May 6, 2022 Newsletter

Dear Friends,

Tangents: Happy Friday. 

May 6, 1527: Sack of Rome.
1955: West Germany joins NATO.
On May 6, 1937, the hydrogen-filled German dirigible Hindenburg burned and crashed in Lakehurst, N.J., killing 36 of the 97 people on board.  Go to article »
2004: The final episode of the television sitcom Friends aired and was watched by more than 52 million viewers.

Sigmund Freud, founder of psychoanalysis, b. 1856.
Orson Welles, actor/director, b.1915.
George Clooney, b. 1961.

Passenger opens emergency exit and walks on wing of plane at Chicago airport.  Another crazy airport story. Can we all just fly in peace? 

See priest’s reaction when 7-year-old chugs first communion wine.  Is it Happy Hour? Check out the funny viral video here.

A weak solar storm could brush past Earth on Saturday (May 7), potentially leading to minor radio blackouts, the National Oceanic and Atmospheric Administration (NOAA) reported in a new space weather forecast.  Continuing a months-long spate of heightened activity, the sun is currently crackling with powerful solar flares, which are often accompanied by giant explosions of plasma known as coronal mass ejections (CMEs). When CMEs pass over Earth, they can temporarily compress our planet’s magnetic shield, resulting in geomagnetic storms that can knock out power grids, muddle radio waves and damage satellites in their path.
Full Story: Live Science (5/6) 
 

Happy Mother’s Day for Sunday to all the Moms out there.
The First Mother’s Day – Proclamation: Mother’s Peace Day, May 8^th.  “Arise, then women of this day!  Arise all women who have hearts, whether your baptism be that of water or tears!  Say firmly:  ‘We will not have great questions decided by irrelevant agencies.  Our husbands shall not come to us, reeking with carnage, for caresses and applause.  Our sons shall not be taken from us to unlearn all that we have taught them of charity, mercy and patience.  We women of one country will be too tender to those of another country to allow our sons to be trained to injure theirs.’  From the bosom of the devastated earth, a voice goes up with our own.  It says, ‘Disarm, Disarm!’  The sword of murder is not the balance of justice.  Blood does not wipe out dishonor, nor violence indicate possession.  As men have often forsaken the plow and the anvil at he summons of war, let women now leave all that may be left of home for a great and earnest day of counsel.  Let them meet first, as women, to bewail and commemorate the dead.  Let them solemnly take counsel with each other as to the means whereby the great human family can live in peace, each bearing after his own time the sacred impress, not of Caesars but of God.
  In the name of womanhood and of humanity, I earnestly ask that a general congress of women without limit of nationality be appointed and held at some place deemed most convenient and at the earliest period consistent with its objects, to promote the alliance of the different nationalities, the amicable settlement of international questions, the great and general  interests of peace.” – Julia Ward Howe, 1870.
Julia Ward Howe was born May 27, 1819, in New York City.   A passionate defender of equal rights, she wrote the Battle Hymn of the Republic and was the first woman elected to the American Academy of Arts and Letters.  This proclamation marked the day Howe organized to encourage mothers worldwide to rally for peace.  It is important to remember that Mother’s Day began as a day to celebrate peace, before it was hijacked by commercial interests, especially this Mother’s Day.

PHOTOS OF THE DAY

Alla hugs her son Savelii near the grave of Ihor Krotkih, her husband, in Irpin. Krotkih was killed during the Russian occupation of the city. His older son Vladsylav and his brother Yurii were badly injured in the battle as they tried to evacuate him. The practice of visiting relatives’ graves the week after orthodox Easter, a tradition referred to as hrobki or provody, held added poignancy as the country mourned the civilians and soldiers lost to the war with Russia.
CREDIT: Alexey Furman/Getty Images

Natalia Pototska, with her grandson Matviy, at a centre for displaced people in Zaporizhzhia.
CREDIT:  Evgeniy Maloletka/AP

Two women visit the grave of fallen soldier Rostyslav Dumansky, who was killed on 16 March, at the Lychakiv cemetery reserved for fallen soldiers from the Russian invasion.
CREDIT: Leon Neal/Getty Images

