June 18, 2024, Newsletter

Dear Friends,

Tangents:
June 18, 1815: Battle of Waterloo; Napoleon Bonaparte and France defeated by British forces under Duke of Wellington and Prussian troops.
June 18, 1948: Columbia Records unveiled its new long-playing, 33 1/3 rpm phonograph record. Go to article >>

1983: First U. S. woman in Space, Sally Ride.

Paul McCartney, musician, b. 1942.
Roger Ebert, critic, b.1942.
Isabella Rossellini, b. 1952.

Y chromosome is evolving faster than the X, primate study reveals
The male Y chromosome in humans is evolving faster than the X. Scientists have now discovered the same trend in six species of primate. Read More.

1,700-year-old ’emergency hoard’ of coins dates to last revolt of Jews against Roman rule
Many of the silver and bronze coins were minted during the Gallus Revolt during the Roman era. Read More

NASA engineers finally fix Voyager 1 spacecraft — from 15 billion miles away
The Voyager I spacecraft went haywire last year, but NASA engineers say they have finally fixed its data transmission systems and are receiving usable signals from all four science instruments. Read More.

Strawberry Moon 2024: See summer’s first full moon rise a day after solstice
June’s full “Strawberry Moon” rises one day after the summer solstice in the Northern Hemisphere. This will be the lowest full moon of the year. Read More.

X-ray vision chip gives phones ‘Superman’ power to view objects through walls
Researchers have developed an imaging chip for mobile devices that uses high-frequency radio waves to “see” through objects. Read More.

Boston Celtics win the 2024 NBA championship
The Celtics beat the Dallas Mavericks 106-88 in Game 5 on Monday night to win the series 4-1 and secure their league-record 18th title.

New Zealand’s prime minister hitches ride on commercial plane
A surprise diversion for a first-class passenger! An Air New Zealand plane was sent to pick up Prime Minister Christopher Luxon when his government aircraft broke down.

PHOTOS OF THE DAY

Roswell, US
Smoke plumes from the South Fork fire, which caused mandatory evacuations in Ruidoso, New Mexico, are visible from the evacuation route
Photograph: Kaylee Greenlee Beal/Reuters

Cambridge, England
A firework display over the River Cam during the May ball at Cambridge University’s Trinity College
Photograph: Joe Giddens/PA

