November 19, 2021 Newsletter

Dear Friends,

Tangents: Happy Friday.

1959 Ford Motor Co. announced it was halting production of the unpopular Edsel.  Go to article »

1493~Puerto Rico Discovery Day
November 19, 1863: Lincoln’s Gettysburg Address.

Indira Gandhi, Indian politician, b. 1917
Ted Turner, media mogul, b. 1938
Peter Drucker, management guru, b. 1909
Jodie foster, actor, b. 1962
Meg Ryan, actor, b. 1961
 
 Invisibility cloaks are one step closer to being a thing. 

How to identify that light in the sky.

Maybe we’re teaching our kids all wrong. 

PHOTOS OF THE DAY
A shadow falls on the moon during a partial lunar eclipse, seen beside the Skytree, the world’s tallest broadcasting tower
CREDIT: Issei Kato/Reuters
An illuminated stag is installed for the London Bridge City Christmas market on the south bank of the Thames
CREDIT: London Bridge City
An environmental activist dressed in plastic waste attends a Fashion Revolution rally to raise climate awareness
CREDIT: Oded Balilty/AP

Market Closes for November 19^th, 2021

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 Company of North America held its initial public offering at $10 a share. More than 660 investors from all walks of life signed up for shares. If you’d spent $1,000 to buy 100 shares on the first day, they’d have been worth more than $10.1 million by 1998.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities slumped for the third day as oil prices fell and companies in the energy sector weighed on the index. The S&P/TSX Composite dropped 0.4 percent, or 82.51 to 21,555.03 in Toronto. The index dropped to the lowest closing level since Nov. 10. Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 3.8 percent. Lightspeed Commerce Inc. had the largest drop, falling 7.4 percent. Today, 139 of 233 shares fell, while 94 rose; 6 of 11 sectors were lower, led by energy stocks.
Insights
* This year, the index rose 24 percent, heading for the best year in at least 10 years
* This week, the index fell 1 percent, the biggest decline since the week ended Oct. 1
* The index advanced 27 percent in the past 52 weeks. The MSCI AC Americas Index gained 31 percent in the same period
* The S&P/TSX Composite is 1.1 percent below its 52-week high on Nov. 16, 2021 and 28.2 percent above its low on Nov. 19, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.6 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$3.41t
* 30-day price volatility rose to 9.00 percent compared with 8.85 percent in the previous session and the average of 9.95 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -56.8554| -2.0| 0/23
* Materials | -22.6302| -0.9| 15/40
* Financials | -17.7169| -0.3| 12/16
* Consumer Staples | -10.2922| -1.3| 4/9
* Consumer Discretionary | -3.4506| -0.4| 5/8
* Health Care | -0.4023| -0.2| 4/5
* Industrials | 1.2787| 0.1| 16/14
* Communication Services | 2.3025| 0.2| 3/4
* Real Estate | 3.3350| 0.5| 12/12
* Utilities | 4.6126| 0.5| 12/4
* Information Technology | 17.3174| 0.7| 11/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian Natural Resources | -16.3900| -3.8| 2.0| 66.9
* Couche-Tard | -7.6030| -2.6| 11.8| 17.5
* Manulife Financial | -7.2800| -2.2| 59.1| 7.9
* Canadian National | 3.7250| 0.5| -28.9| 17.0
* Brookfield Asset Management | 5.8730| 0.8| 8.6| 44.4
* Shopify | 16.7300| 1.0| -11.4| 48.9

US
By Robert Brand and Vildana Hajric
(Bloomberg) — Stocks fell after hawkish remarks from Federal Reserve officials and mounting concern that another wave of the pandemic in Europe could spur more lockdowns.  Economically sensitive companies like energy, financial and industrial shares retreated, while the technology-heavy Nasdaq 100 outperformed major benchmarks.  The Treasury curve flattened after two members of the central bank’s board said the Fed may need to consider speeding up the reduction of its bond-buying program amid strong economic growth and rising inflation. The dollar rose. While stocks are hovering near records, propped up by robust earnings, a virus resurgence could stall the economic recovery at a time when inflation is raging. Austria became the first western European country to impose widespread restrictions. Parts of Germany also closed non-essential businesses, while the Netherlands has already ordered shops and bars to close early. “It’s been another week of stocks defying gravity in a tense environment,” said Callie Cox, senior investment strategist at Ally Invest. “The road hasn’t been easy, though.  Investors are still digesting the risk of runaway inflation, along with a Covid spike and a new wave of restrictions in Europe.” President Joe Biden’s signature plan to expand the social safety net, address climate change and rewrite tax policies passed the House Friday morning as Speaker Nancy Pelosi united fractious Democrats to send the legislation to the Senate, where its fate remains uncertain.

Some corporate highlights:
* Covid-19 booster shots from Pfizer Inc. and Moderna Inc. received unanimous backing for use in all U.S. adults from public-health advisers.
* Boeing Co. is further slowing down the production of 787 Dreamliners, Dow Jones reported, citing people familiar with the matter.
* Foot Locker Inc. reported sales that missed estimates as a supply-chain crunch pressures the sneaker retailer ahead of the holiday shopping season.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.1% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.7% to $1.1290
* The British pound fell 0.4% to $1.3442
* The Japanese yen rose 0.2% to 113.99 per dollar
Bonds
* The yield on 10-year Treasuries declined five basis points to 1.54%
* Germany’s 10-year yield declined seven basis points to -0.34%
* Britain’s 10-year yield declined five basis points to 0.88%
Commodities
* West Texas Intermediate crude fell 3.7% to $76.10 a barrel
* Gold futures fell 0.7% to $1,851.20 an ounce
–With assistance from Sunil Jagtiani, Cecile Gutscher and Sophie Caronello.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

What is now proved was once only imagined. –William Blake, 1757-1827.

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