Category: Events

Dear Friends,

Tangents:

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

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

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

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

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

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

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

Commodities

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

Market Commentary:
📈 On this day in 1916, Francis Harry Compton Crick was born in Northampton, England. In 1953,  Compton together with James Watson discovered the double-helix molecular structure of DNA, the building block of life-and the biotechnology industry.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.2%, or 40.99 to 19,942.70 in Toronto.
Canadian Pacific Kansas City Ltd. contributed the most to the index decline, decreasing 1.8%. Canopy Growth Corp. had the largest drop, falling 6.1%.
Today, 132 of 232 shares fell, while 88 rose; 8 of 11 sectors were lower, led by industrials stocks.
Insights
* This quarter, the index fell 0.8%
* So far this week, the index fell 0.4%
* The index declined 4.1% in the past 52 weeks. The MSCI AC Americas Index gained 3.4% in the same period
* The S&P/TSX Composite is 4.7% below its 52-week high on June 8, 2022 and 11.6% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.4% in the past 5 days and fell 3.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility fell to 12.31% compared with 12.57% in the previous session and the average of 10.55% over the past month
================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | -25.2221| -0.9| 9/17
Information Technology | -10.9694| -0.7| 3/9
Communication Services | -6.1715| -0.7| 1/4
Energy | -6.0662| -0.2| 7/28
Consumer Staples | -5.7484| -0.7| 5/6
Financials | -2.6075| 0.0| 7/22
Real Estate | -1.8957| -0.4| 3/17
Health Care | -0.7885| -1.2| 0/4
Consumer Discretionary | 1.3071| 0.2| 6/9
Utilities | 2.1456| 0.2| 8/7
Materials | 15.0207| 0.6| 39/9
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Pacific Kansas | -12.0200| -1.8| -3.9| 3.1
Couche-Tard | -5.2260| -1.5| 17.8| 9.5
Fairfax Financial | -4.8250| -3.0| 88.9| 23.5
Restaurant Brands | 3.8670| 1.9| -16.5| 13.5
Enbridge | 4.9220| 0.7| -26.0| -3.6
TD Bank | 14.0400| 1.4| 41.5| -9.9

Related News headlines:

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

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

Have a lovely evening.

Be magnificent!
As ever,

Isabel

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

Assistant to Carolann Steinhoff, Registered Representative

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

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

Dear Friends,

Tangents:

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

On this day, A federal judge ordered the breakup of Microsoft Corp. Go to article   

Webb telescope captures galaxy 20 million light-years away. These new images of a faraway galaxy rife with star formation are getting major attention from astronomers and space enthusiasts.

2,300-year-old Buddhist elephant statue from India is one of the oldest known. Archaeologists in eastern India have unearthed an elephant statue thought to date to the third century B.C., when the region was mainly Buddhist. Read More

King Tut’s likeness revealed in vivid new facial approximation of ancient Egyptian pharaoh. Researchers created a facial approximation that reconstructs what the ancient Egyptian pharaoh Tutankhamun may have looked like.

AI predicts 5-year breast cancer risk better than standard tools — but we aren’t sure how it works. Artificial intelligence models can use breast imaging data to pinpoint those at highest risk of getting breast cancer in the next five years, better than a standard approach. Read More

PHOTOS OF THE DAY

Chümoukedima, India
Sümi women line up to perform a traditional rice pounding folk song during a silver jubilee celebration in Thilixü village
Photograph: Caisii Mao/Shutterstock

Lhokseumawe, Indonesia
Fishers pull a net at sunrise on the beach at Hagu village
Photograph: Azwar Ipank/AFP/Getty Images

Treasure island
‘A flamingo tongue snail in Cayman Brac, Cayman Islands.’
Photograph: Ian Kay/Guardian Community
Market Closes for June 7^th, 2023

Market Index	Close	Change
Dow Jones	33665.02	+91.74
		+0.27%
S&P 500	4267.52	-16.33
		-0.38%
NASDAQ	13104.89	-171.53
		-1.29%
TSX	19983.69	-71.91
		-0.36%

International Markets

Market Index	Close	Change
NIKKEI	31913.74	-593.04
		-1.82%
HANG SENG	19252.00	+152.72
		+0.80%
SENSEX	63142.96	+350.08
		+0.56%
FTSE 100*	7624.34	-3.76
		-0.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.441	3.278
CND. 30 Year Bond	3.281	3.170
U.S.    10 Year Bond	3.7952	3.6602
U.S. 30 Year Bond	3.9450	3.8439

Currencies

BOC Close	Today	Previous
Canadian $	0.7480	0.7462
US $	1.3370	1.3401
Euro Rate 1 Euro=		Inverse
Canadian $	1.4306	0.6990
US  $	1.0700	0.9346

Commodities

Gold	Close	Previous
London Gold Fix	1957.25	1959.65
Oil
WTI Crude Future	72.53	71.74

Market Commentary:
📈 On this day in 2000, a U.S. District Court judge finalized a ruling that Microsoft was a monopoly under the Sherman Antitrust Act and ordered the company be split in two. Microsoft successfully appealed against the ordered breakup.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.4% at 19,983.69 in Toronto. The move follows the previous session’s increase of 0.6%.
Today, information technology stocks led the market lower, as 6 of 11 sectors lost; 133 of 232 shares fell, while 99 rose.
Shopify Inc. contributed the most to the index decline, decreasing 6.7%. North West Co. had the largest drop, falling 10.8%.
Insights
* This quarter, the index fell 0.6%
* The index declined 4.5% in the past 52 weeks. The MSCI AC Americas Index gained 1.7% in the same period
* The S&P/TSX Composite is 4.5% below its 52-week high on June 7, 2022 and 11.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2.1% in the past 5 days and fell 2.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.19t
* 30-day price volatility little changed to 12.57% compared with 12.57% in the previous session and the average of 10.47% over the past month
================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -68.6115| -4.3| 2/10
Materials | -22.4282| -0.9| 9/41
Consumer Staples | -12.7553| -1.5| 0/11
Financials | -9.5355| -0.2| 10/19
Consumer Discretionary | -4.3158| -0.6| 9/6
Health Care | -0.6882| -1.0| 1/5
Utilities | 0.9444| 0.1| 10/6
Real Estate | 0.9570| 0.2| 11/10
Communication Services | 1.6193| 0.2| 4/1
Industrials | 15.9358| 0.6| 10/17
Energy | 26.9777| 0.8| 33/7
================================================================
| | |Volume VS| YTD |Index Points| | 20D AVG | Change Top Contributors | Move |% Change | (%) | (%)
================================================================
Shopify | -47.1700| -6.7| 56.8| 69.5
Constellation Software | -9.6370| -2.5| -9.1| 31.3
Agnico Eagle Mines | -6.3910| -2.7| 17.7| -3.6
Canadian National | 7.5070| 1.2| -16.8| -3.0
Nutrien | 9.5020| 3.4| 14.0| -19.7
Canadian Pacific Kansas | 20.0300| 3.0| 28.1| 4.9
US
By Alexandra Semenova
(Bloomberg) — US equities declined Wednesday as investors weighed the prospect of the Federal Reserve keeping interest rates elevated for longer even if officials pause their hikes next week.
The S&P 500 Index sank 0.4% in New York after the benchmark US stock gauge earlier in the session again tested the key bull- market threshold, 20% above its October closing low. The Nasdaq 100 tumbled 1.8%, with technology stocks extending this week’s pullback.
The Bank of Canada on Wednesday lifted its overnight lending rate to 4.75% — the highest since 2001 — restarting its tightening campaign after signaling a conditional pause in January.
“The BOC is signaling that more rate hikes could come and that has everyone rethinking that the Fed will be done after the July hike,” OANDA senior market analyst Edward Moya said in a note.
US equities have advanced this year as investors brace for an end to the Fed’s most aggressive rate-hiking blitz in decades. Several policymakers signaled a “skip” on increases at the June policy meeting before the central bank entered its blackout period this week. However, still-high inflation has raised concerns rates could remain higher for longer or rise again down the line.
“Expect FOMC messaging next Wednesday to maintain a vigilant tone,” Jefferies chief market strategist, David Zervos, said in an email Wednesday. “There will be cautious optimism on inflation. There will also, however, be what I would call a “victory skip” with the Fed pausing.
“The bias will still be to tighten down the road if the disinflation process becomes sticky, but by no means is a further tightening assured,” Zervos said. “And the skip will no doubt be a breath of fresh air for financial markets after enduring the 500 basis points of tough love needed to anchor long-term inflation expectations.”
Even as mega-cap tech names slumped Wednesday, shares of Tesla Inc. rose 1.5%, notching a nine-session winning streak for the electric-vehicle giant, the longest since 2021.
The latest positive catalyst was news on Monday that the carmaker’s Model 3 sedans were eligible for the full US tax credit under the Treasury Department’s new battery-sourcing criteria.
Earlier in the day, data from China reflected a bigger- than-expected drop in exports, stoking concerns about global demand. An OECD report also warned about a weak recovery for the global economy.

SECTOR IN FOCUS
* Cryptocurrency stocks, after Cathie Wood’s funds boosted their holdings of Coinbase Global Inc. after the Securities and Exchange Commission’s lawsuit against the firm.
* EV stocks, after Tesla’s Model 3 sedans became eligible for the full US tax credit under new criteria for battery-sourcing set by the US Treasury Department.

–With assistance from Julien Ponthus.

Have a lovely evening.

Be magnificent!
As ever,

Isabel

Attitude is the ‘little’ thing that makes a big difference. – Winston Churchill, 1874-1965

Assistant to Carolann Steinhoff, Registered Representative

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

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

Dear Friends,

Tangents:

I’m off later today to the Bloomberg Investment Conference in NYC for the rest of the week, back Monday.

