Category: Newsletters

Dear Friends,

Tangents: Happy Monday.

September 9, 490 BC: Battle of Marathon.
September 9^th, 1916 The first self-service grocery store, Piggly Wiggly, was opened in Memphis, Tenn., by Clarence Saunders.  Go to article >>
September 9, 1936: Beryl Markham receives the key to the city from Mayor LaGuardiaafter becoming the first woman to fly across the Atlantic from east to west.
1948: Kim Il-sung declares the creation of the Democratic People’s Republic of Korea with the support of the USSR.

Leo Tolstoy, writer, b. 1828.
Hugh Grant, actor, b. 1960.
Adam Sandler, actor, b. 1966.

William the Conqueror, d.1087.

Only billionaire in the building
She’s a former Disney Channel star, today she’s in the hit Hulu series “Only Murders in the Building” — and now Selena Gomez can now add becoming a self-made billionaire to her long list of achievements.
Employee tracking 
A major accounting firm has let its employees know that their locations will soon be tracked to dial back on the work-from-home culture and enforce its back-to-office rule.

Sinner’s the winner
The world’s No. 1 tennis player, Jannik Sinner, won the US Open on Sunday, beating American Taylor Fritz in straight sets. Fritz was the first American man to reach a grand slam singles final since 2009.

A particularly active ‘aurora season’ could be just weeks away
September could be a prime time to see vibrant auroras, thanks to a quirk of Earth’s tilt that leads to more intense geomagnetic activity around the equinox. Read More.

Stone Age burial ground in France used for 800 years is nearly all male — and ancient DNA reveals they’re largely related
DNA analyses of human remains found at the site revealed that the majority of the male individuals buried there shared a paternal link.  Read More.

When was the last time Antarctica was ice-free?
Antarctica is covered by a miles-thick ice sheet, but was that always the case? And when was the coldest continent ice-free? Read More.

Novel Chinese computing architecture ‘inspired by human brain’ can lead to AGI, scientists say
AGI could be on the horizon thanks to a novel computing architecture that completely redefines how artificial neurons form an intelligent system. Read More.

PHOTOS OF THE DAY

Lincolnshire, UK
Tom Jackson riding Capels Hollow Drift as part of the cross-country element of the Defender Burghley horse trials near the town of Stamford
Photograph: Joe Giddens/PA

Ameca, Mexico
Children dressed as Escaramuza Charra (woman on horseback) attend a class with their hobby horses at the Caballito de Palo Charreria sports academy in the state of Jalisco
Photograph: Ulises Ruiz/AFP/Getty Images

​​​​​​​A traditional miniature painting is brought to life in Mughal Miniatures, a dance performance by the Birmingham-based south Asian dance company Sonia Sabri at ParkWorks, Stratford Park
Market Closes for September 9^th, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 2008: Lehman Brothers stock tumbled 45% after Korea Development Bank walked away from a potential capital infusion. The U.S. investment bank failed days later, marking an intensification of the global financial crisis.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.1% at 23,027.15 in Toronto.
The move was the biggest gain since Aug. 23 and follows the previous session’s decrease of 0.9%.
Royal Bank of Canada contributed the most to the index gain, increasing 1.7%.
Tilray Brands Inc. had the largest increase, rising 5.5%.
Today, 178 of 226 shares rose, while 45 fell; all sectors were higher, led by financials stocks.
Insights
* In the past year, the index had a similar or greater gain 16 times. The next day, it advanced 14 times for an average 0.7% and declined twice for an average 1%
* This year, the index rose 9.9%, heading for the best year since 2021
* This quarter, the index rose 5.3%
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 22% in the same period
* The S&P/TSX Composite is 1.7% below its 52-week high on Aug. 26, 2024 and 23.2% above its low on Oct. 27, 2023
* The S&P/TSX Composite is down 1.4% in the past 5 days and rose 3.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 15.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.61t
* 30-day price volatility rose to 14.49% compared with 14.39% in the previous session and the average of 14.34% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 107.1133| 1.5| 27/0
Industrials | 43.1864| 1.4| 24/4
Materials | 28.9440| 1.1| 44/7
Information Technology | 25.7759| 1.4| 10/0
Energy | 12.7444| 0.3| 19/21
Consumer Staples | 8.9833| 0.9| 9/2
Utilities | 8.2258| 0.9| 12/3
Communication Services | 5.0384| 0.7| 5/0
Real Estate | 3.7913| 0.7| 17/2
Consumer Discretionary | 0.9768| 0.1| 8/5
Health Care | 0.9518| 1.4| 3/1
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
RBC | 27.6800| 1.7| -14.4| 24.5
TD Bank | 18.4500| 1.8| 2.5| -2.6
Canadian Pacific Kansas | 15.5800| 2.1| 20.2| 9.5
Methanex | -2.1470| -7.9| 336.6| -15.4
Cenovus Energy | -2.8560| -1.4| 87.8| 2.7
Tourmaline Oil | -3.0940| -2.2| -53.2| 1.1
US
By Rita Nazareth
(Bloomberg) — A renewed wave of dip buying spurred a rebound in stocks after a selloff triggered by economic concerns, with traders now looking to this week’s inflation data for clues on the size of Federal Reserve rate cuts.
Almost every major group in the S&P 500 rose, with the benchmark up 1.2%.
That’s after its worst start to a September on record, according to Bespoke Investment Group data going back to 1953. Nvidia Corp. and Tesla Inc. led gains in mega caps.
Apple Inc. introduced the iPhone 16, with Chief Executive Officer Tim Cook saying it was built for artificial intelligence “from the ground up.”
The shares closed little changed after an almost 2% slump.
“We’re seeing mostly technical dip-buying,” said Tom Essaye at The Sevens Report. “Economic growth is undoubtedly and clearly losing momentum, but a soft landing remains more likely than a hard landing. This week focus turns back to inflation.”
Treasuries saw mild moves, with traders paring the chance of a half-point rate reduction at the Fed’s upcoming September meeting to about 20% from as high as 50% last week.
At the same time, some options traders wagered on an increase in the amount of Fed easing expected by December or March.
The S&P 500 closed near 5,471. The Nasdaq 100 gained 1.3%.
The Dow Jones Industrial Average added 1.2%.
The Russell 2000 rose 0.3%.
Boeing Co. rallied 3.4% on optimism that a labor deal will avert a strike.
Alphabet Inc. sank 1.7% as Google headed back to court to face US Justice Department allegations it manipulates the display advertising market.
Treasury 10-year yields were little changed at 3.70%.
The dollar gained. Bitcoin rose to around $57,000.
“Equity investors are walking a sentiment tightrope between Fed rate cut cheer, recession fears, and a political wonderland,” said Craig Johnson at Piper Sandler. “Looking at popular averages through a technical analysis lens suggests last week’s weakness was just a pullback within the context of a longer-term uptrend.”
US stocks could remain choppy and see further declines in the near term amid risks around seasonality, sentiment and the presidential election, according to RBC Capital Markets strategists.
“Any further damage would be contained within a 10%” pullback range, the team led by Lori Calvasina wrote in a note.
They warn that if hard landing fears escalate, the risk of a growth scare decline in the 14%-20% range “will also admittedly rise.”
With labor market data signaling a cooling rather than an imminent recession, HSBC strategists led by Max Kettner said they were adding to their overweight position on US stocks based on a resilient third-quarter earnings outlook.
Higher volatility over the short, medium and long term will make utilities and other quality and income stocks more attractive relative to growth peers, Bank of America Corp. equity and quant strategist Savita Subramanian said Monday.
“Prefer the tortoise (quality & income) to the hare (growth & re-rating),” she wrote in a note to clients, adding that utility returns have matched those of the Nasdaq “over the long term.” Utilities are also beating tech stocks this year, Subramanian said.
Last week’s selloff in US equities has left major indexes susceptible to further declines, according to strategists at Citigroup Inc.
Large unwinds of long positions in the S&P 500 short positions indicate risk appetite turning toward more “directly bearish tilt,” the team led by Chris Montagu said. De-grossing, or closure of long and short positions by hedge funds, in the gauge is leaving gross exposure at half of its peak in mid-July, the strategists noted.
Hedge funds continued to unwind their positions in US stocks as the S&P 500 suffered its biggest weekly decline since March 2023.
Global equities were net sold for the eighth straight week led by North America, according to Goldman Sachs Group Inc.’s prime brokerage desk report for the week ended on Sept. 6.
The move is a continuation of a trend that, broadly speaking, started in May as funds began a big unwind of their positions in order to get more cash readily on hand for possible dislocations around the US presidential election.
“Slowdowns do not necessarily portend recessions, nor are stock market corrections necessarily the harbinger of bear markets,” said Konstantinos Venetis at TS Lombard. “But the mix of rising macro (growth) and political (US election) uncertainty increasingly puts the burden of proof on the bulls in the near term.”
Venetis says that while the Fed is poised to ease, the question is whether “insurance” cuts prove too little too late.
“The risk is that ‘growth scare’ dynamics assume a life of their own and raise the pressure further on an equity market that already looks vulnerable from a technical standpoint, he noted. To Mark Haefele at UBS Global Wealth Management, despite bouts of equity weakness the fundamentals for stocks remain positive. “We expect S&P 500 companies to grow earnings by 11% this year and 8% in 2025, he said. “And historically, in the absence of a US recession, the index has gained 17% on average in the 12 months following the first Fed rate cut of a cycle.”
History suggests that the Fed’s success in piloting a soft versus hard landing will play a key role in dictating the path for US equities, according to Seema Shah at Principal Asset Management.
For example, in 1985 and 1995, she says rate cuts supported strong equity gains as recessions were avoided.
Meantime, in 2001 and 2007, even aggressive easing couldn’t prevent steep market declines amid economic downturns.
“Today, the markets remain cautiously optimistic, reflecting hopes that rate cuts will avoid a downturn,” Shah said. “Yet, if economic conditions worsen sharply, fears of a recession could outweigh the benefits of rate cuts. History shows that rate cuts themselves are not the enemy — it’s the economic context in which they occur that investors should be paying close attention to.”
On Wednesday, a government report is expected to show the consumer price index rose 2.6% in August from a year earlier, according to the median forecast of economists surveyed by Bloomberg.
That would be the smallest increase since 2021.
There will be little new guidance from Fed officials, who are in the traditional blackout period ahead of the Sept. 17-18 meeting.
“Inflation matters,” said Chris Low at FHN Financial. “Weaker numbers might encourage the Fed toward a 50 basis-point cut, while anything higher could lock in 25 basis points. As it is, though, even if inflation is benign and some participants push for a bigger cut, we expect the Fed to land on a quarter point for a first step, with an option to cut faster at later meetings if the data support moving faster.”

