Author: Carolann

Dear Friends,

Tangents: Happy Friday.
July 21, 1937: Amelia Earhart, pioneering aviator, goes missing during her attempt to circumnavigate the globe, sparking an enduring mystery in the  history of aviation.
July 21, 1861: Battle of Bull Run
2002: Telecommunications giant WorldCom Inc. filed for bankruptcy protection after disclosing it had inflated profits by nearly $4 billion through deceptive accounting.  Go to article >>

Ernest Hemingway, writer, b. 1899.
Marshall McLuhan, writer, b.1911
Isaac Stern, musician, b. 1920

Philippines makes historic debut at the World Cup. The Southeast Asian country made its first-ever appearance at the Women’s World Cup today. View live scores from the tournament here

Ultrabright stellar object is shining beyond the ‘death line,’ and no one can explain it
A slowly rotating object 15,000 light-years from Earth defies every logical explanation that astronomers have thrown at it. Read More

Watch as crater collapses in Iceland’s new volcano, spewing rivers of lava
Iceland’s newest volcano, located in the Reykjanes peninsula, is throwing “spatter bombs” of molten lava. Read More

Woman who died in deadly Vasa warship’s wreck 400 years ago reconstructed in lifelike detail
Researchers initially thought the 17th-century shipwreck skeleton was male, but a new reconstruction reveals “G” as female. Read More

RIP TONY BENNETT
PHOTOS OF THE DAY

Ankara, Turkey: A butterfly lands on lavender in a garden before the harvesting season.  Photograph: Anadolu Agency/Getty Images

Yangzhou, China: An aerial view shows tourists taking a boat ride through an aquatic forest at Luyang Lake wetland park.  Photograph: VCG/Getty Images

A peacock butterfly (Inachis io) competes with a bumblebee to feed on pollen on an echinacea daisy in Windsor, England. The charity Butterfly Conservation is calling on people across the UK to take part in this year’s Big Butterfly Count, which runs until 6 August, to help scientists understand the impact of climate change on butterflies.  Photograph: Maureen McLean/Shutterstock
Market Closes for July 21^st, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1933, as Wall Street began to digest the implications of President Franklin D. Roosevelt’s “New Deal,” the Dow Jones Industrial Average suffered its ninth-worst daily percentage loss, dropping 7.8% (or 7.55 points) to close the day at a dismal 88.71.   (It’s 35,312.11 right now, lest you need any reminder of the enormous wealth creation $$$ attainable by investing in solid blue chip stocks for the long term. -cs)
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.5% at 20,547.51 in Toronto.
The index advanced to the highest closing level since May 9 after the previous session’s decrease of 0.3%.
Canadian Pacific Kansas City Ltd. contributed the most to the index gain, increasing 1.4%.
Mullen Group Ltd. had the largest increase, rising 6.0%.
Today, 139 of 228 shares rose, while 82 fell; all sectors were higher, led by energy stocks.
Insights
* This month, the index rose 1.9%
* So far this week, the index rose 1.4%
* The index advanced 7.8% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 1.4% below its 52-week high on Feb. 2, 2023 and 15% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.4 on a trailing basis and 14.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.23t
* 30-day price volatility rose to 10.04% compared with 10.01% in the previous session and the average of 10.93% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 29.6363| 0.9| 23/15
Financials | 29.2853| 0.5| 20/8
Industrials | 23.0811| 0.8| 17/9
Communication Services | 9.4279| 1.2| 5/0
Consumer Staples | 7.3316| 0.9| 10/1
Materials | 3.9347| 0.2| 20/26
Consumer Discretionary | 3.6317| 0.5| 9/6
Utilities | 2.2265| 0.2| 11/5
Real Estate | 1.3473| 0.3| 15/6
Health Care | 0.7148| 1.2| 4/0
Information Technology | 0.0334| 0.0| 5/6
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Pacific
Kansas | 9.9630| 1.4| 15.2| 6.6
Canadian National | 7.0900| 1.1| -13.2| -2.6
TD Bank | 6.5310| 0.6| -15.8| -1.6
Bank of Montreal | -1.2970| -0.2| 262.9| 0.6
First Quantum Minerals | -2.0400| -1.5| -51.6| 23.2
CGI Inc | -6.8450| -3.4| 101.6| 15.5
US
By Jennifer Bissell-Linsk and John Viljoen
(Bloomberg) — Technology stocks continued a selloff on Friday as investors looked to earnings in the week ahead after a disappointing batch of results earlier this week.
The Nasdaq 100 shed 0.3%, deepening losses from Thursday when technology groups fell on the backs of lower-than-expected sales at Netflix Inc. and an adjusted earnings miss at Tesla Inc.
The yield on the 10-year note fell one basis point, bringing weekly gains to less than a point.
American Express Co. fell 3.5% after missing revenue forecasts.
The yen tumbled on speculation the Bank of Japan won’t make changes to its yield curve control program.
Meanwhile, Alphabet Inc. and Exxon Mobil Corp. gained while Meta Platforms Inc. fell ahead of the groups’ earnings expected next week.
“Next week we may need to see strength across line items and guidance lifts to maintain index-level momentum,” Citi’s Scott T Chronert wrote in a note. “NFLX and TSLA both beat on the bottom line this week, yet fell 8.4% and 9.7%, respectively, day over day. This may be telling as to how high the bar really is to support current valuations.”

Investors had been braced for a volatile session on Friday as a flood of options expired before an out-of-cycle rebalancing in the Nasdaq 100.
The index shuffle, which takes effect on Monday, is designed to reduce the dominance of mega-caps and boost the presence of smaller members.
In equities, the main focus continues to be whether the rally in a handful of mega-cap stocks and hype over artificial intelligence has staying power.
The S&P 500 has already surpassed most estimates for where it would end the year, confounding strategists convinced that 2023 would be another bad year for markets heading into recession.
“So where we are right now, we are resting after the massive move over the course of many weeks,” Ken Mahoney, CEO of Mahoney Asset Management, wrote in a note. “A lot of stocks were creating and still are creating bases to break out higher from.  No one could believe their eyes after being so conditioned to 2022’s nasty selling conditions when this market gained steam again.”

In commodities, wheat futures fell as much as 3.6% as Ukraine made preparations to continue a grain-export deal, which Russia exited this week.
Oil notched its fourth weekly gain amid tentative signs that global markets are tightening.
And gold slipped against a stronger dollar on Friday, paring gains made earlier in the week. 
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 0.3%
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro was little changed at $1.1126
* The British pound was little changed at $1.2857
* The Japanese yen fell 1.2% to 141.76 per dollar
Cryptocurrencies
* Bitcoin rose 0.5% to $29,873.36
* Ether rose 0.3% to $1,893.84
Bonds
* The yield on 10-year Treasuries declined one basis point to 3.84%
* Germany’s 10-year yield declined two basis points to 2.47%
* Britain’s 10-year yield was little changed at 4.28%
Commodities
* West Texas Intermediate crude rose 1.7% to $76.90 a barrel
* Gold futures fell 0.3% to $2,003.20 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Lu Wang and Krystof Chamonikolas.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
The one unchangeable certainty is that nothing is unchangeable of certain. –John Fitzgerald 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
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:

July 19, 1903: the first Tour de France comes to an end.  Maurice Gariun became the first person to win the debut of the now annual bike race.
July 19, 1969: Apollo 11, with Neil Armstrong, Edwin “Buzz” Aldrin and Michael Collins on board, went into orbit around the moon.  Go to article >>

Charles Mayo, surgeon, b. 1865.
Edgar Degas, artist, b. 1834.

What it’s like to be an American living in Paris:  Sidewalk cafés. Cobblestone streets. Masterful art. Paris has an elegant splendor unlike anywhere else in the world.
Learn why more Americans are making the city their home.

880: That’s approximately how many wildfires are burning throughout Canada right now.  At least 580 of those wildfires are “out of control,” according to the Canadian Interagency Forest Fire Centre.

Scientists discover ancient, underwater volcano is still active – and covered in up to a million giant eggs
Before the expedition, the team thought the volcano was extinct and the waters around it frigid. Read More.

Another major US city is sinking, and this time it’s due to ‘underground climate change’
The ground beneath Chicago is deforming as a result of heat leaking from underground structures. Read More.

Ancient ‘unknown’ script finally deciphered 70 years after first being discovered
Last year, researchers discovered Bactrian and Kushan inscriptions on a rock face near the Almosi Gorge in northwestern Tajikistan. Read More.

