Category: Events

Dear Friends,

Tangents:
May 9, 1978: The bullet-riddled body of former Italian prime minister Aldo Moro, who’d been abducted by the Red Brigades, was found in an automobile in the center of Rome. Go to article >
1960: The first birth control pill is approved.  The US Food & Drug Administration announced that it would add birth control as a new indication for the drug “Enovid”.
1945: Victory Day, Russia.

Billy Joel, musician, b. 1949.
Candace Bergen, actress, b. 1946.

Summer movie season is back and this year’s lineup is packed.  Movie fans are eagerly awaiting these summer flicks releasing “only in theaters” in the coming months. (Pro tip: Secure your tickets in advance for the best seats!)

The Westminster Dog Show is here.  Thousands of dogs are in New York this week for the canine equivalent of the Olympics. Which breed do you think has the most pet-ential to be named best in show?

Webb telescope spies evidence of hidden planets around nearby star.  Astronomers used the James Webb Space Telescope to observe massive belts of dust around a nearby star that suggest hidden planets are orbiting it.

Buckingham Palace releases official coronation portraits.  Coronation festivities have come to an end. View the official photos of the newly-crowned King, Queen and members of the royal family.

The end of Wendy’s drive-through line is near.

8-year-old girl unearths Stone Age dagger by her school in Norway
While playing outside her school in Norway, an 8-year-old girl found an unexpected treasure — a flint dagger crafted by Stone Age people 3,700 years ago. Read More

Mysterious ‘golden’ fossils from the Jurassic aren’t what they seem
Fossils found in Germany’s Posidonia Shale don’t get their gleam from fool’s gold after all. Read More

4 of Uranus’ biggest moons have secret, underground oceans, new study suggests
A reanalysis of Voyager data suggests that four of Uranus moons may have oceans tucked between their cores and icy crusts. Read More

Astronomers find remnants of the oldest stars in the universe
A gas cloud 13 billion light-years away may be the resting place of some of the earliest stars in the universe. Read More

PHOTOS OF THE DAY

Wertheim, Germany
A hare sits on the race track of a stud farm near Frankfurt. Photograph: Michael Probst/AP

Orny, Switzerland
A farm surrounded by rapeseed Photograph: Fabrice Coffrini/AFP/Getty Images

Seoul, South Korea
Novice monks react after getting their heads shaved during an event to celebrate the upcoming Vesak Day, birthday of Buddha, at Jogye temple. Nine children began experiencing Buddhist priests’ lives as novice monks for three weeks at the temple. Photograph: Kim Hong-Ji/Reuters
Market Closes for May 9^th, 2023

Market Index	Close	Change
Dow Jones	33561.81	-56.88
		-0.17%
S&P 500	4119.17	-18.95
		-0.46%
NASDAQ	12179.55	-77.37
		-0.63%
TSX	20585.73	+0.58
		—

International Markets

Market Index	Close	Change
NIKKEI	29242.82	+292.94
		+1.01%
HANG SENG	19867.58	-429.45
		-2.12%
SENSEX	61761.33	-2.92
		—
FTSE 100*	7764.09	-14.29
		-0.18%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.949	2.979
CND. 30 Year Bond	3.076	3.118
U.S.    10 Year Bond	3.5186	3.5072
U.S. 30 Year Bond	3.8381	3.8227

Currencies

BOC Close	Today	Previous
Canadian $	0.7470	0.7477
US $	1.3387	1.3374
Euro Rate 1 Euro=		Inverse
Canadian $	1.4673	0.6815
US  $	1.0964	0.9121

Commodities

Gold	Close	Previous
London Gold Fix	2000.95	2000.95
Oil
WTI Crude Future	73.71	73.16

Market Commentary:
📈 On this day 1894: Benjamin Grossbaum was born in London, to a homemaker and an importer of Austrian china. His family later changed its surname to Graham, and he became the godfather of securities analysis and value investing.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 20,585.73 in Toronto.
Teck Resources Ltd. contributed the most to the index gain, increasing 3.3%.
SNC-Lavalin Group Inc. had the largest increase, rising 12.2%.
Today, 128 of 232 shares rose, while 102 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* The index advanced 2.9% in the past 52 weeks. The MSCI AC Americas Index gained 2.9% in the same period
* The S&P/TSX Composite is 2.1% below its 52-week high on June 2, 2022 and 15.2% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.9% in the past 5 days and rose 1.9% 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 13.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.27t
* 30-day price volatility rose to 9.37% compared with 9.36% in the previous session and the average of 10.32% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 21.3652| 0.6| 30/10
Industrials | 13.2425| 0.5| 15/12
Materials | 5.1095| 0.2| 29/20
Consumer Staples | 4.0710| 0.5| 5/6
Utilities | 2.8842| 0.3| 11/5
Consumer Discretionary | 0.4731| 0.1| 9/6
Health Care | -0.5366| -0.8| 3/3
Information Technology | -2.3349| -0.2| 6/6
Real Estate | -3.0242| -0.6| 4/16
Communication Services | -3.4858| -0.4| 0/5
Financials | -37.1961| -0.6| 16/13
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Teck Resources | 6.1320| 3.3| -0.7| 20.8
Brookfield Corp | 4.8630| 1.2| 20.5| 1.2
SNC-Lavalin Group | 4.7570| 12.2| 493.8| 50.4
Bank of Nova Scotia| -11.5900| -2.1| -3.7| -0.7
TD Bank | -12.0200| -1.2| -53.7| -7.2
RBC | -18.4800| -1.5| -58.0| 1.7
US
By Cristin Flanagan and Peyton Forte
(Bloomberg) — US equities slumped ahead of a critical inflation report while the debt ceiling impasse dragged on investor sentiment.
The dollar edged higher.
The S&P 500 ended Tuesday 0.5% lower with PayPal Holdings Inc. the worst performer on the index after outlook disappointed.
The Nasdaq 100 slid 0.7%.
Stock gauges have been stuck in narrow trading ranges as traders weigh the potential end of the Federal Reserve’s interest rate hikes against the possibility of an economic slowdown.
Investors are tracking efforts in Washington to end a standoff over the US debt ceiling, with President Joe Biden due to sit down with House Speaker Kevin McCarthy Tuesday as the two face pressure to forge a deal.
McCarthy rejected the idea of a short-term debt-limit extension ahead of the meeting.
Treasury Secretary Janet Yellen has warned that the debt limit could be breached as soon as June 1.
See Bloomberg’s Debt-Ceiling Anxiety Tracker: Key Seven-Day
“The meeting is unlikely to generate major breakthroughs on the debt-ceiling impasse, though it might finally focus more attention on the issue,” Art Hogan, chief market strategist at B. Riley Wealth Management, wrote. “The most likely scenario is Congress will pass an extension until September 30, when the fiscal year ends. This would set up a larger battle on the 2024 budget and the debt ceiling, all at once.”
The S&P 500 has been stuck trading between 3,800 and 4,200 this year.
Equities could finally break out of that range and move higher if, “data points more convincingly towards a soft landing, there are no more regional bank failures, core inflation drops faster than expected, the Fed confirms the pause and a debt ceiling deal is reached,” said Tom Essaye, founder of The Sevens Report newsletter.
Bears, according to Jonathan Krinsky, chief market technician at BTIG, are looking for the benchmark to fall below 3,800.
“The bullish argument is that the market is so resilient and it can’t crack despite all the widely known problems,” Krinsky wrote. On the other hand, “if the market is so strong, why hasn’t it been able to break out above 4,200 despite spending so much time just below it, a VIX that broke below 16, and many tech names up over 20% YTD? The reason is breadth and credit.”
Signs of tightening credit were apparent in a Fed poll of lending officers Monday.
The first quarter survey showed demand for loans weakened, heightening recession worries.
Fed officials including New York Fed President John Williams are watching for signs of a credit crunch.
Williams said he wasn’t including a rate cut in his forecast for this year at an event Tuesday. He left the door open on the odds of a Fed pause.
Swaps suggest traders are expecting at least a 50 basis points in cuts by the end of 2023.
Sentiment was also hurt by a report showing a steep drop in Chinese imports last month, a sign that the economy’s recovery from Covid lockdown isn’t as strong as many had hoped.
Oil traded at $73.50 a barrel.
Traders are awaiting the monthly US inflation report, due Wednesday.
Economists expect headline CPI to rise by 5% on a year-on-year basis, showing that price pressures are still uncomfortably high for the Federal Reserve.
Yields on the policy-sensitive two-year rose to 4.0% with the 10-year at 3.5%.
An index of dollar strength climbed, gold also gained.
PacWest Bancorp ended the day up 2.3%, leading gains among lending peers in the KBW Regional Banking Index.
Key events this week:
* US President Joe Biden scheduled to meet with congressional leaders on debt limit, Tuesday
* US CPI, Wednesday
* China PPI, CPI, Thursday
* UK BOE rate decision, industrial production, GDP, Thursday
* US PPI, initial jobless claims, Thursday
* Group of Seven finance minister and central bank governors meet in Japan, Thursday
* US University of Michigan consumer sentiment, Friday
* Fed Governor Philip Jefferson and St. Louis Fed President James Bullard participate in panel discussion on monetary policy at Stanford University, Friday.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.7%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.4% to $1.0963
* The British pound was little changed at $1.2620
* The Japanese yen was little changed at 135.22 per dollar
Cryptocurrencies
* Bitcoin rose 0.6% to $27,730.97
* Ether rose 0.7% to $1,854.83
Bonds
* The yield on 10-year Treasuries advanced two basis points to 3.53%
* Germany’s 10-year yield advanced three basis points to 2.35%
* Britain’s 10-year yield advanced seven basis points to 3.86%
Commodities
* West Texas Intermediate crude rose 0.4% to $73.48 a barrel
* Gold futures rose 0.4% to $2,041.90 an ounce
This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

A critic is a man created to praise greater men than himself, but he is never able to find them. –Richard Le Gallienne, 1866-1947.
Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

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

Dear Friends,

Tangents: Happy Friday.  Happy Cinco De Mayo.  Full moon tonight.

On May 5, 1961, astronaut Alan B. Shepard Jr. became America’s first space traveler as he made a 15-minute suborbital flight in a capsule launched from Cape Canaveral, Fla.  Go to article >
May 5, 1980: The British Special Air Service (SAS) terminate the Iranian Embassy siege in London.  Six gunmen had held 26 people hostage fir six days, demanding the release of Iranian Arab prisoners.  Two of the hostages were killed.

How to watch the Eta Aquarid meteor shower — a burst of ‘shooting stars’ left by Halley’s Comet — peak this weekend
An outburst of ‘shooting stars’ from Halley’s Comet could result in a dazzling Eta Aquarid meteor shower on May 5 and 6 — if the full moon doesn’t get in the way. Read More

1st-century burial holds Roman doctor buried with medical tools, including ‘top-quality’ scalpels
The grave of a medical man who died roughly 2,000 years ago has been unearthed in Hungary, along with needles, forceps, scalpels and other tools he used for his profession. Read More

For the first time, scientists watched a dying star swallow a planet whole
Astronomers have spotted a bright flash of light from a Jupiter-size world being consumed by its own star in a preview of Earth’s likely fate. Read More

Take this online Cambridge University test to discover whether you have an exceptional memory.

