Month: March 2022

Dear Friends,

Tangents: Happy Friday Eve.

March 31, 1889: The 984-foot (300 meter) Eiffel Tower, a wrought iron technological masterpiece created by Gustave Eiffel to commemorate  the centenary of the French Revolution,
is officially inaugurated in Paris.
1992: The U.N. Security Council voted to ban flights and arms sales to Libya, branding it a terrorist state for shielding six men accused of blowing up Pan Am Flight 103 and a French airliner. Go to article »
1959: Dalai Lama flees Tibet

Rene Descartes, philosopher, b. 1596.

World’s longest wooden roller coaster is getting longer.  Two extra feet of track mean a few more milliseconds of your life flashing before your eyes. 

Finally, a complete guide to NYC’s bagels. (h/t Jessica Karl)

Area man hacks airline website to find his lost luggage.

Microplastics are in our blood

Drought helped push the Vikings out of Greenland, new study finds.  Full Story: Live Science (3/30) 

PHOTOS OF THE DAY

Chihuahuas pose in a photo booth at a pet fair
CREDIT: Franck Robichon/EPA

Antonio Rodrigues inspects a crop of primroses at Bridge Farm Nurseries in Lincolnshire, one of the largest growers of ornamental flowers in the UK
CREDIT: Joe Giddens/PA

Members of the Household Cavalry take part in preparations for events to mark the Queen’s platinum jubilee
CREDIT: Tom Nicholson/Reuters

Market Closes for March 31^st, 2022

Market Index	Close	Change
Dow Jones	34678.35	-550.46
		-1.56%
S&P 500	4530.41	-72.04
		-1.57%
NASDAQ	14220.52	-221.75 -1.54%
TSX	21890.16	-185.80
		-0.84%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27821.43	-205.82
		-0.73%
HANG SENG	21996.85	-235.18
		-1.06%
SENSEX	58568.51	-115.48
		-0.20%
FTSE 100*	7515.68	-63.07 -0.83%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.405	2.439
CND. 30 Year Bond	2.383	2.413
U.S.    10 Year Bond	2.3380	2.3433
U.S. 30 Year Bond	2.4476	2.4728

Currencies

BOC Close	Today	Previous
Canadian $	0.7998	0.8011
US $	1.2503	1.2482
Euro Rate 1 Euro=		Inverse
Canadian $	1.3843	0.7224
US $	1.1071	0.9033

Commodities

Gold	Close	Previous
London Gold Fix	1933.85	1910.00
Oil
WTI Crude Future	100.28	107.82

Market Commentary:
On this day in 1928, alarmed at the feverish speculation in the bull market, Charles E. Merrill, the head of Merrill Lynch & Co., warned his clients to get out of stocks. “Take advantage of present high prices and put your own financial house in order,” he pleaded. Few listened, but by the end of 1929 he looked pretty smart. 
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.8%, or 185.8 to 21,890.16 in Toronto.
The move was the biggest since falling 1.3% on March 14.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 2.2%. West Fraser Timber Co. had the largest drop, falling 4.9%.
Today, 163 of 239 shares fell, while 68 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* In the past year, the index had a similar or greater loss 19 times. The next day, it advanced 13 times for an average 0.7% and declined six times for an average 0.6%
* This quarter, the index rose 3.1%
* This month, the index rose 3.6%
* So far this week, the index fell 0.5%, heading for the biggest decline since the week ended Feb. 18
* The index advanced 17% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 1.3% below its 52-week high on March 31, 2022 and 17.1% above its low on March 31, 2021
* The S&P/TSX Composite is little changed in the past 5 days and rose 3.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.5 on a trailing basis and 14.1 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$3.52t
* 30-day price volatility fell to 12.26% compared with 12.36% in the previous session and the average of 13.16% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -103.8606| -1.5| 6/22
* Information Technology| -34.6349| -2.3| 1/14
* Energy | -21.3941| -0.6| 11/22
* Industrials | -20.9512| -0.8| 6/24
* Materials | -15.5278| -0.5| 12/36
* Consumer Discretionary| -6.7368| -0.9| 3/11
* Real Estate | -3.8572| -0.6| 7/15
* Health Care | -2.9915| -2.0| 2/6
* Utilities | 6.4218| 0.6| 10/5
* Consumer Staples | 7.7504| 0.9| 7/4
* Communication Services| 9.9877| 0.9| 3/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TD Bank | -27.9800| -2.2| 22.0| 2.3
* Shopify | -26.7600| -3.9| -23.0| -51.5
* Royal Bank of Canada | -21.8900| -1.6| -6.8| 2.5
* BCE | 5.2510| 1.2| -12.0| 5.3
* Couche-Tard | 5.8300| 1.8| -4.7| 6.3
* Nutrien | 6.8610| 1.4| -18.1| 35.9
US
By Isabelle Lee and Vildana Hajric
(Bloomberg) — U.S. stocks tumbled into the close, wrapping up their first losing quarter since the pandemic bear market, as Treasuries also pared the worst losses in at least five decades.
Moves in most financial markets were muted on the final day of a quarter that brought the twin threats of hawkish central banks bent on tamping down runaway inflation and the war in Ukraine.
The S&P 500 declined, taking its loss in the three months to 4.9%, the most since March 2020.
The two-year Treasury yield gained after a 150 basis-point surge that’s the most since 1984.
Ten-year rates slipped, narrowing the spread to shorter tenors, as investors remain on edge over the threat a restrictive Federal Reserve will cause a recession.
And oil slumped, but held just above $100 a barrel in New York.
“The question is what kind of risk do we face in the second quarter?” Rob Haworth, senior investment strategy director at U.S. Bank Wealth Management, said by phone. “We’re still well left with a lot.”
Stocks, sovereign bonds and corporate credit all got hammered in the year’s first months amid concerns about a growth slowdown as central banks move to tackle inflation by withdrawing stimulus.
Investors who piled into commodities fared best, riding massive gains in everything from oil to nickel and wheat.
Yet, the increases have exacerbated price concerns and may lead to a sharper response from central banks.
“The recent rally has masked a lot of pain over the past three months,” wrote Matt Maley, chief market strategist at Miller Tabak + Co.
Thursday’s decline marked the S&P 500’s 35^th down day this year, the greatest number of first-quarter drawdowns since 1984, according to data compiled by Bloomberg.
Oil slid as U.S. President Joe Biden ordered a massive release of U.S. oil reserves while also prodding drillers to step up output.
Meanwhile, stocks fell as U.S. inflation-adjusted spending declined last month as prices tempered demand.
Brent and West Texas Intermediate prices dropped about 6%, and European natural gas fell as Russia said it would halt gas contracts if buyers don’t pay in rubles.
“Aside from quarter-end considerations, oil is very much the center of attention,” Simon Ballard, chief economist at First Abu Dhabi Bank, wrote in a note to investors.
Still, “all the usual suspects are still in play, keeping the market in check, including the specter of the Fed pursuing an aggressive path of monetary policy normalization over the coming months.”
Markets now see a strong chance the Federal Reserve will lift rates by a half point at its May meeting.
The U.S. 2-year yield briefly exceeded the 10-year for the first time since 2019 on Tuesday, inverting yet another segment of the Treasury curve and reinforcing the view that Fed rate increases may cause a
recession.
“This week’s brief inversion in the U.S. bond market, combined with elevated volatility on Treasury options, is a warning that the risk of U.S. recession should not be ignored,” wrote Lewis Grant, a senior portfolio manager at Federated Hermes. “U.S. bond markets are showing signs of stress. This is not mirrored in equities, where the VIX remains subdued and U.S. indexes trade above their pre-war levels. The bond market would appear to have a better handle on the potential risks.”

Some key events to watch this week:
* U.S. jobs report, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.6% as of 4:05 p.m. New York time
* The Nasdaq 100 fell 1.5%
* The Dow Jones Industrial Average fell 1.6%
* The MSCI World index fell 1.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.8% to $1.1069
* The British pound was little changed at $1.3143
* The Japanese yen was little changed at 121.73 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 2.33%
* Germany’s 10-year yield declined 10 basis points to 0.55%
* Britain’s 10-year yield declined six basis points to 1.61%
Commodities
* West Texas Intermediate crude fell 6.4% to $100.90 a barrel
* Gold futures rose 0.1% to $1,941.80 an ounce
–With assistance from Abigail Moses, Cecile Gutscher, Andreea Papuc, Daniel Curtis and Anwesha Patnaik.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
You can tell more about a person by what he says about others than you can by what others say about him. -Leo Aikman, 1908-1978.

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: March 30, 1858 – pencil patented.

In 1988, explorer and educator Helen Thayer, 51, becomes the first woman to trek solo to the magnetic North Pole. She is accompanied by her dog Charlie, a husky mix trained to warn of polar bears. Thayer spends two years planning for the 364-mile, 27-day journey, training in the Cascades near her home near Snohomish. She walks and skis to the pole pulling a 6-foot-long sled with 160 pounds of gear and supplies. (Compiled from HistoryLink.org).

On March 30, 1981, President Reagan was shot and seriously injured outside a Washington, D.C., hotel by John W. Hinckley Jr. Also wounded were White House news secretary James Brady, a Secret Service agent and a District of Columbia police officer. Go to article »

Maimonides, physician, b. 1135.
Vincent Van Gogh, artist, b. 1853.
Eric Clapton, guitarist, b. 1945

A thriller by Dolly Parton and 4 other books to put on your reading list, from Jake Tapper’s book club.  The only thing more fun than a thriller by Dolly Parton would be a rendition of “Thriller” by Dolly Parton.

Avocados cut heart-disease risk, a study has shown.

The Hubble has found the most distant star ever seen, from when the universe was nearly new.

Apparently the world’s best Guitar Hero player was cheating.

Former Yale employee stole a lot more than paper clips. (h/t Scott Kominers)

Late Night: The hosts discussed Donald Trump’s missing phone records.
 
