April 4, 2023 Newsletter

Dear Friends,

Tangents: Carolann is away from the office today, I will be writing the newsletter on her behalf.

On this day, On April 4, 1968, civil rights leader Martin Luther King Jr., 39, was shot to death in Memphis, Tenn. Go to article >  

Fifty years ago this week, the first cell phone call was made on a sidewalk in New York City with a device the size of a brick. Each decade since that day in 1973 has seen the once-bulky phone evolve into a thinner, faster and smarter device that continues to reshape industries, culture and the way we relate to one another — and ourselves.

The four astronauts NASA picked for historic Artemis II moon mission. Meet the decorated astronauts selected to helm the first crewed moon mission in 50 years!

See the oldest human ever found in Egypt in stunning new facial approximation
A lifelike facial approximation of a man who lived 30,000 years ago in what is now Egypt may offer clues about human evolution.
In 1980, archaeologists unearthed the man’s skeletal remains at Nazlet Khater 2, an archaeological site in Egypt’s Nile Valley. Full Story: Live Science (4/3)

Strange radio signals detected from Earth-like planet could be a magnetic field necessary for life
Our planet’s magnetic field protects living creatures from the sun’s rays, draws compass needles north and even creates beautiful auroras.
Other worlds in our solar system have magnetic fields too — but what about Earth-like planets around other stars?
Full Story: Live Science (4/3)

PHOTOS OF THE DAY

Sarajevo, Bosnia and Herzegovina
Snow on a blossoming branch. An unusual occurrence of winter-like weather in spring swept through the western Balkans on Tuesday, bringing snow and gusts that have snarled traffic in the region
Photograph: Armin Durgut/AP

Paris, France
Members of the L’Orchestre de la Garde Républicaine take part in a rehearsal of the opera La Fille du Régiment (The Daughter of the Regiment) written by Gaetano Donizetti. The opera is scheduled to be presented on 3 April and 5 April, 2023 at the Champs-Élysées Theatre
Photograph: Emmanuel Dunand/AFP/Getty Images

