Author: Carolann

Dear Friends,

Tangents:

Carolann is away from the office today to the Investment Conference in San Francisco, I will be writing the newsletter on her behalf.

On June 22, 1940, during World War II, Adolf Hitler gained a stunning victory as France was forced to sign an armistice eight days after German forces overran Paris. Go to article  

Wimbledon to use AI for video highlight commentary Umm, has anyone told John McEnroe yet?

1st ‘lab-grown’ meat approved for sale in the US. In a first, U.S. regulators have cleared several lab-grown chicken products for sale in the country. Go to article  

Mysterious spiral signals in the human brain could be key to our cognition. Scientists suggest strange swirls across the outer layer of the brain might be used to link different parts of it together and help process information faster. Go to article  
PHOTOS OF THE DAY

Hobart, Australia
Swimmers take part in the annual nude winter solstice swim during Hobart’s Dark Mofo festival at Long Beach
Photograph: Rob Blakers/EPA

Ullensvang, Norway
A man poses for a photo on the Trolltunga (“troll tongue”) rock formation. The cliff, popular with hikers and tourists, juts horizontally out from the mountain about 700 metres above Lake Ringedalsvatnet
Photograph: Sergei Gapon/Anadolu Agency/Getty Images

Timmendorfer Strand, Germany
The sun rises over the Baltic Sea after thunderstorms during the night
Photograph: Michael Probst/AP
Market Closes for June 22^nd, 2023

Market Index	Close	Change
Dow Jones	33946.71	-4.81
		-0.01%
S&P 500	4381.89	+16.20
		+0.37%
NASDAQ	13630.61	+128.41
		+0.95%
TSX	19580.90	-125.05
		-0.63%

International Markets

Market Index	Close	Change
NIKKEI	33264.88	-310.26
		-0.92%
HANG SENG	Market Closes	N.A
		N.A
SENSEX	63238.89	-284.26
		-0.45%
FTSE 100*	7502.03	-57.15
		-0.76%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.453	3.386
CND. 30 Year Bond	3.288	3.218
U.S.    10 Year Bond	3.7946	3.7189
U.S. 30 Year Bond	3.8686	3.8070

Currencies

BOC Close	Today	Previous
Canadian $	0.7603	0.7596
US $	1.3153	1.3165
Euro Rate 1 Euro=		Inverse
Canadian $	1.4417	0.6936
US  $	1.0961	0.9123

Commodities

Gold	Close	Previous
London Gold Fix	1925.65	1930.45
Oil
WTI Crude Future	69.21	72.28

Market Commentary:
📈On this day in 1775, Congress authorized the first issuance of U.S. paper money. Officially known as “Continentals,” the money soon came to be called “shinplasters” as high inflation rendered it nearly worthless.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the fifth day, dropping 0.6%, or 125.05 to 19,580.90 in Toronto. The index dropped to the lowest closing level since May 31.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.4%. Algoma Steel Group Inc. had the largest drop, falling 8.8%.
Today, 176 of 229 shares fell, while 51 rose; 8 of 11 sectors were lower, led by energy stocks.

Insights
* This quarter, the index fell 2.6%
* This month, the index was little changed
* So far this week, the index fell 2%
* The index advanced 3% in the past 52 weeks. The MSCI AC Americas Index gained 16% in the same period
* The S&P/TSX Composite is 6.1% below its 52-week high on Feb. 2, 2023 and 9.6% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 2.2% in the past 5 days and fell 3.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.8 on a trailing basis and 13.5 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$3.12t
* 30-day price volatility rose to 11.11% compared with 11.03% in the previous session and the average of 11.46% over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -60.3604| -1.8| 1/39
Financials | -56.4693| -0.9| 6/23
Materials | -10.7321| -0.5| 11/38
Consumer Discretionary | -9.1702| -1.2| 5/10
Real Estate | -7.2216| -1.5| 1/20
Utilities | -5.7716| -0.6| 2/14
Information Technology | -5.1327| -0.3| 2/9
Health Care | -0.0817| -0.1| 3/2
Communication Services | 0.6514| 0.1| 2/3
Consumer Staples | 3.1661| 0.4| 6/5
Industrials | 15.6864| 0.6| 12/13
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | -14.3200| -1.4| 4.2| -10.3
Suncor Energy | -9.9730| -2.8| -45.5| -11.7
RBC | -9.5210| -0.8| -17.3| -2.9
Barrick Gold | 4.5380| 1.8| -5.3| -7.1
Canadian National | 5.9140| 0.9| -28.1| -1.9
Canadian Pacific Kansas | 11.3800| 1.7| 19.7| 5.1
* The benchmark 10-year bond fell and the yield rose 6.4 basis points to 3.450%
* The S&P 500 Index advanced 0.4%
US
By Rita Nazareth
(Bloomberg) — Bond yields climbed after major central banks warned about the potential for more interest-rate hikes, with officials signaling they’re nowhere near ready to declare victory over inflation.
Treasury two-year yields hit the highest since March as Jerome Powell said the US may need one or two more rate increases in 2023 while the Bank of England cautioned it may have to hike again after delivering a half-point boost. A key section of the German yield curve inverted the most since 1992 on economic concern. Norway’s krone led gains among developed currencies as the nation’s officials pledged more aggressive tightening.
Equities struggled for direction throughout most of the session, with the S&P 500 closing with a mild gain after a three-day slide. A renewed rally in megacaps like Amazon.com Inc., Apple Inc. and Microsoft Corp. fueled the rebound, with the Nasdaq 100 up more than 1%. As stocks gained traction, Wall Street’s favorite volatility gauge, the VIX, slumped below 13 to the lowest level since January 2020.
“We’ve seen central banks say: ‘Oh, we haven’t done enough.’ They thought at the beginning of the year they had, and everybody thought we were going into recession, and now what we’re seeing is the data sequentially move away from that,” said Phillip Colmar, global strategist at MRB Partners. “If you’re not in a recession, it’s also really hard to get core inflation down because you need to weaken the employment sector in order to do so.”
To Kristina Hooper, chief global market strategist at Invesco, if the Federal Reserve does tighten two more times this year, it risks sending the economy into a “significant recession.”
“I’m sounding like a broken record, but I’ll say it again: There is a lengthy lag between when monetary policy is implemented and when it actually shows up in the real economy data,” Hooper added. “We haven’t seen much of an impact yet because of that lag. That’s why we have to worry so much about overkill.”
US equities are in for a tumultuous second half of the year as the lagging impacts of aggressive monetary tightening by the Fed catch up to the economy, according to JPMorgan Chase & Co.’s Marko Kolanovic.
“In equities, absent pre-emptive Fed easing – vs. Fed dots that imply two more hikes by year-end – we expect a more challenging macro backdrop for stocks in 2H, with softening consumer trends at a time when equities have re-rated sharply,” Kolanovic said Thursday in his mid-year outlook note to clients.
While US equities stormed into bull territory in June, investors haven’t bought into the rally en masse.
There are already signs of low conviction in the S&P 500’s 14% rally this year, with the index set to end its longest weekly winning streak since 2021. Bank of America Corp.’s latest survey shows a net 25% of global money managers are still underweight US equities, despite a recent improvement in allocation.
Elsewhere, Turkey’s lira slumped as the central bank delivered a significantly smaller interest-rate increase than anticipated, as policymakers embark on what they said will be a gradual transition from an era of ultra-cheap money.
Key events this week:
* Eurozone S&P Global Eurozone Manufacturing PMI, S&P Global Eurozone Services PMI, Friday
* US S&P Global Manufacturing PMI, Friday
* Fed Bank of St. Louis President James Bullard speaks, Friday

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 rose 1.2%
* The Dow Jones Industrial Average was little changed
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.3% to $1.0958
* The British pound fell 0.2% to $1.2746
* The Japanese yen fell 0.9% to 143.14 per dollar
Cryptocurrencies
* Bitcoin rose 0.8% to $30,237.44
* Ether rose 0.6% to $1,890.65
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 3.79%
* Germany’s 10-year yield advanced six basis points to 2.49%
* Britain’s 10-year yield declined four basis points to 4.37%
Commodities
* West Texas Intermediate crude fell 4.3% to $69.39 a barrel
* Gold futures fell 1% to $1,924.60 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from Carly Wanna, Peyton Forte and Emily Graffeo.
Have a lovely evening.

Be magnificent!
As ever,

Isabel

The triumph can’t be had without the struggle. – Wilma Glodean Rudolph, 1940 -1994

Assistant to Carolann Steinhoff, Registered Representative

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

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

Dear Friends,

Tangents:
I’m off tomorrow afternoon to a technology & AI conference for a couple of days in San Francisco – see what the latest developments are and where to invest next. J

June 20, 1948: Ed Sullivan Show premieres.
1975: The film Jaws is premiered.  Steven Spielberg’s thriller about a rogue great white shark terrorizing a summer resort town is often regarded as one of the greatest films of all time.
1994: O.J. Simpson pleaded innocent in Los Angeles to the killings of his ex-wife, Nicole, and her friend Ronald Goldman. Go to article  

Ireland will pay you $90,000 to move to a beautiful island home.  If you dream of fixing up a rural home far from the chaos of modern life, you may want to consider this offer from the government of Ireland.

NASA spacecraft captures image of ghostly lightning on Jupiter.  A green lightning bolt was seen inside a swirling vortex on Jupiter. View the striking image.

This man is traveling the world on non-motorized transport.  Meet a man who’s walking, paddling, kayaking, cycling, skiing, rowing and sailing his way across 29 countries.

Mysterious spiral signals in the human brain could be key to our cognition
The scientists who found the swirls think they could help to organize complex brain activity. Read More

Humans inhale a credit card’s worth of microplastics every week. Here’s where it ends up.
Researchers used a computer model to find where the bits of microplastics inhaled by humans end up. Read More

‘Hot Jupiter’ planet killed and ate its Mercury-sized neighbor
A new analysis of the exoplanet WASP-76 b reveals that the world is carrying the remains of its long-lost neighbor in its atmosphere. Read More

For a billion years, Earth may have had 19-hour days. Here’s why.
Days were once five hours shorter than they are now due to the moon’s proximity to Earth. Read More
PHOTOS OF THE DAY

Glastonbury, UK
The Carhenge installation by Joe Rush, which is made of 24 vintage cars, in place for Glastonbury festival at Worthy Farm in Somerset.  Photograph: Matt Cardy/PA

Aoraki, New Zealand
This football pitch in the valley of the Aoraki/Mount Cook, the highest mountain in New Zealand, was created over six weeks to promote tourism for the upcoming Fifa Women World Cup, which will be played in Australia and New Zealand.  Photograph: Brett Phibbs/Tourism New Zealand /AFP/Getty Images

Cambridge, UK
A fireworks display over the River Cam during the Trinity May Ball at Cambridge University’s Trinity College in celebration of the end of the academic year. The first official May Ball was held in Trinity College’s grounds in 1866 with the tradition quickly spreading to the other colleges.  Photograph: Joe Giddens/PA
Market Closes for June 20^th, 2023

Market Index	Close	Change
Dow Jones	34053.87	-245.25
		-0.71%
S&P 500	4388.71	-20.88
		-0.47%
NASDAQ	13667.29	-22.28
		-0.16%
TSX	19754.14	-180.07
		-0.90%

International Markets

Market Index	Close	Change
NIKKEI	33388.91	+18.49
		+0.06%
HANG SENG	19607.08	-305.81
		-1.54%
SENSEX	63327.70	+159.40
		+0.25%
FTSE 100*	7569.31	-19.17
		-0.25%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.340	3.408
CND. 30 Year Bond	3.188	3.246
U.S.    10 Year Bond	3.7169	N.A.
U.S. 30 Year Bond	3.8105	N.A.

