Author: Carolann

Dear Friends,

Tangents: Happy Friday Eve.

November 14, 1856: American Gail Borden is issued a patent for condensed milk technology, revolutionising food preservation and becoming essential for soldiers, travelers, and bakers worldwide.

November 14, 1666: First blood transfusion.

King Charles, b. 1948.
Claude Monet, artist, b. 1840.Aaron Copeland, composer, b.1900

Mike Tyson returns to professional boxing 19 years after his last bout
At 58 years old, Mike Tyson will return to the ring Friday to face off against 27-year-old YouTube boxer Jake Paul. Medical experts say the fight comes with potential neurological risks for the former heavyweight champion.

‘Only in Australia’: Couple comes home to find koala in bed
Rest assured, this adorable koala found its way back outside after exploring a couple’s home.

Quincy Jones’ cause of death revealed
Legendary musician, composer and producer Quincy Jones died from pancreatic cancer, according to his death certificate.

100 feet: That’s the length of the world’s largest coral that was recently discovered in the southwest Pacific Ocean, scientists announced Wednesday. Unlike a reef, which consists of many colonies, this coral is a single specimen that has grown continuously for centuries.

‘Medieval’ King Arthur site is 4,000 years older than we thought
The discovery suggests the mysterious “King Arthur’s Hall” in England is older than Stonehenge. Read More.

Researchers spot rare ‘triple-ring’ galaxy that defies explanation
A recently shared image of a distant galaxy surrounded by three concentric rings challenges our understanding of galactic taxonomy. Read More.

IBM’s newest 156-qubit quantum chip can run 50 times faster than its predecessor — equipping it for scientific research
When combined with Qiskit software tools, the 156-qubit R2 Heron quantum processor can perform 5,000 two-qubit gate operations — double the previous best — meaning it’s ready for complex quantum computations, IBM scientists say. Read More.

An asteroid hit Earth just hours after being detected. It was the 3rd ‘imminent impactor’ of 2024
A small asteroid burned up in Earth’s atmosphere off the coast of California just hours after being discovered and before impact monitoring systems had registered its trajectory. Read More.

PHOTOS OF THE DAY

Solomon Islands
A diver swimming over the world’s largest coral, located near the Pacific archipelago
Photograph: Manu San Felix/National Geographic Pristine Seas/AFP/Getty Images

Blackpool, UK
Blackpool Tower surrounded by fog
Photograph: Peter Byrne/PA

Grangemouth, Scotland
A bird flies near the Grangemouth oil refinery complex.
Photograph: Murdo MacLeod/The Guardian
Market Closes for November 14, 2024

Market Index	Close	Change
Dow Jones	43750.86	-207.33
		-0.47%
S&P 500	5949.17	-36.21
		-0.61%
NASDAQ	19107.65	-123.07
		-0.64%
TSX	25049.67	+60.65
		+0.24%

International Markets

Market Index	Close	Change
NIKKEI	38535.70	-185.96
		-0.48%
HANG SENG	19435.81	-387.64
		-1.96%
SENSEX	77690.95	-984.23
		-1.25%
FTSE 100*	8071.19	+40.86
		+0.51%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.283	3.315
CND. 30 Year Bond	3.290	3.318
U.S. 10 Year Bond	4.4354	4.4610
U.S. 30 Year Bond	4.5868	4.6456

Currencies

BOC Close	Today	Previous
Canadian $	0.7108	0.7168
US $	1.4068	1.3951

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4810	0.6752
US $	1.0528	0.9498

Commodities

Gold	Close	Previous
London Gold Fix	2567.30	2606.85
Oil
WTI Crude Future	68.70	68.43

Market Commentary:
📈 On this day in 1896, the Horseless Age magazine reported that Great Britain had abolished the “red flag law.” That law had required motorists to be preceded by a person on foot waving a red flag, as a warning to other road users that an automobile was approaching.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.2%, or 60.65 to 25,049.67 in Toronto.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.5%.
AtkinsRealis Group Inc. had the largest increase, rising 15.7%.
Today, 136 of 220 shares rose, while 80 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* This year, the index rose 20%, heading for the best year since 2021
* So far this week, the index rose 1.2%
* The index advanced 25% in the past 52 weeks. The MSCI AC Americas Index gained 32% in the same period
* The S&P/TSX Composite is at its 52-week high and 26.1% above its low on Nov. 14, 2023
* The S&P/TSX Composite is up 0.8% in the past 5 days and rose 2.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 17.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.94t
* 30-day price volatility fell to 8.38% compared with 8.42% in the previous session and the average of 7.65% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 80.5341| 1.9| 32/7
Financials | 46.8012| 0.6| 20/7
Materials | 28.6247| 1.0| 37/13
Consumer Staples | 12.0931| 1.2| 4/6
Utilities | 6.4913| 0.7| 11/3
Consumer Discretionary | 1.6901| 0.2| 7/4
Health Care | -0.6443| -0.8| 1/3
Real Estate | -0.9185| -0.2| 9/10
Communication Services | -6.2243| -0.9| 1/4
Industrials | -9.6664| -0.3| 14/13
Information Technology | -98.1168| -3.8| 0/10
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Canadian Natural Resources | 17.1400| 2.5| 18.7| 10.2
Enbridge | 16.1700| 1.8| -19.5| 27.0
Couche-Tard | 14.2900| 3.3| 131.4| 4.2
CGI Inc | -9.5510| -4.3| 200.0| 6.0
Constellation Software | -11.7100| -1.9| 9.0| 36.6
Shopify | -65.8900| -4.8| 12.7| 48.7
US
By Rita Nazareth
(Bloomberg) — Stocks extended losses after Jerome Powell signaled the Federal Reserve is in no rush to cut rates as the economy is holding up.
The equity market closed near session lows, US two-year yields spiked and the dollar climbed after Powell’s remarks.
Traders dialed back bets on a December rate reduction to around 55% — from 80% in the previous day.
“Powell’s speech was hawkish,” said Neil Dutta at Renaissance Macro Research.
“I think they will still cut in December since policy remains restrictive and they want to get to a neutral setting. That said, on the economy, I think Powell (and the broader consensus) is complacent. There is more downside risk in the near-term than is being appreciated.”
To Quincy Krosby at LPL Financial, while it’s expected that the last mile towards price stability will be bumpy, Powell reminded markets that once again the Fed will not deliver the series of rate cuts they want, unless of course the labor market deteriorates.
Several policymakers have urged a cautious approach to further rate cuts in comments this week, in light of a strong economy, lingering inflation concerns and broad uncertainty.
Their comments come at a time when the equity market is showing signs of fatigue following a post-election surge that spurred calls for a pause, with several measures highlighting “stretched” trader optimism.
The S&P 500 dropped 0.6%.
The Nasdaq 100 slipped 0.7%.
The Dow Jones Industrial Average lost 0.5%.
Automakers like Tesla Inc. and Rivian Automotive Inc. slumped as Reuters reported President-elect Donald Trump plans to eliminate the $7,500 consumer tax credit for electric-vehicle purchases.
Walt Disney Co. jumped on a profit beat.
Treasury two-year yields rose seven basis points to 4.36%.
The Bloomberg Dollar Spot Index added 0.3%.
Equities lost steam after a strong post-election rally that reflected optimism that Trump’s agenda would support corporate growth.
While many investors seem reluctant to sell just yet, caution is warranted, according to Fawad Razaqzada at City Index and Forex.com.
The S&P 500 is clearly overbought by several metrics, signaling that a correction or consolidation may be due, he noted.
“Although a full-fledged selloff appears unlikely without the index first breaking multiple support levels, current conditions suggest a modest pullback may be in order for the S&P 500,” Razaqzada added.
“For seasoned traders, a short-term pullback could offer buying opportunities, though a clear trend reversal signal has yet to emerge.”
The S&P 500 may reach 6,100 before year-end amid enthusiasm over the Republican sweep of the White House and Congress, but pushing beyond that level may be challenging in the near term, according to Mike Wilson at Morgan Stanley.
The gauge closed at 5,949.17 Thursday.
The market may be pressured by any backup in benchmark borrowing rates, or expectations of less aggressive monetary easing by the Fed, Wilson said in an interview to Bloomberg
Television, adding that pullbacks will probably be seen as buying opportunities.
The US equity benchmark is likely to grind higher into year-end — with a market melt-up possible, but not a base case, according to UBS Group AG strategists including Maxwell Grinacoff.
With Commodity Trading Advisor funds already positioned max long, marginal upside from option dealer short gamma positioning and the Trump re-election well priced, a market grind higher is a more likely scenario, they noted.
Societe Generale SA strategists including Andrew Lapthorne see US equities as “undeniably expensive” but say valuation conversations “are increasingly rare.”
The US represents about 74% of the MSCI World market cap, also a record high.
“This is almost entirely down to the valuation premium, without which the US would be closer to 50% of MSCI World.”
While the stock market has mostly ignored the recent move higher in bond yields as economic growth holds up, it’s still something worth keeping an eye on.
Higher odds of a December Fed cut increase the chances that an already firm economy will strengthen further, according to Dennis DeBusschere at 22V Research.
Economic data needs to stay consistent with growth of around 2.5% (or lower) for 10-year yields to stay where they are, he added.
“Our call is 10-year yields remain around current levels, but growth above 2.5% will lead to higher yields and a potential break above 4.55%,” DeBusschere noted.
“That level of yield would be a headwind for small caps, debt risk names, and other riskier factors as it happens.”
In fact, while Trump’s victory in the US election propelled the Russell 2000 of smaller firms back toward levels last seen three years ago, an overhang from interest rates remain a hurdle.
Morgan Stanley’s Wilson this week said a key risk for small caps present now that was not in 2016 is the market’s negative correlation to rates, while it was positive eight years ago when Trump first captured the White House.
The Russell 2000 rose 60% during Trump’s first term, though still trailing the S&P 500 and the Nasdaq 100 indexes.
“In other words, in today’s later-cycle environment, these cohorts’ adverse sensitivity to rising rates is greater than it was in that period,” he warned clients in a note.
“Should rates see more upside post the election, these cohorts could be held back from a relative performance standpoint.”
The potential for renewed inflation is being considered, though even hotter US data is unlikely to derail the risk-on mood since there’s another inflation print in December ahead of the next Fed meeting, according to JPMorgan Chase & Co.’s Andrew Tyler.

Corporate Highlights:
* Hims & Hers Health Inc. sank after Amazon.com Inc. said it would start marketing drugs to fight hair loss, an important component of the telehealth company’s business.
* Meta Platforms Inc. was hit with a €798 million ($841 million) fine by European Union regulators by tying its Facebook Marketplace service to its sprawling social network, the US tech giant’s first ever penalty for EU antitrust violations.
* ASML Holding NV, the Dutch maker of advanced chip-making machines that are critical to global supply chains, reaffirmed its long-term revenue outlook as it bets on an artificial intelligence-driven boom in semiconductor demand.
* Ford Motor Co. agreed to a $165 million civil penalty to settle allegations the company failed to recall cars with defective rearview cameras in a timely manner, the second largest fine ever levied by the National Highway Traffic Safety Administration.
* Merck & Co. licensed an experimental cancer antibody from a closely held Chinese company in a deal worth $588 million upfront, plus as much as $2.7 billion in milestone payments.
* General Mills Inc., known for cereal brands such as Cheerios, made its fifth acquisition in the pet food sector since 2018 by buying the North American unit of Whitebridge Pet Brands in a deal valued at $1.45 billion.
* Capri Holdings Ltd and Tapestry Inc. scrapped their $8.5 billion plan to merge after a court order froze the proposed combination of the US fashion companies due to antitrust regulators’ objections.
* JD.com Inc.’s quarterly revenue rose 5.1%, a moderate expansion that suggests Chinese consumers are only cautiously spending again as Beijing tries to revitalize the economy.

Key events this week:
* China retail sales, industrial production, Friday
* US retail sales, Empire manufacturing, industrial production, Friday

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 0.7%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World Index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.4% to $1.0522
* The British pound fell 0.4% to $1.2658
* The Japanese yen fell 0.5% to 156.29 per dollar
Cryptocurrencies
* Bitcoin fell 1.1% to $87,670.54
* Ether fell 1.7% to $3,100.76
Bonds
* The yield on 10-year Treasuries declined one basis point to 4.44%
* Germany’s 10-year yield declined five basis points to 2.34%
* Britain’s 10-year yield declined four basis points to 4.48%
Commodities
* West Texas Intermediate crude rose 0.2% to $68.58 a barrel
* Spot gold fell 0.2% to $2,567.40 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
The art of governing consists in not letting men grow old in their jobs. -Napoleon Bonaparte, 1769-1821.

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: World Kindness Day today.

November 13, 1927: Holland Tunnel opened in New York City.
November 13, 1947: Edwin H. Land introduces the first Polaroid camera, capable of developing photographs instantly. This invention marks a major milestone in photography, changing the way people capture and share images.
November 13, 1980: Maritn Scorsese’s Raging Bull with Robert De Niro and Joe Pesci premieres in New York.
November 13, 2002: Saddam Hussein’s government agreed to the return of international weapons inspectors to Iraq.  Go to article 

Saint Augustine, b. 354
Whoopi Goldberg, actress, b. 1949.
Robert Louis Stevenson, author, b. 19850

Beaver Moon 2024: See the final ‘supermoon’ of the year rise next to the ‘Seven Sisters’
The year’s fourth and final supermoon shines next to the spectacular ‘Seven Sisters’ stars this week. Here’s how to see November’s full Beaver Moon rise. Read More.

Global carbon emissions reach new record high in 2024, with no end in sight, scientists say
There is a 50% chance that global warming will consistently exceed 1.5 degrees Celsius in the next six years, according to a new report.  Read More.

2,600-year-old Celtic wooden burial chamber of ‘outstanding scientific importance’ uncovered by archaeologists in Germany
The discovery of an impeccably preserved Celtic burial chamber in southern Germany is a “stroke of luck for archaeology,” scientists say.  Read More.

Pando, the world’s largest organism, may have been growing nonstop since the 1st humans left Africa, study suggests
The clonal quaking aspen known as Pando is between 16,000 and 80,000 years old.  Read More.

New ‘gold-plated’ superconductor could be the foundation for massively scaled-up quantum computers in the future
New superconducting material paves the way for the next stage in quantum computing. Read More.

‘Orbital’ wins 2024 Booker Prize
Looking for a stellar read? Samantha Harvey’s space-station novel “Orbital” won the Booker Prize for fiction on Tuesday.

Princess of Wales to host Christmas carol service at Westminster Abbey
The Princess of Wales will host her annual Christmas carol concert on December 6, with a focus on “how much we need each other, especially in the most difficult times of our lives,” Kensington Palace has announced.

Denzel Washington announces he will be in ‘Black Panther 3’
The esteemed Oscar-winning actor said his role in “Black Panther 3” will be one of his last before retirement.

