Category: Events

Dear Friends,

Tangents: Night of the shooting Stars ~Perseid Meteor Showers.

1965~Watts Riot, Los Angeles:
On Aug. 11, 1965, deadly rioting and looting broke out in the predominantly black Watts section of Los Angeles.  Go to article »

Alex Haley, author, b. 1921.

PHOTOS OF THE DAY

A lightning bolt strikes One World Trade Center as a thunderstorm passes through lower Manhattan in New York City, USA. The 546m skyscraper is one of the tallest buildings in the world, with 104 floors.
CREDIT: GARY HERHORN/ GETTY IMAGES

Gardeners tend to two phone boxes which have been turned into a very English hanging garden at Poole Park in Dorset. The phone boxes, believed to be the only remaining standing pair in the south, had seen better days before the team stepped in earlier this year. They were given a fresh coat of red paint before nine hanging baskets were added to each phone box
CREDIT: CORN MESSER/BNPS

European ground squirrels nibble on a poppy in a meadow in the Kiskunsag National Park, Hungary
CREDIT: THOMAS HINSCHE/SOLENT NEWS

An osprey catches a fish in Aviemore, Highlands. The bird of prey was snapped around 5:30am by amateur wildlife photographer Keith Cochrane, 55. Dad-of-two Keith was on holiday at a hide in Aviemore, Scottish Highlands, When he saw the male bird of prey swoop down and catch the trout. It then flew directly towards him.
CREDIT: KEITH COCHRANE/ SWNS

Tika the Labrador gun dog, excited and ready for work in Lammermuirs Scottish Borders as the grouse season begins on Thursday, the Glorious Twelfth
CREDIT: PHIL WILKINSON

Market Closes for August 11^th, 2021

Market Index	Close	Change
Dow Jones	35484.97	+220.30
		+0.62%
S&P 500	4447.70	+10.95
		+0.25%
NASDAQ	14765.14	-22.95 -0.16%
TSX	20554.01	+58.27
		+0.28%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	28070.51	+182.36
		+0.65%
HANG SENG	26660.16	+54.54
		+0.20%
SENSEX	54525.93	-28.73
		-0.05%
FTSE 100*	7220.14	+59.10 +0.83%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.263	1.272
CND. 30 Year Bond	1.823	1.811
U.S.    10 Year Bond	1.3303	1.3490
U.S. 30 Year Bond	1.9988	1.9988

Currencies

BOC Close	Today	Previous
Canadian $	0.7967	0.7987
US $	1.2502	1.2520
Euro Rate 1 Euro=		Inverse
Canadian $	1.4680	0.6812
US $	1.1738	0.8519

Commodities

Gold	Close	Previous
London Gold Fix	1723.35	1738.85
Oil
WTI Crude Future	69.25	68.29

Market Commentary:
     On this day in 1928, accepting the Republican presidential nomination, Herbert Hoover said, “We in America today are nearer to the final triumph over poverty than ever before in the history of any land. The poorhouse is vanishing from among us.” Just over one year later, the Great Depression arrived.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose for a second session as value sectors including materials, real estate, and financials rose. The S&P/TSX Composite Index gained 0.3%, with 7 of eleven sectors higher. Gold rose the most in three months as the dollar fell after data showed U.S. inflation moderated, easing fears that the Federal Reserve may soon pare back stimulus. Canada Goose Holdings, in the midst of a move away from third-party retailers, says its strategy is working and the payoff is coming soon.  Wall Street, however, remains skeptical.
Commodities:
* Western Canadian Select crude oil traded at a $13.15 discount to West Texas Intermediate
* Spot gold rose 1.4% to $1,752.55 an ounce
FX/Bonds:
* The Canadian dollar rose 0.1% to C$1.2505 per U.S. dollar
* The 10-year Canada government bond yield fell 1.1 basis points to 1.260%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.3 percent, or 58.27 to 20,554.01 in Toronto. Toronto-Dominion Bank contributed the most to the index gain, increasing 0.9 percent. ATS Automation Tooling Systems Inc. had the largest increase, rising 12.0 percent. Today, 155 of 229 shares rose, while 71 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* The index advanced 25 percent in the past 52 weeks. The MSCI AC Americas Index gained 35 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on Aug. 11, 2021 and 33.3 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 1.1 percent in the past 5 days and rose 1.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20 on a trailing basis and 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.22t
* 30-day price volatility rose to 8.86 percent compared with 8.84 percent in the previous session and the average of 8.62 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 38.9242| 0.6| 24/4
* Materials | 29.4387| 1.3| 44/8
* Industrials | 17.7872| 0.7| 19/11
* Energy | 10.4791| 0.4| 15/7
* Real Estate | 5.7431| 0.9| 20/5
* Utilities | 2.5238| 0.3| 7/8
* Communication Services | 1.8175| 0.2| 6/1
* Consumer Discretionary | -0.3405| 0.0| 9/4
* Consumer Staples | -2.1728| -0.3| 5/8
* Health Care | -4.6907| -2.0| 2/7
* Information Technology | -41.2523| -1.7| 4/8
================================================================
| | | | YTD
|Index Points| | Volume VS | Change
Top Contributors | Move |% Change |20D AVG (%)| (%)
================================================================
* TD Bank | 9.8960| 0.9| -41.1| 20.3
* Enbridge | 6.9180| 1.0| 115.6| 23.6
* Barrick Gold | 6.6930| 2.2| 3.9| -11.9
* CAE | -2.4540| -3.0| -55.1| 9.2
* Canada Goose | -3.0200| -13.1| 1,216.9| 27.9
* Shopify | -43.2200| -2.9| -48.7| 29.2

US
By Elaine Chen and Natalia Kniazhevich
(Bloomberg) — U.S. stocks rose to record highs and bonds rallied after a report showing inflation moderated reduced concern about the urgency for the easing of the stimulus that helped the economy recover from the Covid pandemic. The S&P 500 and Dow Jones Industrial Average indexes climbed to fresh records after data showed CPI rose 0.5% in July after rising 0.9% in June. The S&P has almost doubled from its low reached in March last year. The tech-heavy Nasdaq 100 declined as investors rotated to cyclical shares from traditional growth favorites such as Amazon.com. Treasuries extended gains after the government’s auction of 10-year notes was met with strong demand. Investor had focused on U.S. price data as Federal Reserve Chair Jerome Powell and other officials discuss the prospects of unwinding stimulus. Kansas City Fed President Esther George said the central bank needs to move ahead with reducing monetary stimulus, citing expectations for continued labor-market gains. “The Fed should find comfort in this report, but the Fed’s taper announcement in September is not a done deal,” said Anastasia Amoroso, iCapital Network’s chief investment strategist. “Policy makers should be focused on how the delta variant is impacting leisure and hospitality sector.
Possibly we’ll see lower activity in August due Covid-19.” While the CPI figures were in line with estimates, it could take several more months of data to settle the debate over whether inflation proves transitory or not. Year-over-year CPI rose 5.4%, compared with an estimate of 5.3%.“Today’s softer-than expected readings in the CPI core seem to validate the views of Powell, Williams and some of the other more moderate Fed members who are focusing on a slower path to normalization,” said Giorgio Caputo, senior portfolio manager at J O Hambro Capital Management.  Elsewhere, crude oil rose as the dollar weakened after earlier falling in the wake of a report that the U.S. will urge OPEC to revive production more quickly. The Stoxx Europe 600 Index edged higher amid strong earnings from the likes of ABN Amro Bank NV and Stop & Shop owner Royal Ahold Delhaize NV. Bitcoin rose back above $46,000 even as the Senate passed an infrastructure bill containing broad oversight of virtual currencies. Palm oil posted its biggest daily advance since 2009 after a report showed stockpiles contracting.   
Here are some key events to watch out for this week:
* OPEC Monthly Oil Market Report due Thursday

These are the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 0.2%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.1742
* The British pound rose 0.2% to $1.3870
* The Japanese yen rose 0.1% to 110.41 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.33%
* Germany’s 10-year yield was little changed at -0.46%
* Britain’s 10-year yield declined two basis points to 0.57%
Commodities
* West Texas Intermediate crude rose 1.5% to $69.33 a barrel
* Gold futures rose 1.3% to $1,754.20 an ounce
–With assistance from Stephen Spratt.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

You can discover what your enemy fears most by observing the means he uses to frighten you. -Eric Hoffer, 1902-1983.

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:
The Perseid meteor shower began a couple of weeks ago and will continue through August 24^th, with the peak being August 11-13.  Discovered in 1862 by Lewis Swift and Horace Tuttle, the shower originates from Earth entering the orbit of debris from the comet 109P/Swift-Tuttle, which takes 133 years to orbit the sun.  What makes the event so stunning is the shower’s bright, long streaks of light and dazzling “fireballs”, which are large bursts that last longer than typical meteors, according to NASA.  The shower is more visible in the Northern Hemisphere.  But it does require staying up late as the showers are best seen around 2 am but can be visible as early as 9 pm.  It has been an incredible year to witness some of the solar system’s visually stunning phenomena, from the super flower blood moon in May, the ring of fire solar eclipse in early June and the strawberry supermoon late last month.  Now it’s time for the best of the year – the annual meteor shower.

August 10, 1945-Japan surrenders.
1846~Smithsonian Institution established.
1993 Ruth Bader Ginsburg was sworn in as the second female Supreme Court justice. Go to article »

This terrifying ‘dragon’ was Australia’s largest flying reptile.  Leave it to Australia to always have the scariest animals — even in prehistoric times. 