Corporate Highlights:
* Discount retailer Big Lots Inc. has filed for bankruptcy protection and plans to sell the firm’s assets and ongoing business in a court-supervised process.
* PayPal Holdings Inc. added Shopify Inc. to its list of recent partnerships, reaching a deal to process some of the payment company’s debit- and credit-card transactions.
* B. Riley Financial Inc., the embattled broker-dealer and investment firm, outlined preliminary plans to sell assets and round up financing to cope with its debt burden and shore up its balance sheet.
* Starboard Value LP is pushing News Corp. to eliminate its dual-class share structure and is prepared to take further action against the media company if it refuses to engage.

Key events this week:
* China trade, Tuesday
* Germany CPI, Tuesday
* US presidential debate between Donald Trump and Kamala Harris, Tuesday
* US CPI, Wednesday
* Japan PPI, Thursday
* ECB rate decision, Thursday
* US initial jobless claims, PPI, Thursday
* Eurozone industrial production, Friday
* Japan industrial production, Friday
* U. Michigan consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.2% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.3%
* The Dow Jones Industrial Average rose 1.2%
* The MSCI World Index rose 0.8%
* Bloomberg Magnificent 7 Total Return Index rose 1.4%
* The Russell 2000 Index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.4% to $1.1036
* The British pound fell 0.4% to $1.3073
* The Japanese yen fell 0.5% to 143.00 per dollar
Cryptocurrencies
* Bitcoin rose 4.9% to $57,055.69
* Ether rose 3.2% to $2,348.97
Bonds
* The yield on 10-year Treasuries was little changed at 3.70%
* Germany’s 10-year yield was little changed at 2.17%
* Britain’s 10-year yield declined three basis points to 3.86%
Commodities
* West Texas Intermediate crude rose 1.3% to $68.58 a barrel
* Spot gold rose 0.3% to $2,505.96 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
You can, you should, and if you’re brave enough to start, you will.  –Stephen King, b. 1947.

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

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

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

Dear Friends,

Tangents: Happy Friday.

September 6, 1522: Ferdinand Magellan’s expedition completes the first circumnavigation of the globe, returning to Spain after nearly three years at sea with less than 7% of the original crew remaining.

Kansas City Chiefs win in a thriller against Baltimore Ravens to kick off NFL season
The NFL’s 105th season is underway, and so is the Kansas City Chiefs’ quest for a historic Super Bowl three-peat. Read about the Chief’s nail-biting 27-20 victory on Thursday against the Baltimore Ravens.

Cristiano Ronaldo becomes first man to score 900 career goals
Fans were emotional Thursday when soccer superstar Cristiano Ronaldo scored the 900th goal of his illustrious career in Portugal’s UEFA Nations League group stage match against Croatia.

Advertisers plan to withdraw from X in record numbers
A record number of firms plan to cut advertising spend on Elon Musk’s social media platform X next year because of concerns that extreme content on the site could damage their brands.

Asteroid slams into Earth triggering stunning green ‘fireball’ above the Philippines — 8 hours after it was 1st spotted
On Wednesday (Sept. 4), astronomers spotted a never-before-seen asteroid, 2024 RW1, around eight hours before it entered Earth’s atmosphere. The “harmless” space rock quickly burned up as predicted, creating a bright green streak across the night sky before spectacularly exploding. Read More.

1,500-year-old gold coins from Byzantine Empire discovered in medieval dwelling in Bulgaria
Archaeologists in Bulgaria have discovered a medieval house that contained even older gold coins, which date to the reign of the Byzantine emperor Justinian the Great. Read More.

One of the universe’s biggest paradoxes could be even weirder than we thought, James Webb telescope study reveals
New James Webb Space Telescope results have revealed that there may not be a Hubble tension after all. But contradictions within the findings point to a deeper mystery. Read More.

How does grapefruit interact with drugs?
Grapefruit and grapefruit juice can affect the amount of medication that reaches the bloodstream. But why? Read More.

