Category: Events

Dear Friends,

Tangents:
June 25, 1950: War broke out on the Korean peninsula as forces from the communist North invaded the South.
June 25, 1967: The world’s first live global satellite TV program is aired.  The Beatles premiered their song “All You Need Is Love” on the show.  Some 400 million viewers tuned in.

George Orwell, b.1903.
Carly Simon, singer/songwriter, b. 1945

‘The early universe is nothing like we expected’: James Webb telescope reveals ‘new understanding’ of how galaxies formed at cosmic dawn
Astronomers using the James Webb Space Telescope have observed five extremely dense proto-globular clusters along a hair-thin arc of glittering stars. The discovery could help them understand how the earliest galaxies formed.
Read More.

Medieval woman buried alongside 23 warrior monks in Spain was likely a warrior herself, study finds
“We should picture her as a warrior of about forty years of age, just under five feet tall, neither stocky nor slender and skillful with a sword”. Read More.

2,000-year-old Roman military sandal with nails for traction found in Germany
Archaeologists used X-rays to analyze the remains of a sandal unearthed near a Roman fort in Bavaria. Full Story: Live Science (6/25)

Gaia space telescope helps astronomers image hidden objects around bright stars
The Gaia space telescope has spotted the dim companions of eight bright stars, suggesting we can expect new glimpses of distant planets. Read More.

New AI algorithm flags deepfakes with 98% accuracy — better than any other tool out there right now
Recent research into methods for spotting AI-generated video looks for specific markers not found in standard digital images. Read More.

Florida Panthers capture first NHL title in franchise history
The Florida Panthers nabbed the Stanley Cup on Monday after defeating the Edmonton Oilers in a thrilling Game 7!

PHOTOS OF THE DAY

Warsaw, Poland
People standing on the banks of the Vistula River look on as a large wreath floats on the water. Wreaths of field flowers are thrown into the river at the summer solstice to bring good luck
Photograph: Wojtek Radwański/AFP/Getty Images

Dorset, UK
People take part in the world nettle eating competition at Dorset Nectar Cider Farm in Waytown. Participants eat leaves from 2ft-long stalks for half an hour and those who eat the longest length of nettles are crowned Nettle King and Nettle Queen
Photograph: Finnbarr Webster/Getty Images

​​​​​​​Water bursts from the pipeline at the Upper Chhandi Khola hydropower project, which runs down the Chhandi river near Taap, where the honey collecting takes place
Market Closes for June 25^th, 2024

Market Index	Close	Change
Dow Jones	39112.16	-299.05
		-0.76%
S&P 500	5469.30	+21.43
		+0.39%
NASDAQ	17717.66	+220.84
		+1.26%
TSX	21788.48	-60.11
		-0.28%

International Markets

Market Index	Close	Change
NIKKEI	39173.15	+368.50
		+0.95%
HANG SENG	18072.90	+45.19
		+0.25
SENSEX	78053.52	+712.44
		+0.92%
FTSE 100*	8247.79	-33.76
		-0.41%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.382	3.332
CND. 30 Year Bond	3.263	3.248
U.S.    10 Year Bond	4.2476	4.2321
U.S. 30 Year Bond	4.3778	4.3651

Currencies

BOC Close	Today	Previous
Canadian $	0.7319	0.7321
US $	1.3663	1.3659

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4631	0.6835
US $	1.0710	0.9337

Commodities

Gold	Close	Previous
London Gold Fix	2325.05	2335.05
Oil
WTI Crude Future	82.08	82.84

Market Commentary:
📈 On this day in 1974, Texas Instruments and three of its engineers received a U.S. patent for their hand-held aluminum calculator. The gizmo could add, subtract, multiply and divide, and had a price tag of between $84.95 and $119.95.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.3% at 21,788.48 in Toronto.
The move follows the previous session’s increase of 1.4%.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.0%.
Ballard Power Systems Inc. had the largest drop, falling 6.3%.
Today, 154 of 226 shares fell, while 69 rose; 9 of 11 sectors were lower, led by materials stocks.
Insights
* This quarter, the index fell 1.7%
* This month, the index fell 2.2%, heading for the biggest decline since October 2023
* The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 25% in the same period
* The S&P/TSX Composite is 3.4% below its 52-week high on May 21, 2024 and 16.6% above its low on Oct. 27, 2023
* The S&P/TSX Composite is up 0.8% in the past 5 days and fell 2.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.6 on a trailing basis and 14.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.47t
* 30-day price volatility rose to 11.07% compared with 11.05% in the previous session and the average of 10.46% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -27.1126| -1.0| 7/44
Energy | -14.9099| -0.4| 11/30
Consumer Discretionary | -12.3845| -1.6| 2/11
Communication Services | -10.9422| -1.6| 1/4
Industrials | -8.2580| -0.3| 10/17
Financials | -7.1527| -0.1| 13/14
Real Estate | -3.4240| -0.8| 2/18
Utilities | -1.8300| -0.2| 4/11
Health Care | -0.4967| -0.8| 1/3
Consumer Staples | 8.9145| 1.0| 9/1
Information Technology | 17.4896| 1.0| 9/1
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
TD Bank | -8.9180| -1.0| -31.2| -12.8
Canadian Natural Resources | -5.3950| -0.7| -55.7| 11.4
Dollarama | -5.0080| -2.0| -32.6| 29.3
Manulife Financial | 4.7690| 1.1| -7.8| 23.5
Couche-Tard | 5.4880| 1.4| -21.2| 1.9
Shopify | 5.4940| 0.7| 7.2| -14.2
US
By Rita Nazareth
(Bloomberg) — A rally in the world’s largest technology companies lifted stocks, with Nvidia Corp. climbing 7% after a $430 billion selloff.
Equities extended their June advance as the giant chipmaker led gains in the “Magnificent Seven” cohort of mega-caps.
The company snapped a three-day rout that had pushed it into a technical correction.
In late trading, FedEx Corp. — a barometer of economic growth — jumped on a bullish forecast.
Treasuries barely budged after a $69 billion two-year US sale got the expected yield and good demand, kicking off this week’s trio of auctions.
US consumer confidence eased on a more muted outlook for business conditions, the job market and incomes.
Federal Reserve Governor Michelle Bowman said she sees a number of upside risks to the inflation outlook.
Her colleague Lisa Cook said it will be appropriate to reduce rates “at some point,” adding that she expects inflation to improve gradually this year.
“We believe the bull market we are in isn’t going to be derailed until either we go into recession or the Fed changes interest-rate policy from potential cuts to actual hikes,” said Chris Zaccarelli at Independent Advisor Alliance.
“Expect volatility between now and the end of the year, but don’t expect the bull market to end without a change in the economy or Fed posture.”
The S&P 500 closed near 5,470.
The Nasdaq 100 climbed 1.2%.
Carnival Corp. surged almost 9% on a solid outlook.
Treasury 10-year yields were little changed at 4.23%.
Bitcoin topped $62,000.
The loonie fluctuated as inflation unexpectedly surged in Canada, a setback for policymakers as they weigh further rate cuts next month.
Investors are likely to keep piling into US stocks at the sign of any pullback as the Fed edges closer to reducing interest rates, according to Societe Generale SA, which anticipates the easing cycle will begin in early 2025.
Even after an about 15% rally year-to-date, strategists led by Manish Kabra expect the S&P 500 to “stay in buy-the-dip mode, with the next up leg coming closer to a Fed rate-cutting cycle.”
Bank of America Corp. said clients were net sellers of US equities for the first time in a month last week, with outflows led by hedge funds and institutions as retail investors snapped up shares.
Outflows by BofA clients totaled net $1.6 billion in the week ended June 21, quantitative strategists led by Jill Carey Hall said Tuesday in a note to clients.
At the sector level, technology and communications services led inflows.
Financials saw the largest outflows.
Meantime, Commodity Trading Advisors, or CTAs, are estimated to hold $130 billion worth of long positions in global equities, after selling $29 billion last week, and are likely to sell more in every market scenario this week, according to Goldman Sachs Group Inc.
Equity derivatives and flows specialist Cullen Morgan estimates that CTAs would sell $36 billion of equities, including $2.8 billion of S&P 500 futures, this week in a falling market, and $15 billion of stocks in a flat market.
Even if stocks were to rise, they are expected to sell $3 billion of stocks.
Nvidia’s recent selloff isn’t reflective of a worsening outlook for tech or the broader market, as other demand signals are positive, according to UBS.
“Nvidia’s correction shouldn’t be mistaken as a warning signal on either the structural investment case for AI or the broader equity outlook,” wrote Solita Marcelli, chief investment officer Americas at UBS Global Wealth Management
To Neuberger Berman Group’s Steve Eisman, the chipmaker’s three-day plunge is no more than a blip.
The senior portfolio manager, best known for his short bet against subprime mortgages ahead of the global financial crisis, owns “a lot” of the chipmaker’s shares and considers it a long-term play that’s going to be relevant for years to come, he said Tuesday in an  interview on Bloomberg Television.

Corporate Highlights:
* Paramount Global is talking to potential partners for its streaming TV business internationally, saying a deal could “significantly transform” the online service.
* Exxon Mobil Corp. took the first step toward its seventh oil project in Guyana, a clear signal the supermajor intends to expand crude output from the South American nation into the next decade.
* Boeing Co. has offered to acquire Spirit AeroSystems Holdings Inc. for about $35 a share in a deal funded mostly with stock, according to people familiar with the matter.
* Airbus SE is coming up short on the millions of parts that make up the company’s commercial aircraft, and the situation is getting worse rather than better for the world’s largest plane maker.
* Microsoft Corp. risks a hefty European Union fine after regulators accused the company of abusing its market power by bundling the Teams video-conferencing app to its other business software.
* OpenAI is taking additional steps to curb China’s access to artificial intelligence software, enforcing an existing policy to block users in nations outside of the territory it supports.

Key events this week:
* US new home sales, Wednesday
* China industrial profits, Thursday
* Eurozone economic confidence, consumer confidence, Thursday
* US durable goods, initial jobless claims, GDP, Thursday
* Nike releases earnings, Thursday
* Japan Tokyo CPI, unemployment, industrial production, Friday
* US PCE inflation, spending and income, University of Michigan consumer sentiment, Friday
* Fed’s Thomas Barkin speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.2%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World Index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.0714
* The British pound was little changed at $1.2687
* The Japanese yen was little changed at 159.63 per dollar
Cryptocurrencies
* Bitcoin rose 4.3% to $62,041.31
* Ether rose 3.2% to $3,414.28
Bonds
* The yield on 10-year Treasuries was little changed at 4.23%
* Germany’s 10-year yield was little changed at 2.41%
* Britain’s 10-year yield was little changed at 4.08%
Commodities
* West Texas Intermediate crude fell 1% to $80.80 a barrel
* Spot gold fell 0.7% to $2,319.40 an ounce
This story was produced with the assistance of Bloomberg Automation.

–With assistance from Vildana Hajric, Alex Nicholson, Jeran Wittenstein, Ryan Vlastelica, Alexandra Semenova, Aya Wagatsuma and Jason Scott.
Have a lovely evening.

Be magnificent!

As ever,

Carolann
No amount of ability is of the slightest avail without honor. –Thomas Carlyle, 1795-1881.

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

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

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

Dear Friends,

Tangents: Happy Monday.  St. Jean Baptiste Day, Quebec.

On June 24, 1997, the Air Force released a report on the so-called “Roswell Incident,” suggesting the alien bodies witnesses reported seeing in 1947 were actually life-sized dummies.  Go to article >>

2022: US Supreme court overturns Roe v. Wade.
1497: Discovery of Newfoundland.
Jack Dempsey, boxer, b.1895.

Taylor Swift stuns London crowd by bringing Travis Kelce on stage during Eras Tour concert
The pop star surprised her fans with a special skit featuring her Super Bowl champ boyfriend. See the moment here.
Barcelona ending apartment rentals by foreign tourists
The Spanish city announced it will bar apartment rentals to tourists by 2028.

Human ancestor ‘Lucy’ was hairless, new research suggests. Here’s why that matters.
Lucy is popularly depicted as being hairy, but new evidence suggests she wasn’t. The discovery prompts new questions about the history of nudity. Read More.

1,600-year-old coin discovered in Channel Islands features Roman emperor killed by invading Goths
Archaeologists on the Channel Islands off the coast of France have found two coins from the Roman era. Read More.

James Webb telescope spots a dozen newborn stars spewing gas in the same direction — and nobody is sure why
The James Webb telescope has spotted a peculiar group of baby stars firing enormous jets into space at nearly the exact same angle. The discovery could hold new insights into how stars are born. Read More.

AI models could devour all of the internet’s written knowledge by 2026
A new estimate suggests that AI could use up all of the internet’s text data within the next few years. The next recourse could be private information, a new study warns. Read More.

Have giant humans ever existed?
Some humans have always stood head and shoulders above their peers, but there’s nothing mythological about these real-life human giants. Read More.