Animals can count. No word on whether they’ve started trading.
PHOTOS OF THE DAY

Two of the worlds most endangered lemurs have been born at a wildlife park. The male and the female white-belted ruffled lemurs were born at Port Lympne reserve in Kent to mum Ikala and dad Mino. Ikala, who arrived at Port Lympne last year from Zoo Basel in Switzerland, is a first-time mum, and is doing well. Keepers say she has been enormously attentive to the busy, wide-eyed youngsters. The white-belted ruffed lemur is one of the worlds most endangered primates. Found exclusively on the island of Madagascar in lowland and mid-altitude rainforests, they are highly social animals, living in female-dominated groups
CREDIT: PORT LYMPNE/TRIANDLE NEWS

A small dog is seen towering over the camera in this picture by British photographer Bridget Davey in the picture titles Cat Day. Judges choice in The International Pet Photographer of the Year awards. The Awards are presented by the Pet Photographers Club and are an annual celebration of the artistry and skill that goes into pet photography
CREDIT: BRIGET DAVEY/MEDIADRUMWORLD.C

Local youths and volunteers gather in an open field and wait to support firefighters during a wildfire next to the village of Kamatriades, near Istiaia, northern Evia (Euboea) island.  Firefighters tried to prevent fires from reaching key communities and a thick forest that could fuel an inferno that one official said has destroyed hundreds of homes in seven days on the Greek island of Evia.
CREDIT: ANGELOS TZORTZINIS/AFP VIA GETTY IMAGES

Market Closes for August 10^th, 2021

Market Index	Close	Change
Dow Jones	35264.67	+162.82
		+0.46%
S&P 500	4436.75	+4.40
		+0.10%
NASDAQ	14788.09	-72.09 -0.49%
TSX	20495.74	+58.32
		+0.29%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27888.15	+68.11
		+0.24%
HANG SENG	26605.62	+322.22
		+1.23%
SENSEX	54554.66	+151.81
		+0.28%
FTSE 100*	7161.04	+28.74 +0.40%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.272	1.254
CND. 30 Year Bond	1.811	1.794
U.S.    10 Year Bond	1.3490	1.3237
U.S. 30 Year Bond	1.9988	1.9703

Currencies

BOC Close	Today	Previous
Canadian $	0.7987	0.7950
US $	1.2520	1.2579
Euro Rate 1 Euro=		Inverse
Canadian $	0.4675	0.6815
US $	1.1721	0.8532

Commodities

Gold	Close	Previous
London Gold Fix	1738.85	1762.90
Oil
WTI Crude Future	68.29	66.48

Market Commentary:
      On this day in 1945, as Allied air raids reached a crescendo, Japan’s stock exchanges closed down. Trading would remain suspended until 1949.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities rose Tuesday as investors continued to weigh strong earnings against the risks of the spreading delta virus variant. The S&P/TSX Composite Index gained 0.3%. Oil rose alongside broader equity gains with investors optimistic global economic growth will continue even amid Covid-19’s resurgence.Soaring crop prices and global demand for food encouraged farmers to pay up for inputs produced by Nutrien Ltd., the world’s largest fertilizer firm, boosting its profit. Canadian Pacific Railway Ltd. made a new, higher bid for Kansas City Southern, looking to derail the U.S. railroad’s pending merger with rival Canadian National Railway Co. ahead of an important shareholder vote less than two weeks away.
Commodities:
* Western Canadian Select crude oil traded at a $13.35 discount to West Texas Intermediate
* Spot gold fell 0.1% to $1,728.95 an ounce
FX/Bonds:
* The Canadian dollar rose 0.4% to C$1.2525 per U.S. dollar
* The 10-year Canada government bond yield rose 1.5 basis points to 1.269%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 0.3 percent at 20,495.74 in Toronto. The move follows the previous session’s decrease of 0.2 percent. Nutrien Ltd. contributed the most to the index gain, increasing 5.5 percent. Nuvei Corp. had the largest increase, rising 15.0 percent. Today, 117 of 229 shares rose, while 108 fell; 6 of 11 sectors were higher, led by financials stocks.
Insights
* The index advanced 23 percent in the past 52 weeks. The MSCI AC Americas Index gained 33 percent in the same period
* The S&P/TSX Composite is 0.2 percent below its 52-week high on Aug. 10, 2021 and 32.9 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 0.6 percent in the past 5 days and rose 1.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20 on a trailing basis and 16.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.21t
* 30-day price volatility fell to 8.84 percent compared with 8.93 percent in the previous session and the average of 8.60 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 41.8959| 0.6| 18/10
* Energy | 38.4513| 1.6| 20/3
* Consumer Discretionary | 12.4315| 1.6| 13/0
* Materials | 3.6180| 0.2| 22/29
* Consumer Staples | 1.6666| 0.2| 5/8
* Communication Services | 1.3135| 0.1| 4/3
* Health Care | -1.0844| -0.5| 3/6
* Real Estate | -3.1895| -0.5| 4/20
* Utilities | -5.9604| -0.6| 3/12
* Industrials | -6.4959| -0.3| 20/10
* Information Technology | -24.3177| -1.0| 5/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Nutrien | 16.5300| 5.5| 138.2| 30.9
* TD Bank | 14.5900| 1.4| -24.9| 19.2
* Royal Bank of | | | |
* Canada | 10.0300| 0.8| -71.5| 24.6
* Canadian National | -7.2640| -1.1| -2.2| -3.9
* Barrick Gold | -12.1500| -3.8| 59.8| -13.8
* Shopify | -28.6600| -1.9| 43.4| 33.1

US
By Kamaron Leach and Vildana Hajric
(Bloomberg) — Slumping technology stocks stood in contrast to a broader gain in U.S. equities, exposing the lingering concerns about the ability of the economy  to weather less stimulus and rising Covid outbreaks. While the S&P 500 climbed to another all-time high, the tech-heavy Nasdaq 100 declined along with Amazon.com Inc.  Micron Technology Inc. led a decline in chip stocks, which slid for a fourth session. Energy shares rallied with oil. In Europe, the Stoxx 600 Index climbed for a seventh day. “The move lower in growth, especially the tech sector, may be two-fold,” said Dave Mazza, head of product at Direxion. “First, with the recent outperformance in the space, investors may be taking profits ahead of this week’s inflation data. Secondly, investors may be pricing in tapering by the Federal Reserve sooner than expected considering recent comments from officials.” Crude oil bounced back from a three-week low on bets that the global demand recovery will remain intact despite the fast-spreading delta virus variant.  Treasuries declined while the dollar was stronger against major peers. Remarks from Atlanta Fed President Raphael Bostic on Monday added to the mix of commentary and economic indicators traders are parsing for clues on the Federal Reserve’s next move. With stocks at or near records on the back of extraordinary stimulus measures, Bostic said that another strong month or two of employment gains should prompt the central bank to taper its asset purchases, and that the Fed should move faster than in past episodes. U.S. price data later this week will also be closely watched after Friday’s jobs report fanned expectations that unwinding will start soon.
At the same time, the spread of the highly contagious delta in corners of the world has raised concern the recovery from the pandemic will be derailed. New coronavirus cases in the U.S. surged to the highest weekly level since early February, while deaths increased the most since December. “While we may see an increase in market volatility due to the delta variant, we believe the S&P 500 is still likely to see more gains through the end of the year,” said Barry Gilbert, asset allocation strategist at LPL Financial. “Widespread vaccine distribution and distancing measures have helped limit the variant’s impact, but we could still see some drag on economic growth as some restrictions are reintroduced and consumers potentially become more cautious.” David Donabedian, chief investment officer of CIBC Private Wealth Management, said he also sees equities marching higher. “There’s clearly more focus and concern on the delta variant of Covid, but, to this point, markets have appraised that as a manageable risk and instead are leaning on a strong economy, a boom in corporate profits — not just currently reported but upwardly revised for the rest of this year and next year — and a belief that stocks still are the asset class to be,” Donabedian said. “The market is climbing the wall of worry.” Elsewhere, stocks rose in Japan, which reopened after a holiday, as well as in Hong Kong and China.

Here are some key events to watch out for this week:
* Kansas City Fed President Esther George among Fed speakers through the week
* The U.S. consumer price index on Wednesday is forecast to show prices increased again in July
* OPEC Monthly Oil Market Report due Thursday

These are the main moves in markets:
Stocks
* The S&P 500 rose 0.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.1719
* The British pound was little changed at $1.3835
* The Japanese yen fell 0.3% to 110.58 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.35%
* Germany’s 10-year yield was little changed at -0.46%
* Britain’s 10-year yield was little changed at 0.59%
Commodities
* West Texas Intermediate crude rose 2.9% to $68.44 a barrel
* Gold futures rose 0.2% to $1,730.20 an ounce
Have a lovely evening.

Be magnificent!

As ever,

Carolann

It is a painful thing to look at your own trouble and know that you yourself, and no one else, has made it. –Sophocles, c.496 BC-406 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:
In 1945, an atomic bomb is dropped on Nagasaki, Japan, containing plutonium manufactured at Hanford, north of Richland. Just three days earlier, area residents learned the truth about what they were producing at Hanford, after President Truman announced the atomic bombing of Hiroshima. Key atom-bomb components were produced at the secret Hanford Engineer Works. The chief of construction says not more than 1% of the workers knew what they had been working on since 1943, with guesses ranging from a rocket bomb to a nylon derivative. Go to article »

Instagram rock art is making hikers confused and cranky.

PHOTOS OF THE DAY

Eruption of the Etna volcano in Sicily
CREDIT: MARCO RESTIVO/BARCROFT MEDIA VIA GETTY IMAGES

An aircraft approaches the international airport in Frankfurt, Germany, as the sun rises on Monday
CREDIT: AP PHOTO/MICHAEL PROBST

A fishing boat (L) heads out to sea at dawn in Lhokseumawe, Aceh
CREDIT: AZWAR IPANK/AFT VIA GETTY IMAGES

Hannah Farthing, Paintings Department Assistant at Woolley and Wallis, with ‘The Laughing Girl’ by Sir Joshua Reynolds. A ‘Lost’ painting by famed artist Sir Joshua Reynolds that had not been seen for 84 years has emerged for sale. The oil painting was discovered hanging on a wall of a private family home in Hampshire, where the owners believed it was a copy. Eagle-eyed valuers from Woolley and Wallis auction house in Salisbury, Wilts, were looking at various items around the house when they spotted the artwork hanging in the stairwell. The picture, titled The Laughing Girl was painted by Reynolds, King George III’s principal painter, in 1787 but had not been seen since 1937.

Market Closes for August 9^th, 2021

Market Index	Close	Change
Dow Jones	35101.85	-106.66
		-0.30%
S&P 500	4432.35	-4.17
		-0.09%
NASDAQ	14860.18	+24.42 +0.16%
TSX	20437.42	-38.00
		-0.19%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27820.04	+91.92
		+0.33%
HANG SENG	26283.40	+104.00
		+0.40%
SENSEX	54402.85	+125.13
		+0.23%
FTSE 100*	7132.30	+9.35 +0.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.254	1.243
CND. 30 Year Bond	1.794	1.763
U.S.    10 Year Bond	1.3237	1.3019
U.S. 30 Year Bond	1.9703	1.9526

Currencies

BOC Close	Today	Previous
Canadian $	0.7950	0.7964
US $	1.2579	1.2557
Euro Rate 1 Euro=		Inverse
Canadian $	1.4764	0.6773
US $	1.1737	0.8520

Commodities

Gold	Close	Previous
London Gold Fix	1762.90	1800.75
Oil
WTI Crude Future	66.48	68.28