PHOTOS OF THE DAY

New York, US
The Manhattan skyline at sunset, seen from the Louis Armstrong stadium during the US Open
Photograph: Charly Triballeau/AFP/Getty

A herd of wild horses graze at Sultan Reedy national park in Kayseri, Turkey
Photograph: Xinhua/Rex/Shutterstock

​​​​​​​Flamingos wade in a lake in Ankara, Turkey. The chicks were born in spring in Lake Tuz, Lake Düden and other lakes and ponds around Ankara which host flamingo colonies. The hatchlings have reached maturity and, after receiving flying lessons from their parents, are ready to migrate
Photograph: Anadolu/Getty
Market Closes for September 6^th, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 2001, the Justice Department announced that it would no longer seek to break up Microsoft, instead asking a federal judge to impose limitations on the company’s business practices
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the fourth day, dropping 0.9%, or 206.85 to 22,781.43 in Toronto.
The index dropped to the lowest closing level since Aug. 14.
Shopify Inc. contributed the most to the index decline, decreasing 4.1%.
Celestica Inc. had the largest drop, falling 10.2%.
Today, 187 of 226 shares fell, while 38 rose; 9 of 11 sectors were lower, led by materials stocks.
Insights
* This year, the index rose 8.7%, heading for the best year since 2021
* This quarter, the index rose 4.1%
* So far this week, the index fell 2.4%, heading for the biggest decline since the week ended Aug. 2
* The index advanced 13% in the past 52 weeks. The MSCI AC Americas Index gained 20% in the same period
* The S&P/TSX Composite is 2.7% below its 52-week high on Aug. 26, 2024 and 21.9% above its low on Oct. 27, 2023
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.2 on a trailing basis and 15.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.65t
* 30-day price volatility rose to 14.39% compared with 14.11% in the previous session and the average of 14.32% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -54.1381| -2.0| 5/47
Information Technology | -38.4903| -2.1| 3/7
Financials | -34.8561| -0.5| 6/21
Industrials | -33.6444| -1.1| 3/25
Energy | -33.5368| -0.9| 5/36
Consumer Discretionary | -8.7907| -1.1| 2/10
Utilities | -5.8686| -0.6| 3/12
Real Estate | -2.6585| -0.5| 4/16
Health Care | -0.1770| -0.3| 3/1
Communication Services | 0.7596| 0.1| 2/3
Consumer Staples | 4.5413| 0.5| 2/9
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -32.5300| -4.1| 0.2| -11.9
Brookfield Corp | -11.2800| -1.8| 11.3| 17.8
Canadian Natural Resources | -8.5400| -1.3| -5.4| 3.8
Telus | 1.5470| 0.7| 13.1| -3.1
Enbridge | 2.2280| 0.3| -17.2| 14.9
Couche-Tard | 7.3660| 1.9| 6.9| -1.5
US
By Rita Nazareth
(Bloomberg) — Stocks saw their worst week since March 2023 and bonds whipsawed as another disappointing US jobs report revived concerns the economy is cooling and the Federal Reserve is moving too slow to rescue it.
The S&P 500 dropped 1.7% and the Nasdaq 100 slumped 2.7% as data showed US payroll additions were 23,000 short of forecasts in August.
Treasury two-year yields slipped as much as 15 basis points — before paring the move.
At the same time, Wall Street bets on a half-point Fed reduction this month faded again —after briefly gaining momentum when Fed Governor Christopher Waller said he’s “open-minded” about the potential for a bigger cut.
“Markets have turned their attention toward how much the Fed will ease and how fast the economy is slowing,” said Scott Wren at Wells Fargo Investment Institute. “Expect the near-term volatility.”
Nonfarm payrolls rose by 142,000 last month, leaving the three-month average at the lowest since mid-2020.
The unemployment rate edged down to 4.2%, the first decline in five months, reflecting a reversal in temporary layoffs.
“August employment data continue the portrayal of an economy running out the string, nearing an inflection point,” according to Steven Blitz at TS Lombard. “Whether inflection turns into recession, or something less negative, depends upon how aggressive the Fed counters current negative momentum. Does the Fed go 25 or 50?”
While the reaction to the previous jobs data was worse, it’s the first time since 2012 the S&P 500 saw losses of at least 1.5% for two jobs days in a row.
Almost every major group in the S&P 500 retreated, with losses led by big techs. Nvidia Corp. lost about 4%.  Broadcom Inc. tumbled 10% on a disappointing forecast.
The Dow Jones Industrial Average lost 1%.
The Russell 2000 of smaller firms slid 1.9%.
Wall Street’s fear gauge — the VIX — topped 22.
Treasury 10-year yields were little changed at 3.72%.
The dollar wavered.
Bitcoin sank 4.5%.
Oil and gold retreated.
Traders are pricing in at least a quarter-point worth of easing this month, though some are still betting on a bigger move when officials gather in Washington Sept. 17-18.
To Krishna Guha at Evercore, Waller’s remarks expressed a clear preference for getting started with 25 basis-point cut in September and be ready to accelerate to 50 basis points in November or any subsequent meeting if risks to employment increase.
“This is not the worst possible approach,” Guha said. “But in our view, it is still not sufficiently forward-leaning in terms of risk management, and as such ‘not risk-friendly’ for markets.”
While Fed Chair Jerome Powell has said the Fed does “not seek or welcome further cooling in labor market conditions,” the numbers are trending in that direction (with revisions), according to Don Rissmiller at Strategas.
“For insurance against downward revisions, the Fed should cut by 50 basis points in September,” he said. “They look behind the curve currently.”
Amid all the discussion about the size of the Fed reduction, “it strikes us” that the market is readying for a “photo finish” based on the August inflation profile — although employment will undoubtedly be weighted more heavily by
officials at this stage in the cycle, according to Ian Lyngen at BMO Capital Markets.
“Perhaps it will be more akin to a game-time decision? Either way, many have thrown in the towel and will be sitting on the sidelines as the debate moves into overtime. It goes without saying that the Fed is running down the clock on terminal and rate cuts are at the starting blocks.  Powell needs a slam dunk to stick the landing,” he noted.