PHOTOS OF THE DAY

Wehrheim, Germany
A stork leaves its nest on the outskirts of Wehrheim near Frankfurt
Photograph: Michael Probst/AP

New York, US
A lightning bolt strikes One World Trade Center during a thunderstorm, seen from Jersey City
Photograph: Gary Hershorn/Getty Images

Yichang, China
Tourists watch the sunrise from a viewing platform on the Three Gorges Dam
Photograph: Costfoto/NurPhoto/Rex/Shutterstock
Market Closes for June 24^th, 2024

Market Index	Close	Change
Dow Jones	39411.21	+260.88
		+0.67%
S&P 500	5447.87	-16.75
		-0.31%
NASDAQ	17496.82	-192.54
		-1.09%
TSX	21848.59	+293.73
		+1.36%

International Markets

Market Index	Close	Change
NIKKEI	38804.65	+208.18
		+0.54%
HANG SENG	18027.71	-0.81
		—
SENSEX	77341.08	+131.18
		+0.17%
FTSE 100*	8281.55	+43.83
		+0.53%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.332	3.347
CND. 30 Year Bond	3.248	3.267
U.S.    10 Year Bond	4.2321	4.2554
U.S. 30 Year Bond	4.3651	4.3971

Currencies

BOC Close	Today	Previous
Canadian $	0.7321	0.7304
US $	1.3659	1.3692

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4659	0.6822
US $	1.0732	0.9318

Commodities

Gold	Close	Previous
London Gold Fix	2335.05	2351.60
Oil
WTI Crude Future	82.84	82.17

Market Commentary:
📈 On this day in 1964: AT&T’s Picturephone was tested by the president’s wife. Lady Bird Johnson spoke from Washington, D.C. to appear on a screen in New York City’s Grand Central station. A three-minute call between the two cities cost $16.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.4% at 21,848.59 in Toronto.
The move was the biggest gain since May 6 and follows the previous session’s decrease of 0.1%.
Today, financials stocks led the market higher, as 10 of 11 sectors gained; 175 of 226 shares rose, while 50 fell.
Royal Bank of Canada contributed the most to the index gain, increasing 2.2%.
Africa Oil Corp. had the largest increase, rising 10.3%.
Insights
* In the past year, the index had a similar or greater gain seven times. The next day, it advanced after all seven occasions
* This quarter, the index fell 1.4%
* This month, the index fell 1.9%
* The index advanced 13% in the past 52 weeks. The MSCI AC Americas Index gained 24% in the same period
* The S&P/TSX Composite is 3.1% below its 52-week high on May 21, 2024 and 16.9% above its low on Oct. 27, 2023
* The S&P/TSX Composite is up 1.2% in the past 5 days and fell 2.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.5 on a trailing basis and 14.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.42t
* 30-day price volatility rose to 11.05% compared with 10.15% in the previous session and the average of 10.36% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 111.0173| 1.7| 24/3
Energy | 84.5916| 2.2| 36/5
Materials | 28.2219| 1.1| 33/19
Industrials | 22.4664| 0.7| 19/8
Utilities | 19.3744| 2.4| 13/2
Consumer Staples | 11.2774| 1.2| 8/3
Consumer Discretionary | 9.4571| 1.2| 12/1
Real Estate | 9.0826| 2.1| 19/1
Communication Services | 6.9227| 1.0| 5/0
Health Care | 0.5521| 0.9| 3/1
Information Technology | -9.2549| -0.5| 3/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | 30.3600| 2.2| 21.8| 8.3
Canadian Natural Resources | 22.9300| 3.2| -50.7| 12.3
TD Bank | 17.9600| 2.0| 64.6| -11.9
Celestica | -3.1300| -4.9| 67.1| 87.7
Cameco | -5.5890| -2.6| 1.7| 20.6
Shopify | -10.4800| -1.4| 40.0| -14.9
US
By Rita Nazareth
(Bloomberg) — Stocks lost traction as an about $400 billion plunge in Nvidia Corp. raised speculation that the rally in the industry that has powered the bull market was due for a breather.
While various sectors outside the technology world advanced on Monday, Nvidia extended a three-day rout to 13% — crossing the technical threshold of a correction.
The chipmaker at the heart of the artificial-intelligence revolution has become the most-expensive stock in the S&P 500.
It remains up almost 140% this year, making it the second-best performer in the benchmark gauge, behind Super Micro Computer Inc., another favorite AI play.
Following a tech-led rally, Deutsche Bank’s Binky Chadha said US equities are set to pause.
There’s a lot of good news baked into markets, and if that optimism proves unjustified, there could be downside risks, Lori Calvasina at RBC Capital Markets noted.
To John Stoltzfus at Oppenheimer, while the bull market appears sustainable, some profit-taking should be expected.
“We remain concerned about a near-term unwind of many year-to-date leaders,” said Jonathan Krinsky at BTIG. “If the S&P 500 is going to avoid a bigger pullback into July, bulls need to see continued rotation below the surface.”
The S&P 500 fell below 5,450.
Energy and financial shares rose as tech retreated.
The Nasdaq 100 lost 1.2% after coming close to the 20,000 mark last week.
Nvidia sank 6.7%.
A gauge of chipmakers dropped 3%, with 29 of its 30 stocks down.
The Dow Jones Industrial Average outperformed.
Treasury 10-year yields fell two basis points to 4.24%.
Bitcoin slumped below $60,000.
Losses are piling up in the crypto market after its second-worst weekly decline of 2024, a reflection of cooling demand for Bitcoin exchange-traded funds and uncertainty over monetary policy.
More than a quarter of respondents in the latest MLIV Pulse survey plan to cut their stock holdings over the next month.
That compares to 19% who expect to add exposure, and the gap between the potential sellers and buyers in the largest since October.
The S&P 500 is expected to close the year at 5,606, according to a median of 586 responses.
That’s about 2.5% higher than current levels, indicating that the rally has little left after an almost 15% gain so far in 2024.
Additionally, almost half of survey participants expect a correction to begin later this year.
To Matt Maley at Miller Tabak, if the weakness in a few big-cap tech names spills over into the rest of the group, it’s likely going to create some problems for the broad market.
At least over the near-term.
“A decline in the tech sector is certainly possible, even if the sector is going to do well during the summer months overall,” Maley noted. “Even if you agree with the most-bullish scenario for the AI phenomenon for the second half of 2024, no group moves in a straight line.”
The strategist noted that the upcoming results from Micron Technology Inc. on Wednesday could be key on that front.
“The stock market is not in a bubble, and while mega-cap growth stock valuations are stretched, stock prices have not decoupled from fundamentals as they did during the tech bubble of 2000,” said Emily Bowersock Hill at Bowersock Capital Partners. “Right now, the market is rewarding companies for delivering strong earnings, and punishing those that do not deliver.”
Just a handful of “higher quality” mega-caps driving the performance of US stocks shows the market is focusing more on softening economic growth, than on inflation and rates, according to Morgan Stanley strategists led by Mike Wilson.
Stick to high quality large caps and defensives, they added.
The team also highlighted that a “narrow breadth” is not necessarily a bad thing going by historic performance.
Until growth slows in “a more meaningful way,” the team expects narrow market performance to persist.

Corporate Highlights:
* Trump Media & Technology Group Corp. surged after an announcement late Friday that the firm expected to receive more than $69.4 million in proceeds from the cash exercise of warrants last week.
* Oracle Corp. warned investors that a new law potential banning TikTok in the US threatens to hurt its financial results.
* Apple Inc. risks billions of euros of new fines over its App Store rules as European Union antitrust regulators escalated a growing conflict over rules that strike at the heart of the iPhone maker’s business model.
* Airbus SE cut its earnings and aircraft-delivery goals for the year as persistent supply-chain issues continue to deprive the European plane maker of vital components, dealing a setback to the company at a time when demand for its jets is at a record.
* DuPont de Nemours Inc.’s water treatment business, which the US chemicals group is planning to spin out, is drawing separate takeover interest from potential industry buyers, people with knowledge of the matter said.
* Novo Nordisk A/S plans to invest $4.1 billion in another US factory, plowing more money into its biggest market amid rising discontent there over the cost of its obesity and diabetes drugs.
* Alnylam Pharmaceuticals Inc. soared after its drug succeeded in treating a progressive and deadly form of heart disease, potentially opening up a new avenue for the company’s top-selling product.

Key events this week:
* US Conference Board consumer confidence, Tuesday
* Fed’s Lisa Cook, Michelle Bowman speak, Tuesday
* US new home sales, Wednesday
* China industrial profits, Thursday
* Eurozone economic confidence, consumer confidence, Thursday
* US durable goods, initial jobless claims, GDP, Thursday
* Nike releases earnings, Thursday
* Japan Tokyo CPI, unemployment, industrial production, Friday
* US PCE inflation, spending and income, University of Michigan consumer sentiment, Friday
* Fed’s Thomas Barkin speak, 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 1.1%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World Index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.4% to $1.0736
* The British pound rose 0.3% to $1.2687
* The Japanese yen rose 0.1% to 159.64 per dollar
Cryptocurrencies
* Bitcoin fell 6.7% to $59,418.56
* Ether fell 3.8% to $3,303.63
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.24%
* Germany’s 10-year yield was little changed at 2.42%
* Britain’s 10-year yield was little changed at 4.08%
Commodities
* West Texas Intermediate crude rose 1.2% to $81.68 a barrel
* Spot gold rose 0.5% to $2,332.46 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Kasia Klimasinska, Ryan Vlastelica, Jeran Wittenstein, Carly Wanna, Sujata Rao, Catherine Bosley and Matthew Burgess.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Everybody wants to be somebody; nobody wants to grow. –Johann von Goethe, 1749-1832.

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

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

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

Dear Friends,

Tangents: Happy Friday.  Full moon tonight.

June 21, 1982: John Hinckley Jr. was found innocent by reason of insanity in the shootings of President Ronald Reagan and three others.  Go to article >>
June 21,2009: Greenland assumes self-rule.  The island had been administered by Denmark (earlier Denmark-Norway) for centuries.

Jean-Paul Sartre, existentialist, b.1905.

Giant river system that existed 40 million years ago discovered deep below Antarctic ice
“There was this gigantic river system”: Researchers find ancient lost world deep beneath Antarctic ice. Read More.

Supermassive black hole roars to life before astronomers’ eyes in world-1st observations
Astronomers may be watching a supermassive black hole “waking up” from a long slumber for the first time ever. The researchers think the black hole may have gotten its hands on a glut of new material to devour, causing an uptick in brightness. Read More.

Newfound dinosaur with giant, horned headpiece named after iconic Norse god
A newly identified dinosaur with large, ornate horns on its massive head shield has been named after a famous Norse god who sported a similar headpiece in recent Marvel movies. Read More.

‘Immortal’ stars at the Milky Way’s center may have found an endless energy source, study suggests
Strange stars clustered near the Milky Way’s center are much younger than theory predicts is possible. New research suggests their youth could actually be eternal — and fueled by annihilating dark matte. Read More.

This AI-powered robot has worked out how to solve a Rubik’s Cube in just 0.305 seconds
Footage shows the record-breaking TOKUFASTbot solving a Rubik’s Cube so fast that it appears to happen in a single move. Read More.

Dramatic video captures smash-and-grab jewelry robbery
Nearly $2 million in jewelry was stolen in a California heist. See the shocking video of around 20 suspects breaking into display cases.

Bugatti’s new car is $4 million
The ultra-rich are eyeing a new Bugatti hybrid with 1,800 horsepower. Here’s why it has an astronomical price tag.

PHOTOS OF THE DAY

A mute swan is reflected in the waters of Tice’s Meadow Nature Reserve, Surrey, UK
Photograph: Jon Hawkins/Mediadrumimages

Stonehenge, UK
People watch the sun rise as they take part in the summer solstice in Wiltshire
Photograph: Andrew Matthews/PA

Niterói, Brazil
A humpback whale (Megaptera novaeangliae) jumps off the coast in Rio de Janeiro state
Photograph: Mauro Pimentel/AFP/Getty Images
Market Closes for June 21^st, 2024

Market Index	Close	Change
Dow Jones	39150.33	+15.57
		+0.04%
S&P 500	5464.62	-8.55
		-0.16%
NASDAQ	17689.36	-32.23
		-0.18%
TSX	21554.86	-26.49
		-0.12%

International Markets

Market Index	Close	Change
NIKKEI	38596.47	-36.55
		-0.09%
HANG SENG	18028.52	-306.80
		-1.67%
SENSEX	77209.90	-269.03
		-0.35%
FTSE 100*	8237.72	-34.74
		-0.42%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.347	3.343
CND. 30 Year Bond	3.267	3.270
U.S.    10 Year Bond	4.2554	4.2594
U.S. 30 Year Bond	4.3971	4.3963

Currencies

BOC Close	Today	Previous
Canadian $	0.7304	0.7307
US $	1.3692	1.3685

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4645	0.6828
US $	1.0697	0.9349

Commodities

Gold	Close	Previous
London Gold Fix	2351.60	2324.25
Oil
WTI Crude Future	82.17	82.17

