Month: November 2024

Dear Friends,

Tangents: Happy Friday.
November 29, 1867: Charles Dickens in New York, A Christmas Carol at the Merchant’s Huse, in the museum’s grand double parlor.
November 29, 1910: Ernest Sirrine receives the first US patent for a traffic light system.  This marked a foundational step in modern traffic management and urban safety.
On Nov. 29, 1947, the U.N. General Assembly passed a resolution calling for Palestine to be partitioned between Arabs and Jews.  https://www.britannica.com/topic/United-Nations-Resolution-181
1989: Czechoslovakia ends communist rule.

Louisa May Alcott, author, b. 1832.
C.S. Lewis, writer, b.1878.
Joel Coen, film-maker, b. 1954.

Coins worth over $1 million recovered from 1715 Spanish treasure shipwrecks in Florida
Authorities in Florida have recovered 37 coins worth over $1 million stolen from an 18th-century Spanish shipwreck. Read More.

‘Baby’ exoplanet, equivalent to 2-week-old infant, is the youngest alien world ever spotted — and it’s orbiting a wonky star
A new study has identified an exoplanet that is just 3 million years old — around 1,500 times younger than Earth — alongside a misaligned protoplanetary disk that researchers cannot explain. Read More.

Orca gang develops brutal hunting strategy to take on the world’s largest shark — ‘This is a fascinating behaviour’
The orca attacks appear to be led by a large adult male, suggesting that he may be leading the charge on this predatory behavior. Read More.

1.5 million-year-old footprints reveal our Homo erectus ancestors lived with a 2nd proto-human species
A set of footprints found at the site of Koobi Fora in Kenya reveals that our ancestor Homo erectus coexisted with a now-extinct bipedal hominin, Paranthropus boisei, 1.5 million years ago. Read More.

PHOTOS OF THE DAY

Selfoss, Iceland
The aurora borealis, also known as the northern lights, reflected in the Ölfusá River
Photograph: Owen Humphreys/PA

London, UK
An elephant bird egg, with a diameter of 9in, is displayed at Christie’s auction house. The flightless creatures, now extinct, were native to Madagascar and could reach 11ft in height
Photograph: Yui Mok/PA

A white deer in Richmond Park, London, UK
Photograph: Javier García/Rex/Shutterstock
Market Closes for November 29, 2024

Market Index	Close	Change
Dow Jones	44910.65	+188.59
		+0.42%
S&P 500	6032.38	+33.64
		+0.56%
NASDAQ	19218.17	+157.69
		+0.83%
TSX	25648.00	+104.48
		+0.41%

International Markets

Market Index	Close	Change
NIKKEI	38208.03	-141.03
		-0.37%
HANG SENG	19423.61	+56.65
		+0.29%
SENSEX	79802.79	+759.05
		+0.96%
FTSE 100*	8287.30	+6.08
		+0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.086	3.222
CND. 30 Year Bond	3.135	3.253
U.S. 10 Year Bond	4.1685	N.A
U.S. 30 Year Bond	4.3599	N.A

Currencies

BOC Close	Today	Previous
Canadian $	0.7140	0.7129
US $	1.4006	1.4028

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4817	0.6749
US $	1.0580	0.9451

Commodities

Gold	Close	Previous
London Gold Fix	2641.85	2640.85
Oil
WTI Crude Future	68.72	68.72

Market Commentary:
📈 On Nov. 30, 1920, Charles Ponzi pleaded guilty to fraud charges and was sentenced to five years in prison. He had promised investors a 50% return in 45 days, but simply used new clients’ money to repay earlier ones.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.4%, or 104.48 to 25,648.00 in Toronto.
The move was the biggest since rising 1.4% on Nov. 21.
Shopify Inc. contributed the most to the index gain, increasing 2.3%.
Cogeco Communications Inc. had the largest increase, rising 4.7%.
Today, 161 of 219 shares rose, while 52 fell; 8 of 11 sectors were higher, led by information technology stocks.
Insights
* This year, the index rose 22%, heading for the best year in at least 10 years
* This month, the index rose 6.2%, heading for the biggest advance since November 2023
* So far this week, the index rose 0.8%
* The index advanced 27% in the past 52 weeks. The MSCI AC Americas Index gained 32% in the same period
* The S&P/TSX Composite is at its 52-week high and 28% above its low on Nov. 29, 2023
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.5 on a trailing basis and 17.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.02t
* 30-day price volatility fell to 8.61% compared with 8.70% in the previous session and the average of 8.23% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 38.0468| 1.5| 9/1
Financials | 24.4198| 0.3| 21/5
Industrials | 17.1178| 0.5| 21/5
Energy | 16.0449| 0.4| 25/14
Materials | 9.8302| 0.3| 39/9
Consumer Discretionary | 3.5639| 0.4| 9/2
Real Estate | 1.8623| 0.4| 17/2
Communication Services | 0.7630| 0.1| 3/2
Health Care | -0.1818| -0.2| 2/2
Utilities | -0.5342| -0.1| 12/3
Consumer Staples | -6.4528| -0.6| 3/7
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 30.3000| 2.3| 8.2| 56.9
Brookfield Corp | 8.9850| 1.1| -15.7| 61.9
Canadian Pacific Kansas | 5.2990| 0.8| -33.5| 2.2
Restaurant Brands | -1.6220| -0.7| 22.9| -5.8
TD Bank | -1.9590| -0.2| -55.1| -7.5
Couche-Tard | -4.8950| -1.1| -46.4| 5.0
US
Shortened trading session today for Thanksgiving holiday.  Markets closed at 1 pm EST.
By Cecile Gutscher
(Bloomberg) — US stocks ended a shortened trading session higher while Treasury yields declined across the curve.
Speculation that President-elect Donald Trump will temper his most extreme trade policies drove the dollar down.
The S&P 500 climbed more than 1% for a second straight week. On Friday, it rose 0.6%, notching fresh record highs.
The 10-year Treasury yield fell to 4.17%.
The Bloomberg Dollar Spot Index extended a weekly decline to more than 1%, snapping eight weeks of gains.
Trump’s pick for his Treasury secretary has fueled optimism that tariffs will be measured, boosting US stocks and bonds, and sapping dollar strength.
The S&P 500 rose 5.7% in November, its best month this year, as investors plowed $141 billion into US equities, the heaviest inflows for a four-week period on record, according to EPFR Global data.
A handful of tech titans have led 26% year-to-date gains in US stocks on the prospect of Federal Reserve rate cuts while the American economy continues to grow.
“We were talking day in and day out about trade tensions in 2019. What happened? The Nasdaq was on a tear. What mattered was the Fed was making a U-turn, real rates went down, and that drove equities,” Max Kettner, multi-asset chief strategist at HSBC Holdings Plc, said in an interview with Bloomberg TV.
“That’s very similar to now — this is still a cutting cycle. It’s a fantastic set-up.”
There is now an “extreme disconnect” between investor bullishness on US assets and bearishness on the rest of the world, according to Bank of America Corp. strategists, who made a contrarian bet on European stocks as the continent’s main equity index heads for its worst year of underperformance relative to the US since 1976.
Scope for fiscal spending appears to be improving in Europe, while any potential ceasefire in Ukraine could ease pressure from high energy prices, according to the strategists.
Euro-area inflation climbed above the European Central Bank’s 2% target, but by a margin that was seen as too small to derail the path of policymakers to lower rates.
Traders on Friday raised their ECB rate-cut bets, seeing a 20% chance of a half-percentage point reduction in December.
Elsewhere, the yen advanced more than 3% against the dollar this week, as bets grow that the Bank of Japan will raise interest rates next month.
In Canada, the economy posted a modest gain last month after a weaker-than-expected third quarter, putting the central bank on track to keep cutting rates.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4:07 p.m. New York time
* The Nasdaq 100 rose 0.9%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World Index rose 0.6%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.3% to $1.0581
* The British pound rose 0.4% to $1.2744
* The Japanese yen rose 1.3% to 149.64 per dollar
Cryptocurrencies
* Bitcoin rose 2.4% to $97,423.65
* Ether rose 0.5% to $3,590.25
Bonds
* The yield on 10-year Treasuries declined nine basis points to 4.17%
* Germany’s 10-year yield declined four basis points to 2.09%
* Britain’s 10-year yield declined three basis points to 4.24%
Commodities
* West Texas Intermediate crude fell 1% to $68 a barrel
* Spot gold rose 0.6% to $2,653.89 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Jan-Patrick Barnert, Divya Patil, John Viljoen and Isabelle Lee.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Go to heaven for the climate and hell for the company. -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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
It’s American Thanksgiving today.  All US markets are closed.

November 28, 2001: Enron Corp., once the world’s largest energy trader, collapsed after would-be rescuer Dynegy Inc. backed out of an $8.4 billion deal to take it over. Go to article 

Orcas start wearing dead salmon hats again after ditching the trend for 37 years
Orcas off the coast of Washington State are balancing dead fish on their heads like it’s the 1980s, but researchers still aren’t sure why they do it. Read More.

‘Stunning’ discovery reveals how the Maya rose up 4,000 years ago
The discovery of complex fish trapping networks from 4,000 years ago hint at how the Maya rose up as a civilization in Central America and what is now southern Mexico. Read More.

We are instinctively turned off by stories labeled ‘AI-generated’ — even if they were secretly written by other people, study finds
Even when a creative work is made by humans, we think it’s missing a key element of art if we think it’s been written by an AI — that capacity to fully immerse you in the world being created. Read More.

Samples of ‘alien’ asteroid Ryugu are crawling with life — from Earth
Scientists have found microorganisms crawling over a sample retrieved from the 200 million-mile-distant asteroid Ryugu. But they almost certainly came from Earth. Read More.

PHOTOS OF THE DAY

Tien Shan, Kyrgyzstan
Yilki horses graze in the highlands of the Tien Shan mountains, which cover a large part of Kyrgyzstan and are listed as a Unesco world natural heritage site. The highlands in the Tien Shan mountains and the wild horses, often referred to as the ‘lords of the Tien Shan’, are integral to Kyrgyz culture. As a majority of the Kyrgyz people have embraced a nomadic lifestyle, horses have played a vital role throughout history
Photograph: Anadolu/Getty Images

Cambridge, UK
Rowers train at sunrise on the River Cam. Clearer weather is forecast for the UK on Thursday as Storm Conall moves on to the Netherlands
Photograph: Joe Giddens/PA

​​​​​​​Ardingly, UK
People look at a projection on a mansion during a photocall for Glow Wild, the winter lantern trail at Kew’s wild botanic garden in West Sussex
Photograph: Andrew Matthews/PA
Market Closes for November 28, 2024

Market Index	Close	Change
Dow Jones	Market Closed	N.A
S&P 500	Market Closed	N.A
NASDAQ	Market Closed	N.A
TSX	25543.52	+55.22
		+0.22%

International Markets

Market Index	Close	Change
NIKKEI	38349.06	+214.09
		+0.56%
HANG SENG	19366.96	-236.17
		-1.20%
SENSEX	79043.74	-1190.34
		-1.48%
FTSE 100*	8281.22	+6.47
		+0.08%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.222	3.244
CND. 30 Year Bond	3.253	3.274
U.S. 10 Year Bond	N.A	4.2634
U.S. 30 Year Bond	N.A	4.4383

Currencies

BOC Close	Today	Previous
Canadian $	0.7129	0.7129
US $	1.4028	1.4028

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4792	0.6761
US $	1.0556	0.9473

Commodities

Gold	Close	Previous
London Gold Fix	2640.85	2622.10
Oil
WTI Crude Future	68.72	68.72

Market Commentary:
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.2%, or 55.22 to 25,543.52 in Toronto.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 1.1%. Bausch Health Cos. had the largest increase, rising 4.0%.
Today, 141 of 219 shares rose, while 66 fell; 10 of 11 sectors were higher, led by energy stocks.
Insights
* This year, the index rose 22%, heading for the best year in at least 10 years
* This month, the index rose 5.7%, heading for the biggest advance since November 2023
* So far this week, the index rose 0.4%
* The index advanced 27% in the past 52 weeks. The MSCI AC Americas Index gained 31% in the same period
* The S&P/TSX Composite is at its 52-week high and 28.2% above its low on Nov. 28, 2023
* The S&P/TSX Composite is up 0.6% 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 20.5 on a trailing basis and 17.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.02t
* 30-day price volatility fell to 8.70% compared with 8.80% in the previous session and the average of 8.15% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 22.7636| 0.5| 29/9
Industrials | 14.8907| 0.5| 21/4
Materials | 7.1050| 0.2| 26/19
Consumer Staples | 3.4789| 0.3| 8/2
Information Technology | 3.2775| 0.1| 6/4
Real Estate | 2.0658| 0.4| 17/3
Communication Services | 1.8726| 0.3| 4/1
Health Care | 1.1519| 1.5| 3/0
Consumer Discretionary | 1.1013| 0.1| 5/6
Utilities | 0.5240| 0.1| 9/5
Financials | -2.9964| 0.0| 13/13
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Natural Resources | 7.4600| 1.1| -60.1| 9.5
Canadian Pacific Kansas | 4.1210| 0.6| -77.5| 1.4
Shopify | 3.9890| 0.3| -85.2| 53.4
CIBC | -1.8510| -0.3| -51.7| 41.7
Constellation Software | -2.9810| -0.5| -74.1| 43.1
Brookfield Corp | -9.4900| -1.1| -74.8| 60.2
US
All markets closed.