On June 6, 1944, the D-Day invasion of Europe took place during World War II as Allied forces stormed the beaches of Normandy, France, the largest seaborne invasion in history.  Go to article > 

These chefs and restaurants are the 2023 James Beard Award winners.  Check out the winners of the James Beard Awards, widely considered the Oscars of the food world.

NASA to launch mission to an unexplored metal world this fall.  The space agency shared new details about an ambitious endeavor known as the Psyche mission.

More than 90% of Georgia’s peaches were lost this year due to extreme winter weather.  Will the shortage of this year’s crop impact the precious holiday cobbler season? Hopefully not, but we’ll definitely be in our fillings if so.

‘Barbie’ movie’s pink paint splurge led to global shortage.  The set for the upcoming “Barbie” movie required so much pink paint that it led to a global shortage, according to its production designer.

Cheers bar sells for $675,000 at auction of nearly 1,000 TV show items.

Earth’s highest, coldest, rarest clouds are back. How to see the eerie ‘noctilucent clouds’ this summer.
Look North as the stars appear in June and July to have a chance of seeing rare noctilucent (or ‘night-shining’) clouds with the naked eye. Read More

Lung cancer pill drastically cuts risk of death after surgery
Taking the drug Tagrisso daily after surgery reduced non-small cell lung cancer patients’ death risk by more than 50%. Read More

$3,499: That’s how much Apple will charge for its new mixed reality headset called the Apple Vision Pro. The device will be available early next year in the US, the company announced Monday at its Worldwide Developers Conference.
PHOTOS OF THE DAY

Frankfurt, Germany
A bumblebee flies over a poppy in a field on the outskirts of the city
Photograph: Michael Probst/AP

Bogotá, Colombia
Cast members during a performance of Woyzeck, written by the German dramatist Georg Büchner, as adapted by the Colombian director Jimmy Rangel, at the Colón theatre
Photograph: Anadolu Agency/Getty Images

Alcester, UK
Balloonists inflate the canopy of the BBC balloon at the start of the Midlands air festival at Ragley Hall. The balloon featured in the BBC One ident between 1997 and 2002
Photograph: Christopher Furlong/Getty Images
Market Closes for June 6^th, 2023

Market Index	Close	Change
Dow Jones	33573.28	+10.42
		+0.03%
S&P 500	4283.85	+10.06
		+0.24%
NASDAQ	13276.42	+46.99
		+0.36%
TSX	20055.60	+123.98
		+0.62%

International Markets

Market Index	Close	Change
NIKKEI	32506.78	+289.35
		+0.90%
HANG SENG	19099.28	-9.22
		-0.05%
SENSEX	62792.88	+5.41
		+0.01%
FTSE 100*	7628.10	+28.11
		+0.37%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.278	3.263
CND. 30 Year Bond	3.170	3.198
U.S.    10 Year Bond	3.6602	3.6889
U.S. 30 Year Bond	3.8439	3.8877

Currencies

BOC Close	Today	Previous
Canadian $	0.7462	0.7437
US $	1.3401	1.3446
Euro Rate 1 Euro=		Inverse
Canadian $	1.4333	0.6977
US  $	1.0695	0.9350

Commodities

Gold	Close	Previous
London Gold Fix	1959.65	1963.25
Oil
WTI Crude Future	71.74	72.15

Market Commentary:
📈 On this day in 1925: Walter P. Chrysler founded the Chrysler Corp. as a successor to the failing Maxwell Motor Car Co. Its first original model, the Chrysler Four, astounded motorists with its top speed of 58 mph.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.6% at 20,055.60 in Toronto. The index advanced to the highest closing level since May 23 after the previous session’s decrease of 0.5%.
Shopify Inc. contributed the most to the index gain and had the largest move, increasing 6.0%.
Today, 162 of 232 shares rose, while 67 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* This quarter, the index was little changed
* The index declined 3.7% in the past 52 weeks. The MSCI AC Americas Index gained 3.1% in the same period
* The S&P/TSX Composite is 4.2% below its 52-week high on June 6, 2022 and 12.2% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.6% in the past 5 days and fell 2.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.17t
* 30-day price volatility fell to 12.57% compared with 12.79% in the previous session and the average of 10.37% over the past month
================================================================
| Index Points | | Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 56.1215| 0.9| 26/3
Information Technology | 47.3098| 3.1| 9/3
Energy | 23.0938| 0.7| 24/16
Materials | 20.2953| 0.9| 35/13
Real Estate | 4.0850| 0.8| 19/2
Consumer Discretionary | 3.4105| 0.5| 11/3
Communication Services | 0.0881| 0.0| 3/2
Consumer Staples | -1.4208| -0.2| 7/4
Health Care | -1.6647| -2.4| 3/3
Utilities | -6.7225| -0.7| 5/11
Industrials | -20.6187| -0.7| 20/7
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 39.7800| 6.0| 21.9| 81.6
Bank of Montreal | 11.3400| 2.0| -10.4| -4.1
Brookfield Corp | 9.1260| 2.2| -34.6| -0.1
Waste Connections | -4.5200| -1.4| 12.8| 2.1
Canadian National | -11.8900| -1.8| 6.9| -4.1
Canadian Pacific Kansas | -12.5300| -1.9| 13.3| 1.8
US
By Isabelle Lee, Carly Wanna and Vildana Hajric
(Bloomberg) — US stocks gained Tuesday as a rotation into financial shares bolstered hopes the breadth of the S&P 500’s recent rally might extend beyond technology soon.
The benchmark index rose 0.2% as a decline in Apple Inc.’s stock took the air out of a tech rally, but shares of beaten- down regional banks were higher. The KBW Regional Bank index added 5.4% while the Russell 2000 gained 2.7%.
“It’s too early to say if this is bottom-fishing or a real bet that the most economically sensitive stocks — many of which are unprofitable — are the place to be,” said Steve Sosnick, chief strategist at Interactive Brokers. “But the outperformance that we saw in RTY on Friday and today is very much worth watching because it could explode the narrowing breadth concerns.”
The S&P 500 is on the edge of a bull market. However, the mood across global markets has been cautious with some questioning if markets have run up too fast on the hype for artificial intelligence.
For a second time in three days, the Russell 2000 has beat the tech-heavy Nasdaq 100 by at least 2.5 percentage points. Not since November 2020 have small-cap stocks scored frequent, big wins like this.
“It’s easy to think about tech as a proxy for equities overall,” said Michael Reynolds, vice president of investment strategy at Glenmede. But “if we were to see a broader expansion of the breadth in the market, that would be confidence in the economic picture showing up.”
The World Bank said in a report Tuesday the global economy is in a precarious situation as sharp interest-rate hikes hit activity and stir vulnerabilities in lower-income countries. Those fears have suppressed equities. But with the rate of US inflation still high, traders increasingly expect the Federal Reserve will hold rates steady at its June meeting, while keeping the option for hikes later on open. Former vice-chair Richard H. Clarida also said Tuesday it was unlikely the US central bank will start cutting rates until 2024.
“I just think there are so many investors out there who are so negative,” said Sam Stovall, chief investment strategist at CFRA. Typically, stocks rise after a Fed pause, “implying that if we don’t eclipse or close above that 20% threshold [of a bull market] beforehand, that we probably would do so shortly thereafter.”
Also boosting sentiment is a growing number of advisers who don’t think equities will be hurt much by Treasury’s needs following the debt ceiling suspension.
“There was a risk that issuance was going to come faster, and that it might have drawn more cash away from risk assets, but I am less concerned about that now,” Thomas Simons, senior economist at Jefferies, said.
A Treasury bill auction announcement weighed on short-dated Treasuries on Tuesday while the 10-year note was little changed.
In commodities, oil gave up gains off news of Saudi Arabia’s supply cut, sending energy stocks including Chevron Corp. lower. Wheat surged after Ukraine said Russian forces blew up a giant dam in the country’s south. And gold was little changed.
In Europe, the euro weakened and German bonds gained after the European Central Bank said euro-area consumer inflation expectations eased significantly in April.
Australia unexpectedly hiked on Tuesday and kept the door open to further increases, sparking a rally in the country’s currency.
And in Turkey, the lira dropped for an 11th day, on track for its longest run of losses in more than a year, amid speculation of less government intervention in markets.

Key events this week:
* China forex reserves, trade, Wednesday
* US trade, consumer credit, Wednesday
* Canada rate decision, Wednesday
* EIA crude oil inventory data, Wednesday
* Eurozone GDP, Thursday
* Rate decisions in India, Peru, Thursday
* Japan GDP, Thursday
* US wholesale inventories, initial jobless claims, Thursday
* China PPI, CPI, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average was little changed
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.0693
* The British pound was little changed at $1.2426
* The Japanese yen was little changed at 139.68 per dollar
Cryptocurrencies
* Bitcoin rose 5.8% to $27,125.54
* Ether rose 4.9% to $1,894.37
Bonds
* The yield on 10-year Treasuries was little changed at 3.69%
* Germany’s 10-year yield was little changed at 2.37%
* Britain’s 10-year yield was little changed at 4.21%
Commodities
* West Texas Intermediate crude fell 0.9% to $71.52 a barrel
* Gold futures rose 0.3% to $1,979.40 an ounce

–With assistance from Lu Wang.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Do all the good you can, in all the ways you can, to all the souls you can, in every place you can,
at all the times you can, with all the zeal you can, every time you can. –John Wesley, 1703-1791.

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 5, 1933: The United States went off the gold standard.  Go to article >
June 5, 1968: US Senator Robert F. Kennedy is assassinated in Los Angeles, California, after winning the California Democratic primary election

Hundreds of ancient, invisible structures discovered near our galaxy’s center
Radio astronomers have discovered hundreds of long, thin structures emanating from our galaxy’s supermassive black hole. Read More

Stephen Hawking’s most famous prediction could mean that everything in the universe is doomed to evaporate, new study says
A new theory has radically revised Stephen Hawking’s 1974 theory of black holes to predict that all objects with mass may eventually disappear. Read More

Elon Musk’s Neuralink ‘brain chips’ cleared for 1st in-human trials
Brain implants developed by Elon Musk’s company Neuralink have been approved for human testing. The safety of the devices previously came under scrutiny following reports of “botched surgeries” in animal test subjects. Read More

Climber found a man frozen on top of Mt. Everest. See what he did next.  Watch this short video of the miraculous rescue.

