Category: Events

Dear Friends,

Tangents: Happy Friday Eve.  World Hello Day. 💛

November 21, 1962: War between China and India ends.  The month long war began over a border dispute between the two countries and ended with a unilateral ceasefire by the Chinese.
November 21, 2010 Debt-struck Ireland applied for a massive EU-IMF loan to stem the flight of capital from its banks. Go to article .

1783: Man’s first flight in a balloon.
1995: Dow tops 5000 for the first time.

Voltaire, writer, b. 1694.
Harpo Marx, comedian, b. 1888.
Goldie Hawn, b. 1945.

Lucy’s last day: What the iconic fossil reveals about our ancient ancestor’s last hours
From a distance, it might have looked like a small child was wending her way through the waving grass along a vast lake. But a closer look would have revealed a strange, in-between creature — a big-eyed imp with a small head and an apelike face who walked upright like a human.  She may have looked warily over her shoulder as she walked, on alert for sabre-toothed cats or hyenas. But she likely had no idea it was her last day on Earth.
Roughly 3.2 million years later, her skeleton was unearthed by paleoanthropologists and the stunningly complete fossil was nicknamed “Lucy.” Her remarkable species, Australopithecus afarensis, may have been our direct ancestor.  Our discoveries about Lucy have transformed our understanding of humanity’s tangled family tree. In fact, anthropologists have learned so much about Lucy and her kind that we can now paint a picture of how she lived and died.  Read More.

This spot will be key to the inevitable collapse of a key Atlantic current
New modeling research reveals that the Atlantic Meridional Overturning Circulation (AMOC) is particularly vulnerable to shifts in the Irminger Sea from increasing Arctic meltwater. Read More.

1,600-year-old amulet depicting King Solomon spearing the devil found in Turkey
The “King Solomon” pendant likely belonged to a cavalry soldier stationed at the ancient Byzantine city of Hadrianopolis. Read More.

‘Quantum hard drives’ closer to reality after scientists resolve 10-year-old problem
Scientists in Australia say they’ve cracked a key hurdle facing the development of scalable quantum computers and practical quantum data storage. Read More.

CMA Awards 2024: See who won
Country music stars were honored Wednesday at the 58th Annual CMA Awards in Nashville, Tennessee. See the list of winners here.

Headliners announced for 2025 Coachella fest
Several popular artists are set to perform at the next Coachella Valley Music and Arts Festival in Southern California.

Duct-taped banana sells for $6.2 million at New York art auction
Art collectors were clamoring to buy this conceptual piece … Truthfully, I don’t see the ap-peel.

Longtime ‘Simpsons’ voice actor hangs up her mic
Pamela Hayden, who voices Bart Simpson’s friend Milhouse Van Houten, is stepping away from the role after 35 years.

Life in the world’s most polluted city
The sky in New Delhi is enveloped with smog, leaving many residents with persistent coughs, lung issues and stinging eyes. Several people told CNN they feel suffocated by the city’s intense pollution.

PHOTOS OF THE DAY

Dublin, Ireland
‘Early sun and autumn mists with two young bucks in Phoenix Park.’
Photograph: Colin Whitston

Loch Shiel, UK
Snow turns the Glenfinnan viaduct in the Highlands into a winter wonderland. Built from 1897 to 1901, the viaduct overlooks the Glenfinnan Monument and carries the West Highland railway line
Photograph: Dave Johnston

​​​​​​​New York, US
‘A view of the Manhattan skyline taken from the top of the Empire State Building.’
Photograph: Bernard Van Overmeire
Market Closes for November 21, 2024

Market Index	Close	Change
Dow Jones	43870.35	+461.88
		+1.06%
S&P 500	5948.71	+31.60
		+0.53%
NASDAQ	18972.42	+6.28
		+0.03%
TSX	25390.69	+354.23
		+1.41%

International Markets

Market Index	Close	Change
NIKKEI	38167.24	+141.07
		+0.37%
HANG SENG	19601.11	-103.90
		-0.53%
SENSEX	77155.79	-422.59
		-0.54%
FTSE 100*	8149.27	+64.20
		+0.79%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.457	3.384
CND. 30 Year Bond	3.488	3.431
U.S. 10 Year Bond	4.4119	4.4100
U.S. 30 Year Bond	4.5955	4.5975

Currencies

BOC Close	Today	Previous
Canadian $	0.7156	0.7156
US $	1.3975	1.3975

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4634	0.6834
US $	1.0471	0.9550

Commodities

Gold	Close	Previous
London Gold Fix	2640.55	2623.20
Oil
WTI Crude Future	70.49	68.87

