September 26, 2024, Newsletter

Dear Friends,

Tangents: Happy Friday Eve.
September 26, 1983: Soviet officer Stanislav Petrov decides not to retaliate during a false alarm of U.S. missiles, preventing a potential nuclear disaster in the Cold War.

1960: First televised Presidential debate.
Johnny Appleseed, farmer, b. 1774.
T.S. Eliot, poet, b
George Gershwin, composer, b.1898.
Jane Smiley, writer, b.1949.

Meta is upgrading its AI chatbot
Facebook and Instagram users will now be able to chat with voices that sound like celebrities Judi Dench, John Cena and Keegan-Michael Key.

Dubai’s millionaires are fueling a private jet boom
In the United Arab Emirates, the millionaire’s club is growing faster than anywhere else in the world, and with it the demand for corporate and luxury private aviation.

Bankruptcy judge approves Infowars auction
Alex Jones’ conspiracy theory empire Infowars will be sold for parts to help pay the nearly $1.5 billion he owes to Sandy Hook families.

PHOTOS OF THE DAY

Wraxall, UK
Staff at Noah’s Ark zoo farm harvesting 10,000 pumpkins that have been sustainably grown using elephant and rhino dung as fertiliser
Photograph: Ben Birchall/PA

Mumbai, India
A mural painted on a wall. The city is renowned for its colourful street art
Photograph: Punit Paranjpe/AFP/Getty Images

​​​​​​​Easy fellas – Hajime
Hajime is the term used by the referee in Judo to invite opponents to start fighting. Here, the standing polar bear appears to adopt the gesture to prepare the other bears to fight (Arctic wildlife refuge, Alaska)
Photograph: Philippe Ricordel
Market Closes for September 26^th, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1955: The stock market plunged almost 7%, its worst one-day decline since the crash of 1929, after news that President Dwight D. Eisenhower had a heart attack over the weekend. He recovered and was re-elected in 1956.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.5% at 24,033.83 in Toronto.
The move follows the previous session’s decrease of 0.2%.
Today, financials stocks led the market higher, as 10 of 11 sectors gained; 155 of 223 shares rose, while 67 fell.
Shopify Inc. contributed the most to the index gain, increasing 1.8%.
Hudbay Minerals Inc. had the largest increase, rising 7.6%.
Insights
* This year, the index rose 15%, heading for the best year since 2021
* This quarter, the index rose 9.9%, heading for the biggest advance since the second quarter of 2020
* This month, the index rose 2.9%
* So far this week, the index rose 0.7%
* The index advanced 23% in the past 52 weeks. The MSCI AC Americas Index gained 34% in the same period
* The S&P/TSX Composite is at its 52-week high and 28.6% above its low on Oct. 27, 2023
* The S&P/TSX Composite is up 0.7% in the past 5 days and rose 2.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 16.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.79t
* 30-day price volatility fell to 9.71% compared with 10.15% in the previous session and the average of 12.76% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 69.2142| 0.9| 22/5
Materials | 46.8758| 1.5| 42/9
Information Technology | 37.3006| 1.8| 10/0
Industrials | 15.3442| 0.5| 21/6
Consumer Discretionary | 12.3140| 1.5| 12/0
Utilities | 11.4503| 1.2| 14/1
Consumer Staples | 2.3132| 0.2| 9/2
Real Estate | 1.3881| 0.3| 16/4
Communication Services | 0.5673| 0.1| 2/3
Health Care | 0.3749| 0.5| 3/1
Energy | -69.1928| -1.7| 4/36
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 16.4900| 1.8| 31.3| 5.5
Brookfield Corp | 15.1900| 2.1| -25.0| 35.4
Teck Resources | 12.1000| 5.5| 33.8| 29.5
Cenovus Energy | -8.9890| -4.3| -8.6| -0.1
Suncor | -11.4500| -2.6| -33.4| 15.9
Canadian Natural Resources | -22.1500| -3.3| -71.3| 1.3
US
By Rheaa Rao and Isabelle Lee
(Bloomberg) — US stocks clung onto some of its earlier gains as traders await bigger clues about the health of the economy after upbeat data on Thursday.
The S&P 500 rose 0.4%, closing at its 42nd record high of this year.
The Nasdaq 100 climbed 0.7%.
The Bloomberg Dollar Spot Index fell.
The 10-year US Treasury yield advanced to around 3.79%.
Markets were ebullient earlier after data highlighted a resilient US economy and China’s top leaders pledged to support fiscal spending.
US stock indexes were also propelled higher by Micron Technology Inc., which gave a strong forecast aided by AI demand.
On the other hand, news of the Justice Department’s probe of Super Micro Computer Inc. — also a beneficiary of the AI boom — pushed its shares lower.
Now, traders are awaiting the next batch of catalysts that could give them hints about the Federal Reserve’s path ahead.
Those include the US central bank’s preferred price metric and a snapshot of consumer demand releasing on Friday.
“We think there is the potential that economic data will be more resilient, especially on jobs, than the market is expecting,” said Peter Tchir, head of macro strategy at Academy Securities.
Earlier, revised data showed the US economy emerged from the pandemic in better shape than initially expected.
A decline in US jobless claims underscored the resilience of the labor market.
But investors who were waiting for commentary from Fed Chair Jerome Powell on Thursday didn’t get any details on the economic outlook or path for monetary policy.
Elsewhere, the Swiss National Bank cut borrowing costs by a quarter point at a third straight meeting and warned of more to come if needed in its attempt to contain the strength of the franc.
The Mexican peso briefly extended gains Thursday after the nation’s central bank lowered borrowing costs by a quarter percentage point, joining easing steps by Hungary and the Czech Republic earlier this week.
Among commodities, oil slid for the second day as Saudi Arabia was reportedly committed to increasing output in December, while Libya named its new central bank governor, opening the way to reviving some crude production.

Key events this week: 
* China industrial profits, Friday
* Eurozone consumer confidence, Friday
* US PCE, University of Michigan consumer sentiment, Friday

Some of the main moves in markets: 
Stocks
* The S&P 500 rose 0.4% as of 4:02 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World Index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.4% to $1.1178
* The British pound rose 0.7% to $1.3415
* The Japanese yen was little changed at 144.71 per dollar
Cryptocurrencies
* Bitcoin rose 2.2% to $64,870.28
* Ether rose 2.9% to $2,655.06
Bonds
* The yield on 10-year Treasuries was little changed at 3.79%
* Germany’s 10-year yield was little changed at 2.18%
* Britain’s 10-year yield advanced two basis points to 4.01%
Commodities
* West Texas Intermediate crude fell 3.4% to $67.32 a barrel
* Spot gold rose 0.6% to $2,673.48 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Alex Nicholson, Denitsa Tsekova, Margaryta Kirakosian, Winnie Hsu, Divya Patil, Richard Henderson, Ben Priechenfried, James Hirai and Sujata Rao.

Have  a wonderful evening everyone.

Be magnificent!
As ever,

Carolann
Change is the end result of all true learning. –Leo Buscaglia, 1924-1998.

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com