November 5, 2024, Newsletter

Dear Friends,

Tangents: Election Day USA.

Guy Fawkes Day, England.
November 5, 1605: The Gunpowder Plot fails as Guy Fawkes is discovered guarding explosives meant to blow up the English Parliament, leading to the annual “Bonfire Night” celebration in the UK.

November 5, 1935: Parker Brothers began marketing the board game “Monopoly.” Go to article 

Art Garfunkel, musician, b. 1941, in Forest Hills, Queens.
Will Durant, historian, author, b. 1885.
Sam Shepard, actor, playwright, b. 19473

When did plate tectonics begin?
Earth surface is covered with rigid plates that move, crash into each other and dive into the planet’s interior. But when did this process begin?  Read More.

Will we ever have quantum laptops?
Quantum computers are here. But could we ever build a quantum laptop?  Read More.

Indonesia volcano eruption kills at least 10
An eruption of Indonesia’s Lewotobi Laki-laki stratovolcano rained debris and ash on villages on the island of Flores.  Read More.

‘An offering to energize the fields’: 76 child sacrifice victims, all with their chests cut open, unearthed at burial site in Peru
An analysis of previous sacrifices at the same site suggests the victims were conquered people brought to work on the land.  Read More.

Eco-friendly satellite
The first wooden satellite was launched into space today and will later be released into orbit. Researchers are testing the cosmic potential of the renewable material as humans explore living in space.

Italian souven-air
Wishing you were on the shores of Lake Como, Italy, but can’t quite afford the plane ticket? Now you can pop open a can of air captured from the popular tourist spot for just $11.

PHOTOS OF THE DAY

Narayanganj, Bangladesh
Hindu worshippers pray with oil lamps during the Rakher Upobash festival
Photograph: Mohammad Ponir Hossain/Reuters

Brülisau, Switzerland
A paraglider descends into a sea of fog in eastern Switzerland
Photograph: Gian Ehrenzeller/EPA