Wall Street’s Reaction to Jobs:
* David Donabedian at CIBC Private Wealth: The soft August payroll report does not scream recession, but it does underline that the balance of risks to a soft landing scenario are to the downside. The equity market is still trying to figure out how much slowing is going on in the economy. Is it a gentle flow or is stagnation a possibility? Today’s report does not settle that question. It is a coin flip what the Fed will do. If the Fed lowers rates by 50 basis points, the risk is that it looks like the Fed is panicking and that the recession risk is higher than generally believed.
* Florian Ielpo at Lombard Odier Investment Managers: This data does not necessarily green-light the Fed for a 50 basis points cut in September: the sense of emergency isn’t there yet, and much can already be accomplished with a dovish statement in September.
The motto of “not as bad as expected but not good either” is what markets will have to live with for some time now.
* Seema Shah at Principal Asset Management: Rarely has there been such a make or break number – unfortunately, today’s jobs report doesn’t entirely resolve the recession debate. For the Fed, the decision comes down to deciding which is the bigger risk: reigniting inflation pressures if they cut by 50 basis points or threatening recession if they only cut by 25 basis points. On balance, with inflation pressures subdued, there is no reason for the Fed not to err on the side of caution and frontload rate cuts.
* Andrew Brenner at NatAlliance Securities: The employment report today was weak enough for the Fed to go either way. We don’t see any more employment-related reports to get us back to 50. That does not mean we can’t get 25 in September and 50 each in both November and December. Fed is clearly behind the curve.
* Tiffany Wilding at Pacific Investment Management Co.: Overall, today’s report is very consistent with an economy that is slowing, but not crashing. We still think policy makers are most likely to kick off the cutting cycle with a 25 basis point cut in September.
Regardless of the size of the September cut, we think Federal Open Market Committee officials will signal through updated projections that they plan to return policy to more normal levels much faster than previously thought, perhaps getting there by end of 2025.
* Jeffrey Roach at LPL Financial: Our view is the Fed will likely cut by 25 basis points and reserve the right to be more aggressive in the last two meetings of the year.
* Brian Rose at UBS Global Wealth Management: In our view, the data available so far has not been weak enough to force the Fed to cut aggressively. We maintain our base case of a soft landing for the economy with the Fed cutting rates 100 basis points by year-end.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.7%
* The Dow Jones Industrial Average fell 1%
* The MSCI World Index fell 1.4%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.2% to $1.1086
* The British pound fell 0.4% to $1.3131
* The Japanese yen rose 0.7% to 142.42 per dollar
Cryptocurrencies
* Bitcoin fell 4.5% to $53,530.88
* Ether fell 6.1% to $2,223.33
Bonds
* The yield on 10-year Treasuries was little changed at 3.72%
* Germany’s 10-year yield declined four basis points to 2.17%
* Britain’s 10-year yield declined three basis points to 3.89%
Commodities
* West Texas Intermediate crude fell 1.4% to $68.18 a barrel
* Spot gold fell 0.8% to $2,495.77 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Lu Wang.
Have a  wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Courage isn’t having the strength to go on – it is going on when you don’t have strength. –Napoleon Bonaparte, 1769-1821.

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

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

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

Dear Friends,

Tangents: Happy Friday Eve!

On Sept. 5, 1972, Palestinian terrorists attacked the Israeli Olympic team at the summer games in Munich; 11 Israeli athletes and coaches, five terrorists and a police officer were killed. Go to article >>
September 5, 1998: Google is founded by Larry Page and Sergey Brinn while they are both students at Stanford University.

Russian watchmaker upends race to design world’s thinnest wristwatch
Luxury giants are locked in a heated battle to design the world’s thinnest mechanical watch. But an independent Russian watchmaker and inventor may have trumped them all.

Asteroid burns up in Earth’s atmosphere over the Philippines
Sky-gazers saw an asteroid burn up in Earth’s atmosphere over the Philippines near Luzon Island on Wednesday. See a photo here.

Chipotle launches Halloween costume collection
The fast-casual chain created a costume collection featuring a napkin, fork, water cup and a burrito. Or in this case, you can say you’re a boo-rrito.

Mysterious ‘mustached’ burial mounds in Kazakhstan date to the Middle Ages
Archaeologists in Kazakhstan have discovered 10 kurgans, or burial mounds, dating to the Middle Ages, and some have “mustaches.” Read More.

Boat-ramming orcas may be using yachts as target practice toys, scientists suggest
Orcas off the coasts of Spain and Portugal may be using boats as targets to practice hunting their favorite food, Atlantic bluefin tuna. Read More.

Specialist ‘carbon nanotube’ AI chip built by Chinese scientists is 1st of its kind and ‘1,700 times more efficient’ than Google’s
Scientists in China have developed a tensor processing unit (TPU) that uses carbon-based transistors instead of silicon – and they say it’s extremely energy efficient. Read More.

PHOTOS OF THE DAY

Paris, France
A visitor takes a picture of Leda, by Michele di Ridolfo del Ghirlandaio, on display at the Musée Jacquemart-André. The exhibition of masterpieces from Rome’s Galleria Borghese runs until 5 January
Photograph: Mohammed Badra/EPA

A view of the pool-type iceberg
Photograph: Anadolu/Getty Images

​​​​​​​Derry, UK
‘American street artist Jeks working on his mural of Amelia Earhart.’
Photograph: Mickey Rooney
Market Closes for September 5^th, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1990: Developer Minoru Isutani bought the Pebble Beach golf resort for $841 million, in what was the latest high-profile Japanese purchase of a U.S. property. By early 1992, Isutani was on the verge of bankruptcy and sold Pebble Beach for $500 million.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.2%, or 52.48 to 22,988.28 in Toronto.
The index dropped to the lowest closing level since Aug. 14.
Suncor Energy Inc. contributed the most to the index decline, decreasing 2.2%.
First Majestic Silver Corp. had the largest drop, falling 8.1%.
Today, 120 of 226 shares fell, while 97 rose; 5 of 11 sectors were lower, led by energy stocks.
Insights
* This year, the index rose 9.7%, heading for the best year since 2021
* This quarter, the index rose 5.1%
* So far this week, the index fell 1.5%, heading for the biggest decline since the week ended Aug. 2
* The index advanced 13% in the past 52 weeks. The MSCI AC Americas Index gained 22% in the same period
* The S&P/TSX Composite is 1.8% below its 52-week high on Aug. 26, 2024 and 23% above its low on Oct. 27, 2023
* The S&P/TSX Composite is down 0.6% in the past 5 days and rose 3.4% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 15.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.66t
* 30-day price volatility fell to 14.11% compared with 14.30% in the previous session and the average of 14.31% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -30.8758| -0.8| 14/25
Industrials | -24.8831| -0.8| 6/21
Information Technology | -16.6950| -0.9| 3/7
Consumer Discretionary | -13.3687| -1.7| 4/9
Real Estate | -2.4814| -0.5| 3/15
Health Care | 0.1668| 0.3| 3/1
Utilities | 2.7928| 0.3| 9/6
Communication Services | 5.5639| 0.8| 5/0
Consumer Staples | 7.4388| 0.8| 7/4
Materials | 8.6587| 0.3| 35/13
Financials | 11.2125| 0.2| 8/19
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Suncor | -10.2400| -2.2| 64.0| 20.9
Constellation Software | -9.4610| -1.6| 59.9| 27.3
RBC | -8.7980| -0.5| -41.3| 22.5
Couche-Tard | 4.9790| 1.3| 22.2| -3.4
CIBC | 7.2740| 1.4| 14.2| 26.5
TD Bank | 22.6600| 2.3| 70.6| -4.5
US
By Rita Nazareth
(Bloomberg) — Stocks got hit ahead of US jobs data that will be key in determining the size of a Federal Reserve rate cut in September.
In a session of several twists and turns, the S&P 500 finished lower.
That’s despite a rally in a handful of big techs.
Treasury yields fell slightly, with traders still pricing in over 100 basis points in Fed easing this year — which implies a potential super-sized reduction.
Given Jerome Powell’s recent emphasis on the labor market, many on Wall Street say Friday’s US payrolls will dictate whether the Fed cuts by 25 or 50 basis points this month.
To Steve Sosnick at Interactive Brokers, a “Goldilocks” scenario around consensus – ‘not too hot, not too cold’ – is what equity bulls require.
“The danger in really ‘bad news’ is that even if the Fed is prepared to react aggressively, it might be too late to stave off real economic weakness,” he said. “But there is a worry that if the news is ‘too good,’ the Fed might be reticent to cut rates as fast as the market has come to expect.”
In the run-up to the figures, economic data was mixed.
US services expanded at a modest pace, companies added the fewest jobs since the start of 2021, while unemployment claims trailed estimates.
“After today’s mixed numbers, it’s up to tomorrow’s jobs report to give investors a clearer read on the state of the labor market,” said Chris Larkin at E*TRADE from Morgan Stanley.
“Markets are still trying to figure out if the economy is slowing too much, and whether the Fed is behind the curve.”
The S&P 500 closed around 5,500. The Bloomberg “Magnificent Seven” gauge of mega caps rose 1.6%.
The Russell 2000 of small firms fell 0.6%.
Treasury 10-year yields slid three basis points to 3.72%.
The dollar slipped.
Among corporate highlights, Nvidia Corp. climbed, with Bank of America Corp. analysts saying the recent plunge has created an “enhanced” buying opportunity.
Tesla Inc. jumped on plans to launch the driver assistant in China and Europe.
Following a disappointing jobs report last month, it’s no wonder that investors are “skittish” ahead of Friday’s data, according to Bret Kenwell at eToro.
“While the odds currently favor a 25 basis-point cut at the Fed’s September meeting, a woefully disappointing jobs report could shift those odds to favor a 50 basis-point cut,” he said.
“If the Fed feels forced to go right to a 50 basis-point cut, it may suggest there’s a bigger worry about the jobs market than previously acknowledged.”
Kenwell says that ideally, we should see a “better-than-feared” report on Friday, showcasing a labor market that has softened a bit — but isn’t weak — and allows the Fed to usher in a series of 25 basis-point rate cuts.
To Andrew Brenner at NatAlliance Securities, if the economy shows strength in nonfarm payrolls, equities should do better initially — but if rates “get slaughtered,” that won’t be good.
Conversely, if rates rally because of a weak number, that won’t be good for stocks either.
“So we are in a tails we lose, heads we lose,” Brenner concluded.
The jobs report is expected to show payrolls increased by about 165,000, based on the median estimate in a Bloomberg survey of economists.
While above the modest 114,000 gain in July, average growth over the most recent three months would ease to a little more than 150,000 — the smallest since the start of 2021.
A survey conducted by 22V Research shows most investors (44%) think the market reaction to Friday’s data will be “risk- on,” 27% said “risk-off” and 29% “negligible/mixed.”
The tally also underscored a notable shift — with the unemployment rate gaining more attention this month.
Meantime, the focus on wage growth has dropped further.
And 52% of respondents expect payrolls to beat the 165,000 projection.
To Stan Shipley at Evercore, Thursday’s ADP private employment tally and other labor-market metrics suggest a “soft payroll” for August.
“Tomorrow’s payroll report could be softer than expected given the slowdown in ADP estimates” said Jeffrey Roach at LPL Financial.
“If the payroll report surprises investors and comes in weaker than expected, the likelihood of a 50 basis-point cut increases at the upcoming Fed meeting.”
While the ADP report has been a poor prognosticator of non-farm payrolls in recent years, its correlation to the print has been improving this year.
To Dan Wantrobski at Janney Montgomery Scott, there are multiple technical gauges that are flashing warning signs.
That’s why he remains in “defensive mode,” anticipating further volatility ahead for stocks as we move through the September-October window.
“Both the S&P 500 and Nasdaq 100 are pressing further into oversold territory on a short-term basis, which implies they are coiled springs in the event that trading sentiment reverses sharply,” he said. “Tomorrow’s employment data could be a trigger for such a counter-trend move in our opinion. Would it be enough to completely negate the corrective cycle we currently find ourselves in? Most likely not.”