Market Commentary:
📈 On this day in 1970: The Penn Central, one of the world’s largest and oldest railroad operators, declared bankruptcy when the government refused to guarantee $200 million in emergency loans.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.1% at 21,554.86 in Toronto.
The move follows the previous session’s increase of 0.3%.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 1.4%.
Ballard Power Systems Inc. had the largest drop, falling 6.0%.
Today, 149 of 222 shares fell, while 70 rose; 6 of 11 sectors were lower, led by materials stocks.
Insights
* This quarter, the index fell 2.8%
* This month, the index fell 3.2%, heading for the biggest decline since October 2023
* So far this week, the index fell 0.4%
* The index advanced 9.4% in the past 52 weeks. The MSCI AC Americas Index gained 24% in the same period
* The S&P/TSX Composite is 4.4% below its 52-week high on May 21, 2024 and 15.3% above its low on Oct. 27, 2023
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.3 on a trailing basis and 14.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.42t
* 30-day price volatility fell to 10.15% compared with 10.16% in the previous session and the average of 10.18% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -34.8803| -1.3| 7/42
Energy | -33.4109| -0.9| 5/35
Real Estate | -1.8161| -0.4| 4/16
Communication Services | -1.0265| -0.2| 2/3
Utilities | -0.6259| -0.1| 8/7
Health Care | -0.1078| -0.2| 1/3
Industrials | 0.3473| 0.0| 10/16
Consumer Discretionary | 3.3146| 0.4| 4/9
Consumer Staples | 6.7322| 0.7| 6/4
Financials | 9.9114| 0.2| 15/12
Information Technology | 25.0932| 1.4| 8/2
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Canadian Natural Resources | -10.2200| -1.4| 55.5| 8.7
Barrick Gold | -6.5180| -2.3| 294.3| -5.3
Suncor Energy | -5.6950| -1.2| 38.3| 18.3
Couche-Tard | 5.2710| 1.3| 407.8| 0.0
Constellation Software | 8.8710| 1.7| 461.9| 16.0
Shopify | 13.8800| 1.9| 445.2| -13.7
US
By Rita Nazareth
(Bloomberg) — Wall Street’s massive expiration of options not only left stock traders more cautious, it also drove one of the leaders of the bull market to a roller-coaster ride.
Volume soared at the close of trading.
It was estimated that $5.5 trillion expired during the quarterly event ominously known as “triple witching” in which derivatives contracts tied to equities, index options and futures mature.
Nearly 18 billion shares changed hands on US exchanges Friday.
That’s over 55% above the three-month average.
This time around, Nvidia Corp. played an added role.
The value of contracts tied to the chipmaker due Friday was the second-largest of any underlying asset, lagging only the S&P 500.
And the expiration coincided with index rebalancing by S&P Dow Jones Indices.
To Steve Sosnick at Interactive Brokers, the “key” rebalance was set to occur in the Technology Select Sector Index — which is the benchmark for the roughly $80 billion XLK exchange-traded fund.
“Nvidia’s index weight will rise dramatically, mostly at the expense of Apple’s,” he noted. “Considering the outsized importance of mega-cap tech overall — and Nvidia in particular — upon broad market indices, it is not unreasonable for traders to be wary about outsized movements late in the day.”
As the contracts disappear, investors adjust their positions, adding a burst of volume capable of swinging individual holdings.
The S&P 500 edged lower to around 5,465.
Nvidia almost erased a plunge of about 5% before pushing lower again.
It erased over $220 billion in value in two days.
Apple Inc. also fell.
Treasury 10-year yields were little changed at 4.25%.
France’s risk premium over Germany closed at the highest since 2012.
The artificial-intelligence frenzy that briefly made Nvidia the world’s most-valuable company this week also drove record inflows into tech funds, said Bank of America Corp. strategists.
About $8.7 billion flowed into tech funds in the week through June 19, according to a note from the bank citing EPFR Global data.
“The ‘all roads lead to Nvidia’ trade is once again bolstered” as Europe falters amid the political turmoil in France, strategist Michael Hartnett said. Still, while investors still feel they need more exposure to AI-related plays, “all asset allocators are concerned about the equity concentration risk.”
Keith Lerner at Truist Advisory Services says the firm is downgrading the technology sector to “neutral” after the industry largely outperformed the S&P 500 since their“overweight” call in November.
“Although we still have a favorable long-term view of technology, on a shorter-term basis the sector appears extended, and we would not be chasing the sector,” Lerner noted. “That said, the sector appears far from ‘bubble’ territory, and we believe secular tailwinds will persist around artificial intelligence.”
Friday’s options event came at a critical juncture for markets positioning for the second half of 2024 and the Federal Reserve’s next steps.
Data showed US services activity picked up early this month to the fastest pace in more than two years.
Separately, sales of existing homes fell for a third straight month.
“Investors should brace for drama,” said Solita Marcelli at UBS Global Wealth Management. “The second half of 2024 is shaping up to be a time of transition and volatility.
The decisions that investors make now will be key to navigating this period effectively.”
John Stoltzfus at Oppenheimer Asset Management says he remains positive in the outlook for stocks as prospects for improved fundamentals this year show potential to be realized.
“That said, history shows us that stocks and other asset class prices don’t go up in a straight line but rather tend to climb the proverbial ‘wall of worry,’ requiring prudent diversification, patience, and a sense of one’s tolerance to risk and fluctuation for private investors and discipline tied to an institution’s mandate for professional investors,” he noted.

Corporate Highlights:
* Apple Inc. is withholding a raft of new technologies from hundreds of millions of consumers in the European Union, citing concerns posed by the bloc’s regulatory attempts to rein in Big Tech.
* AMC Entertainment Holdings Inc. is holding confidential talks with some of its lenders about lowering its debt load and extending near-term maturities, according to people with knowledge of the matter.
* Airbus SE is edging closer to an agreement with Spirit AeroSystems Holdings Inc. to take over parts of the aerospace supplier’s business, paving the way for an acquisition of the bulk of the company by arch-rival Boeing Co. as early as next week.
* American Airlines Group Inc. is suspending training for new pilots through the end of this year, the latest pullback by a major US carrier in the face of uneven travel demand and delayed aircraft.
* A top US Food and Drug Administration official overrode reviewers to give broad approval to Sarepta Therapeutics Inc.’s gene therapy for a rare muscle disease in children, despite a lack of data showing it actually slows overall progression of the disease.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0692
* The British pound was little changed at $1.2649
* The Japanese yen fell 0.4% to 159.58 per dollar
Cryptocurrencies
* Bitcoin fell 1.2% to $64,301.01
* Ether rose 0.4% to $3,538.53
Bonds
* The yield on 10-year Treasuries was little changed at 4.25%
* Germany’s 10-year yield declined two basis points to 2.41%
* Britain’s 10-year yield advanced three basis points to 4.08%
Commodities
* West Texas Intermediate crude fell 0.8% to $80.63 a barrel
* Spot gold fell 1.6% to $2,322.32 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Carly Wanna, Sagarika Jaisinghani, Cecile Gutscher, Divya Patil, Matthew Burgess and Winnie Hsu.

Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann
Success comes to those who can recognize and correctly value risk. –Sidney Weinberg, 1891-1969.

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

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

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

Dear Friends,

Tangents: Happy Friday Eve.  It’s the first official day of summer!

Today’s summer solstice is the earliest since 1796.

• What is it? The longest day and shortest night of the year in the Northern Hemisphere, when the sun takes its highest path in the sky. After today, we’ll slowly start to lose daylight.
• Why is it so early? Because of the complicated way our calendar works. Leap years — like 2024 — will cause the solstice to drift earlier until 2100, when the cycle will reset.

June 20, 1997: The tobacco industry agreed to a massive settlement in exchange for relief from mounting lawsuits and legal bills.  Go to article >>
June 20, 1840: American inventor Samuel Morse patents his telegraph, revolutionising communication.
June 20, 1948: Ed Sullivan Show premieres.
1893: Lizzie Borden found not guilty.

Lillian Hellman, writer, b. 1905.
Errol Flynn, actor, b. 1909.
Chet Atkins, guitarist, b. 1924
Ann Murray, singer-song writer, b.1946.
Nicole Kidman, actress, b. 1967

Earth’s rotating inner core is starting to slow down — and it could alter the length of our days
A new study confirms that Earth’s inner core has been rotating more slowly than usual since 2010. This mysterious “backtracking” could also end up slightly altering the planet’s overall rotation, lengthening our days. Read More.

Gulf Stream’s fate to be decided by climate ‘tug-of-war’
New research suggests that runoff from the Greenland Ice Sheet could prevent icebergs from disrupting key ocean currents. But some scientists have cautioned that other factors may be at play. Read More.

Long-lost Assyrian military camp devastated by ‘the angel of the Lord’ finally found, scientist claims
Has a scholar located two Assyrian military camps mentioned in the Hebrew bible? Read More.

‘1st of its kind’: NASA spots unusually light-colored boulder on Mars that may reveal clues of the planet’s past
NASA’s Perseverance rover spotted a bizarrely light-toned boulder on Mars, the likes of which have never been seen before. Read More.

CNN’s Dr. Sanjay Gupta shares lifestyle changes that he says showed cognitive improvement
Neurosurgeon and CNN chief medical correspondent Dr. Sanjay Gupta discusses a study that may show greater insight into preventing Alzheimer’s. Watch the video here.

The disturbing pattern of missing tourists in Greece
Some scientists think extreme heat could be the reason people keep disappearing in Greece. Here’s how environmental factors in the region could be costing lives.
PHOTOS OF THE DAY

Frankfurt, Germany
A man rides his bike on a small road on the outskirts of Frankfurt before sunrise
Photograph: Michael Probst/AP

Showjumper Pénélope Leprevost, who won team gold at Rio 2016, in the Galerie des Glaces in the Palace of Versailles. The Hall of Mirrors was designed by Jules Hardouin-Mansart in 1678 and completed in 1684.
Photograph: Stefano Rellandini/AFP/Getty Images

​​​​​​​Northumberland, UK
‘Low Hauxley, near Amble. I was hoping for a sunrise, but it was too cloudy. However, the sun soon came out, giving some great light on the rocks and dunes. Coquet Lighthouse is in the background.’
Photograph: David Eberlin
Market Closes for June 20^th, 2024

Market Index	Close	Change
Dow Jones	39134.76	+299.90
		+0.77%
S&P 500	5473.17	-13.86
		-0.25%
NASDAQ	17721.59	-140.64
		-0.79%
TSX	21581.35	+64.45
		+0.30%

International Markets

Market Index	Close	Change
NIKKEI	38633.02	+62.26
		+0.16%
HANG SENG	18335.32	-95.07
		-0.52%
SENSEX	77478.93	+141.34
		+0.18%
FTSE 100*	8272.46	+67.35
		+0.82%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.343	3.292
CND. 30 Year Bond	3.270	3.220
U.S.    10 Year Bond	4.2594	N.A.
U.S. 30 Year Bond	4.3963	N.A.

Currencies

BOC Close	Today	Previous
Canadian $	0.7307	0.7295
US $	1.3685	1.3707

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4651	0.6825
US $	1.0706	0.9341

Commodities

Gold	Close	Previous
London Gold Fix	2324.25	2324.25
Oil
WTI Crude Future	82.17	81.57

Market Commentary:
📈 On this day in 1991, IBM warned that its second-quarter revenues would fall at least 5%. That was IBM’s first decline in annual revenues since 1946, sending Wall Street analysts into a deep funk about the future of technology stocks.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3% at 21,581.35 in Toronto.
The move was the biggest gain since June 12 and follows the previous session’s decrease of 0.4%.
Canadian Pacific Kansas City Ltd. contributed the most to the index gain, increasing 2.3%.
Silver Crest Metals Inc. had the largest increase, rising 6.1%.
Today, 130 of 222 shares rose, while 88 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* This quarter, the index fell 2.6%
* This month, the index fell 3.1%, heading for the biggest decline since October 2023
* So far this week, the index fell 0.3%
* The index advanced 9.2% in the past 52 weeks. The MSCI AC Americas Index gained 23% in the same period
* The S&P/TSX Composite is 4.3% below its 52-week high on May 21, 2024 and 15.5% above its low on Oct. 27, 2023
* The S&P/TSX Composite is down 0.5% in the past 5 days and fell 3.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.4 on a trailing basis and 14.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.41t
* 30-day price volatility fell to 10.16% compared with 10.27% in the previous session and the average of 10.18% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 48.7377| 1.9| 44/6
Industrials | 24.3633| 0.8| 12/15
Energy | 15.0591| 0.4| 26/13
Communication Services | 5.2455| 0.8| 2/3
Consumer Staples | 4.3604| 0.5| 8/3
Real Estate | 2.6588| 0.6| 14/5
Health Care | 1.1273| 1.9| 2/0
Consumer Discretionary | -0.4598| -0.1| 5/8
Utilities | -6.6059| -0.8| 2/13
Information Technology | -12.4142| -0.7| 4/6
Financials | -17.6111| -0.3| 11/16
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Pacific Kansas | 15.8000| 2.3| 37.1| 2.8
Canadian Natural Resources | 9.7720| 1.4| 122.7| 10.3
Barrick Gold | 7.2560| 2.6| 33.5| -3.0
Bank of Montreal | -5.2850| -0.9| 14.2| -12.5
Shopify | -7.5310| -1.0| -35.2| -15.3
Bank of Nova Scotia| -8.9300| -1.7| 41.7| -3.9
US
By Rita Nazareth
(Bloomberg) — Stocks retreated after a rally to all-time highs spurred calls for a near-term pullback amid signs of buyer fatigue.
The S&P 500 briefly topped 5,500 before losing traction — while still remaining above a technical threshold that typically hints at an overstretched market.
The high-flying tech group that has powered the bull run came under pressure, with the Nasdaq 100 down after a seven-day advance.
Nvidia Corp. and Apple Inc. led losses in mega caps.
The Dow Jones Industrial Average outperformed.
“Bullish momentum remains intact for the S&P 500 and Nasdaq, but near-term overbought conditions coupled with deteriorating breadth make equities vulnerable to a pullback or correction,” said Craig Johnson at Piper Sandler. After coming close to erasing this year’s losses, Treasuries fell despite data that mostly pointed to economic softening.
A $21 billion TIPS auction was strong.
Federal Reserve Bank of Minneapolis President Neel Kashkari said the central bank will return inflation to 2%, but estimated it will likely take a year or two to do so.
Wall Street also geared up for a quarterly event known as “triple witching” — in which derivatives contracts tied to equities, index options and futures mature — compelling traders en masse to roll over their existing positions or to start new ones.
About $5.5 trillion are set to expire Friday, according to an estimate from options platform SpotGamma.
Traders are betting the Bank of England will cut rates in August after dovish signals from policymakers.
The franc led losses in developed-world currencies as the Swiss National Bank lowered borrowing costs.
The yen dropped for a sixth straight day, ramping up the risk that Japan will step in to prop up the currency.
While the S&P 500 has set 31 new records this year, few of its members outside of technology have participated in the advance.
In the last three months, the 10 largest stocks in the index by market capitalization — mostly tech giants — have largely outperformed the rest, according to data compiled by Bloomberg Intelligence equity strategist Gillian Wolff.
“Sellers are entering the market, and bulls are dancing on the edge of a knife,” said Andrew Thrasher at Financial Enhancement Group. “Everything is now dependent on pretty much just Nvidia and Apple. It won’t take a whole lot to take this market down.”
To Nicholas Bohnsack at Strategas, equity valuations have shifted higher into the upper strata of their historical range where the forward return profile is not particularly robust for new money.
“Still, there appears little to put the domestic bull market into abeyance,” he said. “The economy, while showing some signs of softening momentum, is generally strong globally.
Market performance remains strong and corporate profits expectations are broadening. We remain bullish ‘til the bill comes due.”
The S&P 500 may rally close to an additional 10% this year, if past market manias are any guide, according to Stifel, Nicolaus & Co. But like prior “bubble” episodes, this one eventually has to pop too, the firm’s chief equity strategist says.
Stifel’s Barry Bannister says the US stock benchmark has a shot at reaching the 6,000 mark before the end of 2024 as investors keep piling in, up from just below 5,500 Thursday.
But by mid-2026, he expects the gauge to sink back to where it began this year — around the 4,800 level — erasing a fifth of its value.
Ned Davis Research strategist Ed Clissold raised his year- end outlook on the S&P 500 to 5,725, saying that a modest pickup in earnings growth and the likelihood that policymakers’ next move will be a cut set up equities for more gains in the second half of 2024.
“The outlook is not without potential pitfalls,” Clissold wrote. “High valuations and narrowing leadership leave the market vulnerable for bigger drawdowns should the bullish fundamental/macro backdrop falter.”
On the economic front, data came mostly on the soft side, with new home construction slumping to the slowest pace in four years and the Philadelphia Fed Index trailing estimates.
US initial jobless claims were little changed.
A string of weaker-than-estimated data points has sent the US version of Citigroup’s Economic Surprise Index to the lowest since August 2022.
The gauge measures the difference between actual releases and analyst expectations.
To Don Rissmiller at Strategas, until employment weakens significantly there remains a fundamental support for the economy, even with some pressure on rate-sensitive sectors such as housing.
“The US economy still looks robust enough currently to take an extended rate pause (mixed news is not weak news),” he noted.“We continue to monitor jobless claims closely for any signs that cracks are widening, however.”