Market Commentary:
📈 On this day in 1985, the S&P 500 closed above 200 for the first time. It had taken the index more than 17 years to double.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 1.4%, or 354.22 to 25,390.68 in Toronto.
The move was the biggest since rising 1.6% on Aug. 8.
Today, energy stocks led the market higher, as 9 of 11 sectors gained; 179 of 219 shares rose, while 38 fell.
Royal Bank of Canada contributed the most to the index gain, increasing 2.6%.
TransAlta Corp. had the largest increase, rising 5.9%.
Insights
* In the past year, the index had a similar or greater gain five times. The next day, it advanced after all five occasions
* This year, the index rose 21%, heading for the best year since 2021
* This month, the index rose 5.1%
* So far this week, the index rose 2%
* The index advanced 26% in the past 52 weeks. The MSCI AC Americas Index gained 31% in the same period
* The S&P/TSX Composite is at its 52-week high and 27.5% above its low on Nov. 28, 2023
* The S&P/TSX Composite is up 1.4% in the past 5 days and rose 2.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.2 on a trailing basis and 17.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.95t
* 30-day price volatility rose to 9.07% compared with 8.22% in the previous session and the average of 7.78% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 89.9019| 2.0| 40/1
Financials | 81.8878| 1.0| 23/3
Information Technology | 59.2714| 2.4| 10/0
Industrials | 54.4676| 1.8| 21/6
Materials | 38.3030| 1.3| 42/7
Consumer Staples | 12.0427| 1.3| 7/3
Consumer Discretionary | 10.9942| 1.3| 8/3
Utilities | 10.9163| 1.2| 14/1
Real Estate | 2.5692| 0.5| 11/8
Health Care | -0.1280| -0.2| 2/2
Communication Services | -5.9895| -0.9| 1/4
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
RBC | 44.2500| 2.6| 2.3| 30.4
Shopify | 29.4500| 2.4| -14.4| 44.3
Constellation Software | 19.5500| 3.1| 13.0| 41.4
Bank of Nova Scotia | -1.8100| -0.3| -1.7| 21.7
BCE | -3.0060| -1.3| 12.8| -28.6
Telus | -3.0330| -1.3| 24.8| -9.3
US
By Cristin Flanagan
(Bloomberg) — Stocks ended the day higher as traders contemplated a new US administration keen on deregulation.
Bitcoin blew past $98,000 while the dollar gained and Treasury yields rose.
The S&P 500 advanced 0.5% after a choppy morning session spurred by swings in Nvidia Corp. and angst about the war in Ukraine.
The Nasdaq 100 climbed 0.4% after dropping more than 1% earlier in the day.
The fierce rally in Nvidia hit a speed bump following outlook that missed Wall Street’s high expectations.
The stock resumed its climb in the final hours of trading to end the day in the green but shy of its latest all-time high.
Bitcoin extended its post-election run and is rapidly approaching $100,000 on bets President-elect Donald Trump’s support for crypto and looser regulation will usher in a boom for the industry.
The planned departure of Securities and Exchange Commission Chair Gary Gensler is expected to give a boost to deregulation and digital assets.
A report suggested Chris Giancarlo, a former chairman of the Commodity Futures Trading Commission, was being weighed as the first “crypto czar” under the incoming administration.
Trump’s pick to overhaul the Justice Department, Matt Gaetz, withdrew himself from consideration of the post amid sexual misconduct allegations.
Uncertainty over who Trump will name to the top spot at the Treasury remains up in the air and weighed on US bonds.
“The contest for the Treasury Secretary appears to have come down to Bessent, Rowan, and Warsh – all of whom fall into the category of qualified adults in the room,” according to BMO’s Ian Lyngen. Though, “clarity is always preferable from the market’s perspective.”
Yields on the 10-year Treasury steadied at 4.42% and the dollar rebounded after mixed labor data.
Jobless claims came in lower than expected while continuing claims, a gauge of the number of people receiving benefits, rose to a three-year high.
Among notable stock movers, Snowflake Inc. surged more than 30% while shares of MicroStrategy Inc., the largest publicly traded corporate holder of Bitcoin, sank on a short-seller report from Andrew Left’s Citron Research.
Turkey Trot Strategists at market research firm Fundstrat expect US stocks to climb into the US holiday week, followed by some weakening in December.
“The Nvidia earnings report leaves the likelihood of a Thanksgiving rally intact,” they wrote. “The AI trajectory has not changed all that much, but the market’s immediate reaction is less important than the fact that the uncertainty over Nvidia’s results is behind us.”
To Tom Essaye, founder of The Sevens Report, this week’s conflicting reports from Walmart Inc. and Target Corp. suggest some restraint from American consumers, who should be watched closely.
“The state of the labor market and consumer spending are indicative of a soft landing and that’s a good thing,” the former Merrill Lynch trader said. “But they are also vulnerable to deterioration from here and if that occurs, then a hard landing becomes substantially more likely and that would be a decided negative for stocks.”
Housing is another worry as mortgage rates in the US started climbing again with the average for a 30-year fixed loan 6.84%, up from 6.78% last week.
Geopolitical Storm Escalations in the Russia-Ukraine war gave oil and gold prices a boost, pushing WTI crude futures to around $70 a barrel.
Ukraine reported that Russia fired an intercontinental ballistic missile during an overnight attack, while a Kremlin spokesman called Kyiv’s earlier use of UK Storm Shadow missiles a new escalation.
“Geopolitics always has a potential of introducing volatility in the market and we have seen that with what is happening in Ukraine,” Themis Themistocleous, chief investment officer, EMEA at UBS Wealth Management told Bloomberg Television. “We have been advising clients to include oil into
their portfolio, or derivatives of oil, to be able to hedge against potential volatility.”
In Asia, shares of India’s Adani Group units tumbled and the conglomerate scrapped a $600 million dollar bond sale after US prosecutors charged its billionaire founder, Gautam Adani.
The company denied the US allegations that it was participating in a scheme that involved promising to pay more than $250 million in bribes to Indian government officials to secure solar-energy contracts. 