Trove of looted artifacts returned to Italy from disgraced British dealer.  About 750 archaeological treasures have been returned to Italy after a decades long fight for their return.
PHOTOS OF THE DAY

Los Angeles, California
A person runs in front of the rising full moon, known as a strawberry moon.  Photograph: Ringo Chiu/Zuma Press/Shutterstock

Sydney, Australia
A sculpture titled Plastic pile of sh!t, 2023 presented by Better Packaging Co on display at Bondi Beach. The four-metre-high sculpture is made out of recycled plastic and resembles human faeces. The sculpture is designed to draw attention to the amount of plastic that’s dumped in the world’s oceans every 30 seconds.  Photograph: Lisa Maree Williams/Getty Images

Bogotá, Colombia
A diverse group of bike collective members join forces to create a monumental bike using their own bicycles. Bogotá is a city of about 8 million people, with cycle paths covering more than 360km (220 miles) of it. Almost 84,000 people use Bogotá’s cycle network every day, cutting their costs and reducing pollution.  Photograph: Juancho Torres/Anadolu Agency/Getty Images.
Market Closes for June 5^th, 2023

Market Index	Close	Change
Dow Jones	33562.86	-199.90
		-0.59%
S&P 500	4273.79	-8.58
		-0.20%
NASDAQ	13229.43	-11.34
		-0.09%
TSX	19931.62	-93.01
		-0.46%

International Markets

Market Index	Close	Change
NIKKEI	32217.43	+693.21
		+2.20%
HANG SENG	19108.50	+158.56
		+0.84%
SENSEX	62787.47	+240.36
		+0.38%
FTSE 100*	7599.99	-7.29
		-0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.263	3.232
CND. 30 Year Bond	3.198	3.168
U.S.    10 Year Bond	3.6889	3.6946
U.S. 30 Year Bond	3.8877	3.8849

Currencies

BOC Close	Today	Previous
Canadian $	0.7437	0.7452
US $	1.3446	1.3419
Euro Rate 1 Euro=		Inverse
Canadian $	1.4405	0.6942
US  $	1.0713	0.9334

Commodities

Gold	Close	Previous
London Gold Fix	1963.25	1974.35
Oil
WTI Crude Future	72.15	71.74

Market Commentary:
📈 On this day in 1883: John Maynard Keynes was born in Cambridge, England. Between World War I and World War II, Keynes devised the theories that lead to massive government intervention in economies around the world. His criticisms of free markets, however, didn’t prevent him from making a small fortune on the stock market.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.5% at 19,931.62 in Toronto.
The move follows the previous session’s increase of 1.8%.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.6%.
Canopy Growth Corp. had the largest drop, falling 7.9%.
Today, 156 of 232 shares fell, while 73 rose; 10 of 11 sectors were lower, led by financials stocks.
Insights
* This quarter, the index fell 0.8%
* The index declined 4.1% in the past 52 weeks. The MSCI AC Americas Index gained 3.1% in the same period
* The S&P/TSX Composite is 4.8% below its 52-week high on June 6, 2022 and 11.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and fell 3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.19t
* 30-day price volatility rose to 12.79% compared with 12.75% in the previous session and the average of 10.22% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -61.2886| -1.0| 5/24
Industrials | -13.8743| -0.5| 10/17
Energy | -13.1050| -0.4| 10/29
Materials | -5.2832| -0.2| 27/22
Consumer Staples | -4.2758| -0.5| 3/8
Real Estate | -3.3032| -0.7| 3/17
Utilities | -3.1087| -0.3| 2/14
Communication Services | -2.4931| -0.3| 0/5
Consumer Discretionary | -1.6955| -0.2| 7/8
Health Care | -1.0439| -1.5| 2/4
Information Technology | 16.4475| 1.1| 4/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | -16.3200| -1.6| -5.6| -11.5
RBC | -10.9700| -0.9| -33.9| -3.4
Teck Resources | -8.0690| -4.4| 48.3| 9.8
Nutrien | 2.9630| 1.1| 55.8| -24.7
Cameco | 3.4560| 2.9| 56.1| 35.3
Shopify | 19.1800| 3.0| -8.6| 71.4
US
By Isabelle Lee, Vildana Hajric and Carly Wanna
(Bloomberg) — US equities edged lower Monday after both technology and energy stocks erased earlier gains in subdued trading volume.
Tech shares led the S&P 500 lower with Apple Inc. erasing gains of as much as 2% in anticipation of a new mixed-reality headset.
Oil majors Chevron Corp. and Exxon Mobil Corp. also slipped after rallying earlier on higher oil prices following a Saudi Arabia supply cut.
Meanwhile, Treasuries drifted after a report the US services sector nearly stagnated in May.
The Institute for Supply Management’s overall gauge of services unexpectedly fell to the lowest level of the year, offering a less upbeat assessment of the US economy.
A rally in Big Tech and optimism of a pause in interest rate hikes has driven major gains in the S&P 500.
However, risks still loom with traders increasingly speculating the Federal Reserve will hold rates steady in June, but keep its options open for hikes later on.
“The weakness in the ISM surveys stands in contrast to the recent improvement in the S&P Global PMIs — which are currently consistent with positive GDP growth of about 2% annualized — and
is clearly painting a dramatically different picture to May’s employment report,” said Andrew Hunter, deputy chief US economist at Capital Economics.
Taken with regional Fed activity surveys and other hard data, it could mean GDP growth will be barely above zero in the second quarter, Hunter said.
Saira Malik, chief investment officer at Nuveen, said she foresees a mild recession sometime in 2024 as the “growth-dampening effects of tight monetary policy work their way through the economy.”  “With high inflation likely to persist, we think investors would be well-served by allocating to real assets that can provide meaningful inflation protection,” she said, pointing to farmland.
In other news, Bitcoin fell after Binance Holdings Ltd. and its chief executive officer were accused of breaking US securities rules.
Safran SA is in talks to acquire an arm of Raytheon Technologies Corp. in a transaction that could value the business at about $1 billion.
And US regulators revoked emergency authorization for Johnson & Johnson’s Covid-19 vaccine after the company’s Janssen unit requested its withdrawal.
Elsewhere, equities in Europe slid and indexes in Asia were mostly higher.
The Nikkei 225 rose 2.2% to the highest since 1990 as investors bet a weak yen will boost corporate profits.
The dollar erased gains against peers.
And gold gained.
Key events this week:
* Rate decisions in Australia, Poland, Tuesday
* China forex reserves, trade, Wednesday
* US trade, consumer credit, Wednesday
* Canada rate decision, Wednesday
* EIA crude oil inventory data, Wednesday
* Eurozone GDP, Thursday
* Rate decisions in India, Peru, Thursday
* Japan GDP, Thursday
* US wholesale inventories, initial jobless claims, Thursday
* China PPI, CPI, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4:01 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index rose 1.6%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0713
* The British pound fell 0.2% to $1.2433
* The Japanese yen rose 0.3% to 139.57 per dollar
Cryptocurrencies
* Bitcoin fell 5.9% to $25,647
* Ether fell 5.1% to $1,806.91
Bonds
* The yield on 10-year Treasuries was little changed at 3.69%
* Germany’s 10-year yield advanced seven basis points to 2.38%
* Britain’s 10-year yield advanced five basis points to 4.21%
Commodities
* West Texas Intermediate crude rose 0.1% to $71.83 a barrel
* Gold futures rose 0.4% to $1,977.60 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from David Watkins, Hooyeon Kim, Tassia Sipahutar, Anchalee Worrachate and Lynn Thomasson.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
You can’t always get what you want but if you try sometimes
you just might find you get what you need. –Mick Jagger, b. 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

Dear Friends,

Tangents: Happy Friday.  Full moon this weekend – the “strawberry” moon.

June 2, 1692: Salem witch trials begin.
June 2, 1953: Queen Elizabeth II is crowned at Westminster Abbey in London, England.
1981: The Japanese video arcade game “Donkey Kong” made its U.S. debut.  Go to article > 

Marquis de Sade, b. 1740.

Americans’ pickleball obsession is only growing, thanks to celebs.

Madrid becomes the new Miami as rich Latin Americans flood Spain

Volkswagen reboots its groovy ’60s-era VW Bus.  Remember the hippie-era Volkswagen Bus? Well, it’s back — and it’s electric.

Mirra Andreeva continues meteoric rise by advancing to French Open third round.  At only 16, Andreeva is now the youngest player to reach the third round at the French Open since 2005.

Harrison Ford does not need anybody’s help getting off a horse.  Harrison Ford may be 80, but he wants everyone to know that he can still handle his own “Indiana Jones” stunts.

Repeated signals from the center of the Milky Way could be aliens saying hello, new study claims
Could intelligent aliens be lurking at the heart of the Milky Way? A new search for extraterrestrial life aims to find out by listening for radio pulses. Read More

Hidden tunnel and rooms unearthed under 1,500-year-old church in Istanbul
Archaeologists excavating beneath the ruins of an early Christian church have unearthed underground rooms and a tunnel from 1,500 years ago in the oldest part of Istanbul. Read More

Ancient Egyptian queen’s bracelets contain 1st evidence of long-distance trade between Egypt and Greece.  Bracelets found in the tomb of the ancient Egyptian queen Hetepheres I reveal new information about the trade networks that once linked the Old Kingdom to Greece.  Full Story: Live Science (6/1)

Shining rainbow rings around the sun photographed in Finland. What caused them?
Something was in the air recently when a photographer in Finland snapped a stunning shot of concentric rainbow-colored rings around the sun. Read More

PHOTOS OF THE DAY

London, UK
Emily Young’s Time Boy, carved from speleothem onyx, on display in St James’s Square. The piece is to be auctioned as part of the Christie’s Robin and Rupert Hambro collection and is estimated to fetch £200,000 to £300,000. Photograph: Guy Bell/Shutterstock.

