Category: Events

Dear Friends,

Tangents: Happy Friday.

February 4^th, 2004: Mark Zuckerberg launches Facebook from his Harvard dormitory room. BI: The Full Story of How Facebook was Founded » 

“Moonfall” premieres in US theaters today.  The movie is quite stellar. You’ll really enjoy this if you gravitate toward space disaster epics. 

MacKenzie Scott donates $133.5 million to educational non-profit.  Move aside Santa! Ms. Scott is coming to town… with millions of dollars in unsolicited donations.

A drawing bought for $30 at a yard sale has been valued at $10 million.  Maybe a treasure hunt at your neighbor’s next yard sale will make you a millionaire! Have hope!

Cat brains are shrinking, and it’s humans’ fault. (h/t Mike Smedley)

DaVinci’s screw-rotor design works on a drone.
PHOTOS OF THE DAY

Performers take part in the opening ceremony of the Beijing 2022 Winter Olympic Games at the National Stadium, known as the Bird’s Nest, in Beijing. The city once again hosted an opening ceremony for the Olympics and, like that for the Summer Games in 2008, it was directed by Zhang Yimou. The event was on a much smaller and more muted scale than that memorable occasion – with 3,000 people taking part as opposed to 15,000. The motto, in a Games inevitably affected by the Covid pandemic and mired with political controversy, was to be simple, safe and splendid.
CREDIT: Ben Stansall/AFP/Getty Images

Polar bears living in an abandoned weather station on Kolyuchin, an island in the Russian far east. Photographer Dmitry Kokh discovered the polar bears while on a trip to Wrangel Island, a Unesco-recognised nature reserve that serves as a refuge to the animals.
CREDIT: Dmitry Kokh

A resident looks at a group of Joaldunaks taking part in the traditional carnival between the Pyrenees villages of Ituren and Zubieta. The carnival has been cancelled due to Covid-19 for the last two years. This year it has returned as one of the most ancient carnival celebrations in Europe, with dozens of people donning sheepskins, lace petticoats, conical caps and cowbells as they parade to herald the advent of spring.
CREDIT: Álvaro Barrientos/AP

Market Closes for February 4^th, 2022

Market Index	Close	Change
Dow Jones	35089.74	-21.42
		-0.06%
S&P 500	4500.53	+23.09
		+0.52%
NASDAQ	14098.01	+219.19 +1.58%
TSX	21271.85	+177.84
		+0.84%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27439.99	+198.68
		+0.73%
HANG SENG	24573.29	+771.03
		+3.24
SENSEX	58644.82	-143.20
		-0.24%
FTSE 100*	7516.40	-12.44 -0.17%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.855	1.801
CND. 30 Year Bond	2.101	2.074
U.S.    10 Year Bond	1.9121	1.8306
U.S. 30 Year Bond	2.2108	2.1517

Currencies

BOC Close	Today	Previous
Canadian $	0.7834	0.7890
US $	1.2766	1.2674
Euro Rate 1 Euro=		Inverse
Canadian $	1.4618	0.6841
US $	1.1451	0.8733

Commodities

Gold	Close	Previous
London Gold Fix	1792.70	1803.65
Oil
WTI Crude Future	92.31	90.27

Market Commentary:
On this day in 1887, the Interstate Commerce Act was enacted, creating the U.S. Interstate Commerce Commission to regulate the conduct of private businesses acting in the public interest, such as railroads
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.8 percent at 21,271.85 in Toronto.
The move follows the previous session’s decrease of 1.3 percent.
Shopify Inc. contributed the most to the index gain, increasing 8.8 percent.
Hut 8 Mining Corp. had the largest increase, rising 13.0 percent.
Today, 167 of 241 shares rose, while 70 fell; 8 of 11 sectors were higher, led by information technology stocks.
Insights
* So far this week, the index rose 2.6 percent, heading for the biggest advance since the week ended March 12
* The index advanced 18 percent in the past 52 weeks. The MSCI AC Americas Index gained 14 percent in the same period
* The S&P/TSX Composite is 2.4 percent below its 52-week high on Nov. 16, 2021 and 18.6 percent above its low on Feb. 4, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19 on a trailing basis and 14.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.37t
* 30-day price volatility rose to 12.92 percent compared with 12.84 percent in the previous session and the average of 13.17 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 83.0884| 5.1| 12/4
* Financials | 38.1902| 0.5| 24/4
* Materials | 22.6283| 0.9| 43/11
* Energy | 19.3467| 0.6| 25/7
* Industrials | 7.4044| 0.3| 22/8
* Communication Services | 4.6405| 0.4| 5/2
* Health Care | 3.1552| 2.2| 7/1
* Consumer Discretionary | 1.5858| 0.2| 10/4
* Consumer Staples | -0.0011| 0.0| 2/9
* Real Estate | -1.0066| -0.2| 14/9
* Utilities | -1.1928| -0.1| 3/11
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 70.5400| 8.8| -9.9| -35.8
* Canadian Natural
* Resources | 11.0700| 2.1| -21.9| 27.8
* Constellation Software | 8.4390| 3.0| -23.6| -7.6
* Magna International | -1.5160| -0.8| -7.1| -0.8
* Open Text | -4.3030| -3.9| 56.5| -5.5
* Suncor Energy | -4.5920| -1.2| 25.1| 15.8

US
By Jennifer Bissell-Linsk and Vildana Hajric
(Bloomberg) — Treasuries fell after a strong U.S. jobs report increased bets of tighter monetary policy while U.S. stocks powered higher on bullish sentiment from Amazon.com Inc. earnings.
The yield on the U.S. 10-year note rose to 1.92% as traders gave roughly even odds to the chance the Federal Reserve will start to raise interest rates with a 50 basis point hike in March instead of a typical quarter point move.
The S&P 500 gained 0.5%, erasing an earlier loss, while the Nasdaq 100 added 1.3% with Amazon up 14% on a price increase for Prime memberships.
The dollar was stronger against major peers while still posting its worst weekly performance since 2020.
U.S. employers added more jobs than forecast last month, despite a surge in Covid-19 infections and related business closures.
Nonfarm payrolls gained more than all economists expected and average hourly earnings also rose 0.7% month over month.
“The jobs report blew away expectations across the board,” said Cliff Hodge, chief investment officer for Cornerstone Wealth. “The report is unequivocally good for the economy, but not for markets as the strength in the numbers presents another data point which supports more aggressively hawkish Fed action.”
It’s been a volatile week in markets as investors were jolted by weak numbers at U.S. tech giants including Facebook-owner Meta Platforms Inc., which wiped more than $250 billion from its market value on Thursday.
However, positive earnings from Amazon helped lift sentiment, with the online marketplace and tech company adding roughly $190 billion to its market capitalization.
“It seems like each day we wake up to, ‘Thank you sir, may I have another?’ as a few tech blowups drag down the overall market,” said Mike Bailey, director of research at FBB Capital Partners. “There is an interesting behavioral metric where one bad thing requires four to five good things to make up for it.”
Here’s what else Wall Street said Friday:
“Hopefully now that the week is coming to a close, we’re seeing that the economy is still strong based on this jobs report, that people can take a breath and really reassess what is the economic environment that we’re going into in the year ahead.” — Lindsey Bell, chief markets and money strategist at Ally
“The January employment report was strong overall, informs us that businesses are willing to look through the Omicron shock (which is actually news), and reinforces the case for the Fed tightening.” — Gerard MacDonell, analyst at 22V Research
“It was always going to be a surprise as far as the payrolls report was concerned, given the range of outcomes. And we got a positive surprise … The Fed is further and further behind and they’re going to have to catch up.” – Anastasia Amoroso, chief investment strategist at iCapital
“The data reinforces the case for hikes and QT and I think the 10-year should rise more, especially real rates. With the 10-year getting close to 2%, I worry about mortgage-backed securities convexity hedging and more bond fund outflows.” –Priya Misra, global head of rates strategy at TD Securities
“A better-than-expected jobs report only fuels the Fed’s fire to raise rates, and act quickly. While they’ve already signaled that the labor market is in a good place, there was potential for omicron to derail that progress — and that just doesn’t seem to be the case. So with the market typically unwelcoming of news that could accelerate the pace of action from the Fed, we could see some volatility.” — Mike Loewengart,
managing director of investment strategy at E*Trade from Morgan Stanley
Dip buyers have hoped a stronger earnings season would keep equities attractive and counter some concerns about rate hikes in the face of higher inflation.
Of the 272 companies in the S&P 500 that have reported results, 82% have met or beaten estimates, with profits coming in 8.8% above projected levels.
Still, signs of stubborn price pressures abound with the latest data showing U.S. gasoline prices at the highest in more than seven years.
Crude oil gained 2.2% in New York, extending a seven-year high, while banks including Goldman Sachs Group Inc. now forecast Brent will reach $100 a barrel.
Hawkish comments from European Central Bank President Christine Lagarde and a Bank of England interest-rate hike underlined risks from inflation.
While a selloff in the region’s bonds eased Friday, the mood in the stock market was sour with Europe’s Stoxx 600 falling 1.4%.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.3%
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro rose 0.1% to $1.1454
* The British pound fell 0.5% to $1.3530
* The Japanese yen fell 0.2% to 115.20 per dollar
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 1.92%
* Germany’s 10-year yield advanced six basis points to 0.21%
* Britain’s 10-year yield advanced four basis points to 1.41%
Commodities
* West Texas Intermediate crude rose 2.2% to $92.23 a barrel
* Gold futures rose 0.2% to $1,808.30 an ounce
–With assistance from Elaine Chen, Peyton Forte, Sunil Jagtiani and Srinivasan Sivabalan.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

Worry never robs tomorrow of its sorrow, it only saps today of its joy. –Leo Buscaglia, 1924-1998.

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.

February 3, 1994: The space shuttle Discovery blasted off with a woman, Air Force Lt. Col. Eileen Collins, in the pilot’s seat for the first time. Go to article »
1870: The Fifteenth Amendment to the Constitution of the United States was ratified, guaranteeing the right to vote regardless of race and intending to ensure, with the Fourteenth Amendment, the civil rights of former slaves.
1947: coldest North American temperature  -81 degrees Farenheit.
Gertrude Stein, writer, b. 1874.

2022 Rock & Roll Hall of Fame nominees announced.  Our favorite country queen Dolly Parton is one of several first-time nominees!

Starbucks has been raising prices, but customers apparently don’t mind.  You call it Starbucks, I call it a weekly necessity. That’s not changing.

Inside Gwyneth Paltrow’s serene California home.  This Oscar winner has an award-worthy home spa. Zen is an understatement

Scientists engineer new material that can absorb and release enormous amounts of energy. 