Google debuts new folding phone.  Remember the hype surrounding the Motorola Razr years ago? Well, it appears foldable smartphones are making a big comeback.
Hawaii’s over-tourism problem may get even worse.
PHOTOS OF THE DAY

Puertollano, Spain
A female blackcap perches on the branch of a hawthorn tree in Ciudad Real. Rising global temperatures have negatively affected brood production in migratory and large birds, while small, sedentary species appear to benefit from the situation, according to a study.  Photograph: Beldad/EPA

Canberra, Australia
The Commonwealth Avenue Bridge appears shrouded in morning fog Photograph: Xinhua/Shutterstock

Los Angeles, US
Lucha libre wrestlers perform during the Lucha VaVoom spectacle Cinco de Mayan at the Mayan Theater in California.  Photograph: Caroline Brehman/EPA
Market Closes for May 5^th, 2023

Market Index	Close	Change
Dow Jones	33674.38	+546.64
		+1.65%
S&P 500	4136.25	+75.03
		+1.85%
NASDAQ	12235.41	+269.01
		+2.25%
TSX	20542.03	+303.84
		+1.50%

International Markets

Market Index	Close	Change
NIKKEI	MARKET CLOSED	N.A.
HANG SENG	20049.31	+100.58
		+0.50%
SENSEX	61054.29	-694.96
		-1.13%
FTSE 100*	7778.38	+75.74
		+0.98%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.909	2.796
CND. 30 Year Bond	3.055	2.974
U.S.    10 Year Bond	3.4370	3.3787
U.S. 30 Year Bond	3.7535	3.7296

Currencies

BOC Close	Today	Previous
Canadian $	0.7472	0.7388
US $	1.3383	1.3535
Euro Rate 1 Euro=		Inverse
Canadian $	1.4774	0.6769
US  $	1.1039	0.9059

Commodities

Gold	Close	Previous
London Gold Fix	2044.70	2014.30
Oil
WTI Crude Future	71.34	68.56

Market Commentary:
📈 On this day in 1850, the National Bank of Belgium was founded as a public limited-liability company. Its shares are still publicly traded, listed in Brussels under the ticker BNB, making it one of the world’s only central banks you can own.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.5% at 20,542.03 in Toronto.
The move was the biggest since rising 1.6% on Jan. 6 and follows the previous session’s decrease of 0.6%.
Today, financials stocks led the market higher, as 10 of 11 sectors gained; 170 of 232 shares rose, while 60 fell.
Shopify Inc. contributed the most to the index gain, increasing 6.9%.
Open Text Corp. had the largest increase, rising 12.1%.
Insights
* In the past year, the index had a similar or greater gain 15 times. The next day, it advanced 10 times for an average 0.8% and declined five times for an average 0.9%
* So far this week, the index fell 0.5%, heading for the biggest decline since the week ended March 17
* The index declined 0.7% in the past 52 weeks. The MSCI AC Americas Index lost 1% in the same period
* The S&P/TSX Composite is 2.7% below its 52-week high on May 5, 2022 and 14.9% 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 13.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.22t
* 30-day price volatility rose to 9.46% compared with 8.55% in the previous session and the average of 10.62% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 104.2076| 1.7| 27/2
Energy | 78.1178| 2.3| 39/1
Information Technology | 59.8936| 4.1| 11/1
Industrials | 33.7285| 1.2| 16/11
Consumer Discretionary | 13.2632| 1.8| 13/2
Materials | 5.1545| 0.2| 27/23
Utilities | 3.5259| 0.4| 10/5
Consumer Staples | 3.0266| 0.3| 7/4
Health Care | 1.7976| 2.6| 4/2
Real Estate | 1.2951| 0.3| 14/7
Communication Services | -0.1772| 0.0| 2/2
================================================================
| | | | YTD
| Index | | Volume VS | Change
Top Contributors |Points Move| % Change |20D AVG (%)| (%)
================================================================
Shopify | 44.7800| 6.9| 37.9| 76.6
Canadian Natural Resources | 22.3900| 3.9| -40.7| 2.5
TD Bank | 20.6300| 2.0| -39.5| -5.0
Altus Group | -2.4340| -14.8| 1,019.1| -18.2
Agnico Eagle Mines | -5.8470| -2.1| -12.1| 13.8
Barrick Gold | -6.9770| -2.1| -11.7| 16.5
US
By Rita Nazareth
(Bloomberg) — The chaotic week for financial markets ended with a rally in risk assets — possibly driven by short-covering — as regional banks rebounded from a brutal rout and solid jobs data tempered fears of a recession.
Treasuries fell.
A rally in equities halted the S&P 500’s longest losing streak since February.
PacWest Bancorp soared over 80%, following a rout that saw its shares tumbling to a record low.
Western Alliance Bancorp and First Horizon Corp., which were also strongly hit this week, jumped.
The KBW Bank Index of financial heavyweights rebounded from its lowest since September 2020.
Wall Street’s favorite volatility gauge, the VIX, snapped a four-day surge to hover near 17.
Strong earnings at Apple Inc. helped lift the mega-cap tech space, with the world’s most-valuable company climbing almost 5%.
US hiring and workers’ pay gains accelerated in April, showing signs of labor-market resilience and inflationary pressures in the face of headwinds.
“For now, this report is another sign that the Fed hasn’t broken the economy yet,” said Callie Cox, a US investment analyst at eToro. “The bears’ best argument is that a recession is around the corner, but it may be hard to make that argument until we see actual evidence in jobs data.”
Another key aspect of the data is the fact that the strong figures also increase chances the Federal Reserve will hold rates higher for longer, and potentially keep the door open to an 11th straight hike in June.
Fed Bank of St Louis President James Bullard said policymakers will probably have to push rates higher to cool inflation, but added he would wait and see what the data show before deciding what move to support in June.
Bullard also said he thinks the central bank can still achieve a soft landing, with inflation returning to the target without triggering a significant downturn.
Rates on swap contracts linked to Fed meetings — which on Thursday briefly priced in a cut in July — moved higher, to levels consistent with a stable policy rate until September — followed by at least two quarter-point cuts by year-end.
Treasury two-year yields climbed as much as 15 basis points to 3.94%.
“If the Fed was expecting definitive confirmation it’s time to pause, this is not that signal,” said Ronald Temple, chief market strategist at Lazard. “All said, 500 bps of rate hikes are having an impact, but it’s too early to declare victory over inflation.”
In fact, while inflation has shown some signs of moderation, it’s still well above the central bank’s 2% target.
The core consumer price index, which excludes food and energy and is closely watched by the Fed, is projected to show a 5.5% increase in April from a year ago.
The report is due Wednesday.
Bank of America Corp.’s Michael Hartnett — who correctly predicted the equity exodus last year — said that a “new structural bull market requires big Fed easing,” which in turn needs a “big recession.”
Resilience in the labor market and price pressures that remain sticky, however, are likely to prevent the Fed from pivoting to cut rates.
The strategist reiterated a call to “sell the last rate hike” in the note dated May 4, before the jobs report came out.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.9% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.1%
* The Dow Jones Industrial Average rose 1.6%
* The MSCI World index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro was little changed at $1.1018
* The British pound rose 0.5% to $1.2635
* The Japanese yen fell 0.4% to 134.85 per dollar
Cryptocurrencies
* Bitcoin rose 2.4% to $29,585.59
* Ether rose 6% to $1,991.7
Bonds
* The yield on 10-year Treasuries advanced five basis points to 3.43%
* Germany’s 10-year yield advanced 10 basis points to 2.29%
* Britain’s 10-year yield advanced 13 basis points to 3.78%
Commodities
* West Texas Intermediate crude rose 4.1% to $71.36 a barrel
* Gold futures fell 1.5% to $2,025.80 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Carly Wanna, Peyton Forte, and Ksenia Galouchko.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
There is no distance on this earth as far away as yesterday. –Robert Nathan, 1894-1985.

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.

1626: Dutch explorer Peter Minuit landed on what is now Manhattan. Go to article >
1959: The Grammy is presented for the first time.  It is one of the most prestigious awards in the music industry.  Winners of the first edition included Ella Fitzgerald, Henry Mancini and Frank Sinatra.
1886: Haymarket Square riot.

Horace Mann, educator, b. 1796.
Jane Jacobs, urbanist, b. 1916.
Audrey Hepburn, actress, b. 1929.

Google rolls out an alternative to the password.  Are you bad at picking passwords? Or maybe you use the same one for multiple devices and websites? Google hopes to end that with the introduction of passkeys.

Astronomers observe star swallowing planet for first time.  The planetary demise took place 12,000 light-years away from Earth — a fate that awaits our planet in about 5 billion years, researchers say.

Europe enters the hypersonic plane race.  Frankfurt to Dubai in 90 minutes? Yes, please. A startup company is hoping to operate commercial flights at five times the speed of sound by the 2030s.

462 million-year-old fossilized eyes and brains uncovered in ‘secret’ Welsh fossil site
An “extraordinary” secret fossil spot in Wales contains the preserved eyes and brains of 462 million-year-old creatures hidden amidst a hoard of unknown species. Read More

Ancient Roman camps from secret military mission spotted using Google Earth
Three ancient Roman camps in the Jordanian desert have been discovered by an archaeologist using satellite images from Google Earth. Read More

How to see the full ‘Flower Moon’ eclipsed by Earth’s shadow this weekend
This weekend, the full “Flower Moon” will move through part of Earth’s shadow and be eclipsed for a few hours. The event will be visible to more than 6.6 billion people. Read More

25,000-year-old human DNA discovered on Paleolithic pendant from Siberian cave
Researchers have retrieved human DNA from a Paleolithic pendant and discovered that it belonged to a Siberian woman who lived roughly 25,000 years ago. Read More

Marijuana can increase schizophrenia.
PHOTOS OF THE DAY

Jiuquan, China
Tourists ride camels around Echoing Sand Mountain and the Crescent Spring scenic area in Gansu province.  Photograph: VCG/Getty Images.

Schuylkill Haven, Pennsylvania
A swan and her cygnets in Bubeck park.  Photograph: Jacqueline Dormer/AP.

Buriticupu, Brazil
Lack of urban planning and aggressive deforestation have caused erosion that is driving the small town of Buriticupu in the north-eastern state of Maranhão towards gradual collapse, experts say.
Photograph: Nelson Almeida/AFP/Getty Images
Market Closes for May 4^th, 2023

Market Index	Close	Change
Dow Jones	33127.74	-286.50
		-0.86%
S&P 500	4061.22	-29.53
		-0.72%
NASDAQ	11966.40	-58.93
		-0.49%
TSX	20238.19	-116.49
		-0.57%

International Markets

Market Index	Close	Change
NIKKEI	MARKET CLOSED	N.A.
HANG SENG	19948.73	+249.57
		+1.27%
SENSEX	61749.25	+555.95
		+0.91%
FTSE 100*	7702.64	-85.73
		-1.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.796	2.767
CND. 30 Year Bond	2.974	2.935
U.S.    10 Year Bond	3.3787	3.3449
U.S. 30 Year Bond	3.7296	3.6821

Currencies

BOC Close	Today	Previous
Canadian $	0.7388	0.7344
US $	1.3535	1.3617
Euro Rate 1 Euro=		Inverse
Canadian $	1.4908	0.6708
US  $	1.1013	0.9080

Commodities

Gold	Close	Previous
London Gold Fix	2014.30	1995.40
Oil
WTI Crude Future	68.56	68.60