Market Closes for May 6^th, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1929, just in time to lure investors into the worst stock decline in modern history, the Luxembourg Stock Exchange opened for trading. As a special favor to his subjects, the Grand Duke of Luxembourg structured the stock exchange as a stock corporation owned 20% by members of the public
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities slumped for a second straight day as technology stocks fell to their lowest point in two years as Shopify continued its tumble.
The S&P/TSX Composite dropped 0.3%, or 62.89, to 20,633.28 in Toronto.
The index dropped to the lowest closing level since Jan. 27.
Shopify Inc. contributed the most to the index decline and had the largest move, decreasing 8.2%.
Today, 160 of 239 shares fell, while 79 rose; 8 of 11 sectors were lower, led by information-technology stocks.
Insights
* The index fell 0.6% this week
* The index advanced 7% in the past 52 weeks. The MSCI AC Americas Index lost 3.3% in the same period
* The S&P/TSX Composite is 7.1% below its 52-week high on April 5, 2022 and 8.2% above its low on May 13, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.7 on a trailing basis and 12.9 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$3.31t
* 30-day price volatility fell to 15.84% compared with 15.92% in the previous session and the average of 12.28% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -36.1802| -3.2| 4/12
* Financials | -29.9713| -0.5| 6/22
* Materials | -18.7578| -0.7| 13/39
* Industrials | -9.1298| -0.4| 11/19
* Real Estate | -5.9729| -1.1| 3/20
* Consumer Discretionary | -5.2289| -0.8| 5/9
* Health Care | -2.5843| -2.2| 2/6
* Consumer Staples | -1.9847| -0.2| 2/9
* Communication Services | 7.8341| 0.7| 4/3
* Utilities | 8.5960| 0.9| 13/3
* Energy | 30.5039| 0.8| 16/18
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -34.1400| -8.2| 44.5| -72.1
* Canadian National | -8.1700| -1.3| 99.8| -3.5
* Brookfield Asset Management | -7.4270| -1.2| 39.7| -18.3
* TC Energy | 6.5400| 1.4| -19.8| 21.4
* Pembina Pipeline | 6.6170| 3.6| 0.7| 32.3
* Enbridge | 17.2700| 2.2| 107.1| 18.3

US
By Rita Nazareth
(Bloomberg) — Volatility continued to dominate financial markets, with stocks pushing lower as the latest U.S. jobs data cemented expectations the Federal Reserve will remain on its rate-hike path to combat stubbornly high inflation.
At the end of a week marked by fickle trading, quick reversals and heightened anxiety, the S&P 500 failed to stay in the green and fell to its lowest level in about a year.
The gauge posted its fifth straight weekly drop — the longest losing streak since June 2011.
The tech-heavy Nasdaq 100 underperformed.
Treasury 10-year yields remained above 3%, while the dollar rose.
Gasoline futures in New York settled at a record high.
“The markets have been on a roller-coaster ride,” said Lindsey Bell, chief markets and money strategist at Ally. “There is a significant amount of uncertainty. A key question for many investors is how big of a hurdle a quickly rising interest-rate environment is going to be for stocks to overcome.”
The long-awaited jobs report showed U.S. hiring advanced at a robust pace in April, yet a smaller labor force may increase pressure on employers to boost wages even more to bring workers back.
That dynamic will likely complicate the Fed’s fight to tame decades-high inflation, as central bankers work to bring labor demand in line with supply.
Fed Bank of Richmond President Thomas Barkin said he would not take anything off the table in the central bank’s fight to curb inflation, including raising interest rates by 75 basis points — an option downplayed
by Chair Jerome Powell.

More comments:
* “Investors just can’t confidently buy stocks as too much uncertainty persists with what will happen with global growth and how far the Fed will take tightening beyond the summer,” wrote Ed Moya, senior market analyst at Oanda.
* “No big surprises from today’s jobs report — it largely confirms that the labor market remains tight, affording the Fed the flexibility to tackle its price stability mandate head-on,” said Jason Pride, chief investment officer of private wealth at Glenmede.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.2%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index fell 1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro was little changed at $1.0547
* The British pound fell 0.2% to $1.2342
* The Japanese yen fell 0.3% to 130.54 per dollar
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 3.12%
* Germany’s 10-year yield advanced nine basis points to 1.13%
* Britain’s 10-year yield advanced three basis points to 2.00%
Commodities
* West Texas Intermediate crude rose 2.1% to $110.49 a barrel
* Gold futures rose 0.3% to $1,881.60 an ounce
–With assistance from Sunil Jagtiani, Cecile Gutscher, Denitsa Tsekova, Vildana Hajric, Isabelle Lee and Emily Graffeo

Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Sometimes I wonder if the world is being run by smart people who are putting us on or by imbeciles who really mean it.  Mark Twain -1835-1910.

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

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

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