PHOTOS OF THE DAY

People take part in the Endiablada (demonic) festival in Cuenca during which 100 ‘devils’ dressed in vividly coloured costumes parade through the streets of the town, dedicating dances and jumps to the saints
CREDIT: Anadolu Agency/Getty Images

Colourful lanterns of sea creatures are displayed at the Kennedy Center as part of the Winter Lanterns show to celebrate the lunar new year
CREDIT: Alex Wong/Getty Images

Horticultural workers arrange floral displays for the Kew Orchid festival at the Royal Botanical Gardens. The festival runs from 5 February to 6 March
CREDIT: Neil Hall/EPA

Market Closes for February 3^rd, 2022

Market Index	Close	Change
Dow Jones	35111.16	-518.17
		-1.45%
S&P 500	4477.44	-111.94
		-2.44%
NASDAQ	13878.82	-538.73 -3.74%
TSX	21094.01	-268.35
		-1.26%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27241.31	-292.29
		-1.06%
HANG SENG	Market Closed	N.A.
		N.A.
SENSEX	58788.02	-770.31
		-1.29%
FTSE 100*	7528.84	-54.16 -0.71%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.801	1.758
CND. 30 Year Bond	2.074	2.041
U.S.    10 Year Bond	1.8306	1.7751
U.S. 30 Year Bond	2.1517	2.1083

Currencies

BOC Close	Today	Previous
Canadian $	0.7890	0.7888
US $	1.2674	1.2678
Euro Rate 1 Euro=		Inverse
Canadian $	1.4497	0.6898
US $	1.1438	0.8742

Commodities

Gold	Close	Previous
London Gold Fix	1803.65	1799.85
Oil
WTI Crude Future	90.27	88.26

Market Commentary:
On this day in 1964, a direct feed to the stock ticker at the New York Stock Exchange was extended overseas for the first time, as Switzerland got a real-time link to follow share prices in New York
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.3 percent at 21,094.01 in Toronto.
The move was the biggest since falling 2.1 percent on Jan. 21 and follows the previous session’s increase of 0.2 percent.
Today, information technology stocks led the market lower, as 10 of 11 sectors lost; 187 of 241 shares fell, while 53 rose.
Shopify Inc. contributed the most to the index decline, decreasing 8.4 percent.
Telus International CDA Inc. had the largest drop, falling 9.1 percent.
Insights
* In the past year, the index had a similar or greater loss seven times. The next day, it declined four times for an average 0.5 percent and advanced three times for an average 0.6 percent
* So far this week, the index rose 1.7 percent, heading for the biggest advance since the week ended Dec. 24
* The index advanced 18 percent in the past 52 weeks. The MSCI AC Americas Index gained 14 percent in the same period
* The S&P/TSX Composite is 3.2 percent below its 52-week high on Nov. 16, 2021 and 18.4 percent above its low on Feb. 3, 2021
* The S&P/TSX Composite is up 2.7 percent in the past 5 days and fell 0.6 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19 on a trailing basis and 14.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.41t
* 30-day price volatility fell to 12.84 percent compared with 13.32 percent in the previous session and the average of 13.19 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology| -107.3839| -6.2| 0/16
* Industrials | -51.7791| -2.1| 2/28
* Financials | -37.9890| -0.5| 6/22
* Materials | -26.7602| -1.1| 11/44
* Energy | -21.7586| -0.7| 13/19
* Consumer Discretionary| -10.6118| -1.4| 2/12
* Utilities | -5.4297| -0.6| 4/12
* Consumer Staples | -5.0821| -0.6| 4/7
* Real Estate | -4.8496| -0.8| 5/18
* Health Care | -4.2331| -2.8| 2/6
* Communication Services| 7.5260| 0.7| 4/3
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -73.7900| -8.4| 39.8| -41.0
* Brookfield Asset Management | -17.0200| -2.4| -40.6| -9.6
* Canadian Pacific | -15.1700| -2.6| -27.0| -0.9
* Franco-Nevada | 1.8750| 0.8| 4.2| -2.1
* Telus | 3.2670| 1.2| 18.2| 2.8
* BCE | 3.9890| 1.0| -10.8| 2.5

US
By Peyton Forte and Emily Graffeo
(Bloomberg) — The worst selloff in technology shares since fall 2020 sent U.S. equity indexes reeling, halting a four-day rebound.
The Nasdaq 100 shed 4.2% and the S&P 500 fell 2.4% as Facebook-owner Meta Platforms Inc. suffered a historic rout that wiped more than $250 billion from its value. Meanwhile, in post market trading Amazon.com Inc. rose more than 15% on an earnings beat, helping to lift index futures.
The declines came as investors also digested concerns about persistently high inflation from the European Central Bank with hawkish comments from Christine Lagarde.
The euro spiked higher along with European bond yields.
U.S. Treasuries followed the euro zone lower and the dollar fell.
“We got hit with a one-two punch today with the big drop in Facebook and the surprising news that the ECB has become more hawkish,” said Matt Maley, chief market strategist for Miller Tabak + Co.
“The stock market had rallied in the afternoon each of the last four days, so traders were hoping that could bail us out again. When the rally didn’t materialize, traders lost a lot of confidence.”
Weak numbers from U.S. tech giants including Spotify Technology SA jolted investors who had bet a strong earnings season would keep equities attractive and counter some of their lingering worries including tighter monetary policy.
Markets have swung sharply and stocks are nursing losses this year as officials pare stimulus to curb inflation.
In Europe, the Bank of England hiked its key rate and signaled it would start running down bond holdings.
Meanwhile, the ECB held its interest rates and said net buying under its emergency support program will end in March.
Lagarde said inflation would remain elevated for longer but the bank was getting “much closer” to its inflation target.
Germany’s two-year yield rose to a 2015 high.
The Stoxx Europe 600 fell below its 100-day moving average.
“As markets focus closely on large, developed-market monetary policy stances — and investor sentiment around the globe shifts — economic activity data releases will be key,” said Marilyn Watson, head of global fundamental fixed income strategy at BlackRock.
Growth in the U.S. services sector pulled back in January to the slowest pace in nearly a year.
Meanwhile, U.S. initial jobless claims fell more than expected last week to 238,000 ahead of data on payrolls Friday.
“Tomorrow’s jobs report is a reminder that expectations for Fed policy are the key influence on this market right now, and if economic data, especially inflation data, comes in ‘too hot’ then that will rekindle hawkish Fed concerns like in January, and we would expect at least a partial return of the January volatility,” wrote Tom Essaye, a former Merrill Lynch trader who founded “The Sevens Report” newsletter. “Bottom line, Fed policy still very much matters to this market.”
What to watch this week:
* U.S. payrolls report for January, Friday
* Winter Olympics kick off in China, Russia’s President Vladimir Putin due to attend opening ceremony, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 2.4% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 4.2%
* The Dow Jones Industrial Average fell 1.5%
* The MSCI World index fell 1.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 1.1% to $1.1431
* The British pound rose 0.1% to $1.3595
* The Japanese yen fell 0.4% to 114.94 per dollar
Bonds
* The yield on 10-year Treasuries advanced five basis points to 1.83%
* Germany’s 10-year yield advanced 10 basis points to 0.14%
* Britain’s 10-year yield advanced 11 basis points to 1.37%
Commodities
* West Texas Intermediate crude rose 2.1% to $90.11 a barrel
* Gold futures fell 0.2% to $1,806.80 an ounce
–With assistance from Vildana Hajric and Elaine Chen.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

I learned that courage was not the absence of fear, but the triumph over it.  The brave man is not he who does not feel afraid,
but he who conquers that fear. –Nelson Mandela, 1918-2013.

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: Groundhog Day – 6 more weeks of winter!

On February 2, 1943, the remainder of Nazi forces from the Battle of Stalingrad surrendered in a major victory for the Soviets in World War II.  Go to article ».

February 2, 1990: South African President F.W. de Klerk lifts the 30-year ban on the African National Congress, resulting in the release from prison of Nelson Mandela and marking the beginning of the end of apartheid.

 

February 2^nd: Candlemas Day- in Roman Catholic churches all the candles that will be needed in the church throughout the year are consecrated on this day.  The ancient Romans had a custom of burning candles to scare away evil spirits.

 

Jeff Bezos’s superyacht requires a bridge be dismantled for delivery.

   

PHOTOS OF THE DAY

Groundhog handler AJ Dereume with Punxsutawney Phil during the 136th celebration of Groundhog Day at Gobbler’s Knob in Punxsutawney. The groundhog has forecast six more weeks of winter

Photograph: Jeff Swensen/Getty ImagesA flamingo at Gediz Delta, one of Turkey’s largest wetlands and home to about 300 bird species, that is on its way to becoming a Unesco world heritage site

Photograph: Lokman Ilhan/Anadolu Agency/Getty Images

A young boy dressed in traditional Tamang dress plays with pigeons as Sonam Lhosar (the new year festival) is observed

Photograph: Amit Machamasi/Zuma/ Rex/Shutterstock

Market Closes for February 2, 2022

 

Market Index	Close	Change
Dow Jones	35629.33	+224.09
		+0.63%
S&P 500	4589.38	+42.84
		+0.94%
NASDAQ	14417.55	+71.55   +0.50%
TSX	21362.36	+42.44
		+0.20%

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27533.60	+455.12
		+1.68%
HANG SENG	MARKET CLOSE	N.A.
		N.A.
SENSEX	59558.33	+695.76
		+1.18%
FTSE 100*	7583.00	+47.22   +0.63%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.758	1.792
CND. 30 Year Bond	2.041	2.069
U.S.    10 Year Bond	1.7751	1.7875
U.S. 30 Year Bond	2.1083	2.1090

Currencies

BOC Close	Today	Previous
Canadian $	0.7888	0.7883
US $	1.2678	1.2686
Euro Rate 1 Euro=		Inverse
Canadian $	1.4329	0.6979
US $	1.1302	0.8848

Commodities

Gold	Close	Previous
London Gold Fix	1799.85	1795.25
Oil
WTI Crude Future	88.26	88.20

Market Commentary:

On this day in 1848, for $15 million, the U.S. purchased the entire territories of Arizona, California, New Mexico and Texas, along with parts of Colorado, Nevada and Utah, from Mexico under the Treaty of Guadalupe Hidalgo. The U.S. as a result stretched “from sea to shining sea.”

Canada

By Bloomberg Automation
     (Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.2 percent, or 42.44 to 21,362.36 in Toronto.

The index advanced to the highest closing level since Jan. 17.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.6 percent.

