Month: July 2023

Dear Friends,

Tangents:
Happy Monday.

On July 17, 1918, Russia’s Czar Nicholas II, his wife and their five children were executed by the Bolsheviks.  Go to article >>
1955: Disneyland opened.

‘The night turned into day’: How Manhattan Project scientists reacted to the world’s first atomic bomb test
“All of a sudden, the night turned into day, and it was tremendously bright, the chill turned into warmth; the fireball gradually turned from white to yellow to red as it grew in size and climbed into the sky.”
Read More

Who was J. Robert Oppenheimer? Biographer Kai Bird delves into the physicist’s fascinating life and legacy
Kai Bird, co-author of “American Prometheus: The Triumph and Tragedy of J. Robert Oppenheimer” opens up on the physicist’s life and legacy. Read More

A nearby supernova nearly blew our solar system to bits 4 billion years ago, new research suggests
A supernova that erupted when a massive star died could have destroyed our infant solar system — if it weren’t protected by a cocoon of molecular gas. Read More

The 2023 Wimbledon champions
Carlos Alcaraz defeated Novak Djokovic, arguably the greatest tennis player in history. And on the women’s side, Markéta Vondroušová delivered a “painful loss” to fan favorite Ons Jabeur.

Cyclists fall ‘like skittles’ at the Tour de France competition
A number of bicycle riders fell after a fan apparently tried to take a picture. See the pileup here

in memoriam
Jane Birkin, the British singer and actress who found fame in France, has died. She was 76. While her relationship with French actor and singer Serge Gainsbourg made Birkin a household name, she became a fashion star in her own right. Notably, she was the inspiration for the famous Birkin bag by French luxury house Hermes.
PHOTOS OF THE DAY

London, UK
A horse gets skittish and runs off riderless as the British army marks Queen Camilla’s birthday. The King’s Troop Royal Horse Artillery fired a 41-gun celebratory salute at 12 noon. It was the first formal birthday salute for Camilla since she became queen
Photograph: Guy Bell/Shutterstock

Golmud, China
Tourists visit the Qarhan salt lake in Qaidam prefecture
Photograph: VCG/Getty Images

Maryland, US
A participant in the annual penny-farthing race in Frederick county
Photograph: Anadolu Agency/Getty Images
Market Closes for July 17^th, 2023

Market Index	Close	Change
Dow Jones	34585.35	+76.32
		+0.22%
S&P 500	4522.79	+17.37
		+0.39%
NASDAQ	14244.95	+131.25
		+0.93%
TSX	20226.79	-35.28
		-0.17%

International Markets

Market Index	Close	Change
NIKKEI	Market Closed	N.A.
HANG SENG	Market Closed	N.A.
SENSEX	66589.93	+529.03
		+0.80%
FTSE 100*	7406.42	-28.15
		-0.38%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.400		3.371
CND. 30 Year Bond		3.270		3.234
U.S.    10 Year Bond		3.8068		3.8263
U.S. 30 Year Bond		3.9287		3.9269

Currencies

BOC Close	Today	Previous
Canadian $	0.7577	0.7564
US $	1.3197	1.3221
Euro Rate 1 Euro=		Inverse
Canadian $	1.4834	0.6741
US  $	1.1240	0.8897

Commodities

Gold	Close	Previous
London Gold Fix	1953.70	1958.05
Oil
WTI Crude Future	74.15	75.42

Market Commentary:
📈 On this day in 1861, the first paper money payable on demand was issued by the U.S. government. The color of the bills gave the nickname “greenbacks” to  American money.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.2%, or 35.28 to 20,226.79 in Toronto. The move was the biggest since falling 1.5% on July 6.
Today, energy stocks led the market lower, as 7 of 11 sectors lost; 123 of 229 shares fell, while 100 rose.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 1.6%. Parex Resources Inc. had the largest drop, falling 7.6%.
Insights
* The index advanced 10% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 3% below its 52-week high on Feb. 2, 2023 and 13.2% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2% in the past 5 days and rose 1.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.2 on a trailing basis and 14.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.21t
* 30-day price volatility fell to 9.90% compared with 10.00% in the previous session and the average of 11.12% over the past month
================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -35.1243| -1.0| 11/27
Communication Services | -12.8715| -1.6| 0/5
Industrials | -12.6526| -0.5| 14/12
Utilities | -8.5176| -0.9| 0/15
Materials | -4.2624| -0.2| 27/21
Consumer Discretionary | -2.3960| -0.3| 6/9
Real Estate | -1.5828| -0.3| 10/11
Consumer Staples | 1.2104| 0.1| 3/8
Health Care | 2.7774| 5.1| 4/0
Information Technology | 8.1201| 0.5| 7/4
Financials | 30.0309| 0.5| 18/11
================================================================
| | |Volume VS | YTD| Index | | 20D AVG | Change Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Natural Resources | -9.1270| -1.6| -0.9| -2.0
Canadian Pacific Kansas | -8.4650| -1.2| -46.4| 4.3
Enbridge | -7.2240| -1.1| 199.6| -9.1
Manulife Financial | 5.5520| 1.7| 13.7| 5.0
Constellation Software | 7.3650| 2.0| -24.9| 32.9
RBC | 9.2410| 0.7| 32.4| 1.4
US
By Emily Graffeo and Isabelle Lee
(Bloomberg) — US stocks resumed a rally as investors weighed bets the Federal Reserve is approaching the end of its interest-rate hikes against evidence pointing to a slowdown in China’s economy.
The S&P 500 gained 0.4% and the tech-heavy Nasdaq 100 rose 0.8%, adding to last week’s historic gains amid optimism the Fed may soon be able to claim victory over inflation.
Activision Blizzard Inc. rose after Microsoft Corp. and British regulators held “productive” talks needed to clear the companies’ $69 billion tieup. Ford Motor Co. fell after cutting the price on the electric version of its F-150 truck. The dollar fluctuated, and equities in Europe and mainland China declined after gross domestic product in China grew at a slower-than- expected pace in the second quarter, increasing risks likely to hit the global economy.
“Many countries do depend on strong Chinese growth to promote growth in their own economies, particularly countries in Asia, and slow growth in China can have some negative spillovers for the United States,” Treasury Secretary Janet Yellen said in a Bloomberg TV interview on Monday. “Growth has slowed, but our labor market continues to be quite strong. I don’t expect a recession.”
For a time, analysts believed Chinese shoppers coming out of Covid lockdowns would be able to carry the global economy — despite rising US and European interest rates. However, that narrative is looking increasingly shaky.
Yellen said she sees the US on a “good path” to bringing down inflation without a major weakening in the labor market.  Last week stocks and bonds rallied after data showed a slowdown in the rate of inflation.
“We’re in a place where inflation is becoming problem number two and problem number one is growth and people are starting to get comfortable that growth is going to be okay,” said Scott Ladner, chief investment officer at Horizon Investments LLC. “Anytime you see small-caps outperforming large-caps and the Nasdaq, that’s people starting to get on board with the ‘growth in the US is going to be just fine’ standpoint.”
The next pressure point for markets will be earnings, with hundreds of companies reporting over the next few weeks. S&P 500 firms are expected to post a 9% drop in profits in the second quarter, making it the worst season since 2020, according to data compiled by Bloomberg Intelligence. In Europe, it may be even worse, with a projected 12% slump.
“Running bulls could be tripped up by cracks in the economy and corporate earnings,” Saira Malik, chief investment office of Nuveen, said. “Looking at S&P 500 corporate earnings as a gauge, analyst estimates continue to be revised lower for both the second quarter of 2023 and the full year.”
In commodities, crude futures dropped as traders weighed disappointing Chinese data and restarting Libyan supplies against signs of a tightening market. Wheat futures jumped after Russia terminated a grain-export deal, jeopardizing a key trade route from Ukraine. And gold was little changed.
Key events this week:
* US retail sales, industrial production, business inventories, cross-border investment, Tuesday
* Eurozone, UK CPI, Wednesday
* US housing starts, Wednesday
* China loan prime rates, Thursday
* US initial jobless claims, existing home sales, Conf. Board leading index, Thursday
* Japan CPI, Friday
Some of the main moves in markets:

Stocks
* The S&P 500 rose 0.4% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 0.9%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.1% to $1.1241
* The British pound fell 0.1% to $1.3076
* The Japanese yen was little changed at 138.67 per dollar
Cryptocurrencies
* Bitcoin fell 1.2% to $29,914.27
* Ether fell 2.2% to $1,887.57
Bonds
* The yield on 10-year Treasuries declined three basis points to 3.80%
* Germany’s 10-year yield declined three basis points to 2.48%
* Britain’s 10-year yield declined one basis point to 4.43%
Commodities
* West Texas Intermediate crude fell 1.7% to $74.11 a barrel
* Gold futures fell 0.3% to $1,958.90 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from Cecile Gutscher, Denitsa Tsekova, John Viljoen and Ksenia Galouchko.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Our doubts are traitors, and make us lose the good we oft might win by fearing to attempt. –William Shakespeare, 1564-1616.