Corporate Highlights:
* Dell Technologies Inc.’s Chief Executive Officer Michael Dell said the company is building a “Dell AI factory” for Elon Musk’s startup xAI alongside Nvidia Corp.
* Hertz Global Holdings Inc. increased the size of a junk-bond sale by a third to $1 billion, as the car-rental company works to bolster its balance sheet after a misstep on its electric vehicle fleet.
* A United Airlines Holdings Inc. plane returned to a Connecticut airport after losing part of a liner from inside the engine’s cover, another incident for a carrier already under scrutiny over a series of flight mishaps this year.
* Kroger Co.’s executives flagged a dip in profit due to pressure in the supermarket operator’s pharmacies and an increase in promotions.
* MGM Resorts International plans to offer online betting with live dealers based at two of its Las Vegas resorts in what the company said was a first for a casino operator on the city’s famous Strip.
* Honeywell International Inc. agreed to buy aerospace and defense company CAES Systems from private equity firm Advent International for $1.9 billion.
* Gilead Sciences Inc.’s experimental twice-yearly shot prevented 100% of HIV cases in women and adolescent girls in Africa, the first successful big trial of what’s hoped to become a powerful new drug regimen for fending off the virus.
* Vertex Pharmaceuticals Inc. has reached a pricing deal for its cystic fibrosis drugs with the National Health Service in England, ending a yearslong campaign by patients to secure access to the medicines.

Key events this week:
* Eurozone S&P Global Manufacturing PMI, S&P Global Services PMI, Friday
* US existing home sales, Conf. Board leading index, Friday
* Fed’s Thomas Barkin speaks, 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 0.8%
* The Dow Jones Industrial Average rose 0.8%
* The MSCI World Index fell 0.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.4% to $1.0705
* The British pound fell 0.4% to $1.2663
* The Japanese yen fell 0.5% to 158.89 per dollar
Cryptocurrencies
* Bitcoin rose 0.3% to $65,027.49
* Ether fell 0.6% to $3,531.58
Bonds
* The yield on 10-year Treasuries advanced three basis points to 4.25%
* Germany’s 10-year yield advanced three basis points to 2.43%
* Britain’s 10-year yield declined one basis point to 4.06%
Commodities
* West Texas Intermediate crude rose 0.7% to $82.17 a barrel
* Spot gold rose 1.3% to $2,358.98 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Alexandra Semenova, Jessica Menton, Jan- Patrick Barnert, Carly Wanna, Sujata Rao, Chiranjivi Chakraborty, Winnie Hsu and Matthew Burgess.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
I can’t change the direction of the wind, but I can adjust my sails to always reach my destination. –Jimmy Dean, 1928-2010.

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

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

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

Dear Friends,

Tangents: Juneteenth.
June 19, 1862: Slavery was outlawed in U.S. territories.
June 19, 1964: The U.S. Senate passed the Civil Rights Act of 1964, a landmark legislation that prohibits discrimination based on race, colour, religion, sex, or national origin.

Blaise Pascal, philosopher, b. 1623.
Elbert Hubbard, writer, b.1856.Aung San Sung, peace activist, b.1945.
Salmon Rushdie, writer, b.1947.

Newly deciphered papyrus describes ‘miracle’ performed by 5-year-old Jesus
A manuscript written in the fourth or fifth century describes how Jesus brought clay birds to life as a child. Read More.

Ming dynasty shipwrecks hide a treasure trove of artifacts in the South China Sea, excavation reveals
Researchers have retrieved hundreds of artifacts, including porcelain items, copper coins and ornate pieces of pottery. Read More.

James Webb telescope reveals long-studied baby star is actually ‘twins’ — and they’re throwing identical tantrums
New observations from the James Webb Space Telescope revealed that a distant protostar is actually a pair of baby binary stars that are spitting out parallel energy jets as they gobble up giant disks of gas and dust. Read More.

Aliens, artists or pranksters? Another ‘mysterious’ monolith appears
A shiny silver pillar was spotted by the Las Vegas Metropolitan Police Department prompting theories about its origins.

PHOTOS OF THE DAY

Yonne, France
‘We were at the municipal campsite in the village of Toucy. In the early evening we took a stroll around the nearby lake. It was surrounded by lovely trees. Then a small family group came into view on the opposite bank, their chatter and laughter carried in the still, calm air.’
Photograph: Noel Boardman

County Down, UK
‘The Mourne Mountains sweeping down to the sea.’
Photograph: Bill Coulter

​​​​​​​New Mexico, US
‘White Sands national park. Not snow, but sand – and not even real sand (silica) but gypsum (calcium sulphate) crystals.’
Photograph: Gill Henry
Market Closes for June 19^th, 2024

Market Index	Close	Change
Dow Jones	Market Closed	N.A.
S&P 500	Market Closed	N.A.
NASDAQ	Market Closed	N.A.
TSX	21516.90	-94.40
		-0.44%

International Markets

Market Index	Close	Change
NIKKEI	38570.76	+88.65
		+0.23%
HANG SENG	18430.39	+514.84
		+2.87%
SENSEX	77337.59	+36.45
		+0.05%
FTSE 100*	8205.11	+13.82
		+0.17%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.292	3.262
CND. 30 Year Bond	3.220	3.190
U.S.    10 Year Bond	N.A.	4.2227
U.S. 30 Year Bond	N.A.	4.3551

Currencies

BOC Close	Today	Previous
Canadian $	0.7295	0.7290
US $	1.3707	1.3717

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4729	0.6789
US $	1.0745	0.9306

Commodities

Gold	Close	Previous
London Gold Fix	2324.25	2330.45
Oil
WTI Crude Future	81.57	78.45

Market Commentary:
There’s no way that you can live an adequate life without making many mistakes. –Charlie Munger, 1924-2023.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.4% at 21,516.90 in Toronto.
The index dropped to the lowest closing level since Feb. 29 after the previous session’s increase of 0.1%.
Brookfield Corp. contributed the most to the index decline, decreasing 2.6%.
Canfor Corp. had the largest drop, falling 2.9%.
Today, 146 of 222 shares fell, while 67 rose; all sectors were lower, led by financials stocks.
Insights
* This quarter, the index fell 2.9%
* The index advanced 7.9% in the past 52 weeks. The MSCI AC Americas Index gained 23% in the same period
* The S&P/TSX Composite is 4.6% below its 52-week high on May 21, 2024 and 15.1% above its low on Oct. 27, 2023
* The S&P/TSX Composite is down 2% in the past 5 days and fell 4.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.4 on a trailing basis and 14.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.43t
* 30-day price volatility rose to 10.27% compared with 10.22% in the previous session and the average of 10.18% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -35.9813| -0.5| 8/19
Industrials | -28.8049| -0.9| 4/23
Energy | -10.9821| -0.3| 13/22
Consumer Discretionary | -4.6637| -0.6| 2/11
Information Technology | -3.0285| -0.2| 5/5
Real Estate | -2.8943| -0.7| 0/19
Consumer Staples | -2.6248| -0.3| 4/7
Communication Services | -1.8397| -0.3| 1/4
Materials | -1.5688| -0.1| 20/27
Utilities | -1.2149| -0.1| 10/5
Health Care | -0.7994| -1.3| 0/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Brookfield Corp | -14.5300| -2.6| -49.9| 4.0
Canadian National | -10.0400| -1.5| -21.3| -3.9
Canadian Pacific Kansas | -7.6400| -1.1| -41.3| 0.4
Lundin Mining | 1.2900| 1.9| -84.6| 36.1
Shopify | 1.4390| 0.2| -34.9| -14.4
Bank of Montreal | 1.5240| 0.3| -48.1| -11.7US
US
US  markets closed for Juneteenth  holiday.

Have a lovely evening.

Be magnificent!

As ever,

Carolann
He will win who knows when to fight and when not to fight. –Sun Tzu, 544 BC-496 BC.

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

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

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

Dear Friends,

Tangents:
June 18, 1815: Battle of Waterloo; Napoleon Bonaparte and France defeated by British forces under Duke of Wellington and Prussian troops.
June 18, 1948: Columbia Records unveiled its new long-playing, 33 1/3 rpm phonograph record. Go to article >>

1983: First U. S. woman in Space, Sally Ride.

Paul McCartney, musician, b. 1942.
Roger Ebert, critic, b.1942.
Isabella Rossellini, b. 1952.

Y chromosome is evolving faster than the X, primate study reveals
The male Y chromosome in humans is evolving faster than the X. Scientists have now discovered the same trend in six species of primate. Read More.

1,700-year-old ’emergency hoard’ of coins dates to last revolt of Jews against Roman rule
Many of the silver and bronze coins were minted during the Gallus Revolt during the Roman era. Read More

NASA engineers finally fix Voyager 1 spacecraft — from 15 billion miles away
The Voyager I spacecraft went haywire last year, but NASA engineers say they have finally fixed its data transmission systems and are receiving usable signals from all four science instruments. Read More.

Strawberry Moon 2024: See summer’s first full moon rise a day after solstice
June’s full “Strawberry Moon” rises one day after the summer solstice in the Northern Hemisphere. This will be the lowest full moon of the year. Read More.

X-ray vision chip gives phones ‘Superman’ power to view objects through walls
Researchers have developed an imaging chip for mobile devices that uses high-frequency radio waves to “see” through objects. Read More.

Boston Celtics win the 2024 NBA championship
The Celtics beat the Dallas Mavericks 106-88 in Game 5 on Monday night to win the series 4-1 and secure their league-record 18th title.

New Zealand’s prime minister hitches ride on commercial plane
A surprise diversion for a first-class passenger! An Air New Zealand plane was sent to pick up Prime Minister Christopher Luxon when his government aircraft broke down.

PHOTOS OF THE DAY

Roswell, US
Smoke plumes from the South Fork fire, which caused mandatory evacuations in Ruidoso, New Mexico, are visible from the evacuation route
Photograph: Kaylee Greenlee Beal/Reuters

Cambridge, England
A firework display over the River Cam during the May ball at Cambridge University’s Trinity College
Photograph: Joe Giddens/PA

Shawnee, US
A man and a boy fish on Shawnee Mission lake in Kansas
Photograph: Charlie Riedel/AP
Market Closes for June 18^th, 2024

Market Index	Close	Change
Dow Jones	38834.86	+56.76
		+0.15%
S&P 500	5487.03	+13.80
		+0.25%
NASDAQ	17862.23	+5.21
		+0.03%
TSX	21611.30	+23.42
		+0.11%

International Markets

Market Index	Close	Change
NIKKEI	38482.11	+379.67
		+1.00%
HANG SENG	17915.55	-20.57
		-0.11%
SENSEX	77301.14	+308.37
		+0.40%
FTSE 100*	8191.29	+49.14
		+0.60%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.262	3.314
CND. 30 Year Bond	3.190	3.238
U.S.    10 Year Bond	4.2227	4.2809
U.S. 30 Year Bond	4.3551	4.4064

Currencies

BOC Close	Today	Previous
Canadian $	0.7290	0.7288
US $	1.3717	1.3720

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4733	0.6787
US $	1.0741	0.9310

Commodities

Gold	Close	Previous
London Gold Fix	2319.90	2330.45
Oil
WTI Crude Future	80.33	78.45