PHOTOS OF THE DAY

Karbala, Iraq:  Shia Muslim devotees gather during the flag-changing ceremony at the shrines of Imam Hussein and Imam Abbas on the first night of the Muslim month of Muharram and the first day of the Islamic new year.  Photograph: Mohammed Sawaf/AFP/Getty Images

Irakl Khvedaguridze, 81, is the only licensed doctor across 386 sq miles of mountainous region, serving a dwindling community of Tush people. During the summer and early autumn, he gets to his patients on his white horse, Bichola. When the snow gets too deep, Khvedaguridze converts his shoes into skis using birch planks nailed with wide canvas. Once the snow rises above his knees, he can only travel on foot
Tomer Ifrah

Dunedin, New Zealand:  Little blue penguins, also known by their Māori name korora, exit the sea at the Royal Albatross Centre, a wildlife sanctuary in Harington Point,  Photograph: Alessandra Tarantino/AP
Market Closes for July 19^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary
📈 On this day in 1990, Wall Street set a new record as six IPOs were issued in a single day. The companies—Command Security, In-Store Advertising, MECA Software, Modtech Holdings, O’Charley’s and Wisconsin Pharmacal—raised a total of $100.4 million.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.6%, or 114.6 to 20,491.17 in Toronto.
The index advanced to the highest closing level since May 15.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.2%.
Telus International CDA Inc. had the largest increase, rising 5.7%.
Today, 136 of 228 shares rose, while 87 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* The index advanced 8.2% in the past 52 weeks. The MSCI AC Americas Index gained 16% in the same period
* The S&P/TSX Composite is 1.7% below its 52-week high on Feb. 2, 2023 and 14.6% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.1% in the past 5 days and rose 2.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.22t
* 30-day price volatility rose to 9.99% compared with 9.97% in the previous session and the average of 11.02% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 46.4376| 0.7| 22/7
Information Technology | 13.8627| 0.9| 6/5
Industrials | 13.5127| 0.5| 15/11
Communication Services | 9.3496| 1.2| 4/1
Energy | 9.0936| 0.3| 20/17
Utilities | 8.3543| 0.9| 15/0
Materials | 6.1732| 0.2| 17/32
Real Estate | 5.8300| 1.2| 20/1
Consumer Discretionary | 4.1183| 0.5| 11/4
Health Care | 0.1148| 0.2| 2/2
Consumer Staples | -2.2485| -0.3| 4/7
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
TD Bank | 13.3200| 1.2| -48.2| -1.8
Shopify | 11.2400| 1.5| 2.6| 91.3
Brookfield Corp | 9.3700| 2.0| -4.4| 10.6
Imperial Oil | -1.2260| -1.5| 26.2| -3.1
Couche-Tard | -1.3210| -0.4| -50.2| 12.7
Suncor Energy | -1.4660| -0.4| -38.3| -10.7
US
By Emily Graffeo and Jennifer Bissell-Linsk
(Bloomberg) — US stocks rose on Wednesday as investors cheered cooling inflation in the UK and looked ahead to a kickoff in tech earnings due at the close of New York trading.
After hours, shares of Netflix Inc. fell after a third-quarter sales forecast missed estimates.
Tesla Inc. wavered after a second-quarter earnings beat.
And International Business Machines Corp. initially fell after missing sales estimates.
During the regular session, Apple Inc. had gained after a Bloomberg report on its efforts to build AI tools, while Alphabet Inc. and Microsoft Corp. fell.
Elsewhere, a profit slump at Goldman Sachs Group Inc. stood in contrast to beats earlier in the week from peer investment firms.
In bonds, US Treasuries joined a worldwide rally as price pressures in the UK dropped to the lowest in 15 months.
The latest inflation report bolstered hopes central banks can go easier on raising interest rates.
However, shaky economic data have made clear the Federal Reserve is far from claiming victory.
The price of commodities, including wheat, spiked midday on Wednesday after a warning from Russia that any ships to Ukraine would be seen as carrying arms.
“The risk of recession has receded dramatically,” said Neil Dutta, head of economics at Renaissance Macro Research, on Bloomberg TV. “I think the markets are right to allocate a little bit more to the soft landing story, but I think you can make a good case that maybe we’re getting a little bit over our skis here and we should probably put some more potential on the resurgence of the inflationary-boom scenario.”
Carvana Co. gained 40% after the used-car retailer reached a deal to restructure its debt and filed to sell as much as $1 billion in stock.
AT&T Inc. rose 8.5% after the telecommunications company reassured investors by saying less than 10% of its nationwide copper-wire telecom network had lead-clad cables.
And Kering SA rose 7.0% in New York after it was said to be speaking to defense advisers as activist investors including Bluebell Capital Partners circle the French luxury group.
In Asia, shares in Hong Kong and mainland China fell while the offshore yuan slid to the weakest level in more than a week.

Investors see no easy fix to China’s economic slump, with fresh signs of financial stress among the nation’s dollar-bond issuers.
Meanwhile, Rio Tinto Group said second-quarter shipments of iron ore fell 1% from a year earlier, as China’s faltering economic recovery continued to weigh on demand.
Gold declined, the dollar strengthened and WTI crude fell after earlier gains. 
Key events this week:
* Eurozone CPI, Wednesday
* US housing starts, Wednesday
* China loan prime rates, Thursday
* US initial jobless claims, existing home sales, Conf. Board leading index, Thursday
* Japan CPI, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.1204
* The British pound fell 0.8% to $1.2937
* The Japanese yen fell 0.6% to 139.69 per dollar
Cryptocurrencies
* Bitcoin rose 0.9% to $30,049.52
* Ether rose 0.8% to $1,910.28
Bonds
* The yield on 10-year Treasuries declined four basis points to 3.74%
* Germany’s 10-year yield advanced five basis points to 2.44%
* Britain’s 10-year yield declined 12 basis points to 4.21%
Commodities
* West Texas Intermediate crude fell 0.6% to $75.27 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
The secret of getting ahead is getting started. –Mark Twain, 1835-1910.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
1936: Spanish Civil War begins.

1999:  David Cone of the New York Yankees pitched the 14th perfect game in modern major league baseball history in a game against the Montreal Expos.  Go to article >>

Nelson Mandela, South African leader, b.1918.
Hunter S. Thompson, writer, b. 19396.

1964: Nelson Mandela, antiapartheid revolutionary and future President of South Africa, is sentenced to life imprisonment, becoming a symbol of resistance and later a global icon of peace.

These people will be aboard Virgin Galactic’s first space tourism flight: The first Olympian and the first mother-daughter duo to venture to space will be aboard Virgin Galactic’s private astronaut mission in August.

The world’s new largest office building is bigger than the Pentagon.  With 7 million square feet of floor space, it may be easy to get lost in this mammoth building in India.

‘Building blocks of life’ discovered on Mars in 10 different rock samples
NASA’s Perseverance rover has found an intriguing menagerie of organic molecules in a Martian crater, but their source remains unclear. Read More

PHOTOS OF THE DAY

Agra, India: The flooded banks of the Yamuna River beside the Taj Mahal.  Photograph: Pawan Sharma/AFP/Getty Images

Istanbul, Turkey:  The TQ Samsun bulk carrier transits the Bosphorus strait during the early hours. It is the last grain ship, carrying corn and rapeseed, to leave Ukraine under the Black Sea grain initiative. Russia notified the UN that it would not extend the Turkey/UN-brokered deal.  Photograph: Chris McGrath/Getty Images.