“Lord, behold our family here assembled. We thank You for this place in which we dwell, for the love accorded us this day, for the hope with which we expect the morrow; for the health, the work, the food and the bright skies that make our lives delightful; for our friends in all parts of the earth. Give us courage and gaiety and the quiet mind. Spare us to our friends, soften us to our enemies. Bless us, if it may be, in all our innocent endeavors; if it may not, give us strength to endure that which is to come…..that we may be brave in peril, constant in tribulation, temperate in wrath and in all changes of fortune and down to the gates of death, loyal and loving to one another.” — Robert Louis Stevenson, 1890s.

Have a lovely evening.

Be magnificent!

As ever,

Carolann
Gratitude is not only the greatest of virtues, but the parent of all others. -Marcus Tullius Cicero, 106 BCE- 43 BCE.

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
November 27, 1826: John Walker invents the friction match in England.  This revolutionised fire-making, making it safer and more convenient for everyday use.

November 27, 1924: The NY Times reports “a retinue of clowns , freaks, animals, and floats” at the first Macy’s Thanksgiving Day Parade.

James Agee, poet, b. 1909.
Gail Sheehy, writer, b. 1937.
Bruce Lee, actor, b. 1940.
Jimi Hendrix, guitarist, tgtbrf1942.

New CRISPR system pauses genes, rather than turning them off permanently
Researchers in Lithuania present the molecular structure of a new, more-versatile CRISPR system for gene editing. Read More.

‘Exercise juice’ released by muscles helps nerves grow, study finds
A new study in mouse cells hints that substances released by muscles can help nearby nerves grow. Read More,

Ancient Egypt quiz: Test your smarts about pyramids, hieroglyphs and King Tut
For over 3,000 years, ancient Egypt was one of the most powerful civilizations on Earth, with an empire stretching across half a dozen modern-day countries. How much do you know about this iconic culture? Take our quiz to find out.  Full Story: Live Science (11/26)

‘Treated as something dangerous and vicious’: See stunning reconstruction of ‘vampire’ buried with a blade over her neck
A new reconstruction of a woman from a 17th-century “vampire” burial reveals a young-but-sickly woman whom villagers feared so much they buried her under a blade and padlock. Read More.

Wildlife Photographer of the Year People’s Choice finalists announced
A prowling puma, a hunting polar bear cub and a ghostly barn owl are among the shortlisted images for the Wildlife Photographer of the Year People’s Choice Award 2024.

‘Lilo & Stitch’ live-action movie to crash into theaters next summer
Disney released a new teaser trailer for the upcoming live-action version of “Lilo & Stitch.” The film will hit theaters in the summer of 2025.

Huawei’s new Chinese smartphone takes on Apple and Android
Huawei unveiled a new flagship phone boasting entirely homegrown software that aims to give users an alternative to Google’s Android or Apple’s iOS.

Former CEO says don’t obsess over your career path
Indra Nooyi, highly regarded in her role as PepsiCo’s CEO from 2006-2018, shares some career advice in this short video

PHOTOS OF THE DAY

Kastamonu, Turkey
The Kure mountains, in the Black Sea region, covered with snow
Photograph: Ozgur Alantor/Anadolu/Getty Images

Norfolk, UK
A field of colourful roses lit up during Luminate Sandringham, the Sandringham Estate’s winter light trail
Photograph: Joe Giddens/PA

Deal, UK
A wild short-eared owl flies over grassland in Kent while hunting for food in the late afternoon sunshine
Photograph: Gareth Fuller/PA
Market Closes for November 27, 2024

Market Index	Close	Change
Dow Jones	44722.06	-138.25
		-0.31%
S&P 500	5998.74	-22.89
		-0.38%
NASDAQ	19060.48	-115.10
		-0.60%
TSX	25488.30	+83.16
		+0.33%

International Markets

Market Index	Close	Change
NIKKEI	38134.97	-307.03
		-0.80%
HANG SENG	19603.13	+443.93
		+2.32%
SENSEX	80234.08	+230.02
		+0.29%
FTSE 100*	8274.75	+16.14
		+0.20%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.244	3.279
CND. 30 Year Bond	3.274	3.295
U.S. 10 Year Bond	4.2634	4.3062
U.S. 30 Year Bond	4.4383	4.4818

Currencies

BOC Close	Today	Previous
Canadian $	0.7129	0.7115
US $	1.4028	1.4055

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4823	0.6746
US $	1.0567	0.9463

Commodities

Gold	Close	Previous
London Gold Fix	2622.10	2635.40
Oil
WTI Crude Future	68.72	68.77

Market Commentary:
📈 On this day in 1991, both houses of Congress passed legislation bailing out the dying savings and loan industry. The bailout bill plowed another $25 billion of taxpayers’ money directly into the S&L bailout, while authorizing up to $35 billion in new borrowings to finance the government’s purchase of bad loans.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3% at 25,488.30 in Toronto.
The move follows the previous session’s little change.
Today, financials stocks led the market higher, as 9 of 11 sectors gained; 145 of 219 shares rose, while 71 fell.
Alimentation Couche-Tard Inc. contributed the most to the index gain, increasing 4.3%.
Parkland Corp. had the largest increase, rising 5.1%.
Insights
* This year, the index rose 22%, heading for the best year since 2021
* This month, the index rose 5.5%
* The index advanced 27% in the past 52 weeks. The MSCI AC Americas Index gained 31% in the same period
* The S&P/TSX Composite is 0.2% below its 52-week high on Nov. 25, 2024 and 28% above its low on Nov. 28, 2023
* The S&P/TSX Composite is up 1.8% in the past 5 days and rose 4.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.4 on a trailing basis and 17.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4t
* 30-day price volatility fell to 8.80% compared with 8.86% in the previous session and the average of 8.13% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 32.4540| 0.4| 17/9
Consumer Staples | 24.1681| 2.5| 9/1
Utilities | 8.6734| 0.9| 14/1
Communication Services | 6.3996| 1.0| 4/1
Consumer Discretionary | 5.7609| 0.7| 9/2
Information Technology | 4.9919| 0.2| 8/2
Industrials | 3.8211| 0.1| 10/17
Real Estate | 2.9286| 0.6| 15/4
Health Care | 0.7466| 1.0| 3/0
Energy | -2.9346| -0.1| 23/18
Materials | -3.8323| -0.1| 33/16
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Couche-Tard | 18.5900| 4.3| 32.9| 5.7
Brookfield Corp | 16.3500| 1.9| 3.7| 62.0
RBC | 11.0100| 0.6| -16.1| 31.2
Agnico Eagle Mines Ltd | -4.1430| -1.0| 2.9| 61.2
Celestica | -4.3830| -4.3| 22.9| 200.7
TC Energy | -4.4370| -0.9| 0.2| 44.1
US
By Rita Nazareth
(Bloomberg) — A selloff in giant technology companies dragged down stocks, while the latest economic data gave support to the Federal Reserve’s cautious stance on rate cuts.
Equities halted a seven-day rally that drove the S&P 500 to all-time highs.
A Bloomberg gauge of the “Magnificent Seven” mega caps slid about 1%.
Dell Technologies Inc. and HP Inc. tumbled at least 11% after their results disappointed investors.
The US Federal Trade Commission has opened an antitrust investigation of Microsoft Corp., drilling into everything from the company’s cloud computing and software licensing businesses to cybersecurity offerings and artificial intelligence products.
“It’s beginning to look a lot like ‘tech mess’,” said
Jonathan Krinsky at BTIG. “The relative breakdown in tech is a concern heading into 2025, although the good news so far is rotation into other parts of the market keeps the broadening trade alive.”
In a thin trading session ahead of the Thanksgiving holiday, data showed the Fed’s preferred measure of underlying inflation picked up.
While in-line with estimates, the core personal consumption expenditures climbed 2.8% from October last year.
Separate figures showed the economy expanded at a solid pace.
The data support recent comments by many Fed officials that there’s no rush to cut rates as long as the labor market remains healthy and the US continues to power ahead.
To Bret Kenwell at eToro, overall inflation has been moving in the desired direction, but a lack of further follow-through could force investors to reassess bets on future rate cuts.
“The last mile towards price stability has been stymied by still ‘sticky’ inflation and bumps along road,” said Quincy Krosby at LPL Financial.
The S&P 500 dropped 0.4%.
The Nasdaq 100 slid 0.9%.
The Dow Jones Industrial Average fell 0.3%.
Treasury 10-year yields declined six basis points to 4.25%.
The Bloomberg Dollar Spot Index slipped 0.7%.
Bitcoin rallied.
JPMorgan Chase & Co.’s equity strategy team, led for years by Marko Kolanovic until his departure earlier in 2024, has turned positive on US stocks.
Dubravko Lakos-Bujas, who took over market research for the firm this summer, released a year-end 2025 target of 6,500, which eclipses the average projection of about 6,300 among strategists tracked by Bloomberg.
“Heightened geopolitical uncertainty and the evolving policy agenda are introducing unusual complexity to the outlook, but opportunities are likely to outweigh risks,” he wrote.
US stocks have extended their outperformance against international peers this year, powered by tech shares and the artificial intelligence frenzy, while the economy remains resilient.
The S&P 500 has climbed over 25% in 2024, making numerous record highs and largely outpacing the MSCI World Ex-USA Index.
The valuation gap has also widened, with US stocks now trading at a record 60% premium to international peers based on forward price-to-earnings ratios.
While the stock market is taking a breather after the S&P 500 notched its 52nd record of the year, seasonal trends suggest the momentum could continue.
Since 1950, the gauge has generated an average gain of 1.8% from Thanksgiving through year-end and finished higher about 70% of the time over this period, according to Adam Turnquist at LPL Financial.
This compares to the broader market’s average gain of 1% and positivity rate of 63% during all six-week periods since 1950.
When the index is higher on the year into the holiday, the average gain into year-end bumps up to 2.1%, with 75% of occurrences yielding positive results, he noted.
Inflows into US equities surged after the election and a retail frenzy is back, while selling of Europe continues unabated, according to Barclays Plc’s Emmanuel Cau.
The strategist still sees some dry powder as despite big US inflows from long-only funds and retail, there was limited re-grossing by hedge funds and systematic strategies.
He says sentiment indicators haven’t rebounded with the overall market, suggesting bullishness is not as widespread as it seems.

Corporate Highlights:
* Autodesk Inc. Chief Executive Officer Andrew Anagnost said the company is focused on cutting costs in its sales and marketing teams, a move that comes following pressure from activist investor Starboard Value LP.
* The US Federal Trade Commission is looking into whether Uber Technologies Inc. violated consumer protection laws with its flagship subscription service.
* Urban Outfitters Inc. reported stronger-than-expected sales growth in the third quarter, led by its Anthropologie brand.
* Nordstrom Inc. raised the lower end of its annual sales guidance after its off-price and flagship chains reported quarterly growth that was better than expected — results that could encourage the company’s board to push the founding family for a better offer to take Nordstrom private.
* BlackRock Inc., Vanguard Group Inc. and State Street Corp. were sued by a group of states led by Texas for allegedly breaking antitrust law by boosting electricity prices through their investments, in the highest-profile lawsuit yet against the beleaguered ESG industry.
* Symbotic Inc. cut its first-quarter revenue forecast and said it was unable to file its annual filing due to accounting errors.
* Brookfield Asset Management Ltd. walked away from a plan to acquire Grifols SA, ending months of negotiations to take over the Spanish blood-plasma company.