Birchcliff Energy Ltd. had the largest increase, rising 5.5 percent.
Today, 128 of 241 shares rose, while 109 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* The index advanced 20 percent in the past 52 weeks. The MSCI AC Americas Index gained 17 percent in the same period
* The S&P/TSX Composite is 2 percent below its 52-week high on Nov. 16, 2021 and 20.3 percent above its low on Feb. 2, 2021
* The S&P/TSX Composite is up 3.7 percent in the past 5 days and rose 0.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 14.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.41t
* 30-day price volatility fell to 13.32 percent compared with 13.73 percent in the previous session and the average of 13.20 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 59.5566| 0.8| 18/10
Energy | 26.1308| 0.8| 20/11
Industrials | 23.3544| 0.9| 14/16
Consumer Staples | 10.7085| 1.4| 10/1
Communication Services| 9.0121| 0.9| 6/0
Materials | 7.2932| 0.3| 23/30
Utilities | 4.4352| 0.5| 9/7
Real Estate | 3.3576| 0.5| 18/6
Consumer Discretionary| 3.1523| 0.4| 6/8
Health Care | -2.9466| -1.9| 1/7
Information Technology| -101.5941| -5.6| 3/13
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | 20.8800| 1.6| -30.9| 8.4
Bank of Montreal | 12.2700| 1.9| 17.2| 8.9
Canadian Pacific | 11.7300| 2.0| -16.2| 1.7
Dye & Durham | -2.2490| -14.5| 313.7| -30.5
Lightspeed Commerce Inc | -2.9170| -7.3| 47.9| -20.2
Shopify | -97.5900| -10.0| 46.3| -35.6

US

By Vildana Hajric and Peyton Forte
     (Bloomberg) — A slew of disappointing tech earnings after regular trading ended overshadowed what will go down as the biggest four-day rally for U.S. stocks since November 2020. 
Dip buyers who powered the Nasdaq 100 to a 8% rally since Thursday got a gut check in late trading, when the biggest exchange-traded fund that tracks the index lost 1.8% as of 4:25 p.m. in New York.

The main culprit was Meta Platforms Inc., which sank more than 20% after the Facebook parent’s forecast fell short of estimates.

A loss of that much would wipe out about $180 billion in market value from the stock.
Spotify Technology SA also sank almost 20% on its results, while chipmaker Qualcomm Inc. lost 4%.

Other tech shares that had been rebounding from a weak January got caught in the downdraft.

Tesla Inc. was lower by almost 2% and Cathie Wood’s flagship ETF lost nearly 4%.
The poor earnings marked an about-face from 24 hours earlier when Alphabet Inc. and Advanced Micro Devices Inc. delivered strong results that powered stocks higher during Wednesday’s cash session. 
It’s been a volatile start to the year with investors swinging between concerns over Federal Reserve tightening and confidence in the economic recovery.

A robust earnings outlook is helping to ease the uncertainty, at least for the moment.
However, many dangers, including stubborn inflation, geopolitical risks and pandemic flare-ups still lingers in the background.
“We are seeing writ large the market tug-of-war between the reality of a changing monetary backdrop and what that means for multiples — and eventually economic growth — and what’s still good earnings growth,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group.
The latest Fed commentary hinted at a calibrated approach to raising interest rates to fight high inflation, soothing some concerns the economy might take a hit from tighter monetary policy.

None of six Fed officials speaking so far this week have backed the idea of a half-point rate increase in March, and the most aggressive, James Bullard, president of the St. Louis Fed, said five hikes — one more than every quarter — is “not too bad a bet.”

Treasury yields dipped and the dollar was weaker.
“Fed officials backing away from a 50bp hike is important because it suggests the Fed will not aggressively offset a near-term economic rebound,” wrote Dennis DeBusschere, founder of 22V Research. “If true, that would favor a significant reversal in cyclicals, higher real yields, and reopening stock performance.”
ADP data ahead of Friday’s jobs report showed employment at U.S. companies contracted in January by the most since the early days of the pandemic with the spike omicron cases.

Poor job numbers could urge the Fed to reconsider aggressive rate hikes.
However, a dip in employment is not unexpected with government officials warning of the possibility in recent days.
“It was a weak number versus surveys, but not a cause for concern for the Fed in their hiking plans,” said Adam Shakoor, portfolio manager at Columbia Threadneedle Investments. “The Fed has already telegraphed the labor market as tight and near maximum employment at the end of 2021, so we should expect to see some deceleration in these figures play out in 2022.”

What to watch this week:
* Earnings are due from Amazon, Ford Motor, Meta Platforms, Qualcomm, Spotify
* Bank of England, European Central Bank rate decisions, Thursday
* Fed Board of Governors confirmation hearing, Thursday
* U.S. factory orders, initial jobless claims, durable goods, Thursday
* U.S. payrolls report for January, Friday
* Winter Olympics kick off in China, Russia’s President Vladimir Putin due to attend opening ceremony, Friday

Some of the main moves in markets:

Stocks
* The S&P 500 rose 0.9% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.8%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World index rose 0.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.3% to $1.1305
* The British pound rose 0.4% to $1.3571
* The Japanese yen rose 0.2% to 114.46 per dollar
Bonds
* The yield on 10-year Treasuries declined one basis point to 1.78%
* Germany’s 10-year yield was little changed at 0.04%
* Britain’s 10-year yield declined four basis points to 1.26%
Commodities
* West Texas Intermediate crude rose 0.1% to $88.32 a barrel
* Gold futures rose 0.3% to $1,807 an ounce
–With assistance from Srinivasan Sivabalan and Sunil Jagtiani.

Have a lovely evening.

 

Be magnificent!

 

As ever,

 

Carolann

 

You have enemies?  Good.  That means you’ve stood up for something, sometime in your life. –Winston Churchill, 1864-1965.

 

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 Lunar New Year – the Year of the Tiger.

February: The month of purification among the ancient Romans (Latin: februum, purgation).  The Dutch used to call the month Spokkel-maand, “vegetation month”. 
The Anglo-Saxons knew it as  Salmōnath, “mud month.”  In the French Revolutionary calendar its equivalent, from 21 January to 19 February , was Pluviôse.

February 1, 2017: British MPs vote in favour of the European Union Bill, allowing the government to begin the Brexit process.  MPs backed the government’s European Union Bill, supported by the Labour leadership, by 498 votes to 114.  But the SNP, Plaid Cymru and the Liberal Democrats opposed the bill, while 47 Labour MPs and Tory ex-chancellor Ken Clarke rebelled.

Record-breaking mega-flash lightning.  Imagine seeing a huge 17-second-long lightning flash. Would you stare, run or hide?

See what it’s like to fly into Beijing’s Olympic ‘bubble’.  Beijing isn’t playing games when it comes to Covid-19. All of the airport workers are wearing hazmat suits.

Thailand braces for a tourist rush with quarantine-free visas.

Tomorrow is the second day of the second month of ‘22. Learn more here.

“Groundhog Day” is more than just a movie, it’s a religion.

The Late Night Hosts weighed in on Trump’s weekend rally in Texas:

“While the Jan. 6 select committee continues to look for the cause of the Capitol riot, the cause admitted to everything and threatened to do it again.” — STEPHEN COLBERT

“If it had been him instead of O.J., the quote would have been ‘The gloves don’t fit, but you don’t need gloves to stab a guy.’” — SETH MEYERS

“What a weird platform to run on for president: ‘I will pardon violent criminals.’” — STEPHEN COLBERT

“There’s no better way to announce a presidential run than to say, ‘I’ll empty the jails!’” — JIMMY FALLON

PHOTOS OF THE DAY

Lorries queue for the Port of Dover in Kent, as the Dover Tap (traffic access protocol) is enforced because of the high volume of lorries waiting to cross the Channel
CREDIT: Gareth Fuller/PA

The country’s longest staircase, 1,200 metres long with 1,683 steps, is illuminated on the Torgashinsky mountain ridge outside Krasnoyarsk in central Siberia
CREDIT: Anadolu Agency/Getty Images

Fishing boats are docked for the Chinese New Year in Liaoning province
CREDIT: VCG/Getty Images

Market Closes for February 1, 2022

Market Index	Close	Change
Dow Jones	35405.24	+273.38
		+0.78%
S&P 500	4546.54	+30.99
		+0.69%
NASDAQ	14346.00	+106.12 +0.75%
TSX	21319.92	+221.63
		+1.05%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27078.48	+76.50
		+0.28%
HANG SENG	23802.26	+252.18
		+1.07%
SENSEX	58862.57	+848.40
		+1.46%
FTSE 100*	7535.78	+71.41 +0.96%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.792	1.771
CND. 30 Year Bond	2.069	2.046
U.S.    10 Year Bond	1.7875	1.7767
U.S. 30 Year Bond	2.1090	2.1075

Currencies

BOC Close	Today	Previous
Canadian $	0.7883	0.7868
US $	1.2686	1.2709
Euro Rate 1 Euro=		Inverse
Canadian $	1.4299	0.6993
US $	1.1271	0.8872

Commodities

Gold	Close	Previous
London Gold Fix	1795.25	1788.15
Oil
WTI Crude Future	88.20	88.15

Market Commentary:
On this day in 1869, the New York Stock Exchange required listed companies to register their securities to prevent “watered stock,” or the manipulated over-issuance of shares by insiders.
Canada
By Geoffrey Morgan
(Bloomberg) — Cannabis stocks rallied Tuesday on a fresh legalization push in the U.S., and helped take the Canadian market higher.
The S&P/TSX Composite rose for a third day, climbing 1.1%, or 221.63 to 21,319.92 in Toronto.
The index advanced to the highest closing level since Jan. 17.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.7%.
Spin Master Corp. had the largest percentage increase, rising 12.7%.
Today, 184 of 241 shares rose, while 55 fell; 9 of 11 sectors were higher, led by financial stocks.
Insights
* In the past year, the index had a similar or greater gain 15 times. The next day, it advanced 11 times for an average 0.7% and declined four times for an average 0.5%
* The index advanced 21% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is 2.2% below its 52-week high on Nov. 16, 2021 and 21.9% above its low on Feb. 1, 2021
* The S&P/TSX Composite is up 3.5% in the past 5 days and rose 0.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.2 on a trailing basis and 14.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.38t
* 30-day price volatility rose to 13.73% compared with 13.41% in the previous session and the average of 13.20% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 69.3440| 1.0| 25/3
* Energy | 57.8668| 1.8| 31/1
* Materials | 40.7250| 1.7| 46/9
* Information Technology | 22.9778| 1.3| 11/5
* Industrials | 12.9941| 0.5| 23/6
* Consumer Staples | 10.3673| 1.3| 7/4
* Consumer Discretionary | 7.3014| 1.0| 12/2
* Health Care | 3.8914| 2.6| 6/2
* Real Estate | 2.2220| 0.4| 14/9
* Communication Services | -1.4923| -0.1| 4/3
* Utilities | -4.5541| -0.5| 5/11
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* TD Bank | 21.1300| 1.7| -50.4| 6.7
* Shopify | 16.1100| 1.7| -2.4| -28.4
* Suncor Energy | 16.0700| 4.4| -21.8| 19.8
* Canadian Pacific | -1.6570| -0.3| -7.3| -0.3
* Fortis | -2.6270| -1.3| -29.7| -2.4
* TC Energy | -8.2610| -1.9| -13.4| 9.5