Washington DC, US:  A dragonfly sits on a lotus flower during the Lotus and Water Lily festival at Kenilworth Park and Aquatic Gardens. The festival occurs every year when the flowers are at peak bloom. The flowers tend to close as the sun grows more intense and the temperature rises.  Photograph: Stefani Reynolds/AFP/Getty Images.
Market Closes for July 18^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1968: Robert Noyce and Gordon Moore, engineering refugees from Fairchild Semiconductor, established N.M. Electronics to miniaturize electronic circuitry onto silicon chips.  N.M., which generated $2,672 of revenue in its first year, soon changed its name to Intel.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.7% at 20,376.57 in Toronto.
The index advanced to the highest closing level since May 15 after the previous session’s decrease of 0.2%.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.9%. Endeavour Silver Corp. had the largest increase, rising 7.0%.
Today, 164 of 229 shares rose, while 60 fell; 5 of 11 sectors were higher, led by energy stocks.
Insights
* The index advanced 9.6% in the past 52 weeks. The MSCI AC Americas Index gained 19% in the same period
* The S&P/TSX Composite is 2.2% below its 52-week high on Feb. 2, 2023 and 14% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.5% 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 13.3 on a trailing basis and 14.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.2t
* 30-day price volatility rose to 9.97% compared with 9.90% in the previous session and the average of 11.06% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 58.2929| 1.8| 39/1
Financials | 48.7600| 0.8| 22/6
Materials | 44.9385| 1.8| 44/5
Industrials | 7.9489| 0.3| 16/10
Consumer Discretionary | 6.7860| 0.9| 12/3
Health Care | -0.0897| -0.2| 1/3
Communication Services | -0.6059| -0.1| 3/2
Real Estate | -1.5195| -0.3| 9/11
Utilities | -2.7002| -0.3| 7/9
Consumer Staples | -2.8503| -0.3| 3/7
Information Technology | -9.1710| -0.6| 8/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Natural Resources | 16.5700| 2.9| 0.4| 0.9
Nutrien | 10.6500| 3.8| 46.2| -16.0
Brookfield Corp | 10.2700| 2.3| -16.2| 8.4
BCE | -2.5520| -0.7| 61.2| -3.8
Waste Connections | -3.9630| -1.2| 155.4| 2.7
Shopify | -17.2800| -2.3| 98.1| 88.4
US
By Isabelle Lee
(Bloomberg) — US equities rose Tuesday as results from Bank of America Corp. and Morgan Stanley bolstered bank shares, and a rally in stocks linked to artificial intelligence resumed.
Bank of America delivered a surprise gain from its core Wall Street businesses.
Morgan Stanley executives pointed to an improved outlook.
And in technology, Microsoft Corp. set an expensive price tag on new AI products, buoying the sector.
The S&P 500 gained 0.7% while Treasury yields pared earlier losses as the corporate updates were coupled with disappointing economic data.
Figures on industrial production and retail sales missed estimates, and traders are now fully pricing in a quarter-point hike at the Federal Reserve’s meeting next week.
Signs of slowing inflation and an improving economic picture have led traders to dial back wagers on how high the US overnight benchmark rate will go.
However, quarterly forecasts from policy makers have shown a median expectation of two more quarter-point increases this year in order to bring the rate of inflation in line with the Fed’s target.
“The current picture on the consumer is a bit blurry. It seems that excess savings buoyed retail activity in recent months but consumers are quickly depleting those excess reserves and starting to use credit to support spending habits,” Jeffrey Roach, chief economist at LPL Financial, said.
His comments were echoed by Rubeela Farooqi, chief US economist at High Frequency Economics, who said consumers continue to face constraints from higher borrowing costs and elevated prices.
“However, a still-strong labor market, positive real disposable incomes and a gradual easing in price pressures appears to be supporting consumption for now.”
In Europe, stocks and bonds were also higher after ECB council member Klaas Knot said monetary tightening beyond next week’s European Central Bank meeting was anything but guaranteed — suggesting officials could soon pause their campaign of interest-rate hikes.
The Stoxx Europe 600 rose 0.6% while the yield on 10-year German securities fell nearly 10 basis points to 2.4%, touching a roughly two-week low.
“It’s clear that it’s the receding inflation narrative which is driving everything,” said Gilles Guibout, a portfolio manager at Axa Investment Managers in Paris. “Investors are feeding on hope: hope that US rates will get down sooner and hope that China will launch a stimulus package to beef up consumption.”
The wild card is China, where a stuttering recovery is leading to disquiet among investors considering the knock-on effects from a slowdown in the world’s growth engine.
Equities in mainland China and Hong Kong fell Tuesday.
Elsewhere, gold rose, oil gained and the dollar was little changed. 
Key events this week:
* Eurozone, UK CPI, Wednesday
* US housing starts, Wednesday
* China loan prime rates, Thursday
* US initial jobless claims, existing home sales, Conf. Board leading index, Thursday
* Japan CPI, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4:08 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1230
* The British pound fell 0.3% to $1.3040
* The Japanese yen fell 0.1% to 138.89 per dollar
Cryptocurrencies
* Bitcoin fell 0.6% to $29,743.3
* Ether rose 0.2% to $1,893.89
Bonds
* The yield on 10-year Treasuries declined two basis points to 3.79%
* Germany’s 10-year yield declined nine basis points to 2.39%
* Britain’s 10-year yield declined 10 basis points to 4.33%
Commodities
* West Texas Intermediate crude rose 2.1% to $75.71 a barrel
* Gold futures rose 1.3% to $1,981.40 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from Cecile Gutscher, Tassia Sipahutar, Joe Easton and Julien Ponthus.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

The most valuable of all talents is that of never using two words when one will do. –Thomas Jefferson, 1743-1826.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:
Happy Monday.

On July 17, 1918, Russia’s Czar Nicholas II, his wife and their five children were executed by the Bolsheviks.  Go to article >>
1955: Disneyland opened.

‘The night turned into day’: How Manhattan Project scientists reacted to the world’s first atomic bomb test
“All of a sudden, the night turned into day, and it was tremendously bright, the chill turned into warmth; the fireball gradually turned from white to yellow to red as it grew in size and climbed into the sky.”
Read More

Who was J. Robert Oppenheimer? Biographer Kai Bird delves into the physicist’s fascinating life and legacy
Kai Bird, co-author of “American Prometheus: The Triumph and Tragedy of J. Robert Oppenheimer” opens up on the physicist’s life and legacy. Read More

A nearby supernova nearly blew our solar system to bits 4 billion years ago, new research suggests
A supernova that erupted when a massive star died could have destroyed our infant solar system — if it weren’t protected by a cocoon of molecular gas. Read More

The 2023 Wimbledon champions
Carlos Alcaraz defeated Novak Djokovic, arguably the greatest tennis player in history. And on the women’s side, Markéta Vondroušová delivered a “painful loss” to fan favorite Ons Jabeur.

Cyclists fall ‘like skittles’ at the Tour de France competition
A number of bicycle riders fell after a fan apparently tried to take a picture. See the pileup here

in memoriam
Jane Birkin, the British singer and actress who found fame in France, has died. She was 76. While her relationship with French actor and singer Serge Gainsbourg made Birkin a household name, she became a fashion star in her own right. Notably, she was the inspiration for the famous Birkin bag by French luxury house Hermes.
PHOTOS OF THE DAY

London, UK
A horse gets skittish and runs off riderless as the British army marks Queen Camilla’s birthday. The King’s Troop Royal Horse Artillery fired a 41-gun celebratory salute at 12 noon. It was the first formal birthday salute for Camilla since she became queen
Photograph: Guy Bell/Shutterstock

Golmud, China
Tourists visit the Qarhan salt lake in Qaidam prefecture
Photograph: VCG/Getty Images

Maryland, US
A participant in the annual penny-farthing race in Frederick county
Photograph: Anadolu Agency/Getty Images
Market Closes for July 17^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1861, the first paper money payable on demand was issued by the U.S. government. The color of the bills gave the nickname “greenbacks” to  American money.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.2%, or 35.28 to 20,226.79 in Toronto. The move was the biggest since falling 1.5% on July 6.
Today, energy stocks led the market lower, as 7 of 11 sectors lost; 123 of 229 shares fell, while 100 rose.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 1.6%. Parex Resources Inc. had the largest drop, falling 7.6%.
Insights
* The index advanced 10% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 3% below its 52-week high on Feb. 2, 2023 and 13.2% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 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 13.2 on a trailing basis and 14.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.21t
* 30-day price volatility fell to 9.90% compared with 10.00% in the previous session and the average of 11.12% over the past month
================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -35.1243| -1.0| 11/27
Communication Services | -12.8715| -1.6| 0/5
Industrials | -12.6526| -0.5| 14/12
Utilities | -8.5176| -0.9| 0/15
Materials | -4.2624| -0.2| 27/21
Consumer Discretionary | -2.3960| -0.3| 6/9
Real Estate | -1.5828| -0.3| 10/11
Consumer Staples | 1.2104| 0.1| 3/8
Health Care | 2.7774| 5.1| 4/0
Information Technology | 8.1201| 0.5| 7/4
Financials | 30.0309| 0.5| 18/11
================================================================
| | |Volume VS | YTD| Index | | 20D AVG | Change Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Natural Resources | -9.1270| -1.6| -0.9| -2.0
Canadian Pacific Kansas | -8.4650| -1.2| -46.4| 4.3
Enbridge | -7.2240| -1.1| 199.6| -9.1
Manulife Financial | 5.5520| 1.7| 13.7| 5.0
Constellation Software | 7.3650| 2.0| -24.9| 32.9
RBC | 9.2410| 0.7| 32.4| 1.4
US
By Emily Graffeo and Isabelle Lee
(Bloomberg) — US stocks resumed a rally as investors weighed bets the Federal Reserve is approaching the end of its interest-rate hikes against evidence pointing to a slowdown in China’s economy.
The S&P 500 gained 0.4% and the tech-heavy Nasdaq 100 rose 0.8%, adding to last week’s historic gains amid optimism the Fed may soon be able to claim victory over inflation.
Activision Blizzard Inc. rose after Microsoft Corp. and British regulators held “productive” talks needed to clear the companies’ $69 billion tieup. Ford Motor Co. fell after cutting the price on the electric version of its F-150 truck. The dollar fluctuated, and equities in Europe and mainland China declined after gross domestic product in China grew at a slower-than- expected pace in the second quarter, increasing risks likely to hit the global economy.
“Many countries do depend on strong Chinese growth to promote growth in their own economies, particularly countries in Asia, and slow growth in China can have some negative spillovers for the United States,” Treasury Secretary Janet Yellen said in a Bloomberg TV interview on Monday. “Growth has slowed, but our labor market continues to be quite strong. I don’t expect a recession.”
For a time, analysts believed Chinese shoppers coming out of Covid lockdowns would be able to carry the global economy — despite rising US and European interest rates. However, that narrative is looking increasingly shaky.
Yellen said she sees the US on a “good path” to bringing down inflation without a major weakening in the labor market.  Last week stocks and bonds rallied after data showed a slowdown in the rate of inflation.
“We’re in a place where inflation is becoming problem number two and problem number one is growth and people are starting to get comfortable that growth is going to be okay,” said Scott Ladner, chief investment officer at Horizon Investments LLC. “Anytime you see small-caps outperforming large-caps and the Nasdaq, that’s people starting to get on board with the ‘growth in the US is going to be just fine’ standpoint.”
The next pressure point for markets will be earnings, with hundreds of companies reporting over the next few weeks. S&P 500 firms are expected to post a 9% drop in profits in the second quarter, making it the worst season since 2020, according to data compiled by Bloomberg Intelligence. In Europe, it may be even worse, with a projected 12% slump.
“Running bulls could be tripped up by cracks in the economy and corporate earnings,” Saira Malik, chief investment office of Nuveen, said. “Looking at S&P 500 corporate earnings as a gauge, analyst estimates continue to be revised lower for both the second quarter of 2023 and the full year.”
In commodities, crude futures dropped as traders weighed disappointing Chinese data and restarting Libyan supplies against signs of a tightening market. Wheat futures jumped after Russia terminated a grain-export deal, jeopardizing a key trade route from Ukraine. And gold was little changed.
Key events this week:
* US retail sales, industrial production, business inventories, cross-border investment, Tuesday
* Eurozone, UK CPI, Wednesday
* US housing starts, Wednesday
* China loan prime rates, Thursday
* US initial jobless claims, existing home sales, Conf. Board leading index, Thursday
* Japan CPI, Friday
Some of the main moves in markets:

