April 20, 2023 Newsletter

Dear Friends,

Tangents: Happy Friday Eve.
April 20, 1862: The first pasteurization test is completed by Frenchmen Louis Pasteur and Claude Bernard.  This process involved heating milk to a particular temperature for a set amount of time in order to remove microorganisms.
April 20, 2010 An explosion on the Deepwater Horizon oil platform, leased by BP, killed 11 workers and began spewing an estimated 200 million gallons of crude into the Gulf of Mexico
for nearly three months.  Go to article > 

Out-of-control defunct NASA satellite will smash into Earth today
A defunct, 660-pound (300 kilograms) NASA satellite is set to tumble uncontrollably back to Earth after spending two decades studying the sun from our orbit. Read More.

Epic 11-foot-tall sea level rise drove Vikings out of Greenland
The Vikings are remembered as fierce fighters, but even these mighty warriors were no match for climate change. Scientists recently found that ice sheet growth and sea level rise led to massive coastal flooding that inundated Norse farms and ultimately drove the Vikings out of Greenland in the 15th century. Read More.

Kaleidoscopic image of a mouse’s brain is 64 million times sharper than a typical MRI
Scientists recently boosted the resolution of magnetic resonance imaging (MRI) to 64 million times higher than normal. They used the technique to take captivating, high-definition images of a mouse brain, showing the organ like never before. Read More.

Extremely rare albino dolphin spotted in Africa, possibly for the 1st time ever
Newlyweds were treated to an incredibly rare sight on their wedding day when the whale-watching vessel they were aboard encountered an albino dolphin calf — likely the first of its kind seen in Africa.
Read More

The things the TSA has found in carry-ons.  Take a look at some of the prohibited objects the TSA is spotlighting on its Twitter feed during #ProhibitedItemsWeek.
PHOTOS OF THE DAY

New York, US
A visitor to Central Park sits in a flowering cherry tree
Photograph: Sarah Yenesel/EPA

Eldorado dos Carajás, Brazil
Swallows perch on power lines at sunset in Pará state
Photograph: Nelson Almeida/AFP/Getty Images

London, UK
The period tailor Zack Pinsent visits a preview of the Style & Society: Dressing the Georgians exhibition at the Queen’s Gallery, Buckingham Palace. The exhibition will ‘reveal life in the 18th century through the fashions of the day’
Photograph: Jeff Moore/PA
Market Closes for April 20^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1812, workers who became known as Luddites smashed and burned a textile mill in the north of England, enraged by its use of mechanized looms.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.2%, or 50.14 to 20,630.69 in Toronto.
The move was the biggest since falling 0.6% on April 5.
Shopify Inc. contributed the most to the index decline, decreasing 2.2%.
Altus Group Ltd/Canada had the largest drop, falling 5.3%.
Today, 139 of 232 shares fell, while 85 rose; 6 of 11 sectors were lower, led by energy stocks.
Insights
* This month, the index rose 2.6%
* So far this week, the index was little changed
* The index declined 6.2% in the past 52 weeks. The MSCI AC Americas Index lost 8.4% in the same period
* The S&P/TSX Composite is 6.6% below its 52-week high on April 21, 2022 and 15.4% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.3% in the past 5 days and rose 5.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.4 on a trailing basis and 13.8 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$3.3t
* 30-day price volatility fell to 11.10% compared with 11.81% in the previous session and the average of 12.29% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -33.5314| -0.9| 3/34
Information Technology | -12.8068| -0.9| 4/8
Materials | -10.7905| -0.4| 19/26
Financials | -3.6334| -0.1| 13/16
Utilities | -1.8875| -0.2| 6/10
Communication Services | -0.4505| -0.1| 2/3
Real Estate | 0.1259| 0.0| 11/10
Consumer Staples | 0.2027| 0.0| 6/5
Health Care | 0.4017| 0.6| 4/2
Consumer Discretionary | 0.7350| 0.1| 5/10
Industrials | 11.5057| 0.4| 12/15
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -12.1300| -2.2| 71.8| 37.3
Canadian Natural Resources | -10.4600| -1.7| -45.0| 7.1
Enbridge | -6.3320| -0.8| 31.3| 0.3
Agnico Eagle Mines | 2.3940| 0.9| -46.5| 8.7
Waste Connections | 2.5380| 0.7| 22.5| 8.0
Canadian Pacific | | | |
Kansas | 5.8820| 0.8| -4.8| 7.8
US
By John Viljoen and Robert Brand
(Bloomberg) — Stocks fell and bonds rose after data showed some softening in the labor market, housing and a gauge of business outlook.
Traders also continued to wade through corporate earnings and comments from Federal Reserve speakers.
The tech-heavy Nasdaq 100 underperformed, with Tesla Inc. down about 10% after signaling it will keep cutting prices to stoke demand even after markdowns took a significant toll on profitability.
The S&P 500 dropped ahead of Friday’s options expiration.
The Cboe Volatility Index, or VIX, halted a six-day streak of declines.

The policy-sensitive two-year yield declined as much as 10 basis points to 4.14%.
The dollar retreated against most of its developed-market peers.
Fed Bank of Cleveland President Loretta Mester signaled support for another rate hike to quell inflation while flagging the need to watch recent bank stress that could crimp credit and dampen the economy.
Her Dallas counterpart Lorie Logan said inflation has been “much too high,” while outlining measures to watch.
Recurring unemployment benefit claims jumped to the highest level since November 2021, adding to signs that the labor market is beginning to lose momentum.
Sales of previously owned homes fell in March by more than forecast, underscoring a housing market that’s still on shaky footing despite some signs of stabilizing.
US mortgage rates rose for the first time since early March.
“If the Fed stays the course, broad financial conditions should continue to tighten, the economy should decelerate into recession, and stocks should trade down sharply,” wrote Chris Senyek of Wolfe Research. “On the flip side, the biggest upside risk to our bearish call remains the Fed backing off way too soon! Although, if the Fed fails to sustainably bring down inflation, the ultimate pain will likely be much worse
12-24 months down the road.”
Corporate Highlights:
* International Business Machines Corp. gave a forecast for annual revenue in line with analysts’ projections, delivering a cautiously optimistic signal about technology spending in an uncertain economy.
* AT&T Inc. missed estimates for free cash flow.
* American Express Co. set aside more money to cover souring loans, a move that weighed on earnings.
* D.R. Horton Inc.’s results topped expectations.
* Truist Financial Corp. and Fifth Third Bancorp. Reported deposits that were broadly stable in the first quarter as banks weathered the fallout from the collapse of three lenders in March.
* Union Pacific Corp. posted profit higher than analysts’ expectations amid higher prices.

Key events this week:
* PMIs for Eurozone, Friday
* Japan CPI, Friday
* Fed’s Lisa Cook discusses economic research at an event, Friday

Some of the main moves in the market:
Stocks
* The S&P 500 fell 0.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.8%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.0964
* The British pound was little changed at $1.2436
* The Japanese yen rose 0.3% to 134.28 per dollar
Cryptocurrencies
* Bitcoin fell 4% to $28,070.67
* Ether fell 2.8% to $1,926.1
Bonds
* The yield on 10-year Treasuries declined six basis points to 3.53%
* Germany’s 10-year yield declined seven basis points to 2.45%
* Britain’s 10-year yield declined nine basis points to 3.77%
Commodities
* West Texas Intermediate crude fell 2.4% to $77.29 a barrel
* Gold futures rose 0.4% to $2,015 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee, Vildana Hajric and Cristin Flanagan.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

It is only the tranquil mind that can allow for fair and clear judgments free of error. –Gichin Funakoshi, 1868-1957.
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