US
By Vildana Hajric and Emily Graffeo
(Bloomberg) — U.S. stocks added to their best three-day rally since 2020, as investors bid up companies that benefit from a strong economy amid speculation the Federal Reserve won’t derail growth as it fights inflation.
The S&P 500 rallied into the close of trading, led by gains in energy producers and banks, while the tech-heavy Nasdaq 100 also advanced.
Treasury yields rose and the dollar was weaker.
With the gains, the S&P 500 has now surpassed the midpoint of last month’s peak-to-trough decline, indicating to some chartists a full recovery may be underway.
Earlier in the session, equities had struggled for direction as solid economic data rekindled nerves over the pace of the Federal Reserve’s pivot to more restrictive policy.
Data on job openings and manufacturing showed a resilient economy that the Fed is trying to cool after inflation spiked to the highest in four decades.
However, bank officials have indicated they are aware of the threat to stifling growth.
“It feels like we are starting February with an uneasy truce between buyers and sellers, following the brutal correction we had last month,” said Mike Bailey, director of research at FBB Capital Partners. “Looking ahead, my sense is investors see Jay Powell as having his foot a few inches away from the brakes. Will the market get a gentle tap? Or will the Fed slam on the brakes?”
Waves of volatility have swept across markets after Powell, chairman of the Fed, signaled swifter monetary-policy tightening than many expected.
However, regional Fed presidents Mary Daly and Esther George have expressed caution over faster-than-necessary tightening.
The comments still indicated “that tightening needs to be done, but there was a suggestion that it would be better to run down the balance sheet more quickly rather than hiking rates rapidly,” Fiona Cincotta, senior financial markets analyst at City Index, said by phone. “That’s pushing back on this idea of rapid increases in interest rates.”
Meanwhile, corporate earnings are also providing equities some support, with Alphabet Inc. due to report after markets close.
Exxon Mobil Corp. posted its highest earnings in eight years on aggressive spending cuts. United Parcel Service Inc. projected annual sales above expectations.
And UBS Group AG boosted its buyback program after an earnings beat.
“I don’t think it’s a coincidence that the market has started to stabilize as we start to get into earnings season,” said Giorgio Caputo, senior fund manager of the JOHCM Global Income Builder fund. “You’ve had strong reports from companies like Microsoft and Apple, which are in many ways, bellwethers for the economy of the moment and the parts of the economy that are growing.”
Dennis DeBusschere, founder of 22V Research, added: “Fed tightening is still the path forward. But a short term rebound in equities will continue — led by growth and cyclicals – as investors focus on a narrative of ‘peak tightening’ ahead of what is likely to be a weak payroll report.”
What to watch this week:
* Earnings are due from Amazon, Ford Motor, Meta Platforms, Qualcomm, Sony, Spotify
* OPEC+ meeting on output, Wednesday
* Euro zone CPI, Wednesday
* Bank of England, European Central Bank rate decisions, Thursday
* Fed Board of Governors confirmation hearing, Thursday
* U.S. factory orders, initial jobless claims, durable goods, Thursday
* U.S. payrolls report for January, Friday
* Winter Olympics kick off in China, Russia’s President Vladimir Putin due to attend opening ceremony, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average rose 0.8%
* The MSCI World index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.3% to $1.1269
* The British pound rose 0.6% to $1.3523
* The Japanese yen rose 0.4% to 114.69 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.80%
* Germany’s 10-year yield advanced three basis points to 0.04%
* Britain’s 10-year yield was little changed at 1.30%
Commodities
* West Texas Intermediate crude rose 0.3% to $88.39 a barrel
* Gold futures rose 0.3% to $1,801.20 an ounce
–With assistance from Lu Wang, Srinivasan Sivabalan, Peyton Forte and Sunil Jagtiani.

Have a lovely evening.

Be magnificent!

As ever,

Carolann

You will never do anything in this world without courage.  It is the greatest quality of the mind next to honor. –Aristotle, 384 BC-322 BC.

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

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

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

Dear Friends,

Tangents: Happy Monday and last day of January.

On Jan. 31, 1865, the House of Representatives passed a constitutional amendment to abolish slavery. Go to article »
January 31, 1606: British provocateur Guy Fawkes, one of the Gunpowder Plot conspirators, who sought to blow up Parliament and to assassinate King James I for his repression of Roman Catholicism, is executed in London.
1958: Explorer I Space Satellite launched.
Franz Schubert, composer, b. 1797.
 
Tonga eruption was so intense, it caused the atmosphere to ring like a bell. 

Cold weather in Miami is causing a lot of falling iguanas.  Don’t worry! They may look lifeless for now, but these reptiles usually rejuvenate when it gets warm again. 

Learn about the first 3 billion years of life on our planet.  This paleontologist can help answer all your questions!

Our brains keep us 15 seconds in the past. (h/t Ellen Kominers)

The internet is totally different with ad blockers.

PHOTOS OF THE DAY

Thousands of starlings take wing at dawn. The birds fly west, leaving the city, and come back at sunset to sleep in parks and trees
CREDIT: Javier Belver/EPA

People walk past lantern decorations in Chinatown on lunar new year’s eve
CREDIT: Kim Kyung-Hoon/Reuters

Families enjoy the snow in Prospect Park, Brooklyn, after a powerful storm
CREDIT: Deccio Serrano/NurPhoto/Rex/Shutterstock

Market Closes for January 31^st, 2022

Market Index	Close	Change
Dow Jones	35131.86	+406.39
		+1.17%
S&P 500	4515.55	+83.70
		+1.89%
NASDAQ	14239.88	+469.31 +3.41%
TSX	21098.29	+356.54
		+1.72%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27001.98	+284.64
		+1.07%
HANG SENG	23802.29	+252.18
		+1.07%
SENSEX	58014.17	+813.94
		+1.42%
FTSE 100*	7464.37	-1.70 -0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.771	1.760
CND. 30 Year Bond	2.046	1.999
U.S.    10 Year Bond	1.7767	1.7695
U.S. 30 Year Bond	2.1075	2.0740

Currencies

BOC Close	Today	Previous
Canadian $	0.7868	0.7827
US $	1.2709	1.2776
Euro Rate 1 Euro=		Inverse
Canadian $	1.4276	0.7005
US $	1.1232	0.8903

Commodities

Gold	Close	Previous
London Gold Fix	1788.15	1806.75
Oil
WTI Crude Future	88.15	86.82

Market Commentary:
On this day in 1940, the first monthly Social Security check was issued to Ida May Fuller, a 65-year-old retired legal secretary in Ludlow, Vt. Because Social Security launched only three years before she retired, Ms. Fuller had paid a cumulative total of only $24.75 in Social Security taxes. But her initial monthly check was $22.54—and, by the time she died in 1975 at the age of 100, she had collected a total of $22,888.92 in benefits, nearly 1,000 times what she paid in. 
Canada
By Geoffrey Morgan
(Bloomberg) — Shopify Inc. rallied 10.1% Monday to post its biggest one-day gain since early November and led all Canadian tech stocks higher.
The S&P/TSX Composite rose for the second day, climbing 1.7%, or 356.54 to 21,098.29 in Toronto.
The move was the most since rising 1.9% on Dec. 21.
Today, information technology stocks rose 7.2% and led the market higher, as 10 of 11 sectors gained; 209 of 241 shares rose, while 31 fell.
Ballard Power Systems Inc. had the largest increase, rising 12.9%.
Insights
* In the past year, the index had a similar or greater gain two times. The next day, it advanced after both occasions
* This month, the index fell 0.6%
* The index advanced 22% in the past 52 weeks. The MSCI AC Americas Index gained 19% in the same period
* The S&P/TSX Composite is 3.2% below its 52-week high on Nov. 16, 2021 and 22% above its low on Jan. 29, 2021
* The S&P/TSX Composite is up 2.6% in the past 5 days and fell 0.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19 on a trailing basis and 14.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.32t
* 30-day price volatility rose to 13.41% compared with 12.41% in the previous session and the average of 13.28% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 121.4340| 7.2| 15/1
* Financials | 90.7244| 1.3| 27/1
* Materials | 44.4440| 1.9| 45/10
* Energy | 28.4219| 0.9| 27/5
* Industrials | 21.7580| 0.9| 25/4
* Consumer Discretionary | 16.4150| 2.2| 13/1
* Consumer Staples | 11.3761| 1.5| 10/1
* Utilities | 10.9441| 1.2| 16/0
* Real Estate | 6.0761| 1.0| 19/5
* Health Care | 5.7784| 4.1| 8/0
* Communication Services | -0.8251| -0.1| 4/3
================================================================
| | |Volume VS| YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move|% Change | (%) | (%)
================================================================
* Shopify | 88.0400| 10.1| 48.5| -29.6
* Brookfield Asset Management | 21.0300| 3.1| 57.2| -8.4
* TD Bank | 20.0000| 1.6| -37.0| 5.0
* Rogers Communications | -1.6100| -1.0| 16.7| 7.0
* Canadian Natural Resources | -2.5050| -0.5| -13.9| 21.0
* Canadian Pacific | -8.4760| -1.4| 17.7| 0.0

US
By Vildana Hajric and Emily Graffeo
(Bloomberg) — U.S. equities ended a volatile month with a rally Monday as dip buyers emerged from last week’s jitters on central bank policy.
The S&P 500 rose 1.9% while the tech-heavy Nasdaq 100 added 3.3%, securing the best two-day rallies the indexes have seen since April and November 2020, respectively.
Traders were braced for instability following the stock market’s swings in and out of a correction after hawkish commentary from the Federal Reserve on Wednesday.
Instead, it was a slow march higher as traders increase their bets the Fed will begin successive rate hikes in March.
The dollar was weaker while Treasury yields rose.
“Until the market and the Fed stop leapfrogging each other in terms of interest rate expectations, the market will stay volatile,” wrote Deutsche Bank strategist Jim Reid, adding he wouldn’t be surprised by a swing in late trading.
The Nasdaq 100 has already recovered 6.6% from a low on Thursday, which can partly be explained by some short covering with traders buying back shares of the richly-valued tech stocks they previously bet against.
Short interest as a percentage of float for constituents in the index reached a roughly nine-month high earlier this month, according to a note from Wells Fargo.
That “provides fuel for a short covering rally,” said Christopher Harvey, head of the bank’s equity strategy.
There remains speculation over whether the fed funds rate might increase 25 or 50 basis points at the start of the Fed’s tightening cycle.
Yet, Michael O’Rourke, chief market strategist  at Jones trading Institutional Services, said it didn’t matter.
“Debating between 25 and 50 basis point for March is the equivalent to deciding between using a cup or a bucket to start emptying a swimming pool. One is larger than the other, but the difference is negligible relative to the task,” he said.
This week a flurry of companies from Alphabet Inc. to Exxon Mobil Corp. are expected to report financial results, potentially adding to the market’s volatility.
So far this quarter the stellar run of corporate profitability has continued. Of the 172 S&P 500 companies that have posted results so far, 81% have met or exceeded expectations, and profits have come in about 5% above the levels predicted.
“Equities are right now in a tug-of-war between better economy, better fundamentals and tighter money supply,” Troy Gayeski, chief market strategist at FS Investments, said by phone.
“You’re going to have to deal with market angst but the good news is the economy is on very firm footing and it would take another major exogenous shock, like a pandemic, or some type of major geopolitical situation” to really disrupt the economy and cause a recession, he added.
The MSCI World Index ended January with its worst monthly performance since March 2020.
Brent crude posted its best January in at least 30 years, with some predicting prices will surpass $100 a barrel.
And Bitcoin traded around $38,400, paring back a drop of almost 20% since the start of 2022. 
What to watch this week:
* Earnings are due from Alphabet, Amazon, Exxon Mobil, Ford Motor, Meta Platforms, Qualcomm, Sony, Spotify, UBS Group
* Reserve Bank of Australia rate decision, Tuesday
* Manufacturing PMIs, including euro zone, Tuesday
* OPEC+ meeting on output, Wednesday
* Euro zone CPI, Wednesday
* Bank of England, European Central Bank rate decisions, Thursday
* Fed Board of Governors confirmation hearing, Thursday
* U.S. factory orders, initial jobless claims, durable goods, Thursday
* U.S. payrolls report for January, Friday
* Winter Olympics kick off in China, Russia’s President Vladimir Putin due to attend opening ceremony, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.9% as of 4:01 p.m. New York time
* The Nasdaq 100 rose 3.3%
* The Dow Jones Industrial Average rose 1.2%
* The MSCI World index rose 1.8%
Currencies
* The Bloomberg Dollar Spot Index fell 0.6%
* The euro rose 0.7% to $1.1233
* The British pound rose 0.3% to $1.3447
* The Japanese yen rose 0.2% to 115.07 per dollar
Bonds
* The yield on 10-year Treasuries advanced one basis point to1.78%
* Germany’s 10-year yield advanced six basis points to 0.01%
* Britain’s 10-year yield advanced six basis points to 1.30%
Commodities
* West Texas Intermediate crude rose 1.7% to $88.33 a barrel
* Gold futures rose 0.7% to $1,799.40 an ounce
–With assistance from Srinivasan Sivabalan, Joanna Ossinger, Cormac Mullen and Sunil Jagtiani.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