Market Commentary:
     On this day in 1974, President Richard Nixon, crippled by the Watergate scandal, resigned. The Dow Jones Industrial Average slipped 1%.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell Monday as investors digest the resurgence of Covid through the fast-spreading delta virus variant, while commodities dipped. The S&P/TSX Composite Index fell 0.2%, with energy and materials leading the drop. Health care and tech jumped. Oil slid to a three-week low with new waves of Covid-19 exacerbating demand concerns as investors weighed concerns about a pullback in stimulus. On the deal front, Blackstone Real Estate Investment Trust Inc. is acquiring WPT Industrial Real Estate Investment Trust in a cash deal valued at $3.1 billion, including debt. Meanwhile, Brookfield Asset Management Reinsurance Partners Ltd. agreed to buy American National Group Inc. for about $5.1 billion in cash.
Commodities:
* Western Canadian Select crude oil traded at a $13.65 discount to West Texas Intermediate
* Spot gold fell 1.9% to $1,729.99 an ounce
FX/Bonds:
* The Canadian dollar fell 0.2% to C$1.2582 per U.S. dollar
* The 10-year Canada government bond yield rose 1.1 basis points to 1.254%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 0.2 percent at 20,437.42 in Toronto. The move was the biggest since falling 1.3 percent on July 19 and follows the previous session’s increase of 0.5 percent. Wheaton Precious Metals Corp. contributed the most to the index decline, decreasing 3.7 percent. Endeavour Silver Corp. had the largest drop, falling 7.9 percent. Today, 137 of 229 shares fell, while 87 rose; 6 of 11 sectors were lower, led by materials stocks.
Insights
* The index advanced 24 percent in the past 52 weeks. The MSCI AC Americas Index gained 33 percent in the same period
* The S&P/TSX Composite is 0.3 percent below its 52-week high on Aug. 6, 2021 and 32.6 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 0.7 percent in the past 5 days and rose 0.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.9 on a trailing basis and 16.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.22t
* 30-day price volatility rose to 8.93 percent compared with 8.90 percent in the previous session and the average of 8.55 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | -39.2920| -1.7| 6/47
* Energy | -34.8233| -1.4| 1/22
* Communication Services | -2.7453| -0.3| 3/4
* Consumer Staples | -1.6883| -0.2| 5/6
* Industrials | -1.1815| 0.0| 16/14
* Utilities | -0.1567| 0.0| 7/8
* Consumer Discretionary | 1.1775| 0.2| 7/6
* Real Estate | 3.1939| 0.5| 13/11
* Health Care | 3.1963| 1.4| 4/4
* Financials | 12.8833| 0.2| 20/8
* Information Technology | 21.4478| 0.9| 5/7
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Wheaton Precious | | | |
* Metals | -6.3680| -3.7| 13.6| 0.9
* Suncor Energy | -6.1920| -2.4| 21.3| 13.0
* TC Energy | -5.8660| -1.4| -47.9| 16.7
* Nutrien | 4.9680| 1.7| 12.7| 24.1
* Brookfield Asset | | | |
* Management | 5.2630| 0.7| -7.0| 37.4
* Shopify | 26.2900| 1.7| 123.0| 35.6

US
By Kamaron Leach and Vildana Hajric
(Bloomberg) — U.S. stocks dropped from record highs, and commodities slumped as investors weighed concerns about a pullback in stimulus and a resurgence in the fast-spreading delta virus variant. The S&P 500 and Dow Jones Industrial indexes closed lower to start the week, with the energy and real estate sectors leading the declines.
Moderna kept the Nasdaq Composite in the green. Treasury yields edged higher and the dollar strengthened. Crude oil touched the lowest in three weeks on concern the delta virus strain will hamper demand growth. “Most of the sectors within the S&P 500 continue to trade above their long-term averages and while there is some deterioration in the technical picture, stocks still look to see-saw higher through the last dog days of summer, wrote Paul Nolte, a portfolio manager at Kingsview Investment Management. Federal Reserve Bank of Atlanta President Raphael Bostic said the central bank should move to taper its asset purchases with another strong month or two of employment gains, and proceed with that scaling-back process faster than in past episodes. “His comments are another trial balloon preparing us for an end-of-year start to tapering,” said Sam Stovall, chief investment strategist at CFRA Research.  Investors in general would prefer a sooner and more drawn-out tapering, than a delayed one that would then require sharper action. The big concern is that a delayed tapering would put the Fed behind the curve — if they aren’t there already.” Precious metals also sold off, with gold touching the lowest since March before paring losses. Silver dropped to its lowest since November. Strong U.S. payrolls data on Friday raised the prospect of higher rates, which would make precious metals less attractive relative to other assets.
Asian stocks were mixed, as shares rose in Hong Kong and China and fluctuated in South Korea.  The U.S. 10-year Treasury yield climbed to about 1.32%, while the dollar pushed higher. Chinese bond yields gained after inflation data came in above expectations. Friday’s payrolls report fanned expectations that the Fed may soon start paring back its massive monetary stimulus.  Along with the rampaging delta variant, that’s hitting commodities as investors also keep an eye on rising price pressures.  U.S. inflation data later this week will be a key marker ahead of the Jackson Hole symposium later this month. Elsewhere, Chinese technology shares remained under pressure amid concerns about Beijing’s crackdown. Bitcoin rose to more than $45,000.
Here are some key events to watch out for this week:
* Cleveland Fed President Loretta Mester; Kansas City Fed President Esther George among Fed speakers through the week
* The U.S. consumer price index on Wednesday is forecast to show prices increased again in July
* OPEC Monthly Oil Market Report due Thursday

These are the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4:01 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.1736
* The British pound fell 0.2% to $1.3848
* The Japanese yen was little changed at 110.32 per dollar
Bonds
* The yield on 10-year Treasuries advanced three basis points to 1.32%
* Germany’s 10-year yield was little changed at -0.46%
* Britain’s 10-year yield declined three basis points to 0.58%
Commodities
* West Texas Intermediate crude fell 2.2% to $66.78 a barrel
* Gold futures fell 1.8% to $1,731.40 an ounce
Have a lovely evening.

Be magnificent!

As ever,

Carolann

If a little dreaming is dangerous, the cure for it is not to dream less, but to dream more, to dream all the time. -Marcel Proust, 1871-1922.

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.
On Aug. 6, 1945, the United States dropped an atomic bomb on Hiroshima, Japan, that instantly killed an estimated 66,000 people in the first use of a nuclear weapon in warfare.  Go to article »

Andy Warhol, artist, b. 1928.
Lucille Ball, comic actor, b. 1911.
Alfred Lord Tennyson, b. 1809.

A black hole warping space and time. 

Cave lion cub found frozen in Siberia is 28,000 years old.  The cat is “probably the best preserved Ice Age animal ever found.” Even its whiskers are intact. 

Virgin Galactic reopens ticket sales.  It will cost you $450,000 per seat. 

In 1945, Col. Dave Severance sent U.S. Marines to the top of Mount Suribachi on the island of Iwo Jima to plant a flag. The moment, captured in a photograph, remains an enduring image of America at war. Severance died at 102.

PHOTOS OF THE DAY

“Stars over the Cathedral” by Alex van Harmelen. This shot of the Milky Way over Mount Buffalo National Park, Victoria Australia, was nominated for the 2021 CWAS David Malin Awards.
CREDIT: ALEX VAN HARMELEN/CWAS DAVID MALIN AWARDS/TNG

Giraffes walk beneath a luminous rainbow in the Masai Mara, Kenya
CREDIT: TOEHOLD PHOTOGRAPHY/SOLENT NEWS & PHOTO AGENCY

Rubber ducks float in the Chicago River during the Chicago Ducky Derby in Illinois, US. Derby organizers dropped 70,000 rubber ducks into the river to raise money for Special Olympics Illinois.
CREDIT: SCOTT OLSON/GETTY IMAGES

Market Closes for August 6^th, 2021

Market Index	Close	Change
Dow Jones	35208.51	+144.26
		+0.41%
S&P 500	4436.52	+7.42
		+0.17%
NASDAQ	14835.76	-59.36 -0.40%
TSX	20475.42	+99.94
		+0.49%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27820.04	+91.92
		+0.33%
HANG SENG	26179.40	-25.29
		-0.10%
SENSEX	54277.72	-215.12
		-0.39%
FTSE 100*	7122.95	+2.52 +0.04%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.243	1.171
CND. 30 Year Bond	1.763	1.704
U.S.    10 Year Bond	1.3019	1.2235
U.S. 30 Year Bond	1.9526	1.8612

Currencies

BOC Close	Today	Previous
Canadian $	0.7964	0.8002
US $	1.2557	1.2497
Euro Rate 1 Euro=		Inverse
Canadian $	1.4768	0.6771
US $	1.1760	0.8503

Commodities

Gold	Close	Previous
London Gold Fix	1800.75	1829.10
Oil
WTI Crude Future	68.28	69.09

Market Commentary:
     On this day in 1979, Paul Volcker took office as chairman of the Federal Reserve. Inflation, the chief destroyer of America’s household wealth, would soon be on the run—and interest rates would drop almost continuously for the next twenty years, creating a stock-market boom and a flood of new home ownership.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks climbed on Friday, along with U.S. equity markets, after better-than-expected payrolls data in that country. The S&P/TSX Composite index rose as much as 0.4% in Toronto, extending its third consecutive weekly gain.  Financials were the best performers led by insurance companies.  Materials were the worst, led by gold and silver miners as prices for the precious metals tumbled after strong U.S. jobs data fueled expectations that the Federal Reserve may start scaling back stimulus measures soon. Meanwhile, Canada’s labor market continued its recovery in July as health restrictions were lifted, but the gains were less than expected.  The country’s economy added 94,000 jobs last month, Statistics Canada reported Friday in Ottawa. Economists were predicting a jobs gain of 150,000. The unemployment rate fell to 7.5% from 7.8% in July.
Commodities:
* Western Canadian Select crude oil traded at a $13.55 discount to West Texas Intermediate
* Spot gold fell 2.2% to $1,764.65 an ounce
FX/ Bonds:
* The Canadian dollar fell 0.3% to C$1.2543 per U.S. dollar
* The 10-year Canada government bond yield rose about 6 basis points to 1.227%
By Bloomberg Automation:
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.5 percent, or 99.94 to 20,475.42 in Toronto. The move was the biggest since rising 0.8 percent on July 21. Brookfield Asset Management Inc. contributed the most to the index gain, increasing 2.1 percent.  Westport Fuel Systems Inc. had the largest increase, rising 27.8 percent. Today, 132 of 229 shares rose, while 97 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index rose 0.9 percent
* The index advanced 24 percent in the past 52 weeks. The MSCI AC Americas Index gained 33 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on Aug. 6, 2021 and 32.8 percent above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.2 on a trailing basis and 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.2t
* 30-day price volatility rose to 8.90 percent compared with 8.82 percent in the previous session and the average of 8.32 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 77.3756| 1.2| 20/8
* Energy | 17.1415| 0.7| 16/7
* Communication Services | 4.5154| 0.5| 5/2
* Consumer Staples | 4.1885| 0.5| 10/3
* Real Estate | 3.5295| 0.6| 19/6
* Industrials | 3.0492| 0.1| 19/11
* Health Care | 2.5580| 1.1| 5/4
* Consumer Discretionary | 2.4366| 0.3| 6/7
* Utilities | -1.3521| -0.1| 4/12
* Materials | -6.1770| -0.3| 19/34
* Information Technology | -7.3244| -0.3| 9/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Brookfield Asset | | | |
* Management | 14.6800| 2.1| -10.3| 36.4
* TD Bank | 13.7000| 1.3| -29.9| 17.9
* Royal Bank of | | | |
* Canada | 12.1100| 1.0| -59.8| 23.5
* Wheaton Precious | | | |
* Metals | -3.4190| -1.9| -14.8| 4.7
* Barrick Gold | -5.0820| -1.5| 29.6| -9.3
* Shopify | -12.7500| -0.8| -28.8| 33.3