Market Commentary:
📈 On this day in 1979, the first modern leveraged buyout using high-yield junk bonds—a $381 million deal to take Houdaille Industries private—was completed by Kohlberg, Kravis, Roberts & Co. Over the next six years, Houdaille produced a 33.9% average annual return for KKR’s institutional investors.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the fourth day, dropping 0.6%, or 116.49 to 20,238.19 in Toronto.
The index dropped to the lowest closing level since April 6.
Today, financials stocks led the market lower, as 10 of 11 sectors lost; 163 of 232 shares fell, while 69 rose.
Nutrien Ltd. contributed the most to the index decline, decreasing 6.3%.
Bausch Health Cos. had the largest drop falling 20.3%.
Insights
* So far this week, the index fell 1.9%, heading for the biggest decline since the week ended March 17
* The index declined 4.5% in the past 52 weeks. The MSCI AC Americas Index lost 6.3% in the same period
* The S&P/TSX Composite is 4.6% below its 52-week high on May 4, 2022 and 13.2% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1.4% in the past 5 days and was little changed 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 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.24t
* 30-day price volatility rose to 8.55% compared with 8.41% in the previous session and the average of 10.76% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -81.8224| -1.3| 4/25
Industrials | -45.1145| -1.6| 2/25
Energy | -21.5408| -0.6| 20/20
Consumer Discretionary | -17.9951| -2.4| 2/13
Consumer Staples | -13.0891| -1.5| 1/10
Communication Services | -12.7578| -1.4| 0/5
Materials | -6.4502| -0.2| 26/24
Utilities | -4.8001| -0.5| 4/12
Real Estate | -3.9067| -0.8| 5/16
Health Care | -3.5897| -4.9| 2/4
Information Technology | 94.5680| 6.9| 3/9
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Nutrien | -20.7800| -6.3| 60.4| -13.4
Bank of Montreal | -18.9800| -3.3| 15.3| -6.7
RBC | -17.8100| -1.4| -64.6| 1.5
Barrick Gold | 4.8960| 1.5| 99.0| 19.0
Agnico Eagle Mines | 9.0950| 3.4| 21.6| 16.2
Shopify | 121.3000| 23.2| 175.4| 65.2
US
By Rita Nazareth
(Bloomberg) — A fresh rout in regional banks roiled trading desks around the globe, with brewing anxiety about the next financial shoe to drop making traders increase their bets on Federal Reserve
interest-rate cuts.
Apple Inc. climbed in late trading after revenue beat estimates.
Another unsettling round of trading halts in the financial industry hit Western Alliance Bancorp and PacWest Bancorp this time amid losses that topped 60% for each stock.
The rout engulfed several other lenders — big and small — with First Horizon Corp. down over 30% after its merger with Toronto-Dominion Bank was scrapped.
A probe into Goldman Sachs Group Inc.’s role in Silicon Valley Bank’s deal also weighed on sentiment.
All 21 shares in the KBW Bank Index of financial heavyweights such as JPMorgan Chase & Co. and Bank of America Corp. retreated.
The $2.5 billion SPDR S&P Regional Banking exchange-traded fund closed at the lowest since October 2020.
The rout in banks kept a lid on the broader market, with the S&P 500 suffering its fourth straight decline.
Wall Street’s fear gauge, the Cboe Volatility Index (VIX) spiked, reaching the key 20 mark.
That’s a stark contrast with the calm that prevailed in markets for the most part in April and saw the measure below 16 just last week.
That also all shows how investor confidence remains fragile after a string of bank failures and despite Fed Chair Jerome Powell’s Wednesday assurance that authorities were closer to containing the crisis. Smaller lenders are under pressure after a year of rate hikes hammered the value of their bond holdings and drove unrealized losses to an estimated $1.84 trillion.
“The acute phase of bank turmoil may not be over, and policymakers need urgently to recognize that,” said Krishna Guha, vice chairman at Evercore ISI. “The problem is that their financial stability policy options are limited.”
In such a stressful scenario, some lenders have been trying to assuage investors — with little to no avail.
PacWest Bancorp tumbled 51% even after saying core deposits have increased since March and confirming it’s in talks with several potential investors.
Western Alliance also pared losses, but was down 39% despite its denial that the firm is exploring strategic options including a possible sale of all or part of its business.
“Obviously a rough day today — we’re having the latest flare-up in what is slowly becoming a crisis of confidence in the regional-banking sector here in the United States,” said Jim Smigiel, chief investment officer at SEI. “We have recommended additional cash allocations out of equities for our clients.”
That said, Smigiel and a myriad of market observers don’t see the parallels being made in what we’re going through today versus the 2008 financial crisis.
“It’s not a credit crisis, it’s an interest-rate issue,” he noted. “This is just rates have gone up so quickly the valuation of their asset book has declined.”
The recent collapse of First Republic Bank and a raging selloff in regional banks has also bolstered fears of a lending crunch that could spur a hard landing.
For firms with shakier finances that often borrow money not only through banks but also with high-yield debt, signs of stress in the system may inflict even more pain.
“Companies with the highest level of leverage aren’t necessarily the most prudent ones, so if we see a pullback in bank lending, they become harder to underwrite,” said Max Gokhman, head of MosaiQ Investment Strategy at Franklin Templeton Investment Solutions. “Investors recognize that if rates go down, they may not necessarily go down for the most-indebted companies and they may have a hard time getting additional financing when they need it most.”
That’s a tricky scenario for a central bank that just raised rates to the highest level since 2007, signaled a potential pause as early as June, but refrained from hinting at a pivot at this stage.
Bond traders eyeing the deepening rout in US regional bank shares concluded the Fed is likely to reverse this week’s quarter-point interest-rate increase by July in response to tightening credit conditions.
Swap contracts linked to Fed meeting dates collapsed, with the July rate briefly falling to 4.82%, a quarter point below the 5.08% level where the effective fed funds rate is likely to settle as a result of Wednesday’s increase in the target band to 5%-5.25%.
The June swap rate at lows around 5% reflected one-in-four odds of a cut as soon as June.
Traders are also gearing up for Friday’s key jobs report, following data that showed applications for US unemployment benefits rose by the most in six weeks while continuing claims fell.
Even as the labor market starts showing some weakness, it’s still cooling at a much slower pace than other economic indicators in the wake of an aggressive tightening campaign by the Fed.
“In our view, the Fed is very unlikely to cut unless there’s severe financial stress and/or a recession is imminent — stocks likely go down in both scenarios,” said Chris Senyek at Wolfe Research.
Meantime, fears about a political standoff over the US debt limit are driving up rates on short-term Treasury bills, pushing them over 10-year yields by the most in at least three decades.
The risk that Congress will fail to act drove 3-month Treasury bill yields to over 5.25%, with them hitting as much as about 2 full percentage points over 10-year yields on Thursday.
That’s the most since the data compiled by Bloomberg began in 1992. 
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.4%
* The Dow Jones Industrial Average fell 0.9%
* The MSCI World index fell 0.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro fell 0.4% to $1.1014
* The British pound was little changed at $1.2574
* The Japanese yen rose 0.4% to 134.15 per dollar
Cryptocurrencies
* Bitcoin rose 1.3% to $28,890.52
* Ether rose 0.1% to $1,876.22
Bonds
* The yield on 10-year Treasuries advanced three basis points to 3.36%
* Germany’s 10-year yield declined six basis points to 2.19%
* Britain’s 10-year yield declined four basis points to 3.65%
Commodities
* West Texas Intermediate crude was little changed
* Gold futures rose 1% to $2,057.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Carly Wanna, Emily Graffeo and Peyton Forte.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Lost, yesterday, somewhere between sunrise and sunset, two golden hours, each set with sixty diamond minutes.
No reward offered, for they are gone forever. –Horace Mann, 1796-1859.

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 3, 1971: National Public Radio’s  1^rst News Broadcast.
May 3^rd, 1978: The Digital Equipment Corporation sends the world’s first spam email.  A representative sent our 600 emails and sold computers for $12 million.
May 3, 1988: The White House acknowledged that first lady Nancy Reagan had used astrological advice to help schedule President Ronald Reagan’s activities. Go to article >

Niccolò Machiavelli, b. 1469.
Golda Meir, Israeli prime minister, b. 1898.
James Brown, musician, b. 1928.

1st-century Buddha statue from ancient Egypt indicates Buddhists lived there in Roman times
Buddhists lived in Egypt during Roman times, a 1st-century Buddha statue found in Berenike suggests. Read More

Cosmic rays reveal 2,500-year-old subterranean burial in ancient Greek necropolis
Cosmic rays have revealed an underground Greek tomb in Naples, Italy. Read More

China’s malfunctioning Mars rover may have found evidence of recent water on the Red Planet
Data from China’s unresponsive Zhurong rover suggests that Mars had snow and frost as recently as 400,000 years ago. Read More

New ultrasound device helps powerful chemo reach deadly brain cancers, human trial shows
An implanted ultrasound-emitting device helped chemotherapy drugs safely pass into the brains of cancer patients. Read More

Scientists discover closest star-shredding black hole to Earth ever seen
Astronomers comparing maps of the universe uncovered the nearest example of a black hole devouring a star ever detected. Read More

Top 10 best cuisines in the world, according to CNN Travel.  Check out this list of appetizing cuisines.

Webb telescope detects mysterious water vapor in a nearby star system.  Astronomers detected water vapor around a rocky exoplanet located 26 light-years away from Earth. Here’s what it could mean.

PHOTOS OF THE DAY

Srinagar, India
A man steers his boat on a calm Dal Lake Photograph: Tauseef Mustafa/AFP/Getty Images

Tokyo, Japan: Participants carry a portable shrine through the streets during a local festival on Constitution Day
Photograph: Richard A Brooks/AFP/Getty Images

London, UK
Donna Werner from the US, a royal superfan, shows off her handmade hat on the Mall before this weekend’s coronation Photograph: Maja Smiejkowska/Reuters
Market Closes for May 3^rd, 2023

Market Index	Close	Change
Dow Jones	33414.24	-270.29
		-0.80%
S&P 500	4090.75	-28.83
		-0.70%
NASDAQ	12025.33	-55.18
		-0.46%
TSX	20354.68	-52.87
		-0.26%

International Markets

Market Index	Close	Change
NIKKEI	MARKET CLOSED	N.A.
HANG SENG	19699.16	-234.65
		-1.18%
SENSEX	61193.30	-161.41
		-0.26%
FTSE 100*	7788.37	+15.34
		+0.20%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.767	2.823
CND. 30 Year Bond	2.935	2.957
U.S.    10 Year Bond	3.3449	3.4314
U.S. 30 Year Bond	3.6821	3.7110

Currencies

BOC Close	Today	Previous
Canadian $	0.7344	0.7343
US $	1.3617	1.3618
Euro Rate 1 Euro=		Inverse
Canadian $	1.5062	0.6639
US  $	1.1060	0.9042

Commodities

Gold	Close	Previous
London Gold Fix	1995.40	1982.55
Oil
WTI Crude Future	68.60	71.66