​​​​​​​Cluj, Romania
‘An ant on a zucchini plant leaf. I liked how the leaves filtered the intense light of day.’
Photograph: Magda Iftene
Market Closes for November 5, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1626, an official of the Dutch West India Co. reported that settlers bought the island of Manhattan for 60 guilders, later estimated to be around $24.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.5%, or 131.84 to 24,387.90 in Toronto.
The move was the biggest since rising 0.7% on Oct. 11.
Brookfield Corp. contributed the most to the index gain, increasing 2.9%.
TransAlta Corp. had the largest increase, rising 6.9%.
Today, 146 of 221 shares rose, while 69 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index rose 16%, heading for the best year since 2021
* The index advanced 23% in the past 52 weeks. The MSCI AC Americas Index gained 32% in the same period
* The S&P/TSX Composite is 2.1% below its 52-week high on Oct. 21, 2024 and 25.2% above its low on Nov. 8, 2023
* The S&P/TSX Composite is down 0.7% in the past 5 days and rose 0.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 16.9 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$3.84t
* 30-day price volatility rose to 7.67% compared with 7.55% in the previous session and the average of 7.82% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 61.7924| 0.8| 23/4
Industrials | 23.8642| 0.8| 24/3
Utilities | 15.3174| 1.6| 13/2
Materials | 15.1555| 0.5| 25/23
Information Technology | 12.7369| 0.6| 7/2
Consumer Staples | 12.1891| 1.3| 9/2
Health Care | 1.1397| 1.4| 2/2
Energy | 0.5826| 0.0| 22/18
Real Estate | -1.4279| -0.3| 12/6
Communication Services | -3.6114| -0.5| 3/2
Consumer Discretionary | -5.8999| -0.7| 6/5
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Brookfield Corp | 21.7500| 2.9| 53.2| 45.0
Sun Life Financial | 10.0600| 3.2| 127.3| 16.3
Shopify | 9.1440| 1.0| -51.9| 6.8
Agnico Eagle Mines Ltd | -2.3120| -0.6| -35.6| 63.4
BCE | -3.5100| -1.4| 195.9| -23.5
Restaurant Brands | -6.7160| -3.1| 97.8| -8.9
US
By Rheaa Rao and Andre Janse van Vuuren
(Bloomberg) — Stocks climbed Tuesday while Treasuries were mixed and the dollar fell in the last trading session before votes are tallied in a US presidential race with far-reaching implications for the economy.
Neither the size of the moves nor volume indicated strong conviction on the outcome of a contest that polls continue to put at a dead heat.
The world’s largest tech companies led gains, with the S&P 500 up 1.2% and a measure of the “Magnificent Seven” mega caps climbing 1.8%.
The rally was partly fueled by a surge in Palantir Technologies Inc. after the company signaled “unwavering demand” for artificial intelligence.
Nvidia Corp. became the largest company in the world, surpassing Apple Inc.
Shorter-term Treasuries underperformed after a solid report on US services.
Election-day markets were notably calm.
Earlier moves that bore the imprint of positioning known informally as the Trump trade, including a runup in Treasury rates and the Trump Media & Technology Group Corp. stock, unwound as the session progressed, though crypto held on to gains.
The broad rally in stocks was consistent with votes past: the S&P 500 has gained on nine of the last 11 election days with a median return of 0.8%, according to Carson Group strategist Ryan Detrick.
“Regardless of who wins tonight or whenever we get those results, it effectively is going to be a surprise,” Cameron Dawson at NewEdge Wealth told Bloomberg Television.
“Those polls are so very tight, which means that it could be volatility-inducing event.”
Investors are reluctant to commit to sizable positions until at least the release of the initial exit polls, said Matthew Ryan, head of market strategy at global financial services firm Ebury.
“The US election rests on a knife-edge as Americans head to the polls, with the outcome now seemingly anyone’s guess,” he said.
Wall Street was preparing for a long night of potentially contentious ballot counting and sharp swings no matter the outcome.
Goldman Sachs Group Inc. strategists said there’s a possibility of a burst of volatility in the aftermath of the election, but also pointed to the resilient US economic backdrop as likely to support equities in the long run.
The team of strategists led by Andrea Ferrario said there’s just an 18% chance of a bear market in the next 12 months — even when taking into account the risks posed by Tuesday’s presidential election.
“Equities should be able to digest higher bond yields as long as they are driven by better growth,” the Goldman strategists wrote in a note.
Markets are awaiting the Federal Reserve’s interest-rate decision on Thursday, and Jerome Powell’s press conference, where he’ll give details on the path for interest rates.
“The market is longing for the election to be over so that the focus can return to earnings and monetary policy,” said Susana Cruz, a strategist at Panmure Liberum.
All of that adds up to a market primed for volatility this week.
Options data suggests a 1.8% move in either direction for the S&P 500 on Wednesday, according to Citigroup’s head of equity trading strategy Stuart Kaiser.

Key events this week:
* Eurozone HCOB Services PMI, PPI, Wednesday
* China trade, forex reserves, Thursday
* UK BOE rate decision, Thursday
* US Fed rate decision, Thursday
* US University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.3%
* The Dow Jones Industrial Average rose 1%
* The MSCI World Index rose 1.1%
* Bloomberg Magnificent 7 Total Return Index rose 1.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.4% to $1.0924
* The British pound rose 0.5% to $1.3026
* The Japanese yen rose 0.4% to 151.54 per dollar
Cryptocurrencies
* Bitcoin rose 3.6% to $69,482.85
* Ether rose 2.4% to $2,427.95
Bonds
* The yield on 10-year Treasuries was little changed at 4.28%
* Germany’s 10-year yield advanced three basis points to 2.42%
* Britain’s 10-year yield advanced seven basis points to 4.53%
Commodities
* West Texas Intermediate crude rose 0.8% to $72.07 a barrel
* Spot gold rose 0.2% to $2,743.08 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Love is blind, but marriage restores its sight. –George C. Lichtenberg, 1742-1799.

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