Stocks
* The S&P 500 rose 0.4% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 0.9%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.1% to $1.1241
* The British pound fell 0.1% to $1.3076
* The Japanese yen was little changed at 138.67 per dollar
Cryptocurrencies
* Bitcoin fell 1.2% to $29,914.27
* Ether fell 2.2% to $1,887.57
Bonds
* The yield on 10-year Treasuries declined three basis points to 3.80%
* Germany’s 10-year yield declined three basis points to 2.48%
* Britain’s 10-year yield declined one basis point to 4.43%
Commodities
* West Texas Intermediate crude fell 1.7% to $74.11 a barrel
* Gold futures fell 0.3% to $1,958.90 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from Cecile Gutscher, Denitsa Tsekova, John Viljoen and Ksenia Galouchko.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Our doubts are traitors, and make us lose the good we oft might win by fearing to attempt. –William Shakespeare, 1564-1616.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday Eve.

Obon: Feast of Lanterns, Japan.
July 13,1930: First World Cup soccer championship.

The ‘man in the moon’ may be hundreds of millions of years older than we thought
Much of the moon’s surface is much older than previously estimated, a new analysis suggests. Read More.

X-ray scans reveal ‘hidden mysteries’ in ancient Egyptian necropolis paintings
New scans reveal that Ancient Egyptian artists flubbed a tomb painting depicting royalty. Read More.

Earth’s newest ‘baby’ volcano is painting Iceland’s Fagradalsfjall region with incandescent lava
An eruption opened a 1.7-mile-long fissure in the ground on Monday (June 10). Read More.

These are the nominees for the 75th Emmy Awards.  *Drumroll please* These are the 2023 contenders for television’s top honor.

Incredible US national park campgrounds you can’t drive to.  Most national park campgrounds are easily accessible by vehicles, but these picturesque campsites can only be reached by foot or boat.
PHOTOS OF THE DAY

Dharamshala, India: Langurs groom each other. Photograph: Ashwini Bhatia/AP

Litli Hrútur, Iceland: Walkers watch as smoke billows from lava during an volcanic eruption south-west of Reykjavik that began on 10 July, the third time in two years that lava has gushed out in the area near the capital. Photograph: Jeremie Richard/AFP/Getty Images

Montreux, Switzerland: Skye Edwards of the British electronic band Morcheeba performs on the Auditorium Stravinski stage during the 57th Montreux Jazz Festival, which runs from 30 June to 15 July and features over 400 concerts. Photograph: Valentin Flauraud/EPA
Market Closes for July 13^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1852, Wells, Fargo & Co. opened its first bank branches in San Francisco and Sacramento. The bank, a creature of the California Gold Rush, was set up to convert miners’ gold dust into cash.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 1%, or 206.87 to 20,277.64 in Toronto.
The move was the biggest since rising 1.2% on June 30.
Today, financials stocks led the market higher, as all sectors gained; 158 of 229 shares rose, while 67 fell.
Shopify Inc. contributed the most to the index gain and had the largest move, increasing 6.1%.
Insights
* So far this week, the index rose 2.3%
* The index advanced 8.9% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is 2.7% below its 52-week high on Feb. 2, 2023 and 13.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.4% in the past 5 days and rose 1.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.2 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility rose to 11.26% compared with 10.97% in the previous session and the average of 11.32% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 73.7644| 1.2| 24/5
Information Technology | 60.8029| 3.9| 10/1
Energy | 25.7904| 0.8| 32/8
Industrials | 12.0417| 0.4| 17/8
Materials | 10.4319| 0.4| 25/24
Utilities | 10.2605| 1.2| 15/1
Consumer Staples | 6.8962| 0.8| 10/1
Communication Services | 5.7624| 0.7| 3/1
Consumer Discretionary | 0.9268| 0.1| 7/8
Health Care | 0.1789| 0.3| 2/2
Real Estate | 0.0103| 0.0| 13/8
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 44.7200| 6.1| 55.4| 96.2
Brookfield Corp | 17.4400| 4.0| -3.2| 6.5
TD Bank | 15.1100| 1.4| -20.7| -5.0
ARC Resources | -1.5820| -1.9| -4.4| 2.2
Intact Financial | -1.6550| -0.7| 72.3| -0.8
Fairfax Financial | -2.7340| -1.8| -7.5| 18.4
US
By Rita Nazareth
(Bloomberg) — Wall Street got an extra dose of encouragement to bid up stocks after another inflation report reinforced bets the Federal Reserve is approaching an interest-rate peak.
All of a sudden, disinflation becomes the buzzword across trading desks, with investors looking on the bright side of data showing a slowdown in prices — even though core inflation is still running above the central bank’s 2% target.
Equities gained further traction on news that Fed Bank of St. Louis President James Bullard — who called for aggressive hikes — has resigned.
Tech mega-caps led gains on Thursday, with the S&P 500 topping 4,500 and the Nasdaq 100 up over 1.5%.
Amazon.com Inc. hit a 10-month high after reporting record sales during its Prime Day sale.
Google’s parent Alphabet Inc. rallied about 4.5%.
Banks also gained ahead of results from JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co.
Two-year yields fell 11 basis points to 4.64%.
The dollar dropped for a fifth straight day.
The producer price index for final demand rose 0.1% in June from a year earlier, the smallest advance since 2020.
The figures came just a day after data showed consumer prices increased at the slowest pace since 2021.
“The disinflation narrative is in full effect,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “It does appear that inflation is coming down across the board, and although the Fed is still likely to raise rates again at the end of this month, there is a very strong possibility that they are done raising rates for the year.”
The recent economic figures have sent clear signals that the Fed’s policy is working, but it’s possibly too early to claim victory against inflation, according to Fiona Cincotta, senior market analyst at City Index.
“If I had to choose a camp, I would probably go in the two rate hikes to come – July and possibly another one later in the year,” Cincotta added. “And I think that there will be a growing number of Fed officials who will be questioning whether more rate hikes are actually needed after July.”
Fed Bank of San Francisco President Mary Daly told CNBC Thursday that it’s too soon for policymakers to say they have done enough to return US inflation to their target.
While the latest consumer-price report “is very positive,” the official said she’s in a “wait-and-see mode on that, because I remain resolute to bring inflation down to 2%.”
Aside from the economic debate, traders also awaited the unofficial start of the second-quarter earnings season Friday.
The focus is going to be mostly on the corporate outlooks given that beating profit expectations seems to be a low hurdle — even as some estimates have started to rise slowly.
Goldman Sachs Group Inc. strategists expect US companies to be able to meet the low bar set by consensus.
And Bloomberg Intelligence strategist Gina Martin Adams says “the S&P 500 earnings season will likely reveal more of the ‘less bad than feared’ trend that emerged in 1Q.”
“The thing I’m focusing on in the market, of course, is earnings, to see where the numbers come in, to try to get a gauge on how companies are doing, and really what they’re forecasting
going forward,” said Chris Gaffney, president of world markets at TIAA Bank.
In other corporate news, Delta Air Lines Inc. said it will make more money this quarter than Wall Street anticipated as it reported better-than-predicted results for the prior three months.
PepsiCo Inc. raised its sales and earnings estimates once again after a strong quarter.
Exxon Mobil Corp. agreed to buy Denbury Inc. for $4.9 billion, its biggest acquisition in six years.
Key events this week:
* US University of Michigan consumer sentiment, Friday
* US banks kick off earnings, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.7%
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World index rose 1.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 0.9% to $1.1226
* The British pound rose 1.1% to $1.3133
* The Japanese yen rose 0.3% to 138.02 per dollar
Cryptocurrencies
* Bitcoin rose 4.2% to $31,613.29
* Ether rose 6.6% to $1,996.36
Bonds
* The yield on 10-year Treasuries declined 10 basis points to 3.76%
* Germany’s 10-year yield declined nine basis points to 2.49%
* Britain’s 10-year yield declined nine basis points to 4.42%
Commodities
* West Texas Intermediate crude rose 2.1% to $77.31 a barrel
* Gold futures rose 0.2% to $1,964.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Brett Miller, Tassia Sipahutar, Robert Brand, Lynn Thomasson, Isabelle Lee and Vildana Hajric.
Have a lovely evening