Market Commentary:
📈 On this day in 1999, the Dow Jones Industrial Average closed above 11000 for the first time, just 24 trading days after breaking the 10000 mark. The index ended the day at 11014.69.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.3%, or 52.87 to 20,354.68 in Toronto.
The index dropped to the lowest closing level since April 10.
Today, energy stocks led the market lower, as 8 of 11 sectors lost; 119 of 232 shares fell, while 109 rose.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 2.0%.
Aritzia Inc. had the largest drop, falling 20.8%.
Insights
* The index declined 2.6% in the past 52 weeks. The MSCI ACVAmericas Index lost 3% in the same period
* The S&P/TSX Composite is 4% below its 52-week high on May 4, 2022 and 13.9% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and rose 0.4% 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 13.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.25t
* 30-day price volatility fell to 8.41% compared with 8.64% in the previous session and the average of 10.95% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -27.2816| -0.8| 7/32
Consumer Discretionary | -11.4362| -1.5| 4/11
Information Technology | -10.3763| -0.8| 5/7
Consumer Staples | -6.4450| -0.7| 3/8
Financials | -4.8822| -0.1| 14/15
Materials | -4.2366| -0.2| 27/21
Communication Services | -1.1977| -0.1| 2/3
Real Estate | -0.6057| -0.1| 10/11
Industrials | 0.0586| 0.0| 18/9
Health Care | 1.0006| 1.4| 5/0
Utilities | 12.5202| 1.3| 14/2
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Canadian Natural Resources | -11.7700| -2.0| -28.3| 1.7
Thomson Reuters | -8.8300| -4.5| 102.9| 10.1
Nutrien | -8.3130| -2.5| -8.9| -7.6
Brookfield Infrastructure | 5.2870| 3.6| 3.8| 15.0
Enbridge | 5.7690| 0.8| 175.0| 0.1
Canadian Pacific Kansas | 6.5270| 1.0| -27.4| 6.4
US
By Rita Nazareth
(Bloomberg) — Wall Street’s excitement about a potential pause in the Federal Reserve’s aggressive tightening campaign wasn’t enough to keep the stock rally going, with Jerome Powell dashing hopes on interest-rate cuts for now.
The bond market isn’t buying that.
Swap contracts continued to imply a significant easing in monetary policy before the end of 2023.
Treasury two-year yields sank as much as 12 basis points to around 3.85% while the dollar notched a back-to-back slide.
“Potential Fed pause, but no Fed pivot yet,” said Jason Pride at Glenmede. “The Fed is telegraphing that additional monetary tightening may or may not occur, but rate cuts do not yet appear to be on the table. The Fed’s leadership is working hard to thread the needle between telegraphing too much tightening while also not agreeing with the market’s rate cut narrative.”
After the usual back-and-forth of Fed days, the S&P 500 wiped out a rally that approached 1% at one stage to finish near session lows.
The Fed raised rates by another quarter-point Wednesday to a target range of 5% to 5.25%, the highest level since 2007.
The vote was unanimous, and the Federal Open Market Committee omitted a line from its previous statement in March that said it “anticipates that some additional policy firming may be appropriate.”
More Comments:
* Callie Cox at eToro: “The Fed is dropping hints that we’re nearing the end of the rate hike cycle, even though it wants to maintain some wiggle room in case inflation stops slowing. It’s a fair concern. The good news? If this is the last hike, the S&P 500 has risen a year after six out of the last 9 hiking cycles. But in the three times stocks didn’t climb after hikes, it was because of a recession or market crisis. History doesn’t tell us much, other than the Fed better not screw this up.”
* David Russell at TradeStation: “The Fed took another step back from its super-hawkish stance by saying they need to determine future policy. They’re setting up a potential pivot by outlining a series of reasons to pause. Given developments in the banking sector and slowing inflation, there’s more chance this was the last hike.”  
* Ronald Temple at Lazard: “No surprises here. The FOMC struck an appropriate balance between taming inflation while avoiding exacerbating stress in the banking system. Assuming banking issues subside, additional rate hikes may be needed, but it’s time for a pause to allow the full effects of tightening to work its way through the economy.”
* Gregory Faranello at AmeriVet Securities: “The change is language was consistent with our view, and historically the evolution over the prior few meetings, signals the end of a tightening cycle.”
* Peter Boockvar, author of the Boock Report: “It’s just about time to call a time-out, which implies the game/fight against inflation is still ongoing, but at least they can sit back and determine ‘the extent to which additional policy firming may be appropriate to return inflation to 2% over time’.”
* Florian Ielpo at Lombard Odier Asset Management: “The Fed is walking a tight line, but it seems to know what it is doing. This should be comforting to markets and investors.  This is probably not the end of a volatility fixed income world, but its main enemy (surprise jumbo hikes) is going away, and this is step 1 to significantly better perspective. From an equity perspective, settling rates is probably a good thing, all the more as the earnings season was still showing a resilient economy.”

Key events this week:
* US initial jobless claims, trade balance, Thursday
* European Central Bank rate decision, followed by ECB President Christine Lagarde’s news conference, Thursday
* US unemployment, nonfarm payrolls, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.6%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.5% to $1.1053
* The British pound rose 0.7% to $1.2552
* The Japanese yen rose 1.1% to 135.03 per dollar
Cryptocurrencies
* Bitcoin fell 1.3% to $28,321.04
* Ether was little changed at $1,869.67
Bonds
* The yield on 10-year Treasuries declined seven basis points to 3.35%
* Germany’s 10-year yield declined one basis point to 2.25%
* Britain’s 10-year yield advanced three basis points to 3.70%
Commodities
* West Texas Intermediate crude fell 4.9% to $68.14 a barrel
* Gold futures rose 1% to $2,043.60 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Namitha Jagadeesh and Michael Mackenzie.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

All men who have turned out worth anything have had the chief hand in their own education. –Sir Walter Scott, 1771-1832.
Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

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

Dear Friends,

Tangents:
May 2, 1945: The Soviet Union announced the fall of Berlin and the Allies announced the surrender of Nazi troops in Italy and parts of Austria. Go to article >
1997: Tony Blair becomes British Prime Minister, ending 18 years of Conservative Party reign.  Blair’s Labor Party achieved a landslide victory in the general elections.  Many of his early fans were bitterly disappointed when he supported the US invasion of Iraq in 2003.

Leonardo da Vinci, d. 1519.
Benjamin Spock, pediatrician, b. 1903.
1611: King James Bible published.

Met Gala: Best looks from the red carpet: Are cat prosthetics the new couture? Take a look at some of the most stunning and over-the-top outfits from “fashion’s biggest night.”

Double hoard of Viking treasure discovered near Harald Bluetooth’s fort in Denmark
Silver coins and jewelry unearthed from a field on the Jutland peninsula in Denmark are revealing new insight into the reign of the Viking king Harald Bluetooth. Read More

In rare attack, 30 orcas ‘badly wounded’ 2 adult gray whales in California
Stunning new video shows a pod of orcas attacking two adult gray whales in California’s Monterey Bay, in a rare case of predation. Read More

Surges of activity in the dying human brain could hint at fleeting conscious experiences
In their last minutes of life, some people’s brains generate a surge of surprisingly organized-looking electrical activity that may reflect consciousness. Read More

A 19th-Century woman predicted global warming. (h/t Mark Gongloff)
PHOTOS OF THE DAY

Taizhou, China: Tourists walk on Ruyi Bridge in the Shenxianju scenic area in Zhejiang province. Photograph: VCG/Getty Images

Kent, UK:  An owl flies over a meadow after a night of hunting for food Photograph: Anadolu Agency/Getty Images

Turgo, Indonesia:  Mount Merapi, a volcanic mountain, spews lava as it erupts. Merapi is known as one of the most active volcanoes in Indonesia, with an eruption occurring every two to five years.
Photograph: Garry Lotulung/NurPhoto/Shutterstoc
Market Closes for May 2^nd, 2023

Market Index	Close	Change
Dow Jones	33684.53	-367.17
		-1.08%
S&P 500	4119.58	-48.29
		-1.16%
NASDAQ	12080.51	-132.09
		-1.08%
TSX	20407.56	-207.54
		-1.01%

International Markets

Market Index	Close	Change
NIKKEI	29157.95	+34.77
		+0.12%
HANG SENG	19933.81	+39.24
		+0.20%
SENSEX	61354.71	+242.27
		+0.40%
FTSE 100*	7773.03	-97.54
		-1.24%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.823	2.970
CND. 30 Year Bond	2.957	3.072
U.S.    10 Year Bond	3.4314	3.5643
U.S. 30 Year Bond	3.7110	3.8063

Currencies

BOC Close	Today	Previous
Canadian $	0.7343	0.7382
US $	1.3618	1.3546
Euro Rate 1 Euro=		Inverse
Canadian $	1.4997	0.6668
US  $	1.1012	0.9081

Commodities

Gold	Close	Previous
London Gold Fix	1982.55	1982.55
Oil
WTI Crude Future	71.66	75.66

Market Commentary:
📈 On this day in 1985, E.F. Hutton pleaded guilty to 2,000 felony counts of mail fraud and wire fraud. It agreed to pay over $10 million in fines and disgorged profits. With its finances crippled and reputation in tatters, the Wall Street brokerage was bought up by Shearson Lehman Brothers in 1987.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1%, or 207.54 to 20,407.56 in Toronto.
Today, energy stocks led the market lower, as 8 of 11 sectors lost; 158 of 232 shares fell, while 70 rose.
Royal Bank of Canada contributed the most to the index decline, decreasing 2.2%.
Colliers International Group Inc. had the largest drop, falling 9.7%.
Insights
* The index declined 1.4% in the past 52 weeks. The MSCI AC Americas Index lost 1.9% in the same period
* The S&P/TSX Composite is 3.8% below its 52-week high on May 4, 2022 and 14.2% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and rose 1.5% 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 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.29t
* 30-day price volatility rose to 8.64% compared with 8.04% in the previous session and the average of 11.07% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -123.1393| -3.5| 0/40
Financials | -109.0414| -1.8| 5/24
Industrials | -14.3602| -0.5| 12/14
Real Estate | -9.9591| -2.0| 0/21
Utilities | -3.7977| -0.4| 5/10
Communication Services| -2.1151| -0.2| 0/4
Consumer Staples | -0.8853| -0.1| 5/6
Health Care | -0.5731| -0.8| 2/4
Consumer Discretionary| 2.3666| 0.3| 4/10
Information Technology| 3.8047| 0.3| 5/7
Materials | 50.1429| 1.9| 32/18
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
RBC | -28.2100| -2.2| -30.1| 3.3
Canadian Natural Resources | -27.9300| -4.5| -43.2| 3.7
Suncor Energy | -18.7500| -4.8| 78.4| -7.4
Wheaton Precious Metals | 9.9240| 4.8| 56.3| 31.4
Agnico Eagle Mines | 11.8000| 4.6| 2.9| 12.6
Barrick Gold | 15.0500| 4.8| 24.9| 16.2
US
By Rita Nazareth
(Bloomberg) — Just a day after Wall Street breathed a sigh of relief with the rescue of First Republic Bank, a selloff in US regional lenders fueled renewed anxiety over financial stability, sinking stocks across the board and spurring a flight to the safest corners of the market.
For many traders, the timing couldn’t be worse.
On the eve of the Federal Reserve decision, multiple volatility halts in PacWest Bancorp and Western Alliance Bancorp were seen as disturbing.
Both shares were down at least 15%.
The financial industry weighed heavily on the S&P 500, which sank almost 2% at one point before trimming losses.
Bearish hedge-fund traders were present in the bout of selling that erupted Tuesday and later prompted long-only investors to sell too, according to a note from John Flood, a partner
at Goldman Sachs Group Inc.
“Wall Street is quickly hitting the sell button as banking turmoil appears it is not going away anytime soon,” said Ed Moya, senior market analyst at Oanda. “Risk appetite did not stand a chance as traders focused on lingering doubts over the regional banks, rising recession odds, and growing risks that the US could default on its debt next month.”
All of these factors combined are only deepening a sense of uneasiness among investors about the Fed’s conundrum.
In addition to the financial strains stemming from bank failures, officials remain caught between stubbornly high inflation and data pointing to an economic downturn — such as Tuesday’s JOLTS record of job openings that fell to lowest in nearly two years.
To make matters worse, there’s brewing angst over the US debt ceiling — which only adds to the whole discussion on whether the Fed should pause after hiking in May to prevent a more severe economic recession.
While swaps are still pricing in a quarter-point Fed rate increase on Wednesday, traders have trimmed their bets on a further rate hike — while amping up wagers on cuts before the year is over.
With all those elements in play, it shouldn’t come as a surprise that bonds got heavily bid Tuesday — especially after the selloff of the previous session.
Two-year yields, which are more sensitive to imminent Fed moves, plunged as much as 21 basis points to below 4%.
Meantime, Treasury bill yields for June topped 5% in the wake of a warning from Treasury Secretary Janet Yellen that the US government could run into debt-ceiling limitations as soon as the start of next month.

