533.74
		+0.91%
FTSE 100*	7011.01	-16.16 -0.23%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.483	1.468
CND. 30 Year Bond	1.959	1.955
U.S.    10 Year Bond	1.4789	1.4650
U.S. 30 Year Bond	2.0442	2.0336

Currencies

BOC Close	Today	Previous
Canadian $	0.7944	0.79154
US $	1.2588	1.2633
Euro Rate 1 Euro=		Inverse
Canadian $	1.4627	0.6837
US $	1.1620	0.8607

Commodities

Gold	Close	Previous
London Gold Fix	1757.05	1742.80
Oil
WTI Crude Future	77.62	75.88

Market Commentary:
     On this day in 1903, John Vincent Atanasoff was born just west of Hamilton, N.Y., to Ivan Atanasoff, a Bulgarian-born electrical engineer, and math teacher Iva Purdy. From 1939 through 1941, working at Iowa State with a $650 research grant, he developed the world’s first electronic digital computer.
Canada
By Kristine Owram
(Bloomberg) — Canadian stocks closed lower Monday but outperformed their U.S. peers, as a drop in health care and technology shares was offset by strength in commodities. The S&P/TSX Composite fell 0.5 percent to 20,052.25 in Toronto. The index dropped to the lowest closing level since July 20 after the previous session’s increase of 0.4 percent. Today, information technology stocks led the market lower, as 9 of 11 sectors lost; 141 of 234 shares fell, while 88 rose. Energy and materials were the only sectors that gained. Shopify Inc. contributed the most to the index decline, decreasing 3.1 percent. Lightspeed Commerce Inc. had the largest drop, falling 8.5 percent.
Insights
* This year, the index rose 15 percent, heading for the best year since 2019
* The index advanced 24 percent in the past 52 weeks. The MSCI AC Americas Index gained 29 percent in the same period
* The S&P/TSX Composite is 4 percent below its 52-week high on Sept. 7, 2021 and 30.1 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is down 2 percent in the past 5 days and fell 3.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.1 on a trailing basis and 15.9 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$3.18t
* 30-day price volatility fell to 9.24 percent compared with 9.41 percent in the previous session and the average of 7.64 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -67.2381| -2.9| 0/15
* Industrials | -30.0327| -1.3| 7/23
* Financials | -27.0233| -0.4| 8/20
* Health Care | -6.0085| -2.9| 0/9
* Real Estate | -3.9062| -0.6| 3/20
* Consumer Discretionary | -3.2565| -0.4| 5/8
* Consumer Staples | -2.9877| -0.4| 5/8
* Communication Services | -2.4849| -0.3| 3/3
* Utilities | -0.1743| 0.0| 9/7
* Materials | 15.1198| 0.7| 32/21
* Energy | 29.3939| 1.1| 16/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -40.9900| -3.1| -10.5| 15.1
* Brookfield Asset | | | |
* Management | -13.4600| -1.9| -30.8| 29.6
* Lightspeed Commerce| | | |
* Inc | -9.1830| -8.5| 34.8| 26.5
* Enbridge | 4.2180| 0.6| -23.3| 24.9
* Sun Life Financial | 6.4630| 2.4| 13.6| 17.8
* Canadian Natural | | | |
* Resources | 12.0200| 3.1| -37.8| 56.7

US
By Vildana Hajric and Peyton Forte
(Bloomberg) — U.S. stocks declined Monday as a selloff in technology stocks resumed on the threat of persistently high  inflation. The S&P 500 fell 1.3% — dipping below its 100-day moving average — while the Nasdaq 100 shed 2.2% and the Dow Jones Industrial Average slid 0.9%. The losses were led by high-growth technology companies – including Amazon.com Inc. and Facebook Inc. — while vaccine makers also fell on Merck & Co.’s announcement about an effective Covid-19 drug. Energy stocks, meanwhile, rose along with oil prices. “There’s a wall of worry that markets are trying to climb at the moment,” said Deutsche Bank strategist Jim Reid in a note. “We have an energy crisis, supply chain issues, higher inflation, signs of weaker growth, and lots of talk about stagflation.” Global markets have taken a risk-off turn amid a growing list of worries, just as investors have been bracing for the Federal Reserve to begin tapering stimulus as early as next month. Higher inflation and Treasury yields make the premium investors pay for high-growth stocks less attractive. The risk to earnings may also be higher for some tech companies. “Technology stocks are most likely getting hit the hardest because higher interest rates means higher discount rates for future earnings,” said Brian Price, head of investment management for Commonwealth Financial Network. “I would expect this dynamic to continue as long as inflation expectations remain at the higher end.” Fears of a spreading energy crisis also added to concerns about inflation Monday with European power and gas prices surging before the onset of winter. The power contract for November in Germany hit a record while natural-gas futures extended a rally.
Meanwhile, crude oil in New York surged to the highest since 2014 as OPEC+ agreed to an output hike for November. “The post-pandemic recovery appears to be stumbling,” said Fiona Cincotta, senior financial markets analyst at City Index. “Supply shortages and a worsening energy crunch mean prices are rising and elevated inflation may not be as transitory as the Fed initially thought.” President Joe Biden warned Monday that the U.S. government was also at risk of breaking its legal debt limit, describing the risk as a “meteor” headed for the economy. The yield on the U.S. 10-year Treasury rose to 1.48%, paring back earlier gains. The dollar slid for a third day. And equities in Europe, Japan and Hong Kong fell. Markets in mainland Chinese are closed through Thursday for the Golden Week holidays. 