US
By Kamaron Leach and Elaine Chen
(Bloomberg) — U.S. equities rose on Friday after a better-than-expected increase in U.S. payrolls fueled expectations that the Federal Reserve is moving closer to a pullback of stimulus. The S&P 500 climbed to a record, led by financials and materials, while the technology-heavy Nasdaq 100 fell. U.S. job growth accelerated in July by the most in almost a year and the unemployment rate declined, illustrating momentum in the labor market as it grapples with hiring challenges. The U.S. 10-year Treasury yield climbed to 1.3% and the dollar strengthened against major peers. “Today’s bumper payrolls report highlights a roaring recovery in the labor market and increases the chances of the Fed tapering their asset purchases sooner rather than later,”  Mike Bell, global market strategist at JPMorgan Asset Management, said. The report marked another step toward the Fed’s goal of “substantial” further progress in the labor market and rises expectations the central bank will start to cut back stimulus as it wrestles with inflation well above target. Dallas Fed President Robert Kaplan also added to the speculation Friday, saying he’d support adjusting purchases soon but in a gradual manner. “I imagine the Fed wants to see another good report like this, but this is going to probably edge them a lot closer to tapering sooner,” said Kathy Jones, chief fixed income strategist for Schwab Center for Financial Research. “There’s not a lot to not like here.”
The jobs data showed continued momentum in the U.S.’s economic recovery and traders will be looking for data on price pressures next week and how hot inflation is running ahead of the Jackson Hole symposium later this month. “When you rub all that together you have an economy that’s been in recovery for a year,” David Petrosinelli, senior trader at InspereX, said in a phone interview.  “I think that’s going to force the Fed’s hand a little bit on being a bit more deliberate on the language vis-à-vis tapering to try to cool things down.” The read-through on the report could also bode well for corporate earnings in the second half of the year, which has helped propel stocks to record highs as the economy recovers, Matt Peron, director of research at Janus Henderson Investors, said. “Friday’s jobs report was strong on almost all measures, suggesting the economy continued its robust expansion despite recent delta fears,” he said. “Risks remain, but so far there are few signs of significant impact from the summer wave.” Gold fell below $1,800. Bitcoin rose to almost $43,000 and WTI crude oil fell. Equities in Europe drifted higher while stocks in Japan gained and those in China fell.
These are the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.5%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.6% to $1.1759
* The British pound fell 0.4% to $1.3877
* The Japanese yen fell 0.4% to 110.23 per dollar
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 1.30%
* Germany’s 10-year yield advanced four basis points to -0.46%
* Britain’s 10-year yield advanced nine basis points to 0.61%
Commodities
* West Texas Intermediate crude fell 1.4% to $68.13 a barrel
* Gold futures fell 2.6% to $1,762 an ounce
–With assistance from Vildana Hajric, Anchalee Worrachate and Robert Brand.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

I really don’t know why it is that all of us are so committed to the sea, except I think it’s because in addition to the fact that the sea changes, and the light changes, and ships change, it’s because we all came from the sea.  And it is an interesting biological fact that all of us have, in our veins, the exact same percentage of salt in our blood that exists in the ocean, and, therefore, we have salt in our blood, in our sweat, in our tears.  We are tied to the ocean. 
And when we go back to the sea – whether it is to sail or to watch it – we are going back from whence we came. -John Fitzgerald Kennedy,  1917-1963.

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

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

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

Dear Friends,

Tangents:
2011 Standard & Poor’s lowered the United States’ AAA credit rating by one notch to AA-plus.  Go to article »

Hubble captures a stunning image of squabbling galaxies.  If you thought the rivalry with your sibling was a big deal, you might want to check this out. A triplet of galaxies is locked in a gravitational tug-of-war. 

Star Wars hotel comes with out-of-this-world price tag.  You might need more than the Force to be with you if you’re staying here. You may have to shell out $6,000 for two nights.

Giraffes are as socially complex as elephants.  We have truly misunderstood our long-necked friends, and we are sorry. 

The streaming market keeps getting bigger

PHOTOS OF THE DAY

Heptathlon athletes pose for a group photo after competing in the Women’s 800m at the Olympic Stadium, Tokyo, Japan.
CREDIT: REUTERS/FABRIZIO BENSCH

Workers stand on boats to hang colourful sheets of cotton out to dry above the tranquil waters of a floating village on Inle Lake, Myanmar. Having been weaved in the village the dyed cotton is dried for around a day before being sold at nearby markets as curtains, clothes and table cloths.
CREDIT: SARAH WOUTERS/SOLENT NEWS & PHOTO AGENCY

Flames consume a home on Highway 89 as the Dixie Fire tears through the Greenville community of Plumas County, California. The fire levelled multiple historic buildings and dozens of homes in central Greenville. 
CREDIT: AP PHOTO/NOAH BERGER|

Market Closes for August 5^th, 2021

Market Index	Close	Change
Dow Jones	35064.25	+271.58
		+0.78%
S&P 500	4429.10	+26.44
		+0.60%
NASDAQ	14895.12	+114.59 +0.78%
TSX	20375.48	+45.75
		+0.22%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27728.12	+144.04
		+0.52%
HANG SENG	26204.69	-221.86
		-0.84%
SENSEX	54492.84	+123.07
		+0.23%
FTSE 100*	7120.43	-3.43 -0.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.171	1.132
CND. 30 Year Bond	1.704	1.698
U.S.    10 Year Bond	1.2235	1.1820
U.S. 30 Year Bond	1.8612	1.8382

Currencies

BOC Close	Today	Previous
Canadian $	0.8002	0.7973
US $	1.2497	1.2542
Euro Rate 1 Euro=		Inverse
Canadian $	1.4788	0.6762
US $	1.1834	0.8450

Commodities

Gold	Close	Previous
London Gold Fix	1829.10	1812.65
Oil
WTI Crude Future	69.09	68.15

Market Commentary:
     On this day in 1861, federal income tax was inflicted on the public for the first time, as the Revenue Act of 1861 became law, assessing a tax of 3% on all personal income in excess of $800 a year to help pay for the Civil War.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks bounced back from Wednesday’s losses to reach a new record on Thursday.
The S&P/TSX Composite index rose 0.2% in Toronto.
Health care, financials were the best performers, while materials stocks were the worst.
On the M&A front, Canada’s antitrust agency says it has received court orders to help its review of Rogers Communications Inc.’s proposed acquisition of Shaw Communications Inc.
Commodities:
* Western Canadian Select crude oil traded at a $13.55 discount to West Texas Intermediate
* Spot gold fell 0.4% to $1,804.56 an ounce
FX/ Bonds:
* The Canadian dollar rose 0.3% to C$1.2500 per U.S. dollar
* The 10-year Canada government bond yield rose about 4 basis points to 1.169%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose 0.2 percent at 20,375.48 in Toronto. The move follows the previous session’s decrease of 0.2 percent. Thomson Reuters Corp. contributed the most to the index gain, increasing 5.6 percent. Organigram Holdings Inc. had the largest increase, rising 7.7 percent. Today, 136 of 229 shares rose, while 89 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index rose 0.4 percent
* The index advanced 23 percent in the past 52 weeks. The MSCI AC Americas Index gained 34 percent in the same period
* The S&P/TSX Composite is 0.3 percent below its 52-week high on Aug. 4, 2021 and 32.1 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 0.7 percent in the past 5 days and rose 0.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.1 on a trailing basis and 16.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent 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 little changed to 8.82 percent compared with 8.82 percent in the previous session and the average of 8.23 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 44.2775| 0.7| 22/6
* Energy | 12.2289| 0.5| 16/7
* Industrials | 10.3197| 0.4| 19/10
* Health Care | 7.2088| 3.3| 9/0
* Utilities | 5.6132| 0.6| 14/2
* Communication Services | 5.5127| 0.6| 5/2
* Consumer Discretionary | 0.6022| 0.1| 10/2
* Real Estate | 0.5159| 0.1| 15/10
* Consumer Staples | -3.0416| -0.4| 6/7
* Information Technology | -4.7262| -0.2| 9/3
* Materials | -32.7558| -1.4| 11/40
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Thomson Reuters | 8.6570| 5.6| 200.9| 34.5
* Royal Bank of | | | |
* Canada | 7.1490| 0.6| 78.1| 22.3
* Bank of Montreal | 6.6770| 1.2| -22.1| 29.6
* Restaurant Brands | -4.5410| -2.6| 76.7| 2.6
* Barrick Gold | -7.4370| -2.2| 22.4| -7.9
* Shopify | -16.2400| -1.1| -17.2| 34.4

US
By Vildana Hajric
(Bloomberg) — U.S. equities gained ahead of Friday’s jobs report as investors balanced corporate results and jobless claims against the economic threat of the delta virus variant. The S&P 500 and Nasdaq 100 rose to record highs, with Booking Holdings Inc., Fox Corp. and MercadoLibre Inc. higher after earnings. Meanwhile, the dollar was weaker, gold fell and Treasuries slid after initial unemployment claims declined for a second week. In Europe, the Stoxx 600 Index also notched an all-time high following more mixed corporate earnings. Drugmakers Novo Nordisk A/S and Merck KGaA gained after raising forecasts while Bayer AG plunged on margin concerns. The pound also extended a gain against the greenback after the Bank of England left its benchmark interest rate unchanged. “This continues to be a favorable market for equities and will probably remain that way as long as the Fed stays accommodative and companies’ earnings continue to rebound,” Carter Henderson, portfolio manager at Fort Pitt Capital Group, said by phone. “That being said, the market is up 17% for the year. We believe room to the upside is probably limited.” The U.S. job market remains a key window onto the economic outlook, with the latest reports showing a much softer-than-expected ADP employment report but a record expansion for U.S. service industries.
Data on new unemployment claims Thursday also suggested incremental improvement, with the focus now turning to Friday’s key non-farm payrolls numbers. “While jobless claims have been a bit erratic over the last few months, we’re starting to see less file for unemployment week over week, suggesting that more are taking jobs. And the historic low on the trade deficit front is a testament to the demand we’re seeing from consumers,” Mike Loewengart, managing director of investment strategy at E*Trade Financial, said.  “So while there may be supply shortages on the labor and goods front, it’s encouraging to see robust demand in the face of delta fears weighing on investors.” Crude oil was higher after several days of losses. Bitcoin rose above $40,000. And in Asia, equities edged up in Japan but slipped in Hong Kong and China.

Here are some key events to watch this week:
* Reserve Bank of India monetary policy decision, briefing Friday
* The U.S. jobs report is expected to show another robust month of hiring Friday

These are the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 0.8%
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1836
* The British pound rose 0.3% to $1.3931
* The Japanese yen fell 0.2% to 109.75 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.22%
* Germany’s 10-year yield was little changed at -0.50%
* Britain’s 10-year yield advanced one basis point to 0.52%
Commodities
* West Texas Intermediate crude rose 1.5% to $69.20 a barrel
* Gold futures fell 0.4% to $1,806.70 an ounce
–With assistance from Robert Brand.
Have  a lovely evening.