Corporate Highlights:
* Morgan Stanley is preparing a fresh round of job cuts amid a renewed focus on expenses as recession fears delay a rebound in dealmaking.
* Uber Technologies Inc. reported earnings that beat analysts’ estimates, showing that consumers continue to spend more on rides and food takeout.
* Pfizer Inc.’s profit and revenue outpaced analysts’ expectations as demand for its pandemic products persisted.
* Marriott International Inc. reported earnings that beat expectations as consumer demand for vacations continued to make up for slower business travel.
* Tesla Inc. has slightly raised prices of its Model 3 sedan and Model Y sports utility vehicle in the US and China, as the electric vehicle pioneer continues to tweak its pricing policy.
Key events this week:
* ADP employment, S&P global US services PMI, ISM services, Wednesday
* Fed Chair Jerome Powell holds news conference following rate decision, Wednesday
* US initial jobless claims, trade balance, Thursday
* European Central Bank rate decision, followed by ECB President Christine Lagarde’s news conference, Thursday
* US unemployment, nonfarm payrolls, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.9%
* The Dow Jones Industrial Average fell 1.1%
* The MSCI World index fell 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.3% to $1.1007
* The British pound fell 0.2% to $1.2476
* The Japanese yen rose 0.7% to 136.48 per dollar
Cryptocurrencies
* Bitcoin rose 3.8% to $28,722.16
* Ether rose 3.5% to $1,870.91
Bonds
* The yield on 10-year Treasuries declined 15 basis points to 3.42%
* Germany’s 10-year yield declined five basis points to 2.26%
* Britain’s 10-year yield declined five basis points to 3.67%
Commodities
* West Texas Intermediate crude fell 5.4% to $71.56 a barrel
* Gold futures rose 1.7% to $2,026.60 an ounce
This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
The first rule is to keep an untroubled spirit.  The second is to look things in the face and know them for what they are.  Vex not thy spirit at the course of things; they heed not thy vexation.  How ludicrous and outlandish is astonishment at anything that may happen in life. –Marcus Aurelius, 121 AD-180 AD.

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

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

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

Dear Friends,

Tangents: Happy Monday.

The Met Gala takes place in New York today.  Celebrities are getting ready to debut their eye-catching outfits at “fashion’s biggest night.” This year, the theme is “In honor of Karl,” a tribute to the late designer Karl Lagerfeld.

May 1, 1961: Fidel Castro declares Cuba a socialist nation and bans elections.  A month after Cuban troops had fought off a US backed military invasion at the Bay of Pigs, Castro announces that “The revolution has no time for elections.”

2003: President George W. Bush landed in a jet on the aircraft carrier USS Abraham Lincoln off the California coast and, in a speech to the nation, declared major combat in Iraq over. Go to article >

Judy Collins, singer, b. 1934.

Uber released its 2023 lost and found report.  Uber’s annual list of items forgotten by passengers includes some truly bizarre objects — including an ankle monitor, a lightsaber and a slushy machine.

AI drones are the future of farming. — Amanda Little
Social science can explain why King Charles III is key to Britain. — Adrian Wooldridge

Everything you need to know about the Met Gala.

There’s another mystery balloon.

1st mega-tsunami on record since antiquity was triggered by Tonga volcanic eruption
The Tonga underwater volcanic eruption rivaled the strength of the largest U.S. nuclear bomb and produced a “mega-tsunami” nearly the height of a 30-story skyscraper,
a recent study finds. Read More

Ancient ‘urine flasks’ for smelling (and tasting) pee uncovered in trash dump at Caesar’s forum in Rome
A Renaissance-era trash dump discovered inside the Forum of Caesar in Rome is brimming with old medical supplies, including 500-year-old medicine bottles and urine flasks — containers used to collect patients’ pee for medical analysis, a new study finds. Read More

14 million:
That’s how many jobs worldwide will vanish in the next five years, according to a report published Sunday by the World Economic Forum. The forecasted decline, equivalent to about 2% of current employment, will be driven by churns in the economy and the adoption of technologies such as artificial intelligence.

PHOTOS OF THE DAY

Hook, UK
Members of the Hook Eagle Morris Men perform outside the Shack Cafe in Hampshire as they see in the May Day dawn
Photograph: Andrew Matthews/PA

London, UK
The speaker of the House of Commons, Sir Lindsay Hoyle, with the speaker’s state coach, which has returned to Westminster for the first time time since 2005. The coach, believed to have been built in the 1690s for King William III and Queen Mary II, was last used by the Commons speaker George Thomas in 1981 to attend the marriage of the Prince of Wales to Lady Diana Spencer at St Paul’s Cathedral
Photograph: Stefan Rousseau/PA

Glastonbury, UK
A Green Man at the Beltane ceremony at Chalice Well in Somerset, where Beltane is celebrated at sunrise and throughout the day
Photograph: Ben Birchall/PA
Market Closes for May 1, 2023

Market Index	Close	Change
Dow Jones	34051.70	-46.46
		-0.14%
S&P 500	4167.87	-1.61
		-0.04%
NASDAQ	12212.60	-13.98
		-0.11%
TSX	20615.10	-21.44
		-0.10%

International Markets

Market Index	Close	Change
NIKKEI	29123.18	+266.74
		+0.92%
HANG SENG	MARKET CLOSED	N.A.
SENSEX	MARKET CLOSED	N.A.
FTSE 100*	MARKET CLOSED	N.A.

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.970	2.841
CND. 30 Year Bond	3.072	2.939
U.S.    10 Year Bond	3.5643	3.4220
U.S. 30 Year Bond	3.8063	3.6733

Currencies

BOC Close	Today	Previous
Canadian $	0.7382	0.7383
US $	1.3546	1.3545
Euro Rate 1 Euro=		Inverse
Canadian $	1.4868	0.6726
US  $	1.0975	0.9112

Commodities

Gold	Close	Previous
London Gold Fix	1982.55	1985.65
Oil
WTI Crude Future	75.66	76.78

Market Commentary:
📈 On this day in 1956, Warren Buffett received $105,000 from seven local investors to help him launch an investment partnership from his bedroom in a rented house in Omaha. Mr. Buffett went on to become one of the most well-known investors of all time, and his conglomerate Berkshire Hathaway is now one of the biggest stocks in the S&P 500.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.1% at 20,615.10 in Toronto.
The move follows the previous session’s increase of 0.6%.
Shopify Inc. contributed the most to the index decline, decreasing 2.4%.
Denison Mines Corp. had the largest drop, falling 5.4%.
Today, 119 of 232 shares fell, while 106 rose; 5 of 11 sectors were lower, led by energy stocks.
Insights
* The index declined 0.7% in the past 52 weeks. The MSCI AC Americas Index was little changed in the same period
* The S&P/TSX Composite is 2.8% below its 52-week high on May 4, 2022 and 15.3% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 0.3% in the past 5 days and rose 2.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.4 on a trailing basis and 13.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.29t
* 30-day price volatility fell to 8.04% compared with 8.11% in the previous session and the average of 11.19% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -29.1181| -0.8| 6/31
Financials | -9.7243| -0.2| 12/15
Information Technology | -6.1629| -0.4| 5/7
Real Estate | -2.1994| -0.4| 4/17
Health Care | -0.0096| 0.0| 3/3
Consumer Staples | 0.4342| 0.0| 5/6
Utilities | 0.9602| 0.1| 10/6
Communication Services | 1.7336| 0.2| 4/1
Materials | 3.2751| 0.1| 25/23
Consumer Discretionary | 5.0320| 0.7| 10/5
Industrials | 14.3396| 0.5| 22/5
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Shopify | -13.2900| -2.4| -20.8| 36.2
Canadian Natural Resources | -7.3860| -1.2| -66.4| 8.5
Suncor Energy | -6.0950| -1.5| 3.3| -2.7
First Quantum Minerals | 4.1700| 3.3| -38.0| 20.1
Franco-Nevada | 4.3680| 1.6| 9.0| 13.2
Constellation Software | 5.9130| 1.6| -29.3| 30.1
US
By Rita Nazareth
(Bloomberg) — A renewed bout of selling hit the Treasury market, with factory data bringing little comfort on the inflation front and a handful of companies offering bonds ahead of the Federal Reserve decision.
As Wall Street gears up for the Fed’s 10th consecutive rate hike since March of last year, several borrowers are piling in after exiting their earnings blackouts, with US investment-grade issuance hitting over $22 billion in one of the busiest sessions of 2023.
Among notable firms tapping the market: Meta Platforms Inc. raised $8.5 billion, Comcast Corp. priced a $5 billion deal and Hershey Co. sold $750 million in bonds.
These big offerings usually represent a double-whammy for Treasuries, which tend to cheapen amid competition from new debt and as underwriters sell government notes to rate-lock the issue for corporate buyers.
Another factor weighing on bond prices Monday was the stabilization in sentiment after JPMorgan Chase & Co. decided to acquire failed lender First Republic Bank.
To Krishna Guha at Evercore, trading suggests little or no spillover from that situation, which is consistent with the notion that there’s roughly no surprise here and the market would be willing to distinguish between First Republic and other financial firms.
“The decisive action by regulators clears the decks for the Fed to press ahead and raise rates at its May meeting,” Guha noted. “Our base case is that the economy cools from here, the Fed will not hike further after May and the next move will be a cut in December.”
Swap traders slightly upgraded the odds that the Fed will increase its policy rate by a quarter-point Wednesday.
Treasuries sold off across the curve, with yields on 30-year bonds climbing the most in 2023 and those on 10-year notes approaching 3.6%.
Equities were little changed after notching two straight months of gains as traders waded through a batch of corporate results.
Stock investors holding on to hopes the Fed will cut rates in the second half could be disappointed this week, according to Morgan Stanley’s Michael Wilson.
“If the message delivered at this meeting is more hawkish, it could provide a near-term negative surprise for equities,” Wilson wrote in a note.
Andrew Brenner at NatAlliance Securities says the question investors will need to ask themselves after Powell’s conference is whether there’s a pause coming after Wednesday — and whether that would be a “hawkish pause or a real pause.”
“The Fed will tell the markets that there is no expected lower rates coming at the end of the year, but markets will not believe them, as the Fed longer-term outlook and predictions have been awful,” Brenner noted. “We still see two rate cuts by January.”
Key events this week:
* US JOLTS job openings, factory and durable goods orders, Tuesday
* ADP employment, S&P global US services PMI, ISM services, Wednesday
* Federal Reserve Chair Jerome Powell holds news conference following rate decision, Wednesday
* US initial jobless claims, trade balance, Thursday
* European Central Bank rate decision, followed by ECB President Christine Lagarde’s news conference, 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 fell 0.1%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World index fell 0.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.4% to $1.0973
* The British pound fell 0.6% to $1.2492
* The Japanese yen fell 0.9% to 137.50 per dollar
Cryptocurrencies
* Bitcoin fell 5.1% to $27,840
* Ether fell 4.3% to $1,812
Bonds
* The yield on 10-year Treasuries advanced 17 basis points to 3.59%
* Germany’s 10-year yield was little changed at 2.31%
* Britain’s 10-year yield was little changed at 3.72%
Commodities
* West Texas Intermediate crude fell 1.4% to $75.70 a barrel
* Gold futures fell 0.5% to $1,988.70 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Christopher DeReza, Michael Mackenzie, Vildana Hajric, Carly Wanna and Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

You can’t connect the dots looking forward; you can only connect them looking backwards…You have to trust
in something – your gut, destiny, life, karma, whatever.  Because believing that the dots will connect down
the road will give you the confidence to follow your heart even when it
leads you off the well-worn path. –Steve Jobs, 1955-2011.

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.
April 28, 1789: Mutiny on the Bounty.
1945: Mussolini executed.
April 28, 1947: Thor Heyerdahl begins his legendary journey on Kon-Tiki.  The Norwegian explorer and his crew set out on the 101-day journey on the self-built raft to prove that South Americans could have reached and settled Polynesia in pre-Columbian times.