Key events this week:
* Eurozone HCOB Manufacturing & Services PMI, Friday
* US University of Michigan consumer sentiment, S&P Global Manufacturing & Services PMI, Friday

Some of the main moves in markets: 
Stocks
* The S&P 500 rose 0.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.4%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World Index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.6% to $1.0480
* The British pound fell 0.4% to $1.2596
* The Japanese yen rose 0.6% to 154.50 per dollar
Cryptocurrencies
* Bitcoin rose 3.7% to $97,967.01
* Ether rose 8.8% to $3,350.97
Bonds
* The yield on 10-year Treasuries advanced one basis point to 4.42%
* Germany’s 10-year yield declined three basis points to 2.32%
* Britain’s 10-year yield declined three basis points to 4.44%
Commodities
* West Texas Intermediate crude rose 2.2% to $70.24 a barrel
* Spot gold rose 0.8% to $2,671.67 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Mark Tannenbaum, Divya Patil, Margaryta Kirakosian, Allegra Catelli, John Viljoen and Alex Nicholson.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
You don’t love because, you love despite; not for the virtues, but despite the faults. –William Faulkner, 1897-1962.

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

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

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

Dear Friends,

Tangents:
November 19, 1493: Puerto Rico Discovery Day.
November 19, 1863: Abraham Lincoln’s Gettysburg Address.
November 19, 1872: E.D. Barbour of Boston is awarded the first US patent for the first “calculator”, an adding machine capable of printing totals and subtotals.
November 19, 1969: Apollo 12 astronauts Charles “Pete” Conrad and Alan Bean made man’s second landing on the moon.  Go to article 

Peter F. Drucker, management guru, b. 1909.
Indira Gandhi, Indian politician, b. 1917.
Ted Turner, media mogul, b. 1938.
Meg Ryan, actress, b. 1961.
Jodie Foster, actress, b. 1962

2,600-year-old inscription in Turkey finally deciphered — and it mentions goddess known ‘simply as the Mother’
An ancient inscription decorated with lions and sphinxes is finally deciphered, and it involves the “mother of the gods.” Read More.

Scientists glean new details of mysterious, centuries-old shipwreck submerged in Norway’s largest lake
Researchers now think the boat was a local “føringsbåt” for passengers and cargo. Read More.

West Coast bracing for ‘bomb’ cyclone
A low-pressure system headed for Northern California and Oregon is likely to bring extreme rain and strong winds. Read More.

Dolphin in the Baltic Sea has been talking to himself — and researchers think it’s a sign he’s lonely
A solitary dolphin in the Baltic Sea has been recorded talking to himself, leading researchers to wonder whether he’s lonely and calling out for friends. Read More.

Why isn’t the darkest time of the year also the coldest?
Why aren’t the solstices the coldest and hottest days of the year? Read More.

PHOTOS OF THE DAY

Buxton, UK
Snow covers buildings after the overnight snowfall in Derbyshire. The UK is bracing for up to 20cm of snow, ice and cold temperatures over the coming days
Photograph: Peter Byrne/PA

Leon, Mexico
Visitors attend the International Hot-Air Balloon Festival in Leon, in the state of Guanajuato
Photograph: Henry Romero/Reuters

​​​​​​​London, UK
A herd of red deer look out from the bracken on an autumn morning in Richmond Park
Photograph: Justin Tallis/AFP/Getty Images
Market Closes for November 19, 2024

Market Index	Close	Change
Dow Jones	43268.94	-120.66
		-0.28%
S&P 500	5916.98	+23.36
		+0.40%
NASDAQ	18987.47	+195.66
		+1.04%
TSX	25010.77	+33.82
		+0.14%

International Markets

Market Index	Close	Change
NIKKEI	38414.43	+193.58
		+0.51%
HANG SENG	19663.67	+87.06
		+0.44%
SENSEX	77339.01	-241.30
		-0.31%
FTSE 100*	8099.02	-10.30
		-0.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.334	3.276
CND. 30 Year Bond	3.387	3.321
U.S. 10 Year Bond	4.3962	4.4060
U.S. 30 Year Bond	4.5819	4.6004

Currencies

BOC Close	Today	Previous
Canadian $	0.7167	0.7031
US $	1.3953	1.4023

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4800	0.6757
US $	1.0607	0.9428

Commodities

Gold	Close	Previous
London Gold Fix	2623.20	2571.80
Oil
WTI Crude Future	69.39	69.16

