October 29, 2024, Newsletter

Dear Friends,

Tangents:
October 29, 1969: Internet created between Stanford & UCLA.
October 29, 1863: The Red Cross is founded.  As of today, the humanitarian institution has been a three-time recipient of the Nobel Peace Prize.
On Oct. 29, 1929, stock prices collapsed on the New York Stock Exchange amid panic selling. Thousands of investors were wiped out.  Go to article 

October 29, 1859: Charles Ebbets, co-owner of the Brooklyn Dodgers, is born in Greenwich Village.
Richard Dreyfuss, actor, b 1947.
Winona Ryder, actress, b. 1971.

Anticipation builds for World Series Game 4 today
The Los Angeles Dodgers are just one win away from the franchise’s eighth World Series championship. The team could potentially clinch the title today in Game 4 against the New York Yankees.

Dwyane Wade’s new statue has people talking
A statue in honor of basketball Hall of Famer Dwyane Wade has gone viral, with many fans saying it doesn’t resemble the NBA legend. Here’s are six other sports statues that drew attention for the wrong reasons.

Apple debuts AI on the iPhone
The tech giant on Monday unveiled the initial features of Apple Intelligence — its suite of AI tools. Here’s what to look out for.

Japan’s iconic Mount Fuji has yet to see snow this winter
The peaks of Japan’s highest mountain are still snowless, marking the latest date without a snowcap since records began 130 years ago.

What’s the difference between a tsunami and a tidal wave?
Tsunamis and tidal waves are the powerful types of wave on Earth, but very different processes are involved in their formation. Read More.

Our brains can understand written sentences in the ‘blink of an eye,’ study reveals
Language processing happens at speeds significantly faster than it takes to speak one word aloud. Read More.

1,200 years ago, a cat in Jerusalem left the oldest known evidence of ‘making biscuits’ on a clay jug
Around 1,200 years ago, a cat “made biscuits,” kneading on a drying clay jug in Jerusalem, leaving behind the oldest evidence of this feline behavior on record. Read More.

PHOTOS OF THE DAY

New York, US
The New York City department of transportation unveils three sculptures in Times Square in celebration of Dia de los Muertos (Day of the Dead)
Photograph: Anadolu/Getty Images

A bee collects pollen from a dahlia flower at the National Trust property Greys Court, Oxfordshire, UK
Photograph: Geoffrey Swaine/Rex/Shutterstock

​​​​​​​Handan, China
A woman arranges persimmons in special racks for drying
Photograph: Costfoto/NurPhoto/Rex/Shutterstock
Market Closes for October 29^th, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1929, panicked selling continued to sweep Wall Street, sending the Dow down more than 18% in intraday trading. The multiday market selloff ushered in the Great Depression
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 24,562.55 in Toronto.
The move follows the previous session’s increase of 0.4%.
Today, energy stocks led the market lower, as 8 of 11 sectors lost; 111 of 222 shares fell, while 103 rose.
Brookfield Corp. contributed the most to the index decline, decreasing 1.7%.
Innergex Renewable Energy Inc. had the largest drop, falling 4.3%.
Insights
* This year, the index rose 17%, heading for the best year since 2021
* This month, the index rose 2.3%
* The index advanced 31% in the past 52 weeks. The MSCI AC Americas Index gained 41% in the same period
* The S&P/TSX Composite is 1.4% below its 52-week high on Oct. 21, 2024 and 31.4% above its low on Oct. 27, 2023
* The S&P/TSX Composite is down 0.6% in the past 5 days and rose 2.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 17 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.89t
* 30-day price volatility fell to 6.76% compared with 6.79% in the previous session and the average of 8.36% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -31.1120| -0.7| 10/27
Utilities | -16.8979| -1.8| 0/15
Financials | -15.2184| -0.2| 15/11
Communication Services | -6.5350| -0.9| 0/5
Consumer Staples | -5.9954| -0.6| 3/8
Consumer Discretionary | -5.6161| -0.7| 3/8
Real Estate | -1.9336| -0.4| 3/15
Health Care | -0.4950| -0.6| 0/3
Industrials | 13.6760| 0.4| 17/10
Information Technology | 20.3826| 1.0| 9/1
Materials | 46.6253| 1.5| 43/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Brookfield Corp | -12.6800| -1.7| 71.4| 40.5
TD Bank | -10.0100| -1.1| -45.4| -9.7
Enbridge | -8.3710| -1.0| -33.0| 17.9
Shopify | 9.1390| 1.0| -20.1| 8.6
Waste Connections | 9.8490| 2.2| 77.6| 27.0
Agnico Eagle Mines Ltd | 11.2700| 2.7| 16.1| 70.3
US
By Rita Nazareth
(Bloomberg) — A rally in some of the largest tech companies pushed stocks higher, with Alphabet Inc. rallying in late hours as earnings beat estimates.
The Nasdaq Composite hit an all-time high, while the S&P 500 saw a mild gain.
Between Tuesday and Thursday, big techs with a combined market value of more than $12 trillion report their quarterly results.
Shares of Google’s parent climbed 3.5% after the close of regular trading.
Advanced Micro Devices Inc. sank 6% amid a lackluster revenue forecast.
“Investors will need to see bigger revenue and earnings surprises for the group to outperform,” said Chris Senyek at Wolfe Research. “Our sense is a solid earnings season could once again put the group on a path to outperform into year-end.”
Just about a week away from the Federal Reserve decision, data showed US job openings fell to the lowest since early 2021.
The figures run counter to the September employment report that pointed to a still-strong labor market, which prompted traders to trim bets on another big rate cut.
A separate reading showed consumer confidence hit the highest since the start of the year.
The S&P 500 rose 0.2%.
The Nasdaq 100 added 1%.
The Dow Jones Industrial Average fell 0.4%.
Bitcoin’s rally put the cryptocurrency on the verge of topping a record high of almost $74,000 reached in March.
Treasury 10-year yields declined two basis points to 4.27%.

