April 17, 2023 Newsletter

Dear Friends,

Tangents: Happy Monday.
April 17, 1991: Dow Jones tops 3,000 for the first time.  It closed today at 33,987.18 – a gain of  +1033% since 1991.
On April 17, 1961, about 1,500 CIA-trained Cuban exiles launched the disastrous Bay of Pigs invasion of Cuba in a failed attempt to overthrow the government of Fidel Castro. Go to article >

J.P. Morgan, banker, b.1837.
1932: Haile Selassie ends slavery in Ethiopia.
2011: Game of Thrones, based on the fantasy novels by George R.R. Martin., premieres on  HBO.

Which ancient Egyptian dynasty ruled the longest?
Ancient Egypt was ruled for millennia by a series of pharaohs. But which dynasty lasted the longest?  Read More

Looking at awe-inspiring art could lead to a happier, healthier life:  The feeling you get when you listen to stirring music or look at a striking painting could improve your physical, mental and social well-being.

Generous mother wins lottery: Days after a Florida woman finished paying for her daughter’s cancer treatment, she won millions in the lottery. Well deserved!

The Gate Appreciation Society has a favorite gate. (h/t Mark Gilbert)

$300,000 is the new $100,000.

PHOTOS OF THE DAY

New York, US
The soprano Raquel Suarez Groen acknowledges the applause during the closing performance of Phantom of the Opera at the Majestic Theatre, marking the end of the musical’s 35-year run on Broadway
Photograph: Nina Westervelt/Variety/Getty Images

Namur, Belgium
Stilt-walkers take part in the city’s 25th folklore festival
Photograph: Xinhua/Shutterstock

Kopuwai, New Zealand
Weka the bearded collie carries his bed and belongings in a Ruffwear backpack
Photograph: Murdo MacLeod/The Guardian
Market Closes for April 17^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1930, the stock market hit a high following the November 1929 crash, with the Dow Jones Industrial Average closing up 48%.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the seventh day, climbing 0.3%, or 62.06 to 20,641.97 in Toronto.
The index advanced to the highest closing level since Feb. 15.
Shopify Inc. contributed the most to the index gain, increasing 4.8%.
Teck Resources Ltd. had the largest increase, rising 7.8%.
Today, 121 of 232 shares rose, while 110 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* The index declined 5.6% in the past 52 weeks. The MSCI AC Americas Index lost 6.5% in the same period
* The S&P/TSX Composite is 6.5% below its 52-week high on April 21, 2022 and 15.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.8% in the past 5 days and rose 6.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.4 on a trailing basis and 13.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.28t
* 30-day price volatility little changed to 12.39% compared with 12.40% in the previous session and the average of 12.35% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 31.5876| 0.5| 17/11
Information Technology | 18.1677| 1.3| 3/9
Industrials | 14.9074| 0.5| 24/3
Real Estate | 5.8925| 1.2| 19/2
Consumer Discretionary | 2.6545| 0.4| 10/5
Communication Services | 2.3751| 0.3| 3/2
Health Care | 1.8285| 2.8| 6/0
Materials | 1.3215| 0.0| 15/35
Utilities | -0.1066| 0.0| 7/9
Energy | -7.2301| -0.2| 13/27
Consumer Staples | -9.3312| -1.1| 4/7
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 24.8500| 4.8| 17.6| 38.2
Teck Resources | 14.7700| 7.8| 28.7| 28.6
Nutrien | 10.2700| 2.9| 5.1| 1.5
Wheaton Precious Metals | -4.4300| -2.1| -41.9| 25.9
Canadian Natural Resources | -4.7720| -0.8| -46.6| 9.4
Couche-Tard | -6.3510| -1.8| -11.4| 12.2
US
By Sujata Rao
(Bloomberg) — Stocks saw small moves as the possibility of further Federal Reserve policy tightening lifted Treasury yields and investors stayed on the sidelines amid bank earnings.
The S&P 500 erased losses in afternoon New York trading.
The tech-heavy Nasdaq 100 underperformed major equity benchmarks.
Two-year rates climbed to around 4.2% as investors scaled back expectations for rate cuts later in the year.
Richmond Fed President Thomas Barkin said he wants to see more evidence that US inflation is easing back to the central bank’s goal of 2%.
New York state manufacturing activity unexpectedly expanded in April for the first time in five months as new orders and shipments snapped back.
Charles Schwab Corp. rose as executives said the firm can weather the turmoil roiling US banks, while pausing stock buybacks in response to the industry’s worst crisis since 2008.
State Street Corp. fell as it reported clients retreated from its investment products.
“The current season’s earnings profile is rather opaque,” said Peter Kinsella, head of FX strategy at Swiss asset manager UBP. “The banks last week did better than expected, but we have to see what the reporting season will be like from everyone else. But the S&P is expensive at current levels so you have to ask yourself if there is really much material upside from here.”
Key events this week:
* China GDP, retail sales, industrial production, Tuesday
* US housing starts, Tuesday
* Goldman Sachs and Bank of America release first-quarter earnings, Tuesday
* Fed’s Michelle Bowman discusses digital currency, Tuesday
* Eurozone CPI, Wednesday
* Fed releases Beige Book, Wednesday
* Fed’s John Williams gives a speech, Wednesday
* Fed’s Austan Goolsbee is interviewed on NPR, Wednesday
* China loan prime rates, Thursday
* Eurozone consumer confidence, Thursday
* US initial jobless claims, existing home sales, index of leading economic indicators, Thursday
* ECB issues report on March policy meeting, Thursday
* Fed’s Christopher Waller speaks at cryptocurrency-focused event, Thursday
* Fed’s Patrick Harker speaks on “monetary policy and housing”, Thursday
* Fed’s Loretta Mester discusses the economic and policy outlook, Thursday
* Fed’s Raphael Bostic discusses regional and national economic conditions, Thursday
* Fed’s Michelle Bowman and Lorie Logan speak at event, Thursday
* PMIs for Eurozone, Friday
* Japan CPI, Friday
* Fed’s Lisa Cook discusses economic research at an event, Friday

Some of the main moves in the market:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.6% to $1.0930
* The British pound fell 0.3% to $1.2377
* The Japanese yen fell 0.5% to 134.43 per dollar
Cryptocurrencies
* Bitcoin fell 2.9% to $29,481.61
* Ether fell 2% to $2,079.33
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 3.59%
* Germany’s 10-year yield advanced three basis points to 2.47%
* Britain’s 10-year yield advanced two basis points to 3.69%
Commodities
* West Texas Intermediate crude fell 1.9% to $80.92 a barrel
* Gold futures fell 0.4% to $2,008.30 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Angel Adegbesan, Isabelle Lee, Peyton Forte and Emily Graffeo.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Your net worth to the world is usually determined by what remains after your bad habits are subtracted from your good ones. –Benjamin Franklin, 1706-1790.

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