PHOTOS OF THE DAY

New York, US
A plane flies overhead as the sun sets behind the Statue of Liberty
Photograph: Angela Weiss/AFP/Getty Images

Guwahati, India
A fisherman is silhouetted as he casts his net along the banks of the Brahmaputra river
Photograph: Biju Boro/AFP/Getty Images

​​​​​​​Atwood is a creative consultant on the ballet which has film design by Ravi Deepres. Karen Kain, artistic director for the National Ballet of Canada, praised McGregor for his ‘intelligent, visually stunning and highly physical work that continually pushes the boundaries of creativity’
Market Closes for November 13, 2024

Market Index	Close	Change
Dow Jones	43958.19	+47.21
		+0.11%
S&P 500	5985.38	+1.39
		+0.02%
NASDAQ	19230.73	-50.67
		-0.26%
TSX	24989.02	+66.01
		+0.26%

International Markets

Market Index	Close	Change
NIKKEI	38830.85	+109.19
		+0.28%
HANG SENG	19823.45	-23.43
		-0.12%
SENSEX	77690.95	-984.23
		-1.25%
FTSE 100*	8030.33	+4.56
		+0.06%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.315	3.269
CND. 30 Year Bond	3.318	3.239
U.S. 10 Year Bond	4.4610	4.4275
U.S. 30 Year Bond	4.6456	4.5673

Currencies

BOC Close	Today	Previous
Canadian $	0.7146	0.7168
US $	1.3993	1.3951

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4786	0.6763
US $	1.0566	0.9464

Commodities

Gold	Close	Previous
London Gold Fix	2606.85	2624.75
Oil
WTI Crude Future	68.43	68.04

Market Commentary:
☎️ On this day in 1878, the first telephones were installed on the trading floor of the New York Stock Exchange, just over two years after Alexander Graham Bell invented the device.
Canada
By Bloomberg Automation (Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.3%, or 66.01 to 24,989.02 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 5.9%.
CAE Inc. had the largest increase, rising 11.9%.
Today, 88 of 220 shares rose, while 128 fell; 4 of 11 sectors were higher, led by information technology stocks.
Insights
* This year, the index rose 19%, heading for the best year since 2021
* The index advanced 27% in the past 52 weeks. The MSCI AC Americas Index gained 35% in the same period
* The S&P/TSX Composite is 0.1% below its 52-week high on Nov. 12, 2024 and 27.5% above its low on Nov. 13, 2023
* The S&P/TSX Composite is up 1.4% in the past 5 days and rose 2.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 17.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.94t
* 30-day price volatility fell to 8.42% compared with 8.45% in the previous session and the average of 7.62% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 89.8589| 3.6| 9/1
Energy | 22.7435| 0.5| 20/18
Industrials | 3.8178| 0.1| 14/13
Consumer Discretionary | 0.9848| 0.1| 6/5
Health Care | -0.5353| -0.7| 2/2
Real Estate | -1.3439| -0.3| 7/13
Consumer Staples | -1.5394| -0.2| 4/6
Utilities | -2.3665| -0.3| 7/8
Communication Services | -3.2521| -0.5| 1/4
Financials | -4.6499| -0.1| 10/17
Materials | -37.7138| -1.3| 8/41
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 75.8100| 5.9| 67.9| 56.3
Suncor | 19.9400| 4.2| 94.0| 30.5
Enbridge | 11.5900| 1.3| 40.3| 24.8
Canadian Natural Resources | -5.5150| -0.8| 29.9| 7.6
Teck Resources | -6.0000| -2.9| 50.7| 13.1
Power of Canada | -7.0670| -4.0| 14.0| 18.8
US
By Rita Nazareth
(Bloomberg) — Stocks wavered as speculation the market has run too far after the US election offset bets the Federal Reserve will keep cutting rates.
Equities lost steam in the final stretch of New York trading, with the S&P 500 almost erasing an advance partly fueled by in-line inflation data. In late hours, Cisco Systems Inc. gave a strong revenue forecast.
Shorter-dated Treasuries outperformed, with the yield on two-year notes dropping from the
highest since July. Swap traders boosted to about 80% the probability that the Fed will cuts rates again on Dec. 18.
The dollar held at a two-year high.
Bitcoin rose to around $90,000.
Trump Wins Republican Trifecta as GOP Retains House Majority A consumer price index that matched estimates brought a certain degree of relief to traders fearing that a hotter print that could hinder US policy easing.
Minneapolis Fed President Neel Kashkari said that based on the headline numbers, he’s confident inflation “is headed in the right direction.”
He spoke on Bloomberg TV just minutes after the release, emphasizing he hadn’t yet been able to look at the data in detail.
“Overall, it was a remarkably consensus print that leaves a December cut as the most likely outcome,” said Ian Lyngen at BMO Capital Markets.
The S&P 500 was little changed.
The Nasdaq 100 fell 0.2%.
The Dow Jones Industrial Average rose 0.1%.
Treasury 10-year yields advanced two basis points to 4.45%.
The Bloomberg Dollar Spot Index climbed 0.4%.
“A hotter-than-expected inflation number could have convinced the Fed to stand pat at its next meeting,” said Seema Shah at Principal Asset Management. “A December cut is still in the cards.”
Despite the market relief with Wednesday’s CPI report, the latest figures also underscore the slow and frustrating nature of the battle against inflation, which has often moved sideways— sometimes for months at a time — on its broader path down.
“The in-line CPI print shows that while substantial progress has been made in the fight against elevated inflation, the ‘last mile’ is proving more challenging,” said Josh Jamner at ClearBridge Investments.
“Underlying inflationary pressures remain on a pace that is modestly above the Fed’s 2% target. With inflation holding steady, the market narrative should not see a significant shift as a result of today’s data.”
It’s a “business-as-usual print” for the Fed, according to Bank of America Corp.’s Stephen Juneau, Meghan Swiber and Alex Cohen.
“Inflation is moving sideways on a y/y basis, but there is nothing in today’s report that would alarm the Fed,” they said.
“Therefore, a 25 basis-point cut in December firmly remains our base case.”
At Citigroup Inc., economists maintained their view that the Fed will cut rates by 50 basis points in December after the CPI data.
“While details remain volatile and not quite ‘normal,’ easing wage pressures, falling short-term inflation expectations, and high rates continuing to weigh on housing demand and prices should leave Fed officials comfortable that the path of inflation is slowing,” wrote Citi’s Veronica Clark and Andrew Hollenhorst.
To Preston Caldwell at Morningstar, while an outside possibility of a “skip” still exists, he continues to believe the central bank will most likely cut rates next month.
After slashing rates last week, Fed Chair Jerome Powell worked hard not to offer forward guidance on where rates could go from here, keeping his options open for the December meeting and beyond.
He stressed that officials can take their time to lower rates because the economy is strong.
He also said that policy is still restrictive, even after the November cut, and that policymakers are in the process of bringing rates to neutral levels.
“Chair Powell reinforced that the Fed believes its policy stance is still restrictive, and that they remain on a rate- cutting trajectory,” said Lauren Goodwin at New York Life Investments.
“We agree with current market expectations around Fed pricing.”
With inflation still stubbornly above the Fed’s 2% goal, the Fed may have only one rate cut left in December before taking a pause, according to Skyler Weinand at Regan Capital.
“The incredible move in the stock market post-election has effectively eased financial conditions,” he said. “This easing, combined with incoming fiscal stimulus, may warrant a pause on rate cuts by the Fed in the near future to allow the dust to settle and to process more incoming data.”
The Fed cutting short-term rates along with future fiscal stimulus may both ignite inflation again and provide cause for longer term interest rates to rise, he said, adding that he sees 10-year Treasury yields climbing to 5% in 2025.
In fact, a recent survey conducted by 22V Research before the CPI release shows the share of investors expecting a recession has fallen while the percentage of those that believe financial conditions need to tighten has increased to the highest since June 2024.
Ellen Zentner at Morgan Stanley Wealth Management remarks that markets are already weighing the possibility that the Fed will cut fewer times in 2025 than previously thought, and that they may hit the pause button as early as January.
“The sticky components of inflation continue to ease, giving the Fed some leeway to cut rates next month but they will most likely pause in January,” said Jeffrey Roach at LPL Financial.
“The strength of some cohorts of the consumer is keeping upward pressure on prices as consumer spending hasn’t slowed yet. Stronger-than-expected economic growth is likely keeping bond yields elevated.”
While investors shrugged off the latest news on US inflation, they seem increasingly concerned about its longer-term outlook, according to Diana Iovanel at Capital Economics.
“We share their view and expect Treasury yields to rise a bit further still,” she said.
At Goldman Sachs Asset Management, Lindsay Rosner says that after a run of unseasonably hot data, the latest CPI cools fears of an imminent slowdown in the pace of rate cuts.
“Still, with uncertainty over fiscal and trade policies high there is a risk that the Fed may opt to slow the pace of easing as the New Year chill sets in,” she noted.
“After the massive rally we’ve seen in stocks, investors are looking for any sort of excuse that can usher in a pullback,” said Bret Kenwell at eToro. “A batch of in-line inflation data isn’t likely to do the trick.
Markets resolved higher following the election, instilling a “buy the dip” mentality on Wall Street, Kenwell said.
If the market were to sell off in the short term, the pullbacks are likely to be shallow as fund managers buy the dip and look to chase performance into year-end, Kenwell concluded.
“It’s time to stop worrying about the Fed and inflation,” said David Russell at TradeStation.
“Stocks have been on autopilot since the election and today’s numbers do nothing to hurt the trend. December is still in play for a cut.”
In fact, the options market is more concerned about a potentially big move in the S&P 500 next week following Nvidia Corp.’s earnings report than it was about Wednesday’s figures on consumer prices, Citigroup Inc. analysts say.
Traders are betting on a 0.9% move for the US equity benchmark in either direction on Nov. 21 — the session after the giant chipmaker delivers results following the closing bell next Wednesday.
Over the next month, Nvidia is now priced as the largest event for the stock market. Such near-term concerns about macro data often take a back seat when it comes to technology, where the focus is on the next big AI breakthrough.

Corporate Highlights:
* Advanced Micro Devices Inc. is shedding about a thousand jobs as part of an effort to refocus on newer markets like artificial intelligence chips.
* Cava Group Inc. raised its full-year outlook for a third straight quarter and posted quarterly sales that beat market expectations, the latest example of a fast-casual company winning over diners while the rest of the industry struggles.
* Spirit Airlines Inc. is closing in on a deal with creditors that would restructure its crushing debt load in bankruptcy court after discussions for a tie-up with rival Frontier Group Holdings Inc. fell apart.
* Mastercard Inc. projected slower annual net revenue growth for the 2025 to 2027 period, it said Wednesday ahead of its investor day.
* Spotify Technology SA reported third-quarter growth in subscribers and profit margins, saying lower marketing and personnel costs helped overcome a tough climate for advertising.
* Instacart posted strong revenue in the third quarter, a sign of resilience in its core grocery delivery business. However, it forecast adjusted earnings in the current period that fell short of analysts’ expectations.
* Charter Communications Inc. agreed to buy Liberty Broadband Corp. in an all-stock transaction.
* Volkswagen AG raised investment plans in Rivian Automotive Inc. by $800 million, signaling its commitment to the US partner even as electric-vehicle demand softens and the incoming Trump administration threatens to curtail supportive policies.
* Wonder Group Inc. is buying Grubhub from Just Eat Takeaway.com NV for about $650 million, acquiring the restaurant delivery service at a steep discount to the $7.3 billion price tag it commanded during the early days of the Covid pandemic.

Key events this week:
* Eurozone GDP, Thursday
* US PPI, jobless claims, Thursday
* Fed speakers include Jerome Powell, John Williams and Adriana Kugler, Thursday
* China retail sales, industrial production, Friday
* US retail sales, Empire manufacturing, industrial production, Friday

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 0.1%
* The MSCI World Index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.6% to $1.0563
* The British pound fell 0.3% to $1.2705
* The Japanese yen fell 0.6% to 155.58 per dollar
Cryptocurrencies
* Bitcoin rose 1.7% to $89,787.51
* Ether fell 3.3% to $3,173.96
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.45%
* Germany’s 10-year yield advanced three basis points to 2.39%
* Britain’s 10-year yield advanced two basis points to 4.52%
Commodities
* West Texas Intermediate crude fell 0.1% to $68.03 a barrel
* Spot gold fell 1% to $2,573.60 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
A person should always develop his ability to do goodness.  Make yourself better; this should be every person’s goal. –Immanuel Kant, 1724-1804.

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:

November 12, 1990:  British scientist Tim Berners-Lee at CERN releases a proposal for the World Wide Web, sparking an internet revolution that transforms communication and modern life.

‘Webb has shown us they are clearly wrong’: How astrophysicist Sophie Koudami’s research on supermassive black holes is rewriting the history of our universe
How did supermassive black holes get big so fast? Astrophysicist Souphie Koudmani tells us how she and her colleagues are finding out.  Read More.

150,000-year-old rock-shelter in Tajikistan found on ‘key route for human expansion’ used by Homo sapiens, Neanderthals and Denisovans
A newfound rock-shelter in Tajikistan has artifacts created by ancient humans spanning 130,000 years. Read More.

Evolution quiz: Can you naturally select the correct answers?
How much do you know about evolution? Take this quiz to find out. Read More.

What’s the ‘coastline paradox’?
Coastlines are challenging to measure, but why? Read More.

Sick of turbulence? Future passenger planes could use AI to maintain a smooth in-flight experience on the fly
Turbulence in airplanes could become a thing of the past with FALCON, a new AI system that helps vehicles learn how to adjust to turbulence within a matter of minutes. Read More.

New research about a misunderstood planet
A coincidence during a historic 1986 Uranus flyby may have skewed the way scientists understand the planet, a study found.

Disney cruise ship rescues 4 people from sinking catamaran
A Disney cruise ship assisted the US Coast Guard in the rescue of four stranded boaters off the coast of Bermuda on Sunday. Read about the ordeal.