Market Commentary:
📈 On this day in 1998, internet stocks got a boost as Walt Disney agreed to buy 43% of the internet-search engine Infoseek for roughly $550 million in cash, stock and warrants. Infoseek stock shot up to $42. Less than three years later, Disney exchanged the old Infoseek assets for its own shares at an approximate value of only $5 per share.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.1% at 21,611.30 in Toronto.
The move follows the previous session’s decrease of 0.2%.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.2%.
Ballard Power Systems Inc. had the largest increase, rising 6.8%.
Today, 124 of 222 shares rose, while 91 fell; 4 of 11 sectors were higher, led by energy stocks.
Insights
* This quarter, the index fell 2.5%
* The index advanced 8.2% in the past 52 weeks. The MSCI AC Americas Index gained 23% in the same period
* The S&P/TSX Composite is 4.2% below its 52-week high on May 21, 2024 and 15.6% above its low on Oct. 27, 2023
* The S&P/TSX Composite is down 1.3% in the past 5 days and fell 3.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.4 on a trailing basis and 14.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.42t
* 30-day price volatility little changed to 10.22% compared with 10.23% in the previous session and the average of 10.18% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 38.1612| 1.0| 30/10
Financials | 21.8106| 0.3| 18/9
Materials | 19.1825| 0.7| 36/11
Health Care | 0.0980| 0.2| 2/1
Consumer Discretionary | -0.5749| -0.1| 6/7
Utilities | -1.8540| -0.2| 5/9
Real Estate | -2.3738| -0.5| 6/13
Communication Services | -3.1441| -0.5| 0/5
Consumer Staples | -4.3223| -0.5| 4/6
Industrials | -15.4116| -0.5| 14/13
Information Technology | -28.1603| -1.6| 3/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Natural Resources | 15.3300| 2.2| 86.4| 8.9
Suncor Energy | 7.3220| 1.6| -54.5| 19.6
TD Bank | 6.5890| 0.7| -15.1| -13.1
Canadian Pacific Kansas | -5.0280| -0.7| 33.3| 1.6
Canadian National | -13.0300| -1.9| 2.4| -2.4
Shopify | -26.9900| -3.5| 43.1| -14.6
US
By Rita Nazareth
(Bloomberg) — A rally in chipmakers drove stocks to another record, with traders betting the potential for Federal Reserve rate cuts will keep fueling the industry that has powered the equity market this year.
The S&P 500 came closer to the historic 5,500 mark.
Nvidia Corp. became the world’s most-valuable company — topping Microsoft Corp. — to extend this year’s record-breaking surge.
A bullish analyst call projected the firm at the heart of the artificial-intelligence boom will hit nearly $5 trillion in value in the coming year — from about $3.3 trillion.
Bonds climbed as traders piled into a $13 billion sale of 20-year Treasuries.
Wall Street waded through mixed economic data that showed US industrial production increased, helped by a broad-based pickup in factory output.
Separately, retail sales barely rose and prior months were revised lower.
A chorus of Fed officials emphasized the need for more evidence of cooling inflation before lowering rates.
“Investors should lean toward the glass-half-full view, but recognize macroeconomic conditions, as well as the nuances across corporate profits, consumers, and incoming economic data may evolve in ways not fully discounted in asset prices at the moment,” said Anthony Saglimbene at Ameriprise.
On the eve of a US holiday, the S&P 500 hit its 31st all-time high of 2024.
Nvidia climbed 3.5% after Rosenblatt Securities analyst Hans Mosesmann hiked his price target on the
chipmaker to a Wall Street high of $200 from $140. Treasury 10-year yields fell seven basis points to 4.21%.
Bank of America Corp.’s institutional clients piled into US equities for the second week in a row, led by technology and social media shares, strategists including Jill Carey Hall wrote in a note to clients.
Separately, a BofA survey showed that global investors are likely to keep pumping money into record-hitting stock markets.
Answering a question about the asset class that would benefit most from a reallocation of money-market funds, 32% of respondents opted for US stocks. Another 19% said the cash would go into global equities, while a quarter of the respondents indicated they would buy government bonds.
There’s not much doubt in the market right now to curb the enthusiasm about the US stock rally driven by a small group of tech stocks.
But some investors are increasingly looking for the ways to hedge the concentration risk.
And with each record, that concentration has tightened even more.
The so-called Magnificent Seven companies have contributed more than 60% to the S&P 500’s return this year.

Corporate Highlights:
* Boeing Co. Chief Executive Officer Dave Calhoun faced searing criticism in a Senate hearing that accused him of failing to overcome the company’s manufacturing shortcomings by putting profit ahead of safety.
* Philip Morris International Inc. stopped online sales of its popular nicotine pouch brand Zyn in the US after receiving a subpoena in the District of Columbia related to flavored products that are banned there.
* Dollar Tree Inc. continued to sell children’s applesauce tainted with “extremely high” levels of lead long after the company recalled the product due to contamination concerns, US regulators said.

Key events this week:
* UK CPI, Wednesday
* US Juneteenth holiday, Wednesday
* China loan prime rates, Thursday
* Eurozone consumer confidence, Thursday
* UK BOE rate decision, Thursday
* US housing starts, initial jobless claims, Thursday
* Eurozone S&P Global Manufacturing PMI, S&P Global Services PMI, Friday
* US existing home sales, Conf. Board leading index, Friday
* Fed’s Thomas Barkin speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World Index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro was little changed at $1.0738
* The British pound was little changed at $1.2708
* The Japanese yen was little changed at 157.85 per dollar
Cryptocurrencies
* Bitcoin fell 3.2% to $64,239.48
* Ether fell 2.6% to $3,420.52
Bonds
* The yield on 10-year Treasuries declined seven basis points to 4.21%
* Germany’s 10-year yield declined two basis points to 2.40%
* Britain’s 10-year yield declined seven basis points to 4.05%
Commodities
* West Texas Intermediate crude rose 1.4% to $81.49 a barrel
* Spot gold rose 0.5% to $2,329.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Subrat Patnaik, Carmen Reinicke, Natalia Kniazhevich, Sagarika Jaisinghani, Jason Scott, Aya Wagatsuma, Robert Brand and Sujata Rao.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Nature  gives you the face you have a t twenty.  Life shapes the face you have at thirty.
But at fifty you get the face you deserve. –Coco Chanel, 1883-1971.

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

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

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

Dear Friends,

Tangents: Happy Monday.

June 17, 1885 The Statue of Liberty arrived in New York City aboard the French ship Isere. Go to article >>
June 17, 1944: Iceland becomes a republic.  The Nordic island country had previously been included in the Norwegian and Danish monarchies.
June 17, 1972: Watergate arrests.

John Wesley, founder of Methodism, b. 1703.
Igor Stravinsky, composer, b. 1882H
M.C. Escher, artist, b.1898.
Venus Williams, tennis player, b. 1980.

A jolt for the summer box office
Movie theaters may be facing a bleak future, but an animated film could give the industry a much-needed boost. This movie just notched the most lucrative box office opening since “Barbie,” which grossed $162 million.

Tony Awards 2024: See the full list of winners
The Tony Awards, which honor the best of Broadway, were presented on Sunday in New York City. See the full list of winners.

Highlights from the US Open
Bryson DeChambeau won his second US Open title on Sunday, edging Rory McIlroy in a nerve-shredding finale at Pinehurst No. 2 in North Carolina.

‘House of the Dragon’ Season 2 premiere recap
At last, the wait is over. The second season of “House of the Dragon” returned Sunday to HBO (which is owned by CNN’s parent company, Warner Bros. Discovery). Let’s talk about it.

Planet Nine: Is the search for this elusive world nearly over?
Deep in the outer reaches of the solar system — so far away from the known planets that the sun would barely be distinguishable from a nearby star — a massive, icy world may be lurking in the shadows, waiting to be discovered by humanity.
And the day that we finally find this elusive planet may be coming soon, thanks to a state-of-the-art telescope that will begin scanning the sky next year. With the opening of the groundbreaking Vera C. Rubin Observatory in 2025, we may either finally find Planet Nine within the next few years — or rule out the idea for good. Read More.

Gilgamesh flood tablet: A 2,600-year-old text that’s eerily similar to the story of Noah’s Ark
The baked clay tablet tells the tale of an epic flood. Read More.

Scientists inserted a window in a man’s skull to read his brain with ultrasound
New research shows it’s possible to use ultrasound waves to monitor activity in the human brain. Read More.

PHOTOS OF THE DAY

Devon, UK
A steam train passes above Broadsands beach in Paignton, in south-west England, a longstanding base of the Liberal Democrats. Support for Ed Davey’s party has edged up and a recent poll showed it may snatch Yeovil in Somerset from the Tories
Photograph: Finnbarr Webster/Getty Images

İzmir, Turkey
Aerial view of Ilıca beach in the resort of Çeşme, in western Anatolia, where Turkish and foreign visitors took advantage of the Eid al-Adha holiday
Photograph: Berkan Cetin/Anadolu/Getty Images

​​​​​​​London, UK
An aerial view of the Palace of Westminster and a placid River Thames as the nation prepares to elect a new parliament
Photograph: Yann Tessier/Reuters
Market Closes for June 17^th, 2024

Market Index	Close	Change
Dow Jones	38778.10	+188.94
		+0.49%
S&P 500	5473.23	+41.63
		+0.77%
NASDAQ	17857.02	+168.14
		+0.95%
TSX	21587.88	-51.22
		-0.24%

International Markets

Market Index	Close	Change
NIKKEI	38102.44	-712.12
		-1.83%
HANG SENG	17936.12	-5.66
		-0.03%
SENSEX	76992.77	+181.87
		+0.24%
FTSE 100*	8142.15	-4.71
		-0.06%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.314	3.285
CND. 30 Year Bond	3.238	3.216
U.S.    10 Year Bond	4.2809	4.2132
U.S. 30 Year Bond	4.4064	4.3452

Currencies

BOC Close	Today	Previous
Canadian $	0.7288	0.7282
US $	1.3720	1.3734

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4728	0.6790
US $	1.0734	0.9316

Commodities

Gold	Close	Previous
London Gold Fix	2330.45	2310.80
Oil
WTI Crude Future	78.45	78.62

Market Commentary:
📈 On this day in 1930, the U.S. imposed the Smoot-Hawley Tariff Act, raising average tariffs on foreign goods by about 20%. The U.S.’s trade partners retaliated with tariffs of their own, dealing a sharp blow to trade and worsening the Great Depression.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.2%, or 51.22 to 21,587.88 in Toronto.
The index dropped to the lowest closing level since March 5.
Shopify Inc. contributed the most to the index decline, decreasing 1.7%.
Novagold Resources Inc. had the largest drop, falling 7.7%.
Today, 127 of 222 shares fell, while 94 rose; 7 of 11 sectors were lower, led by energy stocks.
Insights
* This quarter, the index fell 2.6%
* The index advanced 8.1% in the past 52 weeks. The MSCI AC Americas Index gained 23% in the same period
* The S&P/TSX Composite is 4.3% below its 52-week high on May 21, 2024 and 15.5% above its low on Oct. 27, 2023
* The S&P/TSX Composite is down 2.2% in the past 5 days and fell 3.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.3 on a trailing basis and 14.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.43t
* 30-day price volatility fell to 10.23% compared with 11.18% in the previous session and the average of 10.13% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -25.2424| -0.7| 23/16
Information Technology | -13.7423| -0.8| 5/5
Materials | -13.2769| -0.5| 11/39
Financials | -10.3393| -0.2| 11/16
Utilities | -7.2580| -0.9| 2/13
Communication Services | -5.6462| -0.8| 0/5
Real Estate | -1.8457| -0.4| 4/16
Health Care | 0.1743| 0.3| 2/2
Consumer Discretionary | 3.1588| 0.4| 11/2
Consumer Staples | 5.4309| 0.6| 7/4
Industrials | 17.3835| 0.6| 18/9
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -13.6200| -1.7| -19.9| -11.5
TD Bank | -8.0810| -0.9| 74.1| -13.7
Canadian National | -6.3950| -0.9| 56.2| -0.5
Manulife Financial | 6.0730| 1.4| -29.0| 19.5
Waste Connections | 10.0400| 2.4| 45.8| 19.8
Canadian Pacific Kansas | 10.6400| 1.5| 46.4| 2.3
US
By Rita Nazareth
(Bloomberg) — A rally in the world’s largest technology companies drove stocks to all-time highs, with some prominent Wall Street strategists rushing to boost their targets even as many hedge funds grow increasingly cautious.
The S&P 500 hit its 30th record this year, defying concerns about narrow breadth that could make the market more vulnerable to surprises.
As traders geared up for retail-sales data and a slew of Federal Reserve speakers, Treasuries fell amid a flurry of high-grade corporate bond sales that exceeded $21 billion, led by Home Depot Inc.
That’s ahead of Wednesday’s Juneteenth holiday.
Optimism over a resilient economy, improving corporate earnings and the potential start of rate cuts have pushed equities up about 15% this year, with ebbing inflation and the artificial-intelligence fervor also propelling equities higher.
“We believe the S&P 500 can reach 6,000 by year-end as the combination of better earnings and one or two rate cuts is like a turbo booster for stock prices,” said James Demmert at Main Street Research.
The S&P 500 topped 5,470, with Tesla Inc. and Apple Inc. leading gains in mega-caps.
The Nasdaq 100 rose 1.2% and approached the 20,000 mark.
Micron Technology Inc. climbed to a record as some firms raised their targets for the chipmaker.
Broadcom Inc. jumped over 5%. Activist investor Starboard Value said it’s built a stake in Autodesk Inc. valued at more than $500 million.
French stocks rebounded after last week’s tumble.
Yet the Stoxx Europe 600 Index was little changed as Citigroup Inc. downgraded the region’s equities, citing “heightened political risks” among other reasons.
Citigroup strategists raised their 2024 forecast for the S&P 500 to 5,600, becoming the third Wall Street firm since Friday to upgrade its outlook.
Ongoing positive earnings revisions and broadening of profit growth to non-tech companies prompted the target upgrade, Citi strategists led by Scott Chronert wrote.
In recent days, Goldman Sachs Group Inc. strategists led by David Kostin also boosted their target to 5,600, reflecting Wall Street’s optimistic outlook for earnings growth and the US economy.
Julian Emanuel at Evercore raised his year-end forecast on the S&P 500 to 6,000, the highest among major equity strategists tracked by Bloomberg.
Meantime, hedge funds decreased their long-short gross leverage, which measures their overall exposure to the market, by the most since March 2022, according to a note from Goldman Sachs’s prime brokerage desk.
The move points to a more cautious stance from the so-called smart money, the team wrote.
While there’s been no shortage of headlines about the latest record highs on the S&P 500, the highs have been less significant as a sign of market strength than as an influence on investor sentiment, according to Tim Hayes at Ned Davis Research.
“As record highs were reached by major benchmarks, breadth has weakened,” he said. “Benchmark records are not confirmed by most markets, sectors and stocks.”
In the run-up to the latest reading on retail sales, traders also kept an eye on Fed-speak.
Fed Bank of Philadelphia President Patrick Harker said he sees one rate cut as appropriate for this year based on his current forecast, underscoring the message that high rates are likely to persist.
Investors are being warned that rates will stay higher for longer than they’d expected, with the median projection from Fed officials calling for one interest rate cut this year.
And yet cash is pouring into stocks that benefit from lower borrowing costs.
The question now for investors is what will the market do when the Fed eventually does decide to cut?
Historically, rate cuts have marked a key inflection point that has ushered in strong equity returns — but only for cycles that aren’t triggered by a recession, like this one.
“Improving inflation trends would lead to a more constructive policy outlook, which should be a tailwind for equities and fixed income,” said Jason Pride and Michael Reynolds at Glenmede. “Assuming all continues to go well with
inflation along a moderating path through the summer, a September rate cut is likely on the table.”
Some stock-market optimists have speculated that a swath of  the roughly $6 trillion sitting in money-market cash is poised to be reallocated into equities and will give the rally another boost.
But a growing number of soothsayers at firms ranging from Morgan Stanley to Deutsche Bank AG are poking holes in that theory.
With generous yields on cash amid elevated interest rates, it’s no surprise that inflows to money market funds just hit another all-time high.
Yet, there’s little evidence to suggest that cash is going to move into riskier assets anytime soon.
“Choppiness and a flight to quality are likely to dominate the markets until the Fed clarifies the scope and timing of rate cuts,” said Robert Teeter at Silvercrest Asset Management. “This guidance may come as early as the Jackson Hole event in August.”
Many stocks are now becoming more sensitive to softer growth conditions, according to Morgan Stanley strategists led by Michael Wilson.
They say some value/cyclical stocks have started to focus more on earnings expectations and less on the impact of interest rates
“This development is in line with our consistent view that higher rates are a clear headwind to small caps, but lower rates don’t offer a comparable benefit,” they wrote.
The correlation between stock prices and bond yields continues to invert and is the most negative since 1997, suggesting a major shift in the inflation regime is likely underway and that stock prices and bond yields may together
remain subject to extreme sensitivity to inflation trends, according to according to Bloomberg Intelligence strategists led by Gina Martin Adams.
“The correlation between the two asset classes was positive for the better part of 20 years, suggesting disinflation was the dominant regime,” they said. “The positive correlation historically implied that equities trended in the direction of yields as inflation mostly coincided with growth.”
The shift in the correlation to negative might be signaling a significant longer-term change in inflation conditions has begun, the BI strategists noted.
Stocks held a negative correlation to yields throughout most of the 1980s and 1990s, when inflation hurt equities.

