April 27, 2023 Newsletter

Dear Friends,

Tangents: Happy Friday Eve.

1972: Apollo 16 returned to Earth after a manned voyage to the moon.  Go to article >  
1994: South African citizens of all races are allowed to vote in a general election for the first time.
1805: US Marines attack Tripoli.

Ferdinand Magellan, explorer, b.1521.
Ulysses Grant, general, b.1822.
Edward Gibon, histoira, b. 1737.

Louisiana teen receives more than $9 million in scholarship offers.  This 16-year-old senior is graduating two years early and was accepted to more than 170 colleges.

WWII ship that sank with 1,000 Allied POWs on board discovered in South China Sea
The wreck of the Montevideo Maru, a Japanese transport ship that sank in World War II, has been discovered in the deep waters of the South China Sea. Read More

World’s heaviest Schrödinger’s cat made in quantum crystal visible to the naked eye
Physicists have created the world’s heaviest Schrödinger’s cat, bringing the bizarre behavior of the quantum world to larger scales than ever before. Read More

PHOTOS OF THE DAY

Northern Arabia: A satellite image shows a Roman military camp in the Arabian desert. University of Oxford researchers identified three new Roman fortified camps, in the typical playing card shape, across northern Arabia. The discovery may be evidence of potential surprise attacks during a previously undiscovered Roman military campaign linked to the Roman takeover of the Nabataean kingdom in AD106
Photograph: University of Oxford/PA

Paris, France: The artist Joana Vasconcelos presents the Tree of Life, an installation at Sainte-Chapelle De Vincennes. The 13ft tree contains 100,000 hand-woven and embroidered leaves
Photograph: Edward Berthelot/Getty Images

Hong Kong, China: Mainland Chinese tourists watch the sunset from a hill. Photograph: Louise Delmotte/AP
Market Closes for April 27^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1896, Wallace Hume Carothers was born in Burlington, Iowa. He later joined DuPont, where he invented the synthetic fabric used in rugs, parachutes and pantyhose: nylon.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.8% at 20,522.64 in Toronto.
The move was the biggest since rising 0.9% on April 3 and follows the previous session’s decrease of 0.4%.
Royal Bank of Canada contributed the most to the index gain, increasing 1.2%.
Spin Master Corp. had the largest increase, rising 12.1%.
Today, 178 of 232 shares rose, while 53 fell; all sectors were higher, led by financials stocks.
Insights
* This month, the index rose 2.1%
* So far this week, the index fell 0.8%, heading for the biggest decline since the week ended March 17
* The index declined 1.1% in the past 52 weeks. The MSCI AC Americas Index lost 2.1% in the same period
* The S&P/TSX Composite is 3.3% below its 52-week high on May 4, 2022 and 14.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 0.5% in the past 5 days and rose 4.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 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$3.25t
* 30-day price volatility fell to 8.57% compared with 8.61% in the previous session and the average of 11.73% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 75.4579| 1.2| 28/1
Materials | 21.3252| 0.8| 36/13
Energy | 16.7267| 0.5| 25/15
Information Technology | 12.8821| 1.0| 7/5
Communication Services | 8.0434| 0.9| 5/0
Consumer Staples | 7.0768| 0.8| 11/0
Industrials | 5.2760| 0.2| 21/6
Real Estate | 3.7735| 0.8| 19/2
Consumer Discretionary | 2.7387| 0.4| 11/4
Utilities | 1.3463| 0.1| 10/6
Health Care | 1.2768| 1.8| 5/1
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
RBC | 15.0200| 1.2| -7.7| 5.1
Suncor Energy | 12.6600| 3.4| 80.7| -3.9
Brookfield Corp | 12.1100| 2.9| 12.7| 2.1
Bombardier | -1.8760| -4.9| 213.6| 17.4
Cenovus Energy | -4.1280| -1.9| 26.7| -16.7
Waste Connections | -9.1860| -2.7| 264.4| 3.7
US
By Peyton Forte and Carly Wanna
(Bloomberg) — US equities rose the most since January and Treasuries retreated Thursday after solid earnings from technology companies blotted out the impact of a report showing
slowing economic growth and higher-than-forecast inflation.
The S&P 500 jumped 2.0% and the tech-heavy Nasdaq 100 rose 2.8% as a surge in advertising revenue helped Meta Platforms
Inc. beat analyst estimates for profit, pushing the company’s shares 10% higher. Earlier in the week, Microsoft Corp. and Alphabet Inc. also delivered strong results.
“A lot of folks were (understandably) short or underweight big tech into earnings,” said Michael Purves, founder of Tallbacken Capital Advisors. “Perhaps a realization that big tech can drive a lot of earnings growth through simply driving efficiencies.”
Hasbro Inc. was the latest consumer company to top earnings estimates after the likes of Coca-Cola Co. and Procter & Gamble Co.
That boosted confidence corporate America is coping relatively well with price pressures and policy tightening.
Hasbro shares jumped 15%.
Treasuries fell, with the policy-sensitive two-year yield trading at 4.08%, as the unexpectedly high inflation data could prompt the Federal Reserve to keep interest rates higher for longer.
The US central bank is expected to raise rates by a quarter percentage point at its meeting next week.
“We are seeing heavier reactions in tech as firms are beginning to bear the fruit of earlier cost efficiencies,” Lewis Grant, senior portfolio manager for global equities at Federated Hermes, wrote in a note to clients. “Investor sentiment remains every bit as fragile as the global economy and earnings season provides much needed visibility on the general health of firms.”
Dana Peterson, chief economist at The Conference Board, said the latest batch of economic data — including a slowdown in US jobless claims — showed the kind of cognitive dissonance investors have been grappling with as “typically when you have recessions, the labor market collapses with GDP, and we’re not seeing that.”
“We’re probably going to dip into a recession, maybe starting right now in the second quarter, but we really need to see data,” she said. “Our leading indicators index suggests that it’s starting to happen now, and consumers and CEOs have been anticipating recession for some time.”
In Europe, the Stoxx 600 Index was little changed after earlier fluctuations. Sanofi’s profit topped estimates while Deutsche Bank AG dropped after trading revenue disappointed.
Elsewhere, oil fluctuated after a Wednesday fall.
The dollar was little changed.
And Bitcoin resumed an advance.

Stocks
* The S&P 500 rose 2% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 2.8%
* The Dow Jones Industrial Average rose 1.6%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.1024
* The British pound rose 0.2% to $1.2491
* The Japanese yen fell 0.2% to 133.90 per dollar
Cryptocurrencies
* Bitcoin rose 4.4% to $29,661.75
* Ether rose 3% to $1,923.57
Bonds
* The yield on 10-year Treasuries advanced seven basis points to
3.52%
* Germany’s 10-year yield advanced six basis points to 2.46%
* Britain’s 10-year yield advanced six basis points to 3.79%
Commodities
* West Texas Intermediate crude rose 0.7% to $74.85 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Emily Graffeo, Cecile Gutscher, Richard Henderson, Anchalee Worrachate and Edward Bolingbroke.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
If you think nobody cares about you, try missing a couple of payments. –Steven Wright, b.1955.

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