Currencies

BOC Close	Today	Previous
Canadian $	0.7555	0.7569
US $	1.3236	1.3212
Euro Rate 1 Euro=		Inverse
Canadian $	1.4451	0.6920
US  $	1.0918	0.9159

Commodities

Gold	Close	Previous
London Gold Fix	1951.15	1959.75
Oil
WTI Crude Future	70.50	N.A.

Market Commentary:
📈 On this day in 1995: Robert E. Brennan, former chairman of First Jersey Securities, was ordered by a federal judge to pay $71.5 million in fines and penalties for securities fraud. The judge ruled that First Jersey cheated investors out of at least $27 million and illegally manipulated the prices of at least six penny stocks that it had underwritten.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.9%, or 180.07 to 19,754.14 in Toronto.
The move was the biggest since falling 1.1% on May 30.
Today, materials stocks led the market lower, as 10 of 11 sectors lost; 170 of 229 shares fell, while 56 rose.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 2.7%. Iamgold Corp. had the largest drop, falling 6.1%.
Insights
* This quarter, the index fell 1.7%
* This month, the index rose 0.9%
* The index advanced 3% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is 5.2% below its 52-week high on Feb. 2, 2023 and 10.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1.2% in the past 5 days and fell 2.9% 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 13.6 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$3.16t
* 30-day price volatility rose to 11.06% compared with 10.81% in the previous session and the average of 11.49% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -60.8855| -2.6| 3/47
Energy | -51.4380| -1.5| 4/36
Financials | -47.4180| -0.8| 9/19
Information Technology | -8.9067| -0.6| 3/8
Communication Services | -4.8695| -0.6| 2/3
Industrials | -4.0183| -0.2| 10/16
Real Estate | -3.6822| -0.8| 2/17
Utilities | -0.8079| -0.1| 8/8
Health Care | -0.2671| -0.4| 2/3
Consumer Discretionary | -0.0326| 0.0| 5/10
Consumer Staples | 2.2547| 0.3| 8/3
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Canadian Natural Resources | -15.1700| -2.7| -4.7| -6.2
Enbridge | -11.3200| -1.6| -57.1| -7.8
Franco-Nevada | -11.2700| -4.4| 54.1| -0.8
TC Energy | 1.2150| 0.3| 28.9| -0.7
Thomson Reuters | 1.9110| 1.0| 125.0| 11.7
Restaurant Brands | 2.1740| 1.0| -2.9| 15.1
US
By Peyton Forte and Isabelle Lee
(Bloomberg) — Stocks edged down Tuesday as the second-quarter rally cooled with investors jittery ahead of Powell’s testimony later in the week.
Treasuries rose.
The S&P 500 notched its first two-day losing streak in four weeks as the US equities benchmark traded off recent 14-month highs.
The Nasdaq 100 ended the session unchanged as shares of Tesla Inc. buttressed the tech-heavy gauge from deeper losses.
Nike Inc. fell on inventory concerns while PayPal Holdings Inc. climbed after reaching a loan accord with KKR & Co.
Investors caught between fear of missing out and concerns markets have run too far, too fast are contending with overblown valuations and hawkish signals from the Federal Reserve.
The AI frenzy which has been driving much of the recent gains, is sure to be a topic during second-quarter conference calls.
“The issue is going to be: to what degree does that show up in fundamentals?” Scott Chronert, global markets strategist at Citigroup, told Bloomberg Television.
“What we’re going to run into is this disconnect with how hard the market has run versus where earnings expectations are,” he said.
The path of US monetary policy is another wild card.
Federal Reserve Chair Jerome Powell will give his semi-annual report to Congress on Wednesday.
Policymakers at the Fed kept interest rates unchanged at their latest meeting but warned of more tightening ahead.
Investors also await the outcome of policy meetings in Turkey, the UK and Switzerland.
“Our skepticism around the sustainability of the rally in US market-cap weighted indexes stems primarily from continued investor belief that the Fed is bluffing on holding rates higher for longer,” Lisa Shalett, chief investment officer at Morgan Stanley Wealth Management, wrote in a note.  “If a favorable soft landing does materialize, the Fed will have no incentive to cut rates, especially if labor markets are still relatively resilient,” she added.
‘‘Goldilocks’ is at risk.  Watch real rates, which would likely creep higher amid a strong economic soft landing.”
The Fed decision last week came with forecasts for higher borrowing costs of 5.6% in 2023, implying two additional quarter-point rate hikes or one half-point increase before the end of the year.
That contrasts with market pricing for some 20 basis points of tightening in the remainder of the year.
“Generally speaking a high-multiple environment is only accompanied by a declining policy rate when earnings have collapsed,” Mike O’Rourke of JonesTrading wrote. “It will take a reality check in equities along with economic headwinds before rate cuts emerge. High stock multiples and a high policy interest rate are not a relationship that can be sustained in the long term.”
US Treasuries yields traded lower after an earlier bounce amid an unexpected surge for housing starts in May, the most since 2016.
The yield on the 10-year fell 4 basis points to 3.72% while the policy-sensitive two-year was at 4.69%.
“This is strong data,” Sonal Desai, chief investment officer for Franklin Templeton Fixed Income, told Bloomberg Television. “It continues to feed into the narrative that housing, new starts, are not going to be the first place which collapsed.”
The US dollar advanced, while in global currencies the Swedish krona slumped to a record low against the euro as traders expect the Riksbank to tap the brakes on rate hikes in coming months.
Gold and oil retreated after disappointment over China’s stimulus measures.
US-listed Chinese stocks also tumbled with Alibaba Group Holding Ltd. dropping about 4.2% following the surprise replacement of its chief executive and chairman.
Key events this week:
* Federal Reserve Bank of St. Louis President James Bullard speaks, Tuesday
* New York Fed President John Williams speaks, Tuesday
* Federal Reserve Chair Jerome Powell delivers semi-annual congressional testimony before the House Financial Services Committee, Wednesday
* Federal Reserve Bank of Chicago President Austan Goolsbee speaks, Wednesday
* Eurozone consumer confidence, Thursday
* Rate decisions in UK, Switzerland, Indonesia, Norway, Mexico, Philippines, Turkey, Thursday
* US Conference Board leading index, initial jobless claims, current account, existing home sales, Thursday
* Federal Reserve Chair Jerome Powell delivers semi-annual testimony to Congress before the Senate Banking Committee, Thursday
* Cleveland Fed’s Loretta Mester speaks, Thursday
* Eurozone S&P Global Eurozone Manufacturing PMI, S&P Global Eurozone Services PMI, Friday
* Japan CPI, Friday
* US S&P Global Manufacturing PMI, Friday
* Federal Reserve Bank of St. Louis President James Bullard speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.5% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.0913
* The British pound fell 0.2% to $1.2762
* The Japanese yen rose 0.4% to 141.46 per dollar
Cryptocurrencies
* Bitcoin rose 4.8% to $28,005.8
* Ether rose 3% to $1,782.94
Bonds
* The yield on 10-year Treasuries declined three basis points to 3.73%
* Germany’s 10-year yield declined 11 basis points to 2.40%
* Britain’s 10-year yield declined 15 basis points to 4.34%
Commodities
* West Texas Intermediate crude fell 1.8% to $70.50 a barrel
* Gold futures fell 1.1% to $1,949.90 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Carly Wanna and Cecile Gutscher.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Neither fire nor wind, birth nor death can erase our good deeds. –Buddha.

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.  It’s Juneteenth Day – the celebration of the announcement in Texas, on June 19^th, 1865, that enslaved Americans were free.

June 19, 1917: The British Royal Family, which has had strong German ties since George I, renounces its German names and titles and adopts the name of Windsor.
On June 19, 1964, the Civil Rights Act of 1964 was approved after surviving an 83-day filibuster in the United States Senate. Go to article  

1932: Hailstones kill 200 in Hunan Province, China.
Salmon Rushdie, b. 1947.
Aung San Sun Kyi, b. 1945.Blaise Pascal, philosopher, b. 1623
The heart has its reasons which reason knows nothing of. –Blaise Pascal, 1623-1662.

‘Completely unique’ Roman mausoleum discovered in rubble of London building site
No burial artifacts were recovered from the structure itself, but the surrounding area yielded over 80 Roman burials containing copper bracelets, coins, glass beads and a bone comb. Read More.

Is Africa splitting into two continents?
Will the East African Rift split the continent and create a new ocean, or will it fizzle out? Read More

Could Earth be inside a black hole?
And for that matter, could our universe be inside a black hole? Read More
PHOTOS OF THE DAY

Srinagar, Indian-controlled Kashmir
A woman walks through a lavender field in Sirhama village, south of Srinagar Photograph: Tauseef Mustafa/AFP/Getty Images.

