February 22, 2022 Newsletter

Dear Friends,

Tangents:
It’s going to be a terrific Twosday! Today is 2/22/22 and unique festivities are happening around the world to celebrate the special palindrome date, meaning it reads the same forward and backward.
February 22, 1997: A team of British scientists working under the direction of Ian Wilmut at the Roslin Institute near Edinburgh announces the birth of Dolly the sheep, the first clone of an adult mammal.
On Feb. 21, 1965, former Black Muslim leader Malcolm X was shot and killed by assassins identified as Black Muslims as he was about to address a rally in New York City; he was 39. Go to article »
George Washington, first US President, b.1732.
Arthur Schopenauer, philosopher, b. 1788
Edna St. Vincent Millay, poet, b. 1892.

Rare fossil of giant flying reptile discovered on Scottish Island.  Some of these creatures were as big as airplanes… *goosebumps*

PHOTOS OF THE DAY

A gallery staff member views a painting Surrealist Wardrobe, 1941, by Marcel Jean, during a preview for Surrealism Beyond Borders at Tate Modern, an exhibition of more than 150 Surrealist works from around the globe
CREDIT: Yui Mok/PA

George Washington Bridge is illuminated for Presidents’ Day as seen from the Fort Lee Historic Park
CREDIT: Anadolu Agency/Getty Images

A shepherd leads his sheep through the snow in Van’s Gürpınar district, where livestock is the most important source of revenue
CREDIT: Anadolu Agency/Getty Images

Market Closes for February 22^nd, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1973, the New York Stock Exchange kicked off its first-ever nationwide TV advertising campaign to encourage Americans to buy stocks. It turned out to be bad timing, as U.S. stocks lost 14.7% of their value in 1973 and another 26.5% in 1974.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities slumped, following global markets lower as governments enacted sanctions on Russia after it recognized two separatist republics in eastern Ukraine and mobilized troops.
The S&P/TSX Composite fell for a fourth straight day, dropping 0.5% to 20,907.82, the lowest closing level since Jan. 28.
Shopify Inc. contributed the most to the index’s decline, decreasing 4.3%. Canopy Growth Corp. had the largest drop, falling 6.7%.
Today, 152 of 240 shares fell, while 82 rose; 9 of 11 sectors were lower, led by health-care stocks.
Insights
* This month, the index fell 0.9%
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 8.9% in the same period
* The S&P/TSX Composite is 4.1% below its 52-week high on Nov. 16, 2021 and 16.6% above its low on Feb. 26, 2021
* The S&P/TSX Composite is down 2.1% in the past 5 days and rose 1.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 14.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% 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 fell to 13.72% compared with 13.98% in the previous session and the average of 13.09% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -30.2296| -2.1| 5/11
* Industrials | -29.7500| -1.2| 7/23
* Materials | -25.2441| -1.0| 15/36
* Consumer Discretionary | -8.9978| -1.2| 4/10
* Consumer Staples | -5.7393| -0.8| 1/10
* Utilities | -4.5259| -0.5| 1/15
* Health Care | -3.6196| -2.5| 1/7
* Energy | -1.9513| -0.1| 15/15
* Communication Services | -1.4620| -0.1| 2/5
* Real Estate | 4.3390| 0.7| 19/5
* Financials | 6.8064| 0.1| 12/15
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -28.1900| -4.3| 7.0| -54.0
* Canadian Pacific | -13.3800| -2.3| -16.7| -0.8
* Canadian National | -8.0060| -1.2| 32.1| 1.2
* Constellation Software | 3.6170| 1.3| 64.9| -11.1
* Canadian Natural Resources | 3.7970| 0.7| 38.0| 24.7
* Royal Bank of Canada | 12.7000| 0.9| -32.2| 6.0

US
By Vildana Hajric and Elaine Chen
(Bloomberg) — Stocks fell, pushing the S&P 500 into a correction, as the imposition of sanctions against Russia over its Ukraine militancy put further stress on a market that has shown signs of buckling over the Federal Reserve’s efforts to subdue inflation.
The S&P 500 declined 1%, bringing its losses from a January high to 10%, as investors weighed the potential damage from sanctions targeting Russia’s elite and sovereign debt abroad.
The European Union and U.K. also signaled they are ready to impose further penalties unless Putin changes course. However, the Russian president has denied plans to invade Ukraine.
Gold was little changed, the dollar was flat and benchmark Treasury yields drifted at 1.92%. In European trading, the Stoxx 600 Index fell as much as 2% before recovering losses.
Biden said the U.S. was working closely with Germany on halting the Nord Stream 2 pipeline, which sent European natural gas futures 11% higher earlier in the session. He also said the administration was monitoring the energy sector as the threat of disrupted supplies has kept oil prices elevated. West Texas Intermediate crude traded close to $92 a barrel.
“The stock market is right to be concerned about current tensions between Russia and Ukraine, which run the risk of exacerbating the challenging inflation backdrop that many investors and companies have expected to improve in the back half of 2022,” wrote RBC Capital Markets’ Lori Calvasina. “The bad news is that the investment community still appears to be in the early days of understanding the potential implications of this conflict.”
Geopolitical risks have already led investors to pare bets on how aggressively the Federal Reserve may tighten monetary policy this year to fight inflation.
“The market had gotten way ahead of itself in terms of expecting Fed rate hikes and now we have this heightened political risk that’s going to mean potentially tighter financial conditions, and that means a slower process of rate increases from the Fed and probably a flatter yield curve,” Charles Schwab’s Kathy Jones said on Bloomberg TV Tuesday.
Markit manufacturing and services PMI data beat estimates, suggesting recent growth concerns have been driven by the omicron variant. Still, U.S. consumer confidence is at its
lowest since September.
“The market is worried about a lot of different things and it certainly doesn’t want to be thinking about Russia/Ukraine on top,” Marko Papic, partner and chief strategist at Clocktower
Group, said. “It’s a catalyst for further selloff.”
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 1%
* The Dow Jones Industrial Average fell 1.4%
* The MSCI World index fell 0.9%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.1328
* The British pound fell 0.1% to $1.3588
* The Japanese yen fell 0.3% to 115.03 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.92%
* Germany’s 10-year yield advanced four basis points to 0.24%
* Britain’s 10-year yield advanced six basis points to 1.47%
Commodities
* West Texas Intermediate crude rose 1.4% to $92.35 a barrel

–With assistance from Cecile Gutscher, Andreea Papuc, Emily Barrett and Michael G. Wilson.
Have  a lovely evening.

Be magnificent!
As ever,

Carolann

Do not say a little in many words but a great deal in a few. -Pythagoras, c. 570 BCE-c.490 BCE.

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