Be magnificent!
As always,

Carolann
It is easier to perceive the error than to find the truth, for the former lies on the surface
and it is easily seen, while the latter lies in the depth,
where few are willing to search for it.  –Johann Wolfgang von Goethe, 1749-1832.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: July 12^th, 100 B.C. Julius Caesar was born in Rome. Go to article >>

July 12^th, 1920: Moscow Peace Treaty is signed.  Also known as the Soviet-Lithuanian Peace Treaty, the treaty was signed between Lithuania and the Soviet Union.  It recognized Lithuania sovereignty in exchange for its neutrality and for safe passage for Russian troops to Poland.

Buckminster Fuller, b. 1895.
Henry David Thoreau, b. 1817.

Multiple wills were found in Aretha Franklin’s Detroit home after her death in 2018, causing a family battle over the late singer’s estate. A jury this week decided a handwritten will found under her couch cushion should stand as the document of record.

Tensions build over controversial golf merger.  PGA Tour officials say they had no choice but to reach a deal with Saudi-funded LIV Golf to keep some measure of control over the sport in the US.

Mathematicians finally identify ‘seemingly impossible’ number after 32 years, thanks to supercomputers
Researchers have calculated the “ninth Dedekind number,” which was previously thought impossible to work out. Read More.

Humans were in South America at least 25,000 years ago, giant sloth bone pendants reveal
The date that humans arrived in South America has been pushed back, based on jewelry crafted from the bones of an extinct giant ground sloth. Read More.

Indian Ocean gravity hole was caused by extinct ancient sea, scientists say
Scientists may have identified the origins of a mysterious region in the Indian Ocean where gravitational pull is weaker than elsewhere on Earth. Read More.

Mirror-like exoplanet that ‘shouldn’t exist’ is the shiniest world ever discovered
The Neptune-size world acts like a giant mirror, reflecting light back toward its home star, which is positioned unusually close to the lustrous world.  Read More.

SpaceX’s Starlink satellites are leaking radiation that’s ‘photobombing’ our attempts to study the cosmos
The radiation could be interfering with astronomers’ attempts to pick up radio signals arriving from the farthest reaches of the cosmos, a new study shows. Read More.

PHOTOS OF THE DAY

Sydney, Australia: Indigenous dancers perform as part of the pre-game entertainment during a match between the New South Wales Blues and the Queensland Maroons.  Photograph: Dan Himbrechts/AAP

Vermont, US:  A person in a canoe paddles past cars submerged by flood waters from recent rain storms in Montpelier.  Photograph: Brian Snyder/Reuters

​​​​​​​Castelluccio di Norcia, Italy: Tourists visit the flowering lentil fields in Umbria Photograph: Francesco Fotia/Shutterstock
Market Closes for July 12^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1943, women were allowed on the floor of the New York Stock Exchange for the first time in its 151-year history. With so many men off serving in the military, the exchange allowed women to fill some jobs. They weren’t allowed to trade, but they did get to work as pages and reporters, shuttling other people’s orders around the floor of the exchange.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1%, or 192.21 to 20,070.77 in Toronto.
The move was the biggest since rising 1.2% on June 30.
Today, materials stocks led the market higher, as 8 of 11 sectors gained; 173 of 229 shares rose, while 50 fell.
Shopify Inc. contributed the most to the index gain, increasing 4.0%. Laurentian Bank of Canada had the largest increase, rising 26.6%.
Insights
* The index advanced 7.5% in the past 52 weeks. The MSCI AC Americas Index gained 17% in the same period
* The S&P/TSX Composite is 3.7% below its 52-week high on Feb. 2, 2023 and 12.3% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and rose 0.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13 on a trailing basis and 13.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.15t
* 30-day price volatility little changed to 10.97% compared with 10.97% in the previous session and the average of 11.36% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 70.7206| 3.0| 47/3
Financials | 42.0678| 0.7| 24/3
Information Technology | 26.5011| 1.7| 5/6
Utilities | 16.4542| 1.9| 15/0
Energy | 14.4179| 0.4| 26/12
Industrials | 14.2174| 0.5| 15/11
Real Estate | 8.3582| 1.7| 20/1
Communication Services | 0.4546| 0.1| 4/1
Consumer Staples | -0.2399| 0.0| 5/6
Health Care | -0.3469| -0.6| 2/2
Consumer Discretionary | -0.3960| -0.1| 10/5
================================================================
| | | | YTD
| Index | | Volume VS | Change
Top Contributors |Points Move| % Change |20D AVG (%)| (%)
================================================================
Shopify | 27.7700| 4.0| 38.5| 84.9
Agnico Eagle Mines | 11.6800| 5.1| 31.0| -1.3
Barrick Gold | 11.5400| 4.3| 18.1| -0.7
Cenovus Energy | -4.1270| -1.8| 69.7| -12.4
Nutrien | -4.8930| -1.8| 2.2| -20.8
Aritzia | -5.0700| -23.9| 1,227.8| -46.0
US
By Rita Nazareth
(Bloomberg) — Treasury yields fell and stocks rose as data showing a slowdown in inflation bolstered speculation the Federal Reserve is close to ending its rate hikes.
The S&P 500 finished at its highest since April 2022, while the Nasdaq 100 outperformed.
Two-year yields, which are more sensitive to imminent policy moves, slid 13 basis points to around 4.75%.
The dollar slipped to a 15-month low.
Brent crude climbed above $80 a barrel for the first time since May.
The consumer price index rose 3% in June from a year ago.
The core measure — which economists view as the better indicator of underlying inflation — advanced 4.8%, the lowest since 2021 — still well above the Fed’s target.
“It’s too early to pop the champagne, but it’s not too early to start chilling the bottle,” said Ronald Temple, chief market strategist at Lazard. “Better-than-expected data
increases the likelihood that a Fed rate increase on July 26 will be the last of this cycle.”
In corporate news, Meta Platforms Inc. and Nvidia Corp. led gains in mega-caps.
Domino’s Pizza Inc. jumped on a third-party ordering agreement with Uber Technologies Inc.
Microsoft Corp. is set for a second shot at winning UK approval for its takeover of Activision Blizzard Inc., but regulators warn that any antitrust fixes would trigger a new probe.
Key events this week:
* China trade, Thursday
* Eurozone industrial production, Thursday
* US initial jobless claims, PPI, Thursday
* US University of Michigan consumer sentiment, Friday
* US banks kick off earnings, Friday 
Some of the main move in markets:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.2%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 1.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.9%
* The euro rose 1.2% to $1.1136
* The British pound rose 0.5% to $1.2992
* The Japanese yen rose 1.4% to 138.46 per dollar
Cryptocurrencies
* Bitcoin fell 1% to $30,264.82
* Ether fell 0.3% to $1,868.45
Bonds
* The yield on 10-year Treasuries declined 11 basis points to 3.86%
* Germany’s 10-year yield declined seven basis points to 2.58%
* Britain’s 10-year yield declined 15 basis points to 4.51%
Commodities
* West Texas Intermediate crude rose 1.6% to $76.01 a barrel
* Gold futures rose 1.4% to $1,963.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Brett Miller, Tassia Sipahutar, Robert Brand, Emily Graffeo, Isabelle Lee, Ksenia Galouchko and Allegra Catelli.
Have a lovely evening.

Be magnificent!