“Instead, for all of those hours, all the White House phone records just say, ‘Scam likely.’” — STEPHEN COLBERT

“I’m sure he was just busy volunteering somewhere, I mean, or maybe working on his watercolors, could be any of that.” — JAMES CORDEN

“This is the thing with Trump — you never know. You never know if he’s more evil or lazy. He could have been plotting the overthrow of the government, or he could have been watching Fox News in the bath — you just don’t know!” — JAMES CORDEN

“And now after making the discovery, the House committee is investigating whether Trump used burner phones. It’s always reassuring when a president acts like a character in ‘The Wire.’” — JIMMY FALLON

“Trump denied it, saying, ‘I’ve never had a burner phone. I’ve had a couple of burner wives, but no burner phones.’” — JAMES CORDEN

“So now the big question is, which White House toilet did he flush them down?” — JIMMY KIMMEL

PHOTOS OF THE DAY

Terry Smith, who is undertaking the coast-to-coast route he started in Cumbria, hits snow in the Pennines
CREDIT: Owen Humphreys/PA

A group of African penguins, which are considered under threat of extinction, walk on a beach
CREDIT: Ozgur Guvendik/Anadolu Agency/Getty Images

The setting sun reflects off power lines as a motorist in a pickup truck travels on the Trans-Canada highway in British Columbia
CREDIT: Darryl Dyck/The Canadian Press/AP

Market Closes for March 30^th, 2022

Market Index	Close	Change
Dow Jones	35228.81	-65.38
		-0.19%
S&P 500	4602.45	-29.15
		-0.63%
NASDAQ	14442.27	-177.37 -1.21%
TSX	22075.96	-11.26
		-0.05%

 

​​​​​​​

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28027.25	-225.17
		-0.80%
HANG SENG	22232.03	+304.40
		+1.39%
SENSEX	58683.99	+740.34
		+1.28%
FTSE 100*	7578.75	+41.50 +0.55%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.439	2.481
CND. 30 Year Bond	2.413	2.468
U.S.    10 Year Bond	2.3433	2.3944
U.S. 30 Year Bond	2.4728	2.5012

Currencies

BOC Close	Today	Previous
Canadian $	0.8011	0.8001
US $	1.2482	1.2499
Euro Rate 1 Euro=		Inverse
Canadian $	1.3927	0.7179
US $	1.1159	0.8961

Commodities

Gold	Close	Previous
London Gold Fix	1910.00	1937.05
Oil
WTI Crude Future	107.82	104.24

MARKET COMMENTARY:
On this day in 1867, U.S. Secretary of State William H. Seward agreed to purchase the Alaskan territories from Russia for $7 million (roughly 2 cents an acre)—a price so preposterous that newspapers around the country immediately tagged the deal “Seward’s Folly” and christened Alaska “the polar bear garden.”
CANADA
By Geoffrey Morgan
(Bloomberg) — Canadian groups slipped Wednesday as concerns about the war in Ukraine spurred a continent-wide selloff in information technology and consumer discretionary stocks. he S&P/TSX Composite declined slightly to 22,075.96 in Toronto.
Shopify Inc. contributed the most to the index decline and had the largest percentage move, decreasing 5.4%.
Today, 116 of 239 shares fell, while 116 rose; 4 of 11 sectors were lower, led by information technology stocks.
Insights
* This quarter, the index rose 4%
* This month, the index rose 4.5%
* The index advanced 18% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 0.3% below its 52-week high on March 22, 2022 and 18.6% above its low on March 30, 2021
* The S&P/TSX Composite is up 0.7% in the past 5 days and rose 4.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.7 on a trailing basis and 14.2 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$3.52t
* 30-day price volatility fell to 12.36% compared with 12.51% in the previous session and the average of 13.19% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -46.9996| -3.0| 4/12
* Financials | -27.9900| -0.4| 14/13
* Real Estate | -5.1908| -0.8| 1/22
* Health Care | -1.7825| -1.2| 0/7
* Consumer Staples | 0.1974| 0.0| 6/5
* Consumer Discretionary | 1.2372| 0.2| 6/8
* Communication Services | 4.8106| 0.4| 5/2
* Utilities | 6.6660| 0.7| 14/2
* Industrials | 7.6980| 0.3| 10/19
* Energy | 7.8669| 0.2| 21/10
* Materials | 42.2327| 1.5| 35/16
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -39.1700| -5.4| -20.3| -49.5
* Brookfield Asset Management | -9.6370| -1.3| -25.1| -5.9
* Bank of Nova Scotia | -6.2940| -0.8| 106.7| 2.1
* Teck Resources | 6.2500| 4.0| -14.0| 41.3
* Franco-Nevada | 6.9470| 2.7| -22.9| 15.3
* Canadian Pacific | 7.0960| 1.1| -48.2| 14.5
US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — U.S. stocks fell for the first time in five days as hopes faded for de-escalation in the war in Ukraine and investors assessed the risks to economic growth from accelerating inflation.
Oil rebounded from a two-day slide.
The S&P 500 extended declines in afternoon trading, and the tech-heavy Nasdaq 100 slid 1.1%.
Apple Inc. fell, ending its longest rally since 2003.
Treasuries rose across maturities, after a brief inversion in a segment of the curve on Tuesday signaled the prospect of a recession.
In Europe, short-dated notes led a selloff as traders bet higher-than-expected inflation will force policy makers to end their era of negative rates.
Russia said talks with Ukraine yielded no breakthroughs and that it was regrouping forces in a push to complete the takeover of the eastern Donbas region.
The White House said Russian President Vladimir Putin feels misled by his advisers on the war.
Reports that New York City Covid-19 cases were rising again also weighed on sentiment.
“We’re skeptical of getting ahead of ourselves here with regard to hope,” Lisa Shalett, chief investment officer of Morgan Stanley Wealth Management, told Bloomberg TV. “While we respect that the amount of liquidity that’s out there and the desire to ‘buy the dip’ after we saw a correction in the S&P 500 and a bear market in the Nasdaq, the reality is that risk has really fundamentally gone up, whether you’re talking about geopolitical risk,” or fundamentals. “We continue to caution folks about the vulnerability of earnings here.”
Oil rose back over $107 a barrel in New York.
The dollar slipped, the euro climbed and the yen bounced from a six-year low after the Bank of Japan pledged to buy more securities than planned and include longer-dated debt.
President Joe Biden plans Thursday to invoke Cold War powers to encourage domestic production of critical minerals for electric-vehicle and other types of batteries, people familiar with the matter said.
The announcement sparked a rally in lithium producers.
The economic damage from the war is worsening across Europe as already-record inflation soars further and Germany faces a danger of recession because of its dependence on Russian energy.
Germany triggered an emergency plan to brace for a potential Russian gas cut-off as President Vladimir Putin insists that the crucial fuel should be paid for in rubles.
Russia may expand the list of commodities for which it demands payment in rubles to include grain, oil, metals and others.
On the economic front, U.S. companies added 455,000 jobs in March following a revised 486,000 increase in February, according to ADP Research Institute.
The data are consistent with the Federal Reserve’s view that the labor market is robust and precede the government’s monthly employment report on Friday, which is currently forecast to show that private
payrolls increased by about a half million in March.
Fed Richmond Bank President Thomas Barkin said he’s open to raising interest rates by half a percentage point at the policy meeting in May, depending on how strong the U.S. economy is at that time.

More Commentary:
“Markets will get tested again,” said Carin Pai, head of portfolio management and equity strategy at Fiduciary Trust International, which has more than $102 billion in assets under management and administration. “We’re going to see greater volatility this year. It’s not that we’re bearish at this point, we’re just taking a bit more of a cautious stance, taking a little bit of risk out of our portfolios especially now that the markets have recovered somewhat from the lows we saw.”
“It’s always hard to predict what the Fed is going to do, it’s even harder in an environment like this,” Troy Gayeski, chief market strategist at FS Investments, said on Bloomberg TV.
“It looks like they learned the lessons from ’18 and they are going to move very delicately on the balance sheet. But it’s going to be a sloppy, choppy, messy year. And after the recent rally we have had which some are categorizing as a bear market rally … it’s very hard to get excited about any type of risk-on trading.”
“I don’t think it’s quite the bear market, but I would say — what is the upside of equities from here — I don’t think it’s that much,” Seema Shah, chief strategist at Principal Global Investors, said on Bloomberg TV. “But the downside risks are so great. Not only is, of course, the geopolitical crisis going on. But then you have the Fed hikes. It’s time to dial down risks.”

Some key events to watch this week:
* China manufacturing, non-manufacturing PMIs, Thursday
* OPEC and non-OPEC ministerial meeting to discuss production targets, Thursday
* New York Fed President John Williams to speak, Thursday
* U.S. jobs report, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.1%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.6% to $1.1153
* The British pound rose 0.3% to $1.3133
* The Japanese yen rose 0.9% to 121.83 per dollar
Bonds
* The yield on 10-year Treasuries declined four basis points to 2.35%
* Germany’s 10-year yield advanced one basis point to 0.65%
* Britain’s 10-year yield advanced two basis points to 1.67%
Commodities
* West Texas Intermediate crude rose 3% to $107.38 a barrel
* Gold futures rose 1.1% to $1,940 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Joanna Ossinger and Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

The right word may be effective, but no word was ever as effective as a rightly timed pause. –Mark Twain, 1835-1910.

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:
March 29, 1999: Dow Jones tops 10,000 for the first time.

On March 29, 1973, the last United States troops left South Vietnam, ending America’s direct military involvement in the Vietnam War.  Go to article »

Phil Collins and Genesis hold emotional final concert.  Hats off to a legend. 

Nostalgia can reduce perception of pain, study shows.  Just bite down and think of a time before we had to dial area codes!

Seas of cargo shorts and flip flops spell the demise of men’s fashion.

From 10 a.m. to 10 p.m., there’s always a line outside New York’s most popular Ukrainian restaurant. (h/t Scott Kominers)

“Hello Human,” says the world’s first robot burger vending machine.

The Late Night hosts focused their Monday night monologues on Sunday’s big slap at the Oscars:
“The 94th Academy Awards were held last night and featured the first live performance of ‘We Don’t Talk About Bruno,’ from the Disney musical ‘Encanto,’ followed by an unbelievable live performance of ‘We Don’t Talk About Jada.’” — SETH MEYERS

“Let me say something as an objective observer: It’s never OK to punch a comedian.” — STEPHEN COLBERT

“And by the way, no one did anything. A whole roomful of people, no one lifted a finger. Spider-Man was there, Aquaman was there, Catwoman, all sitting on their hands.
No one helped Chris Rock.” — JIMMY KIMMEL

“Seriously, you know it was a strange award show when it ends with a statement from the L.A.P.D., you know what I’m saying?” — JIMMY FALLON

PICTURES OF THE DAY

Tourists enjoy the azaleas in blossom at Fangniu village
CREDIT: He Penglei/China News Service/Getty Images

Sculpture conservator James Copper prepares the monumental plaster Large Spindle Piece which goes on show for the first time during the new exhibition Henry Moore: the Sixties, which opens to the public on Friday 1 April at the Henry Moore Studios and Gardens in Hertfordshire
CREDIT: Joe Giddens/PA

Competitors take part in the Marathon des Sables between Ouest Aguenoun n’Oumerhiout and Rich Mbirika in the Sahara desert
CREDIT: Jean-Philippe Ksiazek/AFP/Getty Images

Market Closes for March 29^th, 2022

Market Index	Close	Change
Dow Jones	35294.19	+338.30
		+0.97%
S&P 500	4631.60	+56.08
		+1.23%
NASDAQ	14619.64	+264.74 +1.84%
TSX	22087.22	+109.39
		+0.50%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28252.42	+308.53
		+1.10%
HANG SENG	21927.63	+242.66
		+1.12%
SENSEX	57943.65	+350.16
		+0.61%
FTSE 100*	7537.25	+64.11 +0.86%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.481	2.509
CND. 30 Year Bond	2.468	2.493
U.S.    10 Year Bond	2.3944	2.4585
U.S. 30 Year Bond	2.5012	2.5399

Currencies

BOC Close	Today	Previous
Canadian $	0.8001	0.7987
US $	1.2499	1.2520
Euro Rate 1 Euro=		Inverse
Canadian $	1.3858	0.7216
US $	1.1088	0.9019

Commodities

Gold	Close	Previous
London Gold Fix	1937.05	1953.80
Oil
WTI Crude Future	104.24	105.96