Zhongwei, China
Visitors watch stars at a scenic spot in north-west China’s Ningxia Hui autonomous region Photograph: Xinhua/Shutterstock

Huinchiri, Peru
People from local communities participate in the annual rebuilding of the Q’eswachaka, the last remaining Inca rope bridge, as the old one drifts away in the Apurimac River.
Photograph: Christian Sierra/AFP/Getty Image
Market Closes for June 19^th, 2023

Market Index	Close	Change
Dow Jones	Market Closed	N.A.
S&P 500	Market Closed	N.A.
NASDAQ	Market Closed	N.A.
TSX	19934.21	-41.17
		-0.21%

International Markets

Market Index	Close	Change
NIKKEI	33370.42	-335.66
		-1.00%
HANG SENG	19912.89	-127.48
		-0.64%
SENSEX	63168.30	-216.28
		-0.34%
FTSE 100*	7588.48	-54.24
		-0.71%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.408	3.352
CND. 30 Year Bond	3.246	3.202
U.S.    10 Year Bond	N.A.	3.7672
U.S. 30 Year Bond	N.A.	3.8522

Currencies

BOC Close	Today	Previous
Canadian $	0.7569	0.7577
US $	1.3212	1.3398
Euro Rate 1 Euro=		Inverse
Canadian $	1.4428	0.6931
US  $	1.0922	0.9156

Commodities

Gold	Close	Previous
London Gold Fix	1959.75	1952.35
Oil
WTI Crude Future	N.A.	71.78

Market Commentary:
Investment success accrues not so much to the brilliant as to the disciplined. -William J. Bernstein, b. 1948.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.2%, or 41.16 to 19,934.21 in Toronto.
Brookfield Corp. contributed the most to the index decline, decreasing 1.5%.
Fortuna Silver Mines Inc. had the largest drop, falling 3.2%.
Today, 130 of 229 shares fell, while 93 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* This quarter, the index fell 0.8%
* The index advanced 5.3% in the past 52 weeks. The MSCI AC Americas Index gained 19% in the same period
* The S&P/TSX Composite is 4.4% below its 52-week high on Feb. 2, 2023 and 11.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and fell 2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13 on a trailing basis and 13.6 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$3.18t
* 30-day price volatility fell to 10.81% compared with 10.85% in the previous session and the average of 11.43% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -14.5043| -0.2| 12/16
Industrials | -13.9196| -0.5| 11/15
Materials | -7.9131| -0.3| 19/28
Consumer Discretionary | -4.1462| -0.5| 4/11
Information Technology | -2.4793| -0.2| 6/4
Real Estate | -2.2627| -0.5| 6/15
Communication Services | -1.5833| -0.2| 1/4
Health Care | -0.0482| -0.1| 2/3
Energy | 1.2006| 0.0| 19/20
Consumer Staples | 2.1722| 0.3| 6/5
Utilities | 2.3160| 0.3| 7/9
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Brookfield Corp | -6.7700| -1.5| -84.1| 2.4
Canadian Pacific | | | |
Kansas | -5.7230| -0.9| -81.6| 1.7
RBC | -5.0520| -0.4| -84.9| -1.5
TD Bank | 2.0460| 0.2| -66.3| -7.8
Couche-Tard | 2.1640| 0.6| -77.7| 9.5
Bank of Nova Scotia| 2.5110| 0.5| -83.3| 0.3
US
US MARKETS ARE CLOSED today for Juneteenth, National Independence Day.  It is the US’s newest federal holiday, signed into law by President Biden in 2021.

Have a  lovely evening.

Be magnificent!
As ever,

Carolann
If your actions inspire pothers to dream more, learn more, do more and become more,
you are a leader. -John Quincy Adams, 1767-1848.

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.  Happy Father’s Day weekend!

On June 16, 1933, President Roosevelt opened his New Deal recovery program, signing bank, rail, and industry bills and initiating farm aid.  Go to article

June 16, 2010: The world’s first country-wide total tobacco ban goes into effect in Bhutan.  It is still legal in the South Asian country to smoke in a private setting, but obtaining tobacco products legally is close to impossible.

Mercedes-Benz is bringing ChatGPT into its cars.  The powerful software in Mercedes’ new vehicles will be able to engage in realistically human-like dialog… like a built-in carpool buddy.

Netflix is opening a restaurant.  You can’t share passwords, but you can share food! Netflix is taking its content “from screen to table” with a new pop-up restaurant in Los Angeles.

The only skyscraper in Paris is about to turn 50.  And many Parisians still hate it.

‘Octagonal’ sword from Bronze Age burial in Germany is so well preserved it shines.
Archaeologists in Germany have unearthed a sword from a Bronze Age burial, and the weapon is in such good condition that it still gleams.  Read More

Vast cemetery of Bronze Age burial mounds unearthed near Stonehenge
Archaeologists have discovered a vast cemetery of Bronze Age burial mounds ahead of a building development near Stonehenge. Read More.

Quantum computers could overtake classical ones within 2 years, IBM ‘benchmark’ experiment shows
True quantum supremacy, in which quantum computers overtake classical digital ones, could be here surprisingly soon. Read More.

PHOTOS OF THE DAY

Paris, France
Serbia’s Novak Djokovic reacts during his defeat of Norway’s Casper Ruud in the men’s singles final of the French Open at the Court Philippe-Chatrier. Djokovic said he was as motivated as ever to continue pushing forward after winning a men’s record 23rd grand slam title. ‘[The] journey is still not over,’ he said. ‘I feel, if I’m winning slams, why even think about, you know, ending the career that already has been going on for 20 years’.  Photograph: Julien de Rosa/AFP/Getty Images

London, England
A member of the massed bands of the Household Division faints due to heat exhaustion while participating in the colonel’s review at Horse Guards Parade in London. At least three guardsmen fainted in the heat during the military parade as temperatures in the UK hit 30C for the first time this year.  Photograph: Tolga Akmen/EPA.

Sekenani, Kenya
A group of Maasai women dance to traditional songs during a Maasai cultural festival in Sekenani. The Maasai people are a Nilotic ethnic group inhabiting Kenya and northern Tanzania. The festival is a popular gathering and celebration of the Maasai cultural heritage and aims to showcase the community’s traditional activities and fashion.  Photograph: Luis Tato/AFP/Getty Images.
Market Closes for June 16^th, 2023

Market Index	Close	Change
Dow Jones	34299.12	-108.94
		-0.32%
S&P 500	4409.59	-16.25
		-0.37%
NASDAQ	13689.57	-93.25
		-0.68%
TSX	19975.37	-51.98
		-0.26%

International Markets

Market Index	Close	Change
NIKKEI	33706.08	+220.59
		+0.66%
HANG SENG	20040.37	+211.45
		+1.07%
SENSEX	63384.58	+466.95
		+0.74%
FTSE 100*	7642.72	+14.46
		+0.19%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.352	3.331
CND. 30 Year Bond	3.202	3.211
U.S.    10 Year Bond	3.7672	3.7184
U.S. 30 Year Bond	3.8522	3.8394

Currencies

BOC Close	Today	Previous
Canadian $	0.7577	0.7565
US $	1.3398	1.3319
Euro Rate 1 Euro=		Inverse
Canadian $	1.4437	0.6927
US  $	1.0939	0.9142

Commodities

Gold	Close	Previous
London Gold Fix	1952.35	1955.80
Oil
WTI Crude Future	71.78	70.60

Market Commentary:
📈 On this day in 1812: The State of New York chartered a new institution called City Bank of New York, capitalized at $2 million, with $800,000 already raised. Today, it is global behemoth Citigroup.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.3% at 19,975.37 in Toronto.
The move was the biggest since falling 0.4% on June 7 and follows the previous session’s increase of 0.1%.
Shopify Inc. contributed the most to the index decline, decreasing 2.2%.
Mag Silver Corp. had the largest drop, falling 6.4%.
Today, 126 of 232 shares fell, while 104 rose; 7 of 11
sectors were lower, led by information technology stocks.
Insights
* This quarter, the index fell 0.6%
* So far this week, the index rose 0.4%
* The index advanced 5.1% in the past 52 weeks. The MSCI AC Americas Index gained 19% in the same period
* The S&P/TSX Composite is 4.2% below its 52-week high on Feb. 2, 2023 and 11.8% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.8 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$3.19t
* 30-day price volatility fell to 10.85% compared with 11.82% in the previous session and the average of 11.24% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -23.8993| -1.5| 4/8
Energy | -16.3386| -0.5| 17/23
Financials | -8.9945| -0.1| 14/15
Utilities | -6.8082| -0.8| 8/8
Consumer Staples | -4.8254| -0.6| 3/8
Real Estate | -4.4672| -0.9| 3/18
Health Care | -0.1085| -0.2| 2/4
Consumer Discretionary | 1.7978| 0.2| 7/8
Communication Services | 3.8084| 0.5| 3/2
Materials | 3.8605| 0.2| 29/19
Industrials | 4.0086| 0.1| 14/13
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -15.8600| -2.2| 114.5| 81.9
Canadian Natural Resources | -7.3830| -1.3| 42.1| -3.5
Manulife Financial | -6.3240| -1.9| 70.9| 3.7
Barrick Gold | 3.1810| 1.2| 248.9| -5.0
Enbridge | 3.3750| 0.5| 46.9| -6.5
Canadian National | 4.6390| 0.7| 177.5| -2.4
US
By Rita Nazareth
(Bloomberg) — A seemingly unstoppable advance fueled by Wall Street’s obsession over anything related to artificial intelligence took a breather on Friday, with the market facing the test of a massive options expiration.
The tech-heavy Nasdaq 100 underperformed major benchmarks, led by losses in giants Microsoft Corp. and Apple Inc. — which had recently closed at all-time highs.
A worrisome warning from Micron Technology Inc. weighed on chipmakers, while Adobe Inc. climbed on a bullish forecast.
The S&P 500 halted a six-day  winning streak, but still notched its best week since March.
Stock traders caught between the fear of missing out on this year’s rally and mounting concerns about an overbought market had something else to cope with this week: positioning.
With an estimated $4.2 trillion in options contracts tied to stocks and indexes scheduled to mature, traders would typically need to either roll over existing positions or start new ones.
The impact of derivatives on trading this week was so significant that, at one point, the market’s favorite volatility gauge was climbing alongside the S&P 500.
The so-called VIX finally gave in, and with Friday’s plunge, it ended up erasing this week’s advance.
“The market could see some wild swings in either direction for no fundamental (or even technical) reason at all,” wrote Matt Maley, chief market strategist Miller Tabak + Co. “So nobody should read anything into today’s movement.”
Indeed, the market seemed to have ignored certain developments that would otherwise be considered catalysts for trading.
That was the case with data showing a slump in consumer year-ahead inflation expectations and the latest geopolitical news.
President Vladimir Putin said Russia has delivered its first tactical nuclear weapons to Belarus, three months after announcing the plan that threatens to ratchet up tensions with the US and its allies over the war in Ukraine.
Not even hawkish Fed-speak had much of an impact or any impact at all in Friday’s trading.
“The market caught a renewed bid from traders suffering from FOMO and ‘chasing’ the market higher,” said Tom Essaye, a former Merrill Lynch trader who founded The Sevens Report newsletter. “We are not bearish stocks right now, but we are growing cautious on the very near-term direction of the market given how quickly the market priced in a very Goldilocks macroeconomic environment based on only limited evidence of improvement in the current major market influences.”
The S&P 500 may have entered a technical bull market last week, but Bank of America Corp.’s Michael Hartnett said Friday he’s not convinced this is the start of a “brand, new shiny bull market.”
The current market looks more like 2000 or 2008, with a “big rally before big collapse,” Hartnett wrote.
Equities had about $22 billion inflows in the week through June 14, while bonds had $6.7 billion of additions, BofA said in a note, citing EPFR Global data.
In other corporate news, iRobot Corp. soared after Amazon.com Inc.’s proposed $1.7 billion deal to buy the robot vacuum firm was given the all-clear by the UK’s antitrust agency.
Virgin Galactic Holdings Inc., Richard Branson’s space-tourism venture, surged after announcing that its long-awaited first commercial passenger mission will take off as soon as June 27.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.7%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.0936
* The British pound rose 0.3% to $1.2822
* The Japanese yen fell 1.1% to 141.84 per dollar
Cryptocurrencies
* Bitcoin rose 3.3% to $26,393.75
* Ether rose 3.2% to $1,721.52
Bonds
* The yield on 10-year Treasuries advanced five basis points to 3.76%
* Germany’s 10-year yield declined three basis points to 2.47%
* Britain’s 10-year yield advanced three basis points to 4.41%
Commodities
* West Texas Intermediate crude rose 1.5% to $71.66 a barrel
* Gold futures fell 0.1% to $1,968.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric and Isabelle Lee.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
It ain’t what they call you, it’s what you answer to. –W.C. Fields, 1880-1946.