Be magnificent!
As ever,

Carolann

Omnia Romae cum pretio.  (Everything in Rome has its price.) –Juvenal, 55 AD-127 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:
On Aug. 4, 1914, Britain declared war on Germany while the United States proclaimed its neutrality. Go to article »
1962~Nelson Mandela arrested.
Louis Armstrong, b. 1900.

Percy Bysshe Shelley, b. August 4, 1792.  Percy Bysshe Shelley was a radical, championing the likes of Tom Paine and getting expelled from Oxford in 1811 for The Necessity of Atheism, his tract against compulsory Christianity.  His short life seemed like a mad dash against the conventions of the day – both political and social – as he took up the causes of working-class education, free love, non-violent protests, vegetarianism, and electoral reform.  Among his most well known works are To the West Wind, Queen Mab, To a Skylark, and Adonais, an elegy for Keats.  In 1822, Shelley was lost at sea in Italy, where he had moved with his family and his friends, Leigh Hunt and Lord Byron.  His body washed ashore and was burned on the beach in the presence of his companions.  His remains were later buried in Rome.

Archaeological ‘treasures’ include (really) old fruit.  If you thought eating an overripe banana was bad, you might want to steer clear of this 2,400-year-old discovery. 

Machu Picchu is older than previously thought.  The Inca citadel wasn’t built in 1450, for your information. It was actually decades earlier, according to a new study. 

Fishless fish are coming.

Applied geometry found on 3,700-year-old tablet

Longer days may have fostered complex life on Earth.

PHOTOS OF THE DAY

Cloudbursting…Hot air balloons pass by colourful cloud irisation, an optical phenomenon that appears in clouds, resembling the rainbow colours seen in soap bubbles or oil on a water surface, during ‘Fiesta Fortnight’ in Bristol
CREDIT: BEN BIRCHALL/PA WIRE

I’m not going any faster…Sheep are shephered to fresh grazing at Mindrum Mill, just inside the English border in Northumberland
CREDIT: CHRIS STRICKLAND / ALAMY LIVE NEWS

Hanging around…Kyra Condie of the USA in action in the new Olympic event Sport Climbing
CREDIT: TSUYOSHI UEDA – POOL/POOL

Sky’s the limit… 13 year old skateboarder Sky Brown becomes Britain’s youngest medal winner aged 13 winning a bronze 
CREDIT: PAUL GROVER  FOR THE TELEGRAPH

Market Closes for August 4^th, 2021

Market Index	Close	Change
Dow Jones	34792.67	-323.73
		-0.92%
S&P 500	4402.66	-20.49
		-0.46%
NASDAQ	14780.54	+19.25 +0.13%
TSX	20329.73	-36.12
		-0.18%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27584.08	-57.75
		-0.21%
HANG SENG	26426.55	+231.73
		+0.88%
SENSEX	54369.77	+546.41
		+1.02%
FTSE 100*	7123.86	+18.14 +0.26%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.132	1.117
CND. 30 Year Bond	1.698	1.688
U.S.    10 Year Bond	1.1820	1.1722
U.S. 30 Year Bond	1.8382	1.8408

Currencies

BOC Close	Today	Previous
Canadian $	0.7973	0.7977
US $	1.2542	1.2537
Euro Rate 1 Euro=		Inverse
Canadian $	1.4848	0.6735
US $	1.1838	0.8448

Commodities

Gold	Close	Previous
London Gold Fix	1812.65	1811.45
Oil
WTI Crude Future	68.15	70.56

Market Commentary:
     On this day in 1790, Congress enacted Alexander Hamilton’s plan to fund the public debt, ending years of turmoil and haggling over the junk bonds issued by the federal and state governments during the Revolution. The shift made government spending possible, and gave birth to the American securities markets.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks pared their earlier gains to end the session in the red after the health-care sector underperformed. The S&P/TSX Composite index fell 0.2% in Toronto, after rising as much as 0.3% earlier. Health care, energy and materials stocks underperformed, while tech and financials were the only sector that were in the green. Meanwhile, Canadian exchange-traded funds generated net inflows of C$2.3 billion ($1.8 billion) in July, a nine-month low, as a BlackRock Inc. bond fund appeared to suffer a large withdrawal by an institutional investor, according to National Bank of Canada.
Commodities:
* Western Canadian Select crude oil traded at a $14.40 discount to West Texas Intermediate
* Spot gold was flat around $1,812 an ounce
FX/ Bonds:
* The Canadian dollar was unchanged around C$1.2550 per U.S. dollar
* The 10-year Canada government bond yield rose slightly to 1.131%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 0.2 percent at 20,329.73 in Toronto. The move was the biggest since falling 1.3 percent on July 19 and follows the previous session’s increase of 0.4 percent. Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 3.0 percent.  Enerplus Corp. had the largest drop, falling 7.6 percent. Today, 156 of 229 shares fell, while 68 rose; 9 of 11 sectors were lower, led by energy stocks.
Insights
* The index advanced 24 percent in the past 52 weeks. The MSCI AC Americas Index gained 34 percent in the same period
* The S&P/TSX Composite is 0.5 percent below its 52-week high on Aug. 4, 2021 and 31.9 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 0.8 percent in the past 5 days and rose 0.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.2 on a trailing basis and 16.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.2t
* 30-day price volatility little changed to 8.82 percent compared with 8.82 percent in the previous session and the average of 8.20 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -47.4695| -1.9| 1/22
* Materials | -24.3392| -1.0| 12/40
* Health Care | -6.8412| -3.0| 1/8
* Communication Services | -4.3286| -0.4| 1/6
* Consumer Staples | -3.7865| -0.5| 2/10
* Consumer Discretionary | -2.9090| -0.4| 6/7
* Utilities | -2.4506| -0.3| 5/10
* Industrials | -2.1151| -0.1| 12/18
* Real Estate | -0.5135| -0.1| 6/17
* Financials | 23.8852| 0.4| 15/13
* Information Technology | 34.7467| 1.5| 7/5
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Canadian Natural | | | |
* Resources | -10.5000| -3.0| -38.9| 32.3
* Suncor Energy | -8.7100| -3.4| -12.4| 12.0
* Nutrien | -6.5580| -2.2| -13.1| 18.3
* Royal Bank of | | | |
* Canada | 9.1350| 0.7| -66.5| 21.6
* Brookfield Asset | | | |
* Management | 9.3110| 1.4| 63.6| 32.4
* Shopify | 33.2200| 2.2| -43.8| 35.8

US
By Kamaron Leach and Vildana Hajric
(Bloomberg) — U.S. equities slumped after the vice-chair of the Federal Reserve suggested rates could rise by 2023 and mixed economic data for July  showed U.S. companies adding far fewer jobs than expected. The yield on the 10-year U.S. Treasury note rose to 1.17%, gold pared back a more than 1% increase, and the dollar was stronger after initial weakness. The Fed’s Richard Clarida said the central bank was on track to begin interest rates hikes in 2023 with a possible taper announcement later this year.  The comments came after hints the U.S. Treasury may cut bond sales this fall, and an ADP employment report was at odds with record ISM services index growth, indicating persistent hiring obstacles despite improvements in the economy. The S&P 500 fell as General Motors Co. and CVS Health Corp. declined after earnings, while the Nasdaq 100 gained as technology stocks outperformed. “After losing 19.6 million jobs in March and April last year, we’ve since added back 13.1 million,” Peter Boockvar, chief investment officer for Bleakley Advisory Group, wrote in a note ahead of Friday’s U.S. jobs report.  “I really don’t like to use the word ‘stagflation’ but we have a form of it now, unfortunately, which will make the job of the Federal Reserve even that much more difficult.” Earlier in the day, the Stoxx Europe 600 index hit a fresh record, with technology stocks leading the advance.
The travel and leisure sector also outperformed as shares of online gaming companies recovered after Chinese state media toned down their criticism of the industry. The day’s rotation calls the reopening trade into question, Cate Faddis, Grace Capital president and chief investment officer, said in an interview.  “The market’s signaling we’re not out of the woods yet. On the other hand, we’ve had a very strong year. It’s rational for the market to take a deep breath.”  With stocks in Europe and the U.S. at or around record highs, equities have weathered concerns about the spread of delta virus variant as expectations for continued stimulus and solid earnings have propelled shares higher. However, risks still remain. “Volatility has been high really over the course of the past 18 months and I think that reflects just continued uncertainty,” Wes Crill of Dimensional Fund Advisors said by phone. “Now you have the variant strain. Now you have concern over vaccination rates not being as high as maybe some would like to see. And that’s continuing to, in some ways,
fuel market volatility, because that just increases the uncertainty.” Oil fell to around $68 a barrel. Bitcoin rose to above $39,000.

Here are some key events to watch this week:
* Bank of England is expected to keep its benchmark interest rate and its bond-buying target unchanged Thursday
* Reserve Bank of India monetary policy decision, briefing Friday
* The U.S. jobs report is expected to show another robust month of hiring Friday

These are the main moves in markets:
Stocks
* The S&P 500 fell 0.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average fell 0.9%
* The MSCI World index fell 0.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.1838
* The British pound fell 0.2% to $1.3888
* The Japanese yen fell 0.4% to 109.47 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.17%
* Germany’s 10-year yield declined two basis points to -0.50%
* Britain’s 10-year yield was little changed at 0.51%
Commodities
* West Texas Intermediate crude fell 3.7% to $67.94 a barrel
* Gold futures were little changed
–With assistance from Natalia Kniazhevich.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

It does not matter how slowly you go as long as you do not stop. –Confucius, 551 BC-479 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:
1987~ The Iran-Contra congressional hearings ended with none of the 29 witnesses tying President Ronald Reagan directly to the diversion of arms-sales
profits to Nicaraguan rebels.  Go to article »

Martha Stewart, lifestyle maven, b. 1941.
Maggie Kuhn, founder of the Gray Panthers, b. 1905.

Minivans are making a comeback.  And so many people want them that they’re selling above sticker price.

450,000 honeybees have been living in the walls of a home for 35 years.  A couple discovered the bee colonies after they recently moved in.

See endangered orangutans on Sumatra, the only place on Earth where great apes, elephants, rhinos and tigers coexist.

