August 24th, 2022 Newsletter

Dear Friends,

Tangents: Schäferlauf, Shepherd’s Race, Germany.
August 24^th, 2022: Amid health issues, Steve Jobs resigns as CEO of Apple.  He died less than two months later at the age of 56.  Go to article »
“I’m convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.” –Steve Jobs.

79 AD: Mt. Vesuvius erupts; Pompeii destroyed.
Jorge Lous Borges, writer, b.1899.
Today marks a year since the death of Charlie Watts, drummer for the Rolling Stones.

Tesla owner has his car key implanted in his hand:  This man got tired of losing his keys… so he turned himself into a key. What do you think — clever or crazy? Watch the video here.

9 habits linked to a longer, happier life:  Living life to the fullest starts with paying attention to your body and mind. Here are some helpful habits you may want to include in your daily routine.

‘Knives Out’ sequel gets a release date.  The follow-up to the 2019 hit film will once again star Daniel Craig as private detective Benoit Blanc. 

Harvard might lose its status as the wealthiest school.

PHOTOS OF THE DAY

Hot air balloons prepare to launch in a historical national park east of Nevşehir
CREDIT: Omar Haj Kadour/AFP/Getty Images

A fisher secures his boat, which got caught in bad weather
CREDIT: Chaideer Mahyuddin/AFP/Getty Images

A docker carrying a Unite union flag foil surfs in front of the container ship Ever Alot during a strike at Britain’s biggest container port.
CREDIT: Joe Giddens/PA

Market Closes for August 24^th, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1927, Harry M. Markowitz was born in Chicago, son of Morris and Mildred Markowitz, who ran a small grocery store. In 1950-1952, Markowitz devised the intricate mathematics that proved the virtue of diversification and laid the groundwork for modern portfolio theory. In 1990, he shared the Nobel Prize in economics for his work
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.2%, or 36.03 to 20,021.38 in Toronto.
Cameco Corp. contributed the most to the index gain, increasing 14.9%. Turquoise Hill Resources Ltd. had the largest increase, rising 24.0%.
Today, 163 of 238 shares rose, while 74 fell; 8 of 11 sectors were higher, led by energy stocks.
Terminal users can read more in our markets live blog.
Insights
* This month, the index rose 1.7%
* The index declined 2.6% in the past 52 weeks. The MSCI AC Americas Index lost 9.5% in the same period
* The S&P/TSX Composite is 9.9% below its 52-week high on April 5, 2022 and 10.2% above its low on July 14, 2022
* The S&P/TSX Composite is down 0.8% in the past 5 days and rose 5.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.5 on a trailing basis and 12.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.19t
* 30-day price volatility fell to 12.84% compared with 12.97% in the previous session and the average of 15.51% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 51.2462| 1.4| 34/4
* Materials | 34.2480| 1.5| 41/9
* Industrials | 11.9514| 0.5| 19/10
* Consumer Discretionary | 6.5244| 0.9| 9/4
* Information Technology | 6.1904| 0.6| 8/6
* Utilities | 3.9794| 0.4| 11/5
* Health Care | 2.6926| 3.8| 7/0
* Real Estate | 2.1052| 0.4| 18/5
* Communication Services | -3.4027| -0.3| 2/5
* Consumer Staples | -11.9315| -1.4| 3/8
* Financials | -67.5923| -1.1| 11/18
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Cameco | 12.4900| 14.9| 148.3| 27.0
* Nutrien | 11.0200| 2.3| -5.0| 34.2
* Shopify | 8.8130| 2.7| -20.2| -75.2
* Bank of Montreal | -9.6240| -1.6| 4.1| -5.2
* Bank of Nova Scotia| -12.9500| -2.0| 20.8| -16.3
* Royal Bank of Canada | -32.1200| -2.6| 22.0| -8.2
US
By Rita Nazareth
(Bloomberg) — Stock traders remained hesitant to make any huge wagers ahead of Jerome Powell’s speech on Friday, which may provide clues on how hawkish the Federal Reserve will be in the face of mounting economic challenges.
After wandering aimlessly earlier Wednesday, the S&P 500 notched a small gain. For a second day in a row, its swing was capped within 1%. Such a stretch of intraday calm occurred only
three other times in 2022.
Tesla Inc., which is getting ready to trade on a split-adjusted basis Aug. 25, pared most of its rally.
Treasury 10-year yields remained above 3% on bets the Fed will continue to lean toward tighter policy.
In the run-up to the all-important Jackson Hole annual conference that will be attended by Powell and policy makers from around the world, traders had to digest more hawkish talk.
Fed Bank of Minneapolis President Neel Kashkari said late Tuesday it’s “very clear” that officials need to tighten and bring inflation back under control.
“We don’t expect any shock-and-awe, Volcker-style, hyper-aggressive articulation by Powell or anyone else for that matter,” said Troy Gayeski, chief market strategist at FS Investments, referring to former Fed Chair Paul Volcker, who tipped the economy into recession to conquer inflation in the1980s.
“However, it’s very clear that the rally since the June bottom works directly against what the Fed has been trying to achieve, which is tighter financial conditions to slow economic
growth and slow inflation.”
Economic reports have been mixed at best, underlining the delicate task policy makers face in bringing down high inflation without sparking a recession.
Data Wednesday showed US pending home sales fell to the lowest since the start of the pandemic.
While orders placed with US factories for core capital goods beat forecasts, the picture might change in the coming months amid higher borrowing costs and uncertainty about the growth
outlook.
Central banks that hike borrowing costs too aggressively to tame supply-driven inflation risk exacerbating price gains, according to Nobel laureate economist Joseph Stiglitz.
Meantime, Guggenheim Partners Chief Investment Officer Scott Minerd is warning investors away from junk bonds and stocks because slowing economic growth and higher interest rates likely will produce deeper losses in risk markets.
In late trading, Salesforce Inc. sank on a disappointing revenue forecast, while Snowflake Inc. jumped on an upbeat outlook. 
What to watch this week:
* US GDP, initial jobless claims, Thursday
* Kansas City Fed hosts its annual economic policy symposium in Jackson Hole, Wyoming, Thursday
* ECB’s July minutes, Thursday
* Fed Chair Powell speaks at Jackson Hole, Friday
* US personal income, PCE deflator, University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was unchanged at $0.9970
* The British pound fell 0.3% to $1.1799
* The Japanese yen fell 0.2% to 137.10 per dollar
Bonds
* The yield on 10-year Treasuries advanced six basis points to
3.11%
* Germany’s 10-year yield advanced five basis points to 1.37%
* Britain’s 10-year yield advanced 12 basis points to 2.70%
Commodities
* West Texas Intermediate crude rose 1.6% to $95.28 a barrel
* Gold futures rose 0.2% to $1,765.20 an ounce

–With assistance from Andreea Papuc, Robert Brand, Vildana Hajric and Lu Wang.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

A pause, giving time for thought, was the truly courteous way of beginning and conducting a conversation. –Chief Luther Standing Bear, 1868-1939.

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