Djado, Niger
An aerial view of the fortress of Djaba, which dates back more than 200 years.  Photograph: Souleymane Ag Anara/AFP/Getty Images.

Milan, Italy
Clarinet player Sergio del Mastro and oboe player Omar Zoboli open a concert among the spires of the Duomo di Milano.  Photograph: Matteo Corner/EPA
Market Closes for June 2^nd, 2023

Market Index	Close	Change
Dow Jones	33762.76	+701.19
		+2.12%
S&P 500	4282.17	+61.15
		+1.45%
NASDAQ	13240.77	+139.79
		+1.07%
TSX	20030.47	+358.22
		+1.82%

International Markets

Market Index	Close	Change
NIKKEI	31524.22	+376.21
		+1.21%
HANG SENG	18949.94	+733.03
		+4.02%
SENSEX	62547.11	+118.57
		+0.19%
FTSE 100*	7607.28	+117.01
		+1.56%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.232	3.160
CND. 30 Year Bond	3.168	3.099
U.S.    10 Year Bond	3.6946	3.5969
U.S. 30 Year Bond	3.8849	3.8149

Currencies

BOC Close	Today	Previous
Canadian $	0.7452	0.7435
US $	1.3419	1.3449
Euro Rate 1 Euro=		Inverse
Canadian $	1.4383	0.6953
US  $	1.0719	0.9329

Commodities

Gold	Close	Previous
London Gold Fix	1974.35	1964.40
Oil
WTI Crude Future	71.74	70.10

Market Commentary:
📈 On this day in 1987: President Reagan tapped an economic consultant named Alan Greenspan to replace the renowned Paul Volcker as chairman of the Federal Reserve.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1.8%, or 352.38 to 20,024.63 in Toronto.
The move was the biggest since rising 3.3% on Nov. 10.
Today, financials stocks led the market higher, as all sectors gained; 185 of 232 shares rose, while 42 fell.
Royal Bank of Canada contributed the most to the index gain, increasing 2.0%.
Hudbay Minerals Inc. had the largest increase, rising 7.6%.
Insights
* In the past year, the index had a similar or greater gain eight times. The next day, it advanced five times for an average 1.1% and declined three times for an average 1.1%
* This quarter, the index fell 0.4%
* So far this week, the index rose 0.5%, heading for the biggest advance since the week ended April 21
* The index declined 4.8% in the past 52 weeks. The MSCI AC Americas Index gained 1.6% in the same period
* The S&P/TSX Composite is 4.8% below its 52-week high on June 2, 2022 and 12% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.13t
* 30-day price volatility rose to 12.75% compared with 11.42% in the previous session and the average of 9.89% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 125.2021| 2.1| 26/3
Energy | 90.6356| 2.7| 38/2
Industrials | 59.4824| 2.2| 25/2
Consumer Discretionary | 16.8448| 2.3| 12/2
Utilities | 13.6610| 1.5| 15/1
Information Technology | 12.4741| 0.8| 10/2
Materials | 11.4619| 0.5| 21/28
Real Estate | 10.3090| 2.2| 20/1
Consumer Staples | 9.5437| 1.1| 9/0
Communication Services | 2.2630| 0.3| 4/1
Health Care | 0.5048| 0.7| 5/0
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
RBC | 23.7700| 2.0| -7.5| -2.5
Enbridge | 21.8000| 3.2| -11.8| -5.0
TD Bank | 20.3700| 2.1| -20.7| -10.0
Barrick Gold | -3.0590| -1.1| 18.0| 0.1
Wheaton Precious Metals | -4.0490| -2.1| -9.6| 15.1
Franco-Nevada | -4.0600| -1.5| 7.2| 7.4
US
By Rita Nazareth
(Bloomberg) — The relentless rally in big tech, options positioning and bets on a Federal Reserve pause following a mixed jobs report put stocks on the verge of a bull market.
An advance of about 1.5% for the S&P 500 extended the benchmark’s surge from its October low to nearly 20%.
A gauge of mega-caps like Tesla Inc. and Apple Inc. saw its sixth straight week of gains — the longest winning run in almost two years.
Broadcom Inc. climbed after predicting that sales tied to artificial intelligence will double this year.
As stocks gained, Wall Street’s “fear gauge” plummeted to its lowest level since February 2020.
The CBOE Volatility Index, or VIX, dropped below 15 from an average of 23 in the past year.
The risk-taking mode also drove the Russell 2000 index of small caps — the home of several regional banks — up about 3.5%.
“The impressive run for equities continues to drive retail investors into the market,” said Mark Hackett, chief of investment research at Nationwide. “Investors have spent much of the past three years obsessed by the Fed, inflation, and payrolls, though volatility around those reports has settled, reflecting a less emotional market. This is bullish, as less reactivity is a sign of a healthy market.”
To Andrew Brenner at NatAlliance Securities, the melt-up in equities has a lot to do with one thing: positioning.
“Options traders were off sides,” Brenner said. We think they will get back next week, “and the rally will run out of steam,” he added.
Indeed, the stock advance doesn’t mean the market isn’t facing headwinds, according to Quincy Krosby, chief global strategist at LPL Financial.
Among the risks, she cites the potential ramifications of the deluge of Treasury notes — approximately $1 trillion — to be auctioned as the US department replenishes its general account following a debt-limit deal.
“That the Fed has telegraphed that June 14 is off the table for a rate hike no doubt reflects its concerns regarding the potential for increased market volatility stemming from dissipating liquidity,” Krosby said. “Still, today’s across-the-board rally confirms that the market doesn’t see an impending recession despite the incessant calls for one.”
Signs of labor-market slackening in May despite a pickup in hiring could strengthen the argument from Chair Jerome Powell and other officials that they should take more time to assess incoming data and the evolving outlook before raising rates again.
Wall Street’s reaction to the latest jobs report showed bets that another Fed hike is likely in the bag — but that wouldn’t necessarily happen in June.
Two-year yields, which are more sensitive to imminent central bank moves, jumped 15 basis points to 4.5%.
Swaps are pricing almost a quarter-point hike across the next two Fed meetings.
But indicating a less than 50% chance of that happening this month.
“The key question now is: can they wait until July or does this monster payrolls number trigger another burst of urgency?” said Seema Shah, chief global strategist at Principal Asset Management. “Perhaps the report details, with the unemployment rate rising and average hourly earnings growth slowing, tilts the decision to July.”
The Fed should be open to raising interest rates by a half percentage point in July if it opts to hold off from tightening this month, former Treasury Secretary Lawrence Summers said.
“We are again in a situation where the risks of overheating the economy are the primary risks that the Fed needs to be mindful of,” the Harvard University professor said in an interview with Bloomberg Television’s David Westin on Friday.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 2.1%
* The MSCI World index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.5% to $1.0708
* The British pound fell 0.6% to $1.2450
* The Japanese yen fell 0.8% to 139.97 per dollar
Cryptocurrencies
* Bitcoin rose 1.4% to $27,251.37
* Ether rose 2.1% to $1,908.83
Bonds
* The yield on 10-year Treasuries advanced 10 basis points to 3.69%
* Germany’s 10-year yield advanced six basis points to 2.31%
* Britain’s 10-year yield advanced four basis points to 4.16%
Commodities
* West Texas Intermediate crude rose 2.7% to $71.98 a barrel
* Gold futures fell 1.5% to $1,965.20 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Emily Graffeo, Isabelle Lee and Peyton Forte.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
The art of being wise is the art of knowing what to overlook. –William James, 1842-1910.

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

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

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

Dear Friends,

Tangents: Happy Friday Eve.

June 1, 1967: The Beatles release their album “Sgt. Pepper’s Lonely Heats Club Band,” which becomes one of the most influential and acclaimed albums in the history of popular music.
1980: CNN debuted.
June 1, 2009, General Motors filed for Chapter 11, becoming the largest U.S. industrial company to enter bankruptcy protection.  Go to article > 

Megalodon tooth necklace spotted in digital scan of Titanic wreck.  For more than 100 years, this necklace carrying the tooth of a megalodon shark has sat at the bottom of the ocean.

This UK castle could be yours for $37,000.  But there’s a catch.

New ‘quasi-moon’ discovered near Earth has been travelling alongside our planet since 100 BC
Astronomers recently identified asteroid 2023 FW13 as a quasi-moon, a space rock orbiting the sun nearly in tandem with Earth. Read More.

Listen to the sounds of Pando, the largest living tree in the world
Researchers have recorded the sounds of the world’s largest tree, a 13-million-pound behemoth known as Pando that stretches across 106 acres in southern Utah. Read More.

Suspected Russian spy whale is looking for love in all the wrong places
A beluga whale that was discovered wearing a suspicious harness in 2019 is on the move in search of other belugas. But it’s heading in the wrong direction. Read More.

Elon Musk’s SpaceX wins Pentagon deal for Starlink in Ukraine.
PHOTOS OF THE DAY

Melrose, UK
A pink rhododendron in full bloom at Abbotsford, the home of Sir Walter Scott in Scotland.  Photograph: Phil Wilkinson/Alamy Live News/Alamy Live News.