Market Commentary:
On this day in 1918, Sam Moore Walton, future founder of Wal-Mart, was born in Kingfisher, Okla.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities rallied Tuesday, amid a North America wide rally on reports of progress in cease-fire talks between Russia and Ukraine.
Tech and consumer discretionary stocks rose and pulled up the S&P/TSX Composite 0.5% at 22,087.22 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 5.8%.
Cargojet Inc. had the largest percentage increase, rising 13.2%.
Today, 187 of 239 shares rose, while 50 fell; 9 of 11 sectors were higher, led by information technology stocks.
Insights
* This quarter, the index rose 4.1%
* This month, the index rose 4.5%
* The index advanced 18% in the past 52 weeks. The MSCI AC Americas Index gained 16% in the same period
* The S&P/TSX Composite is 0.3% below its 52-week high on March 22, 2022 and 18.7% above its low on March 30, 2021
* The S&P/TSX Composite is little changed in the past 5 days and rose 4.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.7 on a trailing basis and 14.2 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$3.5t
* 30-day price volatility fell to 12.51% compared with 12.59% in the previous session and the average of 13.23% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 55.0743| 3.7| 15/1
* Consumer Discretionary | 17.5112| 2.5| 14/0
* Industrials | 15.1541| 0.6| 27/3
* Financials | 13.4604| 0.2| 21/7
* Real Estate | 7.8402| 1.3| 23/0
* Utilities | 7.3617| 0.7| 14/2
* Consumer Staples | 3.8236| 0.5| 10/1
* Health Care | 3.7837| 2.5| 8/0
* Communication Services | 1.2369| 0.1| 5/2
* Energy | -0.1287| 0.0| 15/17
* Materials | -15.7218| -0.5| 35/17
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | 39.9400| 5.8| -14.0| -46.6
* Brookfield Asset Management | 12.4600| 1.7| -7.7| -4.6
* Magna International | 6.5960| 4.3| -26.3| -18.6
* Royal Bank of Canada | -4.4010| -0.3| -39.7| 4.6
* TD Bank | -5.0230| -0.4| -1.3| 4.7
* Nutrien | -26.7500| -5.3| -0.7| 33.1

US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — U.S. stocks rose in a broad-based rally on Tuesday amid optimism for progress in talks between Russia and Ukraine. Most Treasury yields retreated, while a key segment of the curve inverted for the first time since 2019.
The S&P 500 gained for a fourth day, closing above the 4,600 level for the first time since mid-January.
All 11 industry groups rose, except for energy stocks following declines in oil prices.
The Nasdaq 100 climbed more than 1.5% and Apple Inc. rose for an 11th day in the longest winning streak since 2003.
The dollar declined while the euro rose the most in almost three weeks.
Prospects for scaling back the war in Ukraine boosted risk sentiment.
Talks between Russia and Ukraine failed to reach agreement on a cease-fire, but offered a potential pathway to a meeting between Vladimir Putin and Volodymyr Zelenskiy.
Russia said it was cutting back military activity near the capital Kyiv and the city of Chernihiv, and its chief negotiator said Moscow would take steps to “de-escalate” the conflict.
“You’re getting a look at how the market might respond to de-escalation,” Shawn Cruz, senior market strategist at TD Ameritrade Inc., said by phone. “I do think we’ll get more headlines around slow-but-sure progress and discussions of at least being willing to come to the bargaining table becoming more frequent, and that will be the driver of intraday volatility.”
The selloff in Treasuries stalled, with yields lower across most maturities as talks drove down oil prices and inflation expectations.
The five-year breakeven rate on inflation protected Treasuries dropped as much as 12 basis points to 3.52% after hitting record highs last week.
Meanwhile, the two-year yield briefly exceeded the 10-year for the first time since 2019, reinforcing the view that Federal Reserve rate increases may cause a recession.
Ukrainian negotiators said there is enough ground coming out of talks to hold meeting between Putin and Zelenskiy after wrapping up discussions in Turkey on Tuesday.
But Moscow’s announcement of de-escalation came as the advance on the capital was already stalled, and previous efforts at diplomacy and overtures such as humanitarian corridors have yielded little.
Global shares have rallied from the lows reached after Russia invaded Ukraine.
Such resilience contrasts with inverting yield curves, which are shaking economic confidence as investors brace for the Fed to tighten monetary policy to contain inflation running at the fastest pace in four decades.
The two-to 10-year inversion is the latest in a series beginning in October, when 20-year yields topped 30-year yields.
In the past month, inversion has come to the 7- to 10-year and the 5- to 7-year segments, among others.
Philadelphia Fed Bank President Patrick Harker said he expects a series of “deliberate, methodical” rate increases this year, but said he is open to a half-point move in May if near-term data shows more inflation.
On the U.S. economic front, consumer confidence edged up in March, suggesting solid job growth offset Americans’ concerns over accelerating inflation, according to a report Tuesday.
Government data Friday are expected to show the economy probably added close to a half million jobs in March as the unemployment rate fell to 3.7%.

More Commentary:
“What we haven’t really started to get our hands around and what we haven’t had to deal with yet is quantitative tightening,” Scott Ladner, chief investment officer at Horizon Investments, said by phone. “And so we’re probably about halfway through the Fed story for this tightening cycle. But the second half is frankly a lot more uncertain than the first half.”
“When you have a situation where oil prices have spiked and oil becomes a larger component of GDP, historically that has led to a recession,” said Joe Gilbert, portfolio manager at Integrity Asset Management, in an interview with Bloomberg TV.  “But we’re in a lot stronger position from the way consumers are, the job market-the health there. So our base case is that we avoid recession, but we will have periods of slower growth.”
“We are seeing small changes in the facts, primarily some favorable negotiations between Russia and Ukraine,” said Mike Bailey, director of research at FBB Capital Partners. “Investors are extrapolating this small positive into perhaps a bigger positive that a cease-fire is around the corner.   Finally, investor opinions are getting more bullish by the day as buyers see improving fundamentals and stocks trading below peak, especially for tech.”
Some key events to watch this week:
* U.S. GDP, Wednesday
* Richmond Fed President Thomas Barkin to speak, Wednesday
* China manufacturing, non-manufacturing PMIs, Thursday
* OPEC and non-OPEC ministerial meeting to discuss production targets, Thursday
* New York Fed President John Williams to speak, Thursday
* U.S. jobs report, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.7%
* The Dow Jones Industrial Average rose 1%
* The MSCI World index rose 1.6%
Currencies
* The Bloomberg Dollar Spot Index fell 0.6%
* The euro rose 0.9% to $1.1088
* The British pound was little changed at $1.3097
* The Japanese yen rose 0.8% to 122.87 per dollar
Bonds
* The yield on 10-year Treasuries declined seven basis points to 2.39%
* Germany’s 10-year yield advanced five basis points to 0.63%
* Britain’s 10-year yield advanced two basis points to 1.64%
Commodities
* West Texas Intermediate crude fell 0.9% to $105.02 a barrel
* Gold futures fell 1% to $1,925.40 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Isabelle Lee and Emily Graffeo.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

Everything you’ve ever wanted is on the other side of fear. –George Addair, 1823-1899.

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 Monday.
On March 28, 1979, America’s worst commercial nuclear accident occurred inside the Unit Two reactor at the Three Mile Island plant near Middletown, Pa. –Go to article »

More than 5,000 worlds exist beyond our solar system. There could be billions more.  A nice, light shower thought for you this morning. 

The best of the Oscars 2022 red carpet fashion.  “Can you believe they wore that?!” we say, from within the depths of our oldest, rattiest morning robes.

These are the Russian tycoon mansions on the French Riviera.

Bookstores may be making a comeback.

Italian scientists create yeast-free pizza dough.

Weird space blob photographed.

Plant-based nanocrystals could keep ice cream creamy. (h/t Scott Kominers)

PHOTOS OF THE DAY

A crane flies over the Edo river surrounded by fully blossomed cherry trees
CREDIT: Charly Triballeau/AFP/Getty Images

A magic box encloses Venetika, Ferzan Ozpetek’s visionary Venice, a project created for the 58th Art Biennale
CREDIT: Mimmo Frassineti/REX/Shutterstock

Mummies of the Chinchorro culture, which were found at the start of the 20th century and are more than 7,000 years old
CREDIT: Martin Bernetti/AFP/Getty Images

Market Closes for March 28^th, 2022

Market Index	Close	Change
Dow Jones	34955.89	+94.65
		+0.27%
S&P 500	4575.52	+32.46
		+0.71%
NASDAQ	14354.90	+185.60 +1.31%
TSX	21977.83	-28.11
		-0.13%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27943.89	-205.95
		-0.73%
HANG SENG	21684.97	+280.09
		+1.31%
SENSEX	57593.49	+231.29
		+0.40%
FTSE 100*	7473.14	-10.21 -0.14%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.509	2.546
CND. 30 Year Bond	2.493	2.552
U.S.    10 Year Bond	2.4585	2.4731
U.S. 30 Year Bond	2.5399	2.5846

Currencies

BOC Close	Today	Previous
Canadian $	0.7987	0.8017
US $	1.2520	1.2473
Euro Rate 1 Euro=		Inverse
Canadian $	1.3757	0.7269
US $	1.0988	0.9100

Commodities

Gold	Close	Previous
London Gold Fix	1953.80	1965.20
Oil
WTI Crude Future	105.96	115.40

Market Commentary:
On this day in 1985, a sitting U.S. president visited the floor of the New York Stock Exchange at long last, as Ronald Reagan came to ring the bell that opened trading.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities fell Monday, weighed down by energy stocks as oil prices fell 9.2% to $103 per barrel on reduced Chinese demand.
The S&P/TSX Composite slipped 0.1% at 21,977.83 in Toronto. The move follows the previous session’s gain of 0.3%.
Suncor Energy Inc. contributed the most to the index decline, dropping 3.3%. Canopy Growth Corp. had the largest percentage decline, falling 8.3%.
Today, 143 of 239 shares fell, while 92 rose; 3 of 11 sectors were lower, led by energy.
Insights
* This quarter, the index rose 3.6%
* This month, the index rose 4%
* The index advanced 17% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 0.8% below its 52-week high on March 22, 2022 and 18.2% above its low on March 26, 2021
* The S&P/TSX Composite is little changed in the past 5 days and rose 4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.6 on a trailing basis and 14.2 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$3.5t
* 30-day price volatility fell to 12.59% compared with 12.94% in the previous session and the average of 13.27% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -56.2014| -1.5| 2/31
* Materials | -43.3996| -1.5| 1/51
* Health Care | -5.3018| -3.4| 0/8
* Real Estate | 0.7676| 0.1| 13/10
* Financials | 2.9924| 0.0| 10/16
* Consumer Discretionary | 3.0083| 0.4| 9/4
* Communication Services | 3.8393| 0.4| 3/4
* Utilities | 4.8842| 0.5| 14/2
* Consumer Staples | 9.9736| 1.2| 10/1
* Industrials | 17.7893| 0.7| 18/12
* Information Technology | 33.5545| 2.3| 12/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Suncor Energy | -13.7900| -3.3| -38.8| 29.6
* Canadian Natural Resources | -11.6500| -1.8| -65.6| 45.8
* Nutrien | -5.9190| -1.2| -47.2| 40.5
* Waste Connections | 7.0220| 2.3| -38.0| -0.2
* Brookfield Asset Management | 7.4350| 1.0| -34.9| -6.3
* Shopify | 25.1200| 3.8| -35.2| -49.6