James Monroe, 5^th president, b. 1758.
Alice Waters, restauranteur, b.1944.
Jay Leno, comedian, b.1950.
Penelope Cruz, actress, b.1974.

Days before dying, Japan’s lunar lander snaps glorious photo of Earth during a total solar eclipse
Days before Japan’s Hakuto-R lunar lander apparently crashed into the moon’s surface on Tuesday, it snapped a truly gorgeous picture of our planet. Read More

Mysterious ‘painted people’ of Scotland are long gone, but their DNA lives on
Ancient DNA reveals that the Picts, the “painted people” of Scotland who fought off the Romans had local roots and were related to other Iron Age people in Britain. Read More

Newfound ‘brain signature’ linked to multiple psychiatric disorders
Young adults with multiple mental illnesses may share a common neurological “signature,” new research suggests. Read More

‘Mind boggling’ array of 19,000 undersea volcanoes discovered with high-resolution radar satellites
High-definition radar satellites have revealed more than 19,000 undersea volcanoes, providing scientists with the most comprehensive catalog of seamounts ever created. Read More
PHOTOS OF THE DAY

Nepal
Night falls over Mount Everest base camp
Photograph: Reuters

Johannesburg, South Africa
Autumn colours are reflected in the waters of the Emmarentia Dam reservoir as the southern hemisphere moves into autumn
Photograph: Kim Ludbrook/EPA

New York, US
The opening of sculptor Carole Feuerman solo outdoor public art show, Sea Idylls, on Park Avenue in NYC. The hyperrealistic sculptures in conjunction with Les Galeries Bartoux and Patrons of Park Avenue line the median
Photograph: Milo Hess/ZUMA Press Wire/Shutterstock
Market Closes for April 28^th, 2023

Market Index	Close	Change
Dow Jones	34098.16	+272.00
		+0.80%
S&P 500	4169.48	+34.13
		+0.83%
NASDAQ	12226.59	+84.35
		+0.69%
TSX	20636.54	+113.90
		+0.56%

International Markets

Market Index	Close	Change
NIKKEI	28856.44	+398.76
		+1.40%
HANG SENG	19894.57	+54.29
		+0.27%
SENSEX	61112.44	+463.06
		+0.76%
FTSE 100*	7870.57	+38.99
		+0.50%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.841	2.953
CND. 30 Year Bond	2.939	3.047
U.S.    10 Year Bond	3.4220	3.5223
U.S. 30 Year Bond	3.6733	3.7526

Currencies

BOC Close	Today	Previous
Canadian $	0.7383	0.7357
US $	1.3545	1.3592
Euro Rate 1 Euro=		Inverse
Canadian $	1.4922	0.6702
US  $	1.1017	0.9077

Commodities

Gold	Close	Previous
London Gold Fix	1985.65	2003.00
Oil
WTI Crude Future	76.78	74.76

Market Commentary:
📈 On this day in 1942: The World War II bear market hit bottom, as the Dow Jones Industrial Average closed at 92.92, down 0.97 points for the day and 16.3% for the year to date. Over the next four years, the market more than doubled.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.6%, or 113.9 to 20,636.54 in Toronto.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.1%.
GFL Environmental Inc. had the largest increase, rising 7.5%.
Today, 146 of 232 shares rose, while 83 fell; 8 of 11 sectors were higher, led by energy stocks.
Insights
* This month, the index rose 2.7%
* So far this week, the index fell 0.3%, heading for the biggest decline since the week ended March 17
* The index declined 2.3% in the past 52 weeks. The MSCI AC Americas Index lost 3.6% in the same period
* The S&P/TSX Composite is 2.7% below its 52-week high on May 4, 2022 and 15.5% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.4 on a trailing basis and 13.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.27t
* 30-day price volatility fell to 8.11% compared with 8.57% in the previous session and the average of 11.56% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 71.7805| 2.1| 38/2
Financials | 29.9668| 0.5| 23/5
Industrials | 19.4014| 0.7| 20/7
Information Technology | 6.3189| 0.5| 3/8
Real Estate | 2.6582| 0.5| 14/7
Communication Services | 0.3410| 0.0| 3/2
Consumer Staples | 0.2511| 0.0| 6/5
Health Care | 0.2440| 0.3| 1/5
Consumer Discretionary | -1.1482| -0.2| 10/5
Utilities | -3.4601| -0.4| 9/7
Materials | -12.4419| -0.5| 19/30
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Natural | | | |
Resources | 12.8500| 2.1| -45.8| 9.8
Suncor Energy | 10.6000| 2.7| 64.4| -1.2
TC Energy | 8.3460| 2.1| 40.6| 4.3
Wheaton Precious | | | |
Metals | -3.0460| -1.4| 27.5| 26.4
Barrick Gold | -3.5490| -1.1| -15.4| 11.0
Franco-Nevada | -4.0090| -1.4| 15.2| 11.4
US
By Jennifer Bissell-Linsk and Vildana Hajric
(Bloomberg) — US equities extended a rally Friday as investors wrestled with strong corporate earnings against concerns about regional banks and inflation.
Treasuries rose.
The S&P 500 gained 0.8% after better-than-expected earnings from the likes of Exxon Mobil Corp. and Intel Corp., up 1.3% and 4% respectively.
However, the gains proved precarious in midday trading after Federal Reserve officials called for broad changes to bank rules in the wake of Silicon Valley Bank’s collapse.
The Nasdaq 100 rose 0.7%, weighed down by Amazon.com Inc.’s 4% loss after a warning over growth in its key cloud computing business.
Meanwhile, First Republic Bank fell 43% after reports FDIC receivership is the most likely scenario for the bank after a run on deposits.
“Earnings relative to expectations appear resilient with a little more than half the S&P 500 reported,” wrote Scott  Chronert, managing director at Citi Research. “Full-year numbers and revisions have stabilized of late. The issue remains sentiment and positioning.”
Markets are on edge over the uncertainty of Federal Reserve interest-rate hikes, after fresh inflation data Friday increased the likelihood of an increase next week and possibly in June.
Traders have been anticipating the end of rate hikes near term, with cuts before year end.
The personal consumption expenditures price index excluding food and energy, one of the Fed’s preferred inflation gauges, rose 0.3% in March for a second month.
Compared with a year ago, the measure was up 4.6%, Commerce Department data showed.
“What looks like sticky contemporaneous inflation remains an issue, preventing the market from getting too carried away on the rate-cutting phase to come in subsequent quarters,” wrote Padhraic Garvey, head of global debt and rates strategy at ING Financial Markets.
The yield on the 10-year Treasury fell nine basis points to 3.44%.
US equities ended the month 1.5% higher, as corporate results have lifted investor sentiment in the face of rate-hike uncertainty and a possible recession.
In the latest batch of earnings, Charter Communications Inc. gained 7.6% after reporting results while Snap Inc. plunged 17% after missing revenue estimates.
“April largely is a good month. Again, it’s probably earnings-season driven, but we’ve been getting some economic reports that are also saying that the economy, and especially inflation, is likely going in the right direction — just not maybe fast enough,” said Kim Forrest, chief investment officer at Bokeh Capital Partners. “Businesses and people are spending, inflation is still there, but the data says it’s slowly ramping down.”
In Europe, the Stoxx 600 gained 0.6%, even as an uptick in consumer-price gains pointed to more rate increases by the European Central Bank.
The Bank of Japan, in contrast, renewed its commitment to stimulus after its first meeting under Kazuo Ueda.
It left its short-term policy rate at minus 0.1% and maintained its 0.5% ceiling for 10-year bond yields.
Elsewhere, oil prices gained, gold was little changed, and the dollar was modestly stronger against major peers.
Here are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.8% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 0.8%
* The MSCI World index rose 1.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro was little changed at $1.1019
* The British pound rose 0.6% to $1.2567
* The Japanese yen fell 1.7% to 136.24 per dollar
Cryptocurrencies
* Bitcoin fell 1% to $29,349.69
* Ether fell 1.4% to $1,893.84
Bonds
* The yield on 10-year Treasuries declined nine basis points to 3.43%
* Germany’s 10-year yield declined 15 basis points to 2.31%
* Britain’s 10-year yield declined eight basis points to 3.72%
Commodities
* West Texas Intermediate crude rose 2.6% to $76.72 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Cecile Gutscher, Sujata Rao and Denitsa Tsekova.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Lay down for yourself, at the outset, a certain stamp and type of character for yourself, which you are to maintain whether you are by yourself
or meeting with people. -Epictetus, c.50-135 AD.

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

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

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

Dear Friends,

Tangents: Happy Friday Eve.

1972: Apollo 16 returned to Earth after a manned voyage to the moon.  Go to article >  
1994: South African citizens of all races are allowed to vote in a general election for the first time.
1805: US Marines attack Tripoli.

Ferdinand Magellan, explorer, b.1521.
Ulysses Grant, general, b.1822.
Edward Gibon, histoira, b. 1737.

Louisiana teen receives more than $9 million in scholarship offers.  This 16-year-old senior is graduating two years early and was accepted to more than 170 colleges.

WWII ship that sank with 1,000 Allied POWs on board discovered in South China Sea
The wreck of the Montevideo Maru, a Japanese transport ship that sank in World War II, has been discovered in the deep waters of the South China Sea. Read More

World’s heaviest Schrödinger’s cat made in quantum crystal visible to the naked eye
Physicists have created the world’s heaviest Schrödinger’s cat, bringing the bizarre behavior of the quantum world to larger scales than ever before. Read More

PHOTOS OF THE DAY

Northern Arabia: A satellite image shows a Roman military camp in the Arabian desert. University of Oxford researchers identified three new Roman fortified camps, in the typical playing card shape, across northern Arabia. The discovery may be evidence of potential surprise attacks during a previously undiscovered Roman military campaign linked to the Roman takeover of the Nabataean kingdom in AD106
Photograph: University of Oxford/PA

Paris, France: The artist Joana Vasconcelos presents the Tree of Life, an installation at Sainte-Chapelle De Vincennes. The 13ft tree contains 100,000 hand-woven and embroidered leaves
Photograph: Edward Berthelot/Getty Images

Hong Kong, China: Mainland Chinese tourists watch the sunset from a hill. Photograph: Louise Delmotte/AP
Market Closes for April 27^th, 2023

Market Index	Close	Change
Dow Jones	33826.16	+524.29
		+1.57%
S&P 500	4135.35	+79.36
		+1.96%
NASDAQ	12142.24	+287.89
		+2.43%
TSX	20522.64	+155.92
		+0.77%

International Markets

Market Index	Close	Change
NIKKEI	28457.68	+41.21
		+0.14%
HANG SENG	19840.28	+83.01
		+0.42%
SENSEX	60649.38	+348.80
		+0.58%
FTSE 100*	7831.58	-21.06
		-0.27%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.953	2.860
CND. 30 Year Bond	3.047	2.978
U.S.    10 Year Bond	3.5223	3.4485
U.S. 30 Year Bond	3.7526	3.7022

Currencies

BOC Close	Today	Previous
Canadian $	0.7357	0.7335
US $	1.3592	1.3633
Euro Rate 1 Euro=		Inverse
Canadian $	1.4985	0.6673
US  $	1.1025	0.9070

Commodities

Gold	Close	Previous
London Gold Fix	2003.00	1987.40
Oil
WTI Crude Future	74.76	74.30