Ella, Sri Lanka
A worker picks tea. The country’s central bank predicts the economy will shrink by 2% in 2023.  Photograph: Rebecca Conway/Getty Images

To Bend the Ear of the Outer World at Gagosian
This group show includes work by Frank Bowling, Gerhard Richter, Mark Bradford, Stanley Whitney and more. Here is Jadé Fadojutimi’s And willingly imprinting the memory of my mistakes, 2023. It examines the significance of abstract painting today. To Bend the Ear of the Outer World is at Gagosian until 25 August.  Photograph: Mark Blower/Gagosian
Market Closes for June 1^st, 2023

Market Index	Close	Change
Dow Jones	33061.57	+153.30
		+0.47%
S&P 500	4221.02	+41.19
		+0.99%
NASDAQ	13100.98	+165.69
		+1.28%
TSX	19672.25	+100.01
		+0.51%

International Markets

Market Index	Close	Change
NIKKEI	31148.01	+260.13
		+0.84%
HANG SENG	18216.91	-17.36
		-0.10%
SENSEX	62428.54	-193.70
		-0.31%
FTSE 100*	7490.27	+44.13
		+0.59%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.160	3.184
CND. 30 Year Bond	3.099	3.146
U.S.    10 Year Bond	3.5969	3.6426
U.S. 30 Year Bond	3.8149	3.8575

Currencies

BOC Close	Today	Previous
Canadian $	0.7435	0.7367
US $	1.3449	1.3574
Euro Rate 1 Euro=		Inverse
Canadian $	1.4472	0.6910
US  $	1.0761	0.9293

Commodities

Gold	Close	Previous
London Gold Fix	1964.40	1952.45
Oil
WTI Crude Future	70.10	68.09

Market Commentary:
📈 On this day in 1720, one of the greatest speculative bubbles in history entered its final ascent. South Sea Co. stock shot from £610 to £870 and kept climbing. The bubble burst by end-summer and shares fell below £150, leaving investors including Sir Isaac Newton and Jonathan Swift, author of Gulliver’s Travels, with big losses.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.5% at 19,672.25 in Toronto.
The move follows the previous session’s decrease of 0.8%.
Enbridge Inc. contributed the most to the index gain, increasing 1.9%.
NexGen Energy Ltd. had the largest increase, rising 10.3%.
Today, 147 of 232 shares rose, while 83 fell; 7 of 11 sectors were higher, led by energy stocks.
Insights
* This quarter, the index fell 2.1%
* So far this week, the index fell 1.2%
* The index declined 5% in the past 52 weeks. The MSCI AC Americas Index gained 2% in the same period
* The S&P/TSX Composite is 6.5% below its 52-week high on June 2, 2022 and 10.1% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 0.5% in the past 5 days and fell 4.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 12.9 on a trailing basis and 13.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.12t
* 30-day price volatility rose to 11.42% compared with 11.22% in the previous session and the average of 9.69% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 53.1709| 1.6| 29/11
Materials | 43.6380| 1.9| 46/4
Consumer Discretionary | 6.2036| 0.9| 10/5
Consumer Staples | 2.9493| 0.4| 7/4
Industrials | 2.5099| 0.1| 19/8
Financials | 0.3280| 0.0| 16/12
Real Estate | 0.1053| 0.0| 8/13
Health Care | -0.0979| -0.1| 3/3
Communication Services | -1.6157| -0.2| 2/2
Utilities | -2.4552| -0.3| 4/12
Information Technology | -4.7485| -0.3| 3/9
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Enbridge | 12.9400| 1.9| -23.0| -8.0
Cameco | 8.9260| 7.9| 236.0| 32.8
Canadian National | 7.2120| 1.1| 6.3| -3.8
National Bank of Canada | -4.7780| -2.1| 13.9| 4.4
Canadian Pacific Kansas | -5.2330| -0.8| -24.6| 1.7
Thomson Reuters | -6.3970| -3.4| 44.6| 8.0
US
By Rita Nazareth
(Bloomberg) — A renewed rally in tech giants extended this year’s surge in the S&P 500 to almost 10% ahead of Friday’s jobs report amid bets the Federal Reserve will pause its interest-rate hikes in June.
After a brief respite in the colossal advance of big tech fueled by the artificial-intelligence frenzy, the cohort is back in full force.
Nvidia Corp. climbed about 5%, leading gains in the Nasdaq 100.
Aside from the obsession for anything AI-related that drove mega-caps up 17% in May, the industry also got a boost amid a slide in bond yields and better-than-estimated sales at Dell Technologies Inc.
“One can rightly ask how many more ‘Mays’ we can have, where US big tech is almost the only place to find outsized positive equity returns anywhere in the world,” said Nicholas Colas, co-founder of DataTrek Research. “The old Keynesian saying that goes, ‘markets can remain irrational longer than you can stay solvent’ feels especially relevant in the current investment environment.”
The S&P 500 rose 1% on Thursday, reclaiming its 4,200 mark.
A contrarian indicator from Bank of America Corp. that tracks Wall Street strategists’ average recommended allocation to stocks is the closest it has been to notching a “buy” signal in over six years.
To Matt Maley at Miller Tabak, no matter how bullish investors might be about the potential for artificial intelligence, they should be prepared to weather corrections along the way.
“Investors will need to be quite careful, and extremely nimble, after these recent parabolic advances,” Maley said.  “Sometimes, the deep corrections are long-lasting, like we saw after the dot-com bubble burst. Sometimes, they only last for a few weeks and are followed by new, very strong rallies that take  the stocks even higher.”
The tech rebound also pushed C3.ai Inc. off its session lows, with the AI software firm paring a plunge of 24% by almost half.
Salesforce Inc. fell after the software company gave a lackluster outlook for sales.
Nordstrom Inc. gained after the department-store chain’s quarterly revenue and profit came in slightly ahead of estimates.
Aside from the AI theme, traders also geared up for the monthly jobs report on Friday, with forecasters projecting a moderation in the pace of hiring that could potentially allow the Fed to pause its tightening policy in June.
Fed Bank of Philadelphia President Patrick Harker said “we should at least skip this meeting in terms of an increase.”
In an essay Thursday, his St. Louis counterpart James Bullard, said he believes interest rates are at the low end of what’s likely to be sufficiently restrictive to bring down inflation.
Meantime, the Treasury is considering postponing its regular three- and six-month bill auctions “tentatively” scheduled for next Monday if constraints around the statutory debt limit remain.
Senators scrambled Thursday to agree on a plan for swift consideration of the debt-limit deal forged by President Joe Biden and House Speaker Kevin McCarthy ahead of a June 5 deadline to avert a destabilizing default. 
Some of the main moves in markets:
Stocks
* The S&P 500 rose 1% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.3%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World index rose 1.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.6%
* The euro rose 0.7% to $1.0762
* The British pound rose 0.7% to $1.2530
* The Japanese yen rose 0.4% to 138.82 per dollar
Cryptocurrencies
* Bitcoin fell 0.9% to $26,873.83
* Ether rose 0.2% to $1,869.82
Bonds
* The yield on 10-year Treasuries declined four basis points to 3.60%
* Germany’s 10-year yield declined three basis points to 2.25%
* Britain’s 10-year yield declined seven basis points to 4.12%
Commodities
* West Texas Intermediate crude rose 2.9% to $70.04 a barrel
* Gold futures rose 0.7% to $1,995.50 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Emily Graffeo, Vildana Hajric, Peyton Forte and Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Find something you’re passionate about keep tremendously interested in it. -Julia Child, 1912-2004.

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:
May 31, 1990: The sitcom “Seinfeld” premiered on NBC. Go to article > 
1910: Union of South Africa declares its independence from the United Kingdom.

Venice authorities discover why canal turned fluorescent green.  Given all the fluorescent things it could have been, this is quite a relief.

This is the world’s first 3D-printed, cultivated fish fillet.  Mmm, science is delicious.

Air New Zealand to weigh passengers before they board the airplane.  What an innovative way to make air travel even more stressful!

The Tunguska event was the biggest asteroid impact in recorded history. How did it vanish without a trace?
During the Tunguska event, over 8 million trees covering an area of 830 square miles were flattened when an asteroid entered Earth’s atmosphere. Read More.

2,700-year-old petroglyphs depicting people, ships and animals discovered in Sweden
About 40 ancient rock carvings have been found on a former rocky island in Sweden. Read More.

What is the speed of light?
Light is faster than anything else in the known universe, though its speed can change depending on what it’s passing through. Read More

PHOTOS OF THE DAY

Caracas, Venezuela
Wild blue and yellow macaws (Ara araurana). Bird enthusiasts in the city feed the parrots and protect their nests as well as help them adapt to the urban environment. Wednesday is World Parrot Day.
Photograph: Anadolu Agency/Getty Images

During the spectacular solar event the sun sets in alignment with the Manhattan streets, from east to west
Photograph: Ed Jones/AFP/Getty Images

Manhattanhenge occurs at about the same time on two consecutive days in May and again in July. Usually the dates fall around Memorial Day and a week or so after Independence Day
Photograph: William Volcov/Shutterstock
Market Closes for May 31^st, 2023

Market Index	Close	Change
Dow Jones	32908.27	-134.51
		-0.41%
S&P 500	4179.83	-25.69
		-0.61%
NASDAQ	12935.29	-82.14
		-0.63%
TSX	19572.24	-167.46
		-0.85%

International Markets

Market Index	Close	Change
NIKKEI	30887.88	-440.28
		-1.41%
HANG SENG	18234.27	-361.51
		-1.94%
SENSEX	62622.24	-346.89
		-0.55%
FTSE 100*	7446.14	-75.93
		-1.01%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.184	3.258
CND. 30 Year Bond	3.146	3.227
U.S.    10 Year Bond	3.6426	3.6923
U.S. 30 Year Bond	3.8575	3.8950

Currencies

BOC Close	Today	Previous
Canadian $	0.7367	0.7354
US $	1.3574	1.3598
Euro Rate 1 Euro=		Inverse
Canadian $	1.4506	0.6894
US  $	1.0687	0.9357