We might need mushrooms for space travel.
Area German fined for having a WWII tank at his house. (h/t Scott Kominers)

PHOTOS OF THE DAY

Cast members, including (left to right) Kevin Clifton, Adam Cooper and Charlotte Gooch at the rehearsals for Singin’ in the Rain, before it re-opens later this week at Sadlers Wells Theatre in London
CREDIT: YUI WOK/PA

Salcombe Yawls taking part in one of Tuesday heats in the Salcombe Gin SYC Regatta, historic five-day long sailing event of competitive daily races during the first week of August around the stunning Salcombe Estuary 
CREDIT: JEFF GILBERT FOR THE TELEGRAPH

Sketch on the Square – Bringing art outdoors as part of the Inside Out festival, a month of free interactive art sessions in Trafalgar Square.
CREDIT: GUY BELL / ALAMY LIVE NEWS

Simone Biles of the United States on the balance beam during training.
CREDIT: REUTERS/MIKE BLAKE

Market Closes for August 3^rd, 2021

Market Index	Close	Change
Dow Jones	35116.40	+278.24
		+0.80%
S&P 500	4423.15	+35.99
		+0.82%
NASDAQ	14761.30	+80.23 +0.55%
TSX	20365.85	+78.05
		+0.38%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27641.83	-139.19
		0.50%
HANG SENG	26194.82	-40.98
		-0.16%
SENSEX	53823.36	+872.73
		+1.65%
FTSE 100*	7105.72	+24.00 +0.34%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.117	1.203
CND. 30 Year Bond	1.688	1.760
U.S.    10 Year Bond	1.1722	1.2289
U.S. 30 Year Bond	1.8408	1.8974

Currencies

BOC Close	Today	Previous
Canadian $	0.7977	0.8014
US $	1.2537	1.2478
Euro Rate 1 Euro=		Inverse
Canadian $	1.4873	0.6724
US $	1.1864	0.8429

Commodities

Gold	Close	Previous
London Gold Fix	1811.45	1829.30
Oil
WTI Crude Future	70.56	73.95

Market Commentary:
     On this day in 1977, Tandy introduced one of the earliest affordable personal computers, the TRS-80 (soon to be affectionately nicknamed the “Trash 80”). It had four kilobytes of memory, a black-and-white monitor, and used floppy disks that truly flopped when you shook them. It retailed for just $599.
Canada
By Aoyon Ashraf
(Bloomberg) — Canadian stocks reached a record high on Tuesday as consumer staples and tech shares advanced. The S&P/TSX Composite index rose 0.4% to 20,365.85, an all-time high for the close. Consumer staples stocks were the best performers, led by grocery retailers.  Health care and real estate were the worst performers. Meanwhile, Canada’s securities regulators plan to merge two industry groups that oversee financial advisers into a single organization,  a move intended to address years of complaints about the overlapping roles and higher costs of the groups.
Commodities:
* Western Canadian Select crude oil traded at a $14.50 discount to West Texas Intermediate
* Spot gold fell 0.2% to $1,810.68 an ounce
FX/ Bonds:
* The Canadian dollar fell 0.2% to C$1.2539 per U.S. dollar
* The 10-year Canada government bond yield slid about 8 basis points to 1.121%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite is rising 0.3 percent at 20,340.50 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 1.4 percent. Crescent Point Energy Corp. had the largest increase, rising 6.8 percent. In midday trading, 95 of 229 shares rose, while 130 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 35 percent in the same period
* The S&P/TSX Composite is 0.2 percent below its 52-week high on July 7, 2021 and 31.9 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 0.9 percent in the past 5 days and rose 0.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.3 on a trailing basis and 16.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent 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 8.78 percent compared with 9.04 percent in the previous session and the average of 8.17 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 20.5817| 0.8| 18/5
* Financials | 18.2667| 0.3| 15/12
* Information Technology | 17.4395| 0.7| 7/4
* Consumer Staples | 6.9851| 0.9| 6/7
* Communication Services | 6.4236| 0.7| 4/3
* Consumer Discretionary | 0.1968| 0.0| 5/8
* Utilities | -0.6929| -0.1| 8/8
* Industrials | -1.9460| -0.1| 9/20
* Real Estate | -3.5211| -0.6| 5/20
* Materials | -4.8946| -0.2| 17/35
* Health Care | -8.2876| -3.5| 1/8
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 19.8700| 1.4| 15.4| 32.1
* Canadian Natural | | | |
* Resources | 7.9350| 2.3| -2.1| 37.7
* Brookfield Asset | | | |
* Management | 7.8940| 1.2| 32.4| 30.4
* First Quantum | | | |
* Minerals | -3.3490| -3.3| 58.4| 13.1
* Restaurant Brands | -3.6410| -2.0| 35.8| 7.2
* Bausch Health | -5.9650| -7.6| 397.8| 27.7

US
By Jennifer Bissell-Linsk and Vildana Hajric
(Bloomberg) — U.S. equities gained on Tuesday as mostly positive earnings were able to offset fresh concerns about China’s technology clampdown and the delta virus variant. The S&P 500 rose to a record as Ralph Lauren Corp., Gartner Inc. and Under Armour Inc. gained after earnings.  Meanwhile, the Nasdaq 100 also recovered from earlier losses after the Chinese state media criticized the “spiritual opium” of gaming and the U.K. was said to be considering a block on Nvidia Corp.’s $40 billion deal to acquire Arm Ltd. Crude oil pared back some of its earlier losses, helping to propel energy shares higher. Earlier the sector pushed the Stoxx Europe 600 to a record after BP Plc followed its Big Oil peers by increasing dividends and share buybacks. However, a slide in oil prices weighed on the gains as the spread of the delta virus variant continued to pose a risk to demand. Markets had also slumped earlier on news New York City will require proof of vaccination for customers at indoor restaurants and gyms. “I think what you’re going to continue to see is this continued volatility.
For a while, the primary volatility focus was is there inflation or isn’t there?” JJ Kinahan, chief market strategist at TD Ameritrade, said in an interview.  “This week it’s the good earnings versus the variant, and will it pause the reopening of businesses?” The 10-year U.S. Treasury yield fell to 1.17% after dipping as low as 1.15%.
Meanwhile the dollar was slightly weaker against major peers. Second-quarter earnings have been robust for the most part, but the months-long advance in Treasuries could point to a weaker period ahead. Traders are awaiting key U.S. jobs data this week to gauge the recovery and are monitoring the impact of price pressures sparked by pandemic-related disruptions.  Federal Reserve Governor Christopher Waller said he could back a tapering announcement by September, if the next two monthly U.S. employment reports show continued gains. “Recent weeks and months have been a churning and choppy time for equities,” wrote Willie Delwiche, an investment strategist at All Star Charts. “Large-cap U.S. indexes have chopped and churned higher, while beneath the surface (and overseas) the chopping and churning have had a downward bias. Strong convictions about either breakouts or breakdowns have not been rewarded.” Crude oil fell to less than $71 a barrel in New York.Bitcoin hovered around $38,000.

Here are some key events to watch this week:
* Bank of England is expected to keep its benchmark interest rate and its bond-buying target unchanged Thursday
* Reserve Bank of India monetary policy decision, briefing Friday
* The U.S. jobs report is expected to show another robust month of hiring Friday

Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 0.8%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1866
* The British pound rose 0.3% to $1.3918
* The Japanese yen rose 0.2% to 109.06 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 1.17%
* Germany’s 10-year yield was little changed at -0.48%
* Britain’s 10-year yield was little changed at 0.52%
Commodities
* West Texas Intermediate crude fell 0.9% to $70.62 a barrel
* Gold futures fell 0.5% to $1,814 an ounce
–With assistance from Kamaron Leach.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

You never really understand a person until you consider things from his point of view. -Harper Lee, 1926-2016.

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.

July 30, 1935~Paperback books first introduced.

On July 30, 1945, the USS Indianapolis, which had just delivered key components of the Hiroshima atomic bomb to the Pacific island of Tinian, was torpedoed by a Japanese submarine. Only 316 out of 1,196 men survived the sinking and shark-infested waters.  Go to article »

Emily Bronte, writer, b. 1818.
Henry Moore, sculptor, b. 1848.
Henry Ford, industrialist, b. 1863.
Arnold Schwarzenegger, actor, b. 1947

‘The Green Knight’ puts a dream-like spin on Arthurian legend.  Weekend movie plans, made. 

LEGO has launched a cute typewriter set that looks and moves just like the real thing — once you put the more than 2,000 pieces together, that is. (Click here to view)

PHOTOS OF THE DAY

In South Africa, elephants old and young huddle together to keep each other safe, captured by Josef Schwarz from Germany To celebrate the CEWE Photo Award 2021, CEWE has released the 10 images that have been shortlisted as winners from each of the ten categories in the world largest photo competition
CREDIT: JOSEF SCHWARZ

Rain droplets have been captured on this dandelion clock seed to create a striking image by Petra Jung from Switzerland o celebrate the CEWE Photo Award 2021, CEWE has released the 10 images that have been shortlisted as winners from each of the ten categories in the world largest photo competition
CREDIT: PETRA JUNG

Tate Modern encourages visitors of all ages to transform the floor of the Turbine Hall into a giant work of art. It is part of a project by artist Ei Arakawa, which launched UNIQLO Tate Play, Tate Modern’s new free programme of playful art-inspired activities for families
CREDIT: GUY BELL/ALAMY LIVE NEWS

People look at a model of the sun while visiting the recently-opened Shanghai Planetarium in Shanghai
CREDIT: HECTOR RETAMAL/AFP VIA GETTY IMAGES

Market Closes for July 30^th, 2021

Market Index	Close	Change
Dow Jones	34935.47	-149.06
		-0.42%
S&P 500	4395.30	-23.85
		-0.54%
NASDAQ	14672.68	-105.58 -0.71%
TSX	20270.44	-41.35
		-0.20%

 

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27283.59	-498.83
		-1.80%
HANG SENG	25961.03	-354.29
		-1.35%
SENSEX	52586.84	-66.23
		-0.13%
FTSE 100*	7032.30	-46.12 -0.65%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.203	1.206
CND. 30 Year Bond	1.760	1.754
U.S.    10 Year Bond	1.2289	1.2693
U.S. 30 Year Bond	1.8974	1.9195

Currencies

BOC Close	Today	Previous
Canadian $	0.8014	0.8036
US $	1.2478	1.2444
Euro Rate 1 Euro=		Inverse
Canadian $	1.4801	0.6756
US $	1.1862	0.8431

Commodities

Gold	Close	Previous
London Gold Fix	1829.30	1796.60
Oil
WTI Crude Future	73.95	73.62