Market Commentary:
📈 On this day in 1792: In the same room where the Declaration of Independence was adopted 16 years earlier, the Insurance Co. of North America held its initial public offering at $10 a share. More than 660 investors signed up for shares. The INA is now part of Chubb.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.1%, or 33.82 to 25,010.77 in Toronto.
Agnico Eagle Mines Ltd. contributed the most to the index gain, increasing 2.7%.
NexGen Energy Ltd. had the largest increase, rising 6.5%.
Today, 117 of 219 shares rose, while 98 fell; 5 of 11 sectors were higher, led by materials stocks.
Insights
* This year, the index rose 19%, heading for the best year since 2021
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 31% in the same period
* The S&P/TSX Composite is 0.5% below its 52-week high on Nov. 14, 2024 and 25.6% above its low on Nov. 28, 2023
* The S&P/TSX Composite is up 0.4% in the past 5 days and rose 0.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.9 on a trailing basis and 17.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.94t
* 30-day price volatility fell to 8.37% compared with 8.40% in the previous session and the average of 7.70% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 49.4514| 1.7| 39/11
Financials | 16.3265| 0.2| 19/7
Energy | 9.6926| 0.2| 14/25
Utilities | 4.9837| 0.5| 9/6
Communication Services | 0.4439| 0.1| 3/2
Health Care | -0.5172| -0.7| 2/2
Real Estate | -1.0519| -0.2| 6/13
Consumer Discretionary | -2.5265| -0.3| 5/5
Consumer Staples | -10.0474| -1.0| 3/7
Industrials | -13.2765| -0.4| 12/15
Information Technology | -19.6636| -0.8| 5/5
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Agnico Eagle Mines Ltd | 10.7100| 2.7| -19.4| 58.6
Bank of Nova Scotia| 8.1900| 1.2| -5.6| 21.5
Barrick Gold | 8.1110| 2.7| -29.0| 3.4
TD Bank | -10.9000| -1.1| -4.9| -8.9
Canadian National | -11.3400| -1.9| 13.9| -10.5
Shopify | -21.2200| -1.7| -8.7| 41.5
US
By Rita Nazareth
(Bloomberg) — Stocks rebounded in a volatile session marked by geopolitical headlines, with Nvidia Corp. climbing ahead of its results.
Bitcoin extended its post-election rally.
Trading in options signals Nvidia’s results Wednesday will be the most-important catalyst left this year — more than the Federal Reserve’s December meeting, according to Barclays Plc strategists.
The chipmaker at the forefront of the artificial-intelligence boom rose 4.9%, leading gains in the S&P 500.
An earlier slide in equities was driven by Ukraine’s first strike with US missiles in Russia and President Vladimir Putin’s approval of an updated nuclear doctrine.
To Gaurav Mallik at Pallas Capital Advisors, geopolitical uncertainties are indeed a recipe for volatility.
As for Nvidia’s results, he’s expecting strong numbers, citing capital expenditure by big tech and his view that there’s still “no clear substitute” for the company’s chips.
“This market is fickle,” said Nancy Tengler at Laffer Tengler Investments.
“Stocks ultimately trade on earnings and they have been great. I don’t recommend stocks ahead of earnings, but if NVDA sells off, jump in.”
The S&P 500 added 0.4%.
The Nasdaq 100 climbed 0.7%.
A gauge of the “Magnificent Seven” mega caps advanced 1.7%.
The Dow Jones Industrial Average slipped 0.3%.
US 10-year yields slid two basis points to 4.39%.
Oil and gold rose.

Corporate Highlights:
* Walmart Inc. boosted its outlook for the year on a solid start to the holiday season and strong demand from US consumers searching for value.
* Lowe’s Cos. extended its streak of declining sales during the third quarter as it continued to feel the ripple effects of a weak housing market.
* Alphabet Inc.’s Chrome browser could go for as much as $20 billion if a judge agrees to a Justice Department proposal to sell the business, in what would be a historic crackdown on one of the world’s biggest tech companies.
* Super Micro Computer Inc. hired a new auditor and filed a plan to come into compliance with Nasdaq listing requirements.
* Hewlett Packard Enterprise Co. and Juniper Networks Inc. representatives met with Justice Department antitrust enforcers last week in a final effort to persuade the agency not to challenge their proposed $14 billion deal, according to people familiar with the matter.

Key events this week:
* China loan prime rates, Wednesday
* Nvidia earnings, Wednesday
* Fed’s Lisa Cook and Michelle Bowman speak, Wednesday
* Eurozone consumer confidence, Thursday
* US existing home sales, initial jobless claims, Philadelphia Fed factory index, Thursday
* Eurozone HCOB Manufacturing & Services PMI, Friday
* US University of Michigan consumer sentiment, S&P Global Manufacturing & Services PMI, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World Index rose 0.4%
* Bloomberg Magnificent 7 Total Return Index rose 1.7%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.0595
* The British pound was unchanged at $1.2678
* The Japanese yen was little changed at 154.70 per dollar
Cryptocurrencies
* Bitcoin rose 1.4% to $92,640.14
* Ether fell 1.3% to $3,108.8
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.39%
* Germany’s 10-year yield declined four basis points to 2.34%
* Britain’s 10-year yield declined two basis points to 4.44%
Commodities
* West Texas Intermediate crude rose 0.6% to $69.58 a barrel
* Spot gold rose 0.8% to $2,633.47 an ounce

This story was produced with the assistance of Bloomberg Automation.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Skepticism is the chastity of the intellect, and it is shameful to surrender it too soon or to the first comer: there is nobility
in preserving it coolly and proudly through long youth, until at last, in the ripeness of instinct and discretion,
it can be safely exchanged for fidelity and happiness. –George Santayana, 1863-1952.

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

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

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

Dear Friends,

Tangents: Happy Monday.
On Nov. 17, 1973, President Nixon told an Associated Press managing editors meeting in Orlando, Fla., that “people have got to know whether or not their president is a crook.
Well, I’m not a crook.”  Go to article 

November 18, 1918: Latvia declares independence form Russia in the aftermath of the First World War and the Russian Revolution, marking a pivotal moment in Baltic history.
‘Another piece of the puzzle’: Antarctica’s 1st-ever amber fossil sheds light on dinosaur-era rainforest that covered South Pole 90 million years ago
Until now, Antarctica was the only continent on Earth without any known amber fossils. But sediment cores taken from below the seafloor have revealed a tiny piece of fossilized resin holding fragments of an ancient rainforest that covered the South Pole during the Cretaceous period. Read More.

Meteorite found in a drawer at university contains 700-million-year-old evidence of water on Mars
The Lafayette meteorite was discovered in a drawer at Purdue University in 1931, with no clear indication of how it got there. A new analysis of the rock reveals evidence of liquid water on Mars 742 million years ago. Read More.