London, UK
Gallery assistants pose with artworks entitled Mnemosyne (l), The Blessed Damozel (c) and Proserpine by English artist Dante Gabriel Rossetti, during a photocall at Tate Britain. The exhibition runs from 6 April until 24 September 2023
Photograph: Justin Tallis/AFP/Getty Images
Market Closes for April 4^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 2000, Wall Street had one of its wildest days ever. The Nasdaq plunged almost 14% before an afternoon rally prompted one SG Cowen & Co. analyst to declare the beginning of the end of the tech rout. Make that the beginning of the beginning: The Nasdaq slid more than 40% further by yearend.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 20,275.76 in Toronto, ending a 7-day gain. The loss follows the previous session’s increase of 0.9%.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.5%. Dye & Durham Ltd. had the largest drop, falling 5.3%.
Today, 142 of 233 shares fell, while 90 rose; 7 of 11 sectors were lower, led by financials stocks.
Insights
* The index declined 8.2% in the past 52 weeks. The MSCI AC Americas Index lost 12% in the same period
* The S&P/TSX Composite is 8.7% below its 52-week high on April 5, 2022 and 13.4% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 3.1% in the past 5 days and fell 1.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.2 on a trailing basis and 13.3 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$3.26t
* 30-day price volatility fell to 12.54% compared with 12.57% in the previous session and the average of 11.16% over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -47.7505| -0.8| 4/25
Energy | -19.7879| -0.6| 7/32
Consumer Discretionary | -7.1706| -1.0| 3/12
Real Estate | -4.0822| -0.8| 4/17
Health Care | -1.1647| -1.8| 0/6
Industrials | -0.2833| 0.0| 7/20
Consumer Staples | -0.1710| 0.0| 8/3
Utilities | 6.2437| 0.7| 14/2
Information Technology | 9.6851| 0.7| 8/4
Communication Services | 20.5355| 2.1| 6/0
Materials | 41.4146| 1.6| 29/21
================================================================
| | |Volume VS| YTD| Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | -15.9800| -1.5| 94.8| -7.1
Bank of Montreal | -7.0590| -1.2| -5.6| -2.1
Suncor Energy | -6.9910| -1.7| -50.5| 1.4
BCE | 9.0710| 2.4| -26.3| 4.7
Agnico Eagle Mines | 13.3600| 5.6| -10.7| 5.8
Barrick Gold | 14.1100| 4.6| -29.4| 13.7
US
By Rita Nazareth
(Bloomberg) — The stock market snapped a four-day rally amid a selloff in banks. Treasuries climbed as softer data on job openings bolstered bets the Federal Reserve is about to wrap up its tightening campaign.
A gauge of financial heavyweights like Wells Fargo & Co. and Citigroup Inc. sank 2%. First Republic Bank and Zions Bancorporation drove regional lenders down, slumping at least 4.8%. In his wide-ranging annual letter to shareholders, JPMorgan Chase & Co.’s chief Jamie Dimon warned the US banking crisis that sent markets careening last month will be felt for years.
“Investors should continue to be vigilant for signs of bank stress, and we expect market participants to react disproportionately to negative economic news,” said Gennadiy Goldberg, senior US rates strategist at TD Securities.
Two-year yields slumped 14 basis points to around 3.8%.
Swap contracts referencing Fed meeting dates downgraded the odds of a quarter-point rate hike in May to just under 50%, from about 60%. The dollar fell.
Vacancies at US employers dropped to the lowest since May 2021, the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, showed.
“It was just a matter of when, not if, we were going to see evidence of lessened job demand,” said Peter Boockvar, author of the Boock Report. “And at some point, the pace of firings will pick up as companies try to defend profit margins and respond to the slowing economic backdrop. I just don’t see the Fed hiking rates in May or any time thereafter in this cycle.”
The JOLTS data precede Friday’s jobs report, which is currently forecast to show employers added nearly a quarter of a million workers in March. Economists are expecting the unemployment rate to hold at a historically low 3.6% and for average hourly earnings to rise firmly.
Headwinds from the recent bank turbulence, an oil shock and slowing growth are poised to send stocks back toward their 2022 lows, according to JPMorgan strategist Marko Kolanovic. In his view, the inflows into stocks over the past few weeks “make little sense” and were largely driven by systematic investors, a short squeeze and a decline in the Cboe Volatility Index, or VIX.
Bank of America Corp. clients sold US equities last week for the first time in five weeks, withdrawing the largest amount of funds from the asset class since October, according to strategists led by Jill Carey Hall.

Key events this week:
* Eurozone S&P Global Eurozone Services PMI, Wednesday
* US trade, Wednesday
* UBS annual general meeting, Wednesday
* US initial jobless claims, Thursday
* St. Louis Fed President James Bullard speaks, Thursday
* US unemployment, nonfarm payrolls, Friday
* Good Friday. US stock markets closed, bond markets close for part of the day

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.5% to $1.0956
* The British pound rose 0.7% to $1.2499
* The Japanese yen rose 0.6% to 131.66 per dollar
Cryptocurrencies
* Bitcoin rose 2.2% to $28,188.14
* Ether rose 4.9% to $1,868.18
Bonds
* The yield on 10-year Treasuries declined six basis points to 3.35%
* Germany’s 10-year yield was little changed at 2.25%
* Britain’s 10-year yield was little changed at 3.43%
Commodities
* West Texas Intermediate crude rose 0.1% to $80.51 a barrel
* Gold futures rose 1.9% to $2,039.30 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Srinivasan Sivabalan, Vildana Hajric, Angel Adegbesan, Carly Wanna, Peyton Forte and Isabelle Lee.

Have a lovely evening.

Be magnificent!
As ever,

Isabel

What we anticipate seldom occurs; what we least expected generally happens. – Benjamin Disraeli, 1804 – 1881.

Assistant to Carolann Steinhoff, Registered Representative
Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
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