As ever,

Carolann
The difference between genius and stupidity is that genius has its limits. –Albert Einstein,1879-1955.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents:

July 11, 1804: A duel between two leading American politicians claims the life of one.  United States Vice President Aaron Burr and former Secretary of the Treasury Alexander Hamilton ended a life-long feud with a duel.  Hamilton was fatally wounded and died the next day.

On July 11, 1979, the abandoned United States space station Skylab made a spectacular return to Earth, burning up in the atmosphere and showering debris over the
Indian Ocean and Australia.  Go to article >>

John Constable, artist, b. 1776.
E.B. White, writer, b. 1899.

The tastiest hotels around the world.  These 20 hotels feature a Michelin-starred restaurant on their property. Yes, this means you can walk to your room after an epic culinary feast.

Satellite captures the shiniest exoplanet ever discovered.  Some astronomers say this exoplanet’s metallic clouds make it look like a large “mirror” in the universe.

Scientists discover huge, heat-emitting blob on the far side of the moon
The most likely cause of the warm blob is a rock that is very rare outside of Earth. Read More.

Metal detectorists find buried WWII aircraft in Ukraine while disarming wartime bomb
The aircraft were sent to the Soviet Union in 1941 to help the Allied war effort, but they were dumped to avoid payment. Read More

James Webb telescope discovers the oldest active black hole in the known universe
Astronomers have discovered a feeding supermassive black hole from when the universe was less than 600 million years old. Read More.

Harvard scientist claims ‘anomalous’ metal spheres pulled from the ocean could be alien technology. Others are not convinced.
Avi Loeb thinks that more than 50 tiny, metal spheres pulled from the Pacific Ocean might be the work of intelligent aliens. Read More.
PHOTOS OF THE DAY

Litli-Hrútur, Iceland:  People watch flowing lava during a volcanic eruption Photograph: Kristinn Magnusson/AFP/Getty Images

Yukon, Canada: The Little Blue River wildfire rages approximately 25 miles (40km) south of Yukon. The number of forest fires continues to rise in Canada, climbing on 7 July to more than 670 blazes, more than 380 of them out of control.  Photograph: BC Wildfire Service/AFP/Getty Images

Huddersfield, England: Aina the mother sheep, a 4.5-metre musical sculpture installed outside Huddersfield railway station as part of Artichoke’s latest project, Herd. She is one of 23 giant handcrafted musical sheep that will appear all over Kirklees this week before joining Aina for a grand finale in Huddersfield on 16 July.  Photograph: Christopher Thomond/The Guardian.
Market Closes for July 11^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1864, the U.S. dollar hit an all-time low. This happened as Confe
derate Lt. Gen. Jubal A. Early defeated Union Maj. Gen. Lew Wallace and marched toward the outskirts of Washington, D.C. Alarmed at the bad news from the battlefield, traders in New York were willing to pay only 0.3509 gold dollars for a single greenback
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3% at 19,878.56 in Toronto.
The move was the biggest since rising 1.2% on June 30 and follows the previous session’s little change.
Shopify Inc. contributed the most to the index gain, increasing 1.7%.
TransAlta Renewables Inc. had the largest increase, rising 18.5%.
Today, 138 of 229 shares rose, while 84 fell; 5 of 11 sectors were higher, led by energy stocks.
Insights
* The index advanced 5.6% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 4.6% below its 52-week high on Feb. 2, 2023 and 11.2% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1.6% in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 13.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility fell to 10.97% compared with 11.48% in the previous session and the average of 11.38% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 31.0033| 0.9| 33/5
Financials | 16.0279| 0.3| 22/5
Information Technology | 15.2259| 1.0| 10/1
Materials | 4.2866| 0.2| 19/29
Real Estate | 2.1617| 0.4| 15/6
Health Care | -0.0364| -0.1| 3/1
Communication Services | -1.0632| -0.1| 3/2
Utilities | -1.4540| -0.2| 7/9
Consumer Discretionary | -1.8119| -0.2| 8/7
Consumer Staples | -3.3034| -0.4| 2/9
Industrials | -4.9215| -0.2| 16/10
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 11.8300| 1.7| -14.6| 77.8
Canadian Natural Resources | 7.9000| 1.4| 10.5| 0.3
RBC | 5.5450| 0.5| 91.9| -1.1
Dollarama | -3.2940| -1.9| -22.2| 8.1
Canadian National | -3.8370| -0.6| -30.3| -4.9
Intact Financial | -4.1310| -1.7| 91.3| -0.4
US
By Rita Nazareth
(Bloomberg) — The stock market finished higher before a report that’s expected to show a slowdown in inflation, which will help shape the outlook for the Federal Reserve’s next steps.
In the run-up to the consumer price index, the S&P 500 extended its advance beyond the 4,400 mark while the Dow Jones Industrial Average added almost 1%.
Energy producers led gains as West Texas Intermediate oil topped its key 100-day moving average.
Activision Blizzard Inc. surged 10% as Microsoft Corp. won a US court’s OK to proceed with its $69 billion takeover deal.
A survey conducted by 22V Research shows that 65% of respondents believe the core CPI — which excludes volatile food and energy prices — will be lower than consensus.
In addition, 54% of the investors polled expect the report to be “risk-on.”
“If economic data keeps tilting towards a soft landing, the markets are increasingly likely to price in that outcome, with investors reallocating to risk assets,” said Jason Draho, head of asset allocation Americas at UBS Global Wealth Management.
A June CPI that’s in-line with expectations would be another step in that direction, he added.
Forecasters surveyed by Bloomberg expect the year-over-year rate of increase in core inflation moderating to 5%, according to the median estimate.
But the slowdown will possibly not be enough to prevent additional policy tightening, with Fed officials widely expected to resume interest-rate increases later this month.
“A quarter-point hike on July 26 is a forgone conclusion at this point, and Wednesday’s CPI release will be more relevant to the September/November debate,” said Ian Lyngen at BMO Capital Markets.
After surging by a four-decade high in June 2022, CPI has pulled back steadily in the face of the Fed’s monetary policy onslaught.
That slowdown has given support to the stock-market’s surge this year, and bulls have strong precedent for their enthusiasm.
Since the 1950s, inflation peaks have almost always been followed by double-digit equity gains, according to data compiled by the Leuthold Group.
The S&P 500 has gained more than 20% since it bottomed out in October, placing it up about 15% since the peak CPI data was released last year.
Following the inflation data, traders will shift gears to the second-quarter earnings season, with JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. reporting their numbers Friday.
In 2023, gains in the S&P 500 have been more concentrated among its largest stocks than in any six-month period since the turn of the millennium, resulting in expensive valuations for the index’s biggest names.
That means the earnings season, along with policy cues are poised to “make or break the case” for those premiums to hold, said Gina Martin Adams, chief equity strategist at Bloomberg Intelligence.
Strong equity performance this year has created a dilemma for investors who are underweight equities, according to UBS’s Draho.
“They can stay cautiously positioned, which can be painful absent a recession,” Draho noted. “The alternative is to increase equity allocations, but at the risk of getting whipsawed if a recession has only been delayed not averted.”
Elsewhere, oil rose amid indications that Russian crude production is dropping, signaling the market’s supply glut may be coming to an end.
Adding to bullish sentiment is news that China will take more steps to revive its economy with additional stimulus.
Key events this week:
* Canada rate decision, Wednesday
* Bank of England Governor Andrew Bailey speaks, Wednesday
* US CPI, Wednesday
* Federal Reserve issues Beige Book, Wednesday
* Fed speakers include Neel Kashkari, Loretta Mester, Raphael Bostic, Wednesday
* China trade, Thursday
* Eurozone industrial production, Thursday
* US initial jobless claims, PPI, Thursday
* US University of Michigan consumer sentiment, Friday
* US banks kick off earnings, Friday
​​​​​​​
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 0.5%
* The Dow Jones Industrial Average rose 0.9%
* The MSCI World index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro was little changed at $1.1006
* The British pound rose 0.5% to $1.2931
* The Japanese yen rose 0.7% to 140.39 per dollar
Cryptocurrencies
* Bitcoin fell 0.6% to $30,595.88
* Ether fell 0.9% to $1,875.46
Bonds
* The yield on 10-year Treasuries declined two basis points to 3.98%
* Germany’s 10-year yield advanced one basis point to 2.65%
* Britain’s 10-year yield advanced two basis points to 4.66%
Commodities
* West Texas Intermediate crude rose 2.6% to $74.88 a barrel
* Gold futures rose 0.3% to $1,937.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Jason Scott, Tassia Sipahutar, Robert Brand, Vildana Hajric, Carly Wanna and Isabelle Lee.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Genius is nothing but a great aptitude for patience. –George-Louis de Buffon, 1707-1788.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Monday.

July 10, 1943: U.S. and British forces invaded Sicily during World War II.  Go to article >>
1985: Rainbow Warrior sunk, Greenpeace.

