April 24, 2023 Newsletter

Dear Friends,

Tangents: Happy Monday.
April 24, 1962: The Massachusetts Institute of Technology achieved the first satellite relay of a television signal.  MIT worked with the US Air Force to use the Echo 1 communications satellite to send itself a message – pinging the image from one of the institute’s national security research labs in California to a receiver 2,700 miles away in Massachusetts. Go to article >  

1898: Spain declares war on U.S.
1800: library of Congress established.

Barbara Streisand, b. 1942.
Shirley MacLaine, b. 1934.

3,300-year-old ancient Egyptian tombs and chapel with ‘amazing’ decorations unearthed at Saqqara
Newfound tombs from ancient Egypt at Saqqara include the burials of a temple overseer, royal treasury artist and an unknown individual. Read More.

Scientists find weird holes on the ocean floor spewing ancient fluids ‘like a fire hose’
Holes spewing warm fluids from the boundary between tectonic plates have been discovered at the bottom of the ocean off the coast of Oregon. Read More

Does it matter what time of day you get cancer treatment?
The emerging field of “cancer chronotherapy” hints that it may be best to receive cancer treatment at a particular time of day. Read More.

Professional skier falls into a seemingly endless crevasse.  Watch this skier’s terrifying descent in the French Alps. He’s lucky to have escaped alive …

This ancient Roman bust was purchased at a Texas Goodwill.  A 2,000-year-old Roman bust, purchased for only $34.99 at a Texas Goodwill, is headed to Germany to be properly preserved. Take look at the epic find.

Ima Keithel: The world’s largest women-run market.  Step inside the largest women-only market in the world located in India’s northeastern state of Manipur.

A stunning solar storm. (h/t Ellen Kominers)

PHOTOS OF THE DAY

Wehrheim, Germany
Icelandic stallions stand in their paddock at a stud farm near Frankfurt
Photograph: Michael Probst/AP

North Tyneside, UK
Waves crash over Tynemouth pier on the north-east coast of England
Photograph: Owen Humphreys/PA

Hobart, Tasmaia
Aurora Australis seen in the early morning
Photograph: Bruce Cooper
Market Closes for April 24^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1990, Michael Milken, former king of the junk-bond underwriting business, pleaded guilty to violating securities laws. He was later sentenced to ten years in federal prison but was released early for good behavior.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to  20,676.74 in Toronto.
The move follows the previous session’s increase of 0.3%.
Shopify Inc. contributed the most to the index decline, decreasing 1.9%.
Converge Technology Solutions Corp. had the largest drop, falling 3.9%.
Today, 106 of 232 shares fell, while 124 rose; 6 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index rose 2.9%
* The index declined 2.4% in the past 52 weeks. The MSCI AC Americas Index lost 4.1% in the same period
* The S&P/TSX Composite is 4.2% below its 52-week high on April 22, 2022 and 15.7% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and rose 6% 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 9.27% compared with 9.85% in the previous session and the average of 12.12% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -34.8495| -0.6| 10/19
Information Technology | -11.9221| -0.9| 2/10
Real Estate | -1.4310| -0.3| 5/16
Communication Services | -1.0015| -0.1| 2/3
Industrials | -0.3154| 0.0| 13/13
Health Care | -0.2823| -0.4| 3/3
Consumer Staples | 0.6310| 0.1| 5/6
Consumer Discretionary | 1.7969| 0.2| 9/6
Utilities | 1.8143| 0.2| 8/8
Materials | 6.3596| 0.2| 33/16
Energy | 22.7916| 0.6| 34/6
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -10.3900| -1.9| -18.1| 38.3
TD Bank | -10.3800| -1.0| -16.8| -5.6
Waste Connections | -6.8090| -1.9| 82.5| 7.3
Cenovus Energy | 4.7040| 2.1| -5.9| -8.0
Canadian Natural Resources | 6.3090| 1.0| -32.1| 8.8
Canadian National | 7.3420| 1.0| 41.9| 4.6
US
By Vildana Hajric and Isabelle Lee
(Bloomberg) — US equities drifted at the start of a week packed with corporate earnings and economic data that may help illuminate the Federal Reserve’s path for interest rates.
The S&P 500 was little changed and the Nasdaq 100 shed 0.2% as manufacturing data arrived weaker than forecast and Treasury yields fell amid debt ceiling drama.
Shares of Bed Bath & Beyond Inc. declined on plans to shutter all its stores.
Meanwhile, the dollar was weaker against major peers, and oil rose.
“Investors are trying to look though all the economic data points as well as earnings comments to discern how the Fed is likely to move,” Paul Nolte, a senior wealth manager at Murphy & Sylvest Wealth Management, wrote in a note.
First Republic Bank fell in post market trading on an earnings beat but lower than expected deposits.
The bank said its pursuing strategic options.
And up next, Microsoft Corp., Meta Platforms Inc. and Amazon.com Inc. will be reporting results later in the week.
US GDP data is forecast to reveal slowing growth, and the so-called core PCE deflator, the Fed’s preferred inflation gauge, is expected to show price growth cooled.
Swaps markets continue to see interest rates peaking in the coming weeks before a series of cuts later in the year.
But, not everyone holds this view.
Leveraged investors boosted net short positions on 10-year Treasury futures to a record this month, data from the Commodity Futures Trading Commission show.
That indicates they think Fed officials will keep raising rates to tackle inflation.
“Economic data continues to deny investors an obvious growth or policy signal. Demand isn’t falling fast enough to signal an imminent recession, but there are no indications of a reacceleration,” Dennis Debusschere at 22V Research wrote.
The yield on the US 10-year note fell six basis points and ended around 3.51%, testing its 200-day moving average.
In Europe, UBS Group AG climbed after takeover target Credit Suisse AG reported outflows that were lower than some expected.
The Stoxx Europe 600 was little changed.
Elsewhere, the new Bank of Japan Governor Kazuo Ueda will hold his first policy meeting this week.
The bank is expected to soon start its policy review of the past decades.

Key events this week:
* US new home sales, consumer confidence, Tuesday
* South Korea GDP, Tuesday
* Australia CPI, Wednesday
* Sweden rate decision, Wednesday
* Eurozone economic, consumer confidence, Thursday
* US initial jobless claims, GDP, Thursday
* Bank of Japan meets on interest rates, Friday
* Euro-area GDP, Friday
* US personal income, Friday

Earnings highlights:
* Tuesday: Pepsi, General Motors, General Electric, McDonalds, Microsoft, UBS, UPS
* Wednesday: Boeing, Meta, Hilton
* Thursday: Amazon, American Airlines, Intel, Mastercard, Southwest Airlines, Hershey, Honeywell, Barclays

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 fell 0.2%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.5% to $1.1043
* The British pound rose 0.4% to $1.2482
* The Japanese yen fell 0.1% to 134.31 per dollar
Cryptocurrencies
* Bitcoin fell 0.5% to $27,375.96
* Ether fell 1% to $1,830.4
Bonds
* The yield on 10-year Treasuries declined six basis points to 3.51%
* Germany’s 10-year yield advanced three basis points to 2.51%
* Britain’s 10-year yield advanced two basis points to 3.78%
Commodities
* West Texas Intermediate crude rose 1.1% to $78.76 a barrel
* Gold futures rose 0.4% to $1,999 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Robert Brand, Carly Wanna and Emily Graffeo.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

It is wisdom that is seeking for wisdom. –Shunryu Suzuki, 1904-1971.
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