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.

June 15, 1215: King John of England signs the Magna Carta – the first document to put into writing the principle that the king and his government was not above the law.  It sought to prevent the king from exploiting his power.

1992: Vice President Dan Quayle erroneously instructed a Trenton, N.J., elementary school student to spell potato as “potatoe” during a spelling bee. –Go to article  .

Sportscasting legend hit in the face with foul ball while calling the game.  Ouch… Yankees broadcaster John Sterling was bonked by a foul ball while doing his
live play-by-play. Watch the video here.

New York is going to war with rats. Paris is talking about making peace with them.  New York City is declaring outright war on rats while Paris is looking into an ambitious plan of “cohabitation” with its furry inhabitants.

Orcas are attacking boats in Europe.  Watch the heart-racing moment a group of orcas broke a boat with passengers on board.

Curiosity rover captures dramatic new portrait of the Martian landscape.  These new photos show the dramatic, colorful hues of morning and afternoon light on the surface of Mars.

Thanks to Netflix, a tiny Swiss town has more visitors than locals.

PHOTOS OF THE DAY

Taipei, Taiwan
A Godzilla mural, which is almost 50 metres tall, adorns a hotel.  Photograph: Sam Yeh/AFP/Getty Images.

Tynemouth, UK
Sea mist rolls in over the lighthouse and Tynemouth Priory.  Photograph: Owen Humphreys/PA.

Many forests in Jasper National Park in Alberta, Canada, benefit from naturally occurring, low-intensity wildfires. Without fire, trees grow unnaturally dense, and dead logs accumulate on the forest floor. This timber can collide with hotter, drier conditions and cause explosively large wildfires. Now forest managers are trying to reverse a century of misguided management by igniting controlled burns. The landscape may look different, but as this haunting image of a burned spruce forest shows, they can be equally captivating.CPhotograph: Miquel Angel ArtusIllana/BigPicture.
Market Closes for June 15^th, 2023

Market Index	Close	Change
Dow Jones	34408.06	+428.73
		+1.26%
S&P 500	4425.84	+53.25
		+1.22%
NASDAQ	13782.82	+156.34
		+1.15%
TSX	20027.35	+12.26
		+0.06%

International Markets

Market Index	Close	Change
NIKKEI	33485.49	-16.93
		-0.05%
HANG SENG	19828.92	+420.50
		+2.17%
SENSEX	62917.63	-310.88
		-0.49%
FTSE 100*	7628.26	+25.52
		+0.34%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.331	3.408
CND. 30 Year Bond	3.211	3.273
U.S.    10 Year Bond	3.7184	3.7959
U.S. 30 Year Bond	3.8394	3.8804

Currencies

BOC Close	Today	Previous
Canadian $	0.7565	0.7506
US $	1.3319	1.3323
Euro Rate 1 Euro=		Inverse
Canadian $	1.4471	0.6910
US  $	1.0947	0.9135

Commodities

Gold	Close	Previous
London Gold Fix	1955.80	1954.40
Oil
WTI Crude Future	70.60	68.27

Market Commentary:
📈 On this day in 1933: President Franklin D. Roosevelt took almost single-handed control over U.S. economy with a series of new laws. The Glass-Steagall Act limited the activities of commercial banks. The National Industrial Recovery Act established a $3.3 billion public works program and gave the government unprecedented powers over railroads and other industries.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 20,027.35 in Toronto.
First Quantum Minerals Ltd. contributed the most to the index gain and had the largest move, increasing 7.6%.
Today, 110 of 232 shares rose, while 121 fell; 4 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index fell 0.4%
* So far this week, the index rose 0.7%, heading for the biggest advance since the week ended April 14
* The index advanced 2.1% in the past 52 weeks. The MSCI AC Americas Index gained 16% in the same period
* The S&P/TSX Composite is 3.9% below its 52-week high on Feb. 2, 2023 and 12.1% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.4% in the past 5 days and fell 2.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.8 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$3.19t
* 30-day price volatility fell to 11.82% compared with 11.93% in the previous session and the average of 11.15% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 23.6675| 0.4| 18/11
Energy | 13.5712| 0.4| 35/5
Industrials | 0.7562| 0.0| 14/13
Consumer Discretionary | 0.5794| 0.1| 7/8
Health Care | -0.0341| -0.1| 2/4
Consumer Staples | -0.8805| -0.1| 4/7
Real Estate | -2.4812| -0.5| 8/13
Communication Services | -2.7941| -0.3| 1/4
Materials | -5.9406| -0.3| 15/35
Information Technology | -6.8873| -0.4| 3/9
Utilities | -7.2875| -0.8| 3/12
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
First Quantum Minerals | 9.1550| 7.6| 218.9| 17.7
TD Bank | 8.3510| 0.8| 21.6| -8.1
RBC | 6.2550| 0.5| -43.2| -1.2
BCE | -2.3430| -0.6| 71.0| 0.9
Shopify | -3.4050| -0.5| -9.0| 86.0
Barrick Gold | -7.0960| -2.6| 39.3| -6.1
US
By Rita Nazareth
(Bloomberg) — The stock rally driven by the exuberance surrounding artificial intelligence is widening beyond the tech industry, defying naysayers and raising concern about an overbought market.
Mounting bets that the Federal Reserve will end its tightening cycle sooner rather than later to prevent a recession added fuel to the equity advance, with the S&P 500 topping 4,400 and rising for a sixth straight day.
The Dow Jones Industrial Average extended its advance from a September low to almost 20%, while the Nasdaq 100 closed at its highest since March 2022.
Microsoft Corp., which has unveiled a procession of AI-based products in recent months, climbed to a record.
Lennar Corp. led a rally in homebuilders on a bullish outlook.
Restaurant chain Cava Group Inc. soared in its trading debut.
Delta Air Lines Inc. climbed for a 15th straight session as its board voted to restart the quarterly dividend.
A gauge of US-listed Chinese stocks jumped with Beijing seen rolling out more stimulus to help the economy.
Wall Street’s fervor will face a big test on Friday as a massive amount of options contracts tied to stocks and indexes are set to mature.
The event, known as OpEx, typically obliges traders to either roll over existing positions or start new ones. That usually involves portfolio adjustments that lead to a spike in volume and sudden price swings.
Equities continued to gain traction after the US benchmark crossed the bull-market threshold last week, surging more than 20% from its October low.
Traders kept piling into stocks even after the S&P 500’s 14-day relative strength index topped 70 — which is seen by some traders as one indication of an overbought market.
“US stocks have defied skeptics and rallied this year in the face of bank collapses, constant fears of a recession, and what’s expected to be a slowdown in corporate profits,” said Arthur Hogan, chief market strategist at B. Riley Wealth. “For our part, we assume that inflation will look better in the second half.”
Market breadth has improved notably, with multiple sectors exhibiting stronger relative strength trends, according to Dan Wantrobski at Janney Montgomery Scott.
“All this being said, our concern grows that leadership areas like the Nasdaq 100 index and S&P 500 remain very overbought/extended on a short-term basis,” wrote Wantrobski.
“While we understand that overbought conditions such as these can last for some time, we also understand that historical data illustrates they cannot be sustained indefinitely.”
Wantrobski says there’s still a “high probability” of a pullback ahead as we move beyond June.
In fact, the rally in equities faces a fresh threat over the next few weeks with the world’s biggest money managers set to unload as much as $150 billion of stocks.
JPMorgan Chase & Co. projects real-money portfolios will tilt back in favor of bonds to meet allocation targets, in the largest rebalancing flows to the asset class since the fourth quarter of 2021.
The periodic rejigging could knock off as much as 5% from the price of global stocks, according to estimates by JPMorgan strategist Nikolaos Panigirtzoglou.
Bonds climbed Thursday, with the yield on 10-year Treasuries declining seven basis points to 3.71%.
The dollar slumped the most since February.
The euro rallied as the European Central Bank lifted interest rates by another quarter-point, with President Christine Lagarde describing a further hike in July as “very likely.”
The move came a day after Fed officials paused their series of interest-rate hikes, but projected borrowing costs will go higher than previously expected, owing to what Chair Jerome Powell called surprisingly persistent inflation and labor-market strength.
The Fed is now in a “data-dependent” mode before it delivers what may be just one final increase in US borrowing costs next month, former Vice President Richard Clarida said.
“It was what I would call an awkward but hawkish pause,” Clarida, who is now a global economic advisor at Pacific Investment Management Co. told Bloomberg Television on Thursday.
The US economy is holding up, but losing steam.
While an advance in retail sales last month exceeded nearly every estimate, the report also showed consumer demand has moderated from the past year.
Separate data showed factory production remained sluggish and applications for unemployment benefits held at the highest level since late 2021.
Elsewhere, oil rebounded as strengthening demand in China outweighed concerns over further interest rate hikes in the US.
West Texas Intermediate futures traded near $70 a barrel on Thursday after falling 1.7% in the previous session. 
Key events this week:
* Bank of Japan rate decision, Friday
* 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 1.2%
* The Dow Jones Industrial Average rose 1.3%
* The MSCI World index rose 1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.7%
* The euro rose 1.1% to $1.0947
* The British pound rose 0.9% to $1.2783
* The Japanese yen fell 0.1% to 140.26 per dollar
Cryptocurrencies
* Bitcoin rose 2.1% to $25,442.19
* Ether rose 1.8% to $1,668.22
Bonds
* The yield on 10-year Treasuries declined seven basis points to 3.71%
* Germany’s 10-year yield advanced five basis points to 2.50%
* Britain’s 10-year yield was little changed at 4.38%
Commodities
* West Texas Intermediate crude rose 3.3% to $70.52 a barrel
* Gold futures rose 0.1% to $1,971.30 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Richard Henderson, John Viljoen, Vildana Hajric, Carly Wanna, Isabelle Lee and Peyton Forte.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
It never ceases to amaze me: we all love ourselves more than other people,
but care more about their opinions than our own. –Marcus Aurelius, 112 AD-180 AD.

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:
June 14^th, 1775: The US Army first forms as the Continental Army to fight the American Revolutionary War.
1940: The Nazis opened a concentration camp at Auschwitz in German-occupied Poland.  Go to article.
1951: Univac Computer unveiled.

Vegetable gardening for beginners.  It’s quite satisfying to grow your own food from scratch. Here are reasons you should consider planting a vegetable garden if your space allows.

50 million:  That’s roughly how many people in the US quit their jobs in the two years after the height of the Covid-19 pandemic, citing various pressures like burnout or child care needs. Amid a tight labor market, many were also able to find better jobs with better pay. But now, experts say “The Great Resignation” is over and mass layoffs in some industries may be causing Americans to stay put.

