April 21, 2023 Newsletter

Dear Friends.

Tangents: Happy Friday.

April 21, 1980:  Rosie Ruiz, the first woman to cross the finish line at the Boston Marathon, was disqualified when officials discovered she had jumped into the race about a mile from
the finish. Go to article >

Ramadan ends today with the arrival of Eid al-Fitr.  For many Muslims, today brings the end of Ramadan, the Islamic holy month of fasting. The conclusion of the 30-day fast is celebrated with delicious feasts around the world.

Man loses it on plane over crying baby.  A passenger threw a total fit over a crying baby on his flight. Watch the meltdown here.

Ikea announces $2 billion expansion in the US.  The retailer is making its biggest-ever investment in a single country with several new stores set to open in the US over the next three years.

Cities keep building luxury apartments almost no one can afford.

2,000-year-old hoard of Roman coins may have been hidden by a soldier during a bloody civil war in Italy
A hoard of 175 silver coins unearthed in a forest in Italy may have been buried for safe keeping during a Roman civil war. Read More

Ancient princesses helped build vast warrior empire that prompted China to erect the Great Wall
Elite women, perhaps princesses, played a crucial role in holding the Xiongnu, one of the first nomadic empires of the eastern Eurasian Steppe, together, a new study suggests. Read More

See Venus and the moon dance with the ‘Seven Sisters’ during the Lyrid meteor shower Saturday
Stargazers are set for a spectacular show this Saturday (April 22), as the moon and Venus will appear as if they are about to collide amid a meteor shower. Read More
PHOTOS OF THE DAY

London, UK
A demonstrator at Extinction Rebellion’s The Big One event
Photograph: Henry Nicholls/Reuters

New York, US
De’Anthony Melton of the Philadelphia 76ers goes to the basket as Royce O’Neale of the Brooklyn Nets looks on during the second half of game three of the Eastern Conference first round playoffs at Barclays Center, New York on 20 April. The 76ers won 102-97
Photograph: Sarah Stier/Getty Images

The week in wildlife
A female robin (Erithacus rubecula) collects moss for nesting material in a residential garden on a spring day in south-west London, UK
Photograph: WIktor Szymanowicz/NurPhoto/Shutterstock
Market Closes for April 21^st, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1982, futures contracts on the S&P 500 index became available for the first time, traded in the pits of the Chicago Mercantile Exchange. Arbitrageurs and index fund managers could buy either the underlying stocks in the index, or a futures contract, whichever was cheaper. Program traders also bet on the futures, and helped worsen the October crash of 1987.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3% at 20,693.15 in Toronto.
The move was the biggest since rising 0.5% on April 13 and follows the previous session’s decrease of 0.2%.
Shopify Inc. contributed the most to the index gain, increasing 2.7%.
Canada Goose Holdings Inc. had the largest increase, rising 4.0%.
Today, 124 of 232 shares rose, while 97 fell; 9 of 11 sectors were higher, led by industrials stocks.
Insights
* This month, the index rose 3%
* So far this week, the index rose 0.6%
* The index declined 4.4% in the past 52 weeks. The MSCI AC Americas Index lost 6.8% in the same period
* The S&P/TSX Composite is 6.3% below its 52-week high on April 21, 2022 and 15.8% above its low on Oct. 13, 2022
* 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$3.29t
* 30-day price volatility fell to 9.85% compared with 11.10% in the previous session and the average of 12.21% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | 23.4058| 0.8| 18/9
Information Technology | 23.1932| 1.7| 8/3
Consumer Staples | 11.3136| 1.3| 10/1
Utilities | 7.5290| 0.8| 13/2
Financials | 6.5516| 0.1| 15/13
Communication Services | 6.2525| 0.7| 3/2
Consumer Discretionary | 5.2835| 0.7| 9/6
Real Estate | 2.3725| 0.5| 17/4
Energy | 1.3439| 0.0| 19/16
Health Care | -0.1860| -0.3| 2/2
Materials | -24.6083| -0.9| 10/39
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 14.2900| 2.7| 35.2| 41.0
Canadian Pacific | | | |
Kansas | 8.0140| 1.1| 29.4| 9.0
RBC | 5.2960| 0.4| 45.4| 6.3
Bank of Nova Scotia| -4.9670| -0.9| -10.8| 2.8
Nutrien | -5.4580| -1.6| -22.7| -3.3
First Quantum Minerals | -7.9120| -6.0| 10.8| 12.0
US
By Sujata Rao
(Bloomberg) — Stocks edged higher amid mixed corporate earnings and as traders parsed the latest data for clues on the outlook for inflation, economic growth and the Federal Reserve’s policy path.
The S&P 500 swung between small gains and losses throughout the session.
Treasury two-year yields, which are more sensitive to imminent Fed decisions, rose to around 4.2%.
The dollar was steady.
US business activity unexpectedly climbed to nearly a one-year high, risking more inflation.
The S&P Global flash April composite purchasing managers index rose 1.2 points to 53.5 – the highest since May.
“If economic conditions hold up, the Fed may be emboldened to tighten policy more than current market expectations – a headwind to equities in our view,” wrote Mike Gibbs, managing director of equity portfolio and technical strategy at Raymond James. “If economic conditions deteriorate, we do believe the Fed will ease monetary policy – but economic volatility is also likely to correspond with market  volatility.”
All that results in a range-bound view on equities for now, Gibbs added.
Corporate highlights:
* Tesla Inc. increased prices of its Model S and X vehicles in the US after steep markdowns early this year took a toll on profitability and the carmaker’s shares.
* Regions Financial Corp. reported a drop in total deposits for the first quarter to $129.04 billion.
* Procter & Gamble Co. raised its sales projection for the fiscal year ending in June, citing higher prices and a slight increase in demand for some of its products.
* SLB, the world’s biggest oil-services provider, posted its best first-quarter profit in eight years.
* Freeport-McMoRan Inc. churned out more copper than expected in the first quarter in a boost to tight global supplies, although the top publicly traded supplier trimmed annual sales guidance.

“We are at the beginning of earnings season, and the beginnings of the past four earnings seasons have coincided with strong stock market performance,” wrote Carol Schleif, chief investment officer at BMO Family Office. “We are not convinced that trend will continue. We expect stocks to remain in a tight trading range for some time.”
Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average was little changed
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.0990
* The British pound was little changed at $1.2444
* The Japanese yen rose 0.1% to 134.08 per dollar
Cryptocurrencies
* Bitcoin fell 3.3% to $27,270.58
* Ether fell 4.9% to $1,842.26
Bonds
* The yield on 10-year Treasuries advanced four basis points to 3.57%
* Germany’s 10-year yield advanced four basis points to 2.48%
* Britain’s 10-year yield declined one basis point to 3.76%
Commodities
* West Texas Intermediate crude rose 0.5% to $77.76 a barrel
* Gold futures fell 1.3% to $1,993.20 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Carly Wanna, Isabelle Lee, Angel Adegbesan and Peyton Forte.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
There is no security on this earth.  Only opportunity. –General Douglas MacArthur, 1880-1964.

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