Commodities

Gold	Close	Previous
London Gold Fix	1952.45	1947.90
Oil
WTI Crude Future	68.09	69.46

Market Commentary:
📈 On this day in 1919, the New York Stock Exchange closed its doors for the day, so that frenzied clerks could clear the paperwork from a tumultuous month during which volume regularly exceeded a then-astonishing 1.5 million shares a day.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.8%, or 167.46 to 19,572.24 in Toronto.
The index dropped to the lowest closing level since March 24.
Today, financials stocks led the market lower, as 8 of 11 sectors lost; 144 of 232 shares fell, while 86 rose.
Royal Bank of Canada contributed the most to the index decline, decreasing 1.4%.
Ero Copper Corp. had the largest drop, falling 9.0%.
Insights
* This month, the index fell 5.2%
* The index declined 5.6% in the past 52 weeks. The MSCI AC Americas Index was little changed in the same period
* The S&P/TSX Composite is 7% below its 52-week high on June 2, 2022 and 9.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1.8% in the past 5 days and fell 5.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13 on a trailing basis and 13.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.15t
* 30-day price volatility rose to 11.22% compared with 11.04% in the previous session and the average of 9.61% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -64.9057| -1.1| 7/22
Energy | -45.7827| -1.4| 10/30
Industrials | -37.3280| -1.3| 4/23
Communication Services | -10.6754| -1.3| 0/5
Consumer Discretionary | -9.6170| -1.3| 4/11
Consumer Staples | -2.2233| -0.3| 4/6
Health Care | -0.7990| -1.1| 3/3
Utilities | -0.1204| 0.0| 8/8
Materials | 0.4052| 0.0| 30/19
Real Estate | 0.5995| 0.1| 10/11
Information Technology | 2.9898| 0.2| 6/6
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
RBC | -16.1700| -1.4| 2.5| -4.6
Shopify | -12.2100| -1.9| 5.8| 65.2
Canadian Natural Resources | -10.2300| -1.8| 97.9| -2.7
Cameco | 4.5080| 4.1| 280.8| 23.1
Wheaton Precious Metals | 4.8030| 2.6| 341.2| 16.3
Constellation Software | 12.8600| 3.5| 233.0| 33.7
US
By Rita Nazareth
(Bloomberg) — Treasury yields dropped after some Federal Reserve officials signaled a potential pause in interest-rate hikes as early as June.
Two-year rates, which are more sensitive to imminent Fed moves, slumped seven basis points to 4.38%.
The S&P 500 pared losses while remaining below 4,200.
Some of the big tech names that have led the recent rally lost traction — with Nvidia Corp. down 4%.
The SPDR S&P Regional Banking ETF slumped 3%, with traders sifting through Federal Deposit Insurance Corp.’s remarks that the number of lenders with weaknesses increased in the first quarter.
Fed Governor Philip Jefferson signaled the central bank is inclined to keep interest rates steady at its next meeting in June to give policymakers more time to assess the economic outlook, but such a decision wouldn’t mean hikes are finished.
His remarks were echoed by Philadelphia Fed President Patrick Harker, who said: “I think we can take a bit of a skip for a meeting.”
Policymakers are carefully assessing how their tightening campaign over the past 14 months, which brought interest rates to a range of 5% to 5.25% from near zero, is affecting the economy.
The US showed signs of cooling in recent weeks as hiring and inflation eased slightly, the Fed said in its Beige Book survey of regional business contacts.
Earlier in the day, equities extended losses as the Labor Department’s so-called JOLTS report showed vacancies at employers unexpectedly surged to over 10 million.
The figures reinforced speculation the Fed would have room for another interest-rate hike by July — boosting the odds of a hard landing.
Earlier figures from China and Europe also added to concerns about a downturn.
“We’re facing quite a lot of headwinds: firstly, the China growth story, clearly that’s been a major disappointment. On top of that, there’s a risk of a US recession, and for the euro region, there’s a likelihood that they’re facing stagnation,” Jane Foley, head of currency strategy at Rabobank, said on Bloomberg Television. “So you’ve got a pretty disappointing outlook for growth, not an environment where you really want to be piling en masse into high-risk assets.”
The NYSE FANG+ Index of mega-caps like Tesla Inc. and Microsoft Corp. halted a four-day advance, while heading toward its best month since January with a 17% surge.
While many on Wall Street say that doesn’t mean the enthusiasm for the sector will fade, there’s been growing concern about the fact that other industries haven’t been able to catch up in a meaningful way.
“Much of this year’s stock market rally has been driven by only a few technology stocks, and this is not a dynamic that is typically seen at the start of bull markets,” said Robert Schein, chief investment officer, Blanke Schein Wealth Management. “We need the participation of other sectors, and narrow market breadth is not sustainable over the long term.”
Schein expects the outsized performance of big tech to be tempered in the coming quarters.
While the combination of a debt-ceiling deal and a Fed pause could propel the market higher, any strength would be short-lived as investors start pricing in lower earnings estimates, he noted.
“If one is realistic, we believe that it is hard to argue that the rest of the stock market can catch-up to the big-cap tech sector, with a credit crunch looming in the US and the growth in China fading in a serious manner,” said Matt Maley, chief market strategist at Miller Tabak.
To Jonathan Krinsky at BTIG, equities remain “extremely vulnerable” as the market heads into the last month of the quarter.
“By now, everyone is well aware of the market’s breadth problem, and we think June will show the risks when the weak remain weak, and the strong unwind lower,” Krinsky added.
In other corporate news, Hewlett Packard Enterprise Co. tumbled 7% after projecting revenue for the current quarter that fell short of analysts’ estimates.
Advance Auto Parts Inc. plunged 35% on a bearish outlook.
American Airlines Group Inc. dropped 0.5% even after boosting its profit forecast.
Traders also watched the latest developments in US debt-ceiling negotiations, with Republican and Democratic leaders expressing confidence that compromise legislation to avert a catastrophic US default will pass the House of Representatives Wednesday night on the backs of moderates.
“Those planning for a relief rally following the passage of the debt ceiling increase may be disappointed,” said Mark Hackett, chief of investment research at Nationwide. “The next move higher for equities will require improving data and a shift in investor confidence.”
Elsewhere, the US dollar rose, making commodities priced in the currency more expensive for international investors.
West Texas Intermediate crude deepened its slide below $70 a barrel.
ICE Brent futures were also lower.
The crypto rebound is also losing steam, leaving Bitcoin on course for its worst month since the FTX exchange collapsed in November last year.
The roughly 8% drop in May is Bitcoin’s first monthly retreat of 2023.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 2:29 p.m. New York time
* The Nasdaq 100 fell 0.3%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index fell 0.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.6% to $1.0675
* The British pound rose 0.2% to $1.2436
* The Japanese yen rose 0.4% to 139.29 per dollar
Cryptocurrencies
* Bitcoin fell 2.5% to $27,076.01
* Ether fell 2% to $1,866.03
Bonds
* The yield on 10-year Treasuries declined six basis points to 3.63%
* Germany’s 10-year yield declined six basis points to 2.28%
* Britain’s 10-year yield declined six basis points to 4.18%
Commodities
* West Texas Intermediate crude fell 2% to $68.08 a barrel
* Gold futures rose 0.4% to $1,985.10 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee, Carly Wanna and Peyton Forte.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Sometimes, carrying on, just carrying on, is the superhuman achievement. -Albert Camus, 1913-1960.
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:

Peter the Great, Russian tsar, b. 1672.
May 30, 1783: First US newspaper published.
May 30, 1431: Joan of Arc, the French military leader and saint, is burned at the stake by the English for heresy.

May 30, 2011:  Germany announced plans to abandon nuclear power over the next 11 years, outlining an ambitious strategy in the wake of Japan’s Fukushima disaster to replace atomic power
with renewable energy sources.  Go to article > 

Venice authorities investigate after canal turns fluorescent green.  Nope, it’s definitely not supposed to do that.

Ancient tombs and large mummification workshops unearthed in Egypt.  Next on your favorite archaeology series, “Hey, Put That Back!”

Summer is back, and so is this nostalgic beauty staple.  Ahh, nothing says summer (or “trip to the salon for a color correction”) like Sun-In!

31: That’s how many billionaires in the world are worth more than the $38.8 billion the US Treasury has in cash. To be clear, each of them is worth more than that alone. 153,000-year-old footprints from South Africa are the oldest Homo sapiens tracks on record Archaeologists in South Africa have discovered the footprints of Homo sapiens dating to 153,000 years ago, the oldest known tracks attributed to our species. Read More

The oldest tree in the world (and the 7 runners-up)
From Prometheus and Methuselah to trees in remote forests of China, these are the most ancient known trees on Earth. Read More

What was the longest-lasting civilization?
Ancient Egypt, China and Mesopotamia are all frequently cited as long-lasting civilizations, enduring for thousands of years. But which of these societies lasted the longest? Read More
PHOTOS OF THE DAY

Didcot, UK
Yarnsy, the Didcot crocheter, has created another colourful post-box topper. On display by the railway station and called Three Fabulous ladies, it celebrates women with a selection of quotes attached by Coco Chanel, Audrey Hepburn and Marilyn Monroe.  Photograph: Geoffrey Swaine/Shutterstock

New York, US
Sunset, as seen from 42nd street.  Photograph: Lokman Vural Elibol/Anadolu/Getty Images

São Paulo, Brazil
A member of the Guarani Mbya Indigenous group protests against the so-called legal thesis of Marco Temporal, which demarcates Indigenous land rights.  Photograph: Amanda Perobelli/Reuters
Market Closes for May 30^th, 2023

Market Index	Close	Change
Dow Jones	33042.78	-50.56
		-0.15%
S&P 500	4205.52	+0.07
		—
NASDAQ	13017.43	+41.74
		+0.32%
TSX	19739.70	-228.25
		-1.14%

International Markets

Market Index	Close	Change
NIKKEI	31328.16	+94.62
		+0.30%
HANG SENG	18595.78	+44.67
		+0.24%
SENSEX	62969.13	+122.75
		+0.20%
FTSE 100*	7522.07	-105.13
		-1.38%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.258	3.331
CND. 30 Year Bond	3.227	3.265
U.S.    10 Year Bond	3.6923	N.A.
U.S. 30 Year Bond	3.8950	N.A.