US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — U.S. stocks climbed in afternoon trading, led by gains in mega caps and tech shares.
Benchmark Treasuries reversed an earlier slide, while oil declined on China lockdown concerns.
The S&P 500 rose for a third day, closing up 0.7% after falling as much as 0.6%.
The advance in the tech-heavy Nasdaqc100 topped 1.5%.
Oil tumbled as China’s worsening virus resurgence boosted concern over demand in the world’s biggest crude importer.
Meanwhile, equity markets remained sensitive to headlines on the war in Ukraine, dipping earlier after a report several peace negotiators suffered symptoms of suspected poisoning after a meeting in Kyiv earlier this month.
“This is a difficult market to make sense of because it’s unusual that we have so many factors at work,” Marc LoPresti, managing director of The Strategic Funds, said by phone. “But I think at the end of the day, the American economy remains strong. American consumer demand remains strong. We’re seeing continued improvement in the job market. All of those indicators do seem to imply that there is a healthy foundation in terms of the U.S. economy.”
Tesla Inc. gained after saying it plans to seek shareholder approval for a move that would enable another stock split.
Bloomberg earlier reported the electric-vehicle maker was extending the temporary shutdown of its car plant in Shanghai due to the surge in cases in the city.
Apple Inc. clawed back losses sparked by a report that it is cutting production of its iPhone SE line. Crypto stocks gained as Bitcoin erased it 2022 losses.
The 10-year Treasury yield traded near 2.45%, from a session high of 2.55%.
Earlier yields on five-year Treasuries rose above those on 30-year bonds, suggesting some investors expect an economic downturn.
The dollar gained versus most of its major peers.
A growing number of money managers are betting equity indexes have already largely priced in bearish bond moves, as equity strategists from Goldman Sachs Group Inc. to JPMorgan Chase & Co. reassure stock investors that there’s no need to fret about U.S. Treasury yield curve just yet.
Still, the war in Ukraine continues to disrupt supplies of key commodities, stoking inflation risks and expectations of more aggressive Federal Reserve tightening.
Meanwhile, global shares have recovered from the lows sparked by Russia’s invasion.
In the latest geopolitical developments, Turkish President Recep Tayyip Erdogan says he will meet Russia and Ukraine delegations in Istanbul on Tuesday.
President Joe Biden tried to temper comments calling for the removal of Vladimir Putin by saying the U.S. isn’t seeking regime change in Moscow.
On Monday, Biden unveiled a $5.8 trillion budget, with a proposal that emphasized deficit reduction, additional funding for police and veterans, and flexibility to negotiate new social spending programs.
More commentary
“With the clock running out on Q1, the market did something it’s done just one other time this year — pieced together a two-week win streak,” Chris Larkin, managing director of trading at E*TRADE from Morgan Stanley, said in an email. But stocks are still down for the quarter, and “with a stacked economic calendar and no shortage of macro factors at play, the jury is out on where exactly the market could end as Q1 draws to a close.”
“The market’s recent success has been less about latest news flows getting better, but more about the news not getting worse, and in a real sense, likely priced into current valuations,” Art Hogan, chief market strategist at National Securities, wrote in a note. “Russia’s invasion of Ukraine shows few signs of ending. Fed Chairman Jerome Powell and other Fed  governors have been talking up the possibility of half-point
rate increases at upcoming meetings.”
“When yields rise in a meaningful way, it pretty much always has a negative impact on the stock market eventually,” Matt Maley, chief market strategist at Miller Tabak + Co., said in a Monday note. “Those who think the stock market has already priced in such a large rise in yield” when the S&P 500 trades at more than 20x forward earnings “are not looking at history correctly.”
“I think that this fast, fast move in the bond market and yields has caught people a little bit off guard,” Sarah Hunt, portfolio manager at Alpine Woods Capital Investors, said on Bloomberg TV. “It’s very difficult when bonds have more volatility than some of the things that are supposed to be volatile like Bitcoin.”
Some key events to watch this week:
* Australia’s annual budget, Tuesday
* Philadelphia Fed President Patrick Harker to speak, Tuesday
* U.S. GDP, Wednesday
* Richmond Fed President Thomas Barkin to speak, Wednesday
* China manufacturing, non-manufacturing PMIs, Thursday
* OPEC and non-OPEC ministerial meeting to discuss production targets, Thursday
* New York Fed President John Williams to speak, Thursday
* U.S. jobs report, Friday

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 1.6%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro was little changed at $1.0987
* The British pound fell 0.7% to $1.3093
* The Japanese yen fell 1.5% to 123.84 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 2.45%
* Germany’s 10-year yield was little changed at 0.58%
* Britain’s 10-year yield declined eight basis points to 1.62%
Commodities
* West Texas Intermediate crude fell 9.4% to $103.15 a barrel
* Gold futures fell 1.9% to $1,923.30 an ounce
–With assistance from Andreea Papuc, Emily Barrett, Abigail Moses, Emily Graffeo and Isabelle Lee.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

In war, there are no unwounded soldiers. –José Narosky, b. 1930.

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.
Old New Year’s Day was on this date until 1751.
1957: The Treaty of Rome established the European Economic Community. Go to article »
March 25^th, 1807: The British Parliament abolishes the Slave Trade throughout the British Empire.  There is a penalty of £120 per slave (equal to £11,754 in 2022) for Ship Captains.

Aretha Franklin, singer, b. 1942.
Elton John, singer/songwriter, pianist, b. 1947.
Sarah Jessica Parker, actor, b. 1965

NASA set to launch 2 rockets into the northern lights; Full Story: Live Science (3/24) 

5 stunningly preserved ancient Egyptian tombs unearthed in Saqqara; Archaeologists in Egypt have discovered five well-preserved and colorfully decorated tombs, dating to around 4,200 years ago, that were dug beside a pyramid at Saqqara, the Egyptian Ministry of Tourism and Antiquities announced in a statement.  The tombs have hieroglyphic inscriptions that provide information on the people who were interred there, as well as wall paintings that depict a variety of images, including people, jars, food, colorful geometric patterns and what looks like a winged insect.
Full Story: Live Science (3/24) 

Antarctica’s Conger ice shelf collapsed.
Bloomberg Pursuits annual “Where to Go” feature has 25 destinations that should be on anyone’s bucket list.
PHOTOS OF THE DAY

The sun rises over Coquet Island off the coast of Northumberland
CREDIT: Owen Humphreys/PA

Su Fullwood, the clock curator at Goodwood House, adjusts the hands of a clock in the card room before the switch to British Summer Time this weekend
CREDIT: Andrew Matthews/PA

A work by the German artist Anselm Kiefer at Palazzo Ducale
CREDIT: Roberto Serra/Iguana Press/Getty Images

Market Closes for March 25^th, 2022

Market Index	Close	Change
Dow Jones	34861.24	+153.30
		+0.44%
S&P 500	4543.06	+22.90
		+0.51%
NASDAQ	14169.30	-22.54 -0.16%
TSX	22005.94	+68.05
		+0.31%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28149.84	+39.45
		+0.14%
HANG SENG	21404.88	-541.07
		-2.47%
SENSEX	57362.20	-233.48
		-0.41%
FTSE 100*	7483.35	+15.97 +0.21%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.546	2.395
CND. 30 Year Bond	2.552	2.467
U.S.    10 Year Bond	2.4731	2.3718
U.S. 30 Year Bond	2.5846	2.5383

Currencies

BOC Close	Today	Previous
Canadian $	0.8017	0.7983
US $	1.2473	1.2526
Euro Rate 1 Euro=		Inverse
Canadian $	1.3709	0.7294
US $	1.0991	0.9098

Commodities

Gold	Close	Previous
London Gold Fix	1965.20	1931.75
Oil
WTI Crude Future	115.40	114.34

Market Commentary:
On this day in 1966, Bank of America executive Kenneth Larkin drafted a memo proposing that Bankamericard should expand outside the bank’s home state of California and offer credit card services to merchants and retail customers nationwide. The Visa card, and the ability to borrow and spend anywhere at any time, was born.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities climbed for a second day, extending gains for a fifth week — the longest such streak since December 2020 — as cannabis and energy stocks surged.
The S&P/TSX Composite Index rose 0.3%, or 68.05 to 22,005.94 in Toronto.
Enbridge Inc. contributed the most to the index gain, increasing 1.6%. Tilray Brands Inc. had the largest increase, rising 22%.
Today, 116 of 239 shares rose, while 119 fell; 7 of 11 sectors were higher, led by energy stocks.
Insights
* This quarter, the index rose 3.7%
* This month, the index rose 4.2%
* So far this week, the index rose 0.9%
* The index advanced 18% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 0.7% below its 52-week high on March 22, 2022 and 19.2% above its low on March 25, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.6 on a trailing basis and 14.2 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$3.49t
* 30-day price volatility rose to 12.94% compared with 12.92% in the previous session and the average of 13.36% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 67.9409| 1.9| 30/4
Financials | 32.7751| 0.5| 17/11
Communication Services | 7.1182| 0.7| 5/1
Health Care | 7.0625| 4.8| 6/2
Consumer Staples | 4.0738| 0.5| 4/7
Industrials | 0.9539| 0.0| 11/18
Utilities | 0.1894| 0.0| 11/5
Consumer Discretionary | -0.6024| -0.1| 5/9
Real Estate | -0.7257| -0.1| 12/11
Materials | -8.0644| -0.3| 15/36
Information Technology | -42.6728| -2.8| 0/15
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Enbridge | 12.2700| 1.6| -44.2| 17.0
Suncor Energy | 11.9100| 2.9| 4.0| 34.0
TD Bank | 11.5500| 0.9| -29.3| 5.0
TFI International | -3.8060| -4.9| -5.1| -7.4
Constellation Software | -4.5540| -1.6| -53.0| -10.9
Shopify | -28.2000| -4.1| -53.3| -51.4
US
By Stephen Kirkland and Isabelle Lee
(Bloomberg) — U.S. stocks rose in a choppy day of trading as dip-buyers emerged in the final minutes of trading Friday.
Treasuries fell, with the short end of the curve bearing the brunt of the selloff.
The S&P 500 ended the day up 0.5%, near highs of the day with the 1% swing Friday the smallest since Feb. 15.
The Nasdaq 100 closed little changed.
The yield on the two-year Treasury note, among the most sensitive to changes in interest rates, rose 14 basis points to 2.28%.
The S&P 500 lurched between gains and losses this week as investors grappled with the risks to the economic recovery from monetary-policy tightening and Russia’s war in Ukraine.
Amid the volatility, stocks notched their second weekly gain.
“I think this week was a great confirmation of why we shouldn’t get too concerned about the short term and the volatility or the headlines du jour so to speak because obviously it rebounds just as fast as it declines,” Nancy Daoud, CEO and private wealth advisor at Ameriprise Financial Services LLC, told Bloomberg TV. “It’s just great confirmation that time in the market is so much better and so much more effective than timing the market.”
Treasuries fell, on course for one of their worst quarterly routs since at least the early 1970s, as the market ramped up bets on the Federal Reserve hiking rates.
Swaps traders are pricing in a full two percentage points of additional Fed hikes for this year, and Citigroup Inc. economists boosted their forecast for rate increases this year, including four straight half-point moves.
Oil reversed losses following news that suggested Yemeni rebels were stepping up attacks on energy and power sites in Saudi Arabia.
Crude in New York rose near $113 a barrel after earlier falling below $109 a barrel.
New York Fed President John Williams said the pace of rate increases should be driven by the data, including tightening by a half percentage point if needed.
Russia’s invasion of Ukraine have boosted raw-material costs, stoking expectations of higher inflation and more aggressive Fed interest-rate hikes.
Meanwhile, the Biden administration is increasingly worried that Russian President Vladimir Putin may lash out dangerously, pressured by the struggles of his military campaign and far-reaching sanctions.
The U.S. and its allies warned Putin against using biological, chemical or nuclear weapons.
Russian stocks fell, reversing most of the gains made in the previous session when the market reopened following a record long shutdown, while government measures to prevent a selloff helped limit the losses.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.5% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.1% to $1.0984
* The British pound was little changed at $1.3189
* The Japanese yen rose 0.2% to 122.14 per dollar
Bonds
* The yield on 10-year Treasuries advanced 11 basis points to 2.48%
* Germany’s 10-year yield advanced six basis points to 0.59%
* Britain’s 10-year yield advanced five basis points to 1.70%
Commodities
* West Texas Intermediate crude rose 0.4% to $112.84 a barrel
* Gold futures fell 0.4% to $1,960.40 an ounce
–With assistance from Sunil Jagtiani, Robert Brand and Emily Graffeo.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Kindness is a tolerance (the absence of judgment);
Kindness is gentleness (the absence of harm);
Kindness is a generosity (the absence of selfishness). -Kenneth Wapnick, 1942-2013.