Key events this week:
* Eurozone consumer confidence, Thursday
* US Thanksgiving holiday. Markets closed, Thursday
* Eurozone CPI, Friday
* ECB releases consumer expectations survey for October, Friday
* “Black Friday,” the traditional start of the US holiday shopping rush

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.9%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World Index fell 0.1%
* Bloomberg Magnificent 7 Total Return Index fell 0.9%
* The Russell 2000 Index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 0.7% to $1.0565
* The British pound rose 0.9% to $1.2678
* The Japanese yen rose 1.3% to 151.11 per dollar
Cryptocurrencies
* Bitcoin rose 5.4% to $96,643.37
* Ether rose 9.2% to $3,627.61
Bonds
* The yield on 10-year Treasuries declined six basis points to 4.25%
* Germany’s 10-year yield declined three basis points to 2.16%
* Britain’s 10-year yield declined six basis points to 4.29%
Commodities
* West Texas Intermediate crude was little changed
* Spot gold rose 0.1% to $2,636.99 an ounce
This story was produced with the assistance of Bloomberg Automation.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Don’t dwell on what went wrong.  Instead, focus on what to do next.  Spend your energies on moving forward toward finding the answer. -Denis Waitley, b. 1933.

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
Day of Covenant, Baha’i.

November 26, 1917: Formation of the National Hockey League (NHL).  The NHL was established in Montreal, marking the beginning of one of the major professional ice hockey leagues.
November 26, 1963: The Daily News prints  a cover photo of John F. Kennedy Jr. saluting his father’s casket.

2008: Terrorists launched commando-style attacks on two luxury hotels, a Jewish center and a crowded train station in Mumbai, India, killing 166 people.  Go to article 

John Harvard, Harvard University founder, b. 1607.
Charles M. Schultz, creator of “Peanuts”, b. 1922.

Dictionary.com announces 2024 word of the year — and it isn’t ‘brat’
A word that went viral over the summer has been named Dictionary.com’s 2024 word of the year. Take a guess!

Battle of the brothers
Baltimore Ravens head coach John Harbaugh beat his brother and Los Angeles Chargers head coach Jim Harbaugh on Monday Night Football.

China’s hottest new tourist attraction is 5,000 feet in the air
Don’t … look … down. Brave explorers are climbing a structure in Zhangjiajie Nature Park called Tianti, also known as the “Sky Ladder.”

‘It is a treasure’: Wreck off Kenyan coast may be from Vasco da Gama’s final voyage
Researchers think the wreck was part of a flotilla that accompanied the Portuguese explorer’s final voyage. Read More.

Key Atlantic current is weakening much faster than scientists had predicted
A current key to stabilizing climates across the Atlantic and beyond could be one-third weaker by 2040, a new study has revealed. Read More.

Scientists detect the most powerful cosmic rays ever — and their unknown source could be close to Earth
New research reports the most powerful cosmic rays ever detected. Because the rays lose energy as they travel through space, their detection at high energies means they are likely coming from sources relatively close to Earth. Read More.

Earth’s ‘2nd moon’ escapes our planet’s orbit — will it ever return?
The mini-moon 2024 PT5, which has been orbiting Earth for two months and is likely a chunk of the moon, will now drift away from our planet in an orbit around the sun. Read More.
PHOTOS OF THE DAY

London, England
Chromointerferent Environment, 1974-2019 by Carlos Cruz-Diez at Tate Modern’s major new exhibition Electric Dreams: Art and Technology Before the Internet. The show celebrates the early innovators of optical, kinetic, programmed and digital art who pioneered a new era of immersive sensory installations and automatically-generated works
Photograph: David Levene/The Guardian

Kyiv, Ukraine
People walk among snow-covered trees on a frosty morning
Photograph: Gleb Garanich/Reuter

Rongshui Miao autonomous county, China
People in traditional costumes participate in the Lusheng folk musical festival
Photograph: Xinhua/Rex/Shutterstock
Market Closes for November 26, 2024

Market Index	Close	Change
Dow Jones	44860.31	+123.74
		+0.28%
S&P 500	6021.63	+34.26
		+0.57%
NASDAQ	19175.58	+120.74
		+0.63%
TSX	25405.14	-5.21
		-0.02%

International Markets

Market Index	Close	Change
NIKKEI	38442.00	-338.14
		-0.87%
HANG SENG	19159.20	+8.21
		+0.04%
SENSEX	80004.06	-105.79
		-0.13%
FTSE 100*	8258.61	-33.07
		-0.40%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.279	3.306
CND. 30 Year Bond	3.295	3.318
U.S. 10 Year Bond	4.3062	4.2731
U.S. 30 Year Bond	4.4818	4.4657

Currencies

BOC Close	Today	Previous
Canadian $	0.7115	0.7073
US $	1.4055	1.4138

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4742	0.6783
US $	1.0489	0.9533

Commodities

Gold	Close	Previous
London Gold Fix	2635.40	2694.95
Oil
WTI Crude Future	68.77	69.27

Market Commentary:
📈 On this day in 1982, a change to the Securities and Exchange Commission rulebook took effect, creating a “safe harbor” for companies to repurchase shares without falling foul of restrictions on market manipulation. The new rule, known as 10b-18, would help pave the way for an explosion in stock buybacks in the following decades
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 25,405.14 in Toronto.
Canadian Pacific Kansas City Ltd. contributed the most to the index decline, decreasing 2.9%.
Bombardier Inc. had the largest drop, falling 9.3%.
Today, 134 of 219 shares fell, while 81 rose; 6 of 11 sectors were lower, led by energy stocks.
Insights
* This year, the index rose 21%, heading for the best year since 2021
* This month, the index rose 5.2%
* The index advanced 26% in the past 52 weeks. The MSCI AC Americas Index gained 32% in the same period
* The S&P/TSX Composite is 0.5% below its 52-week high on Nov. 25, 2024 and 27.5% above its low on Nov. 28, 2023
* The S&P/TSX Composite is up 1.6% in the past 5 days and rose 3.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.3 on a trailing basis and 17.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4t
* 30-day price volatility fell to 8.86% compared with 8.92% in the previous session and the average of 8.10% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -49.2948| -1.1| 7/33
Industrials | -31.8556| -1.0| 12/15
Real Estate | -8.4150| -1.6| 0/20
Consumer Discretionary | -7.9952| -1.0| 1/10
Communication Services | -6.0996| -0.9| 0/5
Utilities | -0.8047| -0.1| 8/7
Health Care | 0.5661| 0.8| 2/2
Consumer Staples | 8.7453| 0.9| 4/6
Materials | 16.1252| 0.5| 24/25
Information Technology | 34.1819| 1.3| 6/3
Financials | 39.6351| 0.5| 17/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Pacific Kansas | -20.6700| -2.9| 67.9| -0.2
Canadian Natural Resources | -13.2800| -1.9| 253.7| 7.6
Suncor | -11.5800| -2.3| 199.6| 31.0
Brookfield Corp | 10.2000| 1.2| 0.9| 58.9
Agnico Eagle Mines Ltd | 14.2600| 3.6| -12.2| 62.9
Shopify | 20.4500| 1.6| 67.5| 52.8
US
By Rita Nazareth
(Bloomberg) — Stocks closed at all-time highs as investors looked past Donald Trump’s tariff plan, with geopolitical risks abating after Israel and Hezbollah reached a cease-fire agreement.
Equities extended gains into a seventh consecutive session— the longest winning streak for the S&P 500 since mid-September.
The gauge notched its 52nd record this year.
Microsoft Corp. drove software companies higher amid the group’s lower susceptibility to tariff risks.
While automakers like General Motors Corp. and Ford Motor Co. were hit by Trump’s plan due to their exposure to Mexico and China, a slide in equity volatility showed calm prevailed.
President-elect Trump vowed to place an extra 10% tariffs on Chinese imports and 25% levies on all products from Mexico and Canada.
The measures are needed to clamp down on migrants and illegal drugs flowing across the US border, he said.
“We still see tariffs as more strategizing and think the bark will be worse than the bite,” said Andrew Brenner at NatAlliance Securities.
The S&P 500 rose 0.6%.
The Nasdaq 100 climbed 0.6%.
The Dow Jones Industrial Average added 0.3%.
US 10-year yields advanced two basis points to 4.30%.
A dollar gauge gained 0.2%.
The Mexican peso and Canadian dollar slid.
To Dennis DeBusschere at 22V Research, Trump linking tariffs to drugs and immigration, rather than trade policy and economics signaled to investors that this announcement is a negotiating tactic, not a policy tool.
“It was Trump ‘following through’ on his campaign promises– nothing more, nothing less – and my sense is that investors welcomed the move,” said Kenny Polcari at SlateStone Wealth.
While stocks gained, the bond market response was mild following its second-biggest advance this year.
At BMO Capital Markets, Ian Lyngen says that perhaps the muted response in Treasuries is because not only had the market already priced in a renewed emphasis on “tariffs as trade policy,” but it’s also an acknowledgment that increases in levies have a one-time impact on realized inflation.
Stocks resumed their post-election upward trajectory last week and the S&P 500 has since posted moderate gains.
Overall, turnover however has been relatively muted in both cash and futures trading ahead of the Thanksgiving holiday on Thursday.
The S&P 500 has surged more than 25% this year, on track for a second year of returns above 20% — a run that’s occurred just four times in the past 100 years.
Deutsche Bank AG’s Bankim Chadha says the benchmark will hit 7,000 points by the end of next year, making him the most optimistic among Wall Street strategists predicting further gains for US stocks.
“We see steady robust momentum continuing into 2025, with earnings-per-share growth in the low double digits,” Chadha and his team wrote in a note dated Monday.
Meantime, Bank of America Corp.’s Savita Subramanian is counting on another year of double-digit gains for the S&P 500 in 2025 — but says even better opportunities are present in individual stocks outside the benchmark.
Her 2025 year-end target for the gauge is 6,666, and she recommends companies with healthy cash return prospects and tied to US economy.
The strategist is overweight financials, consumer discretionary, materials, real estate and utilities.
At Goldman Sachs Group Inc., strategists are advising investors to keep their money in US equities, but to adjust their holdings to mitigate the fact that close to half of the S&P 500’s rise in 2024 was due to the so-called “Magnificent Seven” big-tech stocks.
The high concentration and valuation of the US stock market is a reason to implement diversification across strategies and regions, says Goldman’s Peter Oppenheimer.
He adds that a overweight on US stocks still makes sense, however, given solid economic and earnings expectations for 2025.

Corporate Highlights:
* Amgen Inc. tumbled after its experimental obesity shot failed to significantly outperform rivals and showed a high rate of gastrointestinal side effects.
* Eli Lilly & Co. rose as the Biden administration is proposing a rule that would require the US government to cover weight-loss drugs, potentially expanding access for millions of Americans with obesity and creating a huge new medical bill for President- elect Donald Trump.
* Kohl’s Corp. shares plunged to the lowest level since 2020 after the company cut its full-year sales outlook, signaling that its turnaround efforts are fizzling in an increasingly difficult retail environment.
* Dick’s Sporting Goods Inc. raised its full-year sales outlook after posting strong results in the back-to-school season ahead of the holidays, spurred by high demand for sports gear.
* Best Buy Co. cut its full-year guidance on sluggish demand for electronics and appliances, a sign of trouble for the retailer looking to pull off a turnaround.
* JM Smucker Co. raised its earnings guidance as its popular Uncrustables frozen sandwiches outperformed expectations, offsetting softness at the recently acquired Hostess brand.
* Qualcomm Inc.’s interest in pursuing an acquisition of Intel Corp. has cooled, according to people familiar with the matter, upending what would have likely been one of the largest technology deals of all time.
* Goldman Sachs Group Inc. and Morgan Stanley shares are offering an “unattractive risk reward profile” in the wake of the recent rally in bank stocks, HSBC analysts said.
* Rivian Automotive Inc. won preliminary approval for a $6.6 billion federal loan that would support the construction of an electric-vehicle factory the company put off building earlier this year to save money.
* Zoom Communications Inc. sank after it gave a revenue outlook that disappointed investors expecting a bigger boost from the company’s expanded suite of products.

Key events this week:
* US PCE, initial jobless claims, GDP, Wednesday
* Eurozone consumer confidence, Thursday
* US Thanksgiving holiday. Markets closed, Thursday
* Eurozone CPI, Friday
* ECB releases consumer expectations survey for October, Friday
* “Black Friday,” the traditional start of the US holiday shopping rush

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World Index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.1% to $1.0482
* The British pound was little changed at $1.2559
* The Japanese yen rose 0.8% to 153.06 per dollar
Cryptocurrencies
* Bitcoin fell 2.9% to $91,004.89
* Ether fell 3.4% to $3,321.02
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.30%
* Germany’s 10-year yield declined two basis points to 2.19%
* Britain’s 10-year yield advanced one basis point to 4.35%
Commodities
* West Texas Intermediate crude fell 0.4% to $68.66 a barrel
* Spot gold rose 0.3% to $2,631.80 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,
If you have the words, there’s always a chance that you’ll find the way. -Seamus Heaney, 1939-2013.

Carolann

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.