Corporate Highlights:
* JetBlue Airways Corp. raised its sales forecast for the current quarter after the carrier said it benefited from re-booking passengers from rival airlines whose flights were disrupted by a technology outage in July.
* C3.ai Inc., a data analysis software company, reported quarterly subscription revenue that missed estimates.
* Hewlett Packard Enterprise Co. reported weaker-than-expected margins, suggesting lower profitability than anticipated in its closely watched business of selling servers for artificial intelligence work.
* Verizon Communications Inc., which agreed to buy Frontier Communications Parent Inc. for about $9.59 billion in cash, said it’s focused on paying down debt as it works on closing the deal.
* Paramount Global, the parent of CBS, will be controlled by software billionaire Larry Ellison after a group led by his son David completes its purchase of the Redstone family’s interest in the film and TV company, according to a regulatory filing.

Key events this week:
* Eurozone GDP, Friday
* US nonfarm payrolls, Friday
* Fed’s John Williams speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.5%
* The MSCI World Index fell 0.3%
* Bloomberg Magnificent 7 Total Return Index rose 1.6%
* The Russell 2000 Index fell 0.6%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.1105
* The British pound rose 0.2% to $1.3171
* The Japanese yen rose 0.2% to 143.45 per dollar
Cryptocurrencies
* Bitcoin fell 3.4% to $56,090.69
* Ether fell 3.6% to $2,365.8
Bonds
* The yield on 10-year Treasuries declined three basis points to 3.73%
* Germany’s 10-year yield declined two basis points to 2.21%
* Britain’s 10-year yield declined two basis points to 3.91%
Commodities
* West Texas Intermediate crude was little changed
* Spot gold rose 0.8% to $2,515.75 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
If people are  not laughing at your goals, your goals are too small. -Azim Premji, b. 1945.

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

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

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

Dear Friends,

Tangents:
September 4, 1781: City of Los Angeles founded.
September 4, 2006: “Crocodile Hunter” Steve Irwin, 44, died after a stingray’s barb pierced his chest.  Go to article >>

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Prototype quantum processor boasts record 99.9% qubit fidelity
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Silver is being buried beneath the sea, and it’s all because of climate change, study finds
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Sunspots surge to 23-year high as solar maximum continues to intensify far beyond initial expectations
The average number of visible dark patches on the sun’s surface in August was higher than any other month since September 2001. The final count was also more than twice as high as experts initially predicted it would be, demonstrating once again that the current solar maximum will be much more active than expected. Read More.

Justice Ketanji Brown Jackson reflects on ‘groundbreaking’ path to the Supreme Court in new memoir
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Swiss rebalancing planes because first-class seats are too heavy
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Meet the ‘Godmother of AI’
CNN’s Fareed Zakaria spoke with Stanford University professor Fei-Fei Li about her journey as a computer scientist and how it influenced the discovery of modern artificial intelligence. Watch the video here.

Frances Tiafoe to face Taylor Fritz in US Open semifinals
The match guarantees an American man will play in the US Open Final. Here’s when you should tune in.
PHOTOS OF THE DAY

Museum of Leaving the Nest shows two tawny owlets in a Munich park. Take by Sasha Jumanca from Germany/Romania, it was highly commended in the 10 and under section of the competition
Photograph: Sasha Jumanca/Wildlife Photographer of the Year/PA

El Alamein, Egypt
Aircraft in China’s Ba Yi aerobatics team release smoke while performing manoeuvres at the first Egypt international airshow
Photograph: Khaled Desouki/AFP/Getty Images