The best form of saying is being. –Che Guevara, 1928-1967.

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

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

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

Dear Friends,

Tangents: Happy Friday.
On Jan. 28, 1986, space shuttle Challenger exploded 73 seconds after liftoff from Cape Canaveral, killing all seven crew members.  Go to article »

The Poem:

At Last There is Yesterday
-by Wang Yin, translated by Andrea Lingenfelter

at last there is yesterday
at last there is fury
dreams now have a core
revolution resembles something like normal life at last
this day and last night are buried together entwined at last

youth gone from this world
the idea of youth gone from this world
the horn of the storm looks like a tilted cup
evening’s mirror no longer sketches me as ghost
a world washes clean is useless to me
silent stones, my teachers
those gentle talents
who comply with the fate arranged for them b
owing to this angry prophecy
setting out on a journey they will never complete

I, we, this mutable era of ours
each star follows its own god
as it turns its head.

PHOTOS OF THE DAY

Vehicles including a Port Authority bus are left stranded after a bridge collapsed along Forbes Avenue in Pittsburgh. At least 10 people were reportedly injured in the early-morning collapse, hours ahead of a scheduled visit by President Joe Biden to promote his infrastructure plan.
CREDIT: Jeff Swensen/Getty Images

Shetlanders in Viking costumes celebrate the annual Up Helly Aa festival. Their torch-lit march through Glasgow marked the opening of the Celtic Connections music festival. Performances are taking place in person this year after Covid restrictions were eased.
CREDIT: Jane Barlow/PA

A person walks behind the gate of the Sachsenhausen Nazi death camp with the phrase ‘Arbeit macht frei’ (work sets you free) in Oranienburg. This week marked the International Holocaust Remembrance Day on the day that the Auschwitz Nazi death camp was liberated, 27 January 1945.
CREDIT: Markus Schreiber/AP|

Market Closes for January 28^th, 2022

Market Index	Close	Change
Dow Jones	34725.47	+564.69
		+1.65%
S&P 500	4431.85	+105.34
		+2.43%
NASDAQ	13770.57	+417.79 +3.13%
TSX	20741.75	+197.64
		+0.96%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26717.34	+547.04
		+2.09%
HANG SENG	23550.08	-256.92
		-1.08%
SENSEX	57200.23	-76.71
		-0.13%
FTSE 100*	7466.07	-88.24 -1.17%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.760	1.776
CND. 30 Year Bond	1.999	1.998
U.S.    10 Year Bond	1.7695	1.7994
U.S. 30 Year Bond	2.0740	2.0870

Currencies

BOC Close	Today	Previous
Canadian $	0.7827	0.7848
US $	1.2776	1.2742
Euro Rate 1 Euro=		Inverse
Canadian $	1.4244	0.7020
US $	1.1149	0.8969

Commodities

Gold	Close	Previous
London Gold Fix	1806.75	1835.95
Oil
WTI Crude Future	86.82	86.61

Market Commentary:
On this day in 1905, Luther George Simjian, the inventor of the automatic teller machine (ATM), was born in Ainteb, Turkey.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities rallied to cap off a week of volatility as 10 out of 11 sectors climbed.
The S&P/TSX Composite rose 1% to 20,741.75 in Toronto.
The move was the biggest since rising 1.9% on Dec. 21 and follows the previous session’s decrease of 0.3%.
Today, information technology stocks led the market higher; 186 of 241 shares rose, while 50 fell.
Shopify Inc. contributed the most to the index gain, increasing 7.1%.
Hut 8 Mining Corp. had the largest increase, rising 8%
Insights
* In the past year, the index had a similar or greater gain 19 times. The next day, it advanced 12 times for an average 0.6% and declined seven times for an average 0.6%
* This month, the index fell 2.3%
* So far this week, the index rose 0.6%
* The index advanced 17% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 4.8% below its 52-week high on Nov. 16, 2021 and 19.9% above its low on Jan. 29, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.7 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.29t
* 30-day price volatility rose to 12.41% compared with 12.19% in the previous session and the average of 13.47% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 87.2314| 5.5| 16/0
* Financials | 26.2399| 0.4| 20/6
* Energy | 25.8460| 0.8| 25/7
* Industrials | 18.6709| 0.8| 27/3
* Communication Services | 13.9693| 1.4| 7/0
* Consumer Staples | 9.1495| 1.2| 11/0
* Real Estate | 7.7300| 1.3| 24/0
* Utilities | 7.2588| 0.8| 12/4
* Consumer Discretionary | 6.3979| 0.9| 11/2
* Health Care | 5.1893| 3.8| 8/0
* Materials | -10.0326| -0.4| 25/28
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 57.6300| 7.1| 6.6| -36.0
* Brookfield Asset Management | 12.5200| 1.9| 6.3| -11.1
* Royal Bank of Canada | 10.2600| 0.7| 28.9| 6.7
* Teck Resources | -4.6830| -3.6| 76.5| 7.7
* TD Bank | -6.0010| -0.5| -57.8| 3.3
* Canadian Pacific | -9.8780| -1.7| 70.1| 1.4

US
By Rita Nazareth
(Bloomberg) — Stocks rallied at the end of a week marked by intense gyrations as strong earnings from Apple Inc. lured dip buyers, overshadowing fears that the Federal Reserve will have to act aggressively to thwart the fastest inflation since the 1980s.
The S&P 500 notched its biggest rally since June 2020, erasing its weekly losses.
The tech-heavy Nasdaq 100 — which is still set for its worst month since 2008 — jumped more than 3%.
The iPhone maker soared on results that sailed past Wall Street estimates, marking a victory against a supply-chain crunch fueled by the pandemic.
Bitcoin rallied.
“Given recent volatility, there is a hope corporate earnings can stabilize markets,” said Lindsey Bell, chief markets and money strategist at Ally. “Investors hope that market fundamentals, like earnings results, can shift the focus away from fears of central bank policy changes and inflation. It might take a lot of good news to change the tone on Wall Street, though.”
Markets have whipsawed since Fed Chair Jerome Powell signaled faster tightening, adding to investor concerns about geopolitical tensions and a slowdown in earnings.
BlackRock Inc.’s strategist Scott Thiel warned that the central bank risks a hawkish policy mistake as it strives to extinguish price pressures largely caused by the chaos in supply chains.
Meantime, Bank of America Corp. strategists led by Michael Hartnett cited “zero capitulation in equity positioning.”
The analysts, who track EPFR Global data, said stock mutual funds and exchange-traded products took in $17.1 billion in the week to Jan. 26 — the day when the Fed announced its policy decision.
Equities are still the best game in town, according to Goldman Sachs Group Inc.
That’s because stock valuations are “nowhere near” where they were at the height of the dotcom bubble two decades ago, said Sharmin Mossavar-Rahmani, head of the bank’s investment strategy group. Unlike in the late-90s, the U.S. equity market today has broad-based returns and its corporate earnings are fundamentally strong, she said.
Despite the fears that Fed tightening will snuff out growth, earnings sentiment has stayed firm.
Analysts have raised their 2022 profit estimates by roughly $1 to $221.4 a share this year.
About 80% of companies that have reported earnings so far this season have beaten projections.
While S&P 500 profits were estimated to expand 22% in the fourth quarter — half the rate seen in the previous period — that’s still more than twice as fast as the 10-year average, according to data compiled by
Bloomberg Intelligence.
Meanwhile, a slew of U.S. inflation measures out Friday underscored the breadth of price pressures and reinforced the Fed’s urgency to begin boosting rates.
The two biggest U.S. banks raised their forecasts on how quickly the central bank will hike this year, with Bank of America predicting a move at every meeting.
JPMorgan Chase & Co. separately lifted its call to five increases in 2022 from four previously.
Other corporate highlights:
* Visa Inc. reported earnings that topped the average analyst estimate.
* Caterpillar Inc.’s earnings beat estimates as surging demand and higher prices for diggers, bulldozers and trucks muted the impact of rising raw-materials costs.
* Chevron Corp. posted disappointing profits after slumping values for some long-held fields hurt the oil giant’s ability to take full advantage of surging energy prices.
* Robinhood Markets Inc.’s revenue that fell short of Wall Street estimates as equities trading declined and gave a disappointing outlook.

In geopolitical news, the Biden administration held discussions with the country’s largest banks on possible sanctions against Russia as part of its efforts to ensure such actions
won’t disrupt the global financial system.
Tensions have soared after Russia amassed tens of thousands of troops on Ukraine’s border.
While officials in Moscow have repeatedly said they have no intention of invading the country, Western allies are discussing a variety of measures should activity escalate.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 3.2%
* The Dow Jones Industrial Average rose 1.7%
* The MSCI World index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1149
* The British pound was little changed at $1.3394
* The Japanese yen was little changed at 115.26 per dollar
Bonds
* The yield on 10-year Treasuries declined two basis points to 1.78%
* Germany’s 10-year yield advanced one basis point to -0.04%
* Britain’s 10-year yield advanced two basis points to 1.24%
Commodities
* West Texas Intermediate crude rose 0.7% to $87.21 a barrel
* Gold futures fell 0.3% to $1,789.20 an ounce
–With assistance from Sunil Jagtiani, Namitha Jagadeesh, Vildana Hajric and Emily Graffeo.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

It takes years and maturity to make the discovery that the power of faith is nobler than the power of doubt;
and that there is a celestial wisdom in the ingenuous propensity to trust,
which belongs to honest and noble natures. –Harriet Beecher Stowe, 1811-1896.