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.

Obon: Feast of Lanterns, Japan.
July 13,1930: First World Cup soccer championship.

The ‘man in the moon’ may be hundreds of millions of years older than we thought
Much of the moon’s surface is much older than previously estimated, a new analysis suggests. Read More.

X-ray scans reveal ‘hidden mysteries’ in ancient Egyptian necropolis paintings
New scans reveal that Ancient Egyptian artists flubbed a tomb painting depicting royalty. Read More.

Earth’s newest ‘baby’ volcano is painting Iceland’s Fagradalsfjall region with incandescent lava
An eruption opened a 1.7-mile-long fissure in the ground on Monday (June 10). Read More.

These are the nominees for the 75th Emmy Awards.  *Drumroll please* These are the 2023 contenders for television’s top honor.

Incredible US national park campgrounds you can’t drive to.  Most national park campgrounds are easily accessible by vehicles, but these picturesque campsites can only be reached by foot or boat.
PHOTOS OF THE DAY

Dharamshala, India: Langurs groom each other. Photograph: Ashwini Bhatia/AP

Litli Hrútur, Iceland: Walkers watch as smoke billows from lava during an volcanic eruption south-west of Reykjavik that began on 10 July, the third time in two years that lava has gushed out in the area near the capital. Photograph: Jeremie Richard/AFP/Getty Images

Montreux, Switzerland: Skye Edwards of the British electronic band Morcheeba performs on the Auditorium Stravinski stage during the 57th Montreux Jazz Festival, which runs from 30 June to 15 July and features over 400 concerts. Photograph: Valentin Flauraud/EPA
Market Closes for July 13^th, 2023

Market Index	Close	Change
Dow Jones	34395.14	+47.71
		+0.14%
S&P 500	4510.04	+37.88
		+0.85%
NASDAQ	14138.57	+219.61
		+1.58%
TSX	20277.64	+206.87
		+1.03%

International Markets

Market Index	Close	Change
NIKKEI	32419.33	+475.40
		+1.49%
HANG SENG	19350.62	+489.67
		+2.60%
SENSEX	65558.89	+164.99
		+0.25%
FTSE 100*	7440.21	+24.10
		+0.32%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.349		3.420
CND. 30 Year Bond		3.228		3.264
U.S.    10 Year Bond		3.7634		3.8633
U.S. 30 Year Bond		3.9028		3.9519

Currencies

BOC Close	Today	Previous
Canadian $	0.7624	0.7583
US $	1.3116	1.3187
Euro Rate 1 Euro=		Inverse
Canadian $	1.4718	0.6794
US  $	1.1221	0.8912

Commodities

Gold	Close	Previous
London Gold Fix	1953.30	1933.95
Oil
WTI Crude Future	76.89	75.75

Market Commentary:
📈 On this day in 1852, Wells, Fargo & Co. opened its first bank branches in San Francisco and Sacramento. The bank, a creature of the California Gold Rush, was set up to convert miners’ gold dust into cash.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 1%, or 206.87 to 20,277.64 in Toronto.
The move was the biggest since rising 1.2% on June 30.
Today, financials stocks led the market higher, as all sectors gained; 158 of 229 shares rose, while 67 fell.
Shopify Inc. contributed the most to the index gain and had the largest move, increasing 6.1%.
Insights
* So far this week, the index rose 2.3%
* The index advanced 8.9% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is 2.7% below its 52-week high on Feb. 2, 2023 and 13.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.4% in the past 5 days and rose 1.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.2 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility rose to 11.26% compared with 10.97% in the previous session and the average of 11.32% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 73.7644| 1.2| 24/5
Information Technology | 60.8029| 3.9| 10/1
Energy | 25.7904| 0.8| 32/8
Industrials | 12.0417| 0.4| 17/8
Materials | 10.4319| 0.4| 25/24
Utilities | 10.2605| 1.2| 15/1
Consumer Staples | 6.8962| 0.8| 10/1
Communication Services | 5.7624| 0.7| 3/1
Consumer Discretionary | 0.9268| 0.1| 7/8
Health Care | 0.1789| 0.3| 2/2
Real Estate | 0.0103| 0.0| 13/8
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 44.7200| 6.1| 55.4| 96.2
Brookfield Corp | 17.4400| 4.0| -3.2| 6.5
TD Bank | 15.1100| 1.4| -20.7| -5.0
ARC Resources | -1.5820| -1.9| -4.4| 2.2
Intact Financial | -1.6550| -0.7| 72.3| -0.8
Fairfax Financial | -2.7340| -1.8| -7.5| 18.4
US
By Rita Nazareth
(Bloomberg) — Wall Street got an extra dose of encouragement to bid up stocks after another inflation report reinforced bets the Federal Reserve is approaching an interest-rate peak.
All of a sudden, disinflation becomes the buzzword across trading desks, with investors looking on the bright side of data showing a slowdown in prices — even though core inflation is still running above the central bank’s 2% target.
Equities gained further traction on news that Fed Bank of St. Louis President James Bullard — who called for aggressive hikes — has resigned.
Tech mega-caps led gains on Thursday, with the S&P 500 topping 4,500 and the Nasdaq 100 up over 1.5%.
Amazon.com Inc. hit a 10-month high after reporting record sales during its Prime Day sale.
Google’s parent Alphabet Inc. rallied about 4.5%.
Banks also gained ahead of results from JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co.
Two-year yields fell 11 basis points to 4.64%.
The dollar dropped for a fifth straight day.
The producer price index for final demand rose 0.1% in June from a year earlier, the smallest advance since 2020.
The figures came just a day after data showed consumer prices increased at the slowest pace since 2021.
“The disinflation narrative is in full effect,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “It does appear that inflation is coming down across the board, and although the Fed is still likely to raise rates again at the end of this month, there is a very strong possibility that they are done raising rates for the year.”
The recent economic figures have sent clear signals that the Fed’s policy is working, but it’s possibly too early to claim victory against inflation, according to Fiona Cincotta, senior market analyst at City Index.
“If I had to choose a camp, I would probably go in the two rate hikes to come – July and possibly another one later in the year,” Cincotta added. “And I think that there will be a growing number of Fed officials who will be questioning whether more rate hikes are actually needed after July.”
Fed Bank of San Francisco President Mary Daly told CNBC Thursday that it’s too soon for policymakers to say they have done enough to return US inflation to their target.
While the latest consumer-price report “is very positive,” the official said she’s in a “wait-and-see mode on that, because I remain resolute to bring inflation down to 2%.”
Aside from the economic debate, traders also awaited the unofficial start of the second-quarter earnings season Friday.
The focus is going to be mostly on the corporate outlooks given that beating profit expectations seems to be a low hurdle — even as some estimates have started to rise slowly.
Goldman Sachs Group Inc. strategists expect US companies to be able to meet the low bar set by consensus.
And Bloomberg Intelligence strategist Gina Martin Adams says “the S&P 500 earnings season will likely reveal more of the ‘less bad than feared’ trend that emerged in 1Q.”
“The thing I’m focusing on in the market, of course, is earnings, to see where the numbers come in, to try to get a gauge on how companies are doing, and really what they’re forecasting
going forward,” said Chris Gaffney, president of world markets at TIAA Bank.
In other corporate news, Delta Air Lines Inc. said it will make more money this quarter than Wall Street anticipated as it reported better-than-predicted results for the prior three months.
PepsiCo Inc. raised its sales and earnings estimates once again after a strong quarter.
Exxon Mobil Corp. agreed to buy Denbury Inc. for $4.9 billion, its biggest acquisition in six years.
Key events this week:
* US University of Michigan consumer sentiment, Friday
* US banks kick off earnings, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.7%
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World index rose 1.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 0.9% to $1.1226
* The British pound rose 1.1% to $1.3133
* The Japanese yen rose 0.3% to 138.02 per dollar
Cryptocurrencies
* Bitcoin rose 4.2% to $31,613.29
* Ether rose 6.6% to $1,996.36
Bonds
* The yield on 10-year Treasuries declined 10 basis points to 3.76%
* Germany’s 10-year yield declined nine basis points to 2.49%
* Britain’s 10-year yield declined nine basis points to 4.42%
Commodities
* West Texas Intermediate crude rose 2.1% to $77.31 a barrel
* Gold futures rose 0.2% to $1,964.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Brett Miller, Tassia Sipahutar, Robert Brand, Lynn Thomasson, Isabelle Lee and Vildana Hajric.
Have a lovely evening

Be magnificent!
As always,

Carolann
It is easier to perceive the error than to find the truth, for the former lies on the surface
and it is easily seen, while the latter lies in the depth,
where few are willing to search for it.  –Johann Wolfgang von Goethe, 1749-1832.