35,000-year-old sabre-toothed kitten with preserved whiskers pulled from permafrost in Siberia
Researchers have analyzed mummified remains pulled from Siberia’s permafrost in 2020 and determined they belong to a 3-week-old sabre-toothed kitten that died at least 35,000 years ago. Read More.

Large language models not fit for real-world use, scientists warn — even slight changes cause their world models to collapse
Large language model AIs might seem smart on a surface level but they struggle to actually understand the real world and model it accurately, a new study finds. Read More.

Severe COVID-19 may shrink cancer tumors, early data suggest
Immune cells produced during severe COVID-19 infection may shrink tumors. The unexpected mechanism offers a new therapeutic possibility for advanced and treatment-resistant cancers. Read More.

Beyoncé to perform at halftime show of NFL Christmas Day game
An early Christmas gift? Why, thank you Beyoncé. The singer will perform during the halftime show of the Texans-Ravens game on Christmas Day in her hometown of Houston.

20 of the world’s best soups
Chilly fall days call for savory warm soups. Here are 20 of the world’s best — from Mexico to Thailand — to fill the stomach and the soul.

Watch gifted to Titanic hero fetches record bid at auction
A gold watch gifted to the captain of the ship that rescued more than 700 passengers and crew from the Titanic has sold for nearly $2 million.

Users are quitting X. Here’s where they’re going
X competitor Bluesky rocketed to the top spot on the Apple App Store’s US chart in the wake of the presidential election. CNN chief media analyst Brian Stelter discusses the exodus from Elon Musk’s embattled platform.

PHOTOS OF THE DAY

London, UK
Men dressed as Father Christmas take part in the Ministry of Fun’s annual Santa school training, at the London Postal Museum, which is known for its archives of letters to Santa dating back to 1963
Photograph: Matt Alexander/PA

Wernigerode, Germany
A steam train drives through the autumnal colours of Harz forest
Photograph: Matthias Schräder/AP

A colourful pond cluster at the Huanglong scenic area after snow in the Tibetan-Qiang autonomous prefecture
Photograph: Xinhua/Rex/Shutterstock
Market Closes for November 18, 2024

Market Index	Close	Change
Dow Jones	43389.60	-55.39
		-0.13%
S&P 500	5893.62	+23.00
		+0.39%
NASDAQ	18791.81	+111.69
		+0.60%
TSX	24976.95	+86.27
		+0.35%

International Markets

Market Index	Close	Change
NIKKEI	38436.18	+215.33
		+0.56%
HANG SENG	19576.61	+150.27
		+0.77%
SENSEX	77339.01	-241.30
		-0.31%
FTSE 100*	8109.32	+45.71
		+0.57%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.276	3.278
CND. 30 Year Bond	3.321	3.305
U.S. 10 Year Bond	4.4060	4.4394
U.S. 30 Year Bond	4.6004	4.6170

Currencies

BOC Close	Today	Previous
Canadian $	0.7031	0.7097
US $	1.4023	1.4091

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4854	0.6732
US $	1.0592	0.9481

Commodities

Gold	Close	Previous
London Gold Fix	2571.80	2571.80
Oil
WTI Crude Future	69.16	67.02

Market Commentary:
📈 On this day in 1928: Mickey Mouse debuted on film in the first talking cartoon, Steamboat Willie. Mickey, originally named Mortimer, had been doodled a few months earlier by Walt Disney, as a one-up on the success of a rabbit character he lost control of. Read More.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3% at 24,976.94 in Toronto.
The move follows the previous session’s decrease of 0.6%.
Agnico Eagle Mines Ltd. contributed the most to the index gain, increasing 3.7%.
Energy Fuels Inc/Canada had the largest increase, rising 9.2%.
Today, 144 of 219 shares rose, while 74 fell; 5 of 11 sectors were higher, led by materials stocks.

* This year, the index rose 19%, heading for the best year since 2021
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The S&P/TSX Composite is 0.6% below its 52-week high on Nov. 14, 2024 and 25.4% above its low on Nov. 28, 2023
* The S&P/TSX Composite is up 0.8% in the past 5 days and rose 0.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.7 on a trailing basis and 17.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.92t
* 30-day price volatility fell to 8.40% compared with 8.45% in the previous session and the average of 7.65% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 80.5519| 2.8| 46/4
Energy | 46.9330| 1.1| 33/7
Communication Services | 3.0009| 0.5| 2/3
Consumer Discretionary | 2.9778| 0.4| 4/7
Utilities | 0.4001| 0.0| 7/8
Health Care | -0.3374| -0.4| 2/2
Real Estate | -0.3503| -0.1| 12/8
Financials | -1.4137| 0.0| 18/8
Industrials | -4.0685| -0.1| 11/16
Consumer Staples | -12.1820| -1.2| 1/9
Information Technology | -29.2344| -1.2| 8/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Agnico Eagle Mines Ltd | 14.0100| 3.7| 1.8| 54.4
Bank of Nova Scotia| 12.8500| 2.0| 23.2| 20.0
Cameco | 8.8180| 3.8| 93.3| 37.2
Manulife Financial | -8.9770| -1.6| 47.1| 54.8
Brookfield Corp | -13.9300| -1.7| 14.4| 47.9
Shopify | -37.1700| -2.9| -20.9| 43.9
US
By Rita Nazareth
(Bloomberg) — Stocks climbed as Treasuries halted a selloff that drove 10-year yields near 4.5%, with traders keeping a close eye on news around President-elect Donald Trump’s administration.
The Nasdaq 100 outperformed after its longest rout since January, with Tesla Inc. up 5.6% on a news report Trump’s transition team have told advisers they plan to make a federal framework for fully self-driving vehicles one of the Transportation Department’s priorities.
Nvidia Corp., which reports results this week, fell.
Bonds rose across the US curve, reversing a move that earlier drove 30-year yields to their May highs.
Bitcoin topped $91,000.
“Traders appear to be gauging the potential impact of a new Trump administration’s policies on the economy, and the possibility that the Fed may slow down its rate-cutting campaign,” said Chris Larkin at E*TRADE from Morgan Stanley.
“With a relatively light economic calendar this week, the focus will shift to earnings — especially Nvidia’s, which have the potential to dictate the market’s short-term momentum.”
The S&P 500 rose 0.4%.
The Nasdaq 100 climbed 0.7%.
The Dow Jones Industrial Average fell 0.1%.
Treasury 10-year yields declined three basis points to 4.41%.
The Bloomberg Dollar Spot Index slid 0.4%.

