September 27, 2024, Newsletter

Dear Friends,

Tangents: Happy Friday.

September 27, 1905:  Albert Einstein publishes his paper on special relativity, fundamentally changing the understanding of time, space, and energy in physics.
On Sept. 27, 1964, the Warren Commission issued a report concluding that Lee Harvey Oswald acted alone in assassinating President John F. Kennedy. Go to article >>

1964: Warren Report issued.

James Webb telescope spots rare ‘missing link’ galaxy at the dawn of time
Astronomers using the James Webb Space Telescope have spotted a rare galaxy at the dawn of time that may be a “missing link” between the oldest generation of stars and the ones
we see near Earth. Read More.

‘People should not be there’: ‘Unsurvivable’ 20-foot storm surge predicted as ferocious Hurricane Helene heads to Florida
Hurricane Helene has been intensifying with the help of unprecedentedly warm waters in the Gulf of Mexico and is now barreling toward Florida. Read More.

Astronomers spot a possible ‘future Earth’ — 8 billion years into its future
The rocky planet, roughly twice Earth’s size, has offered astronomers a glimpse of one of Earth’s possible futures — if it doesn’t get engulfed by our expanding sun. Read More.

Watch extremely rare footage of a big fin squid ‘walking’ on long, spindly arms deep in the South Pacific
While exploring the Tonga Trench in the Southwestern Pacific Ocean, researchers captured extremely rare footage of a Magna pinna squid with arms several times the length of its body. Read More.

Comedy Wildlife Photography Awards finalists announced
A smiling seal, a stuck squirrel and a contemplative chimpanzee are among the images shortlisted for this year’s Comedy Wildlife Photography Awards.

Shohei Ohtani’s record-setting 50-50 baseball is up for auction
The ball that made MLB star Shohei Ohtani the first member of the 50-50 club and placed him firmly in the history books (again) is up for sale — and could be yours for a mere $4.5 million.

Former league MVP Derrick Rose retires from the NBA
Derrick Rose, longtime NBA veteran and former league MVP, announced his decision to retire from professional basketball. Read his statement here.

Many parents are worried their kids don’t have enough friends, poll finds
Forming friendships can be difficult for some kids on the heels of a pandemic and in the age of social media. These are some things parents can do to help their children form connections.

RIP  MAGGIE SMITH

PHOTOS OF THE DAY

Lianyungang, China
Sunlight shines through the morning mist above residential buildings in Lianyungang
Photograph: AFP/Getty Images

A bee considers the nectar potential of a flower at a park in Seoul, South Korea
Photograph: Kim Hong-Ji/Reuters

