November 5, 2021 Newsletter

Dear Friends,

Tangents: Happy Friday.

Guy Fawkes Day, England.

1935 Parker Brothers began marketing the board game “Monopoly.”  Go to article »
Art Garfunkel, musician, b.1941.
Sam Shepard, actor, playwright, b. 1943

Marie Antoinette’s diamond bracelets expected to fetch up to $4 million at auction.  Is it too early to do a little high-end holiday shopping?

Identifying ‘habitable worlds’ is a top priority for astronomers in the decade ahead.  Pile in, friends, we’re off to find a new home! 

A high school principal is apologizing for lack of sportsmanship after the football team won a game 106-0.  106 points?! This honestly sounds exhausting for both teams. 

The astronomy and astrophysics priorities for the next decade. 

Scientists claim algorithm can predict suicidal thoughts in teens.

Giant spiders invade Georgia. (h/t Mike Smedley).

PHOTOS OF THE DAY
Tourists walk on the Perito Moreno Glacier at Los Glaciares national park. World leaders are gathered in Scotland at the Cop26 climate summit to push nations to ratchet up efforts to curb climate change. Experts say the amount of energy unleashed by planetary warming could melt much of the planet’s ice, raise global sea levels and increase extreme weather events
CREDIT: Natacha Pisarenko/AP
People stand on paddle boards on lake Sukko situated in the mountains of the Abrau Peninsula. This artificial pond, with its bald cypress trees planted in the mid-1930s, is considered a natural landmark. It repeats a constant cycle of running dry and refilling with each year’s wet season
CREDIT: Marina Lystseva/Tass
Relief masks of the wives of Ionian warriors, found during excavations in the Neonteikhos ancient settlement, are exhibited after restoration at the Izmir Archeology Museum
CREDIT: Anadolu Agency/Getty
A man walks in the snow
CREDIT: Anadolu Agency/Getty

Market Closes for November 5^th, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
     On this day in 1991, British media mogul Robert Maxwell committed suicide by diving off his yacht into the sea off the Canary Islands. Earlier in 1991, he had taken his Mirror Group public—but the company could not service its massive debts. Mr. Maxwell was secretly manipulating the stock price of one of his other companies, and he had illegally transferred more than $1 billion in employee pension money.
Canada
By Alex Wittenberg
(Bloomberg) — Canadian equities extended gains Friday as oil prices rose and shares in the materials sector led the index. The S&P/TSX Composite climbed for the third day, rising 0.5%, or 113.69 to a record 21,455.82 in Toronto. Enbridge Inc. contributed the most to the index gain, increasing 3.0%.  Canada Goose Holdings Inc. had the largest increase, rising 19.3%. Today, 156 of 233 shares rose, while 75 fell; eight of 11 sectors were higher, led by materials and energy stocks.
Insights
* This year, the index rose 23 percent, heading for the best annual return in at least 10 years
* So far this week, the index rose 2 percent
* The index advanced 32 percent in the past 52 weeks. The MSCI AC Americas Index gained 34 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on Nov. 5, 2021 and 32.3 percent above its low on Nov. 5, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 16.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.36t
* 30-day price volatility fell to 10.17 percent compared with 10.20 percent in the previous session and the average of 10.28 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 41.9321| 1.5| 16/7
* Materials | 37.4012| 1.6| 46/9
* Financials | 20.1046| 0.3| 15/13
* Industrials | 13.2844| 0.5| 17/12
* Consumer Discretionary | 6.1281| 0.8| 9/4
* Consumer Staples | 4.9827| 0.6| 10/3
* Utilities | 1.6056| 0.2| 12/3
* Real Estate | 0.0570| 0.0| 14/10
* Health Care | -1.6209| -0.8| 4/5
* Communication Services | -2.3710| -0.2| 5/2
* Information Technology | -7.7888| -0.3| 8/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Enbridge | 21.9400| 3.0| 198.0| 32.4
* Canadian Natural Resources | 13.1800| 3.0| 20.5| 77.2
* Barrick Gold | 12.6000| 4.4| 37.4| -14.9
* BCE | -7.2950| -1.8| 109.3| 16.2
* Shopify | -13.3800| -0.9| -0.8| 32.4
* TC Energy | -17.7500| -3.9| 28.2| 23.8

US
By Rita Nazareth and Kamaron Leach
(Bloomberg) — A rally in companies that stand to benefit the most from an economic rebound drove stocks higher after solid jobs data and encouraging results from Pfizer Inc.’s Covid-19 pill study.  Treasury 10-year yields sank below 1.5%. All major equity benchmarks climbed to records, with the S&P 500 posting its fifth consecutive weekly rally — the longest since August 2020.  Industrial and commodity shares outpaced technology firms, though the Nasdaq 100 still rose for a 10^th straight day.  Airlines, cruise operators, hotels and small caps jumped. Pfizer’s chief told Bloomberg Television the company is aiming to submit data from its experimental pill to U.S. regulators by the Nov. 25 Thanksgiving holiday. The U.S. labor market got back on track in October, with a larger-than-forecast and broad-based payrolls gain, indicating greater progress filling millions of vacancies as the effects of the delta variant faded.
Nonfarm payrolls increased 531,000 after large upward revisions to the prior two months. The unemployment rate fell to 4.6%, while the labor-force participation rate was unchanged. Average hourly earnings came in line with estimates, rising the most since February. “The strong jobs report is a welcome sign that the delta wave-driven slowdown was indeed transitory.  This bodes well for the expansion, which is set to continue in the coming months, driving earnings and economically sensitive sectors higher,” said Matt Peron, director of research at Janus Henderson Investors. “Investors are looking for a modestly growing economy as the Fed starts pulling back the reins, and the October jobs report seems to fit that bill,” said Lindsey Bell, Ally Invest’s chief markets and money strategist. “This is the strong progress from the job market that we wanted to see. Some of the pandemic-driven headwinds preventing people from taking open jobs have started to abate, and given strong demand, we expect to see even better numbers in the months ahead,” said Jeff Buchbinder, equity strategist at LPL Financial. President Joe Biden said Friday that the U.S. economy is recovering from the pandemic faster and stronger than expected. Meantime, Federal Reserve Bank of Kansas City President Esther George noted that bottlenecks contributing to high inflation will persist well into 2022 amid broadening price pressures, suggesting officials should not wait too long to respond.

Some other corporate highlights:
* Airbnb Inc. reported 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.
* Sports-betting company DraftKings Inc. reported third-quarter sales that missed Wall Street estimates, due in part to unfavorable NFL game outcomes.
* 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.

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 0.1%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World index rose 0.2%
* The Russell 2000 Index rose 1.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.1% to $1.1566
* The British pound was little changed at $1.3493
* The Japanese yen rose 0.4% to 113.36 per dollar
Bonds
* The yield on 10-year Treasuries declined eight basis points to 1.45%
* Germany’s 10-year yield declined six basis points to -0.28%
* Britain’s 10-year yield declined 10 basis points to 0.85%
Commodities
* West Texas Intermediate crude rose 3.5% to $81.53 a barrel
* Gold futures rose 1.4% to $1,818.90 an ounce
–With assistance from Sunil Jagtiani, Srinivasan Sivabalan and Sophie Caronello.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

The art of living lies not in eliminating but in growing with troubles. –Bernard M. Baruch, 1870-1965.

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