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 Eve.
On March 24, 1989, one of the nation’s worst oil spills occurred as the supertanker Exxon Valdez ran aground on a reef in Alaska’s Prince William Sound and began leaking 11 million gallons
of crude. Go to article »

2002: Halle Berry, then 35,becomes the first woman of color to win the best actress  Oscar award for her role in Monster’s Ball and remains the last.  Denzel Washington also becomes the first black actor to win a lead acting award on the same night for Training Day.

Crows know the content of their own minds.

Somebody just found an Easter egg in Windows 1.0, 37 years after its launch.

Everything you ever wanted to know about baby carrots.

A dinosaur bigger than T. rex swam and hunted its prey underwater.  Oh, how lovely. That’s not terrifying at all…

Mackenzie Scott has given $3.8 billion to 465 organizations since June.  The billionaire philanthropist, and ex-wife of Amazon founder Jeff Bezos, now has an estimated net worth of $55 billion even after the sizable donations.

Arizona is the first state to accept digital driver’s licenses on iPhones.  It’s a complicated process, but Apple is working to make the feature available in several other states as soon as possible.

PHOTOS OF THE DAY

A worker attaches prayer petitions to lotus lanterns at a temple in preparation for the upcoming birthday of Buddha
CREDIT: Heo Ran/Reuters

The German astronaut Matthias Maurer on a six-hour spacewalk
CREDIT: Sachelle Babbar/Zuma/Rex/Shutterstock

A giant sand drawing on South Bay Beach, created by Sand in Your Eyes for UK Youth for Nature, highlights young people’s alarm at the loss of wildlife
CREDIT: Lee Smith/Reuters

Market Closes for March 24^th, 2022

Market Index	Close	Change
Dow Jones	34707.94	+349.44
		+1.02%
S&P 500	4520.16	+63.92
		+1.43%
NASDAQ	14191.84	+269.24 +1.93%
TSX	21937.89	+5.71
		+0.03%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28110.39	+70.23
		+0.25%
HANG SENG	21945.95	-208.13
		-0.94%
SENSEX	57595.68	-89.14
		-0.15%
FTSE 100*	7467.38	+6.75 +0.09%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.395	2.312
CND. 30 Year Bond	2.467	2.420
U.S.    10 Year Bond	2.3718	2.2917
U.S. 30 Year Bond	2.5383	2.4842

Currencies

BOC Close	Today	Previous
Canadian $	0.7983	0.7960
US $	1.2526	1.2563
Euro Rate 1 Euro=		Inverse
Canadian $	1.3776	0.7259
US $	1.0997	0.9093

Commodities

Gold	Close	Previous
London Gold Fix	1931.75	1915.25
Oil
WTI Crude Future	114.34	116.63

Market Commentary:
On this day in 1777, the U.S. foreign debt was born, as the Farmers General of France, a group that collected taxes from French citizens on salt, tobacco and other products, agreed to lend the United States 2 million livres (roughly $381,000 at the time). The loan was repayable in bales of tobacco.
Canada
By Stefanie Marotta
(Bloomberg) — Canada stocks closed slightly higher as cannabis stocks surged and companies in the energy and financial sectors rose.
The S&P/TSX Composite advanced to 21,937.89 in Toronto.
The move follows the previous session’s decrease of 0.6%.
Brookfield Asset Management Inc. contributed the most to the index gain, increasing 1.3%.
Tilray Brands Inc. had the largest increase, rising 22.4%.
Eighty nine of 239 shares rose on Thursday, while 148 fell; 5 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index rose 3.4%
* This month, the index rose 3.8%
* So far this week, the index rose 0.5%
* The index advanced 18% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 1% below its 52-week high on March 22, 2022 and 18.8% above its low on March 25, 2021
* The S&P/TSX Composite is up 0.8% in the past 5 days and rose 5.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.6 on a trailing basis and 14.2 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$3.49t
* 30-day price volatility fell to 12.92% compared with 12.97% in the previous session and the average of 13.40% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 7.5670| 0.1| 11/17
* Health Care | 7.1688| 5.1| 6/2
* Consumer Staples | 4.3530| 0.5| 2/9
* Energy | 1.3829| 0.0| 21/13
* Communication Services | 0.5118| 0.0| 3/4
* Utilities | -0.0510| 0.0| 5/11
* Materials | -0.1501| 0.0| 15/35
* Consumer Discretionary | -0.6475| -0.1| 3/11
* Industrials | -1.7508| -0.1| 15/15
* Information Technology | -5.2567| -0.3| 8/8
* Real Estate | -7.4209| -1.2| 0/23
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Brookfield Asset Management | 8.7410| 1.3| -36.4| -7.6
* Couche-Tard | 5.8920| 2.0| -20.5| 0.8
* Nutrien | 5.3120| 1.1| -5.3| 40.8
* Intact Financial | -3.8420| -1.7| -43.5| 12.6
* Canadian Natural Resources | -4.6600| -0.7| -51.7| 47.6
* Constellation Software | -5.4030| -1.8| -17.1| -9.5

US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — U.S. stocks gained as investors weighed economic resilience against the threats of rising rates and the impact of the war in Ukraine.
The S&P 500 advanced, clawing back Wednesday’s losses as all the 11 main industry groups rose.
The tech-heavy Nasdaq 100 gained the most among major benchmarks, climbing 2.2%.
Treasuries resumed their slide, with the 10-year benchmark yield rising as much as 10 basis points to 2.39%.
Oil fell about 3% in New York, while Bitcoin climbed to a three-week high.
While bonds have suffered unprecedented losses globally, shares have rallied to levels seen before the start of the war in Ukraine.
Data Thursday showed applications for U.S. state unemployment insurance fell last week to the lowest since 1969, while a measure for business activity advanced to an eight-month high in early March as fewer Covid-19 restrictions and less severe supply chain disruptions supported demand and production.
Investors are selling bonds as Federal Reserve officials warn steeper rate hikes may be necessary to subdue the hottest inflation in four decades.
Fed Chair Jerome Powell explicitly put a half-point hike on the table in May if needed, saying the economy is strong enough to weather higher borrowing costs.
“We always knew rates are going to head higher, and the main question or concern is what happens to growth,” Chris Gaffney, president of world markets at TIAA Bank, said by phone.  “Powell has continued to say that he believes the U.S. economy is strong enough to withstand higher rates and now we’ll get a chance to see. The war in Ukraine certainly has pushed commodity prices higher — how much that will impact consumer spending” remains a big question. “So far it doesn’t seem like it’s slowed them down too much.”
According to Pimco, the tightening cycle may end with the Fed hoisting its key rate to 2.75% by the end of 2023 – despite distress signals from the bond market. Chicago Fed President Charles Evans said Thursday he’s “comfortable” with raising rates in quarter-point increments, while being “open” to a 50 basis-point move if needed.
The U.S. central bank raised the benchmark rate a quarter point to 0.50% last week, the first increase since 2018.
Oil slipped, with futures in New York trading to near $112 a barrel in a choppy session, as traders weighed the impact of rising trading costs on the major exchanges.
Commodity prices have staged erratic rallies amid supply pressures and sanctions as Russia’s attacks on Ukraine show no sign of abating.
On the geopolitical front, the U.S. announced a new package of sanctions on Russian elites, lawmakers and defense companies designed to ramp up pressure on Moscow.
NATO agreed to boost its deployments in the eastern portion of the defense alliance, as the U.S. said it is working with NATO to prepare for possible biological or nuclear incidents by Russia.
Bitcoin climbed to more than $44,000 for the first time in almost a month, breaking out of its recent narrow trading range amid a renewal of risk appetite.
Russian equities rose more than 4% after Moscow Exchange resumed shortened four-hour trading in 33 out of 50 equities listed on the benchmark. Russian government intervention to prop up the stock market helped lift shares on the first day of trading since Feb. 28.
More commentary:
“Markets seem encouraged by oil continuing to come back down from the really high levels we saw earlier this month and I think there is a renewed belief among equity investors that the Fed is going to aggressively fight inflation,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “We’re not as sanguine and think it will be more difficult than most equity investors are assuming, but we do agree that a more aggressive Fed is necessary as inflation is the number one problem facing the U.S. economy.”
“Stocks are pushing higher and oil prices fall as the market breaths a sign of relief following Biden’s diplomatic marathon in Brussels.” Fiona Cincotta, senior market analyst at City Index,. Whilst NATO, Biden and the EU leaders agreed to strengthen forces and tighten sanctions to bring Russia to its knees economically, oil has managed to stay out of the equation, which is the point of relief for the markets.”.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.2%
* The Dow Jones Industrial Average rose 1%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0999
* The British pound fell 0.1% to $1.3188
* The Japanese yen fell 1% to 122.32 per dollar
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 2.36%
* Germany’s 10-year yield advanced seven basis points to 0.53%
* Britain’s 10-year yield advanced two basis points to 1.65%
Commodities
* West Texas Intermediate crude fell 3% to $111.45 a barrel
* Gold futures rose 1.3% to $1,967.30 an ounce
–With assistance from Jan-Patrick Barnert, Alice Atkins, Tom Mackenzie, Matthew Miller, Kailey Leinz, Anchalee Worrachate, Peyton Forte, Isabelle Lee and Michael Msika.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Illness is the doctor to whom we pay most heed: to kindness, to knowledge
we make promises only: pain we obey. –Marcel Proust, 1871-1922.