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: July 12^th, 100 B.C. Julius Caesar was born in Rome. Go to article >>

July 12^th, 1920: Moscow Peace Treaty is signed.  Also known as the Soviet-Lithuanian Peace Treaty, the treaty was signed between Lithuania and the Soviet Union.  It recognized Lithuania sovereignty in exchange for its neutrality and for safe passage for Russian troops to Poland.

Buckminster Fuller, b. 1895.
Henry David Thoreau, b. 1817.

Multiple wills were found in Aretha Franklin’s Detroit home after her death in 2018, causing a family battle over the late singer’s estate. A jury this week decided a handwritten will found under her couch cushion should stand as the document of record.

Tensions build over controversial golf merger.  PGA Tour officials say they had no choice but to reach a deal with Saudi-funded LIV Golf to keep some measure of control over the sport in the US.

Mathematicians finally identify ‘seemingly impossible’ number after 32 years, thanks to supercomputers
Researchers have calculated the “ninth Dedekind number,” which was previously thought impossible to work out. Read More.

Humans were in South America at least 25,000 years ago, giant sloth bone pendants reveal
The date that humans arrived in South America has been pushed back, based on jewelry crafted from the bones of an extinct giant ground sloth. Read More.

Indian Ocean gravity hole was caused by extinct ancient sea, scientists say
Scientists may have identified the origins of a mysterious region in the Indian Ocean where gravitational pull is weaker than elsewhere on Earth. Read More.

Mirror-like exoplanet that ‘shouldn’t exist’ is the shiniest world ever discovered
The Neptune-size world acts like a giant mirror, reflecting light back toward its home star, which is positioned unusually close to the lustrous world.  Read More.

SpaceX’s Starlink satellites are leaking radiation that’s ‘photobombing’ our attempts to study the cosmos
The radiation could be interfering with astronomers’ attempts to pick up radio signals arriving from the farthest reaches of the cosmos, a new study shows. Read More.

PHOTOS OF THE DAY

Sydney, Australia: Indigenous dancers perform as part of the pre-game entertainment during a match between the New South Wales Blues and the Queensland Maroons.  Photograph: Dan Himbrechts/AAP

Vermont, US:  A person in a canoe paddles past cars submerged by flood waters from recent rain storms in Montpelier.  Photograph: Brian Snyder/Reuters

​​​​​​​Castelluccio di Norcia, Italy: Tourists visit the flowering lentil fields in Umbria Photograph: Francesco Fotia/Shutterstock
Market Closes for July 12^th, 2023

Market Index	Close	Change
Dow Jones	34347.43	+86.01
		+0.25%
S&P 500	4472.16	+32.90
		+0.74%
NASDAQ	13918.96	+158.26
		+1.15%
TSX	20070.77	+192.21
		+0.97%

International Markets

Market Index	Close	Change
NIKKEI	31943.93	-259.64
		-0.81%
HANG SENG	18860.95	+201.12
		+1.08%
SENSEX	65393.90	-223.94
		-0.34%
FTSE 100*	7416.11	+133.59
		+1.83%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.420		3.536
CND. 30 Year Bond		3.264		3.331
U.S.    10 Year Bond		3.8633		3.9720
U.S. 30 Year Bond		3.9519		4.0092

Currencies

BOC Close	Today	Previous
Canadian $	0.7583	0.7558
US $	1.3187	1.3231
Euro Rate 1 Euro=		Inverse
Canadian $	1.4679	0.6812
US  $	1.1132	0.8983

Commodities

Gold	Close	Previous
London Gold Fix	1933.95	1922.80
Oil
WTI Crude Future	75.75	74.83

Market Commentary:
📈 On this day in 1943, women were allowed on the floor of the New York Stock Exchange for the first time in its 151-year history. With so many men off serving in the military, the exchange allowed women to fill some jobs. They weren’t allowed to trade, but they did get to work as pages and reporters, shuttling other people’s orders around the floor of the exchange.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1%, or 192.21 to 20,070.77 in Toronto.
The move was the biggest since rising 1.2% on June 30.
Today, materials stocks led the market higher, as 8 of 11 sectors gained; 173 of 229 shares rose, while 50 fell.
Shopify Inc. contributed the most to the index gain, increasing 4.0%. Laurentian Bank of Canada had the largest increase, rising 26.6%.
Insights
* The index advanced 7.5% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 3.7% below its 52-week high on Feb. 2, 2023 and 12.3% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and rose 0.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13 on a trailing basis and 13.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.15t
* 30-day price volatility little changed to 10.97% compared with 10.97% in the previous session and the average of 11.36% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 70.7206| 3.0| 47/3
Financials | 42.0678| 0.7| 24/3
Information Technology | 26.5011| 1.7| 5/6
Utilities | 16.4542| 1.9| 15/0
Energy | 14.4179| 0.4| 26/12
Industrials | 14.2174| 0.5| 15/11
Real Estate | 8.3582| 1.7| 20/1
Communication Services | 0.4546| 0.1| 4/1
Consumer Staples | -0.2399| 0.0| 5/6
Health Care | -0.3469| -0.6| 2/2
Consumer Discretionary | -0.3960| -0.1| 10/5
================================================================
| | | | YTD
| Index | | Volume VS | Change
Top Contributors |Points Move| % Change |20D AVG (%)| (%)
================================================================
Shopify | 27.7700| 4.0| 38.5| 84.9
Agnico Eagle Mines | 11.6800| 5.1| 31.0| -1.3
Barrick Gold | 11.5400| 4.3| 18.1| -0.7
Cenovus Energy | -4.1270| -1.8| 69.7| -12.4
Nutrien | -4.8930| -1.8| 2.2| -20.8
Aritzia | -5.0700| -23.9| 1,227.8| -46.0
US
By Rita Nazareth
(Bloomberg) — Treasury yields fell and stocks rose as data showing a slowdown in inflation bolstered speculation the Federal Reserve is close to ending its rate hikes.
The S&P 500 finished at its highest since April 2022, while the Nasdaq 100 outperformed.
Two-year yields, which are more sensitive to imminent policy moves, slid 13 basis points to around 4.75%.
The dollar slipped to a 15-month low.
Brent crude climbed above $80 a barrel for the first time since May.
The consumer price index rose 3% in June from a year ago.
The core measure — which economists view as the better indicator of underlying inflation — advanced 4.8%, the lowest since 2021 — still well above the Fed’s target.
“It’s too early to pop the champagne, but it’s not too early to start chilling the bottle,” said Ronald Temple, chief market strategist at Lazard. “Better-than-expected data
increases the likelihood that a Fed rate increase on July 26 will be the last of this cycle.”
In corporate news, Meta Platforms Inc. and Nvidia Corp. led gains in mega-caps.
Domino’s Pizza Inc. jumped on a third-party ordering agreement with Uber Technologies Inc.
Microsoft Corp. is set for a second shot at winning UK approval for its takeover of Activision Blizzard Inc., but regulators warn that any antitrust fixes would trigger a new probe.
Key events this week:
* China trade, Thursday
* Eurozone industrial production, Thursday
* US initial jobless claims, PPI, Thursday
* US University of Michigan consumer sentiment, Friday
* US banks kick off earnings, Friday 
Some of the main move in markets:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.2%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 1.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.9%
* The euro rose 1.2% to $1.1136
* The British pound rose 0.5% to $1.2992
* The Japanese yen rose 1.4% to 138.46 per dollar
Cryptocurrencies
* Bitcoin fell 1% to $30,264.82
* Ether fell 0.3% to $1,868.45
Bonds
* The yield on 10-year Treasuries declined 11 basis points to 3.86%
* Germany’s 10-year yield declined seven basis points to 2.58%
* Britain’s 10-year yield declined 15 basis points to 4.51%
Commodities
* West Texas Intermediate crude rose 1.6% to $76.01 a barrel
* Gold futures rose 1.4% to $1,963.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Brett Miller, Tassia Sipahutar, Robert Brand, Emily Graffeo, Isabelle Lee, Ksenia Galouchko and Allegra Catelli.
Have a lovely evening.

Be magnificent!

As ever,

Carolann
The difference between genius and stupidity is that genius has its limits. –Albert Einstein,1879-1955.

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:

July 11, 1804: A duel between two leading American politicians claims the life of one.  United States Vice President Aaron Burr and former Secretary of the Treasury Alexander Hamilton ended a life-long feud with a duel.  Hamilton was fatally wounded and died the next day.

On July 11, 1979, the abandoned United States space station Skylab made a spectacular return to Earth, burning up in the atmosphere and showering debris over the
Indian Ocean and Australia.  Go to article >>

John Constable, artist, b. 1776.
E.B. White, writer, b. 1899.

The tastiest hotels around the world.  These 20 hotels feature a Michelin-starred restaurant on their property. Yes, this means you can walk to your room after an epic culinary feast.

