December 23, 2021 Newsletter

Dear Friends,

Tangents:
On Dec. 23, 1986, the experimental airplane Voyager, piloted by Dick Rutan and Jeana Yeager, completed the first non-stop, around-the-world flight without refueling as it landed safely at Edwards Air Force Base in California.  Go to article »

Astronomers discover the largest group of rogue planets yet.

Joan Didion’s six-decade career was nothing short of remarkable.

PHOTOS OF THE DAY
The moon rises behind Lee’s Summit Magic Tree, which is covered with more than 12,000 lights, attracting thousands of visitors every Christmas
CREDIT: Charlie Riedel/AP
A composite image shows doors decorated with Christmas wreaths in Edinburgh’s New Town
CREDIT: Jane Barlow/PA
Pelicans scavenge at the Sydney fish market where 350 tonnes of seafood are expected to be sold over the Christmas period
CREDIT: Jenny Evans/Getty Images

Market Closes for December 23^rd, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
     On this day in 1732, Richard Arkwright, one of the fathers of the Industrial Revolution, was born in Preston in Lancashire, England. After working as an apprentice wigmaker, in 1769 he invented the first practical machine for spinning cotton into thread, then built the first functional textile mill.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities rose for the third consecutive day, as information technology stocks posted the largest gains. The S&P/TSX Composite Index climbed 0.7%, or 148.88 to 21,218.93 in Toronto. The index advanced to the highest closing level since Nov. 25 and is heading for its best year since 2009. Shopify Inc., Canada’s largest company by market value, contributed the most to the index gain, increasing 3.6%. Cryptocurrency miner Hut 8 Mining Corp. had the largest percentage increase, rising 7.6%. Today, 170 of 241 shares rose, while 69 fell; 9 of 11 sectors were higher, led by information technology stocks.
Insights
* This year, the index rose 22%, heading for the best year in at least 10 years
* This quarter, the index rose 5.7%
* This month, the index rose 2.7%
* So far this week, the index rose 2.3%, heading for the biggest advance since the week ended Oct. 15
* The index advanced 21% in the past 52 weeks. The MSCI AC Americas Index gained 25% in the same period
* The S&P/TSX Composite is 2.6% below its 52-week high on Nov. 16, 2021 and 22.7% above its low on Jan. 29, 2021
* The S&P/TSX Composite is up 2.3% in the past 5 days and fell 1.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 16.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.38t
* 30-day price volatility fell to 15.35% compared with 15.44% in the previous session and the average of 13.35% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 57.3038| 2.5| 13/3
* Financials | 56.4970| 0.8| 22/6
* Materials | 10.8768| 0.4| 40/15
* Consumer Discretionary | 7.4951| 1.0| 13/1
* Energy | 5.9707| 0.2| 17/14
* Consumer Staples | 5.0985| 0.6| 6/6
* Industrials | 3.9947| 0.2| 20/10
* Health Care | 2.2935| 1.4| 8/0
* Real Estate | 0.9188| 0.1| 19/4
* Utilities | -0.5041| -0.1| 8/7
* Communication Services | -1.0728| -0.1| 4/3
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 49.3200| 3.6| -34.8| 28.0
* Brookfield Asset Management | 13.7100| 1.8| -58.9| 47.0
* Royal Bank of Canada | 10.2600| 0.8| 1.1| 27.8
* Agnico Eagle Mines | -1.8950| -1.7| -6.9| -26.3
* Tourmaline Oil | -2.8990| -3.3| -43.0| 139.5
* Canadian Pacific | -5.0310| -0.9| -45.0| 3.4

US
By Peyton Forte
(Bloomberg) — Stocks rose to a record on speculation the economic recovery can weather the coronavirus flareup. Bonds fell. Trading volume was low ahead of the holidays.  Electric-vehicle startup Nikola Corp. surged amid optimism about deliveries. U.S.-listed shares of JD.com Inc. sank on Tencent Holdings Ltd.’s plan to distribute over $16 billion of the Chinese e-commerce firm’s stock as a one-time dividend. Crocs Inc., the colorful clog maker, plunged after agreeing to buy casual-shoe brand Heydude for $2.5 billion.  Bitcoin climbed above $50,000. U.S. consumer sentiment increased in December as households grew more upbeat about the economy. Sales of new homes rose in November to a seven-month high, while orders for durable goods beat forecasts. Consumer spending — adjusted for inflation — stagnated as the fastest price gains in nearly four decades eroded purchasing power. Jobless claims were little changed last week. Merck & Co.’s Covid-19 pill was cleared by U.S. regulators, giving high-risk patients another at-home treatment option. New York City is limiting crowds and adding more health and safety measures for revelers at the New Year’s Eve ball drop in Times Square.  People infected with omicron are 50% to 70% less likely than those with delta to be admitted to hospitals, the U.K. Health Security Agency said. “We’re still in a pretty good spot for equities,” said Anu Gaggar, global investment strategist at Commonwealth. “Real rates remain low and liquidity conditions remain quite easy, household and corporate balance-sheets are healthy and consumer confidence also remains high. It is not time to head for the exits.”

What to watch this week:
* Friday: U.S. markets are closed. U.K. markets close earlier

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.1335
* The British pound rose 0.5% to $1.3418
* The Japanese yen fell 0.3% to 114.39 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.49%
* Germany’s 10-year yield advanced four basis points to -0.25%
* Britain’s 10-year yield advanced four basis points to 0.92%
Commodities
* West Texas Intermediate crude rose 1.5% to $73.83 a barrel
* Gold futures rose 0.4% to $1,809.90 an ounce
–With assistance from Andreea Papuc and Namitha Jagadeesh.

Happy Holidays everyone.  I’ll be off for a few days, beginning tomorrow, Christmas Eve.  US markets are closed tomorrow.

As always,

Carolann

Genius is eternal patience. –Michelangelo Di Lodovico Buonarroti Simoni, 1475-1564.

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