PHOTOS OF THE DAY

Cullercoats, England
People on Cullercoats beach, North Tyneside, at sunrise
Photograph: Owen Humphreys/PA

Amsterdam, the Netherlands
A worker begins the restoration of The Night Watch (De Nachtwacht) by the Dutch painter Rembrandt van Rijn at the Rijksmuseum. The first step in the restoration process is the removal of the varnish from the painting
Photograph: Eva Plevier/EPA

​​​​​​​Rome, Italy
Coins are tossed into a small pool in front of the Trevi Fountain which has been emptied to undergo maintenance work
Photograph: Gregorio Borgia/AP
Market Closes for November 12, 2024

Market Index	Close	Change
Dow Jones	43910.98	-382.15
		-0.86%
S&P 500	5983.99	-17.36
		-0.29%
NASDAQ	19281.40	-17.36
		-0.09%
TSX	24923.01	+133.73
		+0.54%

International Markets

Market Index	Close	Change
NIKKEI	39376.09	-157.23
		-0.40%
HANG SENG	19846.88	-580.05
		-2.84%
SENSEX	78675.18	-820.97
		-1.03%
FTSE 100*	8025.77	-99.42
		+0.65%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.269	3.182
CND. 30 Year Bond	3.239	3.194
U.S. 10 Year Bond	4.4275	4.3043
U.S. 30 Year Bond	4.5673	4.4696

Currencies

BOC Close	Today	Previous
Canadian $	0.7168	0.7189
US $	1.3951	1.3910

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4814	0.6750
US $	1.0619	0.9418

Commodities

Gold	Close	Previous
London Gold Fix	2624.75	2691.15
Oil
WTI Crude Future	68.04	70.38

Market Commentary:
📈 On this day in 1987: One of corporate America’s most successful forays into China began, with the formal opening of China’s first Kentucky Fried Chicken, just off Beijing’s Tiananmen Square.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.5%, or 133.73 to 24,923.01 in Toronto.
Today, information technology stocks led the market higher, as 2 of 11 sectors gained; 80 of 220 shares rose, while 135 fell.
Shopify Inc. contributed the most to the index gain and had the largest move, increasing 21.5%.
Insights
* This year, the index rose 19%, heading for the best year since 2021
* The index advanced 27% in the past 52 weeks. The MSCI AC Americas Index gained 35% in the same period
* The S&P/TSX Composite is at its 52-week high and 27.8% above its low on Nov. 10, 2023
* The S&P/TSX Composite is up 2.2% in the past 5 days and rose 1.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 17.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.92t
* 30-day price volatility rose to 8.45% compared with 8.35% in the previous session and the average of 7.58% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 234.8551| 10.4| 6/3
Consumer Staples | 8.6349| 0.9| 6/4
Health Care | -0.3682| -0.5| 1/3
Real Estate | -0.8066| -0.2| 6/12
Consumer Discretionary | -1.9636| -0.2| 5/6
Communication Services | -2.2009| -0.3| 1/4
Utilities | -2.8079| -0.3| 5/10
Industrials | -8.1137| -0.3| 12/15
Financials | -15.2712| -0.2| 13/14
Energy | -35.2911| -0.8| 16/24
Materials | -42.9255| -1.5| 9/40
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 228.0000| 21.5| 210.1| 47.6
Cameco | 10.1500| 4.6| 30.6| 32.8
Waste Connections | 6.2550| 1.3| 19.3| 32.2
TD Bank | -11.6200| -1.2| -53.9| -8.5
Enbridge | -11.7500| -1.3| 242.8| 23.2
TC Energy | -12.2100| -2.4| -27.0| 43.0
US
By Rita Nazareth
(Bloomberg) — A breakneck rally instocks ran out of steam, with Treasury yields soaring and the dollar hitting the highest level in two years ahead of a key inflation report.
Equities edged lower after the S&P 500’s biggest five-day run in a year.
Following sizable post-election gains, small caps and banks lost ground.
Tesla Inc. dropped after an almost 45% surge.
Bitcoin approached $90,000 as traders bet on a boom under President-elect Donald Trump.
The dollar rose to its highest since November 2022.
Treasury yields climbed, with data expected to show the uneven path of easing price pressures in the home stretch toward the Federal Reserve’s target.
Fed Bank of Minneapolis President Neel Kashkari said he’ll be looking at incoming inflation data to determine whether another rate cut is appropriate in December.
To Will Compernolle at FHN Financial, a hot consumer price index and/or strong retail spending could push yields higher if a December rate cut “starts looking imprudent.”
The post-election advance in US stocks could stall as investors start to take profits, according to strategists at Citigroup Inc. led by Chris Montagu.
Investor exposure to American shares jumped to the highest since 2013 after the presidential vote amid optimism around stronger economic growth, according to a survey from Bank of America Corp.
“We are on watch for potential profit taking, consolidation, or even correction for US equities heading into the first quarter of the new year,” said Dan Wantrobski at Janney Montgomery Scott.
“Upward momentum remains strong and investor sentiment favorable, but stocks are once again overbought/extended across multiple timeframes.”
The S&P 500 fell 0.3%.
The Nasdaq 100 dropped 0.2%.
The Dow Jones Industrial Average slid 0.9%.
The Russell 2000 slipped 1.8%.
Treasury 10-year yields advanced 12 basis points to 4.43%.
The Bloomberg Dollar Spot Index rose 0.4%.
The core consumer price index due on Wednesday, which excludes food and energy, likely rose at the same pace on both a monthly and annual basis compared to September’s readings.
The overall CPI probably increased 0.2% for a fourth month, while the year-over-year measure is projected to have accelerated for the first time since March.
A survey conducted by 22V Research shows 55% of investors expect the market reaction to CPI to be “mixed/negligible”, 31% said “risk-off” and only 14%, “risk-on.”
Meantime, 48% of investors surveyed by 22V believe that core CPI is on a Fed-friendly glide path without a significant tightening of financial conditions or a recession.
However, 44% believe that financial conditions need to tighten.
This is the highest value since April.
Scott Kleinman at Apollo Global Management Inc. has warned markets not to get too comfortable with the current trajectory of inflation and interest rates.
“Inflation is not tamed,” Kleinman said in a Bloomberg Television interview on Tuesday. “The Fed can say what it wants. You just have to open your eyes and look around.”
Swap contracts are pricing in about 14 basis points of easing, or about 55% of a quarter-point rate cut on Dec. 18, down from near full certainty at the start of the month.

Corporate Highlights:
* Qualcomm Inc. Chief Executive Officer Cristiano Amon said the artificial intelligence boom won’t lead to a global chip shortage similar to what happened during the pandemic, even with demand for AI-enabled smartphones rising.
* Apple Inc. was notified by the European Union that its geo-blocking practices are potentially in breach of consumer protection rules, adding to the iPhone maker’s regulatory issues in the bloc.
* Meta Platforms Inc. rebuffed the Federal Trade Commission’s plans to modify a 2020 privacy settlement with the company, arguing that such a move would need approval from a federal court.
* Dish Network Corp. creditors rejected the US satellite- television provider’s bond-exchange offer, as the deadline arrives for a debt deal that is key to the company’s proposed acquisition by rival DirecTV.
* The US Justice Department sued Tuesday to block UnitedHealth Group Inc.’s $3.3 billion purchase of Amedisys Inc. over concerns the deal would harm competition in the market for home- health and hospice services.
* Home Depot Inc. lifted its forecast for a key sales metric after adverse weather propped up demand for home-improvement materials in the latest quarter.
* Elliott Investment Management has built a $5 billion-plus position in Honeywell International Inc. and is pushing the industrials giant to pursue a break up.
* Tyson Foods Inc. beat fiscal fourth-quarter earnings estimates and projecting stronger results next year, with a turnaround in its chicken business offsetting losses in beef.
* Boeing Co. delivered 14 jetliners in October, its lowest monthly total since November 2020, as a strike by the company’s largest union hamstrung its operations.

Key events this week:
* Eurozone industrial production, Wednesday
* US CPI, Wednesday
* Fed speakers include Jeffrey Schmid, Lorie Logan, Neel Kashkari and Alberto Musalem, Wednesday
* Eurozone GDP, Thursday
* US PPI, jobless claims, Thursday
* Fed speakers include Jerome Powell, John Williams and Adriana Kugler, Thursday
* China retail sales, industrial production, Friday
* US retail sales, Empire manufacturing, industrial production, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.2%
* The Dow Jones Industrial Average fell 0.9%
* The MSCI World Index fell 0.6%
* The Russell 2000 Index fell 1.8%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.3% to $1.0624
* The British pound fell 0.9% to $1.2748
* The Japanese yen fell 0.5% to 154.54 per dollar
Cryptocurrencies
* Bitcoin rose 1.9% to $89,685.34
* Ether fell 1% to $3,293.12
Bonds
* The yield on 10-year Treasuries advanced 12 basis points to 4.43%
* Germany’s 10-year yield advanced four basis points to 2.36%
* Britain’s 10-year yield advanced seven basis points to 4.50%
Commodities
* West Texas Intermediate crude was little changed
* Spot gold fell 0.7% to $2,600.64 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
A leader has the right to be beaten, but never the right to be surprised. –Napoleon Bonaparte,1769-1821.

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:  THANK YOU VETERANS!

On Nov. 11, 1918, fighting in World War I came to an end with the signing of an armistice between the Allies and Germany.  Go to article 

I got a laugh out of this letter when I read it in The New York Times Metropolitan Diary section yesterday:
Dear Diary:
When I was in college, I traveled with a small group of people from Ohio to New York to attend a conference at Columbia University about left-wing politics and progressive activism.
After a long day of teach-in sessions and listening to different speakers, my friend Jackie and I decided to get away for a bit.
We wandered down Amsterdam in search of a drink. We found a dark dive bar and grabbed stools among the dozen or so patrons who were there.
We ordered the cheapest draft beer available. The bartender, correctly sizing us up as out-of-towners, asked what had brought us to the city.
We told him about the event at Columbia.
“We’re socialists,” Jackie told him.
“Oh, cool!” the bartender said. “That’s awesome.”
He continued the conversation, asking us more questions about the conference, what we were studying in college and what the trip from Ohio to New York had been like.
I gave him a $20 bill to pay for the beers, and he went to the register. A minute later, he came back with a handful of singles.
“Now,” he said, “do you want your change or should I evenly distribute it to everyone in here?”
Jonathan Rose

General George S. Patton, war hero, b. 1885.
Kurt Vonnegut Jr., writer, b.1922
Carlos Fuentes, writer, b. 1928
Demi Moore, actress, b. 1962

Was music really better when you were younger?
Generations of music lovers claim music was much better when they were younger — and we don’t disagree. Experts explain why the music of a person’s youth has such a powerful hold.

Monkey mayhem continues
At least 25 monkeys have been recovered after dozens escaped a research center in South Carolina last week. Others are “jumping back and forth” near the facility, police said.

The Northern Taurid meteor shower could produce fireballs
The Northern Taurid meteor shower is expected to peak tonight into Tuesday. Here’s what to look for and how to see it.

Speaking of luck …
An Illinois woman is $1 million richer after finding a lottery ticket she forgot about in her purse.

Two-time shark attack survivor in Florida says he can’t wait to surf again
Not many people know someone who has been bitten by a shark, let alone twice. This surfer still has an un-wave-ring love of the ocean after surviving two shark attacks.

Surprised Russian school kids discover Arctic island has vanished after comparing satellite images
A student-led project comparing satellite images of the Arctic has discovered that a small Russian island has recently vanished after “completely melting” away. Read More.

How many galaxies orbit the Milky Way?
The number of known galaxies circling the Milky Way is increasing as we develop new powerful telescopes. Read More.

‘A direct relationship between your sense of sight and recovery rate’: Biologist Kathy Willis on why looking at nature can speed up healing
Biologist Kathy Willis spoke to Live Science about how touching wood makes us calmer, why looking at a picture of a savanna is calming and how walking through a forest changes our gut microbes. Read More.

Forgetting may provide a surprising evolutionary benefit, experts say
If you didn’t forget things, you’d be in for a world of trouble. Read More.

Did plate tectonics give rise to life? Groundbreaking new research could crack Earth’s deepest mystery.  Read More.

PHOTOS OF THE DAY

Singapore
The peloton in the Tour de France Singapore Criterium passes by with the Marina Bay Sands building in the background
Photograph: Tim de Waele/Getty Images

London, UK
The Poppy Fields at the Tower, a sound and light show in place over the Remembrance period at the Tower of London
Photograph: Stefan Rousseau/PA

​​​​​​​Cape Town, South Africa
An environmentalist holds a cape water lily, reintroduced to the wetlands of False Bay nature reserve to mark the presentation of the Earthshot prize in the city last week. It has not grown in the area for about 75 years
Photograph: Esa Alexander/Reuters
Market Closes for November 11, 2024

Market Index	Close	Change
Dow Jones	44293.13	+304.14
		+0.69%
S&P 500	6001.35	+5.81
		+0.10%
NASDAQ	19298.77	+11.99
		+0.06%
TSX	24789.28	+29.88
		+0.12%

International Markets

Market Index	Close	Change
NIKKEI	39533.32	+32.95
		+0.08%
HANG SENG	20426.93	-301.26
		-1.45%
SENSEX	79496.15	+9.83
		+0.01%
FTSE 100*	8125.19	+52.80
		+0.65%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.182	3.182
CND. 30 Year Bond	3.194	3.194
U.S. 10 Year Bond	4.3043	4.3043
U.S. 30 Year Bond	4.4696	4.4696

Currencies

BOC Close	Today	Previous
Canadian $	0.7189	0.7189
US $	1.3910	1.3910

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4838	0.6739
US $	1.0655	0.9386

Commodities

Gold	Close	Previous
London Gold Fix	2691.15	2692.00
Oil
WTI Crude Future	70.38	70.38

Market Commentary:
📈 On this day in 1929: Stocks held steady for much of an abbreviated three-hour trading day, only for a tidal wave of selling to hit the market in the last hour. The Dow Jones Industrial Average tumbled 6.8%.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.1% at 24,789.28 in Toronto.
The move follows the previous session’s decrease of 0.3%.
Shopify Inc. contributed the most to the index gain, increasing 3.4%.
Onex Corp. had the largest increase, rising 6.5%.
Today, 91 of 220 shares rose, while 128 fell; 6 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index rose 18%, heading for the best year since 2021
* The index advanced 26% in the past 52 weeks. The MSCI AC Americas Index gained 35% in the same period
* The S&P/TSX Composite is 0.5% below its 52-week high on Oct. 21, 2024 and 27.1% above its low on Nov. 10, 2023
* The S&P/TSX Composite is up 2.2% in the past 5 days and rose 1.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.8 on a trailing basis and 17.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.92t
* 30-day price volatility little changed to 8.35% compared with 8.35% in the previous session and the average of 7.62% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 73.0888| 0.9| 17/9
Information Technology| 52.4687| 2.4| 9/1
Energy | 22.8234| 0.5| 20/21
Industrials | 17.0431| 0.5| 18/9
Utilities | 1.6129| 0.2| 6/9
Consumer Staples | 0.0290| 0.0| 5/5
Real Estate | 0.0000| -0.1| 5/15
Health Care | -0.5753| -0.7| 2/2
Consumer Discretionary| -3.6440| -0.4| 2/9
Communication Services| -4.9299| -0.7| 1/4
Materials | -123.8714| -4.1| 6/44
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Shopify | 34.9400| 3.4| 79.5| 21.5
Brookfield Corp | 24.2100| 3.0| -25.4| 54.0
Constellation Software | 13.4500| 2.2| 14.6| 35.6
Wheaton Precious Metals | -16.8400| -5.9| -23.0| 29.9
Barrick Gold | -17.1900| -5.5| 21.8| 1.2
Agnico Eagle Mines Ltd | -27.6100| -6.8| 11.7| 49.8
US
By Rita Nazareth
(Bloomberg) — The post-election rally in stocks slowed down as a drop in technology shares offset gains in several other corners of the market.
Bitcoin topped $87,000 and the dollar hit a one-year high.
Economically sensitive shares outperformed, with the Russell 2000 index of smaller firms climbing 1.5% to the highest since 2021.
A closely watched gauge of banks rose 2.4%. Most big techs fell, with Nvidia Corp. down 1.6%.
Tesla Inc. jumped 9%, extending a blistering surge.
An equal-weighted version of the S&P 500 — where the likes of Apple Inc. carry the same heft as Dollar Tree Inc. — beat the US benchmark.
That gauge is less impacted by the largest companies — providing a glimpse of hope the rally will broaden out.
“No pre-election stock flips = big post-election trades,” said Savita Subramanian at Bank of America Corp. “Election years- especially big changes on status quo – have tended to see more ‘flips’ in active portfolios.  So far this year, clients have been steadfast in positioning, leaving room for additional rotation through year-end from tech to banks/cyclicals, green to brown commodity exposure etc.”
With the election and another rate cut in the rear-view mirror, the question is whether bulls can keep pushing the market to new highs, according to Chris Larkin at E*TRADE from Morgan Stanley.
“Aside from any potential profit-taking after such a strong surge, this week’s inflation data may determine whether the market pads its gains,” Larkin said.
US inflation probably moved sideways at best in October, highlighting the uneven path of easing price pressures in the home stretch toward the Fed’s target.
The core consumer price index due on Wednesday, which excludes food and energy, likely rose at the same pace on both a monthly and annual basis compared to September’s readings.
The S&P 500 rose 0.1%, topping 6,000 and notching its 51^st record this year.
The Nasdaq 100 was little changed.
The Dow Jones Industrial Average gained 0.7%.
Treasury futures were mildly lower as the cash market was closed due to a US holiday.
The Bloomberg Dollar Spot Index added 0.5%.
Oil sank as a soft outlook for demand in China continued to plague the market.
The stock market could rally stronger into the end of the year following Donald Trump’s presidential election victory than it did when he won the US presidency eight years ago, according to JPMorgan Chase & Co.’s trading desk.
“I expect 2024 returns to be larger than 2016,” Andrew Tyler, the bank’s head of US market intelligence, wrote in a note to clients Monday.
A big advantage for the S&P 500 is weakness outside the US, with China, the UK, EU, Canada and Mexico all experiencing softer growth than they did back then.
The “animal spirits” being set loose by the economic policies of President-elect Trump will send the S&P 500 to 10,000 by the end of the decade, according to veteran strategist Ed Yardeni.
His uber-bullish prediction, which would represent a 66% surge by 2030, is another sign that Wall Street is growing increasingly optimistic about stock markets in the wake of the US election. Yardeni lifted year-end targets to 6,100 for 2024, 7,000 for 2025 and 8,000 for 2026.
“Stock investors are also thrilled by the regime change to a more pro-business administration promoting tax cuts and deregulation,” he wrote in a note on Monday.
US equities look a bit stretched from a valuation, positioning and sentiment perspective, according to Lori Calvasina at RBC Capital Markets.
She says valuations have not yet peaked on either the S&P 500 nor the Russell 2000 index, but notes there’s far less room to expand going forward.
The sustainability of the stock rally following the US election win will depend on the behavior of the bond market, according to JPMorgan Chase & Co. strategists led by Mislav Matejka.
Yields approaching 5% could prove trickier for risk assets to digest, they said.
Corporate earnings are set to become one of the biggest drivers of US stocks as investor focus returns to economic growth following the election.
With the third-quarter reporting season in its final stage, S&P 500 companies have posted an 8.4% increase in profits —double the expected increase, according to data compiled by Bloomberg Intelligence.
Wall Street is even more optimistic for next year, as analysts expect earnings to jump 13% in the biggest increase since 2021, according to BI.

