April 19, 2023 Newsletter

Dear Friends,

Tangents:
April 19, 1770: British explorer Captain James Cook first sights Australia.   Writes in his log book that “what we have as yet seen of this land appears rather low, and not very hilly, the face of the Country green and Woody, but the Sea shore is all a white sand.”
1775: Start of the American Revolution, Battle of Lexington & Concord.
1932: Herbert Hoover suggests a 5-day work week.
1933: The United States went off the gold standard. Go to article > 

How to view the rare hybrid eclipse today.  A hybrid solar eclipse — the first of its kind in nearly 10 years — will be on display for a few hours today. Here’s how you can watch the celestial event.

The “war on woke” is getting petty.

95 million-year-old land bridge across Antarctica carried dinosaurs between continents
A nearly 100 million-year-old, exceptionally well-preserved sauropod skull discovered in Australia may show that dinosaurs trudged across Antarctica from South America to Australia. Read More

Skin: Facts about the body’s largest organ and its functions
Skin is the body’s largest organ and part of the integumentary system, which acts as a protective barrier between the external environment and the inside of the body. Find out More

Gravity can transform into light, mind-bending physics paper suggests. Gravity can turn itself into light, but only if space-time behaves in just the right way, a research team has found. Read More

PHOTOS OF THE DAY

A ship sits on the Horizon off the coast at Tynemouth, as the sun rises.  Credit: PA

Cypriot marine ecologist Louis Hadjioannou, 38, dives to photograph the coral, as he monitors the impact of climate change on the delicate fauna in the crystal clear waters of Glyko Nero in Ayia Napa, off the island’s southeastern shore.  Credit: EMILY IRVING-SWIFT

​​​​​​​Sunrise by the River Great Ouse in Ely, Cambridgeshire on a sunny Tuesday morning with the good weather sent to continue this week.  Credit: Veronica Johansson Poultney/Bav Media
Market Closes for April 19^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1895: A newspaper published the description of engineer Herman Hollerith’s “electric tabulating machine,” a new data-processing device that used electrical signals to read, count and sort punch cards. Hollerith’s company is one of the ancestors of IBM.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 20,680.83 in Toronto, ending a 8-day gain.
The loss follows the previous session’s increase of 0.2%.
Suncor Energy Inc. contributed the most to the index decline, decreasing 2.0%.
Capstone Copper Corp. had the largest drop, falling 5.3%.
Today, 130 of 232 shares fell, while 100 rose; 4 of 11 sectors were lower, led by materials stocks.
Insights
* The index declined 6.1% in the past 52 weeks. The MSCI AC Americas Index lost 7.9% in the same period
* The S&P/TSX Composite is 6.4% below its 52-week high on April 21, 2022 and 15.7% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.1% in the past 5 days and rose 6.7% 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 13.8 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$3.3t
* 30-day price volatility fell to 11.81% compared with 11.84% in the previous session and the average of 12.35% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -32.5676| -1.2| 5/45
Energy | -14.2274| -0.4| 13/25
Information Technology | -2.2460| -0.2| 2/10
Consumer Discretionary | -1.5382| -0.2| 7/8
Real Estate | 0.0584| 0.0| 7/14
Health Care | 0.1137| 0.2| 4/2
Communication Services | 1.2169| 0.1| 2/3
Utilities | 2.8022| 0.3| 13/3
Consumer Staples | 3.4976| 0.4| 10/1
Industrials | 16.2802| 0.6| 17/10
Financials | 22.7541| 0.4| 20/9
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Suncor Energy | -8.0670| -2.0| 5.2| -3.3
First Quantum Minerals | -4.3280| -3.1| -32.2| 21.1
Franco-Nevada | -3.2640| -1.2| -6.6| 11.0
RBC | 3.8530| 0.3| 3.9| 5.8
Brookfield Corp | 6.1550| 1.4| 16.4| 4.7
Canadian Pacific Kansas | 7.9520| 1.2| -18.7| 6.9
US
By Sujata Rao
(Bloomberg) — Stocks were little changed as traders assessed another batch of corporate earnings and remained focused on any signals about the Federal Reserve’s next policy moves.
Bond yields climbed.
The S&P 500 halted a two-day advance.
The Cboe Volatility Index hit its lowest since November 2021, declining to around 16. In late trading, Tesla Inc. dropped as its first-quarter profit missed expectations.
International Business Machines Corp. rose after reporting better-than-estimated earnings, while giving a forecast for annual revenue that was in line with projections.
Morgan Stanley rose after its investment bank and giant wealth unit surpassed expectations even as profits fell.
Western Alliance Bancorp climbed after beating earnings estimates and saying deposits recovered.
The US economy stalled in recent weeks, with hiring and inflation slowing and access to credit narrowing, the Fed said in its Beige Book survey.
That’s a step down from the tone of the previous report — published in early March just before Silicon Valley Bank’s failure — which showed an economy that remained resilient though with growing doubts about the rest of the year.
“Portfolio managers are trying to reduce risk because of concerns that nothing good can happen after so much central bank tightening,” said Andrew Pease, head of investment strategy at Russell investments Ltd. On earnings, “companies are losing pricing power and a margin squeeze is happening in the background and that’s what to look for when the dust settles on quarter one.”
Treasury two-year rates, which are more sensitive to imminent policy moves, topped 4.2%.
The dollar rose.
Bitcoin dropped below $30,000.
Oil fell while gold declined below $2,000 an ounce.
Key events this week:
* 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 was little changed as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.0955
* The British pound rose 0.1% to $1.2439
* The Japanese yen fell 0.5% to 134.80 per dollar
Cryptocurrencies
* Bitcoin fell 3.9% to $29,226.92
* Ether fell 5.4% to $1,980.69
Bonds
* The yield on 10-year Treasuries advanced two basis points to 3.60%
* Germany’s 10-year yield advanced four basis points to 2.52%
* Britain’s 10-year yield advanced 11 basis points to 3.86%
Commodities
* West Texas Intermediate crude fell 2.2% to $79.09 a barrel
* Gold futures fell 0.6% to $2,006.80 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Emily Graffeo, Peyton Forte and Isabelle Lee.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
History is the witness of the times, the light of truth, the life of memory, the mistress of life. –Cicero, 106-BCE-43 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