Corporate Highlights:
* Nvidia Corp. dropped after the Information reported that the chip giant has asked its suppliers to change the design of the server racks for its new Blackwell graphics processing unit due to an overheating problem.
* Super Micro Computer Inc. climbed as the server maker approaches a Monday deadline to either file a delayed 10-K annual report or submit a plan to file the form to Nasdaq in order to remain listed on the exchange.
* MicroStrategy Inc. bought about 51,780 Bitcoin for around $4.6 billion, the largest purchase by the crypto hedge-fund proxy since it began acquiring the digital-asset more than four years ago.
* Spirit Airlines Inc. has filed for bankruptcy in the wake of greater competition from rival carriers and financial troubles following its scuttled merger with JetBlue Airways Corp.
* CVS Health Corp. named Glenview Capital Management founder Larry Robbins to its board as part of an agreement with the activist firm that’s been pressuring the company for change.
* President-elect Donald Trump nominated Chris Wright, the chief executive officer of Liberty Energy Inc., to lead the Energy Department.
* Newmont Corp. agreed to sell its Musselwhite gold mine in Ontario to Orla Mining Ltd. for up to $850 million as part of a divestment campaign designed to boost shareholder returns.
* Hewlett Packard Enterprise Co. was upgraded at Raymond James to strong buy from outperform.
* Moderna Inc. was upgraded to buy from hold at HSBC, with analysts saying the market isn’t giving enough credit to the firm’s pipeline.
* Biogen Inc. was downgraded to hold from buy at Needham, which said it does not see a “meaningful source of upside” for the stock in the next 12 months.

Key events this week:
* Eurozone CPI, Tuesday
* US housing starts, Tuesday
* Fed’s Jeff Schmid speaks, Tuesday
* China loan prime rates, Wednesday
* Nvidia earnings, Wednesday
* Fed’s Lisa Cook and Michelle Bowman speak, Wednesday
* Eurozone consumer confidence, Thursday
* US existing home sales, initial jobless claims, Philadelphia Fed factory index, Thursday
* Eurozone HCOB Manufacturing & Services PMI, Friday
* US University of Michigan consumer sentiment, S&P Global Manufacturing & Services PMI, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World Index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.5% to $1.0592
* The British pound rose 0.5% to $1.2675
* The Japanese yen fell 0.2% to 154.59 per dollar
Cryptocurrencies
* Bitcoin rose 2.7% to $91,560.89
* Ether rose 3.1% to $3,157.45
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.41%
* Germany’s 10-year yield advanced two basis points to 2.37%
* Britain’s 10-year yield was little changed at 4.47%
Commodities
* West Texas Intermediate crude rose 3.1% to $69.07 a barrel
* Spot gold rose 1.8% to $2,610.41 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
People rarely succeed unless they have fun in what they are doing. -Dale Carnegie, 1888-1955.

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

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

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

Dear Friends,

Tangents: Happy Friday.  Full moon tonight!
Look up at the night sky this weekend for a celestial double feature. November’s full moon will shine bright today as the last supermoon of the year. Sky-gazers may also be able to see the Leonid meteor shower as it reaches its peak on Saturday night into early Sunday.

November 15, 1904: King C. Gillette patents the Gillette razor blade, transforming personal grooming with affordable, disposable blades.
November 15, 1988 The Palestine National Council, the legislative body of the PLO, proclaimed the establishment of an independent Palestinian state. Go to article .

1943: Gypsies condemned by Himmler; up to 500,000 killed.
Georgia O’Keefe, artist, b. 1887.