Market Commentary:
📈 On this day in 1896, Wallace Hume Carothers was born in Burlington, Iowa. He later joined DuPont, where he invented the synthetic fabric used in rugs, parachutes and pantyhose: nylon.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.8% at 20,522.64 in Toronto.
The move was the biggest since rising 0.9% on April 3 and follows the previous session’s decrease of 0.4%.
Royal Bank of Canada contributed the most to the index gain, increasing 1.2%.
Spin Master Corp. had the largest increase, rising 12.1%.
Today, 178 of 232 shares rose, while 53 fell; all sectors were higher, led by financials stocks.
Insights
* This month, the index rose 2.1%
* So far this week, the index fell 0.8%, heading for the biggest decline since the week ended March 17
* The index declined 1.1% in the past 52 weeks. The MSCI AC Americas Index lost 2.1% in the same period
* The S&P/TSX Composite is 3.3% below its 52-week high on May 4, 2022 and 14.8% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 0.5% in the past 5 days and rose 4.6% 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 13.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.25t
* 30-day price volatility fell to 8.57% compared with 8.61% in the previous session and the average of 11.73% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 75.4579| 1.2| 28/1
Materials | 21.3252| 0.8| 36/13
Energy | 16.7267| 0.5| 25/15
Information Technology | 12.8821| 1.0| 7/5
Communication Services | 8.0434| 0.9| 5/0
Consumer Staples | 7.0768| 0.8| 11/0
Industrials | 5.2760| 0.2| 21/6
Real Estate | 3.7735| 0.8| 19/2
Consumer Discretionary | 2.7387| 0.4| 11/4
Utilities | 1.3463| 0.1| 10/6
Health Care | 1.2768| 1.8| 5/1
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
RBC | 15.0200| 1.2| -7.7| 5.1
Suncor Energy | 12.6600| 3.4| 80.7| -3.9
Brookfield Corp | 12.1100| 2.9| 12.7| 2.1
Bombardier | -1.8760| -4.9| 213.6| 17.4
Cenovus Energy | -4.1280| -1.9| 26.7| -16.7
Waste Connections | -9.1860| -2.7| 264.4| 3.7
US
By Peyton Forte and Carly Wanna
(Bloomberg) — US equities rose the most since January and Treasuries retreated Thursday after solid earnings from technology companies blotted out the impact of a report showing
slowing economic growth and higher-than-forecast inflation.
The S&P 500 jumped 2.0% and the tech-heavy Nasdaq 100 rose 2.8% as a surge in advertising revenue helped Meta Platforms
Inc. beat analyst estimates for profit, pushing the company’s shares 10% higher. Earlier in the week, Microsoft Corp. and Alphabet Inc. also delivered strong results.
“A lot of folks were (understandably) short or underweight big tech into earnings,” said Michael Purves, founder of Tallbacken Capital Advisors. “Perhaps a realization that big tech can drive a lot of earnings growth through simply driving efficiencies.”
Hasbro Inc. was the latest consumer company to top earnings estimates after the likes of Coca-Cola Co. and Procter & Gamble Co.
That boosted confidence corporate America is coping relatively well with price pressures and policy tightening.
Hasbro shares jumped 15%.
Treasuries fell, with the policy-sensitive two-year yield trading at 4.08%, as the unexpectedly high inflation data could prompt the Federal Reserve to keep interest rates higher for longer.
The US central bank is expected to raise rates by a quarter percentage point at its meeting next week.
“We are seeing heavier reactions in tech as firms are beginning to bear the fruit of earlier cost efficiencies,” Lewis Grant, senior portfolio manager for global equities at Federated Hermes, wrote in a note to clients. “Investor sentiment remains every bit as fragile as the global economy and earnings season provides much needed visibility on the general health of firms.”
Dana Peterson, chief economist at The Conference Board, said the latest batch of economic data — including a slowdown in US jobless claims — showed the kind of cognitive dissonance investors have been grappling with as “typically when you have recessions, the labor market collapses with GDP, and we’re not seeing that.”
“We’re probably going to dip into a recession, maybe starting right now in the second quarter, but we really need to see data,” she said. “Our leading indicators index suggests that it’s starting to happen now, and consumers and CEOs have been anticipating recession for some time.”
In Europe, the Stoxx 600 Index was little changed after earlier fluctuations. Sanofi’s profit topped estimates while Deutsche Bank AG dropped after trading revenue disappointed.
Elsewhere, oil fluctuated after a Wednesday fall.
The dollar was little changed.
And Bitcoin resumed an advance.

Stocks
* The S&P 500 rose 2% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 2.8%
* The Dow Jones Industrial Average rose 1.6%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.1024
* The British pound rose 0.2% to $1.2491
* The Japanese yen fell 0.2% to 133.90 per dollar
Cryptocurrencies
* Bitcoin rose 4.4% to $29,661.75
* Ether rose 3% to $1,923.57
Bonds
* The yield on 10-year Treasuries advanced seven basis points to
3.52%
* Germany’s 10-year yield advanced six basis points to 2.46%
* Britain’s 10-year yield advanced six basis points to 3.79%
Commodities
* West Texas Intermediate crude rose 0.7% to $74.85 a barrel
* Gold futures were little changed
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Emily Graffeo, Cecile Gutscher, Richard Henderson, Anchalee Worrachate and Edward Bolingbroke.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
If you think nobody cares about you, try missing a couple of payments. –Steven Wright, b.1955.

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

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

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

Dear Friends,

Tangents:
On April 26, 1986, the world’s worst nuclear accident occurred at the Chernobyl plant in the Soviet Union. An explosion and fire in the No. 4 reactor sent radioactivity into the atmosphere; at least 31 Soviets died immediately. Go to article >

April 26, 1937: Massacre, Guernica Spain.
Charles Richter, scientist, b. 1900.
John James Audubon, b.1785.

Adele cries with James Corden on the final ‘Carpool Karaoke’.  Very few people can belt heart-wrenching ballads quite like Adele — but James Corden comes in a close second. Watch the video here.

Harry Belafonte, the dashing singer, actor and social activist, died Tuesday, his publicist told CNN. He was 96.

What’s on the menu for the White House state dinner tonight?  These decadent dishes will be served at the elaborate state dinner, traditionally one of the most glamorous events hosted at the White House.

Mattel introduces Barbie doll representing a person with Down syndrome.  The company said it closely worked with the National Down Syndrome Society on the doll’s shape, features and clothing to ensure that it accurately represents a person with Down syndrome.

Disastrous SpaceX launch under federal investigation after raining potentially hazardous debris on homes and beaches
The Federal Aviation Administration is investigating the April 20 launch of SpaceX’s Starship amid claims the launch smashed windows and rained ash on the habitats of endangered animals. Read More

2,600-year-old stone busts of ‘lost’ ancient Tartessos people discovered in sealed pit in Spain
Archaeologists in Spain recently discovered five life-size busts of human figures depicting the lost Tartessos civilization. Read More

Newly discovered jellyfish is a 24-eyed weirdo related to the world’s most venomous marine creature
Researchers named the newfound species Tripedalia maipoensis, after Mai Po Nature Reserve in Hong Kong, where they discovered the transparent critter. Read More

PHOTOS OF THE DAY

Lingjiaohu, China
A farmer harvests lotus roots at a pond in Nanxian County
Photograph: Xinhua/Shutterstock

A real-life Rothko
‘A cruise ship leaving Monaco as the sun sets. Taken with a zoom lens from home in Roquebrune-Cap-Martin, France. The colours have not been adjusted.’
Photograph: Richard McCreery

Shimmering shoreline
‘Photo taken of Dunstanburgh Castle, Northumberland. Taken on the path from Craster.’
Photograph: Keith Fenwick
Market Closes for April 26^th, 2023

Market Index	Close	Change
Dow Jones	33301.87	-228.96
		-0.68%
S&P 500	4055.99	-15.64
		-0.38%
NASDAQ	11854.35	+55.19
		+0.47%
TSX	20366.72	-73.15
		-0.36%

International Markets

Market Index	Close	Change
NIKKEI	28416.47	-203.60
		-0.71%
HANG SENG	19757.27	+139.39
		+0.71%
SENSEX	60300.58	+169.87
		+0.28%
FTSE 100*	7852.64	-38.49
		-0.49%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.860	2.804
CND. 30 Year Bond	2.978	2.918
U.S.    10 Year Bond	3.4485	3.3977
U.S. 30 Year Bond	3.7022	3.6525

Currencies

BOC Close	Today	Previous
Canadian $	0.7335	0.7339
US $	1.3633	1.3626
Euro Rate 1 Euro=		Inverse
Canadian $	1.5051	0.6644
US  $	1.1039	0.9059

Commodities

Gold	Close	Previous
London Gold Fix	1987.40	1978.20
Oil
WTI Crude Future	74.30	77.07

Market Commentary:
📈 On this day in 1973, the Chicago Board Options Exchange opened for trading, with call options available on 16 U.S. common stocks.  For the first time, stock options were listed on a dedicated exchange and registered for trading in standardized form.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.4%, or 73.15 to 20,366.72 in Toronto.
The index dropped to the lowest closing level since April 10.
Canadian Pacific Kansas City Ltd. contributed the most to the index decline, decreasing 2.2%.
TFI International Inc. had the largest drop, falling 11.3%.
Today, 155 of 232 shares fell, while 74 rose; 6 of 11 sectors were lower, led by industrials stocks.
Insights
* This month, the index rose 1.3%
* The index declined 1.6% in the past 52 weeks. The MSCI AC Americas Index lost 3.7% in the same period
* The S&P/TSX Composite is 4% below its 52-week high on May 4, 2022 and 14% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1.5% in the past 5 days and rose 4.4% 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 13.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.26t
* 30-day price volatility fell to 8.61% compared with 10.03% in the previous session and the average of 11.87% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | -45.3157| -1.6| 4/22
Energy | -36.9502| -1.1| 8/32
Utilities | -7.1000| -0.8| 2/14
Materials | -5.5977| -0.2| 15/34
Real Estate | -3.5432| -0.7| 2/19
Health Care | -0.6202| -0.9| 2/4
Consumer Discretionary | 2.1916| 0.3| 9/6
Consumer Staples | 2.4014| 0.3| 5/6
Communication Services | 2.9449| 0.3| 3/2
Financials | 6.8692| 0.1| 17/12
Information Technology | 11.5615| 0.9| 7/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Pacific Kansas | -15.5800| -2.2| -7.2| 4.7
Brookfield Corp | -10.3200| -2.4| 24.8| -0.8
Canadian National | -10.0800| -1.5| 15.2| -1.0
RBC | 4.5250| 0.4| 47.0| 3.9
Teck Resources | 7.4780| 4.1| 1.5| 21.1
CGI Inc | 7.9730| 4.1| 39.0| 18.4
US
By Cristin Flanagan and Peyton Forte
(Bloomberg) — US stocks ended lower as fresh concerns about the health of American regional lenders dragged down bank shares, even as big-tech earnings helped support broader sentiment.
The S&P 500 retreated 0.4% as First Republic Bank’s woes deepened Wednesday.
The US regional bank plunged 30% in another volatile session after it was said to face potential curbs on borrowing from the Federal Reserve.
Treasuries fell after an auction, with US lawmakers expected to vote on a debt ceiling bill in the early evening.
Meanwhile, PacWest Bancorp offered a glimmer of hope that First Republic doesn’t portend trouble for the broader sector.
Its shares rose 7.5% amid signs of recovery in its deposit levels.
The losses came as the tech-heavy Nasdaq 100 rose 0.6% after Google parent Alphabet Inc. and Microsoft Corp. both beat first-quarter earnings expectations late on Tuesday.
Alphabet ended trading little changed, while Microsoft rose 7.2%, even as the UK separately vetoed a takeover of Activision Blizzard Inc.
Tech stocks were also higher post-market Wednesday following an earnings beat by Meta Platforms Inc.
A run on deposits at First Republic has raised questions about the effect of the Federal Reserve’s aggressive rate hikes on US lenders and what the central bank can do to stop a bank crisis from spreading. Some market participants have speculated the tightening cycle may end sooner than expected, though inflation remains high.
The Fed’s preferred measure of inflation, the so-called PCE deflator, is due Friday.
“Up to this point Fed officials have taken substantial comfort from indications that acute [bank] stress was contained and there was no immediate sudden stop to bank credit,” Krishna Guha, Evercore ISI’s head of central bank strategy, wrote. “That is a bit less firmly locked now, and we cannot rule out the possibility developments around First Republic could unfold in a manner that would lead the FOMC to skip [raising rates in] May while signaling a hike in June.”
In Europe, the regional stock benchmark declined 0.8% amid disappointing earnings.
Software producer Dassault Systemes sank after missing revenue estimates.  
Dutch chip-tool maker ASM International slumped after offering a tepid outlook for the rest of the year.
Roche Holding AG retreated even as its first-quarter sales exceeded expectations.
Meanwhile, beats from Standard Chartered Plc and Sweden’s SEB AB failed to bolster sentiment.
“The markets are very much focused on some of the earnings story, but possibly overlooking the weight of economic deceleration that is playing through right now, particularly in the United States,”
John Woods, Asia Pacific chief investment  officer at Credit Suisse Group AG, said on Bloomberg Television.
“I’m looking at a whole range of technical signals, which seem to be suggesting a risk-off environment.”
Looking ahead, Tony Welch of SignatureFD said he expects tech earnings to continue to shine.
“We always have to think about what the market has priced relative to expectations,” he said. “Throughout the first quarter of the year, the market was starting to price in, ‘Okay, things aren’t as bad for big tech as what we thought they were.  They’re going to be able to preserve profit margins better than we thought they were.’ I suspect you’re going to see a decent beat rate among those names.”
Elsewhere in markets, oil fell, gold slid, and Bitcoin pared an advance.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World index fell 1.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.6% to $1.1035
* The British pound rose 0.4% to $1.2463
* The Japanese yen was little changed at 133.64 per dollar
Cryptocurrencies
* Bitcoin fell 0.6% to $27,809.64
* Ether fell 2.1% to $1,821.25
Bonds
* The yield on 10-year Treasuries advanced four basis points to 3.44%
* Germany’s 10-year yield advanced one basis point to 2.40%
* Britain’s 10-year yield advanced three basis points to 3.73%
Commodities
* West Texas Intermediate crude fell 3.6% to $74.27 a barrel
* Gold futures fell 0.3% to $1,997.60 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Michael Msika, Tassia Sipahutar, Sujata Rao and Robert Brand.
Have a  lovely evening.