Corporate Highlights:
* Nvidia Corp. was promoted to top large-cap pick at Piper Sandler, which highlighted the artificial intelligence-focused chipmaker’s dominant position in AI accelerators, as well as the upcoming launch of its new Blackwell chip.
* Cigna Group said it won’t pursue a combination with rival insurer Humana Inc. after reports the two companies had renewed discussions of a deal.
* AbbVie Inc. tumbled after two mid-stage trials of its drug to treat schizophrenia failed to meet their primary goal, a blow to the company’s $8.7 billion acquisition of Cerevel Therapeutics earlier this year.
* MicroStrategy Inc. bought about 27,200 Bitcoin for around $2.03 billion, the largest purchase by the crypto hedge-fund proxy since just after it began acquiring the digital-asset more than four years ago.

Key events this week:
* Germany CPI, ZEW survey, Tuesday
* Fed speakers include Christopher Waller, Patrick Harker and Neel Kashkari, Tuesday
* Fed issues survey of senior bank loan officers, Tuesday
* Eurozone industrial production, Wednesday
* US CPI, Wednesday
* Fed speakers include Jeffrey Schmid, Lorie Logan, Neel Kashkari and Alberto Musalem, Wednesday
* Eurozone GDP, Thursday
* US PPI, jobless claims, Thursday
* Walt Disney earnings, Thursday
* Fed speakers include Jerome Powell, John Williams and Adriana Kugler, Thursday
* China retail sales, industrial production, Friday
* US retail sales, Empire manufacturing, industrial production, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.1% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World Index rose 0.1%
* Bloomberg Magnificent 7 Total Return Index rose 1%
* The Russell 2000 Index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.6% to $1.0656
* The British pound fell 0.4% to $1.2867
* The Japanese yen fell 0.7% to 153.65 per dollar
Cryptocurrencies
* Bitcoin rose 8.9% to $87,068.54
* Ether rose 5.9% to $3,359.19
Bonds
* Germany’s 10-year yield declined four basis points to 2.33%
* Britain’s 10-year yield declined one basis point to 4.43%
Commodities
* West Texas Intermediate crude fell 3% to $68.24 a barrel
* Spot gold fell 2.3% to $2,622.62 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!

As ever,

Carolann
The mere absence of war is not peace. –John F. Kennedy, 1917-1963.

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.

November 8, 1971: The album “Led Zeppelin IV,” which included the song “Stairway to Heaven,” was released.  Go to article 
November 8, 1895: X-rays are discovered by Wilhelm Conrad Roentgen, leading to revolutionary advancements in medical imaging and earning him the first Nobel Prize in Physics.

November 8, 1519: Cortes conquers Mexico.  Edmund Halley, astronomer, b. 1656.

Margaret Mitchell, writer, b. 1900.
Bonnie Raitt, singer, b. 1949.
Ricki Lee Jones, singer, b. 1954.

Pompeii victims aren’t who we thought they were, DNA analysis reveals
An ancient-DNA analysis of victims in Pompeii who died in Mount Vesuvius’ eruption reveals some unusual relations between the people who died together. Read More.

Death of alien-hunting Arecibo Telescope traced to cable issues 3 years earlier, ‘alarming’ report finds
A scathing new report points to unclear protocols and multiple failures to raise alarms at the Arecibo Observatory in Puerto Rico before the collapse of the site’s radio telescope in 2020. Read More.

Incredibly rare, ghostly white shark discovered off Albania
A ghostly white angular rough shark found near Sazan Island, Albania, is the first example of leucism ever recorded in the species. Read More.

Scientists just got 1 step closer to creating a ‘superheavy’ element that is so big, it will add a new row to the periodic table
Scientists have discovered a new way of creating superheavy elements by firing supercharged ion beams at dense atoms. The team believes this method could potentially help synthesize the hypothetical “element 120,” which would be heavier than any known element. Read More.

Holographic-inspired lenses could unlock ‘3rd dimension of imaging’ in future VR headsets and smart glasses
Future VR headsets could use a new type of lens inspired by holographic devices. The bilayer bifocal lens relies on external voltage to change the intensities in the foci. Read More.

Stores don’t sell your favorite product anymore. That’s on purpose
Levi’s, Dollar General, Hasbro, Starbucks and other companies are cutting down their choices. Here’s why.

Tracking your lost luggage may soon get easier
With airlines still losing nearly seven bags per 1,000 passengers, travelers are turning to tracking devices to keep an eye on their checked luggage. Apple’s new update looks set to make the process easier.

Books like ‘The Handmaid’s Tale’ and ‘1984’ are flying off the shelves after the presidential election
Margaret Atwood’s “The Handmaid’s Tale” has shot to the top of Amazon’s bestselling books list following the election. Read why it has re-entered the political conversation.

PHOTOS OF THE DAY

London, UK
‘The Spirit of Christmas’ festive lights illuminate Regent Street and Carnaby Street
Photograph: Anadolu/Getty Images

A wood nuthatch feeds on the seeds of a common milkweed near Csobánka, north of Budapest, Hungary
Photograph: Attila Kovács/EPA

Orange, Australia
An aerial view of a section of the northern tailings dam wall, which collapsed in 2018, at the Cadia goldmine in New South Wales. Nearby residents are concerned about potential contamination from mining operations. Many have reported health issues and elevated levels of heavy metals in their bodies, which they believe stem from dust and water contamination linked to the mine
Photograph: Brook Mitchell/Getty Images
Market Closes for November 8, 2024

Market Index	Close	Change
Dow Jones	43988.99	+259.65
		+0.59%
S&P 500	5995.54	+22.44
		+0.38%
NASDAQ	19286.78	+17.32
		+0.09%
TSX	24759.40	-86.53
		-0.35%

International Markets

Market Index	Close	Change
NIKKEI	39500.37	+118.96
		+0.30%
HANG SENG	20728.19	-225.15
		-1.07%
SENSEX	79486.32	-55.47
		-0.07%
FTSE 100*	8072.39	-68.35
		-0.84%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.182	3.217
CND. 30 Year Bond	3.194	3.237
U.S. 10 Year Bond	4.3043	4.3413
U.S. 30 Year Bond	4.4696	4.5422

Currencies

BOC Close	Today	Previous
Canadian $	0.7189	0.7207
US $	1.3910	1.3874

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4913	0.6706
US $	1.0720	0.9328

Commodities

Gold	Close	Previous
London Gold Fix	2692.00	2660.20
Oil
WTI Crude Future	70.38	72.36

Market Commentary:
📈 On this day in 1993: Boston Chicken went public in one of the hottest IPOs in Wall Street history. Less than five years later, it filed for bankruptcy. It was eventually sold to McDonald’s.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.3% at 24,759.40 in Toronto.
The move was the biggest since falling 1.4% on Oct. 31 and follows the previous session’s increase of 0.8%.
Canadian National Railway Co. contributed the most to the index decline, decreasing 1.9%.
Sandstorm Gold Ltd. had the largest drop, falling 8.7%.
Today, 135 of 221 shares fell, while 83 rose; 7 of 11 sectors were lower, led by materials stocks.
Insights
* This year, the index rose 18%, heading for the best year since 2021
* So far this week, the index rose 2.1%, heading for the biggest advance since the week ended Sept. 13
* The index advanced 27% in the past 52 weeks. The MSCI AC Americas Index gained 36% in the same period
* The S&P/TSX Composite is 0.7% below its 52-week high on Oct. 21, 2024 and 27.1% above its low on Nov. 8, 2023
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 17.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.93t
* 30-day price volatility rose to 8.35% compared with 8.34% in the previous session and the average of 7.80% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -54.4394| -1.8| 8/39
Energy | -34.6705| -0.8| 10/31
Industrials | -31.1348| -1.0| 8/19
Financials | -4.8200| -0.1| 15/12
Real Estate | -0.7111| -0.1| 5/15
Health Care | -0.2279| -0.3| 1/3
Consumer Staples | -0.2039| 0.0| 4/7
Consumer Discretionary | 5.3941| 0.7| 10/1
Utilities | 7.1449| 0.8| 13/2
Communication Services | 10.0090| 1.5| 3/2
Information Technology | 17.1266| 0.8| 6/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian National | -11.7000| -1.9| 4.5| -7.4
Canadian Natural Resources | -10.2700| -1.4| -24.9| 9.6
Teck Resources | -9.7270| -4.3| 48.4| 22.0
Waste Connections | 6.9130| 1.5| 93.2| 29.4
Telus | 8.2430| 3.8| 105.5| -7.5
Shopify | 21.7600| 2.2| 32.3| 17.5
US
By Rita Nazareth
(Bloomberg) — Stocks rose at the end of their best week in 2024 amid solid consumer sentiment data and bets that newly elected President Donald Trump’s pro-growth agenda will keep fueling Corporate America.
Equities advanced for a fourth consecutive session, with the S&P 500 hitting its 50th record this year.
The gauge extended its weekly gain to 4.7%.
A breakneck rally in Tesla Inc. catapulted Elon Musk’s electric-vehicle maker’s value back over the coveted trillion-dollar mark.
The cohort of defensive shares took the lead on Friday after some groups hit “oversold” levels.
A whopping $20 billion flowed into US equity funds on the day Trump claimed victory, according to Bank of America Corp.
That was the most in five months, strategist Michael Hartnett said in a note citing EPFR Global.
Small caps — which are seen benefiting from Trump’s protectionist stance — attracted the biggest inflow since March.
The S&P 500 also briefly topped the 6,000 mark, which “is a psychologically significant milestone, and could invite even more investor interest in stocks, since there is still plenty of money sitting on the sidelines in money market funds and in bonds,” said Clark Geranen, CalBay Investments.
While the post-election rally likely has more upside ahead, Geranen said he would not be surprised to see stocks take a breather before rallying again into year-end.
The S&P 500 rose 0.4%.
The Nasdaq 100 was little changed.
The Dow Jones Industrial Average rose 0.6%.
Treasuries saw for their best weekly advance since early September after a volatile five days of trading, while the dollar posted a sixth straight week of gains.

Corporate Highlights:
* Tesla Inc. is now offering the option to lease its polarizing Cybertruck, with prices starting at $999 a month.
* Paramount Global, the parent of CBS, MTV, and its namesake Hollywood movie studio, reported third-quarter sales that missed analysts’ estimates, overshadowing big gains in streaming subscribers.
* Expedia Group Inc. posted better-than-expected gross bookings in the third quarter and said it was raising its full-year guidance, suggesting that demand has proven stronger than the company had previously thought heading into the holiday season.
* Airbnb Inc. issued an upbeat forecast for the holiday period driven by “strong demand trends,” a relief to investors who feared that growth was tapering off.
* Pinterest Inc. forecast weak sales for the holiday quarter, a sign the search and discovery network is struggling to keep pace with larger peers such as Meta Platforms Inc. and Snap Inc.
* Block Inc., a digital payments company, posted third-quarter revenue that was below analysts’ forecasts.
* DraftKings Inc., one of the largest-sports betting companies, cuts its full-year estimate for 2024 revenue and profit, citing a tough start to the fourth quarter.
* Rivian Automotive Inc. said it’s on track to achieve a positive gross profit in the final three months of the year, counting on a surge of regulatory credit sales after production disruptions added to losses.
* Sweetgreen Inc. shares tumbled after higher labor and protein costs resulted in a wider-than-expected loss for the third quarter.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World Index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.8% to $1.0719
* The British pound fell 0.5% to $1.2921
* The Japanese yen rose 0.3% to 152.50 per dollar
Cryptocurrencies
* Bitcoin rose 1% to $76,736.21
* Ether rose 1.6% to $2,940.61
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.30%
* Germany’s 10-year yield declined eight basis points to 2.37%
* Britain’s 10-year yield declined six basis points to 4.44%
Commodities
* West Texas Intermediate crude fell 2.7% to $70.41 a barrel
* Spot gold fell 0.8% to $2,685.34 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Prosperity is a great teacher; adversity is greater. -William Hazlitt, 1778-1830.

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday Eve.

November 7, 1911: Marie Curie became the first multiple Nobel Prize winner when she was given the award for chemistry eight years after garnering the physics prize with her late husband, Pierre. (She remains the only woman with multiple Nobels and the only person to receive the award in two science categories.)  Go to article .

November 7, 1917: Russian Bolsheviks, led by Vladimir Lenin, storm the Winter Palace in Petrograd, marking the beginning of the October Revolution and paving the way for the establishment of the Soviet Union.

Marie Curie, physicist, b. 1867.
Albert Camus, existentialist, b. 1913.
Billy Graham, evangelist, b. 1918.
Joni Mitchell, musician, b. 1943.

The secret oil rig city slowly collapsing into the sea
A mind-bending Soviet-era oil rig city is “floating” across the Caspian Sea. View photos here.

Cliffside coffee, anyone?
This café in China serves death-defying $56 coffee with a view of Taiwan.

Why brain aging can vary dramatically between people
Exercising, avoiding tobacco, speaking a second language or even playing a musical instrument can affect how your brain ages.

‘Ridiculously smooth’: James Webb telescope spies unusual pancake-like disk around nearby star Vega — and scientists can’t explain it
The nearby bright star Vega is surrounded by a surprisingly smooth, 100 billion-mile-wide disk of cosmic dust, confirming that it is not surrounded by any exoplanets, JWST images reveal. And scientists cannot explain its lack of alien worlds. Read More.

‘A flash of copper caught our attention’: 4,000-year-old dagger discovered deep in Italian cave
Archaeologists say the finds will help them better understand the prehistoric people who lived or buried their dead in this Italian cave. Read More.