Currencies

BOC Close	Today	Previous
Canadian $	0.7354	0.7357
US $	1.3598	1.3592
Euro Rate 1 Euro=		Inverse
Canadian $	1.4596	0.6851
US  $	1.0734	0.9316

Commodities

Gold	Close	Previous
London Gold Fix	1947.90	1947.90
Oil
WTI Crude Future	69.46	N.A.

Market Commentary:
📈 On this day in 2000, the headline of The Wall Street Journal’s lead article on the stock market declared: “Too Little Trading Deepens Nasdaq’s Misery: ‘Overhang’ of Stock Waiting to Be Sold Limits Any Rally.” The Nasdaq responded by having its best day yet on record, rallying 7.94% to end the day at 3459.48.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.1% at 19,739.70 in Toronto.
The move was the biggest since falling 1.5% on May 16 and follows the previous session’s increase of 0.2%.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 2.1%.
Canopy Growth Corp. had the largest drop, falling 5.7%.
Today, 184 of 232 shares fell, while 43 rose; all sectors were lower, led by financials stocks.
Insights
* This month, the index fell 4.3%
* The index declined 5.6% in the past 52 weeks. The MSCI AC Americas Index was little changed in the same period
* The S&P/TSX Composite is 6.2% below its 52-week high on June 2, 2022 and 10.4% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 2% in the past 5 days and fell 4.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.2 on a trailing basis and 13.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.19t
* 30-day price volatility rose to 11.04% compared with 10.66% in the previous session and the average of 9.53% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -66.3431| -1.1| 5/24
Energy | -58.9464| -1.8| 3/36
Materials | -37.9412| -1.6| 9/41
Information Technology | -22.1302| -1.4| 4/8
Consumer Staples | -11.5101| -1.3| 0/11
Industrials | -10.7848| -0.4| 5/20
Consumer Discretionary | -7.8171| -1.1| 2/13
Utilities | -5.0809| -0.6| 8/8
Real Estate | -3.8919| -0.8| 3/16
Communication Services | -2.8503| -0.3| 3/2
Health Care | -0.9414| -1.3| 1/5
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | -20.7500| -2.1| -10.1| -11.6
Shopify | -19.4300| -2.9| -16.6| 68.3
Canadian Natural Resources | -13.0000| -2.2| 65.7| -1.0
Descartes Systems | 1.0310| 1.7| 2.1| 12.0
Thomson Reuters | 1.1100| 0.6| -10.9| 10.0
WSP Global | 1.1500| 0.8| -21.6| 10.1
US
By Rita Nazareth
(Bloomberg) — Stocks treaded water after a rally driven by the artificial-intelligence hype drove the market to its highest since August.
Treasury yields fell on hopes the US Congress will pass a debt deal to head off a default.
The S&P 500 closed little changed, while remaining slightly above 4,200.
Energy companies weighed on the index as oil sank below $70 a barrel.
The Nasdaq 100 extended this year’s surge to 31%, with Nvidia Corp. hovering near $1 trillion in value after announcing several AI-related products.
A gauge of mega-caps like Apple Inc. and Tesla Inc. climbed over 1.5%.
“Yes, AI does have great potential and it does appear to be the ‘next big thing’,” wrote Tom Essaye, a former Merrill Lynch trader who founded The Sevens Report newsletter. “But I don’t see how that promise can offset the reality of higher interest rates and more pressure on the economy, at least not for a sustainable period.”
US bond yields slumped from the highest levels since March as investors evaluated the possible economic consequences of the holiday weekend accord to temporarily suspend the federal debt ceiling, and amid an expected wave of month-end-related buying.
Treasury rates on 3- to 10-year maturities led the move.
The two-year yield, more sensitive than longer maturities to the outlook for Federal Reserve policy, traded near 4.5%.
Stocks and bonds are sending opposite signals about whether US inflation will abate on its own, according to billionaire Cliff Asness, who called the divergence his “biggest concern.”
Unlike stocks, the bond market is telegraphing that the Federal Reserve will make aggressive interest-rate cuts over the next year or two, the co-founder of AQR Capital Management, said on an episode of “Bloomberg Wealth with David Rubenstein.”
“If inflation stays sticky or it comes down because we enter a nontrivial recession —  it’s equities that I think are a scary place,” Asness said.
Fed Bank of Richmond President Thomas Barkin said he is looking for signs that demand is cooling to be convinced that US inflation will ease.
Traders also kept an eye on the latest economic reports, with US consumer confidence dropping to a six-month low as views about the labor market and the outlook for business conditions slipped ahead of a deal to raise the debt ceiling.
To Gina Bolvin, president of Bolvin Wealth Management Group, lower consumer confidence can be a bullish contrarian indicator.
“With over $5 trillion in cash on the sidelines, strong stock market momentum and debt ceiling drama closer to resolving, we think there is a good reason for stocks to perform well this year,” Bolvin said. “However, it may not be without volatility. The next market moving catalyst is this week’s jobs reports, which will influence the Fed.”
Key events this week:
* China manufacturing PMI, non-manufacturing PMI, Wednesday.
* US job openings, Wednesday.
* Federal Reserve’s Beige Book, Wednesday.
* Fed’s Patrick Harker, Susan Collins and Michelle Bowman speak at events, Wednesday.
* China Caixin manufacturing PMI, Thursday.
* Eurozone HCOB Eurozone Manufacturing PMI, CPI, unemployment, Thursday.
* US construction spending, initial jobless claims, ISM Manufacturing, Thursday.
* ECB President Christine Lagarde speaks at conference, Thursday.
* Fed’s Patrick Harker speaks at webinar, Thursday.
* US unemployment, nonfarm payrolls, Friday.

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.4%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.0730
* The British pound rose 0.4% to $1.2407
* The Japanese yen rose 0.5% to 139.77 per dollar
Cryptocurrencies
* Bitcoin rose 0.6% to $27,852.97
* Ether rose 0.7% to $1,907.09
Bonds
* The yield on 10-year Treasuries declined 12 basis points to 3.68%
* Germany’s 10-year yield declined nine basis points to 2.34%
* Britain’s 10-year yield declined nine basis points to 4.25%
Commodities
* West Texas Intermediate crude fell 4% to $69.77 a barrel
* Gold futures rose 0.8% to $1,978.20 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Carly Wanna, Isabelle Lee and John McCorry.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Every day is a journey, and the journey itself is home. –Matsuo Chuemon Munefusa, 1644-1694.

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.
May 29, 1453: Constantinople, capital of the Byzantine Empire, falls to the Ottoman Empire after a 2-month siege. The city is renamed Istanbul and becomes the capital of the Ottoman Empire.

John F. Kennedy, the 35th president of the United States, was born in Brookline, Mass. Go to article > 

1953: Mt. Everest summit reached.

James Webb Telescope finds evidence of ‘celestial monster’ stars the size of 10,000 suns lurking at the dawn of time
The James Webb Space Telescope has found key chemical fingerprints of supermassive stars just 440 million years after the Big Bang. Read More

1,100-year-old breastplate to ward off evil may contain the oldest Cyrillic writing ever found
An inscription on an 1,100-year-old breastplate found in a ruined fortress in Bulgaria may contain one of the earliest known examples of Cyrillic text, researchers claim. Read More

New York City may be sinking under its own weight because the buildings are too heavy, scientists warn
Scientists estimate the mass of the 1,084,954 buildings within the five boroughs of New York City is 1.68 trillion pounds. Read More
PHOTOS OF THE DAY

Windsor, UK
A moment of Zen on board a barge called Sanity moored on the River Thames.  Photograph: Maureen McLean/Shutterstock

Wertheim, Germany
Icelandic horses run over a meadow at a stud farm.  Photograph: Michael Probst/AP

Kyiv, Ukraine
People take cover in a Metro station during a Russian missile attack.  Photograph: Evgeniy Maloletka/AP
Market Closes for May 29^th, 2023

Market Index	Close	Change
Dow Jones	Market Closed	N.A.
S&P 500	Market Closed	N.A.
NASDAQ	Market Closed	N.A.
TSX	19978.33	+58.02
		+0.29%

International Markets

Market Index	Close	Change
NIKKEI	31233.54	+317.23
		+1.03%
HANG SENG	18551.11	-195.81
		-1.04%
SENSEX	62846.38	+344.69
		+0.55%
FTSE 100*	Market Closed	N.A.