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: Liberty Day 1775.
1994:  Wayne Gretzky of the Los Angeles Kings broke Gordie Howe’s National Hockey League career record with his 802nd goal. Go to article »
2021: The Suez Canal, one of the world’s most heavily used shipping lanes, was blocked  after the mega-freighter Ever Given ran aground; it took six days to move the vessel.

One of Andy Warhol’s Marilyn Monroe portraits could fetch a record $200 million at auction.  This instantly recognizable work of art will soon go under the hammer! Christie’s says it is “the most significant 20th century painting to come to auction in a generation.”

This Chinese tea costs nearly $185,000 for a kilogram: Welcome to the exclusive, secretive, and luxurious world of Chinese tea. People with expensive taste (and super deep pockets) are raving about this high-end hot tea.

Want to see Yosemite in peak season?  Time to get in line. The reservation system for the busy US national park opens today.

The Milky Way is the product of a galactic merger.

RIP Madeleine Albright.

PHOTOS OF THE DAY

Asia’s largest tulip garden opens to the public
CREDIT: Faisal Khan/Anadolu Agency/Getty Images

Children are covered in coloured powder for the celebration of the annual Hindu festival of colours, known as Holi
CREDIT: Md Rafayat Haque Khan/ZUMA Press Wire/REX/Shutterstock

Daffodils lean against the National Covid Memorial Wall during a national day of reflection, marking the second anniversary of the first Covid-19 lockdown
CREDIT: Neil Hall/EPA

Market Closes for March 23^rd, 2022

Market Index	Close	Change
Dow Jones	34358.50	-448.96
		-1.29%
S&P 500	4456.24	-55.37
		-1.23%
NASDAQ	13922.61	-186.21 -1.32%
TSX	21932.18	-142.17
		-0.64%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28040.16	+816.05
		+3.00%
HANG SENG	22154.08	+264.80
		+1.21%
SENSEX	57684.82	-304.48
		-0.53%
FTSE 100*	7460.63	-16.09 -0.22%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.312	2.417
CND. 30 Year Bond	2.420	2.561
U.S.    10 Year Bond	2.2917	2.3825
U.S. 30 Year Bond	2.4842	2.6011

Currencies

BOC Close	Today	Previous
Canadian $	0.7960	0.7954
US $	1.2563	1.2572
Euro Rate 1 Euro=		Inverse
Canadian $	1.3831	0.7230
US $	1.1009	0.9083

Commodities

Gold	Close	Previous
London Gold Fix	1915.25	1935.05
Oil
WTI Crude Future	116.63	111.76

Market Commentary:
On this day in 1720, the South Sea Bill, granting virtual monopoly powers to the South Sea Co., passed in the British House of Commons after six hours of fierce debate, during which the price of South Sea shares fluctuated sharply. The speculation in the stock, which drove the earliest bull market in equities, was in full swing—but it ended in a terrible crash in the fall.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian stocks broke its four-day winning streak of setting consecutive record highs, slumping as companies in the technology and financials sectors sunk.
The S&P/TSX Composite fell 0.6% at 21,932.18 in Toronto.
The move was the biggest since falling 1.3% on March 14 and follows the previous session’s increase of 0.3%.
Bank of Montreal contributed the most to the index decline, decreasing 3.7%.
Nuvei Corp. had the largest drop, falling 5.7%.
Today, 136 of 239 shares fell, while 101 rose; 9 of 11 sectors were lower, led by financials stocks which tumbled 2%, is biggest drop in nearly four months.
Insights
* This quarter, the index rose 3.3%
* This month, the index rose 3.8%
* The index advanced 17% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 1% below its 52-week high on March 22, 2022 and 18.8% above its low on March 25, 2021
* The S&P/TSX Composite is up 2.2% in the past 5 days and rose 5.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.6 on a trailing basis and 14.2 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$3.51t
* 30-day price volatility fell to 12.97% compared with 13.12% in the previous session and the average of 13.44% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -140.8423| -2.0| 3/25
* Information Technology| -38.3667| -2.5| 2/14
* Consumer Discretionary| -11.5212| -1.6| 1/13
* Industrials | -8.5281| -0.3| 12/18
* Real Estate | -7.3668| -1.2| 1/22
* Communication Services| -5.0602| -0.5| 1/6
* Consumer Staples | -3.7170| -0.5| 2/9
* Utilities | -1.9848| -0.2| 6/9
* Health Care | -1.5070| -1.1| 2/6
* Energy | 37.3655| 1.1| 29/5
* Materials | 39.3749| 1.4| 42/9
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Bank of Montreal | -25.4800| -3.7| 110.3| 8.7
* Royal Bank of Canada | -25.1400| -1.8| -32.3| 4.6
* TD Bank | -23.2300| -1.8| 82.1| 4.2
* Barrick Gold | 5.3880| 1.5| -43.8| 28.4
* Suncor Energy | 6.4500| 1.6| -21.3| 30.8
* Canadian Natural Resources | 14.9400| 2.4| -40.3| 48.7

US
By Isabelle Lee and Peyton Forte
(Bloomberg) — U.S. stocks declined Wednesday as Treasuries staged a small recovery from unprecedented losses ahead of tighter monetary policy to curb inflation.
The S&P 500 fell 1.2%, led by losses in financials, while the benchmark 10-year Treasury yield slid to 2.30% after surging to highs unseen since mid-2019.
Bonds are taking the brunt of central-bank calls for tougher action to rein in inflation as investors hold up stocks as an inflation hedge, spurring a rally that had seen the S&P 500 recover half its decline from January over just six sessions.
“Certainly it’s been a tough start to the year and you just are going to have these natural ebbs and flows as people digest information,” said Lisa Erickson, senior vice president and head of traditional investment at U.S. Bank Wealth Management.  “Overall we are expecting this kind of volatility that we have seen to continue.”
Investors have fled from bonds as Federal Reserve officials have indicated they’re willing to hike rates aggressively to  tame inflation and the war on Ukraine drives commodity prices up 26% this year.
Oil pushed higher Wednesday on the risk of fresh curbs on Russia, one of the biggest crude producers.
West Texas Intermediate topped $110 a barrel while Brent futures rose above $120 a barrel.
President Joe Biden and allies meeting Thursday in Brussels are expected to announce new sanctions against Russia.
Derivatives traders are braced for a steeper rate cycle after Fed Chair Jerome Powell explicitly put a half-point hike on the table in May if needed.
His view is that the economy is strong enough to weather higher borrowing costs, a sentiment echoed by Fed hawks and doves alike.
Asked if quality names could outperform inflation, Wells Fargo Securities strategist Anna Han said in a Bloomberg TV interview she sees opportunities in value stocks.
“If the Fed really continues with the more aggressive rate hike schedule, I think they still have a chance, but at the same time it really depends on if the Fed can maintain that aggressive schedule that they do and really bring down inflation and grab inflation and face it head on.”
Nevertheless, growth concerns are unsettling markets as war rages in Ukraine and consumers shoulder the rising cost of living.
“We live in a world of macro uncertainty, increased volatility. And the Fed, like us, are going to have to watch the data,” Kristof Gleich, president and CIO of Harbor Capital Advisors, said. “That’s going to cause even more volatility to the markets, because the markets don’t like uncertainty.”
Gold climbed, the dollar was steady and Bitcoin was little changed..
Here are some key events this week:
* U.S. President Joe Biden attends NATO emergency summit in Brussels, Thursday
* Eurozone Markit PMIs, Thursday
* U.S. initial jobless claims, U.S. durable goods, Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.4%
* The Dow Jones Industrial Average fell 1.3%
* The MSCI World index fell 0.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.2% to $1.1005
* The British pound fell 0.4% to $1.3208
* The Japanese yen fell 0.3% to 121.12 per dollar
Bonds
* The yield on 10-year Treasuries declined nine basis points to 2.30%
* Germany’s 10-year yield declined four basis points to 0.47%
* Britain’s 10-year yield declined eight basis points to 1.63%
Commodities
* West Texas Intermediate crude rose 4.7% to $114.44 a barrel
* Gold futures rose 1.3% to $1,952.20 an ounce
–With assistance from Emily Graffeo and Cecile Gutscher.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Don’t ever tell anybody anything.  If you do, you start missing everybody. -J.D. Salinger, 1919-2010.

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: United Nations World Day for Water.
1945: Arab League formed, Cairo.
On March 22, 1972, Congress sent the proposed Equal Rights Amendment to the Constitution to the states for ratification. It fell short of the three-fourths approval needed. Go to article »

These were the best and worst places for air quality in 2021.  The air in Los Angeles was the most polluted out of more than 2,400 US cities analyzed. Yikes.

There are now more than 5,000 confirmed worlds outside of our solar system.  NASA is spearheading a hunt to discover more planets (and whatever what may be on them.)

Netflix’s future could be as an app platform, helping it draw new subscribers. — Trung Phan.

Here’s what air travel might look like in the future. (h/t Scott Kominers)

The art of J.R.R. Tolkien.

In praise of memorization.

PHOTOS OF THE DAY

An ashy mining bee (Andrena cineraria) forages on heather in Rennes
CREDIT: Damien Meyer/AFP/Getty Images

Vervet monkeys at Bwabwata National Park in Namibia
CREDIT: Xinhua/Rex/Shutterstock

Guests in indigenous costumes attend a special reception hosted by the governor general of Belize in celebration of the Queen’s platinum jubilee
CREDIT: Getty Images

Market Closes for March 22^nd, 2022

Market Index	Close	Change
Dow Jones	34807.46	+254.47
		+0.74%
S&P 500	4511.61	+50.43
		+1.13%
NASDAQ	14108.82	+270.36 +1.95%
TSX	22074.35	+65.22
		+0.30%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27224.11	+396.68
		+1.48%
HANG SENG	21889.28	+667.94
		+3.15%
SENSEX	57989.30	+696.81
		+1.22%
FTSE 100*	7476.72	+34.33 +0.46%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.417	2.327
CND. 30 Year Bond	2.561	2.465
U.S.    10 Year Bond	2.3825	2.2896
U.S. 30 Year Bond	2.6011	2.5173

Currencies

BOC Close	Today	Previous
Canadian $	0.7954	0.7941
US $	1.2572	1.2592
Euro Rate 1 Euro=		Inverse
Canadian $	1.3865	0.7212
US $	1.1029	0.9067

Commodities

Gold	Close	Previous
London Gold Fix	1935.05	1935.80
Oil
WTI Crude Future	111.76	112.12