Corporate Highlights:
* Tesla Inc. has been granted approval to test its advanced driver-assistance system on some Shanghai streets, according to a person familiar with the matter — the next step in rolling out the feature to Chinese drivers.
* The US Federal Trade Commission sued Adobe Inc., alleging the software company violated consumer protection laws by making it too difficult for consumers to cancel their subscriptions.
* As crisis engulfs Boeing Co. following the near-catastrophic accident on an airborne 737 Max 9 aircraft, Chief Executive Officer Dave Calhoun has kept a low profile in recent months. A Senate hearing on Tuesday will put him on the spot to defend his record and salvage his legacy as he prepares to step down later this year.
* Walt Disney Co.’s Deadpool & Wolverine will hit Chinese theaters next month, a win for the studio after Beijing barred previous blockbuster releases at a time of frosty relations with the US.
* Cybercriminals are demanding payments of between $300,000 and $5 million apiece from as many as 10 companies breached in a campaign that targeted Snowflake Inc. customers, according to a security firm helping with the investigation.
* GameStop Corp. Chief Executive Officer Ryan Cohen told investors he’s focused on achieving profitability at the ailing video game retailer and plans to avoid the “hype” that has buffeted the shares to extremes as part of the meme-stock frenzy.

Key events this week:
* Australia rate decision, Tuesday
* Eurozone CPI, Tuesday
* US retail sales, business inventories, industrial production, Tuesday
* Fed’s Thomas Barkin, Lorie Logan, Adriana Kugler, Alberto Musalem, Austan Goolsbee speak, Tuesday
* UK CPI, Wednesday
* US Juneteenth holiday, Wednesday
* China loan prime rates, Thursday
* Eurozone consumer confidence, Thursday
* UK BOE rate decision, Thursday
* US housing starts, initial jobless claims, Thursday
* Eurozone S&P Global Manufacturing PMI, S&P Global Services PMI, Friday
* US existing home sales, Conf. Board leading index, Friday
* Fed’s Thomas Barkin speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.2%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World Index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.3% to $1.0733
* The British pound rose 0.1% to $1.2704
* The Japanese yen fell 0.2% to 157.73 per dollar
Cryptocurrencies
* Bitcoin rose 0.3% to $66,647.91
* Ether fell 1.3% to $3,551.29
Bonds
* The yield on 10-year Treasuries advanced five basis points to 4.27%
* Germany’s 10-year yield advanced five basis points to 2.41%
* Britain’s 10-year yield advanced six basis points to 4.11%
Commodities
* West Texas Intermediate crude rose 2.6% to $80.47 a barrel
* Spot gold fell 0.5% to $2,320.67 an ounce
This story was produced with the assistance of Bloomberg Automation.–With assistance from Christopher DeReza, Michael Gambale,
Jessica Menton, Alexandra Semenova, Natalia Kniazhevich, Matthew Burgess, Winnie Hsu, Sujata Rao and Julien Ponthus.
Have a lovely evening.

Be magnificent!

As ever,

Carolann
There’s another kind of river, one that runs through every one of us, no matter where we come from, all over the world.
It’s the river of the heart, and the heart’s desire.  It’s the pure, essential truth of what each one of us is, and can achieve. –Gregory David Roberts, Shantaram.

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

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

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

view online version Dear Friends, Tangents: Happy Friday. Flag Day, USA. June 14, 1919: Alcock and Brown take off for the first non-stop transatlantic flight, reaching Ireland from Newfoundland in 16 hours June 14, 2009: Los Angeles Lakers coach Phil Jackson broke Red Auerbach’s record by winning his 10th NBA title.   1951: Univac computer unveiled. Harriet Beecher Stowe, writer, b. 1811. Che Guevara, revolutionary, b. 1928. Part 2 of ‘Bridgerton’ Season 3 will turn up the heat The tea is piping hot, dear readers. New episodes of “Bridgerton” have debuted on Netflix. Painting found at bus stop could sell for $32 million A twice-stolen painting by Italian Renaissance master Titian, once found at a bus stop in London, could fetch $32 million at auction. Taylor Swift’s fans danced so hard it registered as seismic activity Earthquake readings were detected four miles from the star’s Edinburgh concert. Seismologists said it was triggered by enthusiastic Swifties! James Webb telescope discovers most distant supernova ever seen The James Webb Space Telescope has spotted a supernova dating to just 1.8 billion years after the Big Bang, as well as 80 others in the early universe. The ancient explosions could help scientists figure out the mysteries of how the cosmos evolved. Read More. 2,500-year-old slate containing drawings of battle scenes and paleo-alphabet discovered in Spain Archaeologists discovered the stone tablet at a Tartessian site in southwestern Spain. Read More. An encounter with ‘something outside of the solar system’ may have triggered an ice age on Earth Two million years ago, an encounter with a cold cloud of gas and dust could have caused our planet’s “protective giant bubble” to draw back, potentially cooling our planet, new research claims. Read More PHOTOS OF THE DAY Ganderbal, Kashmir Hindus pray during a religious festival at the Kheer Bhawani temple at Tullamulla village. Photograph: Farooq Khan/EPA Omaha, Nebraska, US A severe thunderstorm hits Omaha. Photograph: Chris Machian/Omaha World-Herald/AP Winged formation … bee-eaters line up on a branch in Konya, Turkey Photograph: Anadolu/Getty Images Market Closes for June 14th, 2024 Market Index  Close  Change  Dow Jones 38589.16 -57.94 -0.15% S&P 500  5431.64 -2.1 -0.04% NASDAQ  17688.88 +21.32 +0.12% TSX  21641.39 -56.72 -0.26% International Markets Market Index  Close  Change  NIKKEI  38814.56 +94.09 +0.24% HANG SENG 17941.78 -170.85 -0.94% SENSEX  76992.77 +181.87 +0.24% FTSE 100* 8146.86 -16.81 -0.21% Bonds Bonds  % Yield  Previous % Yield CND. 10 Year Bond  3.285 3.327 CND. 30 Year Bond  3.216 3.272 U.S.    10 Year Bond 4.2132 4.2442 U.S. 30 Year Bond 4.3452 4.3964 Currencies BOC Close  Today  Previous   Canadian $   0.7282 0.7276 US $    1.3734 1.3744 Euro Rate 1 Euro=  Inverse    Canadian $   1.4701 0.6802 US $    1.0705 0.9342 Commodities Gold Close  Previous   London Gold Fix  2310.80 2310.80 Oil WTI Crude Future  78.62 78.62 Market Commentary: 📈 On this day in 2000, the Justice Department alleged members of the country’s five biggest organized-crime families conspired to manipulate securities. Prosecutors said the bull run and tech mania had made stock manipulation the white-collar crime of choice. Canada By Bloomberg Automation (Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.3%, or 59.01 to 21,639.10 in Toronto. The index dropped to the lowest closing level since March 6. Today, financials stocks led the market lower, as 7 of 11 sectors lost; 152 of 222 shares fell, while 67 rose. Alimentation Couche-Tard Inc. contributed the most to the index decline, decreasing 3.8%. BlackBerry Ltd. had the largest drop, falling 6.9%. Insights * This quarter, the index fell 2.4% * So far this week, the index fell 1.7%, heading for the biggest decline since the week ended Oct. 27 * The index advanced 8.1% in the past 52 weeks. The MSCI AC Americas Index gained 23% in the same period * The S&P/TSX Composite is 4.1% below its 52-week high on May 21, 2024 and 15.8% above its low on Oct. 27, 2023 * S&P/TSX Composite is trading at a price-to-earnings ratio of 17.4 on a trailing basis and 14.7 times estimated earnings of its members for the coming year * The index’s dividend yield is 3.1% on a trailing 12-month basis * S&P/TSX Composite’s members have a total market capitalization of C$3.44t * 30-day price volatility fell to 11.18% compared with 11.31% in the previous session and the average of 10.02% over the past month ================================================================ | Index Points | | Sector Name | Move | % Change | Adv/Dec ================================================================ Financials | -30.1480| -0.5| 10/17 Energy | -29.0051| -0.7| 6/33 Consumer Staples | -20.0075| -2.1| 1/9 Communication Services | -10.6854| -1.5| 0/5 Utilities | -7.3093| -0.9| 3/12 Real Estate | -2.0642| -0.5| 3/17 Consumer Discretionary | -0.5119| -0.1| 2/11 Health Care | 0.0133| 0.0| 1/3 Industrials | 3.4078| 0.1| 7/20 Materials | 4.1284| 0.2| 31/18 Information Technology | 33.1598| 1.9| 3/7 ================================================================ | | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%) ================================================================ Couche-Tard | -15.2500| -3.8| 34.8| -2.7 Bank of Nova Scotia| -7.7400| -1.4| 34.7| -1.2 Bank of Montreal | -5.9960| -1.0| -35.1| -12.4 Dollarama | 4.4720| 1.9| -0.6| 29.7 Canadian Pacific Kansas | 6.2030| 0.9| 6.8| 0.7 Shopify | 34.2700| 4.6| 10.9| -9.9 US By Rita Nazareth (Bloomberg) — A renewed wave of anxiety gripped global markets as concern over a political crisis in France deepened, driving stocks down while spurring a flight to haven assets — from bonds to gold and the US dollar. Traders took some risk off the table, with French shares this week losing roughly $210 billion in value — about the size of Greece’s economy — after President Emmanuel Macron called a snap election. Since then, France’s bonds were at the heart of the rout, with the premium investors demand to own 10-year debt over safer German peers jumping by a record this week. ECB Officials See No Cause for Alarm Over French Market Turmoil. “The situation in Europe is starting to get a little dicey,” said Matt Maley at Miller Tabak + Co. “The move is still a long way from developing into another sovereign-debt crisis, but with concerns about sky-high sovereign debt levels and bloated budgets, the developments in Europe (and particularly France) are raising some concerns in the marketplace.” In the US, stocks also struggled to gain traction after a gauge of consumer sentiment sank to a seven-month low as high prices continued to take a toll on views of personal finances. Federal Reserve Bank of Cleveland President Loretta Mester said she still sees inflation risks as tilted to the upside despite welcome news in the latest data. The S&P 500 closed mildly lower, led by a drop in industrial shares. Tech outperformed, with Adobe Inc. up 15% on a strong outlook. The Stoxx Europe 600 slid 1%. France’s CAC 40 Index extended losses to over 6% on the week, the most since March 2022. Societe Generale SA, BNP Paribas SA and Credit Agricole SA sank more than 10% each this week. Treasury 10-year yields declined four basis points to 4.21%. The dollar hit its highest since November. The euro was among the worst-performing major currencies against the greenback this week. What Macron’s Snap Vote Means for Debt Risk European Central Bank officials see no cause for alarm in the market turbulence that has engulfed France in the past few days, according to people with knowledge of the matter. A spokesperson for the ECB declined to comment. Trader anxiety grew after a coalition of France’s left-wing parties presented a manifesto to pick apart most of Macron’s seven years of economic reforms and set the country on a collision course with the European Union over fiscal policy. “While we’re typically of the mind that what happens in Paris stays in Paris (or at least Europe), the current episode has taken on a more troubling character for global financial markets than might otherwise have been the case,” said Ian Lyngen at BMO Capital Markets. “Chatter regarding the potential for the election outcome to ultimately lead France out of the European Union has been difficult to completely dismiss as ‘wild speculation’, especially in light of the experience with Brexit.” To Thierry Wizman at Macquarie Group, France is moving toward one of two extreme political scenarios. “Neither of assemblage is dedicated to pro-market principles, nor fiscal responsibility, nor, possibly the single currency.” ECB’s Lagarde Says Disinflation in Euro Zone Will Be Bumpy European stock funds suffered a fourth week of outflows at about $600 million, while cash funds had additions of $40.4 billion — the biggest among all the asset classes, according to a note from Bank of America Corp. About $6.3 billion flowed into global stock funds in the  week through June 12, with US equities registering an eighth week of inflows, according to the note citing EPFR Global data. Europe is the only region seeing outflows this year. European stock flows are at risk of further unwind without a positive catalyst to reassure foreign investors in the near term, Barclays Plc says. Strategists led by Emmanuel Cau closed their overweight stance earlier this week and advise caution on region for now — citing the political situation in France. “We struggle to see a compelling reason to overweight continental Europe, even while it has become more consensus year-to-date,” they wrote. Transactions of more than $1 million among the dollar-denominated bonds of major French banks have proliferated in recent days and are now much more frequent than large-ticket trades in their euro-area peers, based on Trace data compiled by Bloomberg. That’s hit the debt of lenders like BNP Paribas and Credit Agricole. Elsewhere, the Bank of Japan is making investors wait until its July meeting for details on its paring of bond buying, leaving the yen vulnerable to further declines. The central bank’s decision Friday to stand pat on interest rates was widely expected, but traders were surprised by it just flagging a cut in debt purchases without laying out any figures or a timeline. “The Bank of Japan sent the already anemic yen into a tailspin when it declined to provide a timeline for scaling back its bond purchasing, which many investors believe is essential for shoring up the country’s currency,” said Jose Torres at Interactive Brokers. Corporate Highlights: * The European Commission plans to allege that Apple Inc. stifles competition on its mobile app store, Financial Times reported, citing three people with close knowledge of the investigation. * The Federal Aviation Administration is investigating how titanium with potentially falsified records made its way from an obscure Chinese producer onto commercial jets manufactured by Airbus SE and Boeing Co. * Home Depot Inc. is sounding out investors for a corporate bond sale that could total $10 billion to help fund its acquisition of SRS Distribution Inc., according to people with knowledge of the matter. * Red Lobster and Fortress Investment Group, a major lender that may end up owning the seafood chain out of Chapter 11, struck a deal with a key creditor group to avert potential hurdles to the sale of the restaurant operator and its continued use of $100 million in bankruptcy financing. Some of the main moves in markets: Stocks * The S&P 500 was little changed as of 4 p.m. New York time * The Nasdaq 100 rose 0.4% * The Dow Jones Industrial Average fell 0.1% * The MSCI World Index fell 0.3% Currencies * The Bloomberg Dollar Spot Index rose 0.2% * The euro fell 0.3% to $1.0704 * The British pound fell 0.6% to $1.2688 * The Japanese yen fell 0.2% to 157.29 per dollar Cryptocurrencies * Bitcoin fell 1.8% to $65,497.72 * Ether fell 2.1% to $3,405.55 Bonds * The yield on 10-year Treasuries declined four basis points to 4.21% * Germany’s 10-year yield declined 11 basis points to 2.36% * Britain’s 10-year yield declined seven basis points to 4.06% Commodities * West Texas Intermediate crude fell 0.2% to $78.46 a barrel * Spot gold rose 1.2% to $2,332.88 an ounce This story was produced with the assistance of Bloomberg Automation. –With assistance from Andre Janse van Vuuren, James Hirai, Macarena Muñoz, Jan-Patrick Barnert, Alice Gledhill, Sagarika Jaisinghani, Tasos Vossos, Matthew Burgess, Chiranjivi Chakraborty and Winnie Hsu. Have a wonderful weekend everyone. Be magnificent! As ever, Carolann Courage is contagious.  When a brave man takes a stand, the spines of others are stiffened. -Billy Graham, 1918-2018. Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM Senior Investment Advisor Queensbury Securities Inc., St. Andrew’s Square, Suite 340A, 730 View St., Victoria, B.C. V8W 3Y7 Tel: 778.430.5808 (C): 250.881.0801 Toll Free: 1.877.430.5895 Fax: 778.430.5828 www.carolannsteinhoff.com   Copyright © [CURRENT_YEAR] [COMPANY_NAME], All rights reserved. Our mailing address is: [COMPANY_FULL_ADDRESS] Want to change how you receive these emails? You can update your preferences or unsubscribe from this list.