The Lewis and Clark Expedition reaches the Pacific Ocean at the mouth of the Columbia River in 1805, 18 months and one day after leaving St. Louis in search of the “Northwest Passage” to the sea. The site is commemorated by a state park near what is now Chinook, Pacific County, on Highway 101. Captains Meriwether Lewis and William Clark wanted to find a short, easy portage that would connect the Missouri River with the Columbia. Instead, they found a daunting range of mountains that took weeks to cross. Lewis and Clark achieve many of their objectives, including following the Columbia to the sea and laying the groundwork for Western expansion. The real reason Starbucks is bringing back self-serve milk and sugar:  Starbucks customized drinks overwhelmed workers. Now the company wants you to add your own sugar and milk. 12,000-year-old, doughnut-shaped pebbles may be early evidence of the wheel The wheel was likely invented around 6,000 years ago, but a new analysis of curious rocks from Israel suggests that wheel-like technologies existed even earlier. Rare gladiator-shaped knife handle discovered by Hadrian’s Wall It’s rare to find gladiator memorabilia from Roman Britain, but archaeologists by Hadrian’s Wall have just found a 2,000-year-old knife handle depicting a left-handed fighter. 3D map reveals our solar system’s local bubble has an ‘escape tunnel’ A 3D map of our cosmic neighborhood has revealed hot and cold regions as well as an “escape tunnel” from our local bubble. ‘Edge of chaos’ neuroscience theory could lead to superfast computing chips that behave like superconductors By tapping into the enigmatic theory of how neurons transmit signals, scientists have proven they can one day build computer chips with near-zero electrical resistance. It would be easier to find aliens in a parallel universe than in our own, new multiverse study claims A new model based on the famous alien-hunting Drake equation suggests that some parallel universes within the hypothetical “multiverse” could have higher chances of containing extraterrestrial life than our universe. James Webb Space Telescope discovers mysterious ‘red monster’ galaxies so large they shouldn’t exist The James Webb telescope has spotted three gigantic “red monster” galaxies that were spawned soon after the Big Bang. They’re so large they could rewrite the laws of galactic evolution.

PHOTOS OF THE DAY

A flock of bird’s flies at sunrise over Hongze Lake wetland reserve in Suqian, China
Photograph: Costfoto/NurPhoto/Rex/Shutterstock

San Antonio de Areco, Argentina
A woman rides a horse on Tradition Day, an event that marks the birth of the celebrated Argentinian writer José Hernández and aims to preserve the rural gaucho culture he championed
Photograph: Natacha Pisarenko/AP

​​​​​​​A new species of nudibranch nicknamed the “mystery mollusc” has been discovered by researchers in California, US, in the Pacific’s deep-sea midnight zone. Researchers at the Monterey Bay Aquarium Research Institute found it at 8,576ft deep and spent years documenting the sea slug
Photograph: MBARI
Market Closes for November 15, 2024

Market Index	Close	Change
Dow Jones	43444.99	-305.87
		-0.70%
S&P 500	5870.63	-78.55
		-1.32%
NASDAQ	18680.12	-427.53
		-2.24%
TSX	24890.68	-158.99
		-0.63%

International Markets

Market Index	Close	Change
NIKKEI	38642.91	+107.21
		+0.28%
HANG SENG	19426.34	-9.47
		-0.05%
SENSEX	77580.31	-110.64
		-0.14%
FTSE 100*	8063.61	-7.58
		-0.09%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.278	3.283
CND. 30 Year Bond	3.305	3.290
U.S. 10 Year Bond	4.4394	4.4354
U.S. 30 Year Bond	4.6170	4.5868

Currencies

BOC Close	Today	Previous
Canadian $	0.7097	0.7108
US $	1.4091	1.4068

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4855	0.6732
US $	1.0542	0.9486

Commodities

Gold	Close	Previous
London Gold Fix	2571.80	2567.30
Oil
WTI Crude Future	67.02	68.70