Market Commentary:
On this day in 1811, the New York state legislature passed the “Act Relative to Incorporations for Manufacturing Purposes,” the world’s first law granting limited liability to common stockholders—a revolutionary concept that protected investors from ever losing more than their initial investment and helped New York quickly become the industrial and financial capital of the world.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian stocks closed at a record high for the fourth consecutive session as technology and financial stocks pulled the index higher even as energy and materials sunk.
The S&P/TSX Composite rose for the sixth day, climbing 0.3%, or 65.22 to 22,074.35 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 6.0%.
Lightspeed Commerce Inc. had the largest increase, rising 7.9%.
Today, 128 of 239 shares rose, while 110 fell; 6 of 11 sectors were higher, led by information technology stocks.
Insights
* This quarter, the index rose 4%
* This month, the index rose 4.5%
* The index advanced 17% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 0.4% below its 52-week high on March 22, 2022 and 19.6% above its low on March 25, 2021
* The S&P/TSX Composite is up 4.2% in the past 5 days and rose 5.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.7 on a trailing basis and 14.3 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$3.5t
* 30-day price volatility fell to 13.12% compared with 13.22% in the previous session and the average of 13.48% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 53.2192| 3.6| 12/4
* Financials | 41.8300| 0.6| 26/2
* Industrials | 14.8778| 0.6| 17/12
* Real Estate | 7.4772| 1.2| 22/1
* Consumer Discretionary | 6.5742| 0.9| 10/4
* Health Care | 3.5413| 2.5| 8/0
* Consumer Staples | -0.4097| -0.1| 4/7
* Communication Services | -1.3034| -0.1| 5/2
* Utilities | -3.9798| -0.4| 6/10
* Energy | -19.2741| -0.5| 10/24
* Materials | -37.3372| -1.3| 8/44
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 40.7400| 6.0| 33.8| -47.6
* Canadian Pacific | 10.4300| 1.6| -15.8| 13.0
* Bank of Nova Scotia| 7.5430| 1.0| 53.1| 4.7
* Agnico Eagle Mines | -5.1020| -2.1| -27.1| 14.6
* Teck Resources | -6.0300| -3.7| -30.4| 36.0
* Canadian Natural Resources | -9.3190| -1.5| 61.9| 45.2

US
By Emily Graffeo and Vildana Hajric
(Bloomberg) — U.S. stocks rebounded while the selloff in Treasuries deepened Tuesday as trader weighed hawkish comments by Federal Reserve Chair Jerome Powell, which signaled the central bank will take more aggressive measures to tame inflation.
The S&P 500 gained, recovering half its losses now from a selloff that started in January.
Meanwhile, bond yields continued their ascent as short-dated Treasuries hurtled toward their worst quarterly performance in almost four decades.
The gains come as traders are braced for high volatility until there’s more certainty about Fed policy, inflation and the war in Ukraine.
Yet the S&P 500’s reversal from a recent downtrend could be an indicator U.S. stocks have reached a bottom, said Craig Johnson, Piper Sandler & Co. chief market technician.
“The collective technical evidence suggests the correction lows have likely been set,” he wrote in a note. “Momentum indicators remain bullish after forming positive divergences from price action over the last several weeks.”
Still, commodity-market disruptions stemming from the war have increased pressure on key central banks to tighten monetary policy.
Oil in New York fell after a volatile session for Brent crude futures as Germany and Hungary put the brakes on a potential embargo on Russian oil.
The Fed hiked rates by a quarter-point last week and signaled six more such moves this year, with Powell indicating the bank is prepared to raise rates by 50 basis points at its next policy meeting if needed.
Derivative traders are now pricing in about 7.5 quarter-point rate hikes at the remaining meetings this year, effectively making provision for more than one half-point rise.
“I think that investors were heartened by what Fed Chair Powell said yesterday — that they’re really not going to remain behind the curve,” Sam Stovall, chief investment strategist at CFRA, said on Bloomberg’s “QuickTake Stock” stream. “What you’re seeing with the selloff in bonds is that investors are looking to go elsewhere. They certainly don’t want to be in an asset classes like a seesaw — if the yield goes up, their price will be going down. So they’re gravitating toward that area that most likely has better upside potential, and that’s equities right now.”
European stocks marched higher, led by banks and cyclical stocks like automakers.
The dollar pared back an earlier advance against peers.
And Bitcoin gained about 3% to trade at its highest level in almost three weeks..
Here are some key events this week:
* European Central Bank President Christine Lagarde among central bank speakers at the BIS innovation summit, Tuesday to March 23
* EIA crude oil inventory report, Wednesday
* Bank of England Governor Andrew Bailey, Fed Chair Powell speak at BIS panel, Wednesday
* U.K. Chancellor Rishi Sunak’s “Spring Statement” on the budget, Wednesday
* U.S. President Joe Biden attends NATO emergency summit in Brussels, Thursday
* Eurozone Markit PMIs, Thursday
* U.S. initial jobless claims, U.S. durable goods, Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.1% as of 4:03 p.m. New York time
* The Nasdaq 100 rose 1.9%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.1027
* The British pound rose 0.7% to $1.3258
* The Japanese yen fell 1.1% to 120.77 per dollar
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 2.38%
* Germany’s 10-year yield advanced three basis points to 0.50%
* Britain’s 10-year yield advanced seven basis points to 1.71%
Commodities
* West Texas Intermediate crude fell 0.3% to $111.76 a barrel
* Gold futures fell 0.4% to $1,926.90 an ounce
–With assistance from Cecile Gutscher, Isabelle Lee and Lu Wang.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Life’s a bit like mountaineering – never look down. –Sir Edmund Percival Hillary, 1919-2008.

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:  Spring is officially here!
Noruz – new day, Zoroastrian.

On March 21, 1965, more than 3,000 civil rights demonstrators led by the Rev. Martin Luther King Jr. began their march from Selma to Montgomery, Ala.  Visit article

2019: New Zealand Prime Minister Jacinda Ardern announces a ban on military-style semiautomatic weapons, 6 days after the Christchurch terrorist attack.
Johann Sebastian Bach, b.1685.
 
Here’s the annual list of most popular dog breeds.  Hint: Husky didn’t make the list this year! Do you think you can guess the most pawpular dog breeds?

Mila Kunis and Ashton Kutcher raise $30 million in donations for Ukrainian refugees.  Fun fact: Mila Kunis was born in Ukraine in the 80s. Major props to this celeb duo for organizing the massive relief effort.

Area ancient pool is actually a fertility god’s shrine. (h/t Scott Kominers)

PHOTOS OF THE DAY

People takes photos in front of cherry blossoms in Ueno Park in the Japanese capital
CREDIT: Philip Fong/AFP/Getty Images

Kashmiri Shia Muslims assemble outside the shrine of Peer Syed Mehndi during Nowruz, the Persian new year
CREDIT: Mukhtar Khan/AP

People celebrate Nowruz, considered as the harbinger of spring, awakening of nature and brotherhood, with traditional costumes at Gobustan National Park. People from different regions of Azerbaijan attended celebration with colorful dresses and various music groups performed
CREDIT: Resul Rehimov/Anadolu Agency/Getty Images

Market Closes for March 21^st, 2022

Market Index	Close	Change
Dow Jones	34552.99	-201.94
		-0.58%
S&P 500	4461.18	-1.94
		-0.04%
NASDAQ	13838.46	-55.38 -0.40%
TSX	22009.13	+190.66
		+0.87%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26827.43	+174.54
		+0.65%
HANG SENG	21221.34	-191.06
		-0.89%
SENSEX	57292.49	-571.44
		-0.99%
FTSE 100*	7442.39	+37.66 +0.51%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.327	2.192
CND. 30 Year Bond	2.465	2.375
U.S.    10 Year Bond	2.2896	2.1494
U.S. 30 Year Bond	2.5173	2.4202

Currencies

BOC Close	Today	Previous
Canadian $	0.7941	0.7933
US $	1.2592	1.2606
Euro Rate 1 Euro=		Inverse
Canadian $	1.3872	0.7209
US $	1.1016	0.9078

Commodities

Gold	Close	Previous
London Gold Fix	1935.80	1949.65
Oil
WTI Crude Future	112.12	104.70

Market Commentary:
On this day in 1924, the Massachusetts Investors Trust, the first open-end mutual fund, was founded in Boston by Edward G. Leffler, a former aluminum cookware salesman, and investment bankers Hatherly Foster, Jr., and Charles H. Learoyd. The minimum initial purchase of five shares cost $262.50, or $2.50 less than the price of a new Ford Model T runabout.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities rose for the fifth day to close at a third consecutive record high as energy and materials stocks soar.
The S&P/TSX Composite climbed 0.9%, or 190.66 to 22,009.13 in Toronto.
Nutrien Ltd. contributed the most to the index gain, increasing 5.9%.
Lithium Americas Corp. had the largest increase, rising 8.1%.
Today, 133 of 239 shares rose, while 103 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* This quarter, the index rose 3.7%
* This month, the index rose 4.2%
* The index advanced 17% in the past 52 weeks. The MSCI AC Americas Index gained 12% in the same period
* The S&P/TSX Composite is 0.1% below its 52-week high on March 21, 2022 and 19.2% above its low on March 25, 2021
* The S&P/TSX Composite is up 3.9% in the past 5 days and rose 4.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.6 on a trailing basis and 14.3 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$3.47t
* 30-day price volatility rose to 13.22% compared with 13.04% in the previous session and the average of 13.49% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 102.9982| 3.0| 33/1
* Materials | 72.2208| 2.5| 45/6
* Financials | 20.8994| 0.3| 14/14
* Industrials | 7.7791| 0.3| 16/14
* Utilities | 3.7383| 0.4| 8/8
* Communication Services | 0.7493| 0.1| 4/3
* Information Technology | -0.7485| -0.1| 7/9
* Health Care | -3.3089| -2.3| 0/8
* Consumer Staples | -3.8706| -0.5| 3/8
* Real Estate | -4.5482| -0.7| 2/19
* Consumer Discretionary | -5.2421| -0.7| 1/13
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Nutrien | 27.8100| 5.9| -11.2| 39.2
* Canadian Natural Resources | 19.0400| 3.1| 131.2| 47.4
* Suncor Energy | 17.3700| 4.5| -40.3| 29.1
* Waste Connections | -2.1320| -0.7| -66.0| 0.2
* Couche-Tard | -2.3450| -0.8| -42.0| -0.6
* West Fraser Timber | -5.8710| -7.1| 69.5| -4.3

