April 5, 2023 Newsletter

Dear Friends,

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

On this day, 1614 Pocahontas, daughter of the leader of the Powhatan tribe, married English colonist John Rolfe in Virginia. Go to article >  
That’s how many reports of hail officials received Tuesday night across the South and Upper Midwest amid raging storms and tornadoes. In eastern Iowa, 4-inch hail — just larger than a softball — rained down on neighborhoods while some western suburbs of Chicago saw hail the size of baseballs.
Watch the full ‘Pink Moon’ rise into the sky on April 6 This month’s full moon, known as the Pink Moon, will be at its fullest on Thursday, April 6, 2023, and will shine close to the bright star Spica. The moon will also appear bright and full on Wednesday and Friday. Full Story: Live Science (4/4)

‘Absolutely gobsmacking’ gold nugget worth $160,000 unearthed by metal detectorist in Australia An amateur gold digger made the discovery of a lifetime when he unearthed a giant gold nugget buried in a field in Victoria, Australia. The man was using a budget metal detector when he hit pay dirt while exploring an area of the state known as the “Golden Triangle.” Full Story: Live Science (4/4)
PHOTOS OF THE DAY

Amble, UK
The sun rises behind Coquet Island lighthouse off the Northumberland coast. Up to 35,000 sea birds use the island
Photograph: Owen Humphreys/PA

Dunajská Lužná, Slovakia
Morning light illuminates an alley of artificially frozen trees in an orchard. The cherry, apple and pear growers protect crops by spraying them with water that forms a layer of ice, which provides insulation from even lower temperatures overnight
Photograph: Joe Klamar/AFP/Getty Images

Golden snub-nosed monkey, endangered. Foping nature reserve, China
Qiang Zhang says: ‘It was the coldest day in January when we found a golden monkey family. This monkey is taking her baby to walk and jump on the tree. There’s no need to worry about the baby falling – his arms and legs tightly embrace his mother. I saw this and quickly recorded this wonderful moment.’
Photograph: Qiang Zhang
Market Closes for April 5^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1990, the “thrift crisis” was everywhere at once. The estimated cost of bailing out failed savings & loan companies—pegged just one year earlier at $158 billion—was revised by government forecasters to a minimum of $285 billion to $350 billion.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.6%, or 116.21 to 20,159.55 in Toronto. The move was the biggest loss since March 22.
Today, industrials stocks led the market lower, as 7 of 11 sectors lost; 153 of 233 shares fell, while 77 rose.
Shopify Inc. contributed the most to the index decline, decreasing 5.0%. Novagold Resources Inc. had the largest drop, falling 8.4%.
Insights
* The index declined 8.1% in the past 52 weeks. The MSCI AC Americas Index lost 11% in the same period
* The S&P/TSX Composite is 9.2% below its 52-week high on April 5, 2022 and 12.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.6% in the past 5 days and fell 2.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.25t
* 30-day price volatility rose to 12.66% compared with 12.54% in the previous session and the average of 11.22% over the past month
================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | -50.2496| -1.8| 5/22
Information Technology | -33.2729| -2.5| 0/12
Financials | -32.3997| -0.5| 10/19
Materials | -17.4496| -0.7| 15/34
Consumer Discretionary | -6.9966| -1.0| 3/12
Real Estate | -2.1997| -0.5| 7/14
Health Care | -1.5607| -2.4| 1/5
Energy | 0.0085| 0.0| 10/30
Consumer Staples | 2.6482| 0.3| 8/2
Utilities | 12.4722| 1.4| 14/2
Communication Services | 12.7913| 1.3| 4/1
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -26.1800| -5.0| -1.8| 29.4
Canadian National | -17.3200| -2.6| -13.5| -2.0
Canadian Pacific | -11.5600| -1.7| -49.1| 1.1
BCE | 5.5430| 1.4| -15.5| 6.2
TC Energy | 5.5550| 1.5| 15.0| 1.1
Enbridge | 7.1340| 1.0| 10.3| -0.2
US
By Alexandra Semenova
(Bloomberg) — US stocks dropped Wednesday while bonds rallied as another soft employment print reignited investor worries about a recession.
The S&P 500 closed down 0.3% in New York. The Nasdaq 100 sank 1%, falling for a third day. Semiconductors weighed on the technology sector after China reprimanded a move by Japan to join the US in restricting exports of chipmaking gear to the nation. Nvidia Corp., Intel Corp., and Micron Technology Inc. all ended the trading session lower. The 10-year Treasury yield reached its lowest level since mid-September.
Private employers added 145,000 payrolls last month, ADP’s National Employment report showed, trailing Bloomberg’s consensus estimate of 210,000. The reading comes after the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, said vacancies fell below 10 million for the first time since 2021. A key non-farm payrolls report is due Friday.
“Economic numbers are trending lower, both activity and prices. This has led to forecasts that the Fed is close to the end of its year of aggressive rate increases and closer to an expected serious relief rally when this is confirmed,” veteran investor Louis Navellier said in a note. “These same weak numbers, however, elevate fears of the US, and the world overall, may be sinking into a recession.”
Hawkish messaging on interest rates also weighed on sentiment. Federal Reserve Bank of Cleveland President Loretta Mester told Bloomberg Television she expects rates will need to move “a little bit higher” and stay there for an extended period of time, while estimating the Fed will reach its price stability target in 2025.
“We certainly are focused on inflation and making sure that inflation gets back down to 2% over time,” Mester said, adding she and her colleagues have more data to assess before knowing definitively whether a hike is needed at the Fed’s next policy meeting on May 2-3.
Fed officials lifted rates by a quarter percentage point last month, bringing their policy benchmark to a target range of 4.75% to 5%.
US stocks have meandered in the first trading days of April as investors worry the Fed’s aggressive policy tightening will stall economic growth.
Economic data are “pointing toward a potential recession, but the upside might be a pause in interest rates, which would typically be a positive for stocks,” said Danni Hewson, head of financial analysis at AJ Bell. “The concern is the Fed might have to sound the retreat before its war on inflation is truly done. This could leave us with the worst of all worlds – the dreaded stagflation where the economy is shrinking but prices are continuing to surge higher.”
SECTORS IN FOCUS:
* US semiconducters were in focus after Japan’s decision to join the US and Netherlands in restricting exports of chipmaking gear to China.
* Oil majors were in focus after Exxon Mobil said its first- quarter profit took a hit of as much as $1.8 billion amid a decline in oil and natural gas prices.

–With assistance from Sagarika Jaisinghani.
Have a lovely evening.

Be magnificent!
As ever,

Isabel

It’s better to look ahead and prepare, than to look back and regret. Jackie Joyner- Kersee, 1962- present

Assistant to Carolann Steinhoff, Registered Representative

Queensbury Securities Inc.,
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