‘Hawking radiation’ may be erasing black holes. Watching it happen could reveal new physics.
Primordial black holes may be exploding throughout the universe. If we can catch them in the act, it could pave the way to new physics, a study suggests. Read More.

New ‘wastewater’ jet fuel could cut airplane emissions by 70%
Scientists have discovered how to convert wastewater into biofuel to cut plane emissions by 70% — creating a new sustainable version of aviation fuel using biomass and agricultural waste. Read More.

PHOTOS OF THE DAY

Suffolk, UK
‘It was as if this homeowner in Aldeburgh was making their own homage to the saturated hues of Frida Kahlo.’
Photograph: Ian Coleman

Morocco
‘Rest time at sunrise for the camels.’
Photograph: Marysia Marchant

Paphos, Cyprus
The sea stack known as Aphrodite’s Rock.
Photograph: Sofoulis Iacovou
Market Closes for November 7, 2024

Market Index	Close	Change
Dow Jones	43729.34	-0.59
		–%
S&P 500	5973.10	+44.06
		+0.74%
NASDAQ	19269.46	+286.00
		+1.51%
TSX	24845.93	+208.48
		+0.85%

International Markets

Market Index	Close	Change
NIKKEI	39692.37	+310.96
		+0.79%
HANG SENG	20953.34	+414.96
		+2.02%
SENSEX	79541.79	-836.34
		-1.04%
FTSE 100*	8140.74	-25.94
		-0.32%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.217	3.311
CND. 30 Year Bond	3.237	3.330
U.S. 10 Year Bond	4.3413	4.4315
U.S. 30 Year Bond	4.5422	4.6095

Currencies

BOC Close	Today	Previous
Canadian $	0.7207	0.7173
US $	1.3874	1.3941

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4972	0.6679
US $	1.0791	0.9267

Commodities

Gold	Close	Previous
London Gold Fix	2660.20	2742.55
Oil
WTI Crude Future	72.36	71.69

Market Commentary:
📈 On this day in 1929: After the market slumped 6% in the morning, J.P. Morgan stepped in publicly and began to buy stocks for its own account. By day’s end, the Dow had squeezed out a small gain, but the tickertape ran two hours late, and many sell orders were unfilled.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fifth day, climbing 0.8%, or 208.48 to 24,845.93 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 3.9%.
SilverCrest Metals Inc. had the largest increase, rising 10.8%.
Today, 145 of 221 shares rose, while 70 fell; 8 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index rose 19%, heading for the best year since 2021
* So far this week, the index rose 2.4%, heading for the biggest advance since the week ended Sept. 13
* The index advanced 27% in the past 52 weeks. The MSCI AC Americas Index gained 36% in the same period
* The S&P/TSX Composite is 0.3% below its 52-week high on Oct. 21, 2024 and 27.5% above its low on Nov. 8, 2023
* The S&P/TSX Composite is up 2.9% in the past 5 days and rose 3.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.8 on a trailing basis and 17.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.9t
* 30-day price volatility rose to 8.34% compared with 8.14% in the previous session and the average of 7.85% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 53.1744| 1.8| 41/9
Information Technology | 49.8747| 2.3| 8/2
Energy | 48.5634| 1.1| 28/10
Financials | 45.5285| 0.6| 16/11
Industrials | 6.5965| 0.2| 13/14
Consumer Staples | 5.5579| 0.6| 8/3
Real Estate | 5.4042| 1.1| 15/3
Consumer Discretionary | 3.4490| 0.4| 4/7
Health Care | -0.0804| -0.1| 2/2
Utilities | -1.1382| -0.1| 9/5
Communication Services | -8.4519| -1.3| 1/4
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Shopify | 37.7600| 3.9| -12.3| 15.0
RBC | 15.4400| 0.9| -40.0| 28.9
Manulife Financial | 14.8000| 2.7| 29.5| 52.9
Brookfield Asset Management | -4.8760| -2.4| -25.7| 45.6
BCE | -7.1470| -2.8| 167.9| -25.4
Franco-Nevada | -12.1300| -4.9| 34.4| 19.4
US
By Rita Nazareth
(Bloomberg) — Stocks hit fresh all-time highs, climbing alongside bonds and commodities, in a concerted cross-asset advance that by one measure was the best for a Federal Reserve day in 2024.
Equities extended their post-election rally, with the S&P 500 up 0.7% and notching its 49th record this year.
That was after Jerome Powell said the economy is strong while refraining from signaling the Federal Reserve will skip cutting rates.
Treasury 10-year yields declined 10 basis points to 4.33%.
The Bloomberg Dollar Spot Index fell 0.8%.
“Powell & Co. reminded investors about the solid economic footing the US continues to stand on,” said Bret Kenwell at eToro. “Powell would not tip his hand on whether the Fed would likely cut rates in December, which shouldn’t surprise investors. However, the Fed appears more comfortable with the labor market and the current US economic backdrop than they did a few months ago.”
Officials voted unanimously to lower the federal funds rate by a quarter percentage point to a range, following a larger cut in September.
They tweaked language to note “labor market conditions have generally eased,” and repeated “the unemployment rate has moved up but remains low.”
The statement removed the reference to “further” inflation progress, noting inflation “has made progress toward the committee’s 2% objective but remains somewhat elevated”.

Wall Street’s Reaction to Fed:
* Neil Dutta at Renaissance Macro Research:
No skip signs here. I believe that it is a good thing that the Fed did not lay the blame on the recent labor market slowdown on the hurricanes or strikes. They are just sticking with have generally eased. This statement does not put a December skip in play.

* Sonu Varghese at Carson Group:
Powell does not seem inclined to predict where policy rates will be further out, nor make any predictions of what they expect for fiscal policy impact on the economy.
* Bill Adams at Comerica Bank:
In short, the Fed followed through with the cut signaled at the September decision, but was a little less adamant about the case for further rate cuts going forward. Powell did state that the Fed is still “on a path toward a more neutral stance.” But neutral is an theoretical idea, not a specific level.
* Luis Alvarado at Wells Fargo Investment Institute:
The Fed meeting today provided little drama for market watchers as a 25 basis point rate cut was fully expected.  We believe the Fed will proceed cautiously in 2025 assessing if President Trump’s economic proposals eventually become actual policies and how those policies end up affecting inflation, labor markets and overall economic growth. As always, the Fed will be led by the economic data. 
* Jamie Cox at Harris Financial Group:
The balance of risks gives the Fed ample room to lower the Fed Funds rate well into 2025.  Markets should not expect supersized rate cuts unless the economy turns south, and doesn’t look at all likely for a while.
* Whitney Watson at Goldman Sachs Asset Management:
With additional inflation and employment data in, the Fed went 25 basis points as expected.  We expect the same to occur in December.  However, stronger data and uncertainty over fiscal and trade policies mean rising risks that the Fed may opt to slow the pace of easing. The word “skip” could enter our vocabulary in 2025.
* Greg McBride at Bankrate:
The Federal Reserve continues to lift the foot off the brake pedal, cutting interest rates by one-quarter percentage point, as expected. The solid pace of economic growth means the Fed can abandon the urgency seen with the half-point cut in September and take a more deliberate, quarter-point pace with this and future rate cuts.
* Jeffrey J. Roach at LPL Financial:
Investors are searching for equilibrium after reeling from such large moves in rates over the course of the last two months. Predictably, investors had developed unreasonable expectations about the magnitude of rate cuts over the next few quarters and now with a focus on deficits, markets must reorient to reality.

Corporate Highlights:
* Qualcomm Inc. and Arm Holdings Plc, two chip companies heavily dependent on the smartphone market, delivered earnings reports that signaled a tentative comeback in demand.
* Under Armour Inc. reported results that surpassed analysts’ expectations as the sportswear company’s turnaround gains momentum under founder Kevin Plank.
* Ralph Lauren Corp. raised its outlook for the year, citing strong sales in Europe and Asia and expectations for a solid holiday shopping season.
* Hershey Co. cut its outlook for growth in net sales growth and earnings as consumer pullback drives down volume sales, while “historically high” cocoa costs have driven price hikes.
* Warner Bros. Discovery Inc., the parent of the Max streaming service, gained more subscribers than expected in the third quarter, suggesting its online business is picking up.
* Match Group Inc. lowered its full-year revenue forecast, a disappointment to investors who were expecting a turnaround at the dating app company amid pressure from activists.
* Barrick Gold Corp.’s latest quarterly earnings show the gold producer continues to struggle to control costs and capitalize on the surging price of bullion.
* Moderna Inc. delivered better-than-expected profit and sales in the third quarter after an early start to sales of this season’s Covid boosters.
* Carlyle Group Inc. Chief Executive Harvey Schwartz made progress lifting margins and earnings on fees in the third quarter, a period when shareholder profits from deal exits remained muted for the firm.
* SolarEdge Technologies Inc. took a $1 billion write-down and warned margins for the current quarter will be non-existent or even negative.
* CommScope Holding Co. released third-quarter results and said it yet to reach debt refinancing or recapitalization agreement with a group of creditors.
* Kenvue Inc., the owner of Tylenol and Neutrogena, reported sales that trailed estimates after its skin health and beauty category slowed.
* Virgin Galactic Holdings Inc. reported third-quarter revenue short of expectations and a share issuance of as much as $300 million to pay for a new space tourism vehicle.
* Tapestry Inc. raised its guidance for the year, citing better-than-expected quarterly revenue at its Coach brand and strong sales in Europe.
* Grifols SA, the Spanish pharmaceutical company hit by a short seller attack this year, reported rising profit in the third quarter and repeated its full-year guidance.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.5%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.8%
* The euro rose 0.7% to $1.0801
* The British pound rose 0.8% to $1.2981
* The Japanese yen rose 1.2% to 152.82 per dollar
Cryptocurrencies
* Bitcoin rose 0.9% to $76,637.56
* Ether rose 8.1% to $2,907.78
Bonds
* The yield on 10-year Treasuries declined 10 basis points to 4.33%
* Germany’s 10-year yield advanced four basis points to 2.45%
* Britain’s 10-year yield declined six basis points to 4.50%
Commodities
* West Texas Intermediate crude rose 0.4% to $71.99 a barrel
* Spot gold rose 1.7% to $2,704.69 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Rheaa Rao and Lu Wang.

Have a  lovely evening.

Be magnificent!
As ever,

Carolann
Your attitude, not your aptitude, will determine your altitude. –Zig Ziglar, 1926-2012.

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
Gustavus Adolphus Day, Swedish King killed in 1632.

November 6, 1861:  James Naismith, the inventor of basketball, was born in Ontario, Canada. Go to article 
November 6, 1898: the Philippines gains independence from Spain through the Treaty of Paris, marking the end of over three centuries of Spanish rule and the start of U.S. sovereignty.

Adolphe Sax, Saxophone inventor,  b. 1814.
Sally Field, actress, b. 1946.

Maria Shriver, TV reporter, b. 1955.
Binge-worthy YouTube series that are worth spending hours watching
Have you run out of things to watch on your go-to streaming platforms? If so, check out these binge-worthy YouTube series.

The world’s only Michelin-starred ice cream shop
Minimal, a luxe venue in Taiwan, has become the world’s first ice cream establishment to receive a Michelin star.

The skyscrapers where nobody lives
Some elevator test towers around the world have become local landmarks. Read about these peculiar buildings where nobody lives.

Origins of world’s earliest writing point to symbols on ‘seals’ used in Mesopotamian trade
Researchers investigating how the first writing arose identified the motifs on preliterate “cylinder seals” used in the trade of agricultural products and textiles.  Read More.

James Webb telescope spots ‘feasting’ black hole eating 40 times faster than should be possible
Astronomers using the James Webb Space Telescope have spotted a feeding black hole in the early universe that seems to be eating 40 times faster than is theoretically possible.  Read More.

India targets 2028 for Chandrayaan-4 sample-return mission to moon’s south pole
India is eyeing a 2028 launch for its Chandrayaan-4 moon sample-return mission, followed by an uncrewed lunar lander and rover in collaboration with Japan.  Read More.

PHOTOS OF THE DAY

Lewes, UK
Revellers carry torches through the streets of east Sussex during the traditional bonfire night celebrations
Photograph: Glyn Kirk/AFP/Getty Images

Mount Fuji, Japan
The top of the mountain covered in a light dusting of snow
Photograph: Kyodo/Reuters

​​​​​​​Newbridge, UK
Surfers test out Lost Shore Surf Resort, set in a 60-acre country park, that generates up to 1,000 waves an hour
Photograph: Jeff J Mitchell/Getty Images
Market Closes for November 6, 2024

Market Index	Close	Change
Dow Jones	43729.93	+1508.05
		+3.57%
S&P 500	5929.04	+146.28
		+2.53%
NASDAQ	18983.46	+544.29
		+2.95%
TSX	24637.45	+249.55
		+1.02%

International Markets

Market Index	Close	Change
NIKKEI	39480.67	+1005.77
		+2.61%
HANG SENG	20538.38	-468.59
		-2.23%
SENSEX	80378.13	+901.50
		+1.13%
FTSE 100*	8166.68	-5.71
		-0.07%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.311	3.247
CND. 30 Year Bond	3.330	3.274
U.S. 10 Year Bond	4.4315	4.2708
U.S. 30 Year Bond	4.6095	4.4350

Currencies

BOC Close	Today	Previous
Canadian $	0.7173	0.7223
US $	1.3941	1.3844

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4967	0.6681
US $	1.0736	0.9315

Commodities

Gold	Close	Previous
London Gold Fix	2742.55	2742.60
Oil
WTI Crude Future	71.69	71.99

Market Commentary:

📈 On this day in 1851, Charles Henry Dow was born on his family’s farm in Sterling, Conn. After toiling as a reporter, he founded Dow, Jones & Co. in 1882 and devised the Dow Jones Industrial Average in 1896.

Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 1%, or 249.55 to 24,637.45 in Toronto.
The move was the biggest since rising 1.2% on Sept. 19.
Today, financials stocks led the market higher, as 5 of 11 sectors gained; 126 of 221 shares rose, while 94 fell.
Shopify Inc. contributed the most to the index gain, increasing 3.7%.
IA Financial Corp. had the largest increase, rising 16.2%.
Insights
* In the past year, the index had a similar or greater gain 18 times. The next day, it advanced 12 times for an average 0.4% and declined six times for an average 0.7%
* This year, the index rose 18%, heading for the best year since 2021
* The index advanced 25% in the past 52 weeks. The MSCI AC Americas Index gained 35% in the same period
* The S&P/TSX Composite is 1.1% below its 52-week high on Oct. 21, 2024 and 26.5% above its low on Nov. 8, 2023
* The S&P/TSX Composite is up 0.5% in the past 5 days and rose 2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 17 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.86t
* 30-day price volatility rose to 8.14% compared with 7.67% in the previous session and the average of 7.83% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 129.7771| 1.6| 23/4
Energy | 68.2399| 1.6| 37/4
Information Technology | 63.1793| 3.1| 10/0
Industrials | 46.9433| 1.5| 22/5
Consumer Staples | 20.3178| 2.1| 9/2
Consumer Discretionary | -1.0219| -0.1| 5/6
Health Care | -2.4515| -3.0| 0/4
Real Estate | -4.5412| -0.9| 3/16
Communication Services | -7.6775| -1.1| 2/3
Utilities | -11.9646| -1.3| 4/11
Materials | -51.2527| -1.7| 11/39
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 34.5500| 3.7| -5.1| 10.7
Manulife Financial | 25.8700| 5.0| 62.0| 48.8
Brookfield Corp | 23.5700| 3.0| 33.1| 49.4
Intact Financial | -8.4710| -2.5| 70.8| 30.0
Agnico Eagle Mines Ltd | -9.3530| -2.3| 44.7| 59.8
Wheaton Precious Metals | -9.8360| -3.4| 27.9| 34.1
US
By Rita Nazareth
(Bloomberg) — Stocks hit all-time highs, US yields jumped and the dollar saw its best day since 2022, with investors mapping out Donald Trump’s return to presidency and the potential for Republicans to win both houses of Congress.
The S&P 500 climbed 2.5% on bets the newly elected president will enact pro-growth policies that will boost Corporate America.
The benchmark had its best post-Election Day in history, according to data compiled by Birinyi Associates Inc. and Bloomberg.
A gauge of small caps rallied 5.8% amid speculation they will benefit from Trump’s protectionist stance, while wagers on lower taxes and reduced regulation lifted banks.
Insurers focused on the Medicare market jumped on expectations the government will pay higher rates to companies that provide private versions of the US health program for seniors.
Wall Street’s “fear gauge” — the VIX — tumbled the most since August. Trading volume on stocks spiked.
The Dow Jones Transportation Average jumped to a fresh high after a three-year drought of records, finally confirming the strength of its industrial counterpart.
The breakout is a bullish sign to followers of an investing framework known as Dow Theory that says synchronized gains in both gauges portend better times ahead for the broad market.
“For now, investor sentiment is pro-growth, pro-deregulation, and pro-markets,” said David Bahnsen, chief investment officer at The Bahnsen Group.
“There is also an assumption that M&A activity will pick up and that more tax cuts are coming or the existing ones will be extended. This creates a strong backdrop for stocks.”
Treasury yields climbed across the curve, with the move led by longer-term bonds as traders slashed wagers on the scope of rate cuts by the Federal Reserve. Investors have doubled down on bets for policies such as tax cuts and tariffs that could trigger price pressures.
The moves also signal worries that Trump’s proposals will fuel the budget deficit and spur higher bond supply.
US 10-year yields advanced 17 basis points to 4.44%.
A dollar gauge added 1.3%, with the yen leading losses in major currencies and the euro down 1.8%.
The Mexican peso was almost flat after sinking as much as 3.5%.
Bitcoin, viewed by many as a so-called Trump trade after he embraced digital assets during his campaign, hit a record high.
Commodities came under pressure, with gold and copper tumbling.
Oil edged lower.
“The biggest takeaway from last night is that we received certainty that the market craves,” said Ryan Grabinski at Strategas.  “This will allow both business and consumer confidence to improve. Attention now should shift to the Fed meeting tomorrow. The 10-year is approaching the 4.5% level, that’s the level risk assets ran into some trouble in the last 24 months.”
The S&P 500 hovered near 5,930, notching its 48th record this year.
The Nasdaq 100 added 2.7%.
The Dow Jones Industrial Average climbed 3.6%.
A gauge of the “Magnificent Seven” mega caps hit a fresh all-time high, led by Tesla Inc.’s 15% surge.
Trump Media & Technology Group Corp. jumped 5.8%.
In late hours, Qualcomm Inc., the world’s biggest seller of smartphone processors, gave a bullish sales forecast.
With many investors braced for a prolonged period of uncertainty, simply gaining some clarity on the outcome is providing a sigh of relief, according to Keith Lerner at Truist.
He says the market currently appears more focused on the positive aspects of Trump’s agenda with less emphasis on the potential of tariffs and wider policy outcomes.
“Markets are pricing in most of the positives today, though the backdrop is complex, and rates, deficit concerns, the potential for fewer Fed rate cuts, and tariffs could eventually provide a counterbalance to today’s upside price shock, he noted. “Still, the weight of the evidence in our work indicates the bull market still has some longevity left, and we are sticking with the primary market uptrend.”
At Macquarie, Thierry Wizman says traders have to be mindful about pushing the “yield story much further.”
“If there’s a surprise coming from Trump in the next few months (at least relative to hyped-up expectations), it will be about fiscal restraint — rather than fiscal irresponsibility. When the market realizes this, long-term UST yields could stabilize or decline.”
To Mark Haefele at UBS Global Wealth Management, the bond selloff has gone too far. He expects the Fed to stay on a path toward lower rates.
Fed officials are widely expected to lower their benchmark interest rate on Thursday by a quarter percentage point, a move that will come on the heels of a half-point cut in September.
They have projected one more quarter-point cut this year, in December, and an additional full point of reductions in 2025, according to the median estimate released in September.
“The Fed is still likely to cut by 25 basis points at Thursday’s meeting and likely to cut again in December,” said Yung-Yu Ma at BMO Wealth Management. “As we move into 2025, we believe it’s possible that we only see two or three cuts for the year depending on the mix of policy and growth that plays out.”
The makeup of Congress will also be key going forward.
Democrats’ hopes to control the US House are fading, with Republicans increasingly confident they will hold unified control in Washington ahead of next year’s big fights over tax cuts and spending.
Democrats need a net gain of just four House seats to wrest the slim majority from Republicans, but GOP gains in races in Pennsylvania, Michigan and North Carolina have offset losses in New York, putting the party ahead in its bid to retain control of the chamber.
A “Red Wave,” consisting of Republican control of the executive and legislative branches, has occurred only eight times since World War II, according to Sam Stovall at CFRA.
Under this scenario, the S&P 500 posted its highest average annual price increase for a Republican President at 12.9%, accompanied by a 75% frequency of advance, he said.
The best return under a Democratic President occurred just six times under a split-Congress scenario, during which the S&P 500 gained an average 16.6% in price and rose 83% of the time.
“Assuming the House goes Republican, we expect that a Red Sweep outcome will play out in a similar fashion to the 2016 playbook but to a lesser degree given a more mature economic backdrop and higher equity valuations,” said Jeff Schulze at ClearBridge Investments. “Business animal spirits could be rekindled once again from Trump’s pro-business approach.”
Schulze says that which could lead to a more robust capital expenditures and investment environment.
A more favorable corporate tax regime, full extension of the Tax Cuts and Jobs Act, and a lighter regulatory touch should outweigh the potential headwinds from increased tariffs and reduced immigration on corporate profits.
“We expect cyclical leadership to continue in the coming months as the market anticipates stronger economic growth and better earnings delivery from this cohort than is currently priced,” Schulze noted.
“Favorable macro drivers still dominate, and the prospect of a Republican sweep and lower taxes is adding to the market enthusiasm,” said Ma at BMO. “That may get tempered in the coming weeks by more details regarding tariff policy or a continued rise in long-term Treasury yields, but for the past two years we’ve said that the environment is favorable for risk- taking and that remains the case.”
In addition, the potential for extension of personal tax cuts under a Republican sweep are only marginally positive for the equity markets, he noted.
Corporate tax cuts are much more significant, and while there have been promises to do more on this front, they come with unclear stipulations, including requirements that companies keep manufacturing operations in the US,” Ma concluded.
The stock-market surge unleashed by Trump’s presidential victory is triggering buy signals for rules-based investment funds, adding fuel to the rally.
“The year-end rally starts today and may be higher than investors were expecting,” Scott Rubner, a tactical specialist at Goldman Sachs Group Inc., wrote in a note to clients Wednesday.
Behind it, he cited “unwinds of election hedges, re-levering, Buybacks, FOMO, Vanna,” a type of buying tied to the periodic expiration of option contracts.
“Markets hate uncertainty and now that the election is officially over, stocks are soaring today,” said Ryan Detrick at Carson Group. “Optimism over tax cuts, a still dovish Fed, and a potentially better economy are part of it, but the reality is the economy has been quite solid all year, so this really isn’t anything new. Back to your regularly scheduled bull market is how we see it.”
At Ameriprise, Anthony Saglimbene says animal spirits through year-end could push major averages higher as the overhang of the election is removed and investors look to put excess cash to work in equities “Finally, US stocks may see tailwinds from not only the election results but a retreat in volatility hedging, corporations moving out of their buyback blackout periods as the earnings season winds down, and strong fourth-quarter seasonality factors (particularly in election years).”
The surge in small caps suggests the performance of the US stock market will broaden from the big-tech cohort following Trump’s re-election, according to Vincent Juvyns at JPMorgan Asset Management.
Chris Senyek at Wolfe Research says he remains bullish on stocks into year-end.
“With Donald Trump winning the 47th Presidency of the United States, we believe that markets will heavily favor financials, US-based industrials (transports), energy, and crypto today and into year-end, he said. “We think more offensive tech outperforms as well with semis outperforming. By style, we’d own value, equal weight, small-cap and year-to-date laggards.”

Key events this week:
* China trade, forex reserves, Thursday
* UK BOE rate decision, Thursday
* Fed rate decision, Thursday
* US University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.7%
* The Dow Jones Industrial Average rose 3.6%
* The MSCI World Index rose 1.6%
* Bloomberg Magnificent 7 Total Return Index rose 4.2%
* The Russell 2000 Index rose 5.8%
Currencies
* The Bloomberg Dollar Spot Index rose 1.3%
* The euro fell 1.8% to $1.0735
* The British pound fell 1.2% to $1.2886
* The Japanese yen fell 1.9% to 154.57 per dollar
* The Mexican peso was little changed at 20.1071
Cryptocurrencies
* Bitcoin rose 10% to $76,115.17
* Ether rose 11% to $2,692.21
Bonds
* The yield on 10-year Treasuries advanced 17 basis points to 4.44%
* Germany’s 10-year yield declined two basis points to 2.40%
* Britain’s 10-year yield advanced three basis points to 4.56%
Commodities
* West Texas Intermediate crude fell 0.2% to $71.87 a barrel
* Spot gold fell 3% to $2,661.25 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Lu Wang, Elena Popina and Matt Turner.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Better to light a candle than to curse the darkness. -Chinese Proverb.

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Election Day USA.

Guy Fawkes Day, England.
November 5, 1605: The Gunpowder Plot fails as Guy Fawkes is discovered guarding explosives meant to blow up the English Parliament, leading to the annual “Bonfire Night” celebration in the UK.

November 5, 1935: Parker Brothers began marketing the board game “Monopoly.” Go to article 

Art Garfunkel, musician, b. 1941, in Forest Hills, Queens.
Will Durant, historian, author, b. 1885.
Sam Shepard, actor, playwright, b. 19473

When did plate tectonics begin?
Earth surface is covered with rigid plates that move, crash into each other and dive into the planet’s interior. But when did this process begin?  Read More.

Will we ever have quantum laptops?
Quantum computers are here. But could we ever build a quantum laptop?  Read More.

Indonesia volcano eruption kills at least 10
An eruption of Indonesia’s Lewotobi Laki-laki stratovolcano rained debris and ash on villages on the island of Flores.  Read More.

‘An offering to energize the fields’: 76 child sacrifice victims, all with their chests cut open, unearthed at burial site in Peru
An analysis of previous sacrifices at the same site suggests the victims were conquered people brought to work on the land.  Read More.

Eco-friendly satellite
The first wooden satellite was launched into space today and will later be released into orbit. Researchers are testing the cosmic potential of the renewable material as humans explore living in space.

Italian souven-air
Wishing you were on the shores of Lake Como, Italy, but can’t quite afford the plane ticket? Now you can pop open a can of air captured from the popular tourist spot for just $11.

PHOTOS OF THE DAY

Narayanganj, Bangladesh
Hindu worshippers pray with oil lamps during the Rakher Upobash festival
Photograph: Mohammad Ponir Hossain/Reuters

Brülisau, Switzerland
A paraglider descends into a sea of fog in eastern Switzerland
Photograph: Gian Ehrenzeller/EPA

​​​​​​​Cluj, Romania
‘An ant on a zucchini plant leaf. I liked how the leaves filtered the intense light of day.’
Photograph: Magda Iftene
Market Closes for November 5, 2024

Market Index	Close	Change
Dow Jones	42221.88	+427.28
		+1.02%
S&P 500	5782.76	+70.07
		+1.23%
NASDAQ	18439.17	+259.19
		+1.43%
TSX	24387.90	+131.84
		+0.54%

International Markets

Market Index	Close	Change
NIKKEI	38474.90	+421.23
		+1.11%
HANG SENG	21006.97	+439.45
		+2.14%
SENSEX	78782.24	-941.88
		-1.18%
FTSE 100*	8172.39	-11.85
		-0.14%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.247	3.235
CND. 30 Year Bond	3.274	3.279
U.S. 10 Year Bond	4.2708	4.2867
U.S. 30 Year Bond	4.4350	4.4681

Currencies

BOC Close	Today	Previous
Canadian $	0.7223	0.7185
US $	1.3844	1.3919

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5115	0.6616
US $	1.0919	0.9158

Commodities

Gold	Close	Previous
London Gold Fix	2742.60	2744.30
Oil
WTI Crude Future	71.99	71.47

Market Commentary:
📈 On this day in 1626, an official of the Dutch West India Co. reported that settlers bought the island of Manhattan for 60 guilders, later estimated to be around $24.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.5%, or 131.84 to 24,387.90 in Toronto.
The move was the biggest since rising 0.7% on Oct. 11.
Brookfield Corp. contributed the most to the index gain, increasing 2.9%.
TransAlta Corp. had the largest increase, rising 6.9%.
Today, 146 of 221 shares rose, while 69 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index rose 16%, heading for the best year since 2021
* The index advanced 23% in the past 52 weeks. The MSCI AC Americas Index gained 32% in the same period
* The S&P/TSX Composite is 2.1% below its 52-week high on Oct. 21, 2024 and 25.2% above its low on Nov. 8, 2023
* The S&P/TSX Composite is down 0.7% in the past 5 days and rose 0.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 16.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.84t
* 30-day price volatility rose to 7.67% compared with 7.55% in the previous session and the average of 7.82% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 61.7924| 0.8| 23/4
Industrials | 23.8642| 0.8| 24/3
Utilities | 15.3174| 1.6| 13/2
Materials | 15.1555| 0.5| 25/23
Information Technology | 12.7369| 0.6| 7/2
Consumer Staples | 12.1891| 1.3| 9/2
Health Care | 1.1397| 1.4| 2/2
Energy | 0.5826| 0.0| 22/18
Real Estate | -1.4279| -0.3| 12/6
Communication Services | -3.6114| -0.5| 3/2
Consumer Discretionary | -5.8999| -0.7| 6/5
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Brookfield Corp | 21.7500| 2.9| 53.2| 45.0
Sun Life Financial | 10.0600| 3.2| 127.3| 16.3
Shopify | 9.1440| 1.0| -51.9| 6.8
Agnico Eagle Mines Ltd | -2.3120| -0.6| -35.6| 63.4
BCE | -3.5100| -1.4| 195.9| -23.5
Restaurant Brands | -6.7160| -3.1| 97.8| -8.9
US
By Rheaa Rao and Andre Janse van Vuuren
(Bloomberg) — Stocks climbed Tuesday while Treasuries were mixed and the dollar fell in the last trading session before votes are tallied in a US presidential race with far-reaching implications for the economy.
Neither the size of the moves nor volume indicated strong conviction on the outcome of a contest that polls continue to put at a dead heat.
The world’s largest tech companies led gains, with the S&P 500 up 1.2% and a measure of the “Magnificent Seven” mega caps climbing 1.8%.
The rally was partly fueled by a surge in Palantir Technologies Inc. after the company signaled “unwavering demand” for artificial intelligence.
Nvidia Corp. became the largest company in the world, surpassing Apple Inc.
Shorter-term Treasuries underperformed after a solid report on US services.
Election-day markets were notably calm.
Earlier moves that bore the imprint of positioning known informally as the Trump trade, including a runup in Treasury rates and the Trump Media & Technology Group Corp. stock, unwound as the session progressed, though crypto held on to gains.
The broad rally in stocks was consistent with votes past: the S&P 500 has gained on nine of the last 11 election days with a median return of 0.8%, according to Carson Group strategist Ryan Detrick.
“Regardless of who wins tonight or whenever we get those results, it effectively is going to be a surprise,” Cameron Dawson at NewEdge Wealth told Bloomberg Television.
“Those polls are so very tight, which means that it could be volatility-inducing event.”
Investors are reluctant to commit to sizable positions until at least the release of the initial exit polls, said Matthew Ryan, head of market strategy at global financial services firm Ebury.
“The US election rests on a knife-edge as Americans head to the polls, with the outcome now seemingly anyone’s guess,” he said.
Wall Street was preparing for a long night of potentially contentious ballot counting and sharp swings no matter the outcome.
Goldman Sachs Group Inc. strategists said there’s a possibility of a burst of volatility in the aftermath of the election, but also pointed to the resilient US economic backdrop as likely to support equities in the long run.
The team of strategists led by Andrea Ferrario said there’s just an 18% chance of a bear market in the next 12 months — even when taking into account the risks posed by Tuesday’s presidential election.
“Equities should be able to digest higher bond yields as long as they are driven by better growth,” the Goldman strategists wrote in a note.
Markets are awaiting the Federal Reserve’s interest-rate decision on Thursday, and Jerome Powell’s press conference, where he’ll give details on the path for interest rates.
“The market is longing for the election to be over so that the focus can return to earnings and monetary policy,” said Susana Cruz, a strategist at Panmure Liberum.
All of that adds up to a market primed for volatility this week.
Options data suggests a 1.8% move in either direction for the S&P 500 on Wednesday, according to Citigroup’s head of equity trading strategy Stuart Kaiser.