​​​​​​​Kahramanmaraş, Turkey
Farmers lay out tarhana, a fermented mixture of grain and yoghurt or fermented milk that is harvested during the heat and often exported
Photograph: Ahmet Aslan/Anadolu/Getty Images
Market Closes for September 4^th, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1882, Thomas Edison opened the first central generating system, making electric lighting and power a possibility for those nearby in New York City.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 23,040.76 in Toronto.
Shopify Inc. contributed the most to the index decline, decreasing 1.7%.
Canada Goose Holdings Inc. had the largest drop, falling 4.5%.
Today, 106 of 226 shares fell, while 116 rose; 3 of 11 sectors were lower, led by energy stocks.
Insights
* This year, the index rose 9.9%, heading for the best year since 2021
* This quarter, the index rose 5.3%
* The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 21% in the same period
* The S&P/TSX Composite is 1.6% below its 52-week high on Aug. 26, 2024 and 23.3% above its low on Oct. 27, 2023
* The S&P/TSX Composite is down 0.9% in the past 5 days and rose 3.7% 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 15.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.66t
* 30-day price volatility fell to 14.30% compared with 14.33% in the previous session and the average of 14.32% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -31.7155| -0.8| 10/31
Materials | -15.2644| -0.6| 12/37
Information Technology | -14.8075| -0.8| 3/7
Health Care | 0.7659| 1.2| 3/1
Consumer Staples | 0.9721| 0.1| 8/3
Consumer Discretionary | 3.4478| 0.4| 9/4
Utilities | 6.2319| 0.7| 14/1
Real Estate | 6.7923| 1.3| 19/1
Industrials | 6.7926| 0.2| 16/11
Communication Services | 7.2325| 1.0| 5/0
Financials | 27.8689| 0.4| 17/10
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -14.2000| -1.7| -50.8| -8.0
Canadian Natural Resources | -13.9300| -2.0| 16.1| 6.4
Brookfield Corp | -7.1880| -1.1| -18.6| 20.8
CIBC | 7.4710| 1.5| -11.2| 24.8
Bank of Nova Scotia| 7.6460| 1.3| 33.7| 6.5
RBC | 12.2600| 0.8| -37.1| 23.1
US
By Rita Nazareth
(Bloomberg) — Treasury yields tumbled as data showing a slowdown in the US labor market boosted Wall Street’s bets on Federal Reserve rate cuts.
Stocks fell as Nvidia Corp. extended its two-day selloff to 11%.
Just a few days ahead of the payrolls report, a reading on job openings known as JOLTS trailed estimates and hit the lowest level since 2021.
The figures sparked an immediate reaction in the bond market, pushing the US two-year note’s yield briefly below the 10-year note as traders built up wagers on a super-sized rate reduction this month.
Fed’s Beige Book Shows Stagnant, Declining US Economic Activity “The markets may not be as nervous as they were a month ago, but they’re still looking for confirmation the economy isn’t cooling off too much,” said Chris Larkin at E*TRADE from Morgan Stanley. “So far this week, they haven’t gotten it.”
With the Fed set to begin cutting rates in a few weeks, the main question now is how big the first reduction will be.
Monthly US employment data due Friday will probably determine the answer.
Investors are on the edge of their seats after the release of the jobs report last month stoked growth fears.
Jerome Powell has made it clear the Fed is now more concerned about risks to the labor market than inflation, and another bad report would bolster the case for an outsize rate cut.
“Markets seem to see September as a coin flip between 25 and 50 basis points,” said Neil Dutta at Renaissance Macro Research. “I think going 25 bp risks the same market dynamic as skipping the July meeting. It’ll be fine until the next data point makes investors second guess the decision, fueling bets the Fed is behind the curve. Go 50 when you can, not when you must.”
Treasury 10-year yields declined seven basis points to 3.76%.
Swap traders have priced in over 100 basis points of Fed easing this year.
The S&P 500 fell 0.2%.
Nvidia saw its worst two-day plunge since October 2022.
Responding to a Bloomberg News report about the US Department of Justice sending out subpoenas as part of an antitrust probe, the chipmaker said it has been in contact with the agency — but has “not been subpoenaed.”
To Krishna Guha at Evercore, the latest job-openings figures were “on the soft side,” but they do not suggest any rapid deterioration in the labor market. “The still low level of layoffs and tick up in hires suggests the labor market is not cracking,” said Guha. “On net,
we think JOLTS nudges down the bar for what the employment report Friday would need to deliver in order for the Fed to cut 50bp out the gates in September, though not radically.”
Rate options traders stepped up wagers that the Fed will kick off its easing cycle with a half-percentage-point cut this month.
Options tied to the Secured Overnight Financing Rate show that open interest, or the amount of positions owned by traders, has surged across a number of call contracts that expire on Sept. 13, five days before the central bank’s post-meeting announcement.
Kristina Hooper at Invesco expects the Fed will cut only 25 basis points, but anticipates that would only be the start of what is likely to be a “very significant easing cycle.”
The stock market could be heading for correction if payrolls data comes in weak on Friday, according to Scott Rubner at Goldman Sachs Group Inc.
The bank’s clients are already positioning for a negative technical setup for share prices in the second half of September, Rubner wrote, adding that he expects a risk-off move to begin on Sept. 16.
“A market correction may start to get traction if payrolls are weak,” he wrote.
Bank of America Corp. clients were net sellers of US equities for a second consecutive week, recording the biggest net sale of shares since late 2020 as uncertainty grows around the economic outlook.
Institutional, hedge fund, and retail clients all offloaded US stocks, with net sales totaling $8 billion in the week ended Aug. 30, quantitative strategists led by Jill Carey Hall said Wednesday in a note.

Corporate Highlights:
* Hewlett Packard Enterprise Co. reported weaker-than-expected margins, suggesting lower profitability than anticipated in its closely watched business of selling servers for artificial intelligence work.
* C3.ai Inc., a data analysis software company, reported quarterly subscription revenue that missed estimates.
* US President Joe Biden is preparing to block Nippon Steel Corp.’s $14.1 billion takeover of United States Steel Corp., according to people familiar with the matter.
* Verizon Communications Inc. is in advanced talks to acquire rival telecommunications operator Frontier Communications Parent Inc., according to a person familiar with the negotiations.
* The Nordstrom family is looking to take their namesake department store chain private in a proposed $3.8 billion deal.
* Dollar Tree Inc. plunged in a harbinger of the pain coming for companies that cater to consumers earning less than $35,000 a year.

Key events this week:
* Eurozone retail sales, Thursday
* US initial jobless claims, ADP employment, ISM services index, Thursday
* Eurozone GDP, Friday
* US nonfarm payrolls, Friday
* Fed’s John Williams speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.2%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.3% to $1.1077
* The British pound rose 0.2% to $1.3143
* The Japanese yen rose 1.1% to 143.84 per dollar
Cryptocurrencies
* Bitcoin fell 0.3% to $58,067.06
* Ether fell 0.4% to $2,453.49
Bonds
* The yield on 10-year Treasuries declined seven basis points to 3.76%
* Germany’s 10-year yield declined five basis points to 2.22%
* Britain’s 10-year yield declined five basis points to 3.93%
Commodities
* West Texas Intermediate crude fell 2.1% to $68.85 a barrel
* Spot gold was little changed

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Chance fights ever on the side of the prudent. –Euripides, c. 480 BC- c.406 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 new month of September!

September 3, 1783: Treaty of Paris, ended the American Revolution.
September 3, 1971: Qatar gains independence after 55 years of British rule.
On Sept. 3, 1976, the unmanned U.S. spacecraft Viking 2 landed on Mars to take the first close-up, color photographs of the planet’s surface.   Go to article >>

Charlie Sheen, b. 1965

New Titanic photos reveal intact statue:  Much of the art that decorated the halls and rooms of the Titanic decomposed in the decades since the ship’s demise in 1912. However, this bronze statue of the goddess Diana remains beautifully intact.