Corporate Highlights:
* Reddit Inc. beat sales expectations for the third quarter and projected a strong holiday season as the newly public company continues to see its investments in advertising technology pay off.
* Chipotle Mexican Grill Inc. reported third-quarter sales that fell just short of Wall Street’s expectations, highlighting the high bar investors are holding the chain to after strong performance earlier this year.
* Visa Inc. reported adjusted earnings per share for the fourth quarter that beat the average analyst estimate.
* Homebuilder stocks are tumbled after industry bellwether D.R. Horton Inc. delivered a 2025 revenue forecast that failed to meet Wall Street’s expectations.
* Broadcom Inc. rallied after Reuters reported that OpenAI is working with the company on a new artificial-intelligence chip.
* Pfizer Inc. Chief Executive Officer Albert Bourla said he’ll do “whatever it takes” to keep profits growing, including further cost cuts, as he seeks to fend off allegations of mismanagement from activist investor Starboard Value LP.
* McDonald’s Corp. sales fell short of Wall Street’s expectations in the third quarter following weakness in international markets such as France, China, the UK and the Middle East.
* Royal Caribbean Cruises Ltd. raised its earnings outlook for a fourth time this year and said it expects strong demand to continue.
* JetBlue Airways Corp.’s worse-than-expected sales forecast suggested a recovery will take some time.

Key events this week:
* Eurozone consumer confidence, GDP, Wednesday
* US GDP, ADP employment, pending home sales, Wednesday
* Meta Platforms, Microsoft earnings, Wednesday
* US Treasury Department holds quarterly refunding announcement of bond-auction plans, Wednesday
* China Manufacturing and non-manufacturing PMI, Thursday
* Bank of Japan rate decision, Thursday
* Eurozone CPI, unemployment, Thursday
* US personal income, spending and PCE inflation data, initial jobless claims, Thursday
* Amazon, Apple earnings, Thursday
* China Caixin manufacturing PMI, Friday
*US employment, ISM manufacturing, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 1%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World Index was little changed
* The Nasdaq Composite rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0813
* The British pound rose 0.2% to $1.3004
* The Japanese yen was little changed at 153.44 per dollar
Cryptocurrencies
* Bitcoin rose 4.2% to $72,510.01
* Ether rose 4.3% to $2,624.19
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.27%
* Germany’s 10-year yield advanced five basis points to 2.34%
* Britain’s 10-year yield advanced six basis points to 4.32%
Commodities
* West Texas Intermediate crude fell 0.2% to $67.24 a barrel
* Spot gold rose 1.1% to $2,772.44 an ounce

This story was produced with the assistance of Bloomberg Automation.
Have a lovely evening everyone.

Be magnificent!

As ever,

Carolann
What we do now echoes in eternity. -Marcus Aurelius, 121 AD-180 AD.

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)
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www.carolannsteinhoff.com