November 4, 2021 Newsletter

Dear Friends,

Tangents:  It’s Diwali, the cultural and religious festival of lights celebrated by many with South Asian heritage.

On Nov. 4, 2008, Barack Hussein Obama was elected the 44th president of the United States, as the country chose him as its first black chief executive.  Go to article »
1946: UNESCO founded.
1922: King Tut’s tomb found.

Tesla’s ‘full self-driving’ delights and annoys with Jekyll-and-Hyde personality, drivers say.  That sounds like a fairly complicated relationship to have with a car.

How to enjoy working out if you hate exercise.  The key is to trick yourself into thinking you’re having fun.

Shiba whale wallets with billion raise alarm of crypto sleuths. 
Cannibal coronal mass ejection.
Your underarm deodorant might cause cancer.
Oxford scientists find gene that doubles risk of dying from Covid-19.

PHOTOS OF THE DAY
People light earthen lamps on the banks of the Sarayu during Deepotsav celebrations on the eve of the Hindu festival Diwali
Sanjay Kanojia/AFP/Getty
Aurora borealis is seen in Glacier Bay, Alaska, in this image from a late-night time-lapse video
Glacier Bay National Park and Pr/Reuters
Autumn colours on Derwent island, Derwentwater in the Lake District,
Photograph: Owen Humphreys/PA

Market Closes for November 4^th, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
     On this day in 1929, in an attempt to calm panicking investors, the New York Stock Exchange said it would be open for trading only three hours a day that week. The investing public took no comfort, trading an astounding 6 million shares in just 180 minutes—more than twice the level of a normal full day’s trading just weeks earlier. The Dow Jones Industrial Average dropped 5.8%, putting it down 32.4% in two months.
Canada
By Alex Wittenberg
(Bloomberg) — Canadian equities set a fresh record Thursday after some regulations on banks were lifted and consumer sectors extended gains. The S&P/TSX Composite rose for the second day, climbing 0.4%, or 77.03 to 21,342.13 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 3.7%. Spin Master Corp. had the largest increase, rising 14.6%. Today, 138 of 233 shares rose, while 85 fell; 9 of 11 sectors were higher, led by information technology stocks.
Insights
* This year, the index rose 22 percent, heading for the best year in at least 10 years
* So far this week, the index rose 1.5 percent
* The index advanced 33 percent in the past 52 weeks. The MSCI AC Americas Index gained 36 percent in the same period
* The S&P/TSX Composite is 0.2 percent below its 52-week high on Nov. 4, 2021 and 34.3 percent above its low on Nov. 4, 2020
* The S&P/TSX Composite is up 0.7 percent in the past 5 days and rose 6.4 percent 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 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.35t
* 30-day price volatility rose to 10.20 percent compared with 10.19 percent in the previous session and the average of 10.24 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 16.2598| 0.7| 7/8
* Industrials | 15.8023| 0.6| 20/9
* Consumer Staples | 13.0849| 1.7| 7/6
* Consumer Discretionary | 12.0145| 1.6| 11/2
* Energy | 9.6797| 0.3| 13/8
* Materials | 6.9618| 0.3| 33/19
* Communication Services | 5.3945| 0.5| 5/2
* Utilities | 4.4636| 0.5| 9/7
* Real Estate | 4.1164| 0.6| 16/6
* Health Care | -0.6715| -0.3| 3/5
* Financials | -10.0915| -0.1| 14/13
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | 53.4900| 3.7| 13.6| 33.6
* Suncor Energy | 8.6960| 2.7| 25.3| 51.2
* Couche-Tard | 7.0370| 2.6| 25.9| 13.9
* CIBC | -7.3070| -1.5| 12.6| 37.9
* Manulife Financial | -12.9500| -3.8| 231.8| 6.1
* Lightspeed Commerce Inc | -29.3800| -27.6| 591.3| -1.0

US
By Rita Nazareth and Nathan Hager
(Bloomberg) — As traders pared their bets on the pace of tightening by the Federal Reserve, stocks climbed to another record and bond yields slumped. Technology and retail shares drove gains in the S&P 500, while the Nasdaq 100 extended its rally into a ninth straight day — the longest winning run since December. A bullish outlook from chip giant Qualcomm Inc. added to signs the industry crunch is easing. Short-maturity U.S. Treasury yields sank as global investors reassessed the outlook for monetary policy after the Bank of England defied expectations by keeping rates on hold.  The decision followed weeks of speculation that the BOE would become the first major central bank to raise borrowing costs since the start of the pandemic.
It also came a day after Fed Chair Jerome Powell announced a start to a reduction in asset purchases, while saying officials can be patient on hikes. Interest-rate futures, which had priced in two quarter-point increases in 2022, shifted the second one into 2023. “We thought that the extent of market pricing for Fed hikes really around the middle of next year was awfully full, and that should come down,” Mark Cabana, head of U.S. rates strategy at Bank of America Global Research, told Bloomberg Television. “It has come down, especially with the Bank of England guidance that we have received.” Applications for U.S. state unemployment benefits fell last week to the lowest since March 2020, pointing to fewer dismissals amid strong demand for labor. The data precede Friday’s employment report, which is forecast to show nonfarm payrolls rose by 450,000 in October. “So far this week we’ve gotten pretty good news on the labor-market front,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “With the Fed starting to take a step back from their accommodative stance, in aggregate, this could stand as another proof point of solid gains when it comes our economic recovery.”

After the close of regular trading:
* Peloton Interactive Inc. cut its annual revenue forecast by as much as $1 billion and lowered its projections for subscribers and profit margins, underscoring the fitness company’s struggles
to adjust to a post-pandemic economy.
* Airbnb Inc. reported record sales and earnings that beat analysts’ estimates, proving the vacation-rental giant’s resilience even as the delta variant of Covid-19 prompted new travel concerns and restrictions.
* Uber Technologies Inc. forecast adjusted income for the fourth quarter that fell short of expectations, overshadowing its first quarterly profit as a public company.

Here are some events to watch this week:
* U.S. unemployment, nonfarm payrolls, 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 1.3%
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.5% to $1.1557
* The British pound fell 1.4% to $1.3502
* The Japanese yen rose 0.3% to 113.71 per dollar
Bonds
* The yield on 10-year Treasuries declined eight basis points to 1.52%
* Germany’s 10-year yield declined six basis points to -0.22%
* Britain’s 10-year yield declined 13 basis points to 0.94%
Commodities
* West Texas Intermediate crude fell 2.1% to $79.13 a barrel
* Gold futures rose 1.8% to $1,794.90 an ounce
–With assistance from Andreea Papuc, Srinivasan Sivabalan, Sophie Caronello, Vildana Hajric and Emily Graffeo.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

I do not fear the 10,000 kicks you have practiced once; I fear the one kick you have practiced 10,000 times. –Bruce Lee, 1940-1973.

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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com