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:
January 27, 1996: Germany first observes the International Holocaust Remembrance Day.
January 27^th, 1880: Thomas Edison received a patent for his electric incandescent lamp.  Go to article » 
1973: Vietnam Peace Agreement signed.
Wolfgang Amadeus Mozart, b. 1756.
Mikhail Baryshnikov, dancer, b. 1948.
Lewis Carroll, writer, b. 1832.

Maybe it’s time to get medieval on our sleeping habits.

Astronomers spot never-before seen object 4,000 light-years away. 

One of the world’s most mysterious countries reopens trail for explorers.  Into the unknown!

PHOTOS OF THE DAY

Wreaths are placed at the Memorial to the Murdered Jews of Europe on International Holocaust Remembrance Day
CREDIT:  Markus Schreiber/AP

Snow covers rooftops in Jerusalem as seen from the Mount of Olives, showing the Dome of the Rock on the compound known to Muslims as Noble Sanctuary and to Jews as Temple Mount
CREDIT:  Ronen Zvulun/Reuters

A man and two little girl ride a scooter past lanterns and decorations for the upcoming Lunar New Year in the historical center of Beijing
CREDIT: Andrea Verdelli/Getty Images

Market Closes for January 27^th, 2022

Market Index	Close	Change
Dow Jones	34160.78	-7.31
		-0.02%
S&P 500	4326.51	-23.42
		-0.54%
NASDAQ	13352.79	-189.33 -1.40%
TSX	20544.11	-51.78
		-0.25%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26170.30	-841.03
		-3.11%
HANG SENG	23807.00	-482.90
		-1.99%
SENSEX	57276.94	-581.21
		-1.00%
FTSE 100*	7554.31	+84.53 +1.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.776	1.841
CND. 30 Year Bond	1.998	2.067
U.S.    10 Year Bond	1.7994	1.8637
U.S. 30 Year Bond	2.0870	2.1664

Currencies

BOC Close	Today	Previous
Canadian $	0.7848	0.7894
US $	1.2742	1.2668
Euro Rate 1 Euro=		Inverse
Canadian $	1.4199	0.7043
US $	1.1143	0.8974

Commodities

Gold	Close	Previous
London Gold Fix	1835.95	1847.30
Oil
WTI Crude Future	86.61	87.35

Market Commentary:
On this day in 1938, after a protracted fight with the new SEC, the New York Stock Exchange finally recommended an internal reorganization that would install a board of governors, a salaried independent president and a specialized administrative staff. Previously, the NYSE had functioned like a private gentleman’s club, with conduct enforced mainly by unspoken codes of honor and a pro-bono president chosen from among his fellow brokers.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities fell to their lowest point in more than a month, dragged lower by technology and materials sectors, as investors weighed prospects for monetary policy tightening.
The S&P/TSX Composite dropped 0.3 percent at 20,544.11 in Toronto.
Shopify Inc. contributed the most to the index decline, decreasing 5.6 percent. Hut 8 Mining Corp. had the largest drop, falling 11 percent.
Today, 141 of 241 shares fell, while 98 rose; 5 of 11 sectors were lower, led by information technology stocks.
Insights
* This month, the index fell 3.2 percent
* So far this week, the index fell 0.4 percent
* The index advanced 18 percent in the past 52 weeks. The MSCI AC Americas Index gained 13 percent in the same period
* The S&P/TSX Composite is 5.7 percent below its 52-week high on Nov. 16, 2021 and 18.8 percent above its low on Jan. 29, 2021
* The S&P/TSX Composite is down 2.4 percent in the past 5 days and fell 3.2 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.5 on a trailing basis and 14.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7 percent 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 12.19 percent compared with 12.25 percent in the previous session and the average of 13.52 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -59.3221| -3.6| 3/13
* Materials | -31.6313| -1.3| 13/42
* Industrials | -4.6745| -0.2| 9/21
* Health Care | -3.6710| -2.6| 1/7
* Real Estate | -2.0099| -0.3| 10/12
* Financials | 0.6328| 0.0| 10/18
* Consumer Discretionary | 2.0543| 0.3| 7/7
* Utilities | 5.3201| 0.6| 11/5
* Consumer Staples | 5.6926| 0.8| 7/4
* Communication Services | 9.5034| 1.0| 6/1
* Energy | 26.3120| 0.9| 21/11
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -47.6600| -5.6| 7.2| -40.3
* Bank of Montreal | -6.2680| -1.0| 86.3| 6.4
* Constellation Software | -5.4970| -2.0| -16.7| -13.6
* Royal Bank of Canada | 6.5490| 0.5| 84.0| 5.9
* Canadian Natural Resources | 8.9690| 1.7| -3.0| 22.1
* Suncor Energy | 9.1840| 2.6| 31.3| 14.6
US
By Rita Nazareth
(Bloomberg) — Stocks coughed up another sizable advance, the dollar jumped and gold plunged as investors continued to reprice assets to account for the Federal Reserve’s pivot to restrictive policy.
In a dizzying trading session, the S&P 500 erased a rally of almost 2%, while the tech-heavy Nasdaq 100 sank to its lowest since June.
Tesla Inc. tumbled 12% after the electric-car maker pushed back introductions of new models amid supply-chain challenges.
Intel Corp. dragged down fellow chipmakers on a disappointing profit forecast, while Apple Inc. dropped for an eighth straight day ahead of its results.
The dollar climbed alongside the two-year Treasury yield.
U.S. natural gas futures spiked, a sharp move that could be a sign of bearish wagers being squeezed out of the market.
More than $5 trillion has been wiped out from stock values this year as traders struggled to price the outlook for interest rates.
Markets had been factoring in four quarter-point hikes in 2022, but that edged toward five after Fed Chair Jerome Powell suggested the economy and labor market could handle a faster pace if warranted. Morgan Stanley’s strategist Andrew Sheets is doubling down on a bet that U.S. stocks are turning from leaders to laggards as they struggle to adjust to an era of tighter policy.
“Market volatility is not going away anytime soon as the ‘buy the dip’ crowd has a new motto, ‘sell the rally’,” wrote Edward Moya, senior market analyst at Oanda. “Today’s stock market rally did not last as corporate America reminded us that supply-chain troubles persist, and profit forecasts are not providing any reasons to be optimistic. Many traders are still processing what happened yesterday with the Fed.”
Other corporate highlights:
* Netflix Inc. soared as hedge fund magnate Bill Ackman acquired more than 3.1 million shares in a vote of confidence following a recent collapse in the streaming giant’s stock price.
* Comcast Corp. plans to double spending on content for its Peacock streaming service this year in an attempt to attract more paying subscribers.
* T. Rowe Price Group Inc. tumbled after the firm said client redemptions may continue with the Fed poised to raise rates.

What to watch this week:
* Euro zone economic confidence, consumer confidence Friday.
* U.S. consumer income, University of Michigan consumer sentiment 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 1.2%
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 0.9% to $1.1143
* The British pound fell 0.6% to $1.3380
* The Japanese yen fell 0.6% to 115.35 per dollar
Bonds
* The yield on 10-year Treasuries declined six basis points to 1.80%
* Germany’s 10-year yield advanced two basis points to -0.06%
* Britain’s 10-year yield advanced three basis points to 1.23%
Commodities
* West Texas Intermediate crude fell 0.4% to $87.01 a barrel
* Gold futures fell 2% to $1,795.80 an ounce.
–With assistance from Sunil Jagtiani, Namitha Jagadeesh, Vildana Hajric and Emily Graffeo.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Do what thy manhood bids thee do, from none but self expect applause.  He noblest lives and noblest dies
who makes and keeps his self-made laws. -Sir Francis Burton, 1821-1890.

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:
2020: American basketball player Kobe Bryant dies in a helicopter crash at the age of 41.  Kobe was considered one of the sport’s greatest players, winning five NBA championships with the Los Angeles Lakers.

1788: The first European settlers in Australia landed in present-day Sydney.  Go to article » 

The Bills-Chiefs game was the most-watched TV event since last year’s Super Bowl.  Were you among the 43 million people watching on the edge of your seat?
Gary and I watched the game – it was amazing!

A Scottish school project from 1996 ends up in Norway, 25 years later.

Once you know what failure feels like, determination chases success. -Kobe Bryant, 1978-2020.

PHOTOS OF THE DAY

A photomontage of Parliament Hill lido by the artist Belinda Lawley who has been investigating the rise in popularity of outdoor swimming. The image will be on display at the lido from Friday
CREDIT: Belinda Lawley

A whirling dervish performs on the frozen Lake Cildir
CREDIT: Gunay Nuh/Anadolu agency/Getty Images

Heiko Breuer, a conservator from the State Museum of Prehistory in Halle, Germany, shows off the Nebra Sky Disc, the world’s oldest map of the stars, which will be displayed at the British Museum’s Stonehenge exhibition
CREDIT: Dominic Lipinski/PA

Market Closes for January 26^th, 2022

Market Index	Close	Change
Dow Jones	34168.09	-129.64
		-0.38%
S&P 500	4349.93	-6.52
		-0.15%
NASDAQ	13542.12	+2.83 +0.02%
TSX	20595.89	+4.91
		+0.02%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27011.33	-120.01
		-0.44%
HANG SENG	24289.90	+46.29
		+0.19%
SENSEX	57858.15	+366.64
		+0.64%
FTSE 100*	7469.78	+98.32 +1.33%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.841	1.805
CND. 30 Year Bond	2.067	2.053
U.S.    10 Year Bond	1.8637	1.7689
U.S. 30 Year Bond	2.1664	2.1118

Currencies

BOC Close	Today	Previous
Canadian $	0.7894	0.7919
US $	1.2668	1.2627
Euro Rate 1 Euro=		Inverse
Canadian $	1.4239	0.7023
US $	1.1241	0.8896

Commodities

Gold	Close	Previous
London Gold Fix	1847.30	1831.60
Oil
WTI Crude Future	87.35	86.55