‘Liquid gypsum’ burial from Roman Britain scanned in 3D, revealing 1,700-year-old secrets
About 1,700 years ago, a wealthy Roman family was buried with a bizarre material poured over their corpses. Now, a 3D scan has revealed the insides of their burial cocoon. Read More

12,000-year-old flutes carved of bone are some of the oldest in the world and sound like birds of prey.
Archaeologists have unearthed a collection of 12,000-year-old flutes carved out of bird bones that mimic the calls of certain birds of prey. Full Story: Live Science (6/9).

Amino acid taurine can slow aging in animals, but we don’t know if it works in people.
Taurine — an amino acid made by the human body and often added to energy drinks — can slow aging and extend the life spans of certain animals, a new study suggests. Full Story: Live Science (6/8)

PHOTOS OF THE DAY

Milan, Italy
People wait outside the cathedral before the state funeral for Italy’s former prime minister Silvio Berlusconi Photograph: Gabriel Bouys/AFP/Getty Images.

Athens, Greece
The Parthenon temple is reflected in a puddle after heavy rain Photograph: Petros Giannakouris/AP

Norfolk, UK
Amur tiger Mishka with one of her six-week-old cubs as they begin to explore their enclosure at Banham zoo Photograph: Joe Giddens/PA
Market Closes for June 14^th, 2023

Market Index	Close	Change
Dow Jones	33979.33	-232.79
		-0.68%
S&P 500	4372.59	+3.58
		+0.08%
NASDAQ	13626.48	+53.16
		+0.39%
TSX	20015.09	+24.69
		+0.12%

International Markets

Market Index	Close	Change
NIKKEI	33502.42	+483.77
		+1.47%
HANG SENG	19408.42	-113.00
		-0.58%
SENSEX	63228.51	+85.35
		+0.14%
FTSE 100*	7602.74	+7.96
		+0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.408	3.463
CND. 30 Year Bond	3.273	3.332
U.S.    10 Year Bond	3.7959	3.8172
U.S. 30 Year Bond	3.8804	3.9228

Currencies

BOC Close	Today	Previous
Canadian $	0.7506	0.7510
US $	1.3323	1.3316
Euro Rate 1 Euro=		Inverse
Canadian $	1.4428	0.6931
US  $	1.0830	0.9234

Commodities

Gold	Close	Previous
London Gold Fix	1954.40	1952.90
Oil
WTI Crude Future	68.27	69.42

Market Commentary:
📈 On this day in 2000, authorities arrested nearly 100 in an alleged Mafia-led plot that exploited the dot-com boom. The alleged fraud extracted around $50 million from thousands of investors.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.1%, or 24.69 to 20,015.09 in Toronto.
The index advanced to the highest closing level since June 6.
Shopify Inc. contributed the most to the index gain, increasing 3.4%.
Lundin Mining Corp. had the largest increase, rising 5.7%.
Today, 109 of 232 shares rose, while 115 fell; 6 of 11 sectors were higher, led by industrials stocks.
Insights
* This quarter, the index fell 0.4%
* The index advanced 2.4% in the past 52 weeks. The MSCI AC Americas Index gained 16% in the same period
* The S&P/TSX Composite is 4% below its 52-week high on Feb. 2, 2023 and 12% above its low on Oct. 13, 2022 * The S&P/TSX Composite is little changed in the past 5 days and fell 2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.8 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$3.18t
* 30-day price volatility little changed to 11.93% compared with 11.93% in the previous session and the average of 11.12% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | 28.9154| 1.1| 19/8
Information Technology | 26.7125| 1.7| 7/4
Financials | 15.1506| 0.3| 18/10
Consumer Discretionary | 9.0542| 1.2| 11/4
Consumer Staples | 2.0953| 0.3| 5/5
Real Estate | 0.3431| 0.1| 12/6
Materials | -0.0092| 0.0| 24/24
Health Care | -0.6674| -1.0| 3/3
Utilities | -7.5231| -0.8| 1/15
Communication Services | -8.7005| -1.0| 3/2
Energy | -40.6936| -1.2| 6/34
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 23.7500| 3.4| -9.0| 86.9
Canadian National | 9.6150| 1.5| -25.4| -3.3
Canadian Pacific Kansas | 7.1710| 1.1| -5.3| 2.6
Canadian Natural Resources | -5.7680| -1.0| 63.6| -1.7
Nutrien | -8.5990| -3.0| 20.2| -21.1
Enbridge | -10.9700| -1.6| -42.6| -7.1
US
By Rita Nazareth
(Bloomberg) — Stocks closed little changed as the Federal Reserve signaled the possibility of resuming its interest-rate hikes after pausing its tightening cycle in June to assess economic conditions.
The S&P 500 finished higher by just 0.1%, recovering some ground after Jerome Powell said no decision has been made for the next few meetings.
Treasury two-year yields, which are more sensitive to imminent Fed moves, climbed three basis points to 4.7%.
The dollar fell.
The Fed decision left the benchmark federal funds rate in a target range of 5% to 5.25%.
Fresh quarterly Fed forecasts showed borrowing costs rising to 5.6% by year end, according to the median projection, compared with 5.1% in the previous round of projections.

Reaction to Fed:
* Edward Moya at Oanda:
“The Fed statement and projections were very hawkish, but Powell’s presser was a bit optimistic regarding their inflation fight and non-committal for a July rate hike. ​The S&P 500 recovered initial losses as traders believe the Fed is becoming a bit overly aggressive on what will be needed to get inflation all the way down.”​
* Andrew Slimmon at Morgan Stanley Investment Management:
“What I find fascinating is despite a hawkish tone from today’s Fed announcement, the S&P barely went negative. The reason is that retail and institutional assets remain drastically offsides and are looking for any pullback as an opportunity to increase exposure.”
* Chris Zaccarelli at Independent Advisor Alliance:
“The Fed is saying that they are going to continue to fight inflation by raising interest rates at future meetings, but what the market hears is that the Fed is close to stopping interest rate hikes and it’s time to put cash to work.”
* Neil Dutta at Renaissance Macro Research:
“What the hell do you expect them to do? Unemployment is not rising as much as they thought. Inflation is still firm.  Growth is strong and the momentum behind it is favorable.”
* Mike Loewengart at Morgan Stanley Global Investment Office:
“The Fed may have paused today, as expected, but they probably raised a few eyebrows with their hawkish language — suggesting investors may have two more rate hikes to look forward to. The market’s initial pullback after the announcement showed how investors felt about that. But the inflation battle was always slated to be a long one, and there’s likely to be more bumps in the road for the market.”
* Greg McBride at Bankrate:
“The Fed is taking a breather. But it will likely be very short-lived, with rate hikes potentially resuming as soon as July. For now, the Fed will use this time to take in more data on inflation, the health of the economy, and tightening credit conditions before deciding what comes next.”
* Jason Pride at Glenmede:
“No rate hike this month does not necessarily mean that the Fed is finished raising rates this cycle. It is more likely that today’s decision will prove to be a ‘skip’ ahead of another rate hike at the July meeting than a prolonged pause in the rate hike campaign.”
Even with a pause in Fed hikes and an artificial intelligence boom that helped drive the S&P 500 into a bull market, there’s more pain ahead for stocks, according to Morgan Stanley’s Mike Wilson.
He reiterated his year-end price target of 3,900 for the gauge, which implies an 11% drop from Tuesday’s close.
“Our view is that inflation is going to come down, and while that potentially is very good for bonds, it’s not going to be good for stocks because that’s where the earnings power is coming from — this is really our boom-bust thesis.”
Key events this week:
* China property prices, retail sales, industrial production, Thursday
* European Central Bank President Christine Lagarde holds press conference following the rate decision, Thursday
* US initial jobless claims, retail sales, empire manufacturing, business inventories, industrial production, Thursday
* Bank of Japan rate decision, Friday
* US University of Michigan consumer sentiment, 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 rose 0.7%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.3% to $1.0825
* The British pound rose 0.4% to $1.2659
* The Japanese yen rose 0.2% to 139.97 per dollar
Cryptocurrencies
* Bitcoin was little changed at $25,869.47
* Ether fell 0.6% to $1,728.33
Bonds
* The yield on 10-year Treasuries declined one basis point to 3.80%
* Germany’s 10-year yield advanced three basis points to 2.45%
* Britain’s 10-year yield declined four basis points to 4.39%
Commodities
* West Texas Intermediate crude fell 0.9% to $68.79 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Brett Miller, Tassia Sipahutar, John
Viljoen, Vildana Hajric, Carly Wanna, Isabelle Lee, Sophie Caronello and Emily Graffeo.

Have a  lovely evening.

Be magnificent!
As ever,

Carolann
If it were not for hopes, the heart would break. –Thomas Fuller, 1608-1661.

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:
June 13^th, 1971: The New York Times publishes the Pentagon Papers.  The secret study of the United States’ involvement in the Vietnam War revealed the government’s lives concerning the scale of US activities in Vietnam and neighboring countries.

June 13^th, 1983 The U.S. space probe Pioneer 10 became the first spacecraft to leave the solar system as it crossed the orbit of Neptune.  Go to article  

William Butler Yeats, poet, b. 1865.
And say my glory was I had such friends. –William Butler Yeats, 1865-1939.

India is now the most populous country in the world.  The South Asian superpower has a growing influence on the global stage — and it’s ready to become a tourism force.

Life may already exist on the moon — and NASA’s next mission could find it
Some hardy microbes might be able to survive on Earth’s nearest neighbor, experts suggest. Read More.

AI identifies 3 more ‘Nazca Lines’ figures in Peru
Scientists used artificial intelligence to discover three lost “Nazca Lines” that were etched into the desert up to 2,400 years ago. Read More.

‘Reanimated’ hearts can be successfully transplanted and could expand donor pool
A gold-standard clinical trial suggests that “reanimating” donated hearts is a viable strategy. Read More.

Meet ‘Dr. Deep Sea,’ the scientist who broke the record for the longest time living underwater
Joseph Dituri, who recently broke the record for the longest time spent living underwater, tells Live Science about his mission. Read More

The 12 biggest volcanic eruptions in recorded history
From Krakatoa to the Tonga blast, here are some of the biggest volcanic eruptions ever seen. Read More

PHOTOS OF THE DAY

Lisbon, Portugal
Celebrations during the Santo Antônio de Lisboa district’s parade on Avenida da Liberdade. Every year on Saint Anthony evening people from about 20 Lisbon neighbourhoods march in colourful costumes and sing popular songs in honour of the saint. Photograph: Patrícia de Melo Moreira/AFP/Getty Images

Basel, Switzerland
Visitors walk past pictures by US photographer Richard Avedon at the Art Basel fair for modern and contemporary art Photograph: Fabrice Coffrini/AFP/Getty Images.

