November 19, 2024 Newsletter

Dear Friends,

Tangents:
November 19, 1493: Puerto Rico Discovery Day.
November 19, 1863: Abraham Lincoln’s Gettysburg Address.
November 19, 1872: E.D. Barbour of Boston is awarded the first US patent for the first “calculator”, an adding machine capable of printing totals and subtotals.
November 19, 1969: Apollo 12 astronauts Charles “Pete” Conrad and Alan Bean made man’s second landing on the moon.  Go to article 

Peter F. Drucker, management guru, b. 1909.
Indira Gandhi, Indian politician, b. 1917.
Ted Turner, media mogul, b. 1938.
Meg Ryan, actress, b. 1961.
Jodie Foster, actress, b. 1962

2,600-year-old inscription in Turkey finally deciphered — and it mentions goddess known ‘simply as the Mother’
An ancient inscription decorated with lions and sphinxes is finally deciphered, and it involves the “mother of the gods.” Read More.

Scientists glean new details of mysterious, centuries-old shipwreck submerged in Norway’s largest lake
Researchers now think the boat was a local “føringsbåt” for passengers and cargo. Read More.

West Coast bracing for ‘bomb’ cyclone
A low-pressure system headed for Northern California and Oregon is likely to bring extreme rain and strong winds. Read More.

Dolphin in the Baltic Sea has been talking to himself — and researchers think it’s a sign he’s lonely
A solitary dolphin in the Baltic Sea has been recorded talking to himself, leading researchers to wonder whether he’s lonely and calling out for friends. Read More.

Why isn’t the darkest time of the year also the coldest?
Why aren’t the solstices the coldest and hottest days of the year? Read More.

PHOTOS OF THE DAY

Buxton, UK
Snow covers buildings after the overnight snowfall in Derbyshire. The UK is bracing for up to 20cm of snow, ice and cold temperatures over the coming days
Photograph: Peter Byrne/PA

Leon, Mexico
Visitors attend the International Hot-Air Balloon Festival in Leon, in the state of Guanajuato
Photograph: Henry Romero/Reuters

​​​​​​​London, UK
A herd of red deer look out from the bracken on an autumn morning in Richmond Park
Photograph: Justin Tallis/AFP/Getty Images
Market Closes for November 19, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1792: In the same room where the Declaration of Independence was adopted 16 years earlier, the Insurance Co. of North America held its initial public offering at $10 a share. More than 660 investors signed up for shares. The INA is now part of Chubb.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.1%, or 33.82 to 25,010.77 in Toronto.
Agnico Eagle Mines Ltd. contributed the most to the index gain, increasing 2.7%.
NexGen Energy Ltd. had the largest increase, rising 6.5%.
Today, 117 of 219 shares rose, while 98 fell; 5 of 11 sectors were higher, led by materials stocks.
Insights
* 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 31% in the same period
* The S&P/TSX Composite is 0.5% below its 52-week high on Nov. 14, 2024 and 25.6% above its low on Nov. 28, 2023
* The S&P/TSX Composite is up 0.4% in the past 5 days and rose 0.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.9 on a trailing basis and 17.3 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$3.94t
* 30-day price volatility fell to 8.37% compared with 8.40% in the previous session and the average of 7.70% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 49.4514| 1.7| 39/11
Financials | 16.3265| 0.2| 19/7
Energy | 9.6926| 0.2| 14/25
Utilities | 4.9837| 0.5| 9/6
Communication Services | 0.4439| 0.1| 3/2
Health Care | -0.5172| -0.7| 2/2
Real Estate | -1.0519| -0.2| 6/13
Consumer Discretionary | -2.5265| -0.3| 5/5
Consumer Staples | -10.0474| -1.0| 3/7
Industrials | -13.2765| -0.4| 12/15
Information Technology | -19.6636| -0.8| 5/5
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Agnico Eagle Mines Ltd | 10.7100| 2.7| -19.4| 58.6
Bank of Nova Scotia| 8.1900| 1.2| -5.6| 21.5
Barrick Gold | 8.1110| 2.7| -29.0| 3.4
TD Bank | -10.9000| -1.1| -4.9| -8.9
Canadian National | -11.3400| -1.9| 13.9| -10.5
Shopify | -21.2200| -1.7| -8.7| 41.5
US
By Rita Nazareth
(Bloomberg) — Stocks rebounded in a volatile session marked by geopolitical headlines, with Nvidia Corp. climbing ahead of its results.
Bitcoin extended its post-election rally.
Trading in options signals Nvidia’s results Wednesday will be the most-important catalyst left this year — more than the Federal Reserve’s December meeting, according to Barclays Plc strategists.
The chipmaker at the forefront of the artificial-intelligence boom rose 4.9%, leading gains in the S&P 500.
An earlier slide in equities was driven by Ukraine’s first strike with US missiles in Russia and President Vladimir Putin’s approval of an updated nuclear doctrine.
To Gaurav Mallik at Pallas Capital Advisors, geopolitical uncertainties are indeed a recipe for volatility.
As for Nvidia’s results, he’s expecting strong numbers, citing capital expenditure by big tech and his view that there’s still “no clear substitute” for the company’s chips.
“This market is fickle,” said Nancy Tengler at Laffer Tengler Investments.
“Stocks ultimately trade on earnings and they have been great. I don’t recommend stocks ahead of earnings, but if NVDA sells off, jump in.”
The S&P 500 added 0.4%.
The Nasdaq 100 climbed 0.7%.
A gauge of the “Magnificent Seven” mega caps advanced 1.7%.
The Dow Jones Industrial Average slipped 0.3%.
US 10-year yields slid two basis points to 4.39%.
Oil and gold rose.

Corporate Highlights:
* Walmart Inc. boosted its outlook for the year on a solid start to the holiday season and strong demand from US consumers searching for value.
* Lowe’s Cos. extended its streak of declining sales during the third quarter as it continued to feel the ripple effects of a weak housing market.
* Alphabet Inc.’s Chrome browser could go for as much as $20 billion if a judge agrees to a Justice Department proposal to sell the business, in what would be a historic crackdown on one of the world’s biggest tech companies.
* Super Micro Computer Inc. hired a new auditor and filed a plan to come into compliance with Nasdaq listing requirements.
* Hewlett Packard Enterprise Co. and Juniper Networks Inc. representatives met with Justice Department antitrust enforcers last week in a final effort to persuade the agency not to challenge their proposed $14 billion deal, according to people familiar with the matter.

Key events this week:
* 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 0.3%
* The MSCI World Index rose 0.4%
* Bloomberg Magnificent 7 Total Return Index rose 1.7%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.0595
* The British pound was unchanged at $1.2678
* The Japanese yen was little changed at 154.70 per dollar
Cryptocurrencies
* Bitcoin rose 1.4% to $92,640.14
* Ether fell 1.3% to $3,108.8
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.39%
* Germany’s 10-year yield declined four basis points to 2.34%
* Britain’s 10-year yield declined two basis points to 4.44%
Commodities
* West Texas Intermediate crude rose 0.6% to $69.58 a barrel
* Spot gold rose 0.8% to $2,633.47 an ounce

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

Be magnificent!
As ever,

Carolann
Skepticism is the chastity of the intellect, and it is shameful to surrender it too soon or to the first comer: there is nobility
in preserving it coolly and proudly through long youth, until at last, in the ripeness of instinct and discretion,
it can be safely exchanged for fidelity and happiness. –George Santayana, 1863-1952.

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