Satellite captures the shiniest exoplanet ever discovered.  Some astronomers say this exoplanet’s metallic clouds make it look like a large “mirror” in the universe.

Scientists discover huge, heat-emitting blob on the far side of the moon
The most likely cause of the warm blob is a rock that is very rare outside of Earth. Read More.

Metal detectorists find buried WWII aircraft in Ukraine while disarming wartime bomb
The aircraft were sent to the Soviet Union in 1941 to help the Allied war effort, but they were dumped to avoid payment. Read More

James Webb telescope discovers the oldest active black hole in the known universe
Astronomers have discovered a feeding supermassive black hole from when the universe was less than 600 million years old. Read More.

Harvard scientist claims ‘anomalous’ metal spheres pulled from the ocean could be alien technology. Others are not convinced.
Avi Loeb thinks that more than 50 tiny, metal spheres pulled from the Pacific Ocean might be the work of intelligent aliens. Read More.
PHOTOS OF THE DAY

Litli-Hrútur, Iceland:  People watch flowing lava during a volcanic eruption Photograph: Kristinn Magnusson/AFP/Getty Images

Yukon, Canada: The Little Blue River wildfire rages approximately 25 miles (40km) south of Yukon. The number of forest fires continues to rise in Canada, climbing on 7 July to more than 670 blazes, more than 380 of them out of control.  Photograph: BC Wildfire Service/AFP/Getty Images

Huddersfield, England: Aina the mother sheep, a 4.5-metre musical sculpture installed outside Huddersfield railway station as part of Artichoke’s latest project, Herd. She is one of 23 giant handcrafted musical sheep that will appear all over Kirklees this week before joining Aina for a grand finale in Huddersfield on 16 July.  Photograph: Christopher Thomond/The Guardian.
Market Closes for July 11^th, 2023

Market Index	Close	Change
Dow Jones	34261.42	+317.02
		+0.93%
S&P 500	4439.26	+29.73
		+0.67%
NASDAQ	13760.70	+75.22
		+0.55%
TSX	19878.56	+56.11
		+0.28%

International Markets

Market Index	Close	Change
NIKKEI	32203.57	+13.84
		+0.04%
HANG SENG	18659.83	+180.11
		+0.97%
SENSEX	65617.84	+273.67
		+0.42%
FTSE 100*	7282.52	+8.73
		+0.12%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.536		3.517
CND. 30 Year Bond		3.331		3.315
U.S.    10 Year Bond		3.9720		4.0018
U.S. 30 Year Bond		4.0092		4.0387

Currencies

BOC Close	Today	Previous
Canadian $	0.7558	0.7530
US $	1.3231	1.3280
Euro Rate 1 Euro=		Inverse
Canadian $	1.4566	0.6865
US  $	1.1009	0.9084

Commodities

Gold	Close	Previous
London Gold Fix	1922.80	1922.30
Oil
WTI Crude Future	74.83	72.99

Market Commentary:
📈 On this day in 1864, the U.S. dollar hit an all-time low. This happened as Confe
derate Lt. Gen. Jubal A. Early defeated Union Maj. Gen. Lew Wallace and marched toward the outskirts of Washington, D.C. Alarmed at the bad news from the battlefield, traders in New York were willing to pay only 0.3509 gold dollars for a single greenback
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3% at 19,878.56 in Toronto.
The move was the biggest since rising 1.2% on June 30 and follows the previous session’s little change.
Shopify Inc. contributed the most to the index gain, increasing 1.7%.
TransAlta Renewables Inc. had the largest increase, rising 18.5%.
Today, 138 of 229 shares rose, while 84 fell; 5 of 11 sectors were higher, led by energy stocks.
Insights
* The index advanced 5.6% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 4.6% below its 52-week high on Feb. 2, 2023 and 11.2% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1.6% in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 13.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility fell to 10.97% compared with 11.48% in the previous session and the average of 11.38% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 31.0033| 0.9| 33/5
Financials | 16.0279| 0.3| 22/5
Information Technology | 15.2259| 1.0| 10/1
Materials | 4.2866| 0.2| 19/29
Real Estate | 2.1617| 0.4| 15/6
Health Care | -0.0364| -0.1| 3/1
Communication Services | -1.0632| -0.1| 3/2
Utilities | -1.4540| -0.2| 7/9
Consumer Discretionary | -1.8119| -0.2| 8/7
Consumer Staples | -3.3034| -0.4| 2/9
Industrials | -4.9215| -0.2| 16/10
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 11.8300| 1.7| -14.6| 77.8
Canadian Natural Resources | 7.9000| 1.4| 10.5| 0.3
RBC | 5.5450| 0.5| 91.9| -1.1
Dollarama | -3.2940| -1.9| -22.2| 8.1
Canadian National | -3.8370| -0.6| -30.3| -4.9
Intact Financial | -4.1310| -1.7| 91.3| -0.4
US
By Rita Nazareth
(Bloomberg) — The stock market finished higher before a report that’s expected to show a slowdown in inflation, which will help shape the outlook for the Federal Reserve’s next steps.
In the run-up to the consumer price index, the S&P 500 extended its advance beyond the 4,400 mark while the Dow Jones Industrial Average added almost 1%.
Energy producers led gains as West Texas Intermediate oil topped its key 100-day moving average.
Activision Blizzard Inc. surged 10% as Microsoft Corp. won a US court’s OK to proceed with its $69 billion takeover deal.
A survey conducted by 22V Research shows that 65% of respondents believe the core CPI — which excludes volatile food and energy prices — will be lower than consensus.
In addition, 54% of the investors polled expect the report to be “risk-on.”
“If economic data keeps tilting towards a soft landing, the markets are increasingly likely to price in that outcome, with investors reallocating to risk assets,” said Jason Draho, head of asset allocation Americas at UBS Global Wealth Management.
A June CPI that’s in-line with expectations would be another step in that direction, he added.
Forecasters surveyed by Bloomberg expect the year-over-year rate of increase in core inflation moderating to 5%, according to the median estimate.
But the slowdown will possibly not be enough to prevent additional policy tightening, with Fed officials widely expected to resume interest-rate increases later this month.
“A quarter-point hike on July 26 is a forgone conclusion at this point, and Wednesday’s CPI release will be more relevant to the September/November debate,” said Ian Lyngen at BMO Capital Markets.
After surging by a four-decade high in June 2022, CPI has pulled back steadily in the face of the Fed’s monetary policy onslaught.
That slowdown has given support to the stock-market’s surge this year, and bulls have strong precedent for their enthusiasm.
Since the 1950s, inflation peaks have almost always been followed by double-digit equity gains, according to data compiled by the Leuthold Group.
The S&P 500 has gained more than 20% since it bottomed out in October, placing it up about 15% since the peak CPI data was released last year.
Following the inflation data, traders will shift gears to the second-quarter earnings season, with JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. reporting their numbers Friday.
In 2023, gains in the S&P 500 have been more concentrated among its largest stocks than in any six-month period since the turn of the millennium, resulting in expensive valuations for the index’s biggest names.
That means the earnings season, along with policy cues are poised to “make or break the case” for those premiums to hold, said Gina Martin Adams, chief equity strategist at Bloomberg Intelligence.
Strong equity performance this year has created a dilemma for investors who are underweight equities, according to UBS’s Draho.
“They can stay cautiously positioned, which can be painful absent a recession,” Draho noted. “The alternative is to increase equity allocations, but at the risk of getting whipsawed if a recession has only been delayed not averted.”
Elsewhere, oil rose amid indications that Russian crude production is dropping, signaling the market’s supply glut may be coming to an end.
Adding to bullish sentiment is news that China will take more steps to revive its economy with additional stimulus.
Key events this week:
* Canada rate decision, Wednesday
* Bank of England Governor Andrew Bailey speaks, Wednesday
* US CPI, Wednesday
* Federal Reserve issues Beige Book, Wednesday
* Fed speakers include Neel Kashkari, Loretta Mester, Raphael Bostic, Wednesday
* China trade, Thursday
* Eurozone industrial production, Thursday
* US initial jobless claims, PPI, Thursday
* US University of Michigan consumer sentiment, Friday
* US banks kick off earnings, 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 0.5%
* The Dow Jones Industrial Average rose 0.9%
* The MSCI World index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro was little changed at $1.1006
* The British pound rose 0.5% to $1.2931
* The Japanese yen rose 0.7% to 140.39 per dollar
Cryptocurrencies
* Bitcoin fell 0.6% to $30,595.88
* Ether fell 0.9% to $1,875.46
Bonds
* The yield on 10-year Treasuries declined two basis points to 3.98%
* Germany’s 10-year yield advanced one basis point to 2.65%
* Britain’s 10-year yield advanced two basis points to 4.66%
Commodities
* West Texas Intermediate crude rose 2.6% to $74.88 a barrel
* Gold futures rose 0.3% to $1,937.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Jason Scott, Tassia Sipahutar, Robert Brand, Vildana Hajric, Carly Wanna and Isabelle Lee.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Genius is nothing but a great aptitude for patience. –George-Louis de Buffon, 1707-1788.

