November 18, 2024, Newsletter

Dear Friends,

Tangents: Happy Monday.
On Nov. 17, 1973, President Nixon told an Associated Press managing editors meeting in Orlando, Fla., that “people have got to know whether or not their president is a crook.
Well, I’m not a crook.”  Go to article 

November 18, 1918: Latvia declares independence form Russia in the aftermath of the First World War and the Russian Revolution, marking a pivotal moment in Baltic history.
‘Another piece of the puzzle’: Antarctica’s 1st-ever amber fossil sheds light on dinosaur-era rainforest that covered South Pole 90 million years ago
Until now, Antarctica was the only continent on Earth without any known amber fossils. But sediment cores taken from below the seafloor have revealed a tiny piece of fossilized resin holding fragments of an ancient rainforest that covered the South Pole during the Cretaceous period. Read More.

Meteorite found in a drawer at university contains 700-million-year-old evidence of water on Mars
The Lafayette meteorite was discovered in a drawer at Purdue University in 1931, with no clear indication of how it got there. A new analysis of the rock reveals evidence of liquid water on Mars 742 million years ago. Read More.

35,000-year-old sabre-toothed kitten with preserved whiskers pulled from permafrost in Siberia
Researchers have analyzed mummified remains pulled from Siberia’s permafrost in 2020 and determined they belong to a 3-week-old sabre-toothed kitten that died at least 35,000 years ago. Read More.

Large language models not fit for real-world use, scientists warn — even slight changes cause their world models to collapse
Large language model AIs might seem smart on a surface level but they struggle to actually understand the real world and model it accurately, a new study finds. Read More.

Severe COVID-19 may shrink cancer tumors, early data suggest
Immune cells produced during severe COVID-19 infection may shrink tumors. The unexpected mechanism offers a new therapeutic possibility for advanced and treatment-resistant cancers. Read More.

Beyoncé to perform at halftime show of NFL Christmas Day game
An early Christmas gift? Why, thank you Beyoncé. The singer will perform during the halftime show of the Texans-Ravens game on Christmas Day in her hometown of Houston.

20 of the world’s best soups
Chilly fall days call for savory warm soups. Here are 20 of the world’s best — from Mexico to Thailand — to fill the stomach and the soul.

Watch gifted to Titanic hero fetches record bid at auction
A gold watch gifted to the captain of the ship that rescued more than 700 passengers and crew from the Titanic has sold for nearly $2 million.

Users are quitting X. Here’s where they’re going
X competitor Bluesky rocketed to the top spot on the Apple App Store’s US chart in the wake of the presidential election. CNN chief media analyst Brian Stelter discusses the exodus from Elon Musk’s embattled platform.

PHOTOS OF THE DAY

London, UK
Men dressed as Father Christmas take part in the Ministry of Fun’s annual Santa school training, at the London Postal Museum, which is known for its archives of letters to Santa dating back to 1963
Photograph: Matt Alexander/PA

Wernigerode, Germany
A steam train drives through the autumnal colours of Harz forest
Photograph: Matthias Schräder/AP

A colourful pond cluster at the Huanglong scenic area after snow in the Tibetan-Qiang autonomous prefecture
Photograph: Xinhua/Rex/Shutterstock
Market Closes for November 18, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1928: Mickey Mouse debuted on film in the first talking cartoon, Steamboat Willie. Mickey, originally named Mortimer, had been doodled a few months earlier by Walt Disney, as a one-up on the success of a rabbit character he lost control of. Read More.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3% at 24,976.94 in Toronto.
The move follows the previous session’s decrease of 0.6%.
Agnico Eagle Mines Ltd. contributed the most to the index gain, increasing 3.7%.
Energy Fuels Inc/Canada had the largest increase, rising 9.2%.
Today, 144 of 219 shares rose, while 74 fell; 5 of 11 sectors were higher, led by materials stocks.