It really is necessary to wash fruits and vegetables before eating them
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Can humans grow new islands in the world’s lowest-lying country?
The Maldives is eroding. See how an MIT lab is harnessing the ocean’s natural forces to protect beaches — and maybe one day to grow islands.

Earthquakes can trigger quartz into forming giant gold nuggets, study finds
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PHOTOS OF THE DAY

Spectrum – Vestrahorn, Iceland
“The full spectrum of the northern lights over the iconic Vestrahorn location in Iceland. What a dreamlike experience! A G3 strong geomagnetic storm hit the earth on 31 October and produced these wonderful colours”
Photograph: Stefan Liebermann

New York, US
A reveller marches during the West Indian Day parade in Brooklyn
Photograph: Andrés Kudacki/AP

​​​​​​​Balcombe, UK
‘Ouse Valley viaduct. Taken while on my way to wild camp near Chichester with my buddy, who is in the photograph.’
Photograph: Simon Arthrell
Market Closes for September 3^rd, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1929: The Dow Jones Industrial Average hit a high of 381.17, up 27% for the year, a peak that wasn’t reached again for 25 years. Markets cratered the next month in the Great Crash
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.3% at 23,042.45 in Toronto.
The move was the biggest since falling 2.2% on Aug.
2 and follows the previous session’s increase of 0.5%.
Today, materials stocks led the market lower, as 9 of 11 sectors lost; 171 of 226 shares fell, while 52 rose.
Brookfield Corp. contributed the most to the index decline, decreasing 4.2%.
First Quantum Minerals Ltd. had the largest drop, falling 13.8%.
Insights
* In the past year, the index had a similar or greater loss eight times. The next day, it declined five times for an average 0.8% and advanced three times for an average 0.8%
* This year, the index rose 9.9%, heading for the best year since 2021
* This quarter, the index rose 5.3%
* The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 22% in the same period
* The S&P/TSX Composite is 1.6% below its 52-week high on Aug. 26, 2024 and 23.3% above its low on Oct. 27, 2023
* The S&P/TSX Composite is down 1.3% in the past 5 days and rose 3.7% 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 15.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.71t
* 30-day price volatility rose to 14.33% compared with 13.89% in the previous session and the average of 14.32% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -117.2358| -4.1| 1/51
Energy | -78.2093| -1.9| 3/38
Information Technology| -52.1179| -2.7| 3/7
Financials | -31.3315| -0.4| 11/16
Consumer Discretionary| -14.5075| -1.8| 1/11
Consumer Staples | -9.5515| -1.0| 6/4
Industrials | -5.8419| -0.2| 6/22
Utilities | -3.0458| -0.3| 5/10
Real Estate | -0.8411| -0.2| 11/8
Health Care | 0.3095| 0.5| 2/2
Communication Services| 8.6418| 1.2| 3/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Brookfield Corp | -28.6500| -4.2| 14.0| 22.2
Shopify | -27.3000| -3.2| -25.2| -6.4
Canadian Natural Resources | -24.7200| -3.4| 29.4| 8.6
Bank of Nova Scotia| 4.5540| 0.8| 3.9| 5.1
Canadian Pacific Kansas | 7.2350| 1.0| 49.7| 7.8
RBC | 7.6120| 0.5| -26.1| 22.2
US
By Rob Verdonck
(Bloomberg) — Stocks in Asia were poised for losses after US benchmarks posted their worst day since the Aug. 5 market meltdown, as concerns about growth and monetary policy combined to torch risky assets.
Equity futures were down across Australia, Hong Kong and Japan, pointing to losses of 3% in the Tokyo bourse.
US contracts edged lower in early trading after the S&P 500 fell more than 2%, with Nvidia Corp. driving a plunge in tech stocks.
Meanwhile, the yen jumped, a closely watched manufacturing gauge again missed forecasts, and oil sank on concern about tepid global demand.
Wall Street’s “fear gauge” – the VIX – soared.
Treasury yields tumbled, with traders keeping their bets on an unusually large half-point Federal Reserve rate cut this year.
A dollar gauge rose for a fifth session, its longest winning streak since April.
The S&P 500 and the Nasdaq 100 saw their worst starts to a September since 2015 and 2002, respectively.
With inflation expectations anchored, attention has shifted to the health of the economy as signs of weakness could speed up policy easing.
While rate cuts tend to bode well for equities, that’s not usually the case when the Fed is rushing to prevent a recession.
Traders are anticipating the Fed will reduce rates by more than two full percentage points over the next 12 months — the steepest drop outside of a downturn since the 1980s.
The trepidation after the latest rise in unemployment will leave traders “on edge” until Friday’s payrolls data, said Ian Lyngen and Vail Hartman at BMO Capital Markets.
“This week’s jobs report, while not the sole determinant, will likely be a key factor in the Fed’s decision between a 25 or 50 basis-point cut,” said Jason Pride and Michael Reynolds at Glenmede. “Even modest signals in this week’s jobs report could be a key decision point as to whether the Fed takes a more cautious or aggressive approach.”
The S&P 500 dropped to around 5,530 while the Nasdaq 100 lost over 3% as Nvidia tumbled 9.5% — erasing $279 billion in a record one-day wipeout for a US stock.
The US Justice Department sent subpoenas to Nvidia and other companies as it seeks evidence that the chipmaker violated antitrust laws.
US 10-year yields fell seven basis points to 3.83%.
A record number of blue-chip firms tapped the corporate-bond market, taking advantage of cheaper borrowing.
The yen climbed as Bank of Japan’s Kazuo Ueda reiterated the central bank will continue to raise rates if the economy and prices perform as expected.
Marking the start of a busy week for economic data, a report showed US manufacturing activity shrank in August for a fifth month.
The Morgan Stanley strategist who foresaw last month’s market correction says firms that have lagged the rally in US stocks could get a boost if Friday’s jobs data provide evidence of a resilient economy.
A stronger-than-expected payrolls number would likely give investors “greater confidence that growth risks have subsided,” Michael Wilson wrote.
The August jobs report is expected to show payrolls in the world’s largest economy increased by about 165,000, based on the median estimate in a Bloomberg survey of economists.
While above the modest 114,000 gain in July, average payrolls growth over the most recent three months would ease to a little more than 150,000 — the smallest since the start of 2021.
The jobless rate probably edged down in August, to 4.2% from 4.3%.
While the Fed is finally coming around to cutting rates, it does not feel like stringing out a bunch of 25 basis-point rate cuts will do the job, said Neil Dutta at Renaissance Macro Research.
Under that scenario, it will take a long time to return the funds rate to neutral and in the process, you’ll keep policy restrictive, keeping open downside risks to growth.
“That muddling through scenario will probably risk further increases in the unemployment rate,” he said. “So, if they aren’t going 50 in September, they are going to need to go 50 at some point later this year.”