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.

July 10, 1943: U.S. and British forces invaded Sicily during World War II.  Go to article >>
1985: Rainbow Warrior sunk, Greenpeace.

John Calvin, founder of Presbyterianism, b. 1509.
James M. Whistler, artist, b. 1834.
Marcel Proust, b. 1871.
Arthur Ashe, tennis player, b. 1943.

Kentucky man finds over 700 Civil War-era coins buried in his cornfield
The “Great Kentucky Hoard” includes hundreds of U.S. gold pieces dating to between 1840 and 1863, in addition to a handful of silver coins. Read More

Time moved ‘5 times slower’ in the early universe, mind-bending black hole study reveals
Astronomers have peered back to the dawn of the cosmos to observe time ticking five times more slowly in the early universe than it does now. Read More

Did Alexander the Great have any children?
Alexander the Great died at age 32, leaving behind a vast empire. Did he have any heirs to rule in the power vacuum that followed his death? Read More

Did the Cambrian explosion really happen?
Was there really a dramatic burst of biodiversity on Earth 540 million to 520 million years ago? Read More

See what Elton John told fans at his final concert.  The legendary artist has officially entered retirement. Listen to the heartfelt message he gave to his fans.

Construction workers unearth ‘intact’ marble head in Rome.  “Roma continues to return precious evidence of its past,” the city’s mayor said after this marble head was discovered during construction.

Happiness is beneficial for the body, but it is grief that develops the powers of the mind. -Marcel Proust, 1871-1922.
PHOTOS OF THE DAY

Chernihiv, Ukraine: Women wearing traditional Ukrainian costume take part in Kupala night celebrations after volunteering to clear debris from destroyed buildings Photograph: Genya Savilov/AFP/Getty Images

Kars, Turkey: A ladybird on a leaf after a rain shower Photograph: Anadolu Agency/Getty Images

Kurume, Japan: People wade through a street during heavy rain in Fukuoka prefecture. Torrential rain has been pounding south-western Japan, triggering floods and mudslides.  Photograph: Kyodo News/AP
Market Closes for July 10^th, 2023

Market Index	Close	Change
Dow Jones	33944.40	+209.52
		+0.62%
S&P 500	4409.53	+10.58
		+0.24%
NASDAQ	13685.48	+24.76
		+0.18%
TSX	19822.45	-8.59
		-0.04%

International Markets

Market Index	Close	Change
NIKKEI	32189.73	-198.69
		-0.61%
HANG SENG	18479.72	+114.02
		+0.62%
SENSEX	65344.17	+63.72
		+0.10%
FTSE 100*	7273.79	+16.85
		+0.23%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.517		3.571
CND. 30 Year Bond		3.315		3.339
U.S.    10 Year Bond		4.0018		4.0616
U.S. 30 Year Bond		4.0387		4.0444

Currencies

BOC Close	Today	Previous
Canadian $	0.7530	0.7531
US $	1.3280	1.3278
Euro Rate 1 Euro=		Inverse
Canadian $	1.4607	0.6846
US  $	1.1000	0.9091

Commodities

Gold	Close	Previous
London Gold Fix	1922.30	1908.80
Oil
WTI Crude Future	72.99	73.86

Market Commentary:
📈 On this day in 1991, Borland International created a “software powerhouse” by buying Ashton-Tate for $440 million. Analysts said Borland had “the dominant position in database software for personal computers.” Microsoft’s Bill Gates said, “My largest concern about price competition comes from Borland.” Over the next three years, Borland stock lost three-quarters of its value.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 19,822.45 in Toronto.
The move follows the previous session’s increase of 0.1%.
Today, financials stocks led the market lower, as 5 of 11 sectors lost; 88 of 229 shares fell, while 137 rose.
Nutrien Ltd. contributed the most to the index decline, decreasing 2.5%.
Quebecor Inc. had the largest drop, falling 4.3%.
Insights
* The index advanced 4.2% in the past 52 weeks. The MSCI AC Americas Index gained 12% in the same period
* The S&P/TSX Composite is 4.9% below its 52-week high on Feb. 2, 2023 and 10.9% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1.7% in the past 5 days and fell 0.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 13.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility fell to 11.48% compared with 11.51% in the previous session and the average of 11.40% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -18.1820| -0.3| 11/18
Communication Services | -13.4267| -1.6| 0/5
Utilities | -12.1851| -1.4| 0/16
Consumer Staples | -0.4620| -0.1| 5/6
Industrials | -0.4115| 0.0| 14/12
Information Technology | 0.6723| 0.0| 10/1
Consumer Discretionary | 1.0342| 0.1| 11/3
Health Care | 1.5323| 2.9| 2/2
Real Estate | 1.9790| 0.4| 12/9
Energy | 2.0420| 0.1| 26/12
Materials | 28.8276| 1.2| 46/4
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Nutrien | -6.9750| -2.5| -25.5| -20.2
Constellation Software | -6.1390| -1.7| -22.8| 26.3
Enbridge | -5.2410| -0.8| 29.8| -9.3
Barrick Gold | 3.0700| 1.2| -38.5| -5.4
Franco-Nevada | 3.5030| 1.4| -30.4| 1.2
Agnico Eagle Mines | 4.8040| 2.2| -41.4| -6.7
US
By Rita Nazareth
(Bloomberg) — The stock market kicked off the week on a cautious note, with traders sifting through remarks from a slew of Federal Reserve speakers while awaiting key inflation data and the start of the earnings season.
Following a three-day slide in the S&P 500, the benchmark posted a small gain. The market didn’t get much support from the mega-cap space as Tesla Inc. fell almost 2% and Amazon.com Inc. dropped before its Prime Day event.
The Nasdaq 100, which notched a historic first half of a year amid the artificial-intelligence craze, will go through a “special rebalance.”
A gauge of big banks pared gains on news about a plan to boost capital requirements.
In the run-up to Wednesday’s consumer price index, the market got the latest thinking from a raft of policymakers.
Three Fed officials — Michael Barr, Mary Daly and Loretta Mester — said the central bank will need to raise interest rates further this year to bring inflation back to its 2% goal.
Meantime, Fed Bank of Atlanta President Raphael Bostic noted officials can be patient amid evidence of an economic slowdown.
Market momentum has slowed since equities notched a strong first-half rally as concern resurfaced about the impact of the many economic crosscurrents on corporate profits.
Morgan Stanley’s Michael Wilson became the latest to warn that earnings forecasts will matter more than usual this time around given elevated equity valuations, higher interest rates and dwindling liquidity.
“Many risks still lie ahead,” said Seema Shah, chief global strategist at Principal Asset Management. “With broad equity valuations having once again become stretched and market breadth extremely narrow, the market is priced for perfection — leaving it vulnerable to earnings disappointments.”
This is the fifth straight time that analysts are leaning bearish heading into the earnings season, and in each of the four prior periods, the news wasn’t nearly as bad as expected — spurring an average gain of over 6% for the S&P 500, according to Bespoke Investment Group.
“Will this earnings season finally be the quarter that proves analysts correct?,” the firm’s strategists said in a note. “If they stay negative every quarter, eventually they’ll be proven right, but betting against the market heading into earnings season recently proved to be an expensive ride.”
The earnings season kicks off in earnest on Friday, when JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. report their numbers.
There’s more pain on the way for the S&P 500 as profit warnings and fears of higher interest rates combine to threaten the key US stock indicator, according to the latest Markets Live Pulse survey.
While earnings seasons have usually been positive for equities in the past decade, according to Deutsche Bank AG strategists, the upcoming one will hurt stocks, said 55% of the 346 MLIV respondents.
To Matt Maley at Miller Tabak + Co., it’s going to be harder for the market to rally if the earnings season is “not as bad as we thought” — especially since the market has become so  expensive.
This does not mean that if the guidance from companies is “just OK,” the market will sell off meaningfully, Maley added.
However, if corporate outlooks show any material disappointment, “it should create some serious headwinds for the stock market.”
The question is whether earnings can continue to bend without markets breaking, according to Saira Malik at Nuveen.
With analysts cutting earnings estimates in recent weeks, companies may once again find it easier to deliver stronger-than-expected results.
“We are cautious about the self-fulfilling optimism driven by these diminished expectations,” Malik noted. “Additionally, we’re mindful of mixed US economic data and the potential for two more rate hikes this year.”
In other corporate news, a gauge of US-listed Chinese shares climbed on news the Asian nation will extend policies to support the property market.
Icahn Enterprises LP soared as Carl Icahn renegotiated loan terms with a group of banks just months after a report by Hindenburg Research sent shares in his investment firm tanking.
Cava Group Inc. rallied as a majority of brokers initiated coverage on the fast-casual restaurant operator with buy-equivalent recommendations.
Key events this week:
* St. Louis Fed President James Bullard speaks, Tuesday.
* Canada rate decision, Wednesday.
* Bank of England Governor Andrew Bailey speaks, Wednesday.
* US CPI, Wednesday.
* Federal Reserve issues Beige Book, Wednesday.
* Fed speakers include Neel Kashkari, Loretta Mester, Raphael Bostic, Wednesday.
* China trade, Thursday.
* Eurozone industrial production, Thursday.
* US initial jobless claims, PPI, Thursday.
* US University of Michigan consumer sentiment, Friday.
* US banks kick off earnings, Friday.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.3% to $1.0997
* The British pound rose 0.2% to $1.2863
* The Japanese yen rose 0.6% to 141.30 per dollar
Cryptocurrencies
* Bitcoin rose 2.3% to $30,889.97
* Ether rose 1.7% to $1,901.15
Bonds
* The yield on 10-year Treasuries declined six basis points to 4.00%
* Germany’s 10-year yield was little changed at 2.64%
* Britain’s 10-year yield declined one basis point to 4.64%
Commodities
* West Texas Intermediate crude fell 0.9% to $73.21 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Brett Miller, Tassia Sipahutar, Robert Brand, Vildana Hajric, Isabelle Lee, Peyton Forte and Carly Wanna.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
You can, you should, and if you’re brave enough to start, you will. –Stephen King, b. 1947.