​​​​​​​I’ll tell you a secret
A tiny raccoon whispers into her mother’s ear in Germany
Photograph: Jan Piecha
Market Closes for September 27^th, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1985: tobacco giant Philip Morris agreed to buy General Foods for $5.75 billion, the largest-ever takeover outside the oil industry at the time. Many Philip Morris investors were angry it was moving into the slow-growing processed food business.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.3% at 23,956.82 in Toronto.
The move was the biggest since falling 0.4% on Sept. 18 and follows the previous session’s increase of 0.5%.
Shopify Inc. contributed the most to the index decline, decreasing 1.6%.
Fortuna Mining Corp. had the largest drop, falling 5.4%.
Today, 127 of 223 shares fell, while 92 rose; 6 of 11 sectors were lower, led by materials stocks.
Insights
* This year, the index rose 14%, heading for the best year since 2021
* This quarter, the index rose 9.5%, heading for the biggest advance since the second quarter of 2020
* This month, the index rose 2.6%
* So far this week, the index rose 0.4%
* The index advanced 23% in the past 52 weeks. The MSCI AC Americas Index gained 33% in the same period
* The S&P/TSX Composite is 0.6% below its 52-week high on Sept. 26, 2024 and 28.2% above its low on Oct. 27, 2023
* 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$3.81t
* 30-day price volatility rose to 9.81% compared with 9.71% in the previous session and the average of 12.57% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -64.3137| -2.1| 9/42
Information Technology | -35.6394| -1.7| 1/9
Financials | -9.6936| -0.1| 11/15
Industrials | -8.7593| -0.3| 7/20
Real Estate | -3.3125| -0.6| 6/14
Consumer Staples | -0.5834| -0.1| 3/8
Health Care | 0.2858| 0.4| 2/2
Consumer Discretionary | 1.2722| 0.2| 6/5
Utilities | 3.1929| 0.3| 9/5
Communication Services | 7.5710| 1.0| 5/0
Energy | 32.9686| 0.8| 33/7
To see sector information, click here.
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Shopify | -14.6300| -1.6| -36.1| 3.8
Constellation Software | -13.1700| -2.2| -29.3| 32.1
Barrick Gold | -11.7600| -3.4| -46.3| 14.3
Suncor | 5.3260| 1.2| -33.9| 17.3
Tourmaline Oil | 5.4850| 4.0| -49.1| 5.6
Canadian Natural Resources | 13.6800| 2.1| -52.5| 3.4
US
By Rheaa Rao and Emily Graffeo
(Bloomberg) — US stocks gained for a third consecutive week — despite languishing on Friday — as investors were repeatedly reassured that the economy is cooling without falling off a cliff.
Treasuries rallied as data cemented bets of further interest-rate cuts by the Federal Reserve.
Yields are lower across the curve, with the 10-year rate hovering around 3.75%.
The dollar declined for a fourth week.
The Fed’s preferred gauge of underlying US inflation rose mildly in August, as did inflation-adjusted consumer spending.
Those figures confirmed what traders already knew about the health of economy after parsing a slew of data earlier this week.
A read on US consumer sentiment on Friday matched the optimism.
Commentary from Fed officials this week did little to sway existing perceptions on the central bank’s trajectory.
On Friday, St. Louis Fed President Alberto Musalem said he favors ‘gradually’ lowering rates after a big cut last week.
Fed Governor Michelle Bowman, meanwhile, restated her view that the US economy is still strong.
On Thursday, Fed Chair Jerome Powell didn’t offer any details on the economic outlook or path for monetary policy during a pre-recorded speech.
Other catalysts this week included daily stimulus announcements from China that kept sentiment largely upbeat.
Several central banks across the globe — in Switzerland, Mexico, Hungary and Czech Republic — also lowered interest rates this week.
Despite an overall sanguine week, the S&P 500 and the Nasdaq 100 ended Friday’s session lower, weighed down by Nvidia Corp.
Its shares fell on news that China is urging local companies to stay away from its chips.
Even after a flood of data this week, markets are still pricing in a split chance between a quarter point and half point cut at the Fed’s next meeting.
Economists now see inflation reaching the US central bank’s 2% target next year.
“Add today’s PCE price index to the list of economic data landing in a sweet spot,” said Chris Larkin, managing director, trading and investing, at E*Trade. “Inflation continues to keep its head down, and while economic growth may be slowing, there’s no indication it’s falling off a cliff.”
Damian McIntyre, a portfolio manager at Federated Hermes, said that while a soft landing for the economy is never guaranteed, investors should find solace in the strength of recent economic data.
“Today’s inflation print confirms what Jerome Powell told us last week: inflation is falling, the consumer is strong, and the labor market remains resilient,” he said. A key driver of markets later next week will be jobs data, which will provide further clues on the state of the labor market.
Elsewhere, China’s CSI 300 Index concluded its best week since 2008.
In Europe, stocks closed at a fresh all-time high on Friday, capping off their best week in more than four months.
In commodities, oil declined for the week. On Friday, however, its prices jumped after Israel said its military struck
Hezbollah’s main headquarters in southern Beirut, ramping up tensions in the Middle East. 

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.1% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World Index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro fell 0.1% to $1.1163
* The British pound fell 0.3% to $1.3373
* The Japanese yen rose 1.8% to 142.22 per dollar
Cryptocurrencies
* Bitcoin rose 1.6% to $65,722.96
* Ether rose 2.6% to $2,700.82
Bonds
* The yield on 10-year Treasuries declined four basis points to 3.75%
* Germany’s 10-year yield declined five basis points to 2.13%
* Britain’s 10-year yield declined three basis points to 3.98%
Commodities
* West Texas Intermediate crude rose 1.3% to $68.58 a barrel
* Spot gold fell 0.8% to $2,651.82 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Winnie Hsu, Divya Patil, Alex Nicholson, Sujata Rao, Margaryta Kirakosian and Edward Bolingbroke.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann
It is better to fail in originality than to succeed in imitation. –Heman Melville, 1819-1891.

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