Market Commentary:
On this day in 1921, Akio Morita, future co-founder of Sony Corp., was born in Nagoya, Japan.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities edged higher after the Bank of Canada and the U.S. Federal Reserve signaled that they could hike interest rates as soon as March.
The S&P/TSX Composite advanced 0.02% to 20,595.89 in Toronto.
Bank of Montreal contributed the most to the index gain, increasing 1.3 percent.
Turquoise Hill Resources Ltd. had the  largest increase, rising 6.1 percent.
Today, 122 of 241 shares rose, while 115 fell; 6 of 11 sectors were higher, led by financial stocks.
Insights
* This month, the index fell 3 percent
* The index advanced 16 percent in the past 52 weeks. The MSCI AC Americas Index gained 11 percent in the same period
* The S&P/TSX Composite is 5.5 percent below its 52-week high on Nov. 16, 2021 and 19.1 percent above its low on Jan. 29, 2021
* The S&P/TSX Composite is down 2.9 percent in the past 5 days and fell 3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.6 on a trailing basis and 14.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7 percent 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 12.25 percent compared with 12.40 percent in the previous session and the average of 13.58 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 27.4372| 0.4| 16/10
* Energy | 17.2648| 0.6| 14/16
* Consumer Discretionary | 8.3674| 1.2| 8/6
* Utilities | 3.1771| 0.3| 11/4
* Real Estate | 2.1541| 0.4| 12/11
* Consumer Staples | 0.1892| 0.0| 9/2
* Communication Services | -0.6979| -0.1| 1/5
* Health Care | -2.5531| -1.8| 0/8
* Industrials | -6.1287| -0.3| 23/7
* Information Technology | -14.8239| -0.9| 12/4
* Materials | -29.4653| -1.2| 15/40
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Bank of Montreal | 8.4020| 1.3| 37.7| 7.4
* Enbridge | 7.7810| 1.1| 9.8| 5.8
* Bank of Nova Scotia| 7.5860| 1.0| -25.4| 1.0
* Brookfield Asset Management | -11.1200| -1.6| 40.0| -12.5
* Canadian National | -18.2700| -2.8| 208.5| -3.1
* Shopify | -22.2900| -2.5| 72.1| -36.8
US
By Rita Nazareth
(Bloomberg) — Stocks gains fizzled out and bond yields spiked as Jerome Powell signaled the Federal Reserve will steadily unwind its pandemic-era stimulus as it fights rampant inflation.
The S&P 500 posted a back-to-back loss after rallying more than 2% earlier Wednesday.
Meantime, the dollar climbed to a one-month high and 10-year Treasury yields approached 1.9%.
The central bank chief said he backs a March liftoff and won’t rule out a hike every meeting, while noting he’s inclined to boost his forecast for inflation by a “few tenths.”
In its statement, the Fed signaled its first rate hike since 2018 will happen “soon,” while saying it expects a balance-sheet reduction to start afterward.
Swaps traders are now pricing in around 30 basis points of tightening at the next central bank gathering in March.
The Fed typically moves rates in increments of 25 basis points, so that kind of pricing suggests that at least a standard hike is certain and there is around a one-in-five possibility of a 50 basis point hike.
Around 1.13 percentage points of tightening are priced in for the whole of 2022.

Comments:
* “After hearing Fed Chair Powell talk, it became clear the risk of more rate hikes was elevated and the earlier Wall Street rally fizzled,” wrote Edward Moya, senior market analyst at Oanda.
* “Powell made it as clear as possible that the Fed was willing to start raising interest aggressively, starting as soon as the next FOMC meeting, and continue doing so until inflation showed signs of falling.
Not surprisingly, markets took these comments as a signal that tighter policy was coming, and we’ve seen a predictable response,” wrote Matt Weller, global head of research at Forex.com.
* “The stock market is especially vulnerable to higher rates and the removal of the tailwind that the Fed’s asset purchases have provided for the past two years,” said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance. “We believe the economy will stay out of recession and the bull market in stocks will continue this year, but we are concerned that the volatility we have already witnessed this month will increase in the months ahead and would exercises caution in the near term.”

Other corporate highlights:
* Microsoft Corp. said its cloud-computing business has potential to drive growth, while Texas Instruments Inc.’s upbeat outlook signaled demand for electronic components remains high.
* Plane maker Boeing Co. recorded $5.5 billion in total charges and costs to cover higher factory and customer expenses for the 787 Dreamliner.
* AT&T Inc. posted earnings that topped estimates, giving investors less reason to fret over lavish free-phone promotions.
* Nasdaq Inc., operator of the technology-heavy stock exchange, posted record revenue that beat analysts’ expectations.
* Mattel Inc. won back the license to produce toys based on Walt Disney Co.’s princesses and the “Frozen” movies.

The latest economic readings showed that sales of new U.S. homes climbed in December to a nine-month high.
Meantime, the merchandise-trade deficit unexpectedly widened to a fresh record as imports continued to rise, outpacing shipments overseas.
On the geopolitical front, the U.S. told its citizens to consider leaving Ukraine now given the continuing tensions with Russia and the “unpredictable” security situation in the Eastern European nation.
Russian Foreign Minister Sergei Lavrov said the Kremlin will respond to any “aggressive” action by the U.S. as an ally of President Vladimir Putin proposed shipping weapons to separatists.
President Joe Biden said he would consider personally sanctioning Putin if he orders an invasion of Ukraine. What to watch this week:
* South African Reserve Bank rate decision Thursday.
* U.S. initial jobless claims, durable goods, GDP Thursday.
* Euro zone economic confidence, consumer confidence Friday.
* U.S. consumer income, University of Michigan consumer sentiment Friday.

Stocks
* The S&P 500 fell 0.1% as of 4:10 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.6% to $1.1238
* The British pound fell 0.3% to $1.3458
* The Japanese yen fell 0.7% to 114.63 per dollar
Bonds
* The yield on 10-year Treasuries advanced 10 basis points to 1.87%
* Germany’s 10-year yield was little changed at -0.07%
* Britain’s 10-year yield advanced three basis points to 1.20%
Commodities
* West Texas Intermediate crude rose 1.7% to $87.06 a barrel
* Gold futures fell 1.9% to $1,819.50 an ounce
–With assistance from Sunil Jagtiani, Namitha Jagadeesh, Vildana Hajric, Peyton Forte and Cecile Gutscher.
Have a nice evening.

Be magnificent!
As ever,

Carolann

Facing it, always facing it, that’s the way to get through.  Face it. –Joseph Conrad, 1857-1924.

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: Burns’ Night, Scotland, England, Newfoundland.
1959 American Airlines opened the jet age in the United States with the first scheduled transcontinental flight of a Boeing 707.  Go to article » 

1949-The first Emmy Awards is presented; there were only six categories, and nominated shows were limited to those that aired in the Los Angeles area.

Robert Burns, poet,  b. 1759.
Virginia Woolf, author, b. 1882.
W. Somerset Maugham, writer, b. 1874.

Saturn’s ‘Death Star’ moon could harbor a hidden ocean.  Yes, it looks strangely similar to the Death Star from the “Star Wars” movies, but a thick ice shell is protecting anything from getting in or out. Sorry, Han and Luke.

So many people want this truck that Ford stopped taking orders.  Do we have any truck fans? This is the last week to get on the waiting list for this popular 2022 model.

Mind the gap: there are about 40 billion billion (that’s “quintillion” to number geeks) black holes in the universe.

Pro tip: Don’t play chess with Harvard mathematician Michael Simkin, who just solved a 150-year-old chess puzzle. (h/t Scott Kominers)

PHOTOS OF THE DAY

Charlotte Casiraghi rides a horse on the catwalk as part of Chanel’s haute couture show
CREDT: David Fisher/Rex/Shutterstock

A member of staff at the Royal Academy of Arts looks at Second Version of Triptych 1944 on display in the Francis Bacon: Man and Beast exhibition
CREDIT: Jonathan Brady/PA

The northern lights appear over a forest in the Arctic Circle
CREDIT: Lev Fedoseyev/Tass

Market Closes for January 25^th, 2022

Market Index	Close	Change
Dow Jones	34297.73	-66.77
		-0.19%
S&P 500	4356.45	-53.68
		-1.22%
NASDAQ	13539.30	-315.83 -2.28%
TSX	20590.98	+19.68
		+0.10%

 

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27131.34	-457.03
		-1.66%
HANG SENG	24243.61	-412.85
		-1.67%
SENSEX	57858.15	+366.64
		+0.64%
FTSE 100*	7371.46	+74.31 +1.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.805	1.812
CND. 30 Year Bond	2.053	2.050
U.S.    10 Year Bond	1.7689	1.7706
U.S. 30 Year Bond	2.1118	2.1118

Currencies

BOC Close	Today	Previous
Canadian $	0.7919	0.7912
US $	1.2627	1.2639
Euro Rate 1 Euro=		Inverse
Canadian $	1.4269	0.7008
US $	1.1300	0.8850

Commodities

Gold	Close	Previous
London Gold Fix	1831.60	1837.60
Oil
WTI Crude Future	86.55	84.11

Market Commentary:
On this day in 1853, basic financial disclosure became mandatory for all companies seeking to list their stock for trading on the New York Stock & Exchange Board.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 20,590.98 in Toronto, ending a 5-day loss.
The gain follows the previous session’s decrease of 0.2 percent.
Suncor Energy Inc. contributed the most to the index gain, increasing 5.0 percent.
Turquoise Hill Resources Ltd. had the largest increase, rising 15.6 percent.
Today, 131 of 241 shares rose, while 106 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* This month, the index fell 3 percent
* The index advanced 15 percent in the past 52 weeks. The MSCI AC Americas Index gained 11 percent in the same period
* The S&P/TSX Composite is 5.5 percent below its 52-week high on Nov. 16, 2021 and 19 percent above its low on Jan. 29, 2021
* The S&P/TSX Composite is down 3.2 percent in the past 5 days and fell 3 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.6 on a trailing basis and 14.4 times estimated earnings of its members for the coming year * The index’s dividend yield is 2.7 percent 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 little changed to 12.40 percent compared with 12.40 percent in the previous session and the average of 13.65 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 72.3592| 2.4| 27/5
* Financials | 17.7822| 0.3| 18/10
* Materials | 14.7957| 0.6| 41/14
* Communication Services | 4.4637| 0.4| 3/3
* Consumer Staples | 1.9412| 0.3| 6/5
* Real Estate | 1.5058| 0.2| 14/8
* Health Care | -1.2673| -0.9| 2/6
* Utilities | -7.0116| -0.8| 3/13
* Consumer Discretionary | -7.7041| -1.1| 4/10
* Industrials | -10.1841| -0.4| 9/20
* Information Technology | -66.9863| -3.9| 4/12
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Suncor Energy | 16.5700| 5.0| 18.4| 10.1
* Canadian Natural Resources | 13.6600| 2.7| -17.7| 19.7
* Enbridge | 12.0900| 1.7| 59.8| 4.7
* CGI Inc | -5.2800| -3.3| 59.4| -8.9
* Constellation Software | -8.2440| -2.9| 66.2| -13.9
* Shopify | -45.7500| -4.9| 57.0| -35.1

US
By Rita Nazareth, Vildana Hajric and Emily Graffeo
(Bloomberg) — The afternoon rebound for stocks proved short-lived, with major averages falling again as investors remained on edge over the Federal Reserve’s inflation-fighting stance and Russia’s saber-rattling against Ukraine.
In another jittery session, the S&P 500 closed at the lowest since October, with tech shares weighing heavily on trading.
The gauge briefly erased losses as dip buyers resurfaced at one point to snap up bargains after a slide of nearly 3% earlier in the day.
Unlike Monday, the index failed to make a dramatic comeback.
In fact, there have never been two consecutive sessions when the index drew down at least 2% from the previous day’s close to finish higher,
according to data compiled by Bloomberg going back to the early 1980s.
In late trading, Microsoft Corp. sank even after sales beat estimates.
The risk of a “growth shock” to equities is increasing, according to Goldman Sachs Group Inc. strategists.
Ahead of Wednesday’s Fed decision that’s expected to point toward a rate hike in March, they warned that sharp monetary tightening to tame inflation could eventually have knock-on effects on
economic activity, hurting stocks.
The International Monetary Fund cut its world growth forecast for 2022, citing weaker prospects for the U.S. and China along with persistent inflation.
Comments:
* “Volatility is back. We’re having a sea-change in terms of Fed policy. Equity investors frankly have been behind the curve in anticipating what’s coming, so there’s a lot of catch-up to do,” Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, told Bloomberg Television
* “When everyone is wondering what the state of the world is, you are exposed to these extreme movements in price action that have no fundamental catalyst. The bad thing is that can take you
off in a direction that’s very scary,” said Mike Zigmont, head of trading and research at Harvest Volatility Management.
* “Is it time to dive into the market wholesale? I don’t think quite yet. I’m looking for the Fed to actually begin liftoff to sort of usher in an era of perhaps modestly less volatility than we’ve experienced in January,” Kate Moore, BlackRock global allocation team head of thematic strategy, told Bloomberg Television.