Dear Friends,

Tangents: Happy Friday Eve.
JUNE 13, 1983: Pioneer 10 becomes the first man-made object to leave the central solar system.
The U.S. space probe Pioneer 10 became the first spacecraft to leave the solar system as it crossed the orbit of Neptune.  Go to article >>

William Butler Yeats, poet, b.1865.
1963: Medgar Evars assassinated.

Ship of renowned polar explorer Ernest Shackleton found on ocean floor
Shipwreck experts found Ernest Shackleton’s last vessel on the ocean floor 62 years after its sinking. Read about his legacy and daring expeditions

Boston Celtics take 3-0 lead over Mavericks in NBA finals
The Celtics are now one victory away from clinching an NBA record 18th championship. Game 4 is scheduled for Friday.

‘I’m not retired.’ Rihanna sets the record straight
The superstar singer and entrepreneur is speaking out about rumors floating in the air of pop culture.

‘At least 150,000 tons’ of water frost discovered atop Mars’ tallest volcanoes
Once thought impossible to exist, water frost found atop Mars’ Tharsis region volcanoes could come in handy for future human exploration missions, new research suggests. Read More.

Mysterious 4,000-year-old ‘palace’ with maze-like walls found on Greek island of Crete
Archaeologists in Crete have discovered a 4,000-year-old structure that the Minoans may have used for rituals. Read More.

Why can’t we see colors well in the dark?
In the dark, vivid colors seem to fade to gray and they’re hard to tell apart. Why is that? Read More.

PHOTOS OF THE DAY

California, US
Some of the 249 flags planted in Dana Point on Flag Day
Photograph: Jeff Gritchen/AP

Narathiwat province, Thailand
A museum worker preserves an old copy of the Qur’an at the Museum of Islamic Cultural Heritage, which exhibits dozens of scriptures that are up to 1,000 years old
Photograph: Madaree Tohlala/AFP/Getty Images

​​​​​​​London, England
Christie’s gallery assistants adjust a gown from the Dressed to Scale autumn/winter 1998-1999 collection during a photocall for the auction Vivienne Westwood: The Personal Collection
Photograph: Benjamin Cremel/AFP/Getty Images
Market Closes for June 13^th, 2024

Market Index	Close	Change
Dow Jones	38647.10	-65.11
		-0.17%
S&P 500	5433.74	+12.71
		+0.23%
NASDAQ	17667.56	+59.12
		+0.34%
TSX	21698.11	-263.44
		-1.20%

International Markets

Market Index	Close	Change
NIKKEI	38720.47	-156.24
		-0.40%
HANG SENG	18112.63	+174.79
		+0.97%
SENSEX	76810.90	+204.33
		+0.27%
FTSE 100*	8163.67	-51.81
		-0.63%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.327	3.391
CND. 30 Year Bond	3.272	3.334
U.S.    10 Year Bond	4.2442	4.3160
U.S. 30 Year Bond	4.3964	4.4752

Currencies

BOC Close	Today	Previous
Canadian $	0.7276	0.7287
US $	1.3744	1.3723

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4759	0.6775
US $	1.0739	0.9312

Commodities

Gold	Close	Previous
London Gold Fix	2310.80	2316.50
Oil
WTI Crude Future	78.62	78.50

Market Commentary:
📈 On this day in 1986, real-time market data took a big leap forward (for better and for worse) as Standard & Poor’s began disseminating the value of the S&P 500-stock index every 15 seconds. Previously, the index price was updated once a minute.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.2% at 21,698.11 in Toronto.
The move was the biggest since falling 1.6% on May 29 and follows the previous session’s increase of 0.3%.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 3.4%.
BlackBerry Ltd. had the largest drop, falling 9.2%.
Today, 179 of 222 shares fell, while 39 rose; 10 of 11 sectors were lower, led by financials stocks.
Insights
* In the past year, the index had a similar or greater loss 14 times. The next day, it declined eight times for an average 0.4% and advanced six times for an average 0.5%
* This quarter, the index fell 2.1%
* So far this week, the index fell 1.4%, heading for the biggest decline since the week ended April 12
* The index advanced 8.5% in the past 52 weeks. The MSCI AC Americas Index gained 23% in the same period
* The S&P/TSX Composite is 3.8% below its 52-week high on May 21, 2024 and 16.1% above its low on Oct. 27, 2023
* The S&P/TSX Composite is down 2.4% in the past 5 days and fell 2.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.5 on a trailing basis and 14.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.48t
* 30-day price volatility rose to 11.31% compared with 10.76% in the previous session and the average of 9.95% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -86.5580| -1.3| 1/26
Energy | -74.0080| -1.9| 5/35
Materials | -46.0341| -1.7| 7/41
Information Technology | -19.8761| -1.1| 3/7
Industrials | -16.1357| -0.5| 6/21
Consumer Staples | -8.2591| -0.9| 2/8
Communication Services | -7.2725| -1.0| 2/3
Utilities | -4.6609| -0.6| 2/13
Real Estate | -1.0111| -0.2| 5/14
Health Care | -0.4211| -0.7| 1/3
Consumer Discretionary | 0.7838| 0.1| 5/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Natural Resources | -25.1100| -3.4| 552.2| 8.0
TD Bank | -14.7900| -1.6| 91.1| -12.9
RBC | -13.9900| -1.0| -46.5| 7.0
Celestica | 2.1830| 3.5| -28.1| 100.9
Cameco | 2.2510| 1.0| 3.1| 27.3
AtkinsRealis Group Inc | 3.9350| 5.8| 94.8| 35.9
US
By Rita Nazareth
(Bloomberg) — Stocks closed at a fresh all-time high as tech rallied, with Treasury yields sinking on bets the Federal Reserve will cut rates this year amid signs of disinflation.
Equities rebounded after a brief drop, with the S&P 500 notching a fourth consecutive record — its 29th this year.
Treasuries climbed across the curve, with 10-year yields breaking below 4.3%.
A $22 billion sale of 30-year debt saw strong demand.
Heightened political risk in France drove the  premium on the nation’s 10-year bonds to the widest since 2017 over German peers.
The producer price index unexpectedly declined the most in seven months, adding to evidence that inflationary pressures are moderating.
Several categories that are used to calculate the Fed’s preferred inflation measure — the personal consumption expenditures price index — were softer in May than a month earlier.
“The latest data in hand nudge the door a little wider open for the Fed to begin making an interest rate cut later this year,” said Bill Adams at Comerica Bank, which forecasts Fed reductions in September and December.
The S&P 500 topped 5,430. Tesla Inc. jumped after Elon Musk said shareholders backed his compensation package. Broadcom Inc. led a rally in chipmakers after announcing solid earnings and a 10-for-1 stock split.
GameStop Corp. climbed as Keith Gill, known as “Roaring Kitty,” posted on X.
Treasury 10-year yields fell eight basis points to 4.24%.
Aside from France’s political jitters, the European Union’s bonds got hit as bets they would soon be added to key sovereign benchmarks received a blow, undermining the bloc’s efforts to broaden the appeal of its debt.
Fear of missing out on the technology rally is running as rampant among active mutual funds as it’s ever been.
Mutual funds have been upping their technology positions since the beginning of 2024 to catch the group’s rally — while cutting exposure everywhere else.
That’s pushed their overweight on the group to an all-time high, data compiled by Barclays Plc strategists show.
A historically strong start to the year for the US stock market should continue into the second half of 2024, according to JPMorgan Chase & Co.’s asset management division.
While the move may look more like a grind than a rocket ride after the S&P 500’s double-digit return since January, solid earnings, the end of the Fed’s monetary-tightening campaign and economic strength will continue to lift US equities in the coming months, strategists at the firm led by David Kelly wrote.
They recommend buying large-cap shares and a mix of value and growth stocks.
US large caps look more expensive relative to bond markets than at any point in the last two decades, though this may have little meaning for equity returns and may not imply a bubble has emerged in stocks, according to Bloomberg Intelligence strategists led by Gina Martin Adams.
“The most recent historical precedent shows relative value is a poor predictor of returns,” they wrote.
Stocks spent the better part of the bull market in the 1980s and ‘90s at worse relative value levels and still posted remarkable annualized growth, according to BI.
Valuation excesses are also only evident via the market-cap weight, with the equal-weighted index near its pre-pandemic norm and nine of 11 sectors’ relative valuations below average.
Traders continued to keep a close eye on the macroeconomic picture.
The producer price index unexpectedly declined the most in seven months, adding to evidence that inflationary pressures are moderating.
Several categories that are used to calculate the Fed’s preferred inflation measure — the personal consumption expenditures price index — were softer in May than a month earlier.
The PPI report came on the heels of a soft reading on consumer prices that offered some reassurance that progress toward the Fed’s 2% inflation target has resumed.
US officials penciled in just one interest-rate cut this year and forecast more cuts for 2025, reinforcing policymakers’ calls to keep borrowing costs high for longer to suppress inflation.
The Fed’s “dot plot” showed four policymakers saw no cuts this year, while seven anticipated just one reduction and eight expected two cuts.
“This is still just one month and the takeaway from the June Fed meeting stands: a much more sustained downshift extending across the coming months will be needed for the Fed to move on rates,” said Krishna Guha at Evercore.
But this is exactly the kind of data Jerome Powell needs to steer a wary FOMC to two cuts, he added.
The Fed’s favored inflation gauge is set for the smallest advance since November following two better-than-expected reports on prices out this week.
Several analysts expect the so-called core PCE gauge, due later this month, advanced just 0.1% in May.
Such a print would help bolster the case for two interest-rate cuts this year.

Corporate Highlights:
* Boeing Co. said it’s inspecting undelivered 787 Dreamliners after discovering that fasteners were incorrectly installed on a section of the carbon-composite aircraft, underscoring the heightened scrutiny on quality lapses at the embattled manufacturer.
* Ford Motor Co. will sell its lineup of electric vehicles through all 2,800 of its US dealers in a bid to boost sales of battery-powered models now being shunned by mainstream buyers.
* Snowflake Inc. plans to close its own investigation this week into a hacking campaign that ensnared as many as 165 of its customers.
* John R. Tyson was suspended from his role as chief financial officer of Tyson Foods Inc. after an arrest for allegedly driving while intoxicated, the company said in a Thursday statement
* The US Supreme Court sided with Starbucks Corp. over the National Labor Relations Board in a decision that will make it more difficult for the agency to win temporary reinstatement of workers fired during labor disputes.