On Nov. 22, 1963, President John F. Kennedy was assassinated while riding in a motorcade in Dallas. Suspected gunman Lee Harvey Oswald was arrested. Vice President Lyndon B. Johnson was sworn in as the 36th president of the United States.  Go to article 

November 22, 1859: Charles Darwin’s On The Origin Of Species published.
George Eliot, writer, b. 1819.
Charles de Gaulle, French politician, b. 1890.
Hoagie Carmichael, composer, b. 1899.
Jamie Lee Curtis, actress, b. 1958.
Scarlett Johansson, actress, b. 1984.

Hungry bears raid storage room at Alaska military base
Several bears found a buffet of military rations that were stored at Joint Base Elmendorf-Richardson. See the damage.

Wisconsin kayaker accused of faking his own drowning is alive
A Wisconsin man accused of faking his own drowning and fleeing the country is alive in Europe and talking to investigators, officials said. But it’s still unclear whether he will ever return home to his wife and three children.

Students’ ‘homemade’ rocket soars faster and farther into space than any other amateur spacecraft — smashing 20-year records
Aftershock II, a new rocket built by students at the University of Southern California, recently broke a number of 20-year-old amateur spaceflight records for altitude, power and speed. It reached more than 470,000 feet above Earth’s surface and went “hypersonic.” Read More.

‘A harbinger of what’s to come:’ NASA satellites show massive drop in global freshwater levels
NASA satellites discovered that Earth’s surface has lost enough water to empty Lake Erie two and a half times since 2015. And the problem could be here to stay. Read More.

Is light a particle or a wave?
Does light behave more like a particle, or like a wave? Today we know the surprising answer. Here’s why it took so long to get there. Read More.

Gotta Catch ‘Em All: How Pokémon Go covertly captured your data for years to train a massive AI model
Niantic, the company behind Pokémon Go, has been scraping users’ scans of the world to build a model that will help robots navigate physical space. Some experts are worried about the potential applications.
Read More.

PHOTOS OF THE DAY

Grindavik, Iceland
Lava flows during a volcanic eruption near Grindavik on the Reykjanes Peninsula
Photograph: Marco di Marco/AP

Three black-headed gulls look extremely disgruntled by the sudden snowy weather in Kidderminster, Worcestershire, as a large part of the UK woke to colder conditions this week
Photograph: Lee Hudson/Alamy Live News

​​​​​​​A group of chamois, a species of goat-antelope, perch on the rocks on the island of Šolta, Croatia
Photograph: Marko Đurica/Reuters
Market Closes for November 22, 2024

Market Index	Close	Change
Dow Jones	44296.51	+426.16
		+0.97%
S&P 500	5969.34	+20.63
		+0.35%
NASDAQ	19003.65	+31.23
		+0.16%
TSX	25444.28	+53.59
		+0.21%

International Markets

Market Index	Close	Change
NIKKEI	38283.85	+257.68
		+0.68%
HANG SENG	19229.97	-371.14
		-1.89%
SENSEX	79117.11	+1961.32
		+2.54%
FTSE 100*	8262.08	+112.81
		+1.38%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.426	3.457
CND. 30 Year Bond	3.431	3.488
U.S. 10 Year Bond	4.4120	4.4119
U.S. 30 Year Bond	4.5935	4.5955

Currencies

BOC Close	Today	Previous
Canadian $	0.7157	0.7156
US $	1.3972	1.3975

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4565	0.6866
US $	1.0424	0.9593

Commodities

Gold	Close	Previous
London Gold Fix	2665.30	2640.55
Oil
WTI Crude Future	70.49	70.49

Market Commentary:
📉 On this day in 1963: Stock markets plunged as news emerged that President John F. Kennedy had been assassinated in Dallas. The New York Stock Exchange closed early that Friday and stocks rebounded when it reopened Monday.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fifth day, climbing 0.2%, or 53.59 to 25,444.28 in Toronto.
Canadian Pacific Kansas City Ltd. contributed the most to the index gain, increasing 2.0%.
ATS Corp. had the largest increase, rising 7.2%.
Today, 117 of 219 shares rose, while 98 fell; 6 of 11 sectors were higher, led by industrials stocks.
Insights
* This year, the index rose 21%, heading for the best year since 2021
* This month, the index rose 5.3%
* So far this week, the index rose 2.2%, heading for the biggest advance since the week ended Sept. 13
* The index advanced 27% in the past 52 weeks. The MSCI AC Americas Index gained 31% in the same period
* The S&P/TSX Composite is at its 52-week high and 27.7% above its low on Nov. 28, 2023
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.3 on a trailing basis and 17.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4t
* 30-day price volatility fell to 8.92% compared with 9.07% in the previous session and the average of 7.85% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | 33.9115| 1.1| 19/7
Financials | 18.0718| 0.2| 16/10
Materials | 8.6934| 0.3| 28/21
Consumer Staples | 0.5735| 0.1| 5/5
Utilities | 0.4964| 0.1| 6/9
Communication Services | 0.2338| 0.0| 4/1
Consumer Discretionary | -0.6459| -0.1| 7/4
Health Care | -0.7485| -1.0| 1/3
Real Estate | -0.9043| -0.2| 5/15
Information Technology | -2.5416| -0.1| 7/3
Energy | -3.5378| -0.1| 19/20
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Pacific Kansas | 13.9300| 2.0| 47.2| 2.3
Canadian National | 11.3400| 1.9| 44.2| -6.7
Brookfield Corp | 10.8000| 1.3| -7.6| 53.2
Manulife Financial | -3.6160| -0.6| 32.1| 55.0
Enbridge | -4.8850| -0.5| -59.6| 26.8
Constellation Software | -7.8280| -1.2| -11.5| 39.7
US
By Cristin Flanagan
(Bloomberg) — Beneficiaries of the incoming administration’s looser regulation and business-friendly stance put forth strong showings this week.
Stocks gained while Bitcoin crushed doubters and the dollar extended gains into an eighth week, the currency’s longest run of the year.
Blue chips and small caps led Friday’s equities advance as this year’s big tech winners struggled to gain ground.
The S&P 500 rose 0.3% while an equal-weighted version of the gauge —where Walgreens Boots Alliance Inc. has the same influence as Nvidia Corp. — climbed 0.8%, on track for an all-time closing high.
The Dow Jones Industrial Average rose 1% while an index of bank stocks climbed to the highest in more than two years, the Russell 2000 jumped 1.8%.
The small-cap index climbed 4.5% this week while the biggest technology stocks, like Nvidia, Alphabet Inc. and Facebook-parent company Meta Platforms Inc., lagged.
Fundstrat’s Thomas Lee sees room for more gains in small-caps and cyclicals given President-elect’s plans for deregulation and general “animal spirits.”
He also sees a “Trump put” keeping the broader market buoyant.
Faith that the government and Donald Trump won’t let the economy knuckle under is helping bolster stocks, at least for the moment.
“When sentiment reaches a ‘bullish extreme’ is when we see equities priced to ‘perfection,’” according to Lee.
“By several measures, we are not there at that point yet.”
To Bank of America Corp. strategists the Nasdaq 100, which has rallied more than 4% this month, is approaching a level versus the S&P 500 that could trigger the unwinding of the trade favoring US equities. The tech-heavy gauge ended Friday up 0.2% with a 1.9% weekly gain.
Meanwhile, data on Friday showed S&P Global flash November composite output index for service providers and manufacturers advanced to 55.3 — the highest level since April 2022.
The yield on the 10-year Treasury dropped around one basis point to 4.41%.
“The US flash PMIs for November were bullish in aggregate thanks to strength in services,” according to Vital Knowledge’s Adam Crisafulli, who said the details suggested a goldilocks scenario, “with favorable growth developments and cooling price pressures.”
The dollar registered its longest streak of weekly wins since September 2023. A Bloomberg gauge of the currency’s strength has risen around 2.6% so far this month, adding to October’s gains of nearly 3%.
“The US dollar’s run can continue,” said Peter McLean, head of multi-asset portfolio solutions at Stonehage Fleming.
“We also have those geopolitical tensions, which are escalating at the moment. It’s natural for investors to seek refuge in the dollar.”
Bouts of volatility, driven by escalations in the war in Ukraine earlier in the week, eased Friday.
The ongoing conflict helped to push WTI crude above $71 a barrel while gold traded at over $2,700 an ounce, and had its best week since March 2023.
The rally in Bitcoin set a fresh high Friday as the world’s biggest cryptocurrency races toward $100,000.
The latest developments included Securities and Exchange Commission Chair Gary Gensler’s decision to step down in January.
His tenure was marked by a flurry of crypto enforcement actions, which the industry expects will peter out under Trump.
In Europe, S&P Global’s composite Purchasing Managers’ Index for the euro area dipped back beneath a level that indicates contraction in November.
The region’s sovereign bonds rallied while the euro dropped to a two-year low.
Asian equities are on pace for their first back-to-back monthly losses this year amid dollar strength and lingering concerns over the Chinese economy.
Still, the region’s more favorable valuations versus the US market are aiding recovery in some assets.
Elsewhere in Asia, Adani Group companies advanced after a $27 billion rout on Thursday following a US indictment against Gautam Adani over allegations of bribery.
The company denied the allegations.

Corporate Highlights:
* Ally Financial Inc. is exploring a sale of its credit card arm, according to people familiar with the matter, after getting back into that business through an acquisition three years ago.
* Gap Inc. stock soared after it raised its full-year outlook as the apparel retailer attracts wealthier shoppers seeking value.
* Nvidia Corp.’s surging share price has created a challenge for Jensen Huang’s charitable foundation: As the stock climbs, so does the amount of money it has to give away.
* Walmart Inc.’s corporate employee bonuses are set to surpass targets again this year as the company’s stock soars and sales outperform its retail rivals.

Some of the main moves in markets: 
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average rose 1%
* The MSCI World Index rose 0.3%
* The Russell 2000 Index rose 1.8%
* S&P 500 Equal Weighted Index rose 0.8%
* KBW Bank Index rose 1.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.6% to $1.0414
* The British pound fell 0.5% to $1.2530
* The Japanese yen fell 0.2% to 154.82 per dollar
Cryptocurrencies
* Bitcoin rose 1.2% to $99,246.81
* Ether fell 1.6% to $3,294.58
Bonds
* The yield on 10-year Treasuries declined one basis point to 4.41%
* Germany’s 10-year yield declined eight basis points to 2.24%
* Britain’s 10-year yield declined six basis points to 4.39%
Commodities
* West Texas Intermediate crude rose 1.5% to $71.18 a barrel
* Spot gold rose 1.4% to $2,706.96 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from Margaryta Kirakosian, Andre Janse van Vuuren and Sujata Rao.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
The virtue of a person is measured not by his outstanding efforts,
but by his everyday behavior. -Blaise Pascal, 1623-1662.

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday Eve.  World Hello Day. 💛

November 21, 1962: War between China and India ends.  The month long war began over a border dispute between the two countries and ended with a unilateral ceasefire by the Chinese.
November 21, 2010 Debt-struck Ireland applied for a massive EU-IMF loan to stem the flight of capital from its banks. Go to article .

1783: Man’s first flight in a balloon.
1995: Dow tops 5000 for the first time.

Voltaire, writer, b. 1694.
Harpo Marx, comedian, b. 1888.
Goldie Hawn, b. 1945.

Lucy’s last day: What the iconic fossil reveals about our ancient ancestor’s last hours
From a distance, it might have looked like a small child was wending her way through the waving grass along a vast lake. But a closer look would have revealed a strange, in-between creature — a big-eyed imp with a small head and an apelike face who walked upright like a human.  She may have looked warily over her shoulder as she walked, on alert for sabre-toothed cats or hyenas. But she likely had no idea it was her last day on Earth.
Roughly 3.2 million years later, her skeleton was unearthed by paleoanthropologists and the stunningly complete fossil was nicknamed “Lucy.” Her remarkable species, Australopithecus afarensis, may have been our direct ancestor.  Our discoveries about Lucy have transformed our understanding of humanity’s tangled family tree. In fact, anthropologists have learned so much about Lucy and her kind that we can now paint a picture of how she lived and died.  Read More.

This spot will be key to the inevitable collapse of a key Atlantic current
New modeling research reveals that the Atlantic Meridional Overturning Circulation (AMOC) is particularly vulnerable to shifts in the Irminger Sea from increasing Arctic meltwater. Read More.

1,600-year-old amulet depicting King Solomon spearing the devil found in Turkey
The “King Solomon” pendant likely belonged to a cavalry soldier stationed at the ancient Byzantine city of Hadrianopolis. Read More.

‘Quantum hard drives’ closer to reality after scientists resolve 10-year-old problem
Scientists in Australia say they’ve cracked a key hurdle facing the development of scalable quantum computers and practical quantum data storage. Read More.

CMA Awards 2024: See who won
Country music stars were honored Wednesday at the 58th Annual CMA Awards in Nashville, Tennessee. See the list of winners here.