Shawnee, US
A man and a boy fish on Shawnee Mission lake in Kansas
Photograph: Charlie Riedel/AP
Market Closes for June 18^th, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1998, internet stocks got a boost as Walt Disney agreed to buy 43% of the internet-search engine Infoseek for roughly $550 million in cash, stock and warrants. Infoseek stock shot up to $42. Less than three years later, Disney exchanged the old Infoseek assets for its own shares at an approximate value of only $5 per share.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.1% at 21,611.30 in Toronto.
The move follows the previous session’s decrease of 0.2%.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.2%.
Ballard Power Systems Inc. had the largest increase, rising 6.8%.
Today, 124 of 222 shares rose, while 91 fell; 4 of 11 sectors were higher, led by energy stocks.
Insights
* This quarter, the index fell 2.5%
* The index advanced 8.2% in the past 52 weeks. The MSCI AC Americas Index gained 23% in the same period
* The S&P/TSX Composite is 4.2% below its 52-week high on May 21, 2024 and 15.6% above its low on Oct. 27, 2023
* The S&P/TSX Composite is down 1.3% in the past 5 days and fell 3.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.4 on a trailing basis and 14.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.42t
* 30-day price volatility little changed to 10.22% compared with 10.23% in the previous session and the average of 10.18% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 38.1612| 1.0| 30/10
Financials | 21.8106| 0.3| 18/9
Materials | 19.1825| 0.7| 36/11
Health Care | 0.0980| 0.2| 2/1
Consumer Discretionary | -0.5749| -0.1| 6/7
Utilities | -1.8540| -0.2| 5/9
Real Estate | -2.3738| -0.5| 6/13
Communication Services | -3.1441| -0.5| 0/5
Consumer Staples | -4.3223| -0.5| 4/6
Industrials | -15.4116| -0.5| 14/13
Information Technology | -28.1603| -1.6| 3/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Natural Resources | 15.3300| 2.2| 86.4| 8.9
Suncor Energy | 7.3220| 1.6| -54.5| 19.6
TD Bank | 6.5890| 0.7| -15.1| -13.1
Canadian Pacific Kansas | -5.0280| -0.7| 33.3| 1.6
Canadian National | -13.0300| -1.9| 2.4| -2.4
Shopify | -26.9900| -3.5| 43.1| -14.6
US
By Rita Nazareth
(Bloomberg) — A rally in chipmakers drove stocks to another record, with traders betting the potential for Federal Reserve rate cuts will keep fueling the industry that has powered the equity market this year.
The S&P 500 came closer to the historic 5,500 mark.
Nvidia Corp. became the world’s most-valuable company — topping Microsoft Corp. — to extend this year’s record-breaking surge.
A bullish analyst call projected the firm at the heart of the artificial-intelligence boom will hit nearly $5 trillion in value in the coming year — from about $3.3 trillion.
Bonds climbed as traders piled into a $13 billion sale of 20-year Treasuries.
Wall Street waded through mixed economic data that showed US industrial production increased, helped by a broad-based pickup in factory output.
Separately, retail sales barely rose and prior months were revised lower.
A chorus of Fed officials emphasized the need for more evidence of cooling inflation before lowering rates.
“Investors should lean toward the glass-half-full view, but recognize macroeconomic conditions, as well as the nuances across corporate profits, consumers, and incoming economic data may evolve in ways not fully discounted in asset prices at the moment,” said Anthony Saglimbene at Ameriprise.
On the eve of a US holiday, the S&P 500 hit its 31st all-time high of 2024.
Nvidia climbed 3.5% after Rosenblatt Securities analyst Hans Mosesmann hiked his price target on the
chipmaker to a Wall Street high of $200 from $140. Treasury 10-year yields fell seven basis points to 4.21%.
Bank of America Corp.’s institutional clients piled into US equities for the second week in a row, led by technology and social media shares, strategists including Jill Carey Hall wrote in a note to clients.
Separately, a BofA survey showed that global investors are likely to keep pumping money into record-hitting stock markets.
Answering a question about the asset class that would benefit most from a reallocation of money-market funds, 32% of respondents opted for US stocks. Another 19% said the cash would go into global equities, while a quarter of the respondents indicated they would buy government bonds.
There’s not much doubt in the market right now to curb the enthusiasm about the US stock rally driven by a small group of tech stocks.
But some investors are increasingly looking for the ways to hedge the concentration risk.
And with each record, that concentration has tightened even more.
The so-called Magnificent Seven companies have contributed more than 60% to the S&P 500’s return this year.

Corporate Highlights:
* Boeing Co. Chief Executive Officer Dave Calhoun faced searing criticism in a Senate hearing that accused him of failing to overcome the company’s manufacturing shortcomings by putting profit ahead of safety.
* Philip Morris International Inc. stopped online sales of its popular nicotine pouch brand Zyn in the US after receiving a subpoena in the District of Columbia related to flavored products that are banned there.
* Dollar Tree Inc. continued to sell children’s applesauce tainted with “extremely high” levels of lead long after the company recalled the product due to contamination concerns, US regulators said.

Key events this week:
* UK CPI, Wednesday
* US Juneteenth holiday, Wednesday
* China loan prime rates, Thursday
* Eurozone consumer confidence, Thursday
* UK BOE rate decision, Thursday
* US housing starts, initial jobless claims, Thursday
* Eurozone S&P Global Manufacturing PMI, S&P Global Services PMI, Friday
* US existing home sales, Conf. Board leading index, Friday
* Fed’s Thomas Barkin speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World Index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro was little changed at $1.0738
* The British pound was little changed at $1.2708
* The Japanese yen was little changed at 157.85 per dollar
Cryptocurrencies
* Bitcoin fell 3.2% to $64,239.48
* Ether fell 2.6% to $3,420.52
Bonds
* The yield on 10-year Treasuries declined seven basis points to 4.21%
* Germany’s 10-year yield declined two basis points to 2.40%
* Britain’s 10-year yield declined seven basis points to 4.05%
Commodities
* West Texas Intermediate crude rose 1.4% to $81.49 a barrel
* Spot gold rose 0.5% to $2,329.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Subrat Patnaik, Carmen Reinicke, Natalia Kniazhevich, Sagarika Jaisinghani, Jason Scott, Aya Wagatsuma, Robert Brand and Sujata Rao.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Nature  gives you the face you have a t twenty.  Life shapes the face you have at thirty.
But at fifty you get the face you deserve. –Coco Chanel, 1883-1971.

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