John Calvin, founder of Presbyterianism, b. 1509.
James M. Whistler, artist, b. 1834.
Marcel Proust, b. 1871.
Arthur Ashe, tennis player, b. 1943.

Kentucky man finds over 700 Civil War-era coins buried in his cornfield
The “Great Kentucky Hoard” includes hundreds of U.S. gold pieces dating to between 1840 and 1863, in addition to a handful of silver coins. Read More

Time moved ‘5 times slower’ in the early universe, mind-bending black hole study reveals
Astronomers have peered back to the dawn of the cosmos to observe time ticking five times more slowly in the early universe than it does now. Read More

Did Alexander the Great have any children?
Alexander the Great died at age 32, leaving behind a vast empire. Did he have any heirs to rule in the power vacuum that followed his death? Read More

Did the Cambrian explosion really happen?
Was there really a dramatic burst of biodiversity on Earth 540 million to 520 million years ago? Read More

See what Elton John told fans at his final concert.  The legendary artist has officially entered retirement. Listen to the heartfelt message he gave to his fans.

Construction workers unearth ‘intact’ marble head in Rome.  “Roma continues to return precious evidence of its past,” the city’s mayor said after this marble head was discovered during construction.

Happiness is beneficial for the body, but it is grief that develops the powers of the mind. -Marcel Proust, 1871-1922.
PHOTOS OF THE DAY

Chernihiv, Ukraine: Women wearing traditional Ukrainian costume take part in Kupala night celebrations after volunteering to clear debris from destroyed buildings Photograph: Genya Savilov/AFP/Getty Images

Kars, Turkey: A ladybird on a leaf after a rain shower Photograph: Anadolu Agency/Getty Images

Kurume, Japan: People wade through a street during heavy rain in Fukuoka prefecture. Torrential rain has been pounding south-western Japan, triggering floods and mudslides.  Photograph: Kyodo News/AP
Market Closes for July 10^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1991, Borland International created a “software powerhouse” by buying Ashton-Tate for $440 million. Analysts said Borland had “the dominant position in database software for personal computers.” Microsoft’s Bill Gates said, “My largest concern about price competition comes from Borland.” Over the next three years, Borland stock lost three-quarters of its value.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 19,822.45 in Toronto.
The move follows the previous session’s increase of 0.1%.
Today, financials stocks led the market lower, as 5 of 11 sectors lost; 88 of 229 shares fell, while 137 rose.
Nutrien Ltd. contributed the most to the index decline, decreasing 2.5%.
Quebecor Inc. had the largest drop, falling 4.3%.
Insights
* The index advanced 4.2% in the past 52 weeks. The MSCI AC Americas Index gained 12% in the same period
* The S&P/TSX Composite is 4.9% below its 52-week high on Feb. 2, 2023 and 10.9% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1.7% in the past 5 days and fell 0.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 13.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility fell to 11.48% compared with 11.51% in the previous session and the average of 11.40% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -18.1820| -0.3| 11/18
Communication Services | -13.4267| -1.6| 0/5
Utilities | -12.1851| -1.4| 0/16
Consumer Staples | -0.4620| -0.1| 5/6
Industrials | -0.4115| 0.0| 14/12
Information Technology | 0.6723| 0.0| 10/1
Consumer Discretionary | 1.0342| 0.1| 11/3
Health Care | 1.5323| 2.9| 2/2
Real Estate | 1.9790| 0.4| 12/9
Energy | 2.0420| 0.1| 26/12
Materials | 28.8276| 1.2| 46/4
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Nutrien | -6.9750| -2.5| -25.5| -20.2
Constellation Software | -6.1390| -1.7| -22.8| 26.3
Enbridge | -5.2410| -0.8| 29.8| -9.3
Barrick Gold | 3.0700| 1.2| -38.5| -5.4
Franco-Nevada | 3.5030| 1.4| -30.4| 1.2
Agnico Eagle Mines | 4.8040| 2.2| -41.4| -6.7
US
By Rita Nazareth
(Bloomberg) — The stock market kicked off the week on a cautious note, with traders sifting through remarks from a slew of Federal Reserve speakers while awaiting key inflation data and the start of the earnings season.
Following a three-day slide in the S&P 500, the benchmark posted a small gain. The market didn’t get much support from the mega-cap space as Tesla Inc. fell almost 2% and Amazon.com Inc. dropped before its Prime Day event.
The Nasdaq 100, which notched a historic first half of a year amid the artificial-intelligence craze, will go through a “special rebalance.”
A gauge of big banks pared gains on news about a plan to boost capital requirements.
In the run-up to Wednesday’s consumer price index, the market got the latest thinking from a raft of policymakers.
Three Fed officials — Michael Barr, Mary Daly and Loretta Mester — said the central bank will need to raise interest rates further this year to bring inflation back to its 2% goal.
Meantime, Fed Bank of Atlanta President Raphael Bostic noted officials can be patient amid evidence of an economic slowdown.
Market momentum has slowed since equities notched a strong first-half rally as concern resurfaced about the impact of the many economic crosscurrents on corporate profits.
Morgan Stanley’s Michael Wilson became the latest to warn that earnings forecasts will matter more than usual this time around given elevated equity valuations, higher interest rates and dwindling liquidity.
“Many risks still lie ahead,” said Seema Shah, chief global strategist at Principal Asset Management. “With broad equity valuations having once again become stretched and market breadth extremely narrow, the market is priced for perfection — leaving it vulnerable to earnings disappointments.”
This is the fifth straight time that analysts are leaning bearish heading into the earnings season, and in each of the four prior periods, the news wasn’t nearly as bad as expected — spurring an average gain of over 6% for the S&P 500, according to Bespoke Investment Group.
“Will this earnings season finally be the quarter that proves analysts correct?,” the firm’s strategists said in a note. “If they stay negative every quarter, eventually they’ll be proven right, but betting against the market heading into earnings season recently proved to be an expensive ride.”
The earnings season kicks off in earnest on Friday, when JPMorgan Chase & Co., Citigroup Inc. and Wells Fargo & Co. report their numbers.
There’s more pain on the way for the S&P 500 as profit warnings and fears of higher interest rates combine to threaten the key US stock indicator, according to the latest Markets Live Pulse survey.
While earnings seasons have usually been positive for equities in the past decade, according to Deutsche Bank AG strategists, the upcoming one will hurt stocks, said 55% of the 346 MLIV respondents.
To Matt Maley at Miller Tabak + Co., it’s going to be harder for the market to rally if the earnings season is “not as bad as we thought” — especially since the market has become so  expensive.
This does not mean that if the guidance from companies is “just OK,” the market will sell off meaningfully, Maley added.
However, if corporate outlooks show any material disappointment, “it should create some serious headwinds for the stock market.”
The question is whether earnings can continue to bend without markets breaking, according to Saira Malik at Nuveen.
With analysts cutting earnings estimates in recent weeks, companies may once again find it easier to deliver stronger-than-expected results.
“We are cautious about the self-fulfilling optimism driven by these diminished expectations,” Malik noted. “Additionally, we’re mindful of mixed US economic data and the potential for two more rate hikes this year.”
In other corporate news, a gauge of US-listed Chinese shares climbed on news the Asian nation will extend policies to support the property market.
Icahn Enterprises LP soared as Carl Icahn renegotiated loan terms with a group of banks just months after a report by Hindenburg Research sent shares in his investment firm tanking.
Cava Group Inc. rallied as a majority of brokers initiated coverage on the fast-casual restaurant operator with buy-equivalent recommendations.
Key events this week:
* St. Louis Fed President James Bullard speaks, Tuesday.
* Canada rate decision, Wednesday.
* Bank of England Governor Andrew Bailey speaks, Wednesday.
* US CPI, Wednesday.
* Federal Reserve issues Beige Book, Wednesday.
* Fed speakers include Neel Kashkari, Loretta Mester, Raphael Bostic, Wednesday.
* China trade, Thursday.
* Eurozone industrial production, Thursday.
* US initial jobless claims, PPI, Thursday.
* US University of Michigan consumer sentiment, Friday.
* US banks kick off earnings, Friday.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% 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 rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.3% to $1.0997
* The British pound rose 0.2% to $1.2863
* The Japanese yen rose 0.6% to 141.30 per dollar
Cryptocurrencies
* Bitcoin rose 2.3% to $30,889.97
* Ether rose 1.7% to $1,901.15
Bonds
* The yield on 10-year Treasuries declined six basis points to 4.00%
* Germany’s 10-year yield was little changed at 2.64%
* Britain’s 10-year yield declined one basis point to 4.64%
Commodities
* West Texas Intermediate crude fell 0.9% to $73.21 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Brett Miller, Tassia Sipahutar, Robert Brand, Vildana Hajric, Isabelle Lee, Peyton Forte and Carly Wanna.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
You can, you should, and if you’re brave enough to start, you will. –Stephen King, b. 1947.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com

Dear Friends,

Tangents: Happy Friday.