Headliners announced for 2025 Coachella fest
Several popular artists are set to perform at the next Coachella Valley Music and Arts Festival in Southern California.

Duct-taped banana sells for $6.2 million at New York art auction
Art collectors were clamoring to buy this conceptual piece … Truthfully, I don’t see the ap-peel.

Longtime ‘Simpsons’ voice actor hangs up her mic
Pamela Hayden, who voices Bart Simpson’s friend Milhouse Van Houten, is stepping away from the role after 35 years.

Life in the world’s most polluted city
The sky in New Delhi is enveloped with smog, leaving many residents with persistent coughs, lung issues and stinging eyes. Several people told CNN they feel suffocated by the city’s intense pollution.

PHOTOS OF THE DAY

Dublin, Ireland
‘Early sun and autumn mists with two young bucks in Phoenix Park.’
Photograph: Colin Whitston

Loch Shiel, UK
Snow turns the Glenfinnan viaduct in the Highlands into a winter wonderland. Built from 1897 to 1901, the viaduct overlooks the Glenfinnan Monument and carries the West Highland railway line
Photograph: Dave Johnston

​​​​​​​New York, US
‘A view of the Manhattan skyline taken from the top of the Empire State Building.’
Photograph: Bernard Van Overmeire
Market Closes for November 21, 2024

Market Index	Close	Change
Dow Jones	43870.35	+461.88
		+1.06%
S&P 500	5948.71	+31.60
		+0.53%
NASDAQ	18972.42	+6.28
		+0.03%
TSX	25390.69	+354.23
		+1.41%

International Markets

Market Index	Close	Change
NIKKEI	38167.24	+141.07
		+0.37%
HANG SENG	19601.11	-103.90
		-0.53%
SENSEX	77155.79	-422.59
		-0.54%
FTSE 100*	8149.27	+64.20
		+0.79%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.457	3.384
CND. 30 Year Bond	3.488	3.431
U.S. 10 Year Bond	4.4119	4.4100
U.S. 30 Year Bond	4.5955	4.5975

Currencies

BOC Close	Today	Previous
Canadian $	0.7156	0.7156
US $	1.3975	1.3975

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4634	0.6834
US $	1.0471	0.9550

Commodities

Gold	Close	Previous
London Gold Fix	2640.55	2623.20
Oil
WTI Crude Future	70.49	68.87

Market Commentary:
📈 On this day in 1985, the S&P 500 closed above 200 for the first time. It had taken the index more than 17 years to double.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 1.4%, or 354.22 to 25,390.68 in Toronto.
The move was the biggest since rising 1.6% on Aug. 8.
Today, energy stocks led the market higher, as 9 of 11 sectors gained; 179 of 219 shares rose, while 38 fell.
Royal Bank of Canada contributed the most to the index gain, increasing 2.6%.
TransAlta Corp. had the largest increase, rising 5.9%.
Insights
* In the past year, the index had a similar or greater gain five times. The next day, it advanced after all five occasions
* This year, the index rose 21%, heading for the best year since 2021
* This month, the index rose 5.1%
* So far this week, the index rose 2%
* The index advanced 26% in the past 52 weeks. The MSCI AC Americas Index gained 31% in the same period
* The S&P/TSX Composite is at its 52-week high and 27.5% above its low on Nov. 28, 2023
* The S&P/TSX Composite is up 1.4% in the past 5 days and rose 2.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.2 on a trailing basis and 17.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.95t
* 30-day price volatility rose to 9.07% compared with 8.22% in the previous session and the average of 7.78% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 89.9019| 2.0| 40/1
Financials | 81.8878| 1.0| 23/3
Information Technology | 59.2714| 2.4| 10/0
Industrials | 54.4676| 1.8| 21/6
Materials | 38.3030| 1.3| 42/7
Consumer Staples | 12.0427| 1.3| 7/3
Consumer Discretionary | 10.9942| 1.3| 8/3
Utilities | 10.9163| 1.2| 14/1
Real Estate | 2.5692| 0.5| 11/8
Health Care | -0.1280| -0.2| 2/2
Communication Services | -5.9895| -0.9| 1/4
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
RBC | 44.2500| 2.6| 2.3| 30.4
Shopify | 29.4500| 2.4| -14.4| 44.3
Constellation Software | 19.5500| 3.1| 13.0| 41.4
Bank of Nova Scotia | -1.8100| -0.3| -1.7| 21.7
BCE | -3.0060| -1.3| 12.8| -28.6
Telus | -3.0330| -1.3| 24.8| -9.3
US
By Cristin Flanagan
(Bloomberg) — Stocks ended the day higher as traders contemplated a new US administration keen on deregulation.
Bitcoin blew past $98,000 while the dollar gained and Treasury yields rose.
The S&P 500 advanced 0.5% after a choppy morning session spurred by swings in Nvidia Corp. and angst about the war in Ukraine.
The Nasdaq 100 climbed 0.4% after dropping more than 1% earlier in the day.
The fierce rally in Nvidia hit a speed bump following outlook that missed Wall Street’s high expectations.
The stock resumed its climb in the final hours of trading to end the day in the green but shy of its latest all-time high.
Bitcoin extended its post-election run and is rapidly approaching $100,000 on bets President-elect Donald Trump’s support for crypto and looser regulation will usher in a boom for the industry.
The planned departure of Securities and Exchange Commission Chair Gary Gensler is expected to give a boost to deregulation and digital assets.
A report suggested Chris Giancarlo, a former chairman of the Commodity Futures Trading Commission, was being weighed as the first “crypto czar” under the incoming administration.
Trump’s pick to overhaul the Justice Department, Matt Gaetz, withdrew himself from consideration of the post amid sexual misconduct allegations.
Uncertainty over who Trump will name to the top spot at the Treasury remains up in the air and weighed on US bonds.
“The contest for the Treasury Secretary appears to have come down to Bessent, Rowan, and Warsh – all of whom fall into the category of qualified adults in the room,” according to BMO’s Ian Lyngen. Though, “clarity is always preferable from the market’s perspective.”
Yields on the 10-year Treasury steadied at 4.42% and the dollar rebounded after mixed labor data.
Jobless claims came in lower than expected while continuing claims, a gauge of the number of people receiving benefits, rose to a three-year high.
Among notable stock movers, Snowflake Inc. surged more than 30% while shares of MicroStrategy Inc., the largest publicly traded corporate holder of Bitcoin, sank on a short-seller report from Andrew Left’s Citron Research.
Turkey Trot Strategists at market research firm Fundstrat expect US stocks to climb into the US holiday week, followed by some weakening in December.
“The Nvidia earnings report leaves the likelihood of a Thanksgiving rally intact,” they wrote. “The AI trajectory has not changed all that much, but the market’s immediate reaction is less important than the fact that the uncertainty over Nvidia’s results is behind us.”
To Tom Essaye, founder of The Sevens Report, this week’s conflicting reports from Walmart Inc. and Target Corp. suggest some restraint from American consumers, who should be watched closely.
“The state of the labor market and consumer spending are indicative of a soft landing and that’s a good thing,” the former Merrill Lynch trader said. “But they are also vulnerable to deterioration from here and if that occurs, then a hard landing becomes substantially more likely and that would be a decided negative for stocks.”
Housing is another worry as mortgage rates in the US started climbing again with the average for a 30-year fixed loan 6.84%, up from 6.78% last week.
Geopolitical Storm Escalations in the Russia-Ukraine war gave oil and gold prices a boost, pushing WTI crude futures to around $70 a barrel.
Ukraine reported that Russia fired an intercontinental ballistic missile during an overnight attack, while a Kremlin spokesman called Kyiv’s earlier use of UK Storm Shadow missiles a new escalation.
“Geopolitics always has a potential of introducing volatility in the market and we have seen that with what is happening in Ukraine,” Themis Themistocleous, chief investment officer, EMEA at UBS Wealth Management told Bloomberg Television. “We have been advising clients to include oil into
their portfolio, or derivatives of oil, to be able to hedge against potential volatility.”
In Asia, shares of India’s Adani Group units tumbled and the conglomerate scrapped a $600 million dollar bond sale after US prosecutors charged its billionaire founder, Gautam Adani.
The company denied the US allegations that it was participating in a scheme that involved promising to pay more than $250 million in bribes to Indian government officials to secure solar-energy contracts. 

Key events this week:
* Eurozone HCOB Manufacturing & Services PMI, Friday
* US University of Michigan consumer sentiment, S&P Global Manufacturing & Services PMI, Friday

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 rose 0.4%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World Index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.6% to $1.0480
* The British pound fell 0.4% to $1.2596
* The Japanese yen rose 0.6% to 154.50 per dollar
Cryptocurrencies
* Bitcoin rose 3.7% to $97,967.01
* Ether rose 8.8% to $3,350.97
Bonds
* The yield on 10-year Treasuries advanced one basis point to 4.42%
* Germany’s 10-year yield declined three basis points to 2.32%
* Britain’s 10-year yield declined three basis points to 4.44%
Commodities
* West Texas Intermediate crude rose 2.2% to $70.24 a barrel
* Spot gold rose 0.8% to $2,671.67 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Mark Tannenbaum, Divya Patil, Margaryta Kirakosian, Allegra Catelli, John Viljoen and Alex Nicholson.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
You don’t love because, you love despite; not for the virtues, but despite the faults. –William Faulkner, 1897-1962.

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
November 19, 1493: Puerto Rico Discovery Day.
November 19, 1863: Abraham Lincoln’s Gettysburg Address.
November 19, 1872: E.D. Barbour of Boston is awarded the first US patent for the first “calculator”, an adding machine capable of printing totals and subtotals.
November 19, 1969: Apollo 12 astronauts Charles “Pete” Conrad and Alan Bean made man’s second landing on the moon.  Go to article 

Peter F. Drucker, management guru, b. 1909.
Indira Gandhi, Indian politician, b. 1917.
Ted Turner, media mogul, b. 1938.
Meg Ryan, actress, b. 1961.
Jodie Foster, actress, b. 1962

2,600-year-old inscription in Turkey finally deciphered — and it mentions goddess known ‘simply as the Mother’
An ancient inscription decorated with lions and sphinxes is finally deciphered, and it involves the “mother of the gods.” Read More.

Scientists glean new details of mysterious, centuries-old shipwreck submerged in Norway’s largest lake
Researchers now think the boat was a local “føringsbåt” for passengers and cargo. Read More.

West Coast bracing for ‘bomb’ cyclone
A low-pressure system headed for Northern California and Oregon is likely to bring extreme rain and strong winds. Read More.

Dolphin in the Baltic Sea has been talking to himself — and researchers think it’s a sign he’s lonely
A solitary dolphin in the Baltic Sea has been recorded talking to himself, leading researchers to wonder whether he’s lonely and calling out for friends. Read More.

Why isn’t the darkest time of the year also the coldest?
Why aren’t the solstices the coldest and hottest days of the year? Read More.

