April 13, 2022 Newsletter

Dear Friends,

Tangents:
On April 13, 1970, Apollo 13, four-fifths of the way to the moon, was crippled when a tank containing liquid oxygen burst.
(The astronauts managed to return safely.)  Go to article »

Kurt Cobain’s guitar from ‘Smells Like Teen Spirit’ to be sold at auction.  Smells like money. This iconic piece of Nirvana’s history is expected to fetch up to $800,000.

Toyota finally has an electric vehicle.  It’s a bit strange that America’s best-selling automaker — and pioneer in hybrids with the Prius — waited until now to sell an EV in the US. But a positive milestone, nonetheless! 

Lululemon wants your used workout clothes.  The company is asking for gently used items. Key word: gently.

PHOTOS OF THE DAY

Members of the public enjoy a tea dance at the Royal Albert Hall
CREDIT: Sarah Lee/The Guardian

A rescued pangolin named Stevie looks for food as part as his rehabilitation process in an undisclosed location. Pangolins are believed to be the most trafficked mammals because of their supposed medicinal properties
CREDIT: Guillem Sartorio/AFP/Getty Images

A visitor looks at a street art creation by French artist brothers Ensemble Reel on display during the second edition of the Colors festival
CREDIT: Emmanuel Dunand/AFP/Getty Images

Market Closes for April 13^th, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1945, as the market absorbed the news of President Franklin D. Roosevelt’s death the day before, the Dow Jones Industrial Average rose nearly 1% to close at 159.75.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian stocks rose Wednesday on a broad rally in commodity prices including oil and natural gas as well as base metals like zinc and aluminum. Materials stocks led the S&P/TSX Composite 0.6% higher to close at 21,838.02 in Toronto.
The move was the biggest gain since April 4 and follows the previous session’s decrease of 0.3%.
Teck Resources Ltd. contributed the most to the index gain, increasing 7.1%. Ero Copper Corp. had the largest increase, rising 7.5%.
Today, 181 of 239 shares rose, while 55 fell; 8 of 11 sectors were higher, led by materials stocks.
Insights
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 6.1% in the same period
* The S&P/TSX Composite is 1.7% below its 52-week high on April 5, 2022 and 15.1% above its low on April 20, 2021
* The S&P/TSX Composite is little changed in the past 5 days and rose 1.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 13.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.47t
* 30-day price volatility rose to 10.73% compared with 10.63% in the previous session and the average of 12.28% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 48.6648| 1.6| 45/7
* Energy | 36.0647| 1.0| 28/6
* Industrials | 24.4557| 1.0| 24/6
* Information Technology | 21.5760| 1.6| 14/2
* Real Estate | 6.0216| 1.0| 22/1
* Consumer Discretionary | 4.9193| 0.7| 10/4
* Health Care | 1.0830| 0.8| 7/1
* Communication Services | 0.1418| 0.0| 6/1
* Utilities | -1.1329| -0.1| 8/8
* Consumer Staples | -4.6472| -0.6| 6/5
* Financials | -14.5410| -0.2| 11/14
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Teck Resources | 11.6600| 7.1| 21.5| 50.6
* Canadian National | 11.5700| 1.8| -27.9| 1.7
* Shopify | 9.3570| 1.6| -29.7| -56.4
* Bank of Nova Scotia| -4.2230| -0.6| -53.1| -4.8
* Waste Connections | -5.8870| -1.8| 7.2| 1.9
* TD Bank | -9.2830| -0.8| 46.1| -3.2
================================================================
US
By Rita Nazareth
(Bloomberg) — Technology companies led gains in stocks, with bond traders paring aggressive bets on Federal Reserve hikes amid speculation that inflation may be near a peak.
Investors also weighed the start of the earnings season against geopolitical risks.
The S&P 500 halted a three-day drop, while the tech-heavy Nasdaq 100 outperformed. Another decline in Treasury two-year yields — which are more sensitive to imminent monetary-policy decisions — took this
week’s slide to about 16 basis points.
The loonie rose after the Bank of Canada raised its interest rate by half a percentage point in its biggest increase in more than two decades. Oil traded above $100 a barrel.
Bond yields fell even after data showing prices paid to U.S. producers jumped the most on record, topping all estimates.
That stands in contrast with the latest consumer-price report, which showed a softening in the pace of core inflation. For analysts, the big moves across the front-end of the Treasury market reflect easing bets on how far the Fed will tighten policy in the current business cycle.
“U.S. stocks are rebounding as the bond-market selloff appears to be over for now,” said Ed Moya, senior market analyst at Oanda. “Fed rate hike expectations will get tested in the coming months, and many traders are concerned that geopolitical and inflation risks will force them to be less aggressive with monetary tightening later this year.”

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 2%
* The Dow Jones Industrial Average rose 1%
* The MSCI World index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.5% to $1.0885
* The British pound rose 0.8% to $1.3111
* The Japanese yen fell 0.2% to 125.66 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 2.70%
* Germany’s 10-year yield declined two basis points to 0.77%
* Britain’s 10-year yield was little changed at 1.80%
Commodities
* West Texas Intermediate crude rose 3.7% to $104.34 a barrel
* Gold futures rose 0.2% to $1,980.50 an ounce

–With assistance from Andreea Papuc, Abigail Moses, Vildana Hajric and Isabelle Lee.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Enjoy the little things in life, for one day you’ll look back and realise they were the big things. -Kurt Vonnegut, 1922-2007.

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

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

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com