Market Commentary:
    On this day in 1914, just weeks after the assassination of Archduke Ferdinand in Sarajevo, stock exchanges in Berlin, Rome, and Vienna shut down as Austria declared war on Serbia. Investors panicked in New York: The Dow Jones Industrial Average tumbled 6.9% to 71.42, on immense volume of 1,307,000 shares.
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities fell Friday, led by declines in energy shares including ARC Resources and Tourmaline, both falling over 5%. The S&P/TSX Composite Index fell about 0.4% even as a report showed Canada’s economy sprang back to life at the end of the second quarter, with vaccine-led re-openings spurring a return to growth. In addition, Quebecor Inc. spent C$830 million ($667 million) in Canada’s wireless spectrum auction, a move that signals an ambition to challenge the country’s three dominant telecommunications companies in 5G services.
Commodities:
* Western Canadian Select crude oil traded at a $14.50 discount to West Texas Intermediate
* Spot gold fell 0.3% to $1,822 an ounce
FX/ Bonds:
* The Canadian dollar fell 0.2% to C$1.2479 per U.S. dollar
* The 10-year Canada government bond yield fell 1.3 basis points to 1.191%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite fell 0.1 percent at 20,287.80 in Toronto. The move was the biggest since falling 1.3 percent on July 19 and follows the previous session’s increase of 0.4 percent. Shopify Inc. contributed the most to the index decline, decreasing 1.4 percent.  Denison Mines Corp. had the largest drop, falling 5.6 percent. Today, 100 of 230 shares fell, while 127 rose; 5 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index rose 0.6 percent
* So far this week, the index rose 0.5 percent
* The index advanced 24 percent in the past 52 weeks. The MSCI AC Americas Index gained 36 percent in the same period
* The S&P/TSX Composite is 0.5 percent below its 52-week high on July 7, 2021 and 31.6 percent above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.9 on a trailing basis and 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent 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 9.04 percent compared with 9.32 percent in the previous session and the average of 8.03 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -38.2190| -0.6| 16/12
* Energy | -17.9661| -0.7| 5/18
* Information Technology | -16.1046| -0.7| 6/6
* Health Care | -5.7245| -2.3| 1/9
* Materials | -2.1634| -0.1| 21/30
* Real Estate | 3.1493| 0.5| 22/3
* Utilities | 5.3953| 0.6| 15/1
* Communication Services | 6.0062| 0.6| 4/3
* Consumer Staples | 7.7557| 1.0| 7/6
* Consumer Discretionary | 11.7786| 1.6| 9/3
* Industrials | 22.1245| 0.9| 21/9
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -20.7400| -1.4| 12.0| 30.3
* TD Bank | -9.5100| -0.9| -10.7| 15.3
* Royal Bank of Canada | -8.1370| -0.7| -16.1| 20.6
* Constellation | | | |
* Software | 6.0800| 2.2| 51.1| 20.9
* Canadian National | 9.0370| 1.4| 1.3| -3.1
* Restaurant Brands | 9.3760| 5.4| 119.4| 9.4

US
By Richard Richtmyer and Vildana Hajric
(Bloomberg) — U.S. equities retreated at the tail end of a big earnings week as investors worried about slowing growth at the megacap technology companies that have helped drive the market to record highs during the pandemic. Amazon.com Inc. dropped 7.6% in its biggest decline since May 2020, contributing the most to declines in the Nasdaq 100 and S&P 500 indexes, after the company’s sales outlook missed expectations.  Tech stocks including Microsoft Corp. also weighed down the Dow Jones Industrial Average.  European equities dropped from a record and Asian stocks slid amid China’s regulatory clampdown. Markets were whipsawed this week by China’s tightening regulatory grip, a slew of earnings and the outlook for stimulus.  Amazon’s sales forecast adds to cautious forecasts from Facebook Inc. and Apple Inc., stoking a debate about whether tech stocks’ pandemic-related out performance will give way to a cyclical revival. So far, the second-quarter earnings season has been stronger than expected. About three-fifths of S&P 500 companies have reported, and more than 80% have exceeded both sales and profit estimates, according to data compiled by Bloomberg.
With stocks trading near record highs and valuations stretched, some investors are increasingly concerned that the corporate earnings recovery is peaking as the market faces risks ranging from inflation to the fast-spreading Covid-19 delta variant and China’s crackdown on private technology firms. “When you get to the valuation levels we’re at, professional investors are looking for a reason to sell,” said David Spika, president of GuideStone Capital Management, which has about $18 billion of assets under management. “It could be the delta variant, it could be China. It doesn’t matter. They’re looking for a reason to sell because they know valuations are extended and they don’t want to be the last one holding the bag.” Investors piled into cash and equities in the past week, according to a Bank of America Corp. note citing EPFR Global data. BofA strategists recommended owning defensive and quality names in the second half of the year, as “policy flip-flops will end in market correction.” Elsewhere, Pinterest Inc. plunged 18% to a two-month low after analysts said the company’s monthly user trends were disappointing. Oil prices rose, with West Texas Intermediate crude settling at $73.95 a barrel as concerns about the delta variant’s impact on fuel demand eased amid tight global supplies.  The Bloomberg Commodity Index was down more than 1%, paring a third consecutive weekly gain.
Here are the main moves in the markets:
Stocks
* The S&P 500 fell 0.5% as of 4:02 p.m. New York time
* The Nasdaq 100 fell 0.6%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World index fell 0.8%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.1861
* The British pound fell 0.4% to $1.3899
* The Japanese yen fell 0.2% to 109.71 per dollar
Bonds
* The yield on 10-year Treasuries declined four basis points to 1.23%
* Germany’s 10-year yield declined one basis point to -0.46%
* Britain’s 10-year yield was little changed at 0.56%
Commodities
* West Texas Intermediate crude rose 0.2% to $73.77 a barrel
* Gold futures fell 1% to $1,816.90 an ounce
–With assistance from Eric Lam and Namitha Jagadeesh.
Have a wonderful long weekend everyone.

Be magnificent!

As ever,

Carolann

The question is whether any civilization can wage relentless war on life without destroying itself,
and without losing the right to be called civilized. -Rachel Carson, 1907-1964.

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:
1914 Transcontinental telephone service began with the first phone conversation between New York and San Francisco. Go to article »

1958: NASA  established.

Life on Earth may be much older than we thought.

PHOTOS OF THE DAY

Lightning strikes in front of a rainbow at Houghton Hall Park near Dunstable
CREDIT: IZZY BRETT/PA WIRE

Two of the characters taking part in the Midsummer Lights event at Painswick Rococo Gardens in Gloucestershire. The gardens are transformed in to a mystical world
CREDIT: ANDREW FOX

Amateur wildlife photographer Andy Wilson captured a Tawny owl in still ponds near Stonehaven Scotland
CREDIT: ANDY WILSON/SOLENT NEWS & PHOTO AGENCY

Market Closes for July 29^th, 2021

Market Index	Close	Change
Dow Jones	35084.53	+153.60
		+0.44%
S&P 500	4419.15	+18.51
		+0.42%
NASDAQ	14778.26	+15.68 +0.11%
TSX	20311.78	+81.38
		+0.40%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27782.42	+200.76
		+0.73%
HANG SENG	26315.32	+841.44
		+3.30%
SENSEX	52653.07	+209.36
		+0.40%
FTSE 100*	7078.42	+61.79 +0.88%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.206	1.168
CND. 30 Year Bond	1.754	1.731
U.S.    10 Year Bond	1.2693	1.2327
U.S. 30 Year Bond	1.9195	1.8801

Currencies

BOC Close	Today	Previous
Canadian $	0.8036	0.7984
US $	1.2444	1.2525
Euro Rate 1 Euro=		Inverse
Canadian $	1.4795	0.6759
US $	1.1889	0.8411

Commodities

Gold	Close	Previous
London Gold Fix	1796.60	1800.35
Oil
WTI Crude Future	73.62	72.39

Market Commentary:
     On this day in 1999, day-trader Mark O. Barton, panicked over severe losses, marched into the offices of All-Tech Investment Group and Momentum Securities in Atlanta. Barton said, “I hope I’m not upsetting your trading day,” then opened fire with two handguns, killing nine people before committing suicide.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks rose to a record high on a closing basis, with materials leading the charge Thursday. The S&P/TSX Composite Index climbed 0.4%, with seven of the 11 sectors advancing.  Tech and health care were the main laggards. Gold headed for the biggest gain in more than two months as the dollar extended declines a day after the Federal Reserve said it wants more progress toward its goals first before reducing stimulus.  Silver also advanced. Bank of Canada Governor Tiff Macklem took to the pages of a major newspaper to defend a three-month run of excessive consumer price gains.
Commodities:
* Western Canadian Select crude oil traded at a $14.50 discount to West Texas Intermediate
* Spot gold rose 1.2% to $1,828 an ounce
FX/ Bonds:
* The Canadian dollar rose 0.7% to C$1.2446 per U.S. dollar
* The 10-year Canada government bond yield rose 3.5 basis points to 1.203%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.4 percent, or 81.38 to 20,311.78 in Toronto. Franco-Nevada Corp. contributed the most to the index gain, increasing 3.8 percent. Kirkland Lake Gold Ltd. had the largest increase, rising 6.4 percent. Today, 156 of 230 shares rose, while 74 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* This month, the index rose 0.7 percent
* So far this week, the index rose 0.6 percent
* The index advanced 25 percent in the past 52 weeks. The MSCI AC Americas Index gained 37 percent in the same period
* The S&P/TSX Composite is 0.3 percent below its 52-week high on July 7, 2021 and 31.7 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 1.1 percent in the past 5 days and rose 0.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.6 on a trailing basis and 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent 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 9.32 percent compared with 9.34 percent in the previous session and the average of 7.95 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 50.9997| 2.1| 50/3
* Financials | 42.0053| 0.7| 26/2
* Industrials | 11.9855| 0.5| 22/8
* Consumer Staples | 5.9679| 0.8| 8/5
* Consumer Discretionary | 4.4391| 0.6| 10/3
* Energy | 2.7135| 0.1| 17/6
* Utilities | 0.3189| 0.0| 7/9
* Real Estate | -1.1026| -0.2| 11/14
* Communication Services | -2.8724| -0.3| 2/5
* Health Care | -5.2153| -2.0| 0/10
* Information Technology | -27.8411| -1.2| 3/9
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Franco-Nevada | 9.6730| 3.8| 19.4| 24.7
* Brookfield Asset | | | |
* Management | 6.1700| 0.9| -33.5| 30.0
* Kirkland Lake | 5.9340| 6.4| 92.4| 1.0
* TC Energy | -4.2270| -1.0| -56.8| 18.5
* Suncor Energy | -8.6000| -3.2| 80.4| 16.6
* Shopify | -24.5900| -1.6| 5.2| 32.1

US
By Richard Richtmyer and Vildana Hajric
(Bloomberg) — U.S. equities rose toward all-time highs as the latest read on the economy eased concerns about inflation and the Federal Reserve scaling back its ultra-accommodative policies. All of the main American stock indexes advanced, with the S&P 500 and Dow Jones Industrial Average touching records.  Ford Motor Co. rallied after a surprise profit.  Facebook Inc. weighed on the Nasdaq 100 after the social-media company gave a cautious outlook. And Amazon.com Inc. fell in extended trading after its sales forecast fell short. Stocks in the U.S. jumped after gross domestic product data showed that consumer spending was strong in the second quarter even as overall growth trailed expectations. A separate report showed applications for U.S. state unemployment fell last week, but were still higher than forecast. The data comes a day after Fed Chair Jerome Powell said officials are moving closer to when they can start reducing bond purchases but there’s still some way to go before doing so. Yields on 10-year Treasuries rose, while the dollar weakened. West Texas Intermediate crude extended gains past $73 a barrel as U.S. stockpiles declined. “The disappointing jobless claims numbers put some fire-power behind Powell’s comments yesterday, emphasizing that we have a ways to go for the labor market to recover,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “The miss on GDP only puts a finer point on the fact that growth may be stalling.”
Meanwhile, the U.S. Senate voted to move ahead with a broad infrastructure package, after a bipartisan group of senators and the White House reached an agreement on a $550 billion plan. In other stock moves, Robinhood Markets Inc. had a choppy market debut. The online trading platform slid as much as 12% before climbing back closer to its initial public offering price.  PayPal Holdings Inc. slid the most since March after its quarterly revenue missed estimates.  Uber Technologies Inc. fell after SoftBank Group Corp. was said to be selling $2.1 billion of its stake in the ride-hailing giant in a block trade through Goldman Sachs. The Stoxx 600 Europe Index closed at its highest level ever after updates from Royal Dutch Shell Plc and Airbus SE.  In Asia, a Hang Seng tech index surged on a report that China will continue to allow local firms to go public in the U.S.  Bitcoin slipped below $40,000.
Here are the main moves in the markets:
Stocks
* The S&P 500 rose 0.4% as of 4:04 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.4% to $1.1888
* The British pound rose 0.4% to $1.3964
* The Japanese yen rose 0.4% to 109.47 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.27%
* Germany’s 10-year yield was little changed at -0.45%
* Britain’s 10-year yield was little changed at 0.57%
Commodities
* West Texas Intermediate crude rose 1.7% to $73.61 a barrel
* Gold futures rose 1.6% to $1,832.60 an ounce
–With assistance from Andreea Papuc, Akshay Chinchalkar, Ksenia Galouchko and Namitha Jagadeesh.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Service to others is the rent you pay for your room here on earth.  -Muhammad Ali, 1942-2016.