Frankfurt, Germany
A hare sits on a backroad at sunrise on the outskirts of the city Photograph: Michael Probst/AP
Market Closes for June 13^h, 2023

Market Index	Close	Change
Dow Jones	34212.12	+145.79
		+0.43%
S&P 500	4369.01	+30.08
		+0.69%
NASDAQ	13573.32	+111.40
		+0.83%
TSX	19990.40	+69.09
		+0.35%

International Markets

Market Index	Close	Change
NIKKEI	33018.65	+584.65
		+1.80%
HANG SENG	19521.42	+117.11
		+0.60%
SENSEX	63143.16	+418.45
		+0.67%
FTSE 100*	7594.78	+24.09
		+0.32%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.463	3.346
CND. 30 Year Bond	3.332	3.237
U.S.    10 Year Bond	3.8172	3.7375
U.S. 30 Year Bond	3.9228	3.8777

Currencies

BOC Close	Today	Previous
Canadian $	0.7510	0.7481
US $	1.3316	1.3367
Euro Rate 1 Euro=		Inverse
Canadian $	1.4371	0.6958
US  $	1.0792	0.9266

Commodities

Gold	Close	Previous
London Gold Fix	1952.90	1960.30
Oil
WTI Crude Future	69.42	67.12

Market Commentary:
📈 On this day in 1991: The New York Stock Exchange began after-hours trading for the first time, as two “crossing sessions” of trades among institutional investors extended the trading day to 5:15 p.m.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.3%, or 69.09 to 19,990.40 in Toronto.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.3%.
Sandstorm Gold Ltd. had the largest increase, rising 8.6%.
Today, 143 of 232 shares rose, while 87 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index fell 0.5%
* The index advanced 1.3% in the past 52 weeks. The MSCI AC Americas Index gained 16% in the same period
* The S&P/TSX Composite is 4.1% below its 52-week high on Feb. 2, 2023 and 11.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 0.3% in the past 5 days and fell 2.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.7 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$3.17t
* 30-day price volatility fell to 11.93% compared with 12.18% in the previous session and the average of 11.08% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 55.2114| 0.9| 25/4
Energy | 16.3569| 0.5| 30/10
Industrials | 10.2798| 0.4| 19/8
Consumer Staples | 5.3339| 0.7| 10/1
Consumer Discretionary | 4.9787| 0.7| 11/4
Communication Services | 3.8838| 0.5| 5/0
Health Care | 0.4030| 0.6| 3/3
Real Estate | -0.0207| 0.0| 11/9
Materials | -0.4281| 0.0| 21/28
Utilities | -8.4411| -0.9| 3/13
Information Technology | -18.4611| -1.2| 5/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | 12.7800| 1.3| 5.1| -8.9
Canadian Natural Resources | 9.3060| 1.7| 99.5| -0.7
Bank of Montreal | 9.2660| 1.6| -45.4| -3.6
Brookfield Renewable Partners | -3.5710| -5.9| 352.9| 16.1
Agnico Eagle Mines | -4.7160| -2.0| 12.7| -5.3
Shopify | -16.3600| -2.3| -13.2| 80.8
US
By Rita Nazareth
(Bloomberg) — Wall Street got some encouragement to send stocks higher after a slowdown in inflation bolstered speculation the Federal Reserve will pause its tightening campaign on Wednesday.
That’s not to say investors are betting the Fed is done with its interest-rate hikes just yet.
While swap traders are putting the odds of a June increase at only 10%, they still see the potential for a July move.
And to some of the world’s biggest money managers, the central bank will continue to sound hawkish even if it stays on hold this week.
Tiffany Wilding at Pacific Investment Management Co. expects the Fed to signal the market should not interpret a potential pause as the end of hikes.
Alexandra Wilson-Elizondo at Goldman Sachs Asset Management, sees a “hawkish pause” as the rate of disinflation remains incompatible with the Fed’s 2% target.
Meantime, UBS Chief Investment Office bets officials will send a “clear message” that at least one more increase is likely at a later meeting.
“The Fed is comfortable pausing the hiking cycle in June, provided there is a strong statement of their intention to raise rates again should it be required,” said James Athey, investment director at Abrdn.
Short-term Treasury yields surged to the highest levels since March amid a decline in expectations that the Fed will cut interest rates this year.
Two-year rates, which are more sensitive to imminent policy moves, climbed 10 basis points to 4.68%.
The S&P 500 rose for a fourth consecutive day — its longest winning run since early April — and approached the 4,400 mark.
Wall Street’s “fear gauge” — the CBOE Volatility Index — dropped back below 15.
That compares with an average of 23 for the VIX in the past year.
Ian Lyngen at BMO Capital Markets says he’ll be on the lookout for any comments from Jerome Powell regarding the recent breakout in the US equity benchmark that reached its highest
level since April 2022.
Back in December, the Fed Chair highlighted the importance of financial conditions continuing to reflect the policy restraints put in place to tame inflation.
“We expect the performance of risk assets will be an issue that is discussed by the Fed,” Lyngen wrote in a note to clients. “The VIX has begun to consolidate <15, which has also contributed to the overall loosening in financial conditions.”
In addition to the Fed decision on rates, investors’ focus will be on the central bank’s quarterly so-called dot plot in its Summary of Economic Projections.
“Raising the ‘dots’ for both 2023 and 2024 would signal an intention to leave rates higher for longer, while also giving the doves on the committee another few weeks to prove that inflationary pressures are waning,” the UBS Chief Investment Office added.
The consumer price index and the core CPI — which excludes food and energy — decelerated on an annual basis.
However, a key gauge of prices closely watched by the Fed continued to rise at a concerning pace.
“Today’s US CPI has likely sealed the deal for a ‘hawkish hold’,” said Matthew Weller at FOREX.com and City Index. “With no upside surprises to inflation, it looks likely that Jerome Powell and company will follow through on their recent comments favoring a ‘skip’ in the interest rate hiking cycle tomorrow, while leaving the door open for a potential resumption of rate increases next month if the data dictates.”
Elsewhere, oil rebounded by more than 3% from a three-month low as China weighed measures to revitalize the world’s second-largest economy.
West Texas Intermediate futures topped $69 a barrel after three losing sessions. 
Key events this week:
* Eurozone industrial production, Wednesday
* US PPI, Wednesday
* Federal Reserve rate decision, updated economic forecasts, Jerome Powell’s press conference, Wednesday
* IEA oil market report, Wednesday
* China property prices, retail sales, industrial production, Thursday
* European Central Bank President Christine Lagarde holds press conference following the rate decision, Thursday
* US initial jobless claims, retail sales, empire manufacturing, business inventories, industrial production, Thursday
* Bank of Japan rate decision, Friday
* US University of Michigan consumer sentiment, 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 0.8%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.3% to $1.0791
* The British pound rose 0.8% to $1.2608
* The Japanese yen fell 0.4% to 140.21 per dollar
Cryptocurrencies
* Bitcoin was little changed at $25,886.45
* Ether was little changed at $1,739.66
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 3.82%
* Germany’s 10-year yield advanced three basis points to 2.42%
* Britain’s 10-year yield advanced 10 basis points to 4.43%
Commodities
* West Texas Intermediate crude rose 3% to $69.15 a barrel
* Gold futures fell 0.7% to $1,956.60 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from John McCorry, John Viljoen, Isabelle Lee, Cecile Gutscher, Sagarika Jaisinghani, Julien Ponthus, Peyton Forte, Allegra Catelli, Blaise Robinson, Carly Wanna, Emily Graffeo, Brett Miller and Tassia Sipahutar.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Meet bitterness with kindness. –Lao Tzu, 6^thc. BC-5^th c. BC.

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.

June 12, 1964: Nelson Mandela is sentenced to life in prison.  The South African anti-apartheid activist spent 27 years in prison.  In 1993, he received the Nobel Peace Prize and one year later he became President of South Africa.
On June 12, 1987, during a visit to the divided German city of Berlin, President Ronald Reagan publicly challenged Soviet leader Mikhail S. Gorbachev to ”tear down this wall.”  Go to article 

Anne Frank, b. 1929.
George H. W. Bush, 41^st US President, b. 1924.

June 12, 1939: National Baseball Hall of Fame opened.
“Baseball is 9% mental, the other half is physical”. –Yogi Berra.

Black bear spotted swimming at crowded Florida beach.  Usually, the only bear you’ll find at the beach is bare feet. But in Florida, a furry black bear was seen walking
out of the ocean. Watch the video here.

Novak Djokovic wins record-breaking 23rd grand slam title.  Djokovic defeated Casper Ruud in the French Open final, setting a new men’s record for the most grand slam titles.

Golden Knights are one win away from clinching first Stanley Cup in franchise history.  Vegas hockey fans are biting their nails ahead of Game 5 on Tuesday.

Stephen Hawking wanted scientists to ‘make black holes’ on Earth. Physics says it’s possible.
When Stephen Hawking and I visited the Large Hadron Collider, he hoped for an unexpected physics breakthrough. His dreams may not be impossible. Read More

Canadian wildfire smoke detected thousands of miles away in Norway
Wildfire smoke from Canada has hit Norway, which is more than 3,000 miles from the North American country. Read More.
PHOTOS OF THE DAY

Peterlee, England
Parkour athletes Craig Cheel, Dan Calvert and Jai Smith during a practice session at the Apollo Pavilion in County Durham.  Photograph: Lee Smith/Reuters

Dover, England
The cruise ship Zuiderdam is shrouded in fog while visiting the Port of Dover.  Photograph: Gareth Fuller/PA

Djokovic’s record-breaking triumph is celebrated in his home city of Belgrade, with an image projected onto the side of the Kula Beograd building.  Photograph: Andrej Isaković/AFP/Getty Images
Market Closes for June 12^th, 2023

Market Index	Close	Change
Dow Jones	34066.33	+189.55
		+0.56%
S&P 500	4338.93	+40.07
		+0.93%
NASDAQ	13461.92	+202.78
		+1.53%
TSX	19921.31	+29.25
		+0.15%

International Markets

Market Index	Close	Change
NIKKEI	32434.00	+168.83
		+0.52%
HANG SENG	19404.31	+14.36
		+0.07%
SENSEX	62724.71	+99.08
		+0.16%
FTSE 100*	7570.69	+8.33
		+0.11%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.346	3.372
CND. 30 Year Bond	3.237	3.248
U.S.    10 Year Bond	3.7375	3.7394
U.S. 30 Year Bond	3.8777	3.8804

Currencies

BOC Close	Today	Previous
Canadian $	0.7481	0.7483
US $	1.3367	1.3364
Euro Rate 1 Euro=		Inverse
Canadian $	1.4383	0.6953
US  $	1.0760	0.9294

Commodities

Gold	Close	Previous
London Gold Fix	1960.30	1966.40
Oil
WTI Crude Future	67.12	70.17