PHOTOS OF THE DAY

Buxton, UK
Snow covers buildings after the overnight snowfall in Derbyshire. The UK is bracing for up to 20cm of snow, ice and cold temperatures over the coming days
Photograph: Peter Byrne/PA

Leon, Mexico
Visitors attend the International Hot-Air Balloon Festival in Leon, in the state of Guanajuato
Photograph: Henry Romero/Reuters

​​​​​​​London, UK
A herd of red deer look out from the bracken on an autumn morning in Richmond Park
Photograph: Justin Tallis/AFP/Getty Images
Market Closes for November 19, 2024

Market Index	Close	Change
Dow Jones	43268.94	-120.66
		-0.28%
S&P 500	5916.98	+23.36
		+0.40%
NASDAQ	18987.47	+195.66
		+1.04%
TSX	25010.77	+33.82
		+0.14%

International Markets

Market Index	Close	Change
NIKKEI	38414.43	+193.58
		+0.51%
HANG SENG	19663.67	+87.06
		+0.44%
SENSEX	77339.01	-241.30
		-0.31%
FTSE 100*	8099.02	-10.30
		-0.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.334	3.276
CND. 30 Year Bond	3.387	3.321
U.S. 10 Year Bond	4.3962	4.4060
U.S. 30 Year Bond	4.5819	4.6004

Currencies

BOC Close	Today	Previous
Canadian $	0.7167	0.7031
US $	1.3953	1.4023

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4800	0.6757
US $	1.0607	0.9428

Commodities

Gold	Close	Previous
London Gold Fix	2623.20	2571.80
Oil
WTI Crude Future	69.39	69.16

Market Commentary:
📈 On this day in 1792: In the same room where the Declaration of Independence was adopted 16 years earlier, the Insurance Co. of North America held its initial public offering at $10 a share. More than 660 investors signed up for shares. The INA is now part of Chubb.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.1%, or 33.82 to 25,010.77 in Toronto.
Agnico Eagle Mines Ltd. contributed the most to the index gain, increasing 2.7%.
NexGen Energy Ltd. had the largest increase, rising 6.5%.
Today, 117 of 219 shares rose, while 98 fell; 5 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index rose 19%, heading for the best year since 2021
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 31% in the same period
* The S&P/TSX Composite is 0.5% below its 52-week high on Nov. 14, 2024 and 25.6% above its low on Nov. 28, 2023
* The S&P/TSX Composite is up 0.4% 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 19.9 on a trailing basis and 17.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.94t
* 30-day price volatility fell to 8.37% compared with 8.40% in the previous session and the average of 7.70% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 49.4514| 1.7| 39/11
Financials | 16.3265| 0.2| 19/7
Energy | 9.6926| 0.2| 14/25
Utilities | 4.9837| 0.5| 9/6
Communication Services | 0.4439| 0.1| 3/2
Health Care | -0.5172| -0.7| 2/2
Real Estate | -1.0519| -0.2| 6/13
Consumer Discretionary | -2.5265| -0.3| 5/5
Consumer Staples | -10.0474| -1.0| 3/7
Industrials | -13.2765| -0.4| 12/15
Information Technology | -19.6636| -0.8| 5/5
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Agnico Eagle Mines Ltd | 10.7100| 2.7| -19.4| 58.6
Bank of Nova Scotia| 8.1900| 1.2| -5.6| 21.5
Barrick Gold | 8.1110| 2.7| -29.0| 3.4
TD Bank | -10.9000| -1.1| -4.9| -8.9
Canadian National | -11.3400| -1.9| 13.9| -10.5
Shopify | -21.2200| -1.7| -8.7| 41.5
US
By Rita Nazareth
(Bloomberg) — Stocks rebounded in a volatile session marked by geopolitical headlines, with Nvidia Corp. climbing ahead of its results.
Bitcoin extended its post-election rally.
Trading in options signals Nvidia’s results Wednesday will be the most-important catalyst left this year — more than the Federal Reserve’s December meeting, according to Barclays Plc strategists.
The chipmaker at the forefront of the artificial-intelligence boom rose 4.9%, leading gains in the S&P 500.
An earlier slide in equities was driven by Ukraine’s first strike with US missiles in Russia and President Vladimir Putin’s approval of an updated nuclear doctrine.
To Gaurav Mallik at Pallas Capital Advisors, geopolitical uncertainties are indeed a recipe for volatility.
As for Nvidia’s results, he’s expecting strong numbers, citing capital expenditure by big tech and his view that there’s still “no clear substitute” for the company’s chips.
“This market is fickle,” said Nancy Tengler at Laffer Tengler Investments.
“Stocks ultimately trade on earnings and they have been great. I don’t recommend stocks ahead of earnings, but if NVDA sells off, jump in.”
The S&P 500 added 0.4%.
The Nasdaq 100 climbed 0.7%.
A gauge of the “Magnificent Seven” mega caps advanced 1.7%.
The Dow Jones Industrial Average slipped 0.3%.
US 10-year yields slid two basis points to 4.39%.
Oil and gold rose.

Corporate Highlights:
* Walmart Inc. boosted its outlook for the year on a solid start to the holiday season and strong demand from US consumers searching for value.
* Lowe’s Cos. extended its streak of declining sales during the third quarter as it continued to feel the ripple effects of a weak housing market.
* Alphabet Inc.’s Chrome browser could go for as much as $20 billion if a judge agrees to a Justice Department proposal to sell the business, in what would be a historic crackdown on one of the world’s biggest tech companies.
* Super Micro Computer Inc. hired a new auditor and filed a plan to come into compliance with Nasdaq listing requirements.
* Hewlett Packard Enterprise Co. and Juniper Networks Inc. representatives met with Justice Department antitrust enforcers last week in a final effort to persuade the agency not to challenge their proposed $14 billion deal, according to people familiar with the matter.

Key events this week:
* China loan prime rates, Wednesday
* Nvidia earnings, Wednesday
* Fed’s Lisa Cook and Michelle Bowman speak, Wednesday
* Eurozone consumer confidence, Thursday
* US existing home sales, initial jobless claims, Philadelphia Fed factory index, Thursday
* Eurozone HCOB Manufacturing & Services PMI, Friday
* US University of Michigan consumer sentiment, S&P Global Manufacturing & Services PMI, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World Index rose 0.4%
* Bloomberg Magnificent 7 Total Return Index rose 1.7%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.0595
* The British pound was unchanged at $1.2678
* The Japanese yen was little changed at 154.70 per dollar
Cryptocurrencies
* Bitcoin rose 1.4% to $92,640.14
* Ether fell 1.3% to $3,108.8
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.39%
* Germany’s 10-year yield declined four basis points to 2.34%
* Britain’s 10-year yield declined two basis points to 4.44%
Commodities
* West Texas Intermediate crude rose 0.6% to $69.58 a barrel
* Spot gold rose 0.8% to $2,633.47 an ounce

This story was produced with the assistance of Bloomberg Automation.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Skepticism is the chastity of the intellect, and it is shameful to surrender it too soon or to the first comer: there is nobility
in preserving it coolly and proudly through long youth, until at last, in the ripeness of instinct and discretion,
it can be safely exchanged for fidelity and happiness. –George Santayana, 1863-1952.

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Monday.
On Nov. 17, 1973, President Nixon told an Associated Press managing editors meeting in Orlando, Fla., that “people have got to know whether or not their president is a crook.
Well, I’m not a crook.”  Go to article 

November 18, 1918: Latvia declares independence form Russia in the aftermath of the First World War and the Russian Revolution, marking a pivotal moment in Baltic history.
‘Another piece of the puzzle’: Antarctica’s 1st-ever amber fossil sheds light on dinosaur-era rainforest that covered South Pole 90 million years ago
Until now, Antarctica was the only continent on Earth without any known amber fossils. But sediment cores taken from below the seafloor have revealed a tiny piece of fossilized resin holding fragments of an ancient rainforest that covered the South Pole during the Cretaceous period. Read More.

Meteorite found in a drawer at university contains 700-million-year-old evidence of water on Mars
The Lafayette meteorite was discovered in a drawer at Purdue University in 1931, with no clear indication of how it got there. A new analysis of the rock reveals evidence of liquid water on Mars 742 million years ago. Read More.

35,000-year-old sabre-toothed kitten with preserved whiskers pulled from permafrost in Siberia
Researchers have analyzed mummified remains pulled from Siberia’s permafrost in 2020 and determined they belong to a 3-week-old sabre-toothed kitten that died at least 35,000 years ago. Read More.

Large language models not fit for real-world use, scientists warn — even slight changes cause their world models to collapse
Large language model AIs might seem smart on a surface level but they struggle to actually understand the real world and model it accurately, a new study finds. Read More.

Severe COVID-19 may shrink cancer tumors, early data suggest
Immune cells produced during severe COVID-19 infection may shrink tumors. The unexpected mechanism offers a new therapeutic possibility for advanced and treatment-resistant cancers. Read More.

Beyoncé to perform at halftime show of NFL Christmas Day game
An early Christmas gift? Why, thank you Beyoncé. The singer will perform during the halftime show of the Texans-Ravens game on Christmas Day in her hometown of Houston.

20 of the world’s best soups
Chilly fall days call for savory warm soups. Here are 20 of the world’s best — from Mexico to Thailand — to fill the stomach and the soul.

Watch gifted to Titanic hero fetches record bid at auction
A gold watch gifted to the captain of the ship that rescued more than 700 passengers and crew from the Titanic has sold for nearly $2 million.

Users are quitting X. Here’s where they’re going
X competitor Bluesky rocketed to the top spot on the Apple App Store’s US chart in the wake of the presidential election. CNN chief media analyst Brian Stelter discusses the exodus from Elon Musk’s embattled platform.

PHOTOS OF THE DAY

London, UK
Men dressed as Father Christmas take part in the Ministry of Fun’s annual Santa school training, at the London Postal Museum, which is known for its archives of letters to Santa dating back to 1963
Photograph: Matt Alexander/PA

Wernigerode, Germany
A steam train drives through the autumnal colours of Harz forest
Photograph: Matthias Schräder/AP

A colourful pond cluster at the Huanglong scenic area after snow in the Tibetan-Qiang autonomous prefecture
Photograph: Xinhua/Rex/Shutterstock
Market Closes for November 18, 2024

Market Index	Close	Change
Dow Jones	43389.60	-55.39
		-0.13%
S&P 500	5893.62	+23.00
		+0.39%
NASDAQ	18791.81	+111.69
		+0.60%
TSX	24976.95	+86.27
		+0.35%

International Markets

Market Index	Close	Change
NIKKEI	38436.18	+215.33
		+0.56%
HANG SENG	19576.61	+150.27
		+0.77%
SENSEX	77339.01	-241.30
		-0.31%
FTSE 100*	8109.32	+45.71
		+0.57%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.276	3.278
CND. 30 Year Bond	3.321	3.305
U.S. 10 Year Bond	4.4060	4.4394
U.S. 30 Year Bond	4.6004	4.6170

Currencies

BOC Close	Today	Previous
Canadian $	0.7031	0.7097
US $	1.4023	1.4091

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4854	0.6732
US $	1.0592	0.9481

Commodities

Gold	Close	Previous
London Gold Fix	2571.80	2571.80
Oil
WTI Crude Future	69.16	67.02

Market Commentary:
📈 On this day in 1928: Mickey Mouse debuted on film in the first talking cartoon, Steamboat Willie. Mickey, originally named Mortimer, had been doodled a few months earlier by Walt Disney, as a one-up on the success of a rabbit character he lost control of. Read More.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3% at 24,976.94 in Toronto.
The move follows the previous session’s decrease of 0.6%.
Agnico Eagle Mines Ltd. contributed the most to the index gain, increasing 3.7%.
Energy Fuels Inc/Canada had the largest increase, rising 9.2%.
Today, 144 of 219 shares rose, while 74 fell; 5 of 11 sectors were higher, led by materials stocks.

* This year, the index rose 19%, heading for the best year since 2021
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The S&P/TSX Composite is 0.6% below its 52-week high on Nov. 14, 2024 and 25.4% above its low on Nov. 28, 2023
* The S&P/TSX Composite is up 0.8% in the past 5 days and rose 0.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.7 on a trailing basis and 17.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.92t
* 30-day price volatility fell to 8.40% compared with 8.45% in the previous session and the average of 7.65% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 80.5519| 2.8| 46/4
Energy | 46.9330| 1.1| 33/7
Communication Services | 3.0009| 0.5| 2/3
Consumer Discretionary | 2.9778| 0.4| 4/7
Utilities | 0.4001| 0.0| 7/8
Health Care | -0.3374| -0.4| 2/2
Real Estate | -0.3503| -0.1| 12/8
Financials | -1.4137| 0.0| 18/8
Industrials | -4.0685| -0.1| 11/16
Consumer Staples | -12.1820| -1.2| 1/9
Information Technology | -29.2344| -1.2| 8/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Agnico Eagle Mines Ltd | 14.0100| 3.7| 1.8| 54.4
Bank of Nova Scotia| 12.8500| 2.0| 23.2| 20.0
Cameco | 8.8180| 3.8| 93.3| 37.2
Manulife Financial | -8.9770| -1.6| 47.1| 54.8
Brookfield Corp | -13.9300| -1.7| 14.4| 47.9
Shopify | -37.1700| -2.9| -20.9| 43.9
US
By Rita Nazareth
(Bloomberg) — Stocks climbed as Treasuries halted a selloff that drove 10-year yields near 4.5%, with traders keeping a close eye on news around President-elect Donald Trump’s administration.
The Nasdaq 100 outperformed after its longest rout since January, with Tesla Inc. up 5.6% on a news report Trump’s transition team have told advisers they plan to make a federal framework for fully self-driving vehicles one of the Transportation Department’s priorities.
Nvidia Corp., which reports results this week, fell.
Bonds rose across the US curve, reversing a move that earlier drove 30-year yields to their May highs.
Bitcoin topped $91,000.
“Traders appear to be gauging the potential impact of a new Trump administration’s policies on the economy, and the possibility that the Fed may slow down its rate-cutting campaign,” said Chris Larkin at E*TRADE from Morgan Stanley.
“With a relatively light economic calendar this week, the focus will shift to earnings — especially Nvidia’s, which have the potential to dictate the market’s short-term momentum.”
The S&P 500 rose 0.4%.
The Nasdaq 100 climbed 0.7%.
The Dow Jones Industrial Average fell 0.1%.
Treasury 10-year yields declined three basis points to 4.41%.
The Bloomberg Dollar Spot Index slid 0.4%.