Key events this week:
* Bank of Japan’s monetary policy decision, Friday
* Chicago Fed President Austan Goolsbee speaks, Friday
* US University of Michigan consumer sentiment, Friday
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World Index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.6% to $1.0741
* The British pound fell 0.3% to $1.2765
* The Japanese yen fell 0.2% to 157.07 per dollar
Cryptocurrencies
* Bitcoin fell 2.1% to $66,632.76
* Ether fell 2% to $3,482.52
Bonds
* The yield on 10-year Treasuries declined eight basis points to 4.24%
* Germany’s 10-year yield declined six basis points to 2.47%
* Britain’s 10-year yield was little changed at 4.12%
Commodities
* West Texas Intermediate crude fell 0.6% to $78.03 a barrel
* Spot gold fell 0.9% to $2,303.53 an ounce
This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
We are all here for some special reason.  Stop being a prisoner of your past.  Become the architect of your future. –Robin Sharma, b. 1964.

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

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

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

Dear Friends,

Tangents:

On June 12, 1987, during a visit to the divided German city of Berlin, President Ronald Reagan publicly challenged Soviet leader Mikhail S. Gorbachev to ”tear down this wall.”  Go to article >>

June 12,1939: National Baseball Hall of Fame opened.
Baseball is 90% mental; the other half is physical.  -Yogi Berra.

Anne Frank, b. 1929.

James Webb telescope reveals ‘cataclysmic’ asteroid collision in nearby star system
The James Webb Space Telescope has caught a snapshot of two massive asteroids colliding in a nearby star system — and it could teach us about how common solar systems like our own are. Read More.

4,000-year-old ‘Seahenge’ in UK was built to ‘extend summer,’ archaeologist suggests
The construction of the monument and another beside it more than 4,000 years ago corresponds to a time of bitter cold. Read More.

Enormous deposit of rare earth elements discovered in heart of ancient Norwegian volcano
The Fen Carbonatite Complex may be Europe’s key to a secure rare-earth-element supply chain following the discovery of a huge deposit at the site. Read More.

How do people ‘wake up’ from comas?
People can stay in comas for weeks, months or even years. But what causes some of these patients to “wake up”? Read More.

‘Friends’ star recreates iconic 1984 moment with Bruce Springsteen
Courteney Cox famously appeared in Bruce Springsteen’s music video for “Dancing in the Dark,” jumping on stage to dance with The Boss. Now she has recreated the moment for TikTok.

Starbucks joins the value menu wars with a new discounted offer
The coffee chain rolled out a new “Pairings Menu” on Tuesday, which combines a drink and a breakfast item for a discount.

PHOTOS OF THE DAY
Wenchuan County, China
Giant panda Fu Bao, the first giant panda born in South Korea, sniffs flowers in her enclosure at the Wolong national nature reserve after returning to China
Photograph: Xinhua/Rex/Shutterstock

Nyon, Switzerland
Life-size paper figures made by Belgian artist Isabelle de Borchgrave are displayed during the exhibition Fantomes de Papier (Paper Ghosts). The 18th-century costumed silhouettes were made to mark the 300th birth anniversary of King Frederick II of Prussia
Photograph: Salvatore Di Nolfi/EPA

Frankfurt, Germany
A light show illuminates the sky and the Main River during a test run of the city’s entertainment programme for the Euro 2024 soccer tournament
Photograph: Michael Probst/AP
Market Closes for June 12^th, 2024

Market Index	Close	Change
Dow Jones	38712.21	-35.21
		-0.09%
S&P 500	5421.03	+45.71
		+0.85%
NASDAQ	17608.44	+264.89
		+1.53%
TSX	21961.55	+74.21
		+0.34%

International Markets

Market Index	Close	Change
NIKKEI	38876.71	-258.08
		-0.66%
HANG SENG	17937.84	-238.50
		-1.31%
SENSEX	76606.57	+149.98
		+0.20%
FTSE 100*	8215.48	+67.67
		+0.83%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.391	3.477
CND. 30 Year Bond	3.334	3.402
U.S.    10 Year Bond	4.3160	4.4040
U.S. 30 Year Bond	4.4752	4.5365

Currencies

BOC Close	Today	Previous
Canadian $	0.7287	0.7270
US $	1.3723	1.3755

 

Euro Rate 1 Euro=		Inverse
Canadian $	1.4840	0.6739
US $	1.0814	0.9247

Commodities

Gold	Close	Previous
London Gold Fix	2316.50	2304.40
Oil
WTI Crude Future	78.50	77.90

Market Commentary:
📈 On this day in 1928, more than 5 million shares traded hands on the New York Stock Exchange for the first time. President Calvin Coolidge’s announcement that he wouldn’t run again caused a selloff that caused many stocks to drop between $25 and $150 in price.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3% at 21,961.55 in Toronto.
The move follows the previous session’s decrease of 0.8%.
Today, financials stocks led the market higher, as 8 of 11 sectors gained; 135 of 222 shares rose, while 84 fell.
Shopify Inc. contributed the most to the index gain, increasing 2.4%.
Canadian Western Bank had the largest increase, rising 68.3%.
Insights
* This quarter, the index fell 0.9%
* The index advanced 10% in the past 52 weeks. The MSCI AC Americas Index gained 24% in the same period
* The S&P/TSX Composite is 2.6% below its 52-week high on May 21, 2024 and 17.5% above its low on Oct. 27, 2023
* The S&P/TSX Composite is down 0.8% in the past 5 days and fell 1.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.8 on a trailing basis and 15.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.47t
* 30-day price volatility rose to 10.76% compared with 10.72% in the previous session and the average of 9.89% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 33.0208| 0.5| 18/9
Information Technology | 27.7949| 1.6| 9/1
Consumer Staples | 14.9071| 1.6| 4/7
Real Estate | 4.5394| 1.0| 17/3
Industrials | 3.9955| 0.1| 20/6
Communication Services | 1.0100| 0.1| 3/2
Materials | 0.9186| 0.0| 29/20
Health Care | 0.9048| 1.5| 4/0
Energy | -2.7532| -0.1| 16/23
Utilities | -3.9562| -0.5| 6/9
Consumer Discretionary | -6.1755| -0.8| 9/4
================================================================
| | | | YTD
|Index Points| | Volume VS | Change
Top Contributors | Move |% Change |20D AVG (%)| (%)
================================================================
Shopify | 17.5200| 2.4| 29.5| -12.9
Couche-Tard | 15.2500| 3.9| 45.1| 2.6
Canadian Western Bank | 11.4800| 68.3| 1,212.8| 35.7
Canadian Natural Resources | -5.7130| -0.8| 229.1| 11.8
Dollarama | -10.1300| -4.1| 68.5| 26.2
National Bank of Canada | -16.2700| -5.9| 154.0| 8.4
US
By Rita Nazareth
(Bloomberg) — Stocks hit fresh all-time highs as the Federal Reserve did little to alter Wall Street’s bets that interest rates will drop at least twice in 2024 — even after the central bank’s more-conservative outlook.
The S&P 500 topped 5,400 for the first time in its history, with Wednesday marking the 20-month anniversary of the bull market.
While Treasury yields did pare their slide after the central bank decision, Fed swaps are still pointing to rate cuts in both November and December.
The dollar retreated against all of its developed-world counterparts.
Fed officials penciled in just one rate cut this year and forecast more cuts for 2025, signaling no rush to reduce borrowing costs.
“The most-recent inflation readings have been more favorable than earlier in the year, however, and there has been modest further progress toward our inflation objective,” Chair Jerome Powell said.
“This is a nothing-burger Fed meeting,” said David Russell at Trade Station. “They know conditions are improving, but don’t need to rush with rate cuts. The strong economy is letting Jerome Powell wring inflation out of the system without hurting jobs. Goldilocks is emerging. Policymakers don’t want to jinx it.”
A few hours before the Fed decision, data showed the core consumer price index cooled to the slowest pace in more than three years.
In a session marked by strong trading volume, the S&P 500 rose almost 1%.
Big tech consolidated its leadership, with Tesla Inc. and Nvidia Corp. rallying at least 3.5%.
Gains were also fueled by blowout earnings from Oracle Corp., which soared 13%.
Lower bond rates also helped, with 10-year yields down nine basis points to 4.32%.
“Don’t put the cut before the horse,” said Bank of America Corp.’s Michael Gapen. “This Fed will be reactionary and will ease when the inflation data allow.”
Gapen retained his view for the first rate cut in December and a gradual easing cycle that ends with a terminal rate of 3.50-3.75%.
Officials on Wednesday voted unanimously to keep the benchmark federal funds rate in a range of 5.25% to 5.5% — a two-decade high first reached in July.
The Fed’s acknowledgement of “modest progress” towards the 2% inflation target likely stems from the disinflationary signals in May’s CPI data, according to Whitney Watson at Goldman Sachs Asset Management.
“The Summary of Economic Projections was hawkish as it implies only one cut — but the statement did acknowledge ‘modest’ progress on inflation,” said Jay Hatfield at Infrastructure Capital Advisors. “The press conference was neutral as this morning’s low inflation print was hard to ignore.”
Individual officials’ views on the best path forward for borrowing costs differed. The Fed’s “dot plot” showed four policymakers saw no cuts this year, while seven anticipated just one reduction and eight expected two cuts.
“These ‘dot plot’ projections likely don’t account for the latest May inflation data, which were softer than expected and reversed some of the heat we saw in the first quarter,” said Sonu Varghese at Carson Group. “We still think the odds are high
for two rate cuts in 2024 if the disinflation process continues, as we expect.”
“On net, while there was a modest surprise in this year’s median dot, we didn’t come away from this afternoon thinking much differently about the Fed,” said Michael Feroli at JPMorgan Chase & Co. “We continue to look for a first ease in November, and after this morning, perhaps see risks tilted a little more toward September than December.”
Powell said the officials welcomed the latest inflation figures, adding that he hopes for more reports like that. He said Wednesday’s figures had helped build their confidence on the trajectory of inflation but not enough to warrant rate cuts at this time.
To Krishna Guha at Evercore, the Fed chair is keeping the door very much open to a September cut — provided that the May downshift is broadly sustained in the next few months.
“Powell’s presser fine-tunes to a 1.5 cut signal — we still see thin baseline of two,” he noted.
“Jay was purposely noncommittal on giving any opinion on the timing of a possible cut,” said Peter Boockvar at The Boock Report.
“Whether they cut once or twice after 525 bps of rate increases since March 2022? Who cares? It’s what happens next year and if the cuts are aggressive, it will be because the economy deteriorates notably, more so than if inflation further slows.”
“Chair Powell provided a cautious view around the economic outlook, particularly for inflation and despite the better-than-expected news that we received on that front earlier today,” said Oscar Munoz and Gennadiy Goldberg at TD Securities.
“While on the surface the projections appear to have a hawkish tilt, the details suggest otherwise, in our opinion.”
They remain optimistic that the Fed will first ease rates at its September meeting, as we look for core personal consumption expenditures inflation to gradually moderate by then to a monthly pace that is consistent with a return to the inflation target.
“The Treasury market largely treated the June meeting as a placeholder, with the focus going forward likely to remain on economic data,” they added. “This should keep markets volatile around inflation and labor market data.
However, with 10-year rates slipping into a “bullish channel,” we continue to expect them to finish the year at 3.9%,” they added.

Corporate Highlights:
* Broadcom Inc., a chip supplier for Apple Inc. and other big tech companies, rallied in late trading after its latest results and annual forecast topped estimates, lifted by robust demand for artificial intelligence products.
* Virgin Galactic Holdings Inc. shares tumbled after the company’s board of directors agreed to a 1-for-20 reverse stock split aimed at maintaining the stock’s listing on the New York Stock Exchange.
* The GameStop Corp. calls that Keith Gill — known online as “Roaring Kitty” — purported to own traded huge volumes late Wednesday as the firm’s shares dove in the final stretch of trading.
* Caterpillar Inc. hiked its dividend by about 8% and added $20 billion to its share buyback program after seeing strong performance from its division best known for making iconic yellow heavy-duty machinery.
* FedEx Corp. plans to cut as many as 2,000 jobs in Europe, the latest move by the package-delivery giant to streamline its global workforce and rein in costs.
* A second major Southwest Airlines Co. investor has joined the call for a shakeup in the carrier’s board and executive leadership team, upping the pressure for change.

Key events this week:
* Eurozone industrial production, Thursday
* US PPI, initial jobless claims, Thursday
* Tesla annual meeting, Thursday
* New York Fed President John Williams moderates a discussion with Treasury Secretary Janet Yellen, Thursday
* Bank of Japan’s monetary policy decision, Friday
* Chicago Fed President Austan Goolsbee speaks, Friday
* US University of Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.3%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.6% to $1.0806
* The British pound rose 0.4% to $1.2797
* The Japanese yen rose 0.2% to 156.84 per dollar
Cryptocurrencies
* Bitcoin rose 0.3% to $67,515.01
* Ether rose 1.2% to $3,528.95
Bonds
* The yield on 10-year Treasuries declined nine basis points to 4.32%
* Germany’s 10-year yield declined nine basis points to 2.53%
* Britain’s 10-year yield declined 14 basis points to 4.13%
Commodities
* West Texas Intermediate crude rose 0.6% to $78.34 a barrel
* Spot gold rose 0.2% to $2,321.36 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a  lovely evening.

Be magnificent!
As ever,

Carolann
How far you go in life depends on your being tender with the young, compassionate with the aged, sympathetic with the striving,
and tolerant of the weak and strong.  Because someday in your life you will have been all of these. -George Wahington Carver, c.1964-1943.

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

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

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