Market Commentary:
📈 On this day in 1928, the New York Stock Exchange had its first day on which more than 5 million shares traded hands. Unfortunately, many stocks dropped between $25 and $150 in price, in response to President Calvin Coolidge’s announcement that he wouldn’t run again.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.1% at 19,921.31 in Toronto.
The move follows the previous session’s decrease of 0.3%.
Shopify Inc. contributed the most to the index gain, increasing 6.2%.
Ballard Power Systems Inc. had the largest increase, rising 14.8%.
Today, 102 of 232 shares rose, while 129 fell; 7 of 11 sectors were higher, led by information technology stocks.
Insights
* This quarter, the index fell 0.9%
* The index declined 1.7% in the past 52 weeks. The MSCI AC Americas Index gained 10% in the same period
* The S&P/TSX Composite is 4.4% below its 52-week high on Feb. 2, 2023 and 11.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and fell 2.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.7 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$3.16t
* 30-day price volatility rose to 12.18% compared with 12.15% in the previous session and the average of 10.94% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | 55.9893| 3.7| 11/1
Industrials | 10.1952| 0.4| 17/10
Consumer Discretionary | 8.5384| 1.2| 11/4
Financials | 4.9386| 0.1| 16/12
Communication Services | 3.2540| 0.4| 2/3
Materials | 1.9019| 0.1| 23/27
Health Care | 0.7662| 1.2| 4/2
Consumer Staples | -1.0910| -0.1| 5/6
Utilities | -2.1793| -0.2| 4/12
Real Estate | -2.2243| -0.5| 2/19
Energy | -50.8439| -1.5| 7/33
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Shopify | 42.1900| 6.2| 2.3| 85.0
Constellation Software | 7.1500| 1.9| -26.8| 33.0
Brookfield Corp | 5.4560| 1.3| -15.3| 0.4
Enbridge | -7.3130| -1.0| -0.9| -5.3
Cenovus Energy | -8.7320| -3.9| -15.1| -15.1
Canadian Natural Resources | -13.8400| -2.4| 154.1| -2.3
US
By John Viljoen
(Bloomberg) — Stocks crept higher as traders prepared for a week packed with interest-rate decisions from major central banks.
Tesla Inc. was poised for a record winning streak.
The S&P 500 advanced further into bull-market territory amid bets on a Federal Reserve pause after 10 straight rate hikes.
Tesla is on course for a 12th day of gains as its electric-car chargers become the industry standard.
Cruise operator Carnival Corp. rose after an upgrade from JPMorgan Chase & Co.
A busy calendar for investors kicks off with the US consumer price data on Tuesday and the Fed’s latest policy decision the next day.
With the pace of inflation still proving sticky, positioning in rates markets suggests one more hike in July.
“It feels like markets have been underpricing the probability of a June hike,” said Pooja Kumra, senior European rates strategist at Toronto Dominion Bank. “Data is moving in the right direction, but still not where central banks would like inflation to be.”
While the consensus is for the Fed to pause this week, unexpected hikes from the Bank of Canada and the Reserve Bank of Australia have added an extra element of uncertainty to markets.
The European Central Bank is projected to lift its benchmark rate Thursday and the Bank of Japan is expected to stand pat on Friday.
Add to that the concerns over growth in China.
The People’s Bank of China will have an opportunity to add more monetary stimulus on Thursday, although the majority of economists surveyed by Bloomberg predict no change to rates just yet.
Meanwhile in stocks, Wall Street’s top strategists are giving divergent views on what the S&P 500 will likely do next.
Goldman Sachs strategists expect the gains to continue as other sectors catch up with the searing rally for technology shares.
Morgan Stanley’s Michael Wilson, meanwhile, points instead to the example of the bear market of the 1940s, when the S&P 500 rallied 24% before returning to a new low.
Key events this week:
* US CPI, Tuesday
* FOMC begins two-day meeting, Tuesday
* Eurozone industrial production, Wednesday
* US PPI, Wednesday
* FOMC rate decision, Wednesday
* IEA oil market report released, Wednesday
* China central bank meeting to decide on one-year policy loan rate, Thursday
* China property prices, retail sales, industrial production, Thursday
* ECB rate decision, Thursday
* US initial jobless claims, retail sales, empire manufacturing, business inventories, industrial production
* Eurozone CPI, Friday
* Japan BOJ rate decision, Friday
* US University of Michigan consumer sentiment, Friday

Some of the major moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 11:40 a.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.1%
* The Stoxx Europe 600 rose 0.2%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.0751
* The British pound fell 0.5% to $1.2503
* The Japanese yen fell 0.1% to 139.57 per dollar
Cryptocurrencies
* Bitcoin fell 1.2% to $25,833.23
* Ether fell 2.1% to $1,733.35
Bonds
* The yield on 10-year Treasuries advanced three basis points to 3.77%
* Germany’s 10-year yield was little changed at 2.38%
* Britain’s 10-year yield advanced 10 basis points to 4.34%
Commodities
* West Texas Intermediate crude fell 3.3% to $67.86 a barrel
* Gold futures fell 0.3% to $1,971.20 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Tassia Sipahutar and Denitsa Tsekova.
Have  a lovely evening.

Be magnificent!
As ever,

Carolann
The supreme quality for leadership is unquestionable integrity.  Without it, no real success is possible. -Dwight D. Eisenhower, 1890-1969.

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:

Carolann is away from the office today to the Bloomberg Investment Conference in NYC, I will be writing the newsletter on her behalf.

On this day, 68 A.D. Roman Emperor Nero commits suicide, imploring his secretary Epaphroditus to slit his throat to evade a Senate-imposed death by flogging. Go to article  

12-year-old springs into action to save baby deer. This young boy had no fear when the time came to rescue a baby deer that fell into a pool. Watch the video.

Largest ruby ever auctioned sells for over $34 million. An exquisite 55-carat ruby has become the largest and most valuable gem of its kind ever to sell at auction.

Canadian wildfire smoke detected thousands of miles away in Norway. Wildfire smoke from Canada has hit Norway, which is more than 3,000 miles from the North American country. Go to article 

PHOTOS OF THE DAY

Stockholm, Sweden
The world’s first AI sculpture, the Impossible Statue, is displayed at the Tekniska Museum. It is inspired by the works of five masters, including Michelangelo, Rodin and Takamura
Photograph: Jonathan Nackstrand/AFP/Getty Images

A gull eats a pearl mullet on Lake Van in Van, Turkey. Pearl mullet in Lake Van migrate to fresh waters by swimming against the flow of water to breed between 15 April and 15 July every year
Photograph: Anadolu Agency/Getty Images

Rouen, France
An aerial view shows the Cuauhtémoc ship passing under the Flaubert Bridge as it sails down the Seine with an armada of old vessels and tall ships
Photograph: Lou Benoist/AFP/Getty Images
Market Closes for June 9^th, 2023

Market Index	Close	Change
Dow Jones	33876.78	+43.17
		+0.13%
S&P 500	4298.86	+4.93
		+0.11%
NASDAQ	13259.14	+20.62
		+0.16%
TSX	19892.06	-50.64
		-0.25%

International Markets

Market Index	Close	Change
NIKKEI	32265.17	+623.90
		+1.97%
HANG SENG	19389.95	+90.77
		+0.47%
SENSEX	62625.63	-223.01
		-0.35%
FTSE 100*	7562.36	-37.38
		-0.49%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.372	3.408
CND. 30 Year Bond	3.248	3.277
U.S.    10 Year Bond	3.7394	3.7179
U.S. 30 Year Bond	3.8804	3.8877

Currencies

BOC Close	Today	Previous
Canadian $	0.7483	0.7485
US $	1.3364	1.3360
Euro Rate 1 Euro=		Inverse
Canadian $	1.4383	0.6953
US  $	1.0757	0.9296

Commodities

Gold	Close	Previous
London Gold Fix	1966.40	1967.35
Oil
WTI Crude Future	70.17	71.29

Market Commentary:
📈On this day in 1943, federal-income tax withholding was implemented for the first time. Originally proposed by a Macy’s executive, withholding was called “pay as you go” and was coupled with an amnesty for the previous year’s taxes
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.3%, or 50.64 to 19,892.06 in Toronto. The index dropped to the lowest closing level since June 1.
Canadian Pacific Kansas City Ltd. contributed the most to the index decline, decreasing 1.9%. Saputo Inc. had the largest drop, falling 11.2%.
Today, 160 of 232 shares fell, while 69 rose; 9 of 11 sectors were lower, led by industrials stocks.
Insights
* This quarter, the index fell 1%
* So far this week, the index fell 0.7%
* The index declined 3.3% in the past 52 weeks. The MSCI AC Americas Index gained 6% in the same period
* The S&P/TSX Composite is 4.6% below its 52-week high on Feb. 2, 2023 and 11.3% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.6 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$3.17t
* 30-day price volatility fell to 12.15% compared with 12.31% in the previous session and the average of 10.67% over the past month
================================================================
| Index Points | Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | -28.6789| -1.0| 5/22
Materials | -20.6992| -0.9| 10/40
Consumer Staples | -10.7516| -1.3| 2/9
Energy | -10.1992| -0.3| 15/25
Real Estate | -3.0625| -0.6| 3/16
Communication Services | -2.1468| -0.3| 2/3
Utilities | -1.4437| -0.2| 3/12
Health Care | -0.4943| -0.7| 1/5
Financials | -0.0926| 0.0| 15/14
Consumer Discretionary | 1.0666| 0.1| 5/10
Information Technology | 25.8549| 1.7| 8/4
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Pacific Kansas | -12.9800| -1.9| -27.1| 1.1
Saputo | -6.5820| -11.2| 429.8| -7.7
Enbridge | -5.7660| -0.8| -52.1| -4.3
Canadian Natural | | | |
Resources | 2.3070| 0.4| 177.2| 0.1
RBC | 5.6780| 0.5| -63.6| -2.7
Shopify | 22.5100| 3.4| -6.4| 74.2
US
By Carly Wanna and Isabelle Lee
(Bloomberg) — The S&P 500 inched further into bull-market territory on Friday as technology shares continued to climb amid bets the Federal Reserve is nearing the end of its hiking cycle.
The benchmark index added 0.1%, as tech and megacap shares drove another session of gains, with Tesla Inc. up 4.1% after General Motors Co. announced it’s joining the company’s charging network. Netflix Inc. rose 2.6% on a report it added US subscribers after cracking down on password sharing. And Adobe Inc. gained another 3.4% amid the frenzy in stocks linked to artificial intelligence.
The S&P 500 has now surpassed a 20% gain from an October low, a common marker of a bull market, following a rise in tech stocks. However, analysts have warned the rally could stall ahead of next week’s interest-rate decisions from the Fed and the European Central Bank. Unexpected hikes from two central banks this week have raised speculation that policymakers may have to keep rates higher for longer.
Meanwhile, US data pointing to a cooling labor market has supported the consensus view that the Fed is likely to pause.   “We’ve become a little uncomfortable with the tech trade,” Stuart Kaiser, head of US equity trading strategy at Citigroup, told Bloomberg TV. “There’s a scarcity of growth in the market, and the market is willing to pay a premium for that scarcity of growth.” But the debate for investors is what can get the market rally to turn “into something that is maybe a little more durable and sustainable to the upside.”
Solita Marcelli, chief investment officer Americas at UBS Global Wealth Management, also cautioned against assuming the recent upswing in equities can gain momentum. “While many investors believe that passing this milestone puts markets in bull territory, it remains possible that we are seeing a bear market rally— a period of strong gains that occurs in the middle of a bear market,” she said. “Until markets reach a new all-time high, it’s impossible to know whether the bear market trough —the ultimate low of the market cycle — is behind us.”
Elsewhere, Treasury yields rose after disappointing employment data from Canada. The country’s economy ended its eight-month run of employment gains with minor job losses in May, signaling weakness in the labor market.
Currently, swaps traders are pricing in roughly a one-third chance of a Fed hike next week, and almost 90% odds of one in July after an unexpected rate hike by the central banks of
Canada and Australia this week.
In Europe, stocks edged lower after a downbeat outlook from Croda International Plc weighed on chemical shares.
Japan’s Nikkei 225 capped a ninth week of gains, up 2.4%, for its longest streak in more than five years.
And in currencies, the Turkish lira extended its decline to an all-time low against the dollar, taking its weekly drop to 10%. President Recep Tayyip Erdogan completed key appointments of the economy team, which is expected to turn to more conventional policies. 