Corporate Highlights:
* Nvidia Corp. dropped after the Information reported that the chip giant has asked its suppliers to change the design of the server racks for its new Blackwell graphics processing unit due to an overheating problem.
* Super Micro Computer Inc. climbed as the server maker approaches a Monday deadline to either file a delayed 10-K annual report or submit a plan to file the form to Nasdaq in order to remain listed on the exchange.
* MicroStrategy Inc. bought about 51,780 Bitcoin for around $4.6 billion, the largest purchase by the crypto hedge-fund proxy since it began acquiring the digital-asset more than four years ago.
* Spirit Airlines Inc. has filed for bankruptcy in the wake of greater competition from rival carriers and financial troubles following its scuttled merger with JetBlue Airways Corp.
* CVS Health Corp. named Glenview Capital Management founder Larry Robbins to its board as part of an agreement with the activist firm that’s been pressuring the company for change.
* President-elect Donald Trump nominated Chris Wright, the chief executive officer of Liberty Energy Inc., to lead the Energy Department.
* Newmont Corp. agreed to sell its Musselwhite gold mine in Ontario to Orla Mining Ltd. for up to $850 million as part of a divestment campaign designed to boost shareholder returns.
* Hewlett Packard Enterprise Co. was upgraded at Raymond James to strong buy from outperform.
* Moderna Inc. was upgraded to buy from hold at HSBC, with analysts saying the market isn’t giving enough credit to the firm’s pipeline.
* Biogen Inc. was downgraded to hold from buy at Needham, which said it does not see a “meaningful source of upside” for the stock in the next 12 months.

Key events this week:
* Eurozone CPI, Tuesday
* US housing starts, Tuesday
* Fed’s Jeff Schmid speaks, Tuesday
* China loan prime rates, Wednesday
* Nvidia earnings, Wednesday
* Fed’s Lisa Cook and Michelle Bowman speak, Wednesday
* Eurozone consumer confidence, Thursday
* US existing home sales, initial jobless claims, Philadelphia Fed factory index, Thursday
* Eurozone HCOB Manufacturing & Services PMI, Friday
* US University of Michigan consumer sentiment, S&P Global Manufacturing & Services PMI, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World Index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.5% to $1.0592
* The British pound rose 0.5% to $1.2675
* The Japanese yen fell 0.2% to 154.59 per dollar
Cryptocurrencies
* Bitcoin rose 2.7% to $91,560.89
* Ether rose 3.1% to $3,157.45
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.41%
* Germany’s 10-year yield advanced two basis points to 2.37%
* Britain’s 10-year yield was little changed at 4.47%
Commodities
* West Texas Intermediate crude rose 3.1% to $69.07 a barrel
* Spot gold rose 1.8% to $2,610.41 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
People rarely succeed unless they have fun in what they are doing. -Dale Carnegie, 1888-1955.

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.  Full moon tonight!
Look up at the night sky this weekend for a celestial double feature. November’s full moon will shine bright today as the last supermoon of the year. Sky-gazers may also be able to see the Leonid meteor shower as it reaches its peak on Saturday night into early Sunday.

November 15, 1904: King C. Gillette patents the Gillette razor blade, transforming personal grooming with affordable, disposable blades.
November 15, 1988 The Palestine National Council, the legislative body of the PLO, proclaimed the establishment of an independent Palestinian state. Go to article .

1943: Gypsies condemned by Himmler; up to 500,000 killed.
Georgia O’Keefe, artist, b. 1887.

The Lewis and Clark Expedition reaches the Pacific Ocean at the mouth of the Columbia River in 1805, 18 months and one day after leaving St. Louis in search of the “Northwest Passage” to the sea. The site is commemorated by a state park near what is now Chinook, Pacific County, on Highway 101. Captains Meriwether Lewis and William Clark wanted to find a short, easy portage that would connect the Missouri River with the Columbia. Instead, they found a daunting range of mountains that took weeks to cross. Lewis and Clark achieve many of their objectives, including following the Columbia to the sea and laying the groundwork for Western expansion. The real reason Starbucks is bringing back self-serve milk and sugar:  Starbucks customized drinks overwhelmed workers. Now the company wants you to add your own sugar and milk. 12,000-year-old, doughnut-shaped pebbles may be early evidence of the wheel The wheel was likely invented around 6,000 years ago, but a new analysis of curious rocks from Israel suggests that wheel-like technologies existed even earlier. Rare gladiator-shaped knife handle discovered by Hadrian’s Wall It’s rare to find gladiator memorabilia from Roman Britain, but archaeologists by Hadrian’s Wall have just found a 2,000-year-old knife handle depicting a left-handed fighter. 3D map reveals our solar system’s local bubble has an ‘escape tunnel’ A 3D map of our cosmic neighborhood has revealed hot and cold regions as well as an “escape tunnel” from our local bubble. ‘Edge of chaos’ neuroscience theory could lead to superfast computing chips that behave like superconductors By tapping into the enigmatic theory of how neurons transmit signals, scientists have proven they can one day build computer chips with near-zero electrical resistance. It would be easier to find aliens in a parallel universe than in our own, new multiverse study claims A new model based on the famous alien-hunting Drake equation suggests that some parallel universes within the hypothetical “multiverse” could have higher chances of containing extraterrestrial life than our universe. James Webb Space Telescope discovers mysterious ‘red monster’ galaxies so large they shouldn’t exist The James Webb telescope has spotted three gigantic “red monster” galaxies that were spawned soon after the Big Bang. They’re so large they could rewrite the laws of galactic evolution.

PHOTOS OF THE DAY

A flock of bird’s flies at sunrise over Hongze Lake wetland reserve in Suqian, China
Photograph: Costfoto/NurPhoto/Rex/Shutterstock

San Antonio de Areco, Argentina
A woman rides a horse on Tradition Day, an event that marks the birth of the celebrated Argentinian writer José Hernández and aims to preserve the rural gaucho culture he championed
Photograph: Natacha Pisarenko/AP

​​​​​​​A new species of nudibranch nicknamed the “mystery mollusc” has been discovered by researchers in California, US, in the Pacific’s deep-sea midnight zone. Researchers at the Monterey Bay Aquarium Research Institute found it at 8,576ft deep and spent years documenting the sea slug
Photograph: MBARI
Market Closes for November 15, 2024

Market Index	Close	Change
Dow Jones	43444.99	-305.87
		-0.70%
S&P 500	5870.63	-78.55
		-1.32%
NASDAQ	18680.12	-427.53
		-2.24%
TSX	24890.68	-158.99
		-0.63%

International Markets

Market Index	Close	Change
NIKKEI	38642.91	+107.21
		+0.28%
HANG SENG	19426.34	-9.47
		-0.05%
SENSEX	77580.31	-110.64
		-0.14%
FTSE 100*	8063.61	-7.58
		-0.09%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.278	3.283
CND. 30 Year Bond	3.305	3.290
U.S. 10 Year Bond	4.4394	4.4354
U.S. 30 Year Bond	4.6170	4.5868

Currencies

BOC Close	Today	Previous
Canadian $	0.7097	0.7108
US $	1.4091	1.4068

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4855	0.6732
US $	1.0542	0.9486

Commodities

Gold	Close	Previous
London Gold Fix	2571.80	2567.30
Oil
WTI Crude Future	67.02	68.70

Market Commentary:
📈 On this day in 2016, Snap filed paperwork for its initial public offering. The Snapchat owner went on to sell shares with no voting rights, a major test of investor appetite for highflying tech stocks. Eight years later, the company’s market cap is $18 billion, below the nearly $24 billion valuation hit in the IPO.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.6% at 24,890.68 in Toronto.
The move was the biggest since falling 1.4% on Oct. 31 and follows the previous session’s increase of 0.2%.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 2.6%.
Advantage Energy Ltd. had the largest drop, falling 4.9%.
Today, 142 of 220 shares fell, while 75 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index rose 19%, heading for the best year since 2021
* So far this week, the index rose 0.5%
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The S&P/TSX Composite is 1% below its 52-week high on Nov. 14, 2024 and 25% above its low on Nov. 28, 2023
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 17.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.95t
* 30-day price volatility rose to 8.45% compared with 8.38% in the previous session and the average of 7.68% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -45.4579| -0.6| 8/19
Energy | -40.2110| -0.9| 15/26
Industrials | -27.8667| -0.9| 10/17
Materials | -22.1122| -0.8| 8/39
Information Technology | -12.0817| -0.5| 2/8
Consumer Staples | -9.8657| -1.0| 6/4
Real Estate | -1.6551| -0.3| 8/12
Health Care | -0.7489| -1.0| 1/3
Communication Services | -0.3920| -0.1| 2/3
Consumer Discretionary | 0.3537| 0.0| 7/4
Utilities | 1.0446| 0.1| 8/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Natural Resources | -18.4800| -2.6| 154.7| 7.4
Canadian Pacific Kansas | -15.7500| -2.3| 47.5| -0.5
Brookfield Corp | -13.2100| -1.6| 46.0| 50.5
Dollarama | 2.1160| 0.7| 43.2| 55.1
Cameco | 2.5610| 1.1| 180.1| 32.1
TC Energy | 2.9070| 0.6| -34.2| 46.4
US
By Stephen Kirkland and Margaryta Kirakosian
(Bloomberg) — Stocks fell on Friday, closing out the worst week in more than two months, as Trump trades lost steam and investors bet the Federal Reserve will have to slow the pace of policy easing.
The S&P 500 ended off session lows, with tech stocks leading declines.
The benchmark has now erased over half of the trough-to-peak gains it notched after the US presidential election.
Traders see slightly more than even odds of a quarter-point cut next month following comments by Jerome Powell this week indicating the Fed was in no hurry to lower rates and a report Friday on October retail sales that included large upside revisions to the prior month.
As the initial euphoria about President-elect Donald Trump’s pro-business agenda begins to fade, investors are coming to terms with the costs of his fiscal plans and their potential to reignite inflation.
“It will come at the expense of potentially larger budget deficits, potentially larger debt and there is also the inflation dimension,” said Charles-Henry Monchau, chief investment officer at Banque Syz & Co.
“There’s been a realization that there is a price to pay for this.”
For the week, the S&P 500 was down 2.1% and the tech-heavy Nasdaq 100 dropped more than 3%, both posting the biggest declines for the period since Sept. 6. On Friday, shares of all “Magnificent Seven” mega caps retreated except Elon Musk’s Tesla Inc., with Amazon.com Inc., Nvidia Corp. and Meta Platforms Inc. sliding more than 3%.
Applied Materials Inc., the largest US maker of chip-manufacturing equipment, suffered its worst stock decline in a month after giving a disappointing revenue forecast.
Late Friday, traders priced about a 56% chance the Fed will deliver a quarter-point reduction at its December meeting, down from 80% earlier this week.
Bets on cuts were pared after Powell warned Thursday that the central bank may take its time easing policy.
Boston Fed President Susan Collins said Friday a December cut remained on the table, emphasizing the central bank’s decision will be guided by incoming data.
Chicago Fed chief Austan Goolsbee said as long as inflation continues down toward the central bank’s 2% goal, rates will be “a lot” lower over the next 12-18 months.
He agreed with Powell, however, noting policymakers aren’t in a hurry to lower borrowing costs.
“The market is expensive and I think Powell’s speech last night basically saying that Fed officials don’t need to rush to lower rates, that’s probably the main reason why we’re selling off specifically today,” John Davi, CEO and CIO at Astoria Advisors, said by phone. “The higher rates go, the more equity risk premiums tilt more in the favor of bonds.”
Treasuries initially sold off after the retail sales data, pushing 10-year yields up to 4.5%, the highest since May 31.
That lured buyer, sending yields back down around 4.44%.
The greenback eased off two-year highs but headed for its seventh straight weekly gain.
Meanwhile, drugmakers Moderna Inc. and Pfizer Inc. came under pressure in New York trading after Trump named a prominent vaccine skeptic Robert F. Kennedy Jr. to a top health-policy role. 

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.4%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World Index fell 1.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro was little changed at $1.0524
* The British pound fell 0.5% to $1.2606
* The Japanese yen rose 1.2% to 154.33 per dollar
Cryptocurrencies
* Bitcoin rose 3.4% to $91,206.26
* Ether fell 1% to $3,087.74
Bonds
* The yield on 10-year Treasuries was little changed at 4.44%
* Germany’s 10-year yield advanced one basis point to 2.36%
* Britain’s 10-year yield declined one basis point to 4.47%
Commodities
* West Texas Intermediate crude fell 2.4% to $67.02 a barrel
* Spot gold was little changed

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Allegra Catelli, Emily Graffeo and Sujata Rao.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Finally, all of you, be like-minded, be sympathetic, love one another, be compassionate and humble. -1 Peter 3:8.