Key events this week:
* Eurozone HCOB Services PMI, PPI, Wednesday
* China trade, forex reserves, Thursday
* UK BOE rate decision, Thursday
* US Fed rate decision, Thursday
* US University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.3%
* The Dow Jones Industrial Average rose 1%
* The MSCI World Index rose 1.1%
* Bloomberg Magnificent 7 Total Return Index rose 1.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.4% to $1.0924
* The British pound rose 0.5% to $1.3026
* The Japanese yen rose 0.4% to 151.54 per dollar
Cryptocurrencies
* Bitcoin rose 3.6% to $69,482.85
* Ether rose 2.4% to $2,427.95
Bonds
* The yield on 10-year Treasuries was little changed at 4.28%
* Germany’s 10-year yield advanced three basis points to 2.42%
* Britain’s 10-year yield advanced seven basis points to 4.53%
Commodities
* West Texas Intermediate crude rose 0.8% to $72.07 a barrel
* Spot gold rose 0.2% to $2,743.08 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Love is blind, but marriage restores its sight. –George C. Lichtenberg, 1742-1799.

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Monday.

November 4^th, 1922: Howard Carter rediscovers the intact tomb of Pharaoh Tutankhamun in Egypt, inspiring a new generation of archaeologists worldwide.
November 4^th, 1979: The Iranian hostage crisis began as militants stormed the U.S. Embassy in Tehran.  Go to article 

1946: UNESCO founded.

Walter Cronkite, journalist, b. 1916.
Will Rogers, humorist, b. 1879.
Sean “Puffy” Combs, rapper, b. 1969

‘God of chaos’ asteroid may be transformed by tremors and landslides during 2029 flyby of Earth, study finds
When the ‘God of chaos’ asteroid Apophis makes an ultra close flyby of Earth in 2029, our planet’s gravity may trigger tremors and landslides that totally change the asteroid’s surface. Read More.

‘Mind-blowing’ discovery reveals 5,000-year-old cultic building in Israel
The remains of a 5,000-year-old structure that likely had cultic purposes is one of the oldest public buildings ever found in Israel.  Read More.

Natural selection is unfolding right now in these remote villages in Nepal
Physiological traits that help Tibetan women survive at high altitudes are being selected for within the population, meaning they may be becoming more common, new research hints. Read More.

Chemists broke a 100-year-old rule to make extremely unstable molecules
Scientists have just broken a 100-year-old chemistry rule and synthesized a type of 3D, unstable molecule called an anti-Bredt olefin. Read More.

Why do scientists want to develop quantum computers?
Quantum computers will one day outpace the fastest supercomputers on the planet, but what will they be used to accomplish? Read More.

Watch this terrifying robotic torso spring into life.  Startup Clone Robotics has created an ultra-creepy humanoid torso with artificial muscles that are activated through a battery-powered hydraulic system and covered in ghostly-white “skin.”  Full Story: Live Science (11/1)

Voyager blackout fixed
A technical issue recently cut NASA’s communication with Voyager 1, but a creative solution involving 1981 technology reconnected the aging spacecraft, which is 15 billion miles away.

Starbucks order for ‘Air-Inn’
Remember when the Starbucks barista would strangely misspell even the most common names in large black ink on the coffee cups? Well those days are returning thanks to the company’s new initiative to win back customers.

Amazing survival story
A missing hiker somehow managed to stay alive for days in the Australian bush with an injured ankle and potentially venomous snake bite. She might not have been found if her rental car hadn’t been reported missing.

Legalized jaywalking
It’s been illegal to cross the street in New York without adhering to traffic signals for more than 65 years. Not anymore – and part of the reason for the change is who was overwhelmingly being cited for jaywalking.

RIP Quincy Jones.

PHOTOS OF THE DAY

Frankfurt, Germany
The sun rises over the city of Kronberg
Photograph: Michael Probst/AP

Beijing, China
People visit Zhongshan Park as trees take on the colours of autumn
Photograph: Adek Berry/AFP/Getty Images

​​​​​​​Cairo, Egypt
An installation by the visual artist Jean-Marie Appriou, titled Vessel of Time, during the fourth edition of Forever is Now, an international art exhibition by Art D’Egypte that reimagines Egypt’s ancient civilisation through contemporary art around the Giza pyramids
Photograph: Amr Abdallah Dalsh/Reuters
Market Closes for November 4, 2024

Market Index	Close	Change
Dow Jones	41794.60	-257.59
		-0.61%
S&P 500	5712.69	-16.11
		-0.28%
NASDAQ	18179.98	-59.94
		-0.33%
TSX	24256.06	+0.90
		—

International Markets

Market Index	Close	Change
NIKKEI	38053.67	-1027.58
		-2.63%
HANG SENG	20567.52	+61.09
		+0.30%
SENSEX	78782.24	-941.88
		-1.18%
FTSE 100*	8184.24	+7.09
		+0.09%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.235	3.288
CND. 30 Year Bond	3.279	3.352
U.S. 10 Year Bond	4.2867	4.3836
U.S. 30 Year Bond	4.4681	4.5782

Currencies

BOC Close	Today	Previous
Canadian $	0.7193	0.7185
US $	1.3902	1.3919

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5118	0.6615
US $	1.0875	0.9196

Commodities

Gold	Close	Previous
London Gold Fix	2744.30	2734.15
Oil
WTI Crude Future	71.47	69.49

Market Commentary:
📈 On this day in 1929: In an attempt to calm panicking investors, the New York Stock Exchange said it would be open for trading only three hours a day. Investors took no comfort, trading more than twice the level of a normal full day’s trading.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 24,256.06 in Toronto.
Bank of Nova Scotia contributed the most to the index gain, increasing 1.8%.
Tilray Brands Inc. had the largest increase, rising 4.8%.
Today, 119 of 222 shares rose, while 102 fell; 5 of 11 sectors were higher, led by energy stocks.
Insights
* This year, the index rose 16%, heading for the best year since 2021
* The index advanced 22% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The S&P/TSX Composite is 2.7% below its 52-week high on Oct. 21, 2024 and 24.5% above its low on Nov. 8, 2023
* The S&P/TSX Composite is down 1.3% in the past 5 days and rose 0.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 16.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.84t
* 30-day price volatility little changed to 7.55% compared with 7.55% in the previous session and the average of 7.90% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 28.1121| 0.7| 31/10
Financials | 7.2101| 0.1| 15/12
Consumer Discretionary | 5.6019| 0.7| 6/5
Real Estate | 4.6404| 0.9| 19/1
Industrials | 3.3162| 0.1| 16/11
Health Care | -1.0430| -1.3| 1/3
Consumer Staples | -2.2541| -0.2| 6/5
Utilities | -3.1709| -0.3| 6/9
Materials | -7.0292| -0.2| 11/40
Information Technology | -8.5074| -0.4| 5/4
Communication Services | -25.9665| -3.7| 3/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Bank of Nova Scotia| 11.1700| 1.8| 31.8| 14.3
Nutrien | 10.5800| 4.5| -3.7| -5.5
Brookfield Corp | 7.0460| 0.9| 47.7| 40.9
Shopify | -10.1500| -1.1| 29.3| 5.7
Fairfax Financial | -10.9100| -3.9| 42.5| 48.5
BCE | -27.6800| -9.7| 625.7| -22.4
US
By Rita Nazareth
(Bloomberg) — Stocks failed to gain traction and bonds climbed, with polls continuing to depict a tight race in the US presidential election ahead of the Federal Reserve rate decision.
In the run-up to Tuesday’s vote, equity traders decided to stay on the sidelines as a flurry of polls showed Americans remain narrowly split between Donald Trump and Kamala Harris.
The likelihood of a disputed result could eventually drag the vote count out for weeks or even months. For many, that means one thing — a potential increase in volatility.
Treasuries rose across the curve and the dollar dropped the most in over a month.
Another factor that’s preventing traders from making riskier bets is the number of additional catalysts surrounding the vote.
Election Day will quickly be followed on Thursday by the Fed decision and Jerome Powell’s press conference, where he’ll give details on the central bank’s interest-rate path.
And a big chunk of US companies are still due to report their earnings.
“Normally, the Fed rate announcement would dominate the week’s discussion, but this isn’t just any week,” said Chris Larkin at E*TRADE from Morgan Stanley. “Traders and investors who have been waiting for the outcome of the election have to prepare themselves for the possibility of a delayed outcome, and the potential impact of that.”
Regarding equity performance, the S&P 500 tends to see positive returns to close out the year after Election Day, according to Bespoke Investment Group.
For all years since 1990, the median gain has been 3.3%.
For election years, performance has tended to be modestly stronger, with a median gain of 3.9%.
The S&P 500 fell 0.3%.
The Nasdaq 100 dropped 0.3%.
The Dow Jones Industrial Average slid 0.6%.
In late hours, Palantir Technologies Inc. rallied on an earnings beat, while citing “unwavering” artificial-intelligence demand.
NXP Semiconductors NV tumbled after giving a disappointing forecast.
Treasury 10-year yields declined nine basis points to 4.29%.
Bitcoin fell 2.6%.
Oil climbed after OPEC+ agreed to push back its December production increase and Iran outlined a possible response to Israel’s recent bombardment.
From stocks and Treasuries to currencies and commodities, rarely has anxiety been as pronounced at this point of the cycle.
A gauge of cross-asset risk kept by Bank of America Corp. jumped to the highest point of any pre-election week outside of the financial crisis.
“Investor sentiment could take a turn for the worse over the very short-term, especially if there is uncertainty over the winner of the presidential election or if it takes longer-than- expected to declare a winner,” said Carol Schleif at BMO Family Office. “Sooner or later, the election result will be finalized, and any volatility from this is an opportunity in our view.”
Commodity trading advisers, or CTAs, are expected to sell US and global stocks no matter which direction the market goes, according to the Goldman Sachs Group Inc. trading desk.
“Our models assume that over the week CTAs are going to be material sellers in any market scenario,” it said.
JPMorgan Chase & Co. strategist Dubravko Lakos-Bujas expects US equities will climb into the final stretch of 2024 once the results of the US presidential election are declared, particularly if the outcome is political gridlock.
“Under either gridlock scenario, we think equities reprice higher as we clear the uncertainty, volatility decreases and hedges unwind, with investors refocusing on the Federal Reserve at a time when the economy and corporate earnings remain resilient,” he wrote.
The S&P 500 can keep climbing into the final stretch of 2024 as investors exhale after the US presidential election passes and year-end FOMO kicks in, according to Morgan Stanley’s Mike Wilson.
But with no clear catalysts in sight, that enthusiasm is likely to fade as the calendar turns to 2025, the strategist warns.
“I think we could see 6,000, potentially, in some sort of a clearing event, where there’s not a lot of consternation and people feel good about things,” Morgan’s chief US equity strategist said Monday in an interview with Bloomberg Television.
The gauge closed at 5,712.69 Monday.
The sustainability of any upward move in equities if Trump wins the election is likely to depend on the magnitude of bond yields’ response, according to JPMorgan strategists led by Mislav Matejka.
A Trump win and a positive market reaction are widely expected at this point, and investors are already long equities “which could lead to travel and arrive at some point,” they said.
If Harris wins, the uncertainty over the path of corporate taxes would increase near term.
Over the medium term, equities might see some support from the reduced tariffs risk, the strategists noted.
While volatility has been elevated, it’s pointing to about a 1.7% move for the S&P 500 the day after the election — not an outrageous swing.
The implied move has fallen steadily from a peak of around 2% in early October to be about in line with the long-term average for past elections, according to Stefano Pascale, head of US equity-derivatives strategy at Barclays Plc.
Beyond the general indexes, some sectors, such as crypto and clean-energy stocks, are seeing a surge in volatility well above their medians.
Crypto stocks are pricing almost 10% moves, Morgan Stanley’s trading desk said last week, and those for renewable firms around 6%.
That’s playing out in positioning, where, for example, more than 20,000 November call spreads were bought last week in Sunrun Inc.
To Dan Wantrobski at Janney Montgomery Scott, US equities remain largely in consolidation mode ahead of this potentially historic week.
Investors should expect “more choppy trading in sessions ahead, he noted.
“Depending on how things develop, the markets themselves are teed up for either new highs (the primary trend is still bullish) or bigger drawdowns (overbought conditions remain, with some recent support levels broken),” Wantrobski said.
The year-to-date gains through October are the strongest for any election year going back to at least the 1950s, according to Keith Lerner at Truist Advisory Services Inc.
These gains are supported by an economy that remains resilient and forward earnings that reached yet another record high, he said.
“Two pillars of this market also remain intact: 1) Don’t fight the trend, and 2) Don’t fight the Fed,” Lerner noted.
US equity markets performed relatively well during the past month in comparison to steeper declines during the period just ahead of past presidential races.
That suggests optimism about the economy and further Fed rate cuts is outweighing worry about the US election, according to strategists at Citigroup Inc.
“Of course, the US election will play a prominent role in moving financial markets around this week,” said Anthony Saglimbene at Ameriprise.
“However, a Federal Reserve policy decision on Wednesday, some light economic releases throughout the week, and roughly 20% of the S&P 500 scheduled to report third quarter results should also have their fair share of sway on directing stock traffic.”
With both US presidential candidates at a “dead heat” heading into next week’s election, markets are bracing for a result that could lead to a wide range of policy outcomes.
Yet, it is notable that, since 1933, equities have almost always risen by double-digits by the end of a president’s term, regardless of their party affiliation according to Seema Shah at Principal Asset Management.
“Investors should take caution. Those who allow their political opinions to cloud their investing decisions could miss out on the potential rewards that come with staying invested in the market over the long-term,” she noted.
Against the uncertain electoral backdrop, it might make sense to look at areas that have bipartisan support rather than industries that benefit from one party or the other, according to Scott Helfstein at Global X.
“For example, themes tied to U.S. competitiveness like infrastructure, defense technology, and nuclear energy are central to both party platforms,” he said. “Private investment in areas like AI, data centers, and robotics is likely to remain elevated as US companies look to sustain high margins in an environment with either higher tariffs or taxes.”
Financial markets are starting their final sprint into year-end and conditions are aligning for the normal seasonal rally, though one is far from assured, according to Jason Draho at UBS Global Wealth Management.
“The election should be a risk-clearing event, while economic fundamentals, policy, and investor positioning lean in favor of markets grinding higher,” he said. “For equities, this could also mean a further broadening out of performance that began earlier in the fall. Even if such a year-end rally doesn’t materialize, these conditions, along with the AI theme, give us confidence that the markets will move higher over the next year.”