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

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

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

Dear Friends,

Tangents:
July 28, 1914 – World War l begins.  Archduke Ferdinand killed.

On July 28, 1914, Austria-Hungary declared war on Serbia. World War I began as declarations of war by other European nations quickly followed.  Go to article »

Jacqueline O. Kennedy, first lady, b. 1929
Marcel Duchamp, surrealist, b. 1887
Beatrix Potter, writer, b. 1866

How much do I need to sleep? It depends on your age.  The answer is usually “not enough as you’re getting.”

New York City restaurant unveils $200 French fries.  For that price they better be covered in … oh. They are covered in gold.

The most detailed 3-D map of the universe.

Einstein proven right as back of black hole finally seen  
Astronomers have managed to look behind a black hole for the first time and have proven Albert Einstein was right about how these mysterious celestial behemoths behave. An international team of researchers used high-powered X-ray telescopes to study a supermassive black hole 800 million light years away at the centre of a distant galaxy. As well as the usual hallmarks of a black hole, the researchers spotted light – in the form of X-rays – being emitted by its far side. Read how this proves what Einstein’s dogmatic theory of general relativity predicted in 1915.

PHOTOS OF THE DAY

Anything Goes.. Sutton Foster and cast at the Barbican
CREDIT: IAM WEST/PA WIRE

Actors perform in a dress rehearsal for a production of “A Midsummer Night’s Dream” at Kew Gardens
CREDIT:  ROB PINNEY/GETTY IMAGES

These are the first baby beavers born at a rewilding site on Bodmin Moor the first for hundreds of years
CREDIT: CAMERON GOODHEAD/TRIANGLE NEWS

Astronomers see the back of a black hole for the first time, confirming Einstein was right yet again. Very complex study, but researchers studied X-rays which are produced from a reaction inside the core of a black hole, and are spewed out
CREDIT: TELEGRAPH/PICTURE OF THE DAY

Market Closes for July 28^th, 2021

 

Market Index	Close	Change
Dow Jones	34930.93	-127.59
		-0.36%
S&P 500	4400.64	-0.82
		-0.02%
NASDAQ	14762.59	+102.01 +0.70%
TSX	20230.40	+57.05
		+0.28%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27581.66	-388.56
		-1.39%
HANG SENG	25473.88	+387.45
		+1.54%
SENSEX	52443.71	-135.05
		-0.29%
FTSE 100*	7016.63	+20.55 +0.29%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.168	1.167
CND. 30 Year Bond	1.731	1.743
U.S.    10 Year Bond	1.2327	1.2411
U.S. 30 Year Bond	1.8801	1.8936

Currencies

BOC Close	Today	Previous
Canadian $	0.7984	0.7935
US $	1.2525	1.2602
Euro Rate 1 Euro=		Inverse
Canadian $	1.4836	0.6741
US $	1.1845	0.8442

Commodities

Gold	Close	Previous
London Gold Fix	1800.35	1800.20
Oil
WTI Crude Future	72.39	71.65

Market Commentary:
     On this day in 1971, Wells Fargo launched the world’s first stock-index fund with $6 million from the pension fund of Samsonite. The trader executing the orders for the new fund immediately acquired the sarcastic nickname “Discount Diane.”
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities edged higher for a third session, led by a rally in cannabis producers following Tilray’s earnings. The S&P/TSX Composite Index rose 0.3%. Technology giant Shopify fell despite strong results. Inflation decelerated in Canada for the first time this year, but price pressures continue to run at some of the hottest levels in nearly a decade. Meanwhile, oil advanced to the highest level in two weeks after declining stockpiles of U.S. crude, gasoline and distillate signaled healthy demand during the nation’s summer driving season.
Commodities:
* Western Canadian Select crude oil traded at a $14.25 discount to West Texas Intermediate
* Spot gold rose 0.5% to $1,808 an ounce
FX/ Bonds:
* The Canadian dollar rose 0.6% to C$1.2525 per U.S. dollar
* The 10-year Canada government bond yield rose to 1.169%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.3 percent, or 57.05 to 20,230.40 in Toronto.  The index advanced to the highest closing level since July 13. Today, materials stocks led the market higher, as 6 of 11 sectors gained; 141 of 230 shares rose, while 86 fell. Brookfield Asset Management Inc. contributed the most to the index gain, increasing 2.5 percent. Tilray Inc. had the largest increase, rising 25.1 percent.
Insights
* This month, the index rose 0.3 percent
* The index advanced 25 percent in the past 52 weeks. The MSCI AC Americas Index gained 38 percent in the same period
* The S&P/TSX Composite is 0.7 percent below its 52-week high on July 7, 2021 and 31.2 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 0.6 percent in the past 5 days and rose 0.4 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.9 on a trailing basis and 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent 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 9.34 percent compared with 9.30 percent in the previous session and the average of 7.85 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 30.7457| 1.3| 48/5
* Financials | 24.3603| 0.4| 16/11
* Health Care | 23.1127| 9.8| 10/0
* Energy | 15.3450| 0.6| 19/4
* Utilities | 1.3435| 0.1| 12/4
* Consumer Staples | 0.2001| 0.0| 9/4
* Consumer Discretionary | -1.7932| -0.2| 5/8
* Real Estate | -2.0725| -0.3| 5/19
* Communication Services | -4.6593| -0.5| 2/5
* Industrials | -9.1320| -0.4| 9/20
* Information Technology | -20.3965| -0.9| 6/6
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Brookfield Asset | | | |
* Management | 16.5900| 2.5| 97.8| 28.9
* Tilray | 11.8700| 25.1| 295.0|n/a
* Barrick Gold | 4.0870| 1.3| -27.8| -7.2
* Couche-Tard | -3.0450| -1.1| -43.5| 12.8
* CGI Inc | -4.9990| -2.8| 3.8| 11.7
* Shopify | -21.7300| -1.4| 51.5| 34.3
US
By Richard Richtmyer, Vildana Hajric and Kamaron Leach
(Bloomberg) — U.S. equities advanced and Treasury yields fell after the Federal Reserve held interest rates near zero and Chairman Jerome Powell said that despite the economy’s progress he was still “a ways away” from raising them. The Nasdaq 100 and S&P 500 advanced following the announcement, with Alphabet Inc. giving the biggest boost to both indexes after it reported sales that beat estimates. The Dow Jones Industrial Average fell, with a drop in McDonald’s Corp. weighing heavily after its earnings release.  Ten-year Treasury yields fell 1 basis point to 1.23% after climbing to as high of 1.27%. While strong earnings have been bolstering confidence in the corporate recovery, investors have remained nervous about the threat to global growth from the Covid-19 delta variant and the potential for tighter monetary policy. The Fed, in its statement released after a two-day policy meeting on Wednesday, kept the benchmark policy rate near zero and repeated language that inflation had run persistently below its long-run 2% goal. “While the economy appears to be inching closer, the Fed has not yet seen sufficiently outsized data to warrant a meaningful policy change,” said Greg Bassuk, chief executive officer at AXS Investments LLC. “As a result, we expect the markets to remain volatile in the near-term, driven largely by this season’s remaining corporate earnings announcements, key upcoming economic data reports and the pace of progress in curtailing the global pandemic.” News that a bipartisan Senate group had agreed on a broad infrastructure deal for spending on projects like roads and bridges lifted stocks like Caterpillar Inc.  and Vulcan Materials Co., which rose as much as 4%, the most since May.
Large-cap China stocks listed in the U.S. rebounded after Chinese state media attempted to reassure investors about the market’s stability. In Asia, the Hang Seng Index reversed losses after coming close to entering a bear market.  China’s securities regulator held a video conference with executives of major investment banks on Wednesday in an attempt to ease market fears. A five-day rally that pushed major U.S. equity indexes to all-time highs paused on Tuesday as Alphabet, Apple Inc. and Microsoft Corp. prepared to release their earnings.  While Alphabet gave the biggest lift to the tech-heavy Nasdaq 100 on Wednesday, Apple weighed it down the most after the iPhone maker warned that its sales growth could be slowing.  Microsoft was fluctuating between gains and losses after its report. Meanwhile, Facebook Inc. closed at a record high before its post market earnings release. “This is the time, as we get past the pandemic, get past all of the fiscal and monetary support, that really you need to know which companies that you’re investing in,” Seema Shah, chief strategist at Principal Global Investors, said on Bloomberg TV.  “Do they have very strong balance sheets? Do they have a strong customer base? And I think what we’re seeing with the big tech, they’re proving again this week is that’s exactly what they have.” Earnings also drove moves in other major U.S. stocks. Boeing Co. climbed after its posting its first profit since 2019. Starbucks Corp. dropped on slowing China growth.  Advanced Micro Devices Inc. climbed to an all-time high after the chipmaker raised its outlook for full-year revenue growth. McDonald’s fell for the first time in seven sessions on concern about its outlook for margins. So far, almost 90% of the S&P 500 companies that have reported second-quarter results have exceeded analysts’ earnings estimates, according to data compiled by Bloomberg.

Here are some key events to watch this week:
* Facebook, Amazon report earnings this week
* U.S. GDP data are due Thursday

Here are the main moves in the markets:
Stocks
* The S&P 500 was little changed as of 3:52 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.1845
* The British pound rose 0.2% to $1.3905
* The Japanese yen was little changed at 109.88 per dollar
Bonds
* The yield on 10-year Treasuries declined one basis point to 1.23%
* Germany’s 10-year yield was little changed at -0.45%
* Britain’s 10-year yield advanced two basis points to 0.57%
Commodities
* West Texas Intermediate crude rose 0.8% to $72.22 a barrel
* Gold futures rose 0.4% to $1,811.40 an ounce
–With assistance from Michael Msika and Jan-Patrick Barnert.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Failure is the condiment that gives success its flavor. -Truman Capote, 1924-1984.

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