Be magnificent!
As ever,

Carolann

We cannot be just unless we are kind. –Luc de Clapiers, Marquis de Vauvenargues,1715-1747.
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: Anzac Day, Australia, New Zealand.

1959: The St. Lawrence Seaway opened to shipping. Go to article >
1974: In Portugal, the fascist Estado Novo is overthrown in a bloodless coup.  The leftist Carnation Revolution was led by military officers and supported by widespread civil resistance.

1901: First license plates issued.
1915: Battle of Gallipoli.
Ella Fitzgerald, b.1917.

‘Lost’ 2nd-century Roman fort discovered in Scotland
Archaeologists have discovered the foundations of a “lost” Roman fort in western Scotland — part of an ill-fated effort to extend the empire’s control throughout Britain. Read More.

Will Earth ever lose its moon?
The moon is creeping slowly away from Earth. So will Earth lose its moon at some point? Read More

‘Dripping’ watch has become a cult celebrity favorite.  This unique watch has a dripping shape that looks more like one of Salvador Dalí’s surrealist melting clocks than a celebrity timepiece.

French fries may be bringing you down.  Researchers found that frequent consumption of fried foods, especially fried potatoes, is linked to an increased likelihood of anxiety and depression

PHOTOS OF THE DAY

Rome, Italy
Cuirassier presidential guards descend the steps of the tomb of the Unknown Warrior during a ceremony on Liberation Day, which commemorates the Italian resistance movement’s victory during the second world war
Photograph: Gregorio Borgia/AP

London, UK
A pod of the London Eye that has been transformed into a miniature version of Westminster Abbey before the coronation of King Charles III. Visitors to the capsule will have the chance to sit on the pod’s coronation chair and hold replicas of the crown jewels
Photograph: Jordan Pettitt/PA

Frankfurt, Germany
Two Canada goose chicks on the banks of the Main River
Photograph: Frank Rumpenhorst/AP
Market Closes for April 25^th, 2023

Market Index	Close	Change
Dow Jones	33530.83	-344.57
		-1.02%
S&P 500	4071.63	-65.41
		-1.58%
NASDAQ	11799.16	-238.04
		-1.98%
TSX	20439.87	-236.87
		-1.15%

International Markets

Market Index	Close	Change
NIKKEI	28620.07	+26.55
		+0.09%
HANG SENG	19617.88	-342.06
		-1.71%
SENSEX	60130.71	+74.61
		+0.12%
FTSE 100*	7891.13	-21.07
		-0.27%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.804	2.911
CND. 30 Year Bond	2.918	3.007
U.S.    10 Year Bond	3.3977	3.4977
U.S. 30 Year Bond	3.6525	3.7119

Currencies

BOC Close	Today	Previous
Canadian $	0.7339	0.7386
US $	1.3626	1.3539
Euro Rate 1 Euro=		Inverse
Canadian $	1.4952	0.6688
US  $	1.0974	0.9112

Commodities

Gold	Close	Previous
London Gold Fix	1978.20	1973.65
Oil
WTI Crude Future	77.07	78.76

Market Commentary:
📈 On this day in 1874, Guglielmo Marconi, son of an aristocratic Italian father and an Irish mother, was born in Bologna, Italy. In 1901 he sent the first radio signals across the Atlantic, ushering in the era of wireless communication.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.1%, or 236.87 to 20,439.87 in Toronto.
The move was the biggest since falling 1.6% on March 15.
Today, financials stocks led the market lower, as 10 of 11 sectors lost; 178 of 232 shares fell, while 52 rose.
Canadian National Railway Co. contributed the most to the index decline, decreasing 4.0%.
Hudbay Minerals Inc. had the largest drop, falling 6.3%.
Insights
* This month, the index rose 1.7%
* The index declined 2.7% in the past 52 weeks. The MSCI AC Americas Index lost 6.1% in the same period
* The S&P/TSX Composite is 3.6% below its 52-week high on May 4, 2022 and 14.4% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1.2% in the past 5 days and rose 4.8% 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 13.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.3t
* 30-day price volatility rose to 10.03% compared with 9.27% in the previous session and the average of 12.03% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -102.9457| -1.7| 6/23
Industrials | -51.2915| -1.8| 3/24
Energy | -31.4912| -0.9| 8/32
Information Technology| -21.5516| -1.6| 0/12
Materials | -10.8528| -0.4| 18/31
Consumer Discretionary| -8.6976| -1.2| 1/14
Consumer Staples | -6.6755| -0.8| 0/11
Real Estate | -3.0984| -0.6| 2/19
Health Care | -1.4967| -2.1| 1/4
Communication Services| -1.4189| -0.2| 2/3
Utilities | 2.6610| 0.3| 11/5
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Canadian National | -28.0200| -4.0| 139.3| 0.5
TD Bank | -20.3800| -2.0| -44.8| -7.5
Brookfield Corp | -18.6600| -4.2| -2.9| 1.7
Franco-Nevada | 3.4230| 1.3| -31.8| 12.9
Barrick Gold | 3.6720| 1.2| -31.8| 12.6
TC Energy | 4.3850| 1.1| -59.1| 2.8
US
By Isabelle Lee, Peyton Forte and Carly Wanna
(Bloomberg) — US stocks dropped the most in two months and Treasury yields retreated after First Republic Bank’s disappointing earnings and potential assets sale rekindled worries that the banking crisis has not run its course.
The S&P 500 lost 1.6% Tuesday, with First Republic’s 49% plunge taking the lender’s shares to a record low.
Bloomberg News reported the troubled bank, which saw greater-than-expected withdrawals in the first quarter, is exploring divesting up to $100 billion of long-dated mortgages and securities as part of a
broader rescue plan.
The two-year Treasury yield tumbled to 3.94% as investors sought the safety of US government debt.
Meanwhile, tech stocks rallied in after-hours trading with Microsoft Corp. and Alphabet Inc. higher after better-than-expected earnings.
The Federal Reserve is still expected to raise interest rates by a quarter percentage point when it meets next week, though signs are mounting that the American economy is starting to sputter after a year of aggressive tightening.
Data Tuesday showed consumer confidence slipped, while two regional Fed manufacturing reports underwhelmed.
“US regional banks still face headwinds, and signs of stress in the system have not fully subsided,” Ken McAtamney, portfolio manager and head of William Blair’s Global Equity team, wrote.
But despite the instability in the financial sector, “the US Federal Reserve and global central banks remain vigilant in their fight against inflation.”
Among other US companies reporting earnings Tuesday:
* UBS Group AG slid after results fell short
* Spotify Technology SA rose 5.1% after adding subscribers
* 3M Co. was little changed after announcing a restructuring push
* General Electric Co. declined 1.7% after raising forecasts
* McDonald’s Corp. was little changed after beating sales estimates
* Danaher Corp. dropped 8.8% after lowering full-year guidance

“The sugar high from the Covid stimulus has ended. Now companies are having to contend with a more challenging economic environment following a big batch of Fed rate hikes,” Kelly Bogdanova, vice president and portfolio analyst at RBC Wealth Management, said in an interview. “From our perspective, we’re staring an earnings recession in the face.”
The market is now pricing a peak for US interest rates in June, followed by a cut to below 4.5% by year end.
The 10-year Treasury yield continued its slide to 3.40% — dipping well below its 200-day moving average.
“Investors need to spend a little more time using common sense … and adjust their portfolios to the reality that a soft landing in the economy this year is a pipe dream,” wrote Matt Maley, chief market strategist at Miller Tabak + Co, in a morning note.
There’s a growing consensus a recession is near, especially with signs of a credit crunch in results from First Republic and UBS, Maley said. “When was the last time a material contraction in credit did not result in a recession? The answer: Never!” he wrote.
A Bloomberg gauge of the dollar climbed.
The Stoxx Europe 600 index dropped 0.4%.
Oil fell, gold was little changed, iron ore extended a losing streak to a fifth day, and Bitcoin slid for a third day.
Key events this week:
* Australia CPI, Wednesday
* Sweden rate decision, Wednesday
* Eurozone economic, consumer confidence, Thursday
* US initial jobless claims, GDP, Thursday
* Bank of Japan meets on interest rates, Friday
* Euro-area GDP, Friday
* US personal income, Friday

Earnings highlights:
* Wednesday: Boeing, Meta, Hilton
* Thursday: Amazon, American Airlines, Intel, Mastercard, Southwest Airlines, Hershey, Honeywell, Barclays

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.9%
* The Dow Jones Industrial Average fell 1%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.7% to $1.0970
* The British pound fell 0.7% to $1.2403
* The Japanese yen rose 0.5% to 133.51 per dollar
Cryptocurrencies
* Bitcoin rose 0.6% to $27,626.28
* Ether fell 0.1% to $1,837.86
Bonds
* The yield on 10-year Treasuries declined 11 basis points to 3.38%
* Germany’s 10-year yield declined 12 basis points to 2.38%
* Britain’s 10-year yield declined nine basis points to 3.69%
Commodities
* West Texas Intermediate crude fell 2.2% to $77.05 a barrel
* Gold futures rose 0.5% to $2,009.20 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Emily Graffeo, Robert Brand, Tassia Sipahutar, Sujata Rao and Subrat Patnaik.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Adapt or perish, now as ever, is Nature’s inexorable imperative. -H.G. Wells, 1866-1946.

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

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

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