Corporate Highlights:
* Shares of nursing home operator PACS Group Inc. tumbled after Hindenburg Research released a short report alleging that the company has been — among other things — “systematically scamming taxpayers.”
* Franklin Resources Inc. sank on news that the Commodity Futures Trading Commission is investigating trades at Western Asset Management Co., and that $18 billion of long-term cash had flowed out of that unit last month.
* Obesity pill data released by Viking Therapeutics Inc. and AstraZeneca Plc at a big conference foreshadowed an increasingly competitive landscape for weight-loss therapies, sending down shares of drugmakers in the field.
* Peloton Interactive Inc. picked up rare buy rating Monday as Bank of America Corp. upgraded the fitness company by two notches, touting its profit outlook and a positive view of its new chief executive.
* French grocer Carrefour SA is in the early stages of studying ways to boost its valuation, more than three years after talks to sell itself to an industry rival fell apart, people with knowledge of the matter said.
* Commerzbank AG Chief Executive Officer Bettina Orlopp is seeking to unlock more capital to pay out or invest, as she makes the case for an independent bank in the face of a potential takeover by rival UniCredit SpA.

Key events this week:
* China Caixin Services PMI, Tuesday
* US ISM services, Tuesday
* US presidential election, Tuesday
* Eurozone HCOB Services PMI, PPI, Wednesday
* China trade, forex reserves, Thursday
* UK BOE rate decision, Thursday
* US Fed rate decision, Thursday
* US University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World Index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.4% to $1.0875
* The British pound rose 0.2% to $1.2953
* The Japanese yen rose 0.6% to 152.15 per dollar
Cryptocurrencies
* Bitcoin fell 2.6% to $67,317.27
* Ether fell 1.9% to $2,422.05
Bonds
* The yield on 10-year Treasuries declined nine basis points to 4.29%
* Germany’s 10-year yield declined one basis point to 2.39%
* Britain’s 10-year yield advanced one basis point to 4.46%
Commodities
* West Texas Intermediate crude rose 3.2% to $71.70 a barrel
* Spot gold was little changed

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,
All men age, as all men die.  The thing is not to die too soon, Seῇora, and to live wisely.  To life a long time is nothing, to live a long time wisely is something. –Louis L’Amour, 1908-1988.

Carolann

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.  Diwali/Deepavali.  All Saints Day.

On Nov. 1, 1952, the United States exploded the first hydrogen bomb, in a test at Eniwetok in the Marshall Islands.  Go to article 
November 1, 1993: The Maastricht Treaty establishes the European Union (EU), creating a closer political and economic alliance and introducing the euro, reshaping European governance and relations.
November 1, 1994: Nirvana releases their MTV Unplugged in New York album.

Time to switch the clocks t standard time on Sunday morning – one hour back.
Even if you sleep more, time changes can be rough on your body.
Why do we do this? For more morning daylight. But many people don’t like clock switches. The idea has been around since 1784, when Benjamin Franklin suggested it as a joke

Daylight Savings Time significantly impacts heart attack rates: in Autumn, when clocks go back and people gain an hour f sleep, heart attacks decrease by 21%.  In Spring, when clocks go forward and an hour of sleep is lost, heart attacks rise by 24%.

Father-daughter team decodes ‘alien signal’ from Mars that stumped the world for a year
A father and daughter team based in the U.S. have decoded a mock “alien signal” beamed from ESA’s ExoMars Trace Gas Orbiter a year ago — but the meaning of the extraterrestrial message remains a mystery.
Read More.

Earth is racing toward climate conditions that collapsed key Atlantic currents before the last ice age, study finds
Global warming during the Last Interglacial period caused so much Arctic ice to melt that Atlantic currents collapsed — and scientists say these are the conditions we could be heading toward. Read More.

What is DANA, the strange weather phenomenon that has caused deadly flooding in Spain?
With record-high Mediterranean temperatures and a year’s worth of rain falling in mere hours, Spain has been devastated by the weather phenomenon known as DANA. Read More.

(Andy Ryan)

Boston Dynamics’ robot dog Spot can now ‘play fetch’ — thanks to MIT breakthrough
The future of smarter robots may lie in combining neural networks with advanced computer vision.  Read More.

PHOTOS OF THE DAY

Beijing, China
A man looks out from a container restaurant near a sculpture depicting a sleeping Chinese astronaut in the art district of Songzhuang
Photograph: Andy Wong/AP

A swan swims in Swan Lake in Stryiskyi Park, Lviv, western Ukraine
Photograph: Ukrinform/Rex/Shutterstock

A polar bear and a cub search for scraps in a large pile of bowhead whale bones left from the village’s subsistence hunting near Kaktovik, on the northern coast of Alaska, US
Photograph: Lindsey Wasson/AP
Market Closes for November 1, 2024

Market Index	Close	Change
Dow Jones	42052.19	+288.73
		+0.69%
S&P 500	5728.80	+23.35
		+0.41%
NASDAQ	18239.92	+144.77
		+0.80%
TSX	24255.16	+98.29
		+0.41%

International Markets

Market Index	Close	Change
NIKKEI	38053.67	-1027.58
		-2.63%
HANG SENG	20506.43	+189.10
		+0.93%
SENSEX	79724.12	+335.06
		+0.42%
FTSE 100*	8177.15	+67.05
		+0.83%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.288	3.219
CND. 30 Year Bond	3.352	3.288
U.S. 10 Year Bond	4.3836	4.2844
U.S. 30 Year Bond	4.5782	4.4750

Currencies

BOC Close	Today	Previous
Canadian $	0.7185	0.7178
US $	1.3919	1.3931

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.5132	0.6609
US $	1.0872	0.9198

Commodities

Gold	Close	Previous
London Gold Fix	2734.15	2777.80
Oil
WTI Crude Future	69.49	68.61

Market Commentary:
📈 On this day in 1998, the Dow Jones Industrial Average replaced four stodgy old companies–Chevron, Goodyear, Sears and Union Carbide–with four growth stocks: Home Depot, Intel, Microsoft and SBC Communications.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.4% at 24,255.16 in Toronto.
The move follows the previous session’s decrease of 1.4%.
Today, financials stocks led the market higher, as 6 of 11 sectors gained; 110 of 222 shares rose, while 110 fell.
Fairfax Financial Holdings Ltd. contributed the most to the index gain, increasing 9.1%.
Air Canada had the largest increase, rising 14.0%.
Insights
* This year, the index rose 16%, heading for the best year since 2021
* So far this week, the index fell 0.9%
* The index advanced 27% in the past 52 weeks. The MSCI AC Americas Index gained 35% in the same period
* The S&P/TSX Composite is 2.7% below its 52-week high on Oct. 21, 2024 and 28.3% above its low on Nov. 1, 2023
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 17 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.83t
* 30-day price volatility rose to 7.55% compared with 7.47% in the previous session and the average of 8.15% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 65.9359| 0.8| 21/6
Information Technology | 25.8391| 1.3| 8/2
Industrials | 21.4587| 0.7| 22/5
Consumer Discretionary | 14.5328| 1.8| 9/2
Consumer Staples | 5.6071| 0.6| 8/3
Health Care | 1.6262| 2.0| 2/2
Communication Services | -2.5484| -0.4| 0/5
Real Estate | -4.1568| -0.8| 4/16
Materials | -5.4589| -0.2| 24/25
Utilities | -8.8798| -0.9| 1/14
Energy | -15.6762| -0.4| 11/30
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Fairfax Financial | 23.6400| 9.1| 123.9| 54.4
RBC | 17.1100| 1.0| -27.4| 27.0
Shopify | 11.3400| 1.2| -18.1| 6.9
Barrick Gold | -3.7980| -1.2| -21.4| 11.1
Cenovus Energy | -4.5420| -2.2| -6.0| -0.4
Imperial Oil | -6.1600| -5.1| 83.7| 30.6
US
By Rita Nazareth
(Bloomberg) — Stocks staged a late-week rebound, with traders looking past noisy economic data and uncertainties about one of the most closely contested elections in US history to focus on Corporate America’s strength.
The S&P 500 halted a two-day rout amid solid signals from industry bellwethers.
Tech megacaps, which bore the brunt of the recent selling, led gains on Friday.
Amazon.com Inc. surged 6.5% after strong results.
Intel Corp. rallied 8.5% on a bullish outlook.
Exxon Mobil Corp. and Chevron Corp. beat profit, output and sales estimates.
Boeing Co. rose 3.5% on optimism that a lengthy strike is nearing an end.
Apple Inc. fell 1.2% after a tepid forecast.
Wall Street tried not to read too much into data showing US hiring advanced at the slowest pace since 2020 in October while the unemployment rate remained low.
The numbers were distorted by severe hurricanes and a major strike.
The jobs report is the last major data point before next week’s Federal Reserve meeting and the Nov. 5 presidential election.
“We’re in the midst of a hectic stretch with economic data, earnings, the Fed, and the US election,” said Bret Kenwell at eToro.
“There’s been some additional volatility around these events, but so far nothing has changed the big-picture view. Until that changes, the long-term drivers of the bull market remain intact.”
In fact, the S&P 500 rally of roughly 20% in 2024 through the end of October was the strongest in a presidential election year since 1936, according to Bespoke Investment Group strategists.
Historically, gains of that magnitude in such a span have been followed by stronger-than-normal finishes to the year, they said.
The S&P 500 rose 0.3%, trimming this week’s losses.
The Nasdaq 100 added 0.6%.
The Dow Jones Industrial Average climbed 0.6%.
A gauge of the “Magnificent Seven” megacaps rallied 1%.
Treasury yields rose, reversing an earlier slide.
Traders held tight to expectations that that policymakers will cut rates by a quarter-point on Nov. 7 and again on Dec. 18, pricing in 44 basis points by year’s end.
They see less than 60 basis points of cumulative easing by the end of January, implying the potential that officials pause early next year.
Treasury 10-year yields advanced nine basis points to 4.37%.
The dollar rose.
A sharp selloff in UK bonds that sent borrowing costs to their highest in a year abated Friday as a weak jobs report in the US boosted demand for global debt.
Oil edged higher on a report that Iran may be preparing to attack Israel from Iraqi territory in the coming days, though crude still finished the week lower amid skepticism that the war will disrupt supplies.
The muddied jobs report provides more evidence that the labor market is still down-shifting from the overheated levels seen a few years ago, supporting the case for Fed officials to keep dialing back the restrictive rates they put into place to quash inflation.
“We still think the Fed will follow a gradual pace of policy rate cuts, including 25 basis points next week and likely, but not a done deal another 25 bps in December,” said Tiffany Wilding at Pacific Investment Management Co.
“While the US economy has been very resilient overall, we think today’s softer jobs report was a good reminder that markets are not priced for a potential downside scenario for the economy that requires the Fed to cut rates more aggressively.”
To Ian Lyngen at BMO Capital Markets, it was a disappointing employment update that was noisy enough to prevent a rethink of the state of the labor market.
“While the Fed will likely attribute some of the weakness in today’s data to one-off factors, the softness in today’s data argues for the Fed to continue its easing cycle at next week’s meeting,” said Lindsay Rosner at Goldman Sachs Asset Management.
“Stormy numbers, but sky clearing for November 25 basis-point cut.”
Seema Shah at Principal Asset Management says markets can “likely park” the data to the side due to the hurricane impact that clouded the picture of labor market strength.
“It reaffirms that the Fed must persist with its easing cycle, even in the face of surprisingly strong economic activity data in recent weeks,” Shah said.
“In the end, we think the Fed will cut rates 25 basis points next week, and probably also in December, but we are also ready to engage with the slew of further data and information over the coming days and weeks,” said Rick Rieder at BlackRock.
US mutual funds’ cash holdings have fallen to the lowest level in Bank of America Corp.’s records going back to 2015, suggesting increasingly bullish equity sentiment that coincides with the start of the Fed’s easing cycle, according to strategists led by Savita Subramanian.
The bank’s “sell side indicator” — which tracks the average Wall Street strategist’s allocation to equities in a balanced fund — has also ticked up this year. In a contrarian signal, “sentiment indicators are turning increasingly bullish, suggesting potentially limited upside at the index level,” the strategists wrote.
“Equity and bond fund inflows have been remarkably strong over the last year, with over $500 billion going into equities and $700 billion into bonds,” said Deutsche Bank strategists including Parag Thatte and Binky Chadha.
“Amidst widespread concerns about the cycle, low confidence, and perceptions of stretched household budgets, a frequent question has been ‘where is all this money coming from’?”
They say part of the puzzle is explained by large upward revisions to household income and savings.
Another part is explained by massive cash holdings built up around the pandemic.
However, while the capacity to invest is clearly helpful, it is not by itself sufficient to drive inflows, they noted.
“For equities, booming inflows are tied to strong growth but also to rising risk appetite, which is now very elevated,” they said. “Given our view that the business cycle has plenty of legs, we see strong equity inflows continuing.”

Corporate Highlights:
* Dish Network Corp. creditors plan to reject the US satellite-television provider’s revised bond-exchange offer, approval of which is needed for the company’s proposed acquisition by rival DirecTV to occur.
* B. Riley Financial Inc. agreed to sell a portion of its wealth-management business to Stifel Financial Corp. for as much as $35 million, the latest in a series of asset deals aimed at stabilizing the money-losing investment firm.
* BYD Co. kicked off the final quarter of the year with record monthly sales, continuing its strong performance in what is typically a peak season for auto purchases in China.
* Charter Communications Inc. shares surged after the cable and internet giant reported losing fewer broadband subscribers than analysts expected in the third quarter despite the end of a federal internet subsidy program.
* Reckitt Benckiser Group Plc jumped following a US jury verdict that cleared it and Abbott Laboratories over claims they hid potential risks of their premature-infant formulas.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 3:54 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World Index rose 0.3%
* Bloomberg Magnificent 7 Total Return Index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.4% to $1.0836
* The British pound rose 0.2% to $1.2921
* The Japanese yen fell 0.6% to 152.96 per dollar
Cryptocurrencies
* Bitcoin fell 1.2% to $69,086.23
* Ether fell 0.3% to $2,509.53
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 4.37%
* Germany’s 10-year yield advanced two basis points to 2.41%
* Britain’s 10-year yield was little changed at 4.44%
Commodities
* West Texas Intermediate crude rose 0.2% to $69.40 a barrel
* Spot gold fell 0.4% to $2,734.23 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Industry, thrift and self-control are not sought because they create wealth, but because they create character. – Calvin Coolidge, 1872-1933.

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 (Text Only)
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