* This year, the index rose 19%, heading for the best year since 2021
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The S&P/TSX Composite is 0.6% below its 52-week high on Nov. 14, 2024 and 25.4% above its low on Nov. 28, 2023
* The S&P/TSX Composite is up 0.8% in the past 5 days and rose 0.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.7 on a trailing basis and 17.4 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$3.92t
* 30-day price volatility fell to 8.40% compared with 8.45% in the previous session and the average of 7.65% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 80.5519| 2.8| 46/4
Energy | 46.9330| 1.1| 33/7
Communication Services | 3.0009| 0.5| 2/3
Consumer Discretionary | 2.9778| 0.4| 4/7
Utilities | 0.4001| 0.0| 7/8
Health Care | -0.3374| -0.4| 2/2
Real Estate | -0.3503| -0.1| 12/8
Financials | -1.4137| 0.0| 18/8
Industrials | -4.0685| -0.1| 11/16
Consumer Staples | -12.1820| -1.2| 1/9
Information Technology | -29.2344| -1.2| 8/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Agnico Eagle Mines Ltd | 14.0100| 3.7| 1.8| 54.4
Bank of Nova Scotia| 12.8500| 2.0| 23.2| 20.0
Cameco | 8.8180| 3.8| 93.3| 37.2
Manulife Financial | -8.9770| -1.6| 47.1| 54.8
Brookfield Corp | -13.9300| -1.7| 14.4| 47.9
Shopify | -37.1700| -2.9| -20.9| 43.9
US
By Rita Nazareth
(Bloomberg) — Stocks climbed as Treasuries halted a selloff that drove 10-year yields near 4.5%, with traders keeping a close eye on news around President-elect Donald Trump’s administration.
The Nasdaq 100 outperformed after its longest rout since January, with Tesla Inc. up 5.6% on a news report Trump’s transition team have told advisers they plan to make a federal framework for fully self-driving vehicles one of the Transportation Department’s priorities.
Nvidia Corp., which reports results this week, fell.
Bonds rose across the US curve, reversing a move that earlier drove 30-year yields to their May highs.
Bitcoin topped $91,000.
“Traders appear to be gauging the potential impact of a new Trump administration’s policies on the economy, and the possibility that the Fed may slow down its rate-cutting campaign,” said Chris Larkin at E*TRADE from Morgan Stanley.
“With a relatively light economic calendar this week, the focus will shift to earnings — especially Nvidia’s, which have the potential to dictate the market’s short-term momentum.”
The S&P 500 rose 0.4%.
The Nasdaq 100 climbed 0.7%.
The Dow Jones Industrial Average fell 0.1%.
Treasury 10-year yields declined three basis points to 4.41%.
The Bloomberg Dollar Spot Index slid 0.4%.

Corporate Highlights:
* Nvidia Corp. dropped after the Information reported that the chip giant has asked its suppliers to change the design of the server racks for its new Blackwell graphics processing unit due to an overheating problem.
* Super Micro Computer Inc. climbed as the server maker approaches a Monday deadline to either file a delayed 10-K annual report or submit a plan to file the form to Nasdaq in order to remain listed on the exchange.
* MicroStrategy Inc. bought about 51,780 Bitcoin for around $4.6 billion, the largest purchase by the crypto hedge-fund proxy since it began acquiring the digital-asset more than four years ago.
* Spirit Airlines Inc. has filed for bankruptcy in the wake of greater competition from rival carriers and financial troubles following its scuttled merger with JetBlue Airways Corp.
* CVS Health Corp. named Glenview Capital Management founder Larry Robbins to its board as part of an agreement with the activist firm that’s been pressuring the company for change.
* President-elect Donald Trump nominated Chris Wright, the chief executive officer of Liberty Energy Inc., to lead the Energy Department.
* Newmont Corp. agreed to sell its Musselwhite gold mine in Ontario to Orla Mining Ltd. for up to $850 million as part of a divestment campaign designed to boost shareholder returns.
* Hewlett Packard Enterprise Co. was upgraded at Raymond James to strong buy from outperform.
* Moderna Inc. was upgraded to buy from hold at HSBC, with analysts saying the market isn’t giving enough credit to the firm’s pipeline.
* Biogen Inc. was downgraded to hold from buy at Needham, which said it does not see a “meaningful source of upside” for the stock in the next 12 months.

Key events this week:
* Eurozone CPI, Tuesday
* US housing starts, Tuesday
* Fed’s Jeff Schmid speaks, Tuesday
* China loan prime rates, Wednesday
* Nvidia earnings, Wednesday
* Fed’s Lisa Cook and Michelle Bowman speak, Wednesday
* Eurozone consumer confidence, Thursday
* US existing home sales, initial jobless claims, Philadelphia Fed factory index, Thursday
* Eurozone HCOB Manufacturing & Services PMI, Friday
* US University of Michigan consumer sentiment, S&P Global Manufacturing & Services PMI, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World Index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.5% to $1.0592
* The British pound rose 0.5% to $1.2675
* The Japanese yen fell 0.2% to 154.59 per dollar
Cryptocurrencies
* Bitcoin rose 2.7% to $91,560.89
* Ether rose 3.1% to $3,157.45
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.41%
* Germany’s 10-year yield advanced two basis points to 2.37%
* Britain’s 10-year yield was little changed at 4.47%
Commodities
* West Texas Intermediate crude rose 3.1% to $69.07 a barrel
* Spot gold rose 1.8% to $2,610.41 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
People rarely succeed unless they have fun in what they are doing. -Dale Carnegie, 1888-1955.

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