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.

Fiesta de San Fermi:  Running of the Bulls, Pamplona Spain….ahh! nostalgia for Ernest Hemmingway…
Tanabata: Star Festival, Japan.

July 7, 1860: Florence Nightingale, known as the founder of modern nursing, establishes her nursing school in London, pioneering the professionalization of nursing as a respected profession.
1987: Lt. Col. Oliver North began his public testimony at the Iran-Contra hearing, telling Congress that he had “never carried out a single act, not one” without authorization.  Go to article >>

Gustav Mahler, composer, b. 1860.
Marc Chagall, artist, b. 1887.
Robert A. Heinlein, writer, b. 1907.
Ringo Starr, b.1940.

Global temperatures have been the hottest on record for 3 days in a row
The world’s average temperature was the hottest on record from July 3 to July 5, 2023. Climate change and El Niño are to blame, scientists say. Read More.

1,200-year-old ‘Viking graffiti’ is the oldest drawing ever discovered in Iceland
The record-setting Viking carving, which dates to shortly after A.D. 800, looks like a partly drawn boat. Read More.

Dozens of 2,500-year-old skeletons unearthed at ancient crossroads in Negev desert.  Archaeologists in Israel unearthed a burial site holding dozens of skeletons from 2,500 years ago — possibly the remains of trafficked women.  Full Story: Live Science (7/6)

James Webb telescope detects the earliest strand in the ‘cosmic web’ ever seen
Astronomers have discovered a clump of ancient galaxies that may be the oldest strand of the cosmic web, which links galaxies across the universe, ever detected. Read More.

Adorable extinct penguin was one of the smallest of its kind to ever walk Earth, tiny skull fossils reveal
Scientists have uncovered the twee remains of one of the smallest extinct penguin species ever found, which waddled around New Zealand around 3 million years ago. Read More.

The Eagles announce ‘final’ tour dates after 52 years as a band.  Fans are getting excited to belt “Hotel California” one last time with the Rock and Roll Hall of Famers.

VW to test self-driving tech in retro-styled electric Microbuses.  In a few years, you may see these iconic VW buses back on the road! The automaker said it plans to launch some commercial services in 2026.

Powerful images from environmental photography prize show challenges and hope.  These striking photos took home prizes at the Prince Albert II of Monaco Foundation’s Environmental Photography award.
PHOTOS OF THE DAY

Pamplona, Spain:  The Pamplonesa municipal band performs during the opening ceremony of the San Fermín bull festival. Photograph: Ander Gillenea/AFP/Getty Images

Hautes-Pyrénées, France: Team Jumbo-Visma’s Belgian rider Wout Van Aert leads a breakaway in the ascent of the Col du Tourmalet during a stage of the Tour de France between Tarbes and Cauterets-Cambasque in the Pyrenees.  Photograph: Anne-Christine Poujoulat/AFP/Getty Images

Buenos Aires, Argentina:  People visit the Secret Garden exhibit at the Carlos Thays botanical garden, home to more than 1,500 plant species. The show transforms the traditional public space into a museum to mark the park’s 125th anniversary and honour its creator, the French landscape architect Carlos Thays.  Photograph: Natacha Pisarenko/A
Market Closes for July 7^th, 2023

Market Index	Close	Change
Dow Jones	33734.88	-187.38
		-0.55%
S&P 500	4398.95	-12.64
		-0.29%
NASDAQ	13660.71	-18.33
		-0.13%
TSX	19831.04	+20.35
		+0.10%

International Markets

Market Index	Close	Change
NIKKEI	32388.42	-384.60
		-1.17%
HANG SENG	18365.70	-167.35
		-0.90%
SENSEX	65280.45	-505.19
		-0.77%
FTSE 100*	7256.94	-23.56
		-0.32%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.571		3.486
CND. 30 Year Bond		3.339		3.249
U.S.    10 Year Bond		4.0616		4.0291
U.S. 30 Year Bond		4.0444		3.9969

Currencies

BOC Close	Today	Previous
Canadian $	0.7531	0.7479
US $	1.3273	1.3371
Euro Rate 1 Euro=		Inverse
Canadian $	1.4561	0.6868
US  $	1.0966	0.9119

Commodities

Gold	Close	Previous
London Gold Fix	1908.80	1924.65
Oil
WTI Crude Future	73.86	71.80

Market Commentary:
📈 On this day in 1993, Charles W. Knapp was found guilty on three counts of conspiracy after his savings-and-loan empire collapsed, costing the taxpayer $2 billion. Knapp’s American Savings & Loan Association was once the nation’s largest thrift.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.1% at 19,831.04 in Toronto. The move follows the previous session’s decrease of 1.5%.
Today, energy stocks led the market higher, as 4 of 11 sectors gained; 137 of 229 shares rose, while 89 fell.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.7%. Bausch Health Cos. had the largest increase, rising 7.7%.
Insights
* So far this week, the index fell 1.6%
* The index advanced 4% in the past 52 weeks. The MSCI AC Americas Index gained 12% in the same period
* The S&P/TSX Composite is 4.9% below its 52-week high on Feb. 2, 2023 and 11% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 13.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility fell to 11.51% compared with 11.72% in the previous session and the average of 11.53% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 47.8873| 1.5| 35/5
Materials | 29.3236| 1.3| 42/8
Financials | 12.0808| 0.2| 20/9
Health Care | 2.0968| 4.1| 4/0
Real Estate | -1.7781| -0.4| 6/14
Communication Services | -5.5104| -0.7| 0/5
Consumer Discretionary | -5.5947| -0.7| 8/7
Consumer Staples | -6.9564| -0.8| 3/8
Information Technology | -7.7765| -0.5| 4/7
Utilities | -9.0380| -1.0| 2/14
Industrials | -34.3965| -1.3| 13/12
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Natural Resources | 14.9600| 2.7| 17.4| -1.4
Suncor Energy | 7.5120| 2.2| -34.9| -9.6
Nutrien | 7.4260| 2.7| 25.1| -18.2
Thomson Reuters | -7.2100| -3.8| 0.0| 11.6
Canadian Pacific Kansas | -7.9440| -1.2| -18.0| 3.1
Canadian National | -13.2600| -2.0| 1.5| -4.6
US
By Isabelle Lee and Vildana Hajric
(Bloomberg) — US stocks started July logging losses as traders parsed a batch of labor market readouts.
The S&P 500 fell 1.2% over the shortened holiday week while the Nasdaq 100 slid 0.9%.
Yield on the two-year Treasury drifted down to 4.94% Friday.
Investors were digesting government jobs data that fell short of estimates but brought signs that wage inflation remained a threat to the Fed’s fight against price gains.
Overall, the data showed signs of cracks in the American labor market, a day after a private payrolls report suggested resilience that may warrant several more rate hikes.
Instead, traders reverted to expectations that the Fed will lift rates at its meeting later this month.
The odds for another hike this year were less than 50%.
Among notable movers, Levi Strauss & Co. fell sharply after lowering its outlook for the year while electric-vehicle manufacturer Rivian Automotive Inc. climbed for the eighth-straight session.
Chicago Fed President Austan Goolsbee left the door open for more data to sway officials ahead the central bank’s next meeting.
“We’re getting to a more sustainable pace, which is what we need to do for inflation,” Goolsbee said of Friday jobs data in an interview on CNBC.
Friday’s payroll numbers are not yet weak enough to stop the central bank’s tightening, according to Seema Shah, chief global strategist at Principal Asset Management.
“Jobs growth has slowed but remains too strong to justify an extended Fed pause,” she said. “More significantly, with average hourly earnings surprising to the upside, wage pressures are still too strong. Today’s report will give the Fed little reason to hold off from hiking at the July meeting.”
June’s 0.4% wage growth indicates businesses are still desperate to draw in and keep workers, according to Jeffrey Roach, chief economist at LPL Financial.
“The latest jobs report all but ensures the Fed will increase rates later this month,” he wrote.
Stocks have been losing ground in July after a strong first half of the year as hawkishness from central banks from the US to the UK dampens hopes of a soft landing for the global economy.
Technology shares have been one of the hottest trades, driven by the buzz around AI, but Bank of America Corp. strategists said investors who piled into the sector risk being caught off-guard in the selloff sparked by rate hikes.
“We say ‘sell the last hike’ will hit tech hardest,” the BofA team led by Michael Hartnett wrote in a note.
But if excitement over AI continues, they said the “baby bubble” that currently exists in a handful of Big Tech shares will mature into a larger one in the second half.
Dallas Fed President Lorie Logan voiced her concerns on Thursday that inflation was still running too hot and more tightening was needed.
Policymakers elsewhere share that view, with European Central Bank President Christine Lagarde saying there is still “work to do” to bring inflation under control.
Meanwhile, gold advanced while crude futures traded above $73 a barrel. 
Key Events This Week:
* ECB’s Christine Lagarde addresses an event in France, Friday