Here are some events to watch this week:
* Reserve Bank of Australia policy decision Tuesday
* Rate decision in New Zealand on Wednesday
* Reserve Bank of India monetary policy decision on Friday
* The U.S. Labor Department releases unemployment and job creation data Friday
* Annual Nobel announcements start on Monday, with the Peace Prize being awarded on Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.2%
* The Dow Jones Industrial Average fell 0.9%
* The MSCI World index fell 1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.1621
* The British pound rose 0.5% to $1.3613
* The Japanese yen rose 0.1% to 110.93 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.48%
* Germany’s 10-year yield advanced one basis point to -0.21%
* Britain’s 10-year yield was little changed at 1.01%
Commodities
* West Texas Intermediate crude rose 2.2% to $77.54 a barrel
* Gold futures rose 0.6% to $1,769.50 an ounce
–With assistance from Joanna Ossinger and Srinivasan Sivabalan.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

Practice is the best of all instructors. -Publilius Syrus, 85 BC-43 BC.

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.

1908 Henry Ford introduced the Model T automobile to the market; each car cost $825.  Go to article »

1890-Yosemite National Park established.
Julie Andrews, actress, b. 1935.
Jimmy Carter,39^th President, b. 1924.

Earth is dimming. 

The final days of the world’s oldest bank. 

The original ‘Scream’ house is on Airbnb — and you can book a stay on Halloween.  This has big “first person to bite the dust in a horror movie” energy. 

PHOTOS OF THE DAY

The only lighthouse in London – at Trinty Buoy Wharf near Canning Town – emits a beam for the first time since it closed for duty in the late 19^th century. It is part of an art installation, The Sonic Ray by Artangel, encoding and transmitting the sound of Longplayer, Jem Finer’s 1000 year-long musical composition, to Richard Wilson’s cleaved ship sculpture, Slice of Reality, in north Greenwich.
CREDIT: IAN WEST/PA

A long exposure photo shows light trails from traffic and tram rails in Frankfurt, Germany
CREDIT: MICHAEL PROBST/AP

Lightning forks over the Gulf of Iskenderun in Hatay, Turkey 
BURAK MILLI/ANADOLU AGENCY VIA GETTY IMAHES

Market Closes for October 1^st, 2021

Market Index	Close	Change
Dow Jones	34326.46	+482.54
		+1.43%
S&P 500	4357.04	+49.50
		+1.15%
NASDAQ	14566.70	+118.12 +0.82%
TSX	20150.87	+80.62
		+0.40%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28771.07	-681.59
		-2.31%
HANG SENG	MARKET CLOSE	N.A
		N.A
SENSEX	58765.58	-360.78
		-0.61%
FTSE 100*	7027.07	-59.35 -0.84%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.468	1.509
CND. 30 Year Bond	1.955	1.992
U.S.    10 Year Bond	1.4650	1.4873
U.S. 30 Year Bond	2.0336	2.0449

Currencies

BOC Close	Today	Previous
Canadian $	0.79154	0.7885
US $	1.2633	1.2682
Euro Rate 1 Euro=		Inverse
Canadian $	1.4650	0.68258
US $	1.1597	0.86230

Commodities

Gold	Close	Previous
London Gold Fix	1742.80	1737.15
Oil
WTI Crude Future	75.88	75.03

