May 19, 2023, Newsletter

Dear Friends,

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

On this day, 2001 Apple, Inc. opened its first retail stores, in Tysons Corner, Va., and Glendale, Calif. Go to article > 

The top 10 US beaches for 2023, according to ‘Dr. Beach’. You can experience crystal-clear water and “some of the finest sand in the world” without leaving the US, coastal scientist Stephen Leatherman says.

Actor Rainn Wilson shares his 7 travel must-haves, Rainn Wilson has become a travel expert flying on various international airlines and passing through exotic airports thanks to his new TV hosting gig. Underscored caught up with the actor between his travels to learn about the 7 items he won’t leave home without while traveling.

A metal detectorist in Wales discovered an ‘adorable’ ox-headed bowl. It could reveal a lost Roman settlement. A metal detectorist in Wales stumbled upon a stockpile of artifacts that includes a once-in-a-lifetime find: a bowl with a handle crafted to look like an “adorable” ox head.
PHOTOS OF THE DAY

Chennai, India
A worker sprays water on a green iguana on a hot day at the city’s Snake Park
Photograph: R Satish Babu/AFP/Getty Images

Nanchong, China
Tourists watch a herd of water buffaloes in Sichuan province. Hundreds of the animals swam across the Jialing River at sunrise to graze on an island
Photograph: VCG/Getty Images

Hiroshima, Japan
The UK prime minister, Rishi Sunak, visits Shukkeien garden before attending the G7 summit
Photograph: Stefan Rousseau/PA
Market Closes for May 19^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1568, the Russia Co. borrowed 4,000 pounds, 8 shillings and 10 pence from the British exchequer. The loan yielded 13.5% and the company had to repay it not with cash, but with hundreds of tons of cables and rope, making it one of the earliest asset-backed loans.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.3%, or 53.97 to 20,351.06 in Toronto.
Constellation Software Inc/Canada contributed the most to the index gain, increasing 3.2%. Birchcliff Energy Ltd. had the largest increase, rising 3.3%.
Today, 144 of 232 shares rose, while 83 fell; 8 of 11 sectors were higher, led by energy stocks.

Insights
* So far this week, the index fell 0.3%
* The index advanced 0.8% in the past 52 weeks. The MSCI AC Americas Index gained 6.5% in the same period
* The S&P/TSX Composite is 3.3% below its 52-week high on June 2, 2022 and 13.9% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.2 on a trailing basis and 13.5 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$3.23t
* 30-day price volatility fell to 9.69% compared with 9.73% in the previous session and the average of 9.33% over the past month
================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 25.4627| 0.8| 29/9
Materials | 12.9191| 0.5| 36/12
Industrials | 9.6037| 0.3| 16/11
Information Technology | 6.7601| 0.4| 9/3
Utilities | 5.6067| 0.6| 13/3
Communication Services | 3.3570| 0.4| 5/0
Consumer Staples | 3.1556| 0.4| 8/3
Real Estate | 0.2367| 0.0| 8/12
Consumer Discretionary | -0.2375| 0.0| 4/11
Health Care | -0.7388| -1.0| 1/5
Financials | -12.1553| -0.2| 15/14
================================================================
| | |Volume VS | YTD| Index | | 20D AVG | Change Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Constellation Software | 11.5500| 3.2| 36.3| 31.8
Canadian Natural Resources | 10.5400| 1.8| 42.4| 2.5
Suncor Energy | 3.3760| 0.9| -57.0| -9.6
Bank of Montreal | -5.2270| -0.9| -24.2| -3.8
RBC | -6.8360| -0.6| -17.6| -0.1
Shopify | -7.4770| -1.1| -23.0| 73.0

* The benchmark 10-year bond rose and the yield fell 4.4 basis points to 3.130%
* The S&P 500 Index declined 0.1%
US
By Rita Nazareth
(Bloomberg) — Traders pared bets on a Federal Reserve rate hike in June to 25% as Jerome Powell signaled a pause. Stocks fell amid a slide in banks and concern US lawmakers are struggling to reach a deal to prevent a default.
The S&P 500 halted a two-day rally, failing to stay above the closely watched level of 4,200. The $3.2 billion SPDR S&P Regional Banking exchange-traded fund slumped almost 2% on a news report that Treasury Secretary Janet Yellen told the chiefs of large lenders that more mergers may be needed.
Debt-limit negotiations hit an impasse as House Speaker Kevin McCarthy blamed the White House for resisting spending cuts. “We’ve got to get movement by the White House and we don’t have any movement,” McCarthy, who was not in the Friday meeting, said. “So yeah, we’ve got to pause.”
“With the walkout of Republican debt-ceiling negotiators hindering chances for a viable conclusion before the upcoming X- date,” that would weaken chances for the Fed to raise rates on June 14, said Quincy Krosby, chief global strategist at LPL Financial.
The Treasury had just $92 billion in funds left for extraordinary measures to help keep the government’s bills paid as of May 17, the department said in a statement Friday. That’s up from around $88 billion on May 10 and means that a little over a quarter of the $333 billion of authorized measures are still available to keep the US government from running out of borrowing room under the statutory debt limit.
Stocks are primed for a precipitous drop if the US fails to raise the debt limit and delays government payments.
That’s the warning from a team of UBS strategists. Although it’s unlikely, if the US formally defaults and delays all payments beyond principal payments for a week, the S&P 500 will fall as much as 20% toward 3,400, the team led by Jonathan Pingle said.
“At the moment, we see reasonable odds, roughly 50%, that Congress passes a short-term extension. However, given the two sides ruling that out, our assessment could be very wrong,” said the strategists.
Some of the main moves in markets:

Stocks
* The S&P 500 fell 0.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.2%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.3% to $1.0807
* The British pound rose 0.3% to $1.2451
* The Japanese yen rose 0.5% to 137.99 per dollar
Cryptocurrencies
* Bitcoin rose 0.4% to $26,842.89
* Ether rose 0.8% to $1,811.74
Bonds
* The yield on 10-year Treasuries advanced five basis points to 3.70%
* Germany’s 10-year yield declined two basis points to 2.43%
* Britain’s 10-year yield advanced four basis points to 4.00%
Commodities
* West Texas Intermediate crude was little changed
* Gold futures rose 0.9% to $1,996.80 an ounce

–With assistance from Carly Wanna, Isabelle Lee, Felice Maranz, Emily Graffeo, Michael Mackenzie and Edward Bolingbroke.
Have a wonderful long weekend.

Be magnificent!
As ever,

Isabel

Peace is when time doesn’t matter as it passes by. – Maria Margarethe Anna Schell, 1926 – 2005

Assistant to Carolann Steinhoff, Registered Representative

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
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www.carolannsteinhoff.com