Some of the main moves in markets today:
Stocks
* The S&P 500 fell 0.3% as of 4:03 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 0.7% to $1.0967
* The British pound rose 0.7% to $1.2834
* The Japanese yen rose 1.4% to 142.10 per dollar
Cryptocurrencies
* Bitcoin fell 0.3% to $30,230.46
* Ether fell 1.1% to $1,863.42
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.06%
* Germany’s 10-year yield advanced one basis point to 2.64%
* Britain’s 10-year yield declined one basis point to 4.65%
Commodities
* West Texas Intermediate crude rose 2.6% to $73.66 a barrel
* Gold futures rose 0.8% to $1,931.30 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from John Viljoen, Tassia Sipahutar, Macarena Muñoz and Sydney Maki.
Have a  wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
To gain your own voice, forget about having it heard. -Allen Ginsberg, 1926-1997.

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.

1964: Malawi gains its independence from Britain.  Between 1953 and 1963, the Southeast African country was part of a British controlled federation called Federation of Rhodesia and Nyasaland.  After dissolution of the federation and independence, Nyasaland changed its name to Malawi.

2003: Former ambassador Joseph Wilson, in a New York Times op-ed, disputed President George W. Bush’s statement that Iraq had sought uranium in Africa, saying he had found no evidence to support the claim when the CIA asked him to investigate. Go to article >>

Dalai Lama, Tibetan leader, b. 1935.

Mushroom-shaped superplume of scorching hot rock may be splitting Africa in 2
Strange, never-before-seen movements in the East Africa Rift Valley appear to be driven by super-heated rock from deep beneath Earth’s surface.  Read More.

Antarctic sea ice reached ‘record-smashing low’ last month
Antarctic sea ice levels reached record-breaking lows last week — and this “extraordinary behavior” could mark the start of its long-term decline.  Read More.

Sunspot numbers hit 20-year high, indicating the sun is fast approaching its explosive peak
The number of sunspots in June was higher than any month during the current or previous solar cycles. Read More.

Las Vegas illuminates the world’s largest spherical structure.  The otherworldly sphere was fully illuminated for the first time this week. Watch its dramatic debut here.

Turkey seeks return of ‘stolen’ statue.  Turkish authorities say a statue on display at a museum in Denmark was stolen from their country decades ago.
PHOTOS OF THE DAY

Moquegua, Peru: The Ubinas volcano expels columns of smoke and ash more than 5km high. The council of ministers of Peru has declared a 60-day state of emergency for nearby districts.  Photograph: EPA

Pamplona, Spain: Revellers celebrate during the Chupinazo rocket, to mark the official opening of the San Fermín fiestas.  Photograph: Álvaro Barrientos/AP

New York, USA:  A 90% illuminated waning gibbous moon rises over 42nd Street, as seen from Weehawken, New Jersey
Photograph: Gary Hershorn/Getty Images
Market Closes for July 6^th, 2023

Market Index	Close	Change
Dow Jones	33922.26	-366.38
		-1.07%
S&P 500	4411.59	-35.23
		-0.79%
NASDAQ	13679.04	-112.61
		-0.82%
TSX	19810.69	-293.20
		-1.46%

International Markets

Market Index	Close	Change
NIKKEI	32773.02	-565.68
		-1.70%
HANG SENG	18533.05	-577.33
		-3.02%
SENSEX	65785.64	+339.60
		+0.52%
FTSE 100*	7280.50	-161.60
		-2.17%

Bonds

Bonds		% Yield		Previous % Yield
CND. 10 Year Bond		3.486		3.415
CND. 30 Year Bond		3.249		3.215
U.S.    10 Year Bond		4.0291		3.9315
U.S. 30 Year Bond		3.9969		3.9286

Currencies

BOC Close	Today	Previous
Canadian $	0.7479	0.7529
US $	1.3371	1.3283
Euro Rate 1 Euro=		Inverse
Canadian $	1.4562	0.6867
US  $	1.0892	0.9181

Commodities

Gold	Close	Previous
London Gold Fix	1924.65	1927.75
Oil
WTI Crude Future	71.80	71.79

Market Commentary:
📈 On this day in 1785, the U.S. Congress declared that “the money unit of the United States of America be one dollar.”
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.5%, or 293.2 to 19,810.69 in Toronto. The move was the biggest since falling 1.6% on March 15.
Shopify Inc. contributed the most to the index decline, decreasing 3.4%. Aritzia Inc. had the largest drop, falling 5.8%.
Today, 199 of 229 shares fell, while 28 rose; all sectors were lower, led by financials stocks.

Insights
* In the past year, the index had a similar or greater loss 12 times. The next day, it declined seven times for an average 0.8% and advanced five times for an average 1.3%
* So far this week, the index fell 1.7%
* The index advanced 5.8% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 5% below its 52-week high on Feb. 2, 2023 and 10.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and fell 1.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 13.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility rose to 11.72% compared with 11.08% in the previous session and the average of 11.57% over the past month
================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -100.4076| -1.6| 4/24
Energy | -52.5167| -1.6| 2/38
Materials | -44.2902| -1.9| 2/48
Information Technology| -36.7137| -2.3| 1/10
Industrials | -21.1731| -0.8| 8/18
Consumer Staples | -14.1275| -1.7| 1/10
Utilities | -9.6516| -1.1| 1/15
Real Estate | -5.7761| -1.2| 2/19
Communication Services| -5.1788| -0.6| 2/3
Consumer Discretionary| -2.5555| -0.3| 5/10
Health Care | -0.8188| -1.6| 0/4
================================================================
| | |Volume VS| YTD|Index Points | | 20D AVG | ChangeTop Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -24.5000| -3.4| 49.4| 75.8
TD Bank | -22.5400| -2.1| 129.2| -7.1
Brookfield Corp | -16.9400| -3.8| 38.6| 0.0
Toromont Industries| 0.9740| 1.6| 39.5| 12.2
Thomson Reuters | 1.7710| 1.0| -8.0| 16.0
Magna Intl | 3.8900| 2.8| 10.1| 1.4
* The benchmark 10-year bond fell and the yield rose 7 basis points to 3.485%
* The S&P 500 Index declined 0.8%
US
By Peyton Forte and Isabelle Lee
(Bloomberg) — US stocks fell for a second day in a row amid a spike in Treasury yields after surprisingly strong private hiring data. Traders are preparing for Friday payroll
numbers to gauge the Federal Reserve’s next move.
The S&P 500 and Nasdaq 100 benchmarks both fell after figures published Thursday by the ADP Research Institute showed US companies added the most jobs in over a year in June, underscoring the ongoing strength of the labor market. Swap contracts linked to future policy decisions almost fully priced in a quarter-point increase by July 26 and showed a growing likelihood of an additional hike by year end.
Stocks on the move included Exxon Mobil Corp., which fell after forecasting a $4 billion hit to earnings, while some of the year’s best performers, including Nvidia Corp. and Tesla Inc., slid.
Treasury yields rose across the curve after the ADP report and extended their climb after data showing the service sector expanded in June at the fastest pace in four months. The policy sensitive two-year rate climbed above 5% to a 16-year high before the move faded, while the 10-year rose to 4.08% for the first time since March.
Private payrolls increased 497,000, more than double the median estimate in a Bloomberg survey of economists. Separate data from Challenger, Gray & Christmas Inc. showed the pace of job cuts by US employers slowed in June.
The numbers stunned Wall Street. “The strength of the US labor market is almost unbelievable and this should further push out any concept of a possible recession in the US,” said Scott Ladner, chief investment officer at Horizon Investments. “But, it should also push out of the market any hopes of a Fed rate cut during 2023.”
The report was “literally off the charts relative to what was expected,” according to Peter Boockvar, chief investment officer of Bleakley Financial Group. “This jobs report squares with nothing in the survey data, nor the claims figures and from what companies themselves have been saying about hiring intentions, especially with the lackluster growth in the economy.”
Dallas Fed President Lorie Logan voiced her concerns that inflation was still running too hot and more rate hikes were needed at an event in New York Thursday. Stocks have been losing ground after a strong first half of the year as continued hawkishness from central banks dampens hopes of a soft landing for the global economy.
“The selloff is driven by the idea that the economy is a freight train that can’t be stopped and that the Fed is going to have to work even harder,” said David Donabedian, chief investment officer of CIBC Private Wealth US. “And you certainly see that in the bond market, where you have an even more dramatic reaction.”
Friday’snonfarm payrolls and unemployment reports may provide further clues on the Fed’s policy path. Economists surveyed by Bloomberg are expecting figures to moderate, though it remains to be seen if that will be enough to steer the central bank away from another rate increase. Earlier this week, minutes from the Fed’s June meeting showed division among policymakers over the decision to pause rate hikes, with the voting members on track to take rates higher later this month.
Next week, the big banks will usher in second quarter earnings with reports from Citigroup Inc. and JPMorgan Chase & Co.
Despite the uncertainties, there’s a number of ways to participate in equities right now, according to Liz Ann Sonders, chief investment strategist at Charles Schwab, who said she has been particularly “factor-focused.”
“We think focusing on those quality-based factors with span both on the growth factor side of things and the value factor side of things is the way to approach what you are doing inside your equity allocation,” she told Bloomberg TV.
Meanwhile, a gauge of the dollar strengthened while Bitcoin and gold slipped. Treasury Secretary Janet Yellen touched down in Beijing on Thursday to attempt to further repair the relationship between the world’s two largest economies.