US
By Isabelle Lee and Peyton Forte
(Bloomberg) — Jerome Powell’s renewed hawkish message roiled financial markets, sending Treasury yields spiking higher as the Federal Reserve looks poised to raise interest rates sharply to tamp down inflation.
The two-year Treasury rate surged almost 20 points to its highest level since 2019, while the three-year and 10-year yields jumped by the most since March 2020 after the Fed chair said the central bank will take the “necessary steps” to get  price increases under control.
Stocks initially sold off as the chairman spoke, but almost erased all losses with a late-session rebound.
The ructions in the Treasury market narrowed the rate spread among maturities, in a sign that the bond market is anticipating the Fed’s restrictive moves could tip the economy into recession.
“As the Fed progresses down this path of both hiking rates and shrinking their balance sheet, there will be no such thing as a soft landing,” wrote Peter Boockvar, chief investment officer at Bleakley Advisory Group. “The only question is how much of an economic slowdown are they willing to tolerate in order to quell consumer price inflation at the same time asset price inflation deflates along with balance sheet shrinkage.”
The losses added to the question of whether last week’s stock rebound and drop in volatility would last.
European equities, which were higher on Monday, have already recouped all of their losses triggered by Russia’s invasion of Ukraine nearly a month ago as the lure of cheapened valuations has drawn
investors back.
Still, a historic spike in commodity prices on supply concerns shows little sign of easing, keeping traders on high alert over inflation.
The war in Ukraine and resulting sanctions against Russia have sent the raw-materials markets into a tailspin, with the potential for shortages in key commodities like oil and wheat.
West Texas Intermediate oil rose above $110 a barrel on Monday as Ukraine rejected a Russian demand to lay down arms and leave Mariupol.
Meanwhile, the bond market continues to flash caution about the economy.
The Treasury yield curve is flattening, and portions are inverted, which for some is an indicator of a looming economic slowdown.
The 10-year U.S. yield climbed to about 2.30%, the highest in over two years.
“We do now see a higher risk of the Fed slamming the brakes on the economy as it may have talked itself into a corner,” Jean Boivin, head of markets research at BlackRock Investment Institute, wrote in a note.
The cost to growth and employment could be high, if the Fed were to fully deliver on its rate path, he said.
Here are some key events this week:
* European Central Bank President Christine Lagarde among central bank speakers at the BIS innovation summit, Tuesday to March 23
* EIA crude oil inventory report, Wednesday
* Bank of England Governor Andrew Bailey, Fed Chair Powell speak at BIS panel, Wednesday
* U.K. Chancellor Rishi Sunak’s “Spring Statement” on the budget, Wednesday
* U.S. President Joe Biden attends NATO emergency summit in Brussels, Thursday
* Eurozone Markit PMIs, Thursday
* U.S. initial jobless claims, U.S. durable goods, Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4:07 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.3% to $1.1014
* The British pound fell 0.1% to $1.3161
* The Japanese yen fell 0.3% to 119.49 per dollar
Bonds
* The yield on 10-year Treasuries advanced 15 basis points to 2.30%
* Germany’s 10-year yield advanced 10 basis points to 0.47%
* Britain’s 10-year yield advanced 14 basis points to 1.64%
Commodities
* West Texas Intermediate crude rose 7.3% to $112.34 a barrel
* Gold futures rose 0.3% to $1,940.50 an ounce
–With assistance from Vildana Hajric, Emily Graffeo and Cecile Gutscher.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

You can easily judge the character of a man by how he treats those who can do nothing for him. -James D. Miles.

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.  Full moon tonight!

1931: Schick Inc. marketed the first electric razor. Go to article »

Rock & Roll Hall of Fame to keep Dolly Parton on nominee list despite her opting out.  Dolly rejected the nomination, but the organization won’t let her bow out from possibly receiving the honor. Awkward…

Record-breaking suspension bridge set to open in China.  Don’t click here if you’re scared of heights. It’s a long way down.

SNL star Pete Davidson will no longer fly to space.  *Sigh* Some of us were really counting on an epic comedy skit from space. Maybe next time.

Finland is the happiest country for the fifth year in a row.

The biggest Aztec temple was decorated with more than 100 starfish. (h/t Scott Kominers)

After 400 years, beavers are back in London.

This could be just the start of human history.

Vulture’s TV shows, books and albums to catch this spring.

Historic Paris Jewelry House Makes Waves With Holographic New Collection Sensational stones and advanced technology take center stage at Boucheron.

PHOTOS OF THE DAY

A dog walker on Bamburgh Beach
CREDIT: Owen Humphreys/PA

An Orion spacecraft is wheeled out of its hangar to be prepared for launch
CREDIT: NASA/Getty Images

Religious figures at a temple are decorated with coloured powder as part of Holi celebrations
CREDIT: Anushree Fadnavis/Reuters

Market Closes for March 18^th, 2022

Market Index	Close	Change
Dow Jones	35754.93	+274.17
		+0.80%
S&P 500	4463.12	+51.45
		+1.17%
NASDAQ	13893.84	+279.06 +2.05%
TSX	21818.47	+47.25
		+0.22%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26827.43	+174.54
		+0.65%
HANG SENG	21412.40	-88.83
		-0.41%
SENSEX	57863.93	+1047.28
		+1.84%
FTSE 100*	7404.73	+19.39 +0.26%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.192	2.191
CND. 30 Year Bond	2.375	2.405
U.S.    10 Year Bond	2.1494	2.1706
U.S. 30 Year Bond	2.4202	2.4642

Currencies

BOC Close	Today	Previous
Canadian $	0.7933	0.7919
US $	1.2606	1.2628
Euro Rate 1 Euro=		Inverse
Canadian $	1.3957	0.7164
US $	1.1073	0.9031

Commodities

Gold	Close	Previous
London Gold Fix	1949.65	1913.20
Oil
WTI Crude Future	104.70	102.98

Market Commentary:
On this day in 1992, Chambers Development, one of the nation’s hottest growth stocks, dropped 62% on news that the landfill company’s own accounting may be garbage. Just over six months later, Chambers restated its books for 1989, 1990 and 1991, slashing its earnings for those years by $240 million. Chambers’s stock was delisted from the American Stock Exchange in 1995.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian stocks gained and the S&P/TSX Composite Index rose to a record close on Friday for the second time in two days.
A broad rally sent investors into growth stocks including tech and cannabis, which led the index higher.
The Composite rose for the fourth day, climbing 0.2%, or 47.25 to 21,818.47 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 3.8%.
Badger Infrastructure Solutions Ltd. had the largest percentage increase, rising 11.3%, followed by Canada Goose Holdings, rising 9.3%.
Today, 127 of 238 shares rose, while 106 fell; 6 of 11 sectors were higher, led by information technology stocks.
Insights
* This quarter, the index rose 2.8%
* So far this week, the index rose 1.7%, heading for the biggest advance since the week ended Feb. 4
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 12% in the same period
* The S&P/TSX Composite is 0.3% below its 52-week high on March 18, 2022 and 18.2% above its low on March 25, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 14.1 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$3.46t
* 30-day price volatility fell to 13.04% compared with 13.23% in the previous session and the average of 13.53% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 31.4772| 2.2| 12/4
* Industrials | 28.7006| 1.1| 26/4
* Financials | 9.8417| 0.1| 15/12
* Consumer Discretionary | 6.7073| 1.0| 12/2
* Health Care | 3.5773| 2.6| 6/1
* Real Estate | 0.4003| 0.1| 13/10
* Utilities | -1.8335| -0.2| 7/9
* Consumer Staples | -2.5794| -0.3| 5/6
* Communication Services | -5.8441| -0.5| 1/5
* Materials | -9.1400| -0.3| 19/32
* Energy | -14.0348| -0.4| 11/21
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 24.3700| 3.8| 186.9| -50.6
* Canadian National | 13.7900| 2.1| 317.8| 5.9
* Brookfield Asset Management | 4.5150| 0.6| 427.3| -7.8
* Barrick Gold | -4.8890| -1.3| 132.3| 24.7
* TD Bank | -5.0110| -0.4| 218.9| 5.0
* Canadian Natural Resources | -8.3390| -1.3| 131.5| 42.9
US
By Vildana Hajric
(Bloomberg) — Technology companies led gains in stocks on Friday, with traders weighing mixed signals from the peace talks between Russia and Ukraine amid volatility from expiring options.
Oil remained above $100 a barrel.
Four days of gains for both the S&P 500 and Nasdaq 100 had the benchmarks posting their best weeks since November 2020, on signs that Russia’s invasion of Ukraine wasn’t something that China wanted to see.
Chinese leader Xi Jinping assured U.S. President Joe Biden that his country didn’t want war in Ukraine during a highly anticipated, two-hour video conference on Friday, their first conversation since Russia’s invasion last month.
Xi told Biden that the invasion “is not something we want to see,” according to summaries released by the Chinese side, and that “the events again show that countries should not come to the point of
meeting on the battlefield.”
Equity transactions spiked at the open as the expiry of stocks and index options collided with that of index futures in a quarterly event known as triple witching.
Roughly $3.5 trillion of single-stock and index-level options were estimated to expire Friday.
Shipping giant FedEx Corp. — a barometer of economic growth — slumped after saying it won’t meet a target for operating margins of 10% or better for its ground unit in the second half of fiscal 2022.
The yield on the benchmark three-year Treasury note moved above the rate on the five-year security for the first time since March 2020.
It’s the latest in a series of so-called curve inversions — when shorter-dated yields are higher than longer-dated ones — which have been fueled by expectations for tighter policy.
Inversions of some segments are also seen by some observers as trader bets on the risks of a recession or poorer growth.
Some holders of Russia’s two Eurobonds with coupons due this week said they received payment in dollars, a relief to investors who feared the nation would resort to settling the debt in rubles.
By paying the bond coupons in dollars, Russia addresses concerns that it would fail to honor its debt obligations after its invasion of Ukraine left it severed from global financial markets, at least for now.
Federal Reserve Governor Christopher Waller said the central bank should consider raising interest rates by a half percentage point at coming meetings and start reducing the balance sheet by July to contain “raging” inflation.
His St. Louis counterpart James Bullard said he dissented at this week’s meeting because he wanted the U.S. central bank to implement a balance-sheet reduction plan — in addition to a half percentage-point hike — adding that he favors raising rates more sharply this year than any of his colleagues.
Fed Bank of  Minneapolis President Neel Kashkari said the central bank should start shrinking its balance sheet as early as next meeting.

Comments:
* “The catalysts for this week’s rally seem to coalesce around news not getting worse, and a market that had priced in some worse-case scenarios,” wrote Art Hogan, chief market strategist at National Securities. “Along with the clarity from the Fed, we have also seen commodity prices stabilize a bit after their parabolic move higher over the past two weeks.”
* “Given that Fed officials are unlikely to meaningfully shift what is currently priced in for rate hikes, at least over the next few weeks, recession risk will remain low, which is important for equities, credit, bond volatility and S&P earnings estimates,” wrote Dennis DeBusschere, founder of 22V Research.
* “While recession fears have risen, there are several indicators that suggest we could be getting close to the end of what has been an uncomfortable correction,” said Lindsey Bell, chief markets and money strategist for Ally. “As the market digests information over the next several months, things could smooth out, potentially making putting money to work at currently discounted prices a wise move for investors.”
* “We advise investors to prepare for higher rates while remaining engaged with equity markets,” said Mark Haefele, chief investment officer at UBS Global Wealth Management. “We prefer a hedging strategy and selective equity exposure over exiting risk assets. In our view, energy stocks provide a hedge against risks arising from the war in Ukraine, while financials and value stocks tend to outperform in periods of rising rates.”
* “Equity market rallies will occur, and one is underway now,” said Peter Cecchini, director of research at Axonic Capital.  “But we continue to suggest that market participants ought to consider them opportunities to sell or reposition equity risk.”
Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.1%
* The Dow Jones Industrial Average rose 0.8%
* The MSCI World index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.4% to $1.1052
* The British pound rose 0.2% to $1.3181
* The Japanese yen fell 0.4% to 119.13 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 2.15%
* Germany’s 10-year yield declined one basis point to 0.37%
* Britain’s 10-year yield declined seven basis points to 1.50%
Commodities
* West Texas Intermediate crude rose 1.5% to $104.55 a barrel
* Gold futures fell 1.2% to $1,925.30 an ounce
–With assistance from Sunil Jagtiani, Cecile Gutscher, Isabelle Lee and Jennifer Bissell-Linsk.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

Art is not a thing; it is a way. -Elbert Hubbard, 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