Market Commentary:
     On this day in 1928, the Dow Jones Industrial Average assumed its modern form, adding ten new members so that it comprised 30 of the country’s greatest growth stocks. Among them were such giants as American Smelting, Nash Motors, Postum, Texas Gulf Sulphur and Victor Talking Machine.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.4 percent at 20,150.87 in Toronto. The move was the biggest since rising 0.8 percent on Sept. 22 and follows the previous session’s decrease of 0.4 percent. Toronto-Dominion Bank contributed the most to the index gain, increasing 1.8 percent. Air Canada had the largest increase, rising 6.5 percent. Today, 118 of 234 shares rose, while 107 fell; 5 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index rose 16 percent, heading for the best year since 2019
* So far this week, the index fell 1.2 percent, heading for the biggest decline since the week ended July 16
* The index advanced 25 percent in the past 52 weeks. The MSCI AC Americas Index gained 29 percent in the same period
* The S&P/TSX Composite is 3.6 percent below its 52-week high on Sept. 7, 2021 and 30.7 percent above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.1 on a trailing basis and 16 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$3.16t
* 30-day price volatility fell to 9.41 percent compared with 9.52 percent in the previous session and the average of 7.31 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 47.1780| 0.7| 18/10
* Industrials | 20.2479| 0.9| 16/12
* Energy | 15.7409| 0.6| 18/4
* Consumer Discretionary | 6.7956| 0.9| 10/3
* Real Estate | 4.0975| 0.7| 19/6
* Health Care | -0.3545| -0.2| 2/7
* Information Technology | -1.1222| 0.0| 8/7
* Communication Services | -2.0299| -0.2| 3/4
* Utilities | -2.1235| -0.2| 5/11
* Materials | -3.5300| -0.2| 16/34
* Consumer Staples | -4.2787| -0.6| 3/9
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* TD Bank | 19.2100| 1.8| 96.4| 18.7
* Brookfield Asset | | | |
* Management | 11.8400| 1.7| -41.2| 32.2
* Nutrien | 10.6900| 3.3| -22.1| 38.7
* Wheaton Precious | | | |
* Metals | -3.0000| -2.0| 9.3| -12.1
* Franco-Nevada | -4.5230| -2.1| -44.3| 1.0
* Shopify | -9.5190| -0.7| -27.3| 18.8

US
By Rita Nazareth and Vildana Hajric
(Bloomberg) — Stocks climbed as prospects for a pickup in growth outweighed concern over inflation pressures at a time when the Federal Reserve is getting ready to wind down its pandemic-era stimulus. Promising results for Merck & Co.’s experimental Covid-19 pill triggered a rally in companies that stand to benefit from an economic reopening.  Commodity and financial shares were among the biggest gainers in the S&P 500, while a gauge of small caps jumped 1.7%. Airlines, cruise operators, hotels and amusement parks soared. “We continue to advise investors to buy winners from global growth,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “Positive sentiment will return as recent headwinds abate and the focus shifts back to the outlook for solid economic growth and strong earnings.” A measure of American manufacturing expanded at the fastest pace in four months, bolstered by robust demand for factory goods and burgeoning inventory. U.S. consumer sentiment edged higher in late September, though remained near a pandemic low. The personal consumption expenditures index — which the Fed uses for its inflation target — had the biggest annual increase since 1991.
Former U.S. Treasury Secretary Lawrence Summers said investors may be tuning into the risk of an overheating U.S. economy and the chance that pushes the central bank into a faster withdrawal of monetary policy stimulus. The reopening of the global economy will likely lead to high inflation for the next 12 to 18 months, said BlackRock Inc. Vice Chairman Philipp Hildebrand. Despite Friday’s rally in stocks, the S&P 500 still suffered its biggest weekly slide since February. “There’s a lot to sift through for investors, and I think that’s what you’re seeing with the increase in volatility,” said Ryan Nauman, market strategist at Zephyr. Favoring stocks in some U.S. industries and avoiding others mattered less in the third quarter than it has in decades. A comparison of the S&P 500’s main groups shows as much. The biggest gain was 2.3%, posted by financial stocks, and the largest drop was 4.6% for industrial shares. The gap of 6.9 percentage points between first and last place was the smallest in any quarter since the sector indexes were first calculated in 1989, according to data compiled by Bloomberg. The prior record was 8.1 points, set in 1989’s third quarter.

Some corporate highlights:
* Cryptocurrency-exposed stocks like Riot Blockchain Inc. and Marathon Digital Holdings Inc. joined a rally in Bitcoin.
* Zoom Video Communications Inc. and Five9 Inc. scrapped their $14.7 billion merger agreement.
* Southwest Airlines Co. was upgraded to overweight from neutral at JPMorgan Chase & Co.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 1.4%
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.2% to $1.1598
* The British pound rose 0.6% to $1.3550
* The Japanese yen rose 0.2% to 111.03 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.47%
* Germany’s 10-year yield declined three basis points to -0.22%
* Britain’s 10-year yield declined two basis points to 1.00%
Commodities
* West Texas Intermediate crude rose 0.9% to $75.74 a barrel
* Gold futures rose 0.2% to $1,760.30 an ounce
–With assistance from David Wilson.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

About the worst thing a man can do is to let a dream die. -Louis 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