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.331	3.333
CND. 30 Year Bond	3.265	3.291
U.S.    10 Year Bond	N.A.	3.7983
U.S. 30 Year Bond	N.A.	3.9607

Currencies

BOC Close	Today	Previous
Canadian $	0.7357	0.7344
US $	1.3592	1.3616
Euro Rate 1 Euro=		Inverse
Canadian $	1.4552	0.6872
US  $	1.0708	0.9339

Commodities

Gold	Close	Previous
London Gold Fix	1947.90	1948.25
Oil
WTI Crude Future	N.A.	72.67

Market Commentary:
Investment success accrues not so much to the brilliant as to the disciplined. – William J.  Bernstein.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.2%, or 47.64 to 19,967.95 in Toronto.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.1%.
Converge Technology Solutions Corp. had the largest increase, rising 5.6%.
Today, 158 of 232 shares rose, while 69 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* This month, the index fell 3.2%
* The index declined 3.8% in the past 52 weeks. The MSCI AC
Americas Index gained 0.3% in the same period
* The S&P/TSX Composite is 5.1% below its 52-week high on June 2, 2022 and 11.7% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1.9% in the past 5 days and fell 3.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 13.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility fell to 10.66% compared with 10.68% in the previous session and the average of 9.46% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 24.2128| 0.4| 25/4
Energy | 17.3332| 0.5| 32/8
Industrials | 5.9761| 0.2| 19/7
Information Technology | 4.2840| 0.3| 8/4
Real Estate | 2.3805| 0.5| 19/2
Materials | 1.7597| 0.1| 28/20
Utilities | 1.6115| 0.2| 10/6
Health Care | 0.4677| 0.7| 4/2
Communication Services | -1.2733| -0.2| 2/2
Consumer Discretionary | -3.7233| -0.5| 6/8
Consumer Staples | -5.3845| -0.6| 5/6
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
TD Bank | 10.8800| 1.1| -75.4| -9.8
Shopify | 6.5610| 1.0| -78.0| 73.3
Suncor Energy | 4.4990| 1.2| -73.5| -8.4
Restaurant Brands | -3.1450| -1.5| -73.5| 12.2
Couche-Tard | -3.6270| -1.0| -56.4| 12.1
Brookfield Corp | -5.7540| -1.4| -77.2| -0.7
US
US markets closed for Memorial Day.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

How wonderful it is that nobody need wait a single moment before starting to improve the world. –Anne Frank, 1929-1945.
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.

May 26, 1805: Napoleon crowned King of Italy.
1805: Lewis & Clark see Rocky Mountains.
May 26^th, 1896: The Dow Jones Industrial Average was first published. The average price of the 11 initial stocks was 40.94.  Go to article > 

John  Wayne, actor, b. 1907.

Virgin Galactic still wants to make commercial flights on supersonic planes to the edge of space.  Not exactly the most relaxing way to spend a vacation, but to each their own.

New unprecedented images reveal what’s happening on the sun as it approaches ‘solar maximum’.  Why do so many images from space look edible?

We’re still waiting for self-driving cars on a large scale, but autonomous boats are already a thing.  Well, it’s a start.

Climate change could trigger gigantic deadly tsunamis from Antarctica, new study warns
Slippages in sediment beneath the Antarctic seabed could spawn gigantic tsunamis as oceans warm.  Read More

A rare type of black hole never proven to exist could be orbiting our galaxy right now, Hubble telescope reveals
A potential intermediate-mass black hole may be lurking in Messier 4, the nearest globular star cluster to Earth, new Hubble data reveals.  Read More

Antarctic currents supplying 40% of world’s deep ocean with nutrients and oxygen slowing dramatically
These deep ocean tides supply almost half of the world’s oceans with vital nutrients and oxygen, but melting ice shelves are slowing them down. Read More

Middle gets the armrests: A flight attendant offers 12 etiquette rules for flying.
PHOTOS OF THE DAY

RHS Chelsea flower show 2023
The show makes a backdrop for a performance drawing on motifs from myth and folklore.  Photograph: Sarah Lee/The Guardian

A kestrel lands on a branch in Riva, which is on its migratory route, in Istanbul, Turkey.  Photograph: Anadolu Agency/Getty Images

A snow leopard in the Mount Qomolangma reserve area in south-west China’s Tibet Autonomous Region. Snow leopards are under first-class state protection and usually live in mountains between 2,500m and 5,000m.  Photograph: Xinhua/Shutterstock
Market Closes for May 26^th, 2023

Market Index	Close	Change
Dow Jones	33093.34	+328.69
		+1.00%
S&P 500	4205.45	+54.17
		+1.30%
NASDAQ	12975.69	+277.60
		+2.19%
TSX	19920.31	+146.23
		+0.74%

International Markets

Market Index	Close	Change
NIKKEI	30916.31	+115.18
		+0.37%
HANG SENG	18746.92	-369.01
		-1.93%
SENSEX	62501.69	+629.07
		+1.02%
FTSE 100*	7627.20	+56.33
		+0.74%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.333	3.308
CND. 30 Year Bond	3.291	3.309
U.S.    10 Year Bond	3.7983	3.8193
U.S. 30 Year Bond	3.9607	3.9925

Currencies

BOC Close	Today	Previous
Canadian $	0.7344	0.7331
US $	1.3616	1.3640
Euro Rate 1 Euro=		Inverse
Canadian $	1.4606	0.6847
US  $	1.0727	0.9322

Commodities

Gold	Close	Previous
London Gold Fix	1948.25	1969.65
Oil
WTI Crude Future	72.67	71.53

Market Commentary:
📈 On this day in 1896: The Dow Jones Industrial Average was first published. The index initially consisted of 12 industrial giants, including American Sugar and National Lead. The index’s value that day: 40.94.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.7% at 19,920.31 in Toronto.
The move was the biggest since rising 1.5% on May 5 and follows the previous session’s decrease of 0.8%.
Shopify Inc. contributed the most to the index gain, increasing 2.6%. Celestica Inc. had the largest increase, rising 10.3%.
Today, 171 of 232 shares rose, while 56 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* This month, the index fell 3.5%
* So far this week, the index fell 2.1%, heading for the biggest decline since the week ended March 10
* The index declined 3% in the past 52 weeks. The MSCI AC Americas Index gained 2.7% in the same period
* The S&P/TSX Composite is 5.3% below its 52-week high on June 2, 2022 and 11.5% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 13.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.15t
* 30-day price volatility rose to 10.68% compared with 10.37% in the previous session and the average of 9.26% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 63.5676| 1.1| 26/3
Information Technology | 31.9291| 2.1| 12/0
Energy | 10.7619| 0.3| 25/13
Consumer Discretionary | 9.1728| 1.3| 10/5
Materials | 9.1318| 0.4| 37/13
Industrials | 8.7209| 0.3| 19/7
Consumer Staples | 5.9545| 0.7| 8/3
Utilities | 5.4112| 0.6| 13/3
Real Estate | 2.8580| 0.6| 16/3
Communication Services | 1.8322| 0.2| 4/1
Health Care | -3.1136| -4.2| 1/5
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 16.7800| 2.6| -24.2| 71.6
RBC | 15.4000| 1.3| -39.1| -3.3
Bank of Montreal | 8.5770| 1.5| -25.1| -6.5
Barrick Gold | -2.0800| -0.7| -53.0| -0.3
Nutrien | -2.6740| -1.0| -31.7| -23.0
Tilray Brands | -2.7790| -20.4| 145.6| -31.1
US
By Carly Wanna and Isabelle Lee
(Bloomberg) — The frenzy surrounding artificial intelligence led another day of gains in the stock market as traders were also growing more confident a deal on the US debt limit would be reached.
The S&P 500 rose 1.3% and the tech-heavy Nasdaq 100 added 2.6% as Marvell Technology Inc. said revenues in 2024 would “at least double” from a year ago on a surge in demand from AI, echoing sentiments from Nvidia Corp. earlier in the week.
Shares of the chipmaker surged 32%.
The gains came as US negotiators also appeared to be moving closer to an agreement to raise the US debt limit and cap federal spending for two years.
A US default could result in catastrophic damage, putting markets on edge.
However, House Speaker Kevin McCarthy said he believed progress had been made last night.
“Today we are getting a boost from debt ceiling headlines plus continued AI enthusiasm,” said John Kolovos, chief technical strategist at Macro Risk Advisors.
Investors were demanding less of a premium to hold US Treasury bills seen most at risk of nonpayment if a deal wasn’t reached in time.
Securities expiring in early June — when Treasury Secretary Janet Yellen warned the government could run out of money — are all yielding less than 6% on Friday.
Meanwhile, the rate-sensitive two-year Treasury drifted as traders considered how a debt deal could play into the Federal Reserve’s path forward on interest rates.
The two-year yield hovered around 4.56% after a report on consumer spending showed the Fed still has more work to do to bring inflation back towards its target.
The personal consumption expenditures price index, one of the Fed’s preferred inflation gauges, rose by a faster-than-expected 0.4% in April.
“While we believe that there are good chances for a [debt] resolution before the FOMC meeting, any deal would almost certainly include some fiscal tightening, which should reduce the need for the Fed to hike rates,” said Brian Rose, senior US economist at UBS Chief Investment Office. “Going past the debt ceiling deadline would have serious consequences, and in that event there is almost no chance that the Fed would hike.”
In other corporate news, retailer Gap Inc. rallied 12% after reporting better-than-expected results.
Workday Inc. jumped 10% after results at the application software company pointed to stable demand.
And Ford Motor Co. rose 6.2% after striking a deal with Tesla Inc. to give its electric vehicle customers access to the Tesla Supercharger network.
Elsewhere in Europe, the Stoxx 600 rose with chipmakers including ASML Holding NV advancing for a second day.
Glencore Plc gained after a report that its Viterra unit is in talks to merge with Bunge Ltd., one of the world’s largest crop merchants.
And in Asia, the benchmark CSI 300 index ended little changed, bringing the week’s losses to 2.4% amid growth concerns.
Stocks
* The S&P 500 rose 1.3% as of 4:03 p.m. New York time
* The Nasdaq 100 rose 2.6%
* The Dow Jones Industrial Average rose 1%
* The MSCI World index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro was little changed at $1.0729
* The British pound rose 0.3% to $1.2352
* The Japanese yen fell 0.4% to 140.57 per dollar
Cryptocurrencies
* Bitcoin rose 1.1% to $26,774.72
* Ether rose 1.4% to $1,834.97
Bonds
* The yield on 10-year Treasuries declined two basis points to 3.80%
* Germany’s 10-year yield advanced two basis points to 2.54%
* Britain’s 10-year yield declined four basis points to 4.33%
Commodities
* West Texas Intermediate crude rose 1.3% to $72.77 a barrel
* Gold futures rose 0.2% to $1,965.40 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Peyton Forte.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
You miss 100 percent of the shots you never take. -Wayne Gretzky, b.1961.

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