Market Commentary:
📈 On this day in 2016, Snap filed paperwork for its initial public offering. The Snapchat owner went on to sell shares with no voting rights, a major test of investor appetite for highflying tech stocks. Eight years later, the company’s market cap is $18 billion, below the nearly $24 billion valuation hit in the IPO.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.6% at 24,890.68 in Toronto.
The move was the biggest since falling 1.4% on Oct. 31 and follows the previous session’s increase of 0.2%.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 2.6%.
Advantage Energy Ltd. had the largest drop, falling 4.9%.
Today, 142 of 220 shares fell, while 75 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index rose 19%, heading for the best year since 2021
* So far this week, the index rose 0.5%
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The S&P/TSX Composite is 1% below its 52-week high on Nov. 14, 2024 and 25% above its low on Nov. 28, 2023
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 17.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.95t
* 30-day price volatility rose to 8.45% compared with 8.38% in the previous session and the average of 7.68% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -45.4579| -0.6| 8/19
Energy | -40.2110| -0.9| 15/26
Industrials | -27.8667| -0.9| 10/17
Materials | -22.1122| -0.8| 8/39
Information Technology | -12.0817| -0.5| 2/8
Consumer Staples | -9.8657| -1.0| 6/4
Real Estate | -1.6551| -0.3| 8/12
Health Care | -0.7489| -1.0| 1/3
Communication Services | -0.3920| -0.1| 2/3
Consumer Discretionary | 0.3537| 0.0| 7/4
Utilities | 1.0446| 0.1| 8/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Natural Resources | -18.4800| -2.6| 154.7| 7.4
Canadian Pacific Kansas | -15.7500| -2.3| 47.5| -0.5
Brookfield Corp | -13.2100| -1.6| 46.0| 50.5
Dollarama | 2.1160| 0.7| 43.2| 55.1
Cameco | 2.5610| 1.1| 180.1| 32.1
TC Energy | 2.9070| 0.6| -34.2| 46.4
US
By Stephen Kirkland and Margaryta Kirakosian
(Bloomberg) — Stocks fell on Friday, closing out the worst week in more than two months, as Trump trades lost steam and investors bet the Federal Reserve will have to slow the pace of policy easing.
The S&P 500 ended off session lows, with tech stocks leading declines.
The benchmark has now erased over half of the trough-to-peak gains it notched after the US presidential election.
Traders see slightly more than even odds of a quarter-point cut next month following comments by Jerome Powell this week indicating the Fed was in no hurry to lower rates and a report Friday on October retail sales that included large upside revisions to the prior month.
As the initial euphoria about President-elect Donald Trump’s pro-business agenda begins to fade, investors are coming to terms with the costs of his fiscal plans and their potential to reignite inflation.
“It will come at the expense of potentially larger budget deficits, potentially larger debt and there is also the inflation dimension,” said Charles-Henry Monchau, chief investment officer at Banque Syz & Co.
“There’s been a realization that there is a price to pay for this.”
For the week, the S&P 500 was down 2.1% and the tech-heavy Nasdaq 100 dropped more than 3%, both posting the biggest declines for the period since Sept. 6. On Friday, shares of all “Magnificent Seven” mega caps retreated except Elon Musk’s Tesla Inc., with Amazon.com Inc., Nvidia Corp. and Meta Platforms Inc. sliding more than 3%.
Applied Materials Inc., the largest US maker of chip-manufacturing equipment, suffered its worst stock decline in a month after giving a disappointing revenue forecast.
Late Friday, traders priced about a 56% chance the Fed will deliver a quarter-point reduction at its December meeting, down from 80% earlier this week.
Bets on cuts were pared after Powell warned Thursday that the central bank may take its time easing policy.
Boston Fed President Susan Collins said Friday a December cut remained on the table, emphasizing the central bank’s decision will be guided by incoming data.
Chicago Fed chief Austan Goolsbee said as long as inflation continues down toward the central bank’s 2% goal, rates will be “a lot” lower over the next 12-18 months.
He agreed with Powell, however, noting policymakers aren’t in a hurry to lower borrowing costs.
“The market is expensive and I think Powell’s speech last night basically saying that Fed officials don’t need to rush to lower rates, that’s probably the main reason why we’re selling off specifically today,” John Davi, CEO and CIO at Astoria Advisors, said by phone. “The higher rates go, the more equity risk premiums tilt more in the favor of bonds.”
Treasuries initially sold off after the retail sales data, pushing 10-year yields up to 4.5%, the highest since May 31.
That lured buyer, sending yields back down around 4.44%.
The greenback eased off two-year highs but headed for its seventh straight weekly gain.
Meanwhile, drugmakers Moderna Inc. and Pfizer Inc. came under pressure in New York trading after Trump named a prominent vaccine skeptic Robert F. Kennedy Jr. to a top health-policy role. 

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.4%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World Index fell 1.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro was little changed at $1.0524
* The British pound fell 0.5% to $1.2606
* The Japanese yen rose 1.2% to 154.33 per dollar
Cryptocurrencies
* Bitcoin rose 3.4% to $91,206.26
* Ether fell 1% to $3,087.74
Bonds
* The yield on 10-year Treasuries was little changed at 4.44%
* Germany’s 10-year yield advanced one basis point to 2.36%
* Britain’s 10-year yield declined one basis point to 4.47%
Commodities
* West Texas Intermediate crude fell 2.4% to $67.02 a barrel
* Spot gold was little changed

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Allegra Catelli, Emily Graffeo and Sujata Rao.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Finally, all of you, be like-minded, be sympathetic, love one another, be compassionate and humble. -1 Peter 3:8.

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

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

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

Dear Friends,

Tangents: Happy Friday Eve.

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

November 14, 1666: First blood transfusion.

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

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

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

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

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

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

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.7%
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World Index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.4% to $1.0522
* The British pound fell 0.4% to $1.2658
* The Japanese yen fell 0.5% to 156.29 per dollar
Cryptocurrencies
* Bitcoin fell 1.1% to $87,670.54
* Ether fell 1.7% to $3,100.76
Bonds
* The yield on 10-year Treasuries declined one basis point to 4.44%
* Germany’s 10-year yield declined five basis points to 2.34%
* Britain’s 10-year yield declined four basis points to 4.48%
Commodities
* West Texas Intermediate crude rose 0.2% to $68.58 a barrel
* Spot gold fell 0.2% to $2,567.40 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

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

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

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

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

Dear Friends,

Tangents: World Kindness Day today.

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

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

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

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

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

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

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

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 fell 0.2%
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World Index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.6% to $1.0563
* The British pound fell 0.3% to $1.2705
* The Japanese yen fell 0.6% to 155.58 per dollar
Cryptocurrencies
* Bitcoin rose 1.7% to $89,787.51
* Ether fell 3.3% to $3,173.96
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.45%
* Germany’s 10-year yield advanced three basis points to 2.39%
* Britain’s 10-year yield advanced two basis points to 4.52%
Commodities
* West Texas Intermediate crude fell 0.1% to $68.03 a barrel
* Spot gold fell 1% to $2,573.60 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

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

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

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

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

Dear Friends,

Tangents:

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

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

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

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

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

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

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

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

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

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

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

Dear Friends,

Tangents:  THANK YOU VETERANS!

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

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

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

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

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

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

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

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

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

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

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

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!

As ever,

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

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

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

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

Dear Friends,

Tangents: Happy Friday.

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

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

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

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

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

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

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

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

This story was produced with the assistance of Bloomberg Automation.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

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

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

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

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

Dear Friends,

Tangents: Happy Friday Eve.

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

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

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

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

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

 

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

Commodities

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

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

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

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

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

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

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

Have a  lovely evening.

Be magnificent!
As ever,

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

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

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

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