On the geopolitical front, Deputy Treasury Secretary Wally Adeyemo said the U.S. and its European allies have economic sanctions “at the ready” in case Russian troops invade Ukraine.
A Kremlin spokesman warned that a White House move to put as many as 8,500 troops on alert “exacerbates tensions,” while top Biden administration officials said reinforcements for North Atlantic Treaty Organization forces in Eastern Europe and potential sanctions on Russia are ready to go.
Corporate highlights:
* International Business Machines Corp. reported revenue that beat estimates, buoyed by strong demand in the software unit.
* American Express Co. raised forecasts for revenue and profit after spending on its cards surged to a record.
* Health-care giant Johnson & Johnson projected 2022 earnings and sales above Wall Street’s expectations.
* General Electric Co. missed sales expectations for the fourth quarter as it grappled with worsening supply-chain pressures.
* Nvidia Corp. is quietly preparing to abandon its purchase of Arm Ltd. from SoftBank Group Corp. after making little to no progress in winning approval for the $40 billion chip deal, according to people familiar with the matter.

What to watch this week:
* Fed monetary policy decision Wednesday.
* EIA crude oil inventory report Wednesday.
* U.S. new home sales, wholesale inventories Wednesday.
* South African Reserve Bank rate decision Thursday.
* U.S. initial jobless claims, durable goods, GDP Thursday.
* Euro zone economic confidence, consumer confidence Friday.
* U.S. consumer income, University of Michigan consumer sentiment 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 2.5%
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.9%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.1303
* The British pound rose 0.2% to $1.3509
* The Japanese yen was little changed at 113.89 per dollar
Bonds
* The yield on 10-year Treasuries advanced one basis point to 1.78%
* Germany’s 10-year yield advanced three basis points to -0.08%
* Britain’s 10-year yield advanced four basis points to 1.16%
Commodities
* West Texas Intermediate crude rose 2.5% to $85.36 a barrel
* Gold futures rose 0.3% to $1,850.40 an ounce
–With assistance from Sunil Jagtiani, Namitha Jagadeesh and Elaine Chen.
Have a wonderful evening.

Be magnificent!
As ever,

Carolann

A simple rule in dealing with those who are hard to get along with is to remember that this person is striving
to assert his superiority; and you must deal with him from that point of view. –Alfred Adler, 1870-1937.

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:
2008: French bank Société Générale announced it had uncovered a $7.14 billion fraud by a single futures trader.  Go to article » 
1935: first canned beer.
 
Odd Lots: The electric vehicle revolution is on and it’s going to change everything. 
 
We’re one step closer to those flying cars we were promised. (h/t Mike Smedley)
 
The Tao of Wee Man.
 
Oumuamua is still a mystery.

PHOTOS OF THE DAY

Children walk in front of The Blue Boy by Thomas Gainsborough at the National Gallery. The painting was last publicly displayed in Britain 100 years ago and is on loan from the Huntington Gallery in San Marino, California
CREDIT: Hannah McKay/Reuters

A newlywed American couple pose during a photo shoot near the Acropolis
CREDIT:  Louisa Gouliamaki/AFP/Getty Images

British rowers (front to back) Charlotte Irving, Kat Cordiner and Abby Johnston pose on their way to breaking the world record for a female trio crossing the Atlantic. Raising money for Cancer Research UK, Cordiner, who has secondary ovarian cancer, and her teammates arrived in Antigua on Sunday evening after completing the 3,000-mile journey from La Gomera in the Canary Islands in 42 days, seven hours and 17 minutes
CREDIT: Cancer Research UK/PA

Market Closes for January 24^th, 2022
 

Market Index	Close	Change
Dow Jones	34364.50	+99.13
		+0.29%
S&P 500	4410.13	+12.19
		+0.28%
NASDAQ	13855.13	+86.21  +0.63%
TSX	20571.30	-50.09
		-0.24%

 
 
 
 
 
 
 
 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27588.37	+66.11
		+0.24%
HANG SENG	24656.46	-309.09
		-1.24%
SENSEX	57491.51	-1545.67
		-2.62%
FTSE 100*	7297.15	-196.98   -2.63%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	1.812	1.791
CND. 30 Year Bond	2.050	1.999
U.S.    10 Year Bond	1.7706	1.7581
U.S. 30 Year Bond	2.1118	2.0710

Currencies

BOC Close	Today	Previous
Canadian $	0.7912	0.7950
US $	1.2639	1.2578
Euro Rate 1 Euro=		Inverse
Canadian $	1.4314	0.6986
US $	1.1326	0.8829

Commodities

Gold	Close	Previous
London Gold Fix	1837.60	1845.35
Oil
WTI Crude Future	84.11	86.24

Market Commentary:
On this day in 1848, workers dredging a stream to speed up the waterflow into the sluiceway of John Sutter’s sawmill in Coloma, Calif., struck a bed of soft yellow rock. James W. Marshall, scooping up a dozen pure gold nuggets in his wool top hat, exclaimed, “Boys, I’ve got ‘er now!” The California gold rush was on.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities fell 0.2%, recovering from a 3.4% intraday tumble amid an earlier global market rout.
Major U.S. indices rebounded from the mid-day slump to close higher.
Companies in the energy and real estate sectors led losses as oil prices fell and interest rate hikes loom.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.1 percent.
First Majestic Silver Corp. had the largest drop, falling 5.1 percent.
Today, 153 of 241 shares fell, while 83 rose; 8 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index fell 3.1 percent
* The index advanced 15 percent in the past 52 weeks. The MSCI AC Americas Index gained 12 percent in the same period
* The S&P/TSX Composite is 5.6 percent below its 52-week high on Nov. 16, 2021 and 18.9 percent above its low on Jan. 29, 2021
* The S&P/TSX Composite is down 4.5 percent in the past 5 days and fell 3.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.6 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7 percent 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 fell to 12.40 percent compared with 12.55 percent in the previous session and the average of 13.81 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -56.9505| -0.8| 3/25
* Energy | -38.2293| -1.3| 10/22
* Materials | -19.6539| -0.8| 15/39
* Real Estate | -5.6325| -0.9| 4/20
* Communication Services | -4.7709| -0.5| 2/4
* Utilities | -2.0811| -0.2| 6/9
* Industrials | -1.7162| -0.1| 13/15
* Health Care | -0.4039| -0.3| 4/4
* Consumer Discretionary | 3.3577| 0.5| 8/6
* Consumer Staples | 9.3105| 1.3| 6/5
* Information Technology | 66.6637| 4.0| 12/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TD Bank | -13.6300| -1.1| 24.4| 2.3
* Canadian Natural Resources | -13.2500| -2.6| 162.0| 16.6
* Royal Bank of Canada | -12.8000| -0.9| 88.1| 6.8
* Brookfield Asset Management | 5.5080| 0.8| 70.5| -11.3
* Couche-Tard | 6.8010| 2.4| 59.6| -6.1
* Shopify | 60.8400| 7.0| 156.7| -31.8
US
By Rita Nazareth and Emily Graffeo
(Bloomberg) — A stock selloff that at one point rivaled any of the last two years was all but wiped out as dip buyers emerged by Monday’s close, the latest breathtaking reversal in markets rattled by geopolitical tensions and the Federal Reserve’s campaign against inflation.
In a session marked by explosive trading volume and wild market swings, the S&P 500 rebounded after tumbling as much as 4% earlier in the day.
Retail, industrial and energy companies led gains in the benchmark gauge.
The dollar pared gains, while 10-year Treasuries were little changed.
Concerns over the Fed’s imminent rate hike have weighed on risk assets.
A team of Oppenheimer strategists led by John Stoltzfus wrote in a Monday note that the stock market recovery may come sooner than expected and “it’s time to make shopping lists and look for ‘babies that got thrown out with the bath water.’” 
“Look at this oversold condition that we’re in, and the longer-term upward trend that the market is still in, and combine that with the fact that credit spreads are so well behaved right now,” Victoria Fernandez, chief market strategist at Crossmark Global Investments Inc. told Bloomberg Television.  “There’s still some support for the equity markets, there’s just going to be quite a bit of volatility.”
Speculators who scrapped bullish bets on the dollar at the fastest pace in more than 18 months are now missing out on the currency’s rally ahead of the Fed decision on Wednesday.
Net-long aggregate speculative positions versus major peers have dropped the most since June 2020, according to the latest data from the Commodity Futures Trading Commission.
U.S. President Joe Biden was set to hold a call with European leaders as western nations work to strike a unified position on Russia.
The North Atlantic Treaty Organization said it would boost its deployments in eastern Europe in a bid to deter a new invasion in Ukraine.
Russian President Vladimir Putin has denied he’s planning an attack.

What to watch this week:
* IMF launches the World Economic Outlook update Tuesday.
* U.S. U.S. Conf. Board consumer confidence Tuesday.
* Fed monetary policy decision Wednesday.
* EIA crude oil inventory report Wednesday.
* U.S. new home sales, wholesale inventories Wednesday.
* South African Reserve Bank rate decision Thursday.
* U.S. initial jobless claims, durable goods, GDP Thursday.
* Eurozone economic confidence, consumer confidence Friday.
* U.S. consumer income, University of Michigan consumer sentiment Friday.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.5%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index fell 0.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.1324
* The British pound fell 0.5% to $1.3487
* The Japanese yen fell 0.2% to 113.96 per dollar
Bonds
* The yield on 10-year Treasuries advanced one basis point to 1.77%
* Germany’s 10-year yield declined four basis points to -0.11%
* Britain’s 10-year yield declined four basis points to 1.13%
Commodities
* West Texas Intermediate crude fell 1.6% to $83.81 a barrel
* Gold futures rose 0.6% to $1,845.70 an ounce
–With assistance from Sunil Jagtiani, Robert Brand, Elaine Chen and Vildana Hajric.
 
Have a lovely evening.
 
Be magnificent!
As ever,
 
Carolann
 
Mediocrity knows nothing higher than itself, but talent instantly recognizes genius. –Sir Arthur Conan Doyle, 1859-1930.
 
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