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday Eve.

November 14, 1856: American Gail Borden is issued a patent for condensed milk technology, revolutionising food preservation and becoming essential for soldiers, travelers, and bakers worldwide.

November 14, 1666: First blood transfusion.

King Charles, b. 1948.
Claude Monet, artist, b. 1840.Aaron Copeland, composer, b.1900

Mike Tyson returns to professional boxing 19 years after his last bout
At 58 years old, Mike Tyson will return to the ring Friday to face off against 27-year-old YouTube boxer Jake Paul. Medical experts say the fight comes with potential neurological risks for the former heavyweight champion.

‘Only in Australia’: Couple comes home to find koala in bed
Rest assured, this adorable koala found its way back outside after exploring a couple’s home.

Quincy Jones’ cause of death revealed
Legendary musician, composer and producer Quincy Jones died from pancreatic cancer, according to his death certificate.

100 feet: That’s the length of the world’s largest coral that was recently discovered in the southwest Pacific Ocean, scientists announced Wednesday. Unlike a reef, which consists of many colonies, this coral is a single specimen that has grown continuously for centuries.

‘Medieval’ King Arthur site is 4,000 years older than we thought
The discovery suggests the mysterious “King Arthur’s Hall” in England is older than Stonehenge. Read More.

Researchers spot rare ‘triple-ring’ galaxy that defies explanation
A recently shared image of a distant galaxy surrounded by three concentric rings challenges our understanding of galactic taxonomy. Read More.

IBM’s newest 156-qubit quantum chip can run 50 times faster than its predecessor — equipping it for scientific research
When combined with Qiskit software tools, the 156-qubit R2 Heron quantum processor can perform 5,000 two-qubit gate operations — double the previous best — meaning it’s ready for complex quantum computations, IBM scientists say. Read More.

An asteroid hit Earth just hours after being detected. It was the 3rd ‘imminent impactor’ of 2024
A small asteroid burned up in Earth’s atmosphere off the coast of California just hours after being discovered and before impact monitoring systems had registered its trajectory. Read More.

PHOTOS OF THE DAY

Solomon Islands
A diver swimming over the world’s largest coral, located near the Pacific archipelago
Photograph: Manu San Felix/National Geographic Pristine Seas/AFP/Getty Images

Blackpool, UK
Blackpool Tower surrounded by fog
Photograph: Peter Byrne/PA

Grangemouth, Scotland
A bird flies near the Grangemouth oil refinery complex.
Photograph: Murdo MacLeod/The Guardian
Market Closes for November 14, 2024

Market Index	Close	Change
Dow Jones	43750.86	-207.33
		-0.47%
S&P 500	5949.17	-36.21
		-0.61%
NASDAQ	19107.65	-123.07
		-0.64%
TSX	25049.67	+60.65
		+0.24%

International Markets

Market Index	Close	Change
NIKKEI	38535.70	-185.96
		-0.48%
HANG SENG	19435.81	-387.64
		-1.96%
SENSEX	77690.95	-984.23
		-1.25%
FTSE 100*	8071.19	+40.86
		+0.51%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.283	3.315
CND. 30 Year Bond	3.290	3.318
U.S. 10 Year Bond	4.4354	4.4610
U.S. 30 Year Bond	4.5868	4.6456

Currencies

BOC Close	Today	Previous
Canadian $	0.7108	0.7168
US $	1.4068	1.3951

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4810	0.6752
US $	1.0528	0.9498

Commodities

Gold	Close	Previous
London Gold Fix	2567.30	2606.85
Oil
WTI Crude Future	68.70	68.43

Market Commentary:
📈 On this day in 1896, the Horseless Age magazine reported that Great Britain had abolished the “red flag law.” That law had required motorists to be preceded by a person on foot waving a red flag, as a warning to other road users that an automobile was approaching.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.2%, or 60.65 to 25,049.67 in Toronto.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.5%.
AtkinsRealis Group Inc. had the largest increase, rising 15.7%.
Today, 136 of 220 shares rose, while 80 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* This year, the index rose 20%, heading for the best year since 2021
* So far this week, the index rose 1.2%
* The index advanced 25% in the past 52 weeks. The MSCI AC Americas Index gained 32% in the same period
* The S&P/TSX Composite is at its 52-week high and 26.1% above its low on Nov. 14, 2023
* The S&P/TSX Composite is up 0.8% in the past 5 days and rose 2.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 17.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.94t
* 30-day price volatility fell to 8.38% compared with 8.42% in the previous session and the average of 7.65% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 80.5341| 1.9| 32/7
Financials | 46.8012| 0.6| 20/7
Materials | 28.6247| 1.0| 37/13
Consumer Staples | 12.0931| 1.2| 4/6
Utilities | 6.4913| 0.7| 11/3
Consumer Discretionary | 1.6901| 0.2| 7/4
Health Care | -0.6443| -0.8| 1/3
Real Estate | -0.9185| -0.2| 9/10
Communication Services | -6.2243| -0.9| 1/4
Industrials | -9.6664| -0.3| 14/13
Information Technology | -98.1168| -3.8| 0/10
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Canadian Natural Resources | 17.1400| 2.5| 18.7| 10.2
Enbridge | 16.1700| 1.8| -19.5| 27.0
Couche-Tard | 14.2900| 3.3| 131.4| 4.2
CGI Inc | -9.5510| -4.3| 200.0| 6.0
Constellation Software | -11.7100| -1.9| 9.0| 36.6
Shopify | -65.8900| -4.8| 12.7| 48.7
US
By Rita Nazareth
(Bloomberg) — Stocks extended losses after Jerome Powell signaled the Federal Reserve is in no rush to cut rates as the economy is holding up.
The equity market closed near session lows, US two-year yields spiked and the dollar climbed after Powell’s remarks.
Traders dialed back bets on a December rate reduction to around 55% — from 80% in the previous day.
“Powell’s speech was hawkish,” said Neil Dutta at Renaissance Macro Research.
“I think they will still cut in December since policy remains restrictive and they want to get to a neutral setting. That said, on the economy, I think Powell (and the broader consensus) is complacent. There is more downside risk in the near-term than is being appreciated.”
To Quincy Krosby at LPL Financial, while it’s expected that the last mile towards price stability will be bumpy, Powell reminded markets that once again the Fed will not deliver the series of rate cuts they want, unless of course the labor market deteriorates.
Several policymakers have urged a cautious approach to further rate cuts in comments this week, in light of a strong economy, lingering inflation concerns and broad uncertainty.
Their comments come at a time when the equity market is showing signs of fatigue following a post-election surge that spurred calls for a pause, with several measures highlighting “stretched” trader optimism.
The S&P 500 dropped 0.6%.
The Nasdaq 100 slipped 0.7%.
The Dow Jones Industrial Average lost 0.5%.
Automakers like Tesla Inc. and Rivian Automotive Inc. slumped as Reuters reported President-elect Donald Trump plans to eliminate the $7,500 consumer tax credit for electric-vehicle purchases.
Walt Disney Co. jumped on a profit beat.
Treasury two-year yields rose seven basis points to 4.36%.
The Bloomberg Dollar Spot Index added 0.3%.
Equities lost steam after a strong post-election rally that reflected optimism that Trump’s agenda would support corporate growth.
While many investors seem reluctant to sell just yet, caution is warranted, according to Fawad Razaqzada at City Index and Forex.com.
The S&P 500 is clearly overbought by several metrics, signaling that a correction or consolidation may be due, he noted.
“Although a full-fledged selloff appears unlikely without the index first breaking multiple support levels, current conditions suggest a modest pullback may be in order for the S&P 500,” Razaqzada added.
“For seasoned traders, a short-term pullback could offer buying opportunities, though a clear trend reversal signal has yet to emerge.”
The S&P 500 may reach 6,100 before year-end amid enthusiasm over the Republican sweep of the White House and Congress, but pushing beyond that level may be challenging in the near term, according to Mike Wilson at Morgan Stanley.
The gauge closed at 5,949.17 Thursday.
The market may be pressured by any backup in benchmark borrowing rates, or expectations of less aggressive monetary easing by the Fed, Wilson said in an interview to Bloomberg
Television, adding that pullbacks will probably be seen as buying opportunities.
The US equity benchmark is likely to grind higher into year-end — with a market melt-up possible, but not a base case, according to UBS Group AG strategists including Maxwell Grinacoff.
With Commodity Trading Advisor funds already positioned max long, marginal upside from option dealer short gamma positioning and the Trump re-election well priced, a market grind higher is a more likely scenario, they noted.
Societe Generale SA strategists including Andrew Lapthorne see US equities as “undeniably expensive” but say valuation conversations “are increasingly rare.”
The US represents about 74% of the MSCI World market cap, also a record high.
“This is almost entirely down to the valuation premium, without which the US would be closer to 50% of MSCI World.”
While the stock market has mostly ignored the recent move higher in bond yields as economic growth holds up, it’s still something worth keeping an eye on.
Higher odds of a December Fed cut increase the chances that an already firm economy will strengthen further, according to Dennis DeBusschere at 22V Research.
Economic data needs to stay consistent with growth of around 2.5% (or lower) for 10-year yields to stay where they are, he added.
“Our call is 10-year yields remain around current levels, but growth above 2.5% will lead to higher yields and a potential break above 4.55%,” DeBusschere noted.
“That level of yield would be a headwind for small caps, debt risk names, and other riskier factors as it happens.”
In fact, while Trump’s victory in the US election propelled the Russell 2000 of smaller firms back toward levels last seen three years ago, an overhang from interest rates remain a hurdle.
Morgan Stanley’s Wilson this week said a key risk for small caps present now that was not in 2016 is the market’s negative correlation to rates, while it was positive eight years ago when Trump first captured the White House.
The Russell 2000 rose 60% during Trump’s first term, though still trailing the S&P 500 and the Nasdaq 100 indexes.
“In other words, in today’s later-cycle environment, these cohorts’ adverse sensitivity to rising rates is greater than it was in that period,” he warned clients in a note.
“Should rates see more upside post the election, these cohorts could be held back from a relative performance standpoint.”
The potential for renewed inflation is being considered, though even hotter US data is unlikely to derail the risk-on mood since there’s another inflation print in December ahead of the next Fed meeting, according to JPMorgan Chase & Co.’s Andrew Tyler.

Corporate Highlights:
* Hims & Hers Health Inc. sank after Amazon.com Inc. said it would start marketing drugs to fight hair loss, an important component of the telehealth company’s business.
* Meta Platforms Inc. was hit with a €798 million ($841 million) fine by European Union regulators by tying its Facebook Marketplace service to its sprawling social network, the US tech giant’s first ever penalty for EU antitrust violations.
* ASML Holding NV, the Dutch maker of advanced chip-making machines that are critical to global supply chains, reaffirmed its long-term revenue outlook as it bets on an artificial intelligence-driven boom in semiconductor demand.
* Ford Motor Co. agreed to a $165 million civil penalty to settle allegations the company failed to recall cars with defective rearview cameras in a timely manner, the second largest fine ever levied by the National Highway Traffic Safety Administration.
* Merck & Co. licensed an experimental cancer antibody from a closely held Chinese company in a deal worth $588 million upfront, plus as much as $2.7 billion in milestone payments.
* General Mills Inc., known for cereal brands such as Cheerios, made its fifth acquisition in the pet food sector since 2018 by buying the North American unit of Whitebridge Pet Brands in a deal valued at $1.45 billion.
* Capri Holdings Ltd and Tapestry Inc. scrapped their $8.5 billion plan to merge after a court order froze the proposed combination of the US fashion companies due to antitrust regulators’ objections.
* JD.com Inc.’s quarterly revenue rose 5.1%, a moderate expansion that suggests Chinese consumers are only cautiously spending again as Beijing tries to revitalize the economy.

Key events this week:
* China retail sales, industrial production, Friday
* US retail sales, Empire manufacturing, industrial production, 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 0.7%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World Index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.4% to $1.0522
* The British pound fell 0.4% to $1.2658
* The Japanese yen fell 0.5% to 156.29 per dollar
Cryptocurrencies
* Bitcoin fell 1.1% to $87,670.54
* Ether fell 1.7% to $3,100.76
Bonds
* The yield on 10-year Treasuries declined one basis point to 4.44%
* Germany’s 10-year yield declined five basis points to 2.34%
* Britain’s 10-year yield declined four basis points to 4.48%
Commodities
* West Texas Intermediate crude rose 0.2% to $68.58 a barrel
* Spot gold fell 0.2% to $2,567.40 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
The art of governing consists in not letting men grow old in their jobs. -Napoleon Bonaparte, 1769-1821.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
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Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

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