Key Events This Week:
* US unemployment rate, nonfarm payrolls, Friday
* ECB’s Christine Lagarde addresses an event in France, Friday

Some of the main moves in markets today:

Stocks
* The S&P 500 fell 0.8% as of 4:02 p.m. New York time
* The Nasdaq 100 fell 0.8%
* The Dow Jones Industrial Average fell 1.1%
* The MSCI World index fell 1.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.3% to $1.0887
* The British pound rose 0.3% to $1.2740
* The Japanese yen rose 0.4% to 144.10 per dollar
Cryptocurrencies
* Bitcoin fell 0.4% to $30,340.2
* Ether fell 1.2% to $1,887.2
Bonds
* The yield on 10-year Treasuries advanced 11 basis points to 4.04%
* Germany’s 10-year yield advanced 15 basis points to 2.63%
* Britain’s 10-year yield advanced 17 basis points to 4.66%
Commodities
* West Texas Intermediate crude rose 0.1% to $71.88 a barrel
* Gold futures fell 0.6% to $1,916.30 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from Carly Wanna, Vildana Hajric, Richard Henderson, John Viljoen, Namitha Jagadeesh and Sagarika Jaisinghani.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
It is impossible to defeat an ignorant man in argument. –William G. McAdoo, 1863-1941.

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:

Carolann is away from the office today, I will be writing the newsletter on her behalf.

On this day, 1971 Rock singer Jim Morrison of The Doors died in Paris at age 27.Go to article  

Maya canoe surrounded by animal and human bones found in ‘portal to the underworld’ in Mexico. A wooden canoe found in an underwater cave in Mexico was likely used as part of a Maya ritual. Read More

How to see the moon in conjunction with 5 planets this month. In early July, our natural satellite will appear close to Mars, Saturn, Jupiter, Venus and Mercury. Read More 

PHOTOS OF THE DAY

The Temple of Poseidon near Athens, Greece, in front of the buck supermoon

Photograph: Alkis Konstantinidis/Reuters

Stockholm, Sweden

Parintins, Brazil

Artists of Boi Caprichoso Association perform during the annual folklore festival known as Boi Bumba at Bumbódromo, an island on the Amazon. Boi Bumba is considered the biggest outdoor opera, which is performed by two competing sides, the Garantido (in red) and Caprichoso (in blue)

Photograph: Michael Dantas/AFP/Getty Images

1st place in the ocean worlds category. Los Islotes, Espiritu Santo national park, Mexico, 2022

California sea lions enjoy protected status in Espiritu Santo national park in Mexico. The region is a no-fishing zone, which provides them with an environment rich in food, while limiting human activity benefits the stability of their population. The one threat that does remain is the climate crisis

Photograph: Simon Biddie

Market Closes for July 4^th, 2023

Market Index	Close	Change
Dow Jones	Market Closed	N.A
		N.A
S&P 500	Market Closed	N.A
		N.A
NASDAQ	Market Closed	N.A
		N.A
TSX	20204.87	+49.58
		+0.25%

International Markets

Market Index	Close	Change
NIKKEI	33422.52	-330.81
		-0.98%
HANG SENG	19415.68	+109.09
		+0.42%
SENSEX	65479.05	+274.00
		+0.42%
FTSE 100*	7519.72	-7.54
		-0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.313	3.269
CND. 30 Year Bond	3.118	3.093
U.S.    10 Year Bond	3.8545	3.8366
U.S. 30 Year Bond	3.8632	3.8605

Currencies

BOC Close	Today	Previous
Canadian $	0.7562	0.7550
US $	1.3224	1.3245
Euro Rate 1 Euro=		Inverse
Canadian $	1.4387	0.6951
US  $	1.0880	0.9191

Commodities

Gold	Close	Previous
London Gold Fix	1928.75	1899.60
Oil
WTI Crude Future	70.64	70.64

Market Commentary:

Canada

By Bloomberg Automation

(Bloomberg) — The S&P/TSX Composite rose for the sixth day, climbing 0.2%, or 49.58 to 20,204.87 in Toronto. The index advanced to the highest closing level since May 19. Toronto-Dominion Bank contributed the most to the index gain, increasing 1.5%. Tilray Brands Inc. had the largest increase, rising 11.2%.

Today, 149 of 229 shares rose, while 75 fell; 8 of 11 sectors were higher, led by materials stocks.

Insights

* The index advanced 7.1% in the past 52 weeks. The MSCI AC Americas Index gained 16% in the same period

* The S&P/TSX Composite is 3.1% below its 52-week high on Feb. 2, 2023 and 13% above its low on Oct. 13, 2022

* The S&P/TSX Composite is up 3.2% in the past 5 days and rose 0.9% in the past 30 days

* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.2 on a trailing basis and 14 times estimated earnings of its members for the coming year

* The index’s dividend yield is 3.4% on a trailing 12-month basis

* S&P/TSX Composite’s members have a total market capitalization of C$3.19t

* 30-day price volatility fell to 11.47% compared with 11.84% in the previous session and the average of 11.65% over the past month

================================================================

|Index Points | |Sector Name | Move | % Change | Adv/Dec

================================================================

Materials | 20.8968| 0.9| 38/12

Energy | 13.1443| 0.4| 34/6

Financials | 9.0832| 0.1| 20/8

Real Estate | 3.8461| 0.8| 18/3

Communication Services | 3.0695| 0.4| 3/2

Utilities | 2.5988| 0.3| 11/5

Information Technology | 1.6187| 0.1| 4/7

Health Care | 0.7677| 1.5| 1/2

Consumer Discretionary | -0.8526| -0.1| 7/7

Consumer Staples | -2.0556| -0.2| 5/6

Industrials | -2.5336| -0.1| 8/17

================================================================

| | |Volume VS || Index | | 20D AVG |YTD Change Top Contributors |Points Move| % Change | (%) | (%)

================================================================

TD Bank | 15.7500| 1.5| 30.4| -4.9

Shopify | 5.7890| 0.8| -81.7| 83.6

Canadian Pacific | | | |

Kansas | 5.4700| 0.8| -75.6| 6.8

Intact Financial | -2.4640| -1.0| -69.1| 3.9

Waste Connections | -4.4680| -1.3| -78.7| 4.1

Brookfield Corp | -4.8840| -1.1| -73.6| 3.6

* The benchmark 10-year bond fell and the yield rose 4.8 basis points to 3.318%

* The S&P 500 Index advanced 0.1% in the previous session

US

US market closed for 4^th of July.

 

Have a lovely evening.

 

Be magnificent!

As ever,

 

Isabel

 

 

Well done is better than well said. Benjamin Franklin, 1706-1790

 

Assistant to Carolann Steinhoff, Registered Representative

 

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