Fiesta de San Fermi:  Running of the Bulls, Pamplona Spain….ahh! nostalgia for Ernest Hemmingway…
Tanabata: Star Festival, Japan.

July 7, 1860: Florence Nightingale, known as the founder of modern nursing, establishes her nursing school in London, pioneering the professionalization of nursing as a respected profession.
1987: Lt. Col. Oliver North began his public testimony at the Iran-Contra hearing, telling Congress that he had “never carried out a single act, not one” without authorization.  Go to article >>

Gustav Mahler, composer, b. 1860.
Marc Chagall, artist, b. 1887.
Robert A. Heinlein, writer, b. 1907.
Ringo Starr, b.1940.

Global temperatures have been the hottest on record for 3 days in a row
The world’s average temperature was the hottest on record from July 3 to July 5, 2023. Climate change and El Niño are to blame, scientists say. Read More.

1,200-year-old ‘Viking graffiti’ is the oldest drawing ever discovered in Iceland
The record-setting Viking carving, which dates to shortly after A.D. 800, looks like a partly drawn boat. Read More.

Dozens of 2,500-year-old skeletons unearthed at ancient crossroads in Negev desert.  Archaeologists in Israel unearthed a burial site holding dozens of skeletons from 2,500 years ago — possibly the remains of trafficked women.  Full Story: Live Science (7/6)

James Webb telescope detects the earliest strand in the ‘cosmic web’ ever seen
Astronomers have discovered a clump of ancient galaxies that may be the oldest strand of the cosmic web, which links galaxies across the universe, ever detected. Read More.

Adorable extinct penguin was one of the smallest of its kind to ever walk Earth, tiny skull fossils reveal
Scientists have uncovered the twee remains of one of the smallest extinct penguin species ever found, which waddled around New Zealand around 3 million years ago. Read More.

The Eagles announce ‘final’ tour dates after 52 years as a band.  Fans are getting excited to belt “Hotel California” one last time with the Rock and Roll Hall of Famers.

VW to test self-driving tech in retro-styled electric Microbuses.  In a few years, you may see these iconic VW buses back on the road! The automaker said it plans to launch some commercial services in 2026.

Powerful images from environmental photography prize show challenges and hope.  These striking photos took home prizes at the Prince Albert II of Monaco Foundation’s Environmental Photography award.
PHOTOS OF THE DAY

Pamplona, Spain:  The Pamplonesa municipal band performs during the opening ceremony of the San Fermín bull festival. Photograph: Ander Gillenea/AFP/Getty Images

Hautes-Pyrénées, France: Team Jumbo-Visma’s Belgian rider Wout Van Aert leads a breakaway in the ascent of the Col du Tourmalet during a stage of the Tour de France between Tarbes and Cauterets-Cambasque in the Pyrenees.  Photograph: Anne-Christine Poujoulat/AFP/Getty Images

Buenos Aires, Argentina:  People visit the Secret Garden exhibit at the Carlos Thays botanical garden, home to more than 1,500 plant species. The show transforms the traditional public space into a museum to mark the park’s 125th anniversary and honour its creator, the French landscape architect Carlos Thays.  Photograph: Natacha Pisarenko/A
Market Closes for July 7^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1993, Charles W. Knapp was found guilty on three counts of conspiracy after his savings-and-loan empire collapsed, costing the taxpayer $2 billion. Knapp’s American Savings & Loan Association was once the nation’s largest thrift.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.1% at 19,831.04 in Toronto. The move follows the previous session’s decrease of 1.5%.
Today, energy stocks led the market higher, as 4 of 11 sectors gained; 137 of 229 shares rose, while 89 fell.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.7%. Bausch Health Cos. had the largest increase, rising 7.7%.
Insights
* So far this week, the index fell 1.6%
* The index advanced 4% in the past 52 weeks. The MSCI AC Americas Index gained 12% in the same period
* The S&P/TSX Composite is 4.9% below its 52-week high on Feb. 2, 2023 and 11% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 13.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.14t
* 30-day price volatility fell to 11.51% compared with 11.72% in the previous session and the average of 11.53% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 47.8873| 1.5| 35/5
Materials | 29.3236| 1.3| 42/8
Financials | 12.0808| 0.2| 20/9
Health Care | 2.0968| 4.1| 4/0
Real Estate | -1.7781| -0.4| 6/14
Communication Services | -5.5104| -0.7| 0/5
Consumer Discretionary | -5.5947| -0.7| 8/7
Consumer Staples | -6.9564| -0.8| 3/8
Information Technology | -7.7765| -0.5| 4/7
Utilities | -9.0380| -1.0| 2/14
Industrials | -34.3965| -1.3| 13/12
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Natural Resources | 14.9600| 2.7| 17.4| -1.4
Suncor Energy | 7.5120| 2.2| -34.9| -9.6
Nutrien | 7.4260| 2.7| 25.1| -18.2
Thomson Reuters | -7.2100| -3.8| 0.0| 11.6
Canadian Pacific Kansas | -7.9440| -1.2| -18.0| 3.1
Canadian National | -13.2600| -2.0| 1.5| -4.6
US
By Isabelle Lee and Vildana Hajric
(Bloomberg) — US stocks started July logging losses as traders parsed a batch of labor market readouts.
The S&P 500 fell 1.2% over the shortened holiday week while the Nasdaq 100 slid 0.9%.
Yield on the two-year Treasury drifted down to 4.94% Friday.
Investors were digesting government jobs data that fell short of estimates but brought signs that wage inflation remained a threat to the Fed’s fight against price gains.
Overall, the data showed signs of cracks in the American labor market, a day after a private payrolls report suggested resilience that may warrant several more rate hikes.
Instead, traders reverted to expectations that the Fed will lift rates at its meeting later this month.
The odds for another hike this year were less than 50%.
Among notable movers, Levi Strauss & Co. fell sharply after lowering its outlook for the year while electric-vehicle manufacturer Rivian Automotive Inc. climbed for the eighth-straight session.
Chicago Fed President Austan Goolsbee left the door open for more data to sway officials ahead the central bank’s next meeting.
“We’re getting to a more sustainable pace, which is what we need to do for inflation,” Goolsbee said of Friday jobs data in an interview on CNBC.
Friday’s payroll numbers are not yet weak enough to stop the central bank’s tightening, according to Seema Shah, chief global strategist at Principal Asset Management.
“Jobs growth has slowed but remains too strong to justify an extended Fed pause,” she said. “More significantly, with average hourly earnings surprising to the upside, wage pressures are still too strong. Today’s report will give the Fed little reason to hold off from hiking at the July meeting.”
June’s 0.4% wage growth indicates businesses are still desperate to draw in and keep workers, according to Jeffrey Roach, chief economist at LPL Financial.
“The latest jobs report all but ensures the Fed will increase rates later this month,” he wrote.
Stocks have been losing ground in July after a strong first half of the year as hawkishness from central banks from the US to the UK dampens hopes of a soft landing for the global economy.
Technology shares have been one of the hottest trades, driven by the buzz around AI, but Bank of America Corp. strategists said investors who piled into the sector risk being caught off-guard in the selloff sparked by rate hikes.
“We say ‘sell the last hike’ will hit tech hardest,” the BofA team led by Michael Hartnett wrote in a note.
But if excitement over AI continues, they said the “baby bubble” that currently exists in a handful of Big Tech shares will mature into a larger one in the second half.
Dallas Fed President Lorie Logan voiced her concerns on Thursday that inflation was still running too hot and more tightening was needed.
Policymakers elsewhere share that view, with European Central Bank President Christine Lagarde saying there is still “work to do” to bring inflation under control.
Meanwhile, gold advanced while crude futures traded above $73 a barrel. 
Key Events This Week:
* ECB’s Christine Lagarde addresses an event in France, Friday

Some of the main moves in markets today:
Stocks
* The S&P 500 fell 0.3% as of 4:03 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 0.7% to $1.0967
* The British pound rose 0.7% to $1.2834
* The Japanese yen rose 1.4% to 142.10 per dollar
Cryptocurrencies
* Bitcoin fell 0.3% to $30,230.46
* Ether fell 1.1% to $1,863.42
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.06%
* Germany’s 10-year yield advanced one basis point to 2.64%
* Britain’s 10-year yield declined one basis point to 4.65%
Commodities
* West Texas Intermediate crude rose 2.6% to $73.66 a barrel
* Gold futures rose 0.8% to $1,931.30 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from John Viljoen, Tassia Sipahutar, Macarena Muñoz and Sydney Maki.
Have a  wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
To gain your own voice, forget about having it heard. -Allen Ginsberg, 1926-1997.

Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7

Tel: 778.430.5808
(C): 250.881.0801
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com