Stocks
* The S&P 500 rose 0.1% as of 4:02 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.3% to $1.0746
* The British pound rose 0.2% to $1.2581
* The Japanese yen fell 0.4% to 139.42 per dollar
Cryptocurrencies
* Bitcoin fell 0.8% to $26,421.5
* Ether fell 1.2% to $1,830.94
Bonds
* The yield on 10-year Treasuries advanced two basis points to 3.74%
* Germany’s 10-year yield declined three basis points to 2.38%
* Britain’s 10-year yield was little changed at 4.24%
Commodities
* West Texas Intermediate crude fell 1.4% to $70.32 a barrel
* Gold futures fell 0.2% to $1,975.20 an ounce

–With assistance from Namitha Jagadeesh, David Watkins, Rob Verdonck, Richard Henderson, Michael Msika and Lynn Thomasson.

Have a lovely evening.

Be magnificent!
As ever,

Isabel

Amile is a curve that sets everything straight. – Phyllis Diller, 1917-2012

Assistant to Carolann Steinhoff, Registered Representative

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

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

Dear Friends,

Tangents:

Carolann is away from the office today to the Bloomberg Investment Conference in NYC for the rest of the week, I will be writing the newsletter on her behalf.

On June 8, 1867, Frank Lloyd Wright, the famed American architect, was born. Following his death on April 9, 1959, his obituary appeared in The Times. Go to article   

Hawaii’s Kilauea volcano began erupting on Wednesday morning with a burst of lava spewing from within Halema’uma’u crater at Hawai’i Volcanoes National Park. Officials raised the warning level for the volcano, but are also highlighting a number of safe locations for the thousands who are expected to flock to the area to take in the magnificent view. Kilauea volcano shot up fountain bursts about 200 feet high during the early phase of the eruption Wednesday, with the largest lava fountain consistently coming in at about 50 feet high, according to the US Geological Survey. There is no indication that populated areas are threatened, authorities said.

This country has the best wines in the world for 2023. Fellow connoisseurs, this country received the most acclaim at the Decanter World Wine Awards — the world’s biggest and most established wine competition.

Blind singer receives golden buzzer on ‘America’s Got Talent’. Simon Cowell hit the golden buzzer for a very special contestant on “America’s Got Talent.” Watch her passionate audition here.

World’s largest captive croc turns 120, giving scientists ‘serious knowledge on longevity’  Cassius, the world’s largest crocodile living in captivity, just turned 120 years old. Or at least that’s his estimated age, scientists say. Read More
PHOTOS OF THE DAY

Ellie Davies, Chalk Streams
Crystal clear chalk streams intertwine and weave throughout the counties of Dorset and Hampshire in southern England. There are just over 200 chalk streams globally, 85% of which are found in southern England. They are a unique ecosystem supporting a high biodiversity of wild creatures. Light reflected from the surface of the nearby sea is overlaid on to these river landscapes, creating a sparkling ingress. The transposed light symbolises rising sea levels as they insidiously impose themselves on these pristine landscapes
Photograph: Ellie Davies

The mother load
‘A lamb climbing on its mother’s back in Marken, Netherlands.’
Photograph: Harvey Wasserman

James Kirkham, Bellingshausen Sea
Three seals rest on one of the only remaining floes of sea ice in the Bellingshausen Sea, Antarctica, surrounded by a chaotic melange of smaller ice blocks. A capsized iceberg, scarred in rivulets by underside melting, dwarfs the seals. The shape of the iceberg provides enough shelter for smaller pancakes of new sea ice to form inside its own melt pond
Photograph: James Kirkham
Market Closes for June 8^th, 2023

Market Index	Close	Change
Dow Jones	33833.61	+168.59
		+0.50%
S&P 500	4293.93	+26.41
		+0.62%
NASDAQ	13238.52	+133.63
		+1.02%
TSX	19942.70	-40.99
		-0.21%

International Markets

Market Index	Close	Change
NIKKEI	31641.27	-272.47
		-0.85%
HANG SENG	19299.18	+47.18
		+0.25%
SENSEX	62848.64	-294.32
		-0.47%
FTSE 100*	7599.74	-24.60
		-0.32%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.408	3.441
CND. 30 Year Bond	3.277	3.281
U.S.    10 Year Bond	3.7179	3.7952
U.S. 30 Year Bond	3.8877	3.9450

Currencies

BOC Close	Today	Previous
Canadian $	0.7485	0.7480
US $	1.3360	1.3370
Euro Rate 1 Euro=		Inverse
Canadian $	1.4406	0.6942
US  $	1.0783	0.9274

Commodities

Gold	Close	Previous
London Gold Fix	1967.35	1957.25
Oil
WTI Crude Future	71.29	72.53

Market Commentary:
📈 On this day in 1916, Francis Harry Compton Crick was born in Northampton, England. In 1953,  Compton together with James Watson discovered the double-helix molecular structure of DNA, the building block of life-and the biotechnology industry.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.2%, or 40.99 to 19,942.70 in Toronto.
Canadian Pacific Kansas City Ltd. contributed the most to the index decline, decreasing 1.8%. Canopy Growth Corp. had the largest drop, falling 6.1%.
Today, 132 of 232 shares fell, while 88 rose; 8 of 11 sectors were lower, led by industrials stocks.
Insights
* This quarter, the index fell 0.8%
* So far this week, the index fell 0.4%
* The index declined 4.1% in the past 52 weeks. The MSCI AC Americas Index gained 3.4% in the same period
* The S&P/TSX Composite is 4.7% below its 52-week high on June 8, 2022 and 11.6% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.4% in the past 5 days and fell 3.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.6 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$3.18t
* 30-day price volatility fell to 12.31% compared with 12.57% in the previous session and the average of 10.55% over the past month
================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | -25.2221| -0.9| 9/17
Information Technology | -10.9694| -0.7| 3/9
Communication Services | -6.1715| -0.7| 1/4
Energy | -6.0662| -0.2| 7/28
Consumer Staples | -5.7484| -0.7| 5/6
Financials | -2.6075| 0.0| 7/22
Real Estate | -1.8957| -0.4| 3/17
Health Care | -0.7885| -1.2| 0/4
Consumer Discretionary | 1.3071| 0.2| 6/9
Utilities | 2.1456| 0.2| 8/7
Materials | 15.0207| 0.6| 39/9
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Pacific Kansas | -12.0200| -1.8| -3.9| 3.1
Couche-Tard | -5.2260| -1.5| 17.8| 9.5
Fairfax Financial | -4.8250| -3.0| 88.9| 23.5
Restaurant Brands | 3.8670| 1.9| -16.5| 13.5
Enbridge | 4.9220| 0.7| -26.0| -3.6
TD Bank | 14.0400| 1.4| 41.5| -9.9

Related News headlines:

* S&P 500 Enters Bull Market as Tech Rally Resumes: Markets Wrap
* Canadian Stocks Fall, Led by Information Technology
* Marijuana Banking Bill Odds Unlikely Bud Despite Senate Hearing
* Methanex Down 5.5%, Most in Seven Months; Trading Volume Doubles
US
By Carly Wanna and Isabelle Lee
(Bloomberg) — A rally in technology stocks resumed Thursday, pushing the S&P 500’s gains since an October low past 20%, the marker of a bull market.
A jump in jobless claims to the highest since October 2021 delivered a boost to the tech sector, which had been flagging under speculation the Federal Reserve will keep interest rates higher for longer. The jump in claims shows the labor market, while largely resilient, is starting to show signs of cooling.
“It’s still at pretty low levels in terms of initial claims. But maybe the fact that it’s perked up on a week-over-week basis gives the Fed a little bit more fodder to pause next week,” said Emily Roland, co-chief investment strategist of John Hancock Investment Management, in an interview at Bloomberg’s New York office.
The S&P 500 added 0.6% and the tech-heavy Nasdaq 100 rose 1.3% as chipmakers including Nvidia Corp. and Advanced Micro Devices Inc. were among the biggest gainers amid the frenzy in stocks linked to artificial intelligence. Adobe Inc. also gained 5% on plans for a new AI subscription with copyright services.
Investors are reassessing the trajectory of Fed policy after central banks in Australia and Canada this week unexpectedly raised rates. Traders had fully priced in another hike by July on Wednesday. However, Evercore ISI’s Krishna Guha said market moves based on those central bank actions should fade.
“The Fed is the price-setter here, the others are the price-takers, and we should not confuse the two,” Guha said. “They are raising rates in part because they think the Fed will hike once more and if they fail to match this they risk FX depreciation.”
In Europe, the Stoxx 600 ended little changed with SBB, the company at the center of Sweden’s property crisis, down 12%. The group, also known as Samhallsbyggnadsbolaget i Norden AB, was sent even further into junk territory by S&P Global Ratings, a move that will worsen the already severe funding crunch.
In currencies, the yen strengthened after Japan’s economy grew faster than expected in the first quarter. The Turkish lira stabilized against the dollar after state lenders began supporting the currency again. And in commodities, oil traded in New York shed 2.1% to $71 a barrel.
Key events this week:
* China PPI, CPI, Friday
Stocks
* The S&P 500 rose 0.6% as of 4:02 p.m. New York time
* The Nasdaq 100 rose 1.3%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.6%
* The euro rose 0.8% to $1.0781
* The British pound rose 1% to $1.2559
* The Japanese yen rose 0.9% to 138.89 per dollar
Cryptocurrencies
* Bitcoin rose 0.6% to $26,527.62
* Ether rose 0.3% to $1,847.31
Bonds
* The yield on 10-year Treasuries declined eight basis points to 3.71%
* Germany’s 10-year yield declined five basis points to 2.40%
* Britain’s 10-year yield declined two basis points to 4.23%
Commodities
* West Texas Intermediate crude fell 2.1% to $71 a barrel
* Gold futures rose 1.1% to $1,979.90 an ounce
This story was produced with the assistance of Bloomberg
Automation.

–With assistance from David Watkins, Namitha Jagadeesh and Lynn
Thomasson.

Have a lovely evening.

Be magnificent!
As ever,

Isabel

To speak ill of others is a dishonest way of praising ourselves. – William James Durant “Will”, 1885-1981

Assistant to Carolann Steinhoff, Registered Representative

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

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