Corporate Highlights:
* Boeing Co. slumped as Wells Fargo & Co. lowered the planemaker to a sell-equivalent recommendation, saying it’s hard to see any upside in the shares.
* Vice President Kamala Harris joined President Joe Biden in declaring that United States Steel Corp. should remain domestically owned and operated, the latest headwind to the proposed sale of the company to Japan-based Nippon Steel Corp.
* Deutsche Bank AG cut the recommendation on JPMorgan Chase & Co. to hold from buy, while upgrading Bank of America Corp. and Wells Fargo & Co. on changing preferences within the banks sector.
* The German government plans to cut its stake in Commerzbank AG as it seizes on a recent share rally to initiate an exit from the lender it rescued over a decade ago.
* Illumina Inc.’s blocked $7 billion takeover of cancer- detection provider Grail Inc. should never have been probed by the European Union, according to a top court ruling that undermines the EU’s attempt to vet more global deals.
* Cathay Pacific Airways Ltd.’s inspection of its Airbus SE A350 fleet is focused on deformed or degraded fuel lines in the engines of the widebody aircraft, after the discovery of the issue caused multiple flight cancellations as engineers switch out parts.

Key events this week:
* China Caixin services PMI, Wednesday
* Eurozone HCOB services PMI, PPI, Wednesday
* Canada rate decision, Wednesday
* US job openings, factory orders, Beige Book, Wednesday
* Eurozone retail sales, Thursday
* US initial jobless claims, ADP employment, ISM services index, Thursday
* Eurozone GDP, Friday
* US nonfarm payrolls, Friday
* Fed’s John Williams speaks, Friday

Some of the main moves in markets:
Stocks
* S&P 500 futures fell 0.1% as at 7:29 a.m. in Tokyo; the S&P 500 fell 2.1%
* Nasdaq 100 futures fell 0.1%; the Nasdaq 100 fell 3.1%
* Nikkei 225 futures fell 3%
* Hang Seng futures fell 0.6%
* S&P/ASX 200 futures fell 1.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.1042
* The Japanese yen was little changed at 145.54 per dollar
Cryptocurrencies
* Bitcoin fell 0.3% to $58,028.73
* Ether was little changed at $2,464.58
Bonds
* The yield on 10-year Treasuries declined seven basis points to 3.83%
Commodities
* West Texas Intermediate crude was little changed
* Spot gold was little changed

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Rita Nazareth.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
A river cuts through rock, not because of its power, but because of its persistence. –James N. Watkins, b. 1952.

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

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

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

Dear Friends,

Tangents: Happy Friday!
Happy 94^th birthday Warren Buffett!

August 30, 1918: Soviet leader Vladimir Lenin is shot twice in an unsuccessful assassination attempt.

August 30, 1962: The second level of the George Washington Bridge opens, becoming the world’s only fourteen-lane bridge.

Fossil reveals details of sea cow’s death 15 million years ago
By analyzing the rare fossil, unearthed in Venezuela, researchers were able to piece together how the manatee-like marine mammal was killed by a crocodile and a tiger shark. Talk about an unlucky day.

Officer’s bodycam captures his gator-wrangling skills 
The Fulshear Police Department near Houston, Texas, shared video online of the officer fearlessly removing an alligator from a resident’s doorstep. Watch how he did it.

Plane struggles to land in typhoon
Strong winds from Typhoon Shanshan prevented the plane from landing on Japan’s southernmost main island Kyushu.                  `        “

‘Everything we found shattered our expectations’: Archaeologists discover 1st astronomical observatory from ancient Egypt
This first ancient Egyptian observatory discovered in modern times showcases advanced knowledge of astronomy and its profound link to the Egyptians’ spiritual and ritualistic practices. Read More.

Ancient people in Taiwan yanked healthy teeth from their mouths for ‘aesthetic expression’ and ‘tests of courage,’ study finds
For thousands of years, people in Taiwan pulled out healthy teeth. Now we know why they underwent this painful procedure. Read More.

James Webb telescope spots 6 enormous ‘rogue planets’ tumbling through space without a star
The James Webb Space Telescope has uncovered six “rogue planets” careening through space without a star. The objects are believed to have formed directly from gas collapse, blurring the lines between planets and stars.
Read More.

China’s upgraded light-powered ‘AGI chip’ is now a million times more efficient than before, researchers say
The Taichi-II chiplet, which could one day power super-intelligent AI models, ups the ante in light-based processing. Read More.

RIP
The king of New Zealand’s indigenous Māori people, Kiingi Tuheitia Pootatau Te Wherowhero VII, died peacefully earlier today, according to a statement from his representatives. He was 69. The king had been in the hospital recovering from heart surgery just days after celebrating the 18th anniversary of his coronation, the statement added. He had experienced poor health in recent years, including cancer and diabetes, according to CNN affiliate RNZ.
PHOTOS OF THE DAY

Paris, France
Paralympic torchbearers Charles-Antoine Kouakou, Nantenin Keita, Fabien Lamirault, Alexis Hanquinquant and Elodie Lorandi watch as the Paris Paralympic Games 2024 cauldron lifts off during the opening ceremony at the Jardin des Tuileries. The 17th Paralympic Games began under blue skies then lit up the night as Paris made a powerful start in extending to disability sport the same energy and joy that has characterised its summer.
Photograph: Franck Fife/AFP/Getty Images

Obergoms, Switzerland
Glaciologist Matthias Huss enters an ice cave at the tongue of the Rhone glacier.
Photograph: Denis Balibouse/Reuters

​​​​​​​The migration of the northern bald ibis, or the waldrapp, is watched on and supported by foster parents of the birds in a microlight aircraft across central Europe
Photograph: AP
Market Closes for August 30^th, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:

Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.5%, or 118.69 to 23,346.18 in Toronto.
Royal Bank of Canada contributed the most to the index gain, increasing 1.4%.
Capstone Copper Corp. had the largest increase, rising 4.3%.
Today, 146 of 226 shares rose, while 75 fell; 9 of 11 sectors were higher, led by financials stocks.
Insights
* This month, the index rose 1%
* So far this week, the index rose 0.3%
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 24% in the same period
* The S&P/TSX Composite is 0.3% below its 52-week high on Aug. 26, 2024 and 24.9% above its low on Oct. 27, 2023
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.6 on a trailing basis and 15.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.69t
* 30-day price volatility rose to 13.89% compared with 13.85% in the previous session and the average of 13.87% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 69.6848| 1.0| 23/4
Information Technology | 26.3854| 1.4| 9/1
Industrials | 15.6413| 0.5| 20/7
Consumer Discretionary | 8.8098| 1.1| 12/1
Real Estate | 3.4457| 0.7| 17/3
Communication Services | 2.4500| 0.3| 4/1
Materials | 2.1756| 0.1| 25/25
Utilities | 1.8732| 0.2| 10/5
Health Care | 0.3554| 0.6| 3/0
Consumer Staples | -2.3665| -0.2| 5/6
Energy | -9.7688| -0.2| 18/22
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
RBC | 22.0400| 1.4| -11.6| 21.6
Constellation Software | 14.6100| 2.5| 37.7| 34.0
Enbridge | 12.7800| 1.6| -4.9| 13.7
Cenovus Energy | -5.2520| -2.2| -1.3| 13.7
Suncor | -5.4810| -1.1| 72.0| 28.8
Canadian Natural Resources | -15.1300| -2.0| 48.1| 12.4
US
By Rita Nazareth
(Bloomberg) — Stocks climbed in the final stretch of a wild August, with traders bracing for what’s historically known as the worst month for equities.
For all the whiplash in global markets just a few weeks ago, the S&P 500 closed within a whisker of its all-time highs.
Equities spiked in the last 10 minutes of Wall Street trading, with the S&P 500 up 1% and all of its major groups on the rise.
The gauge notched its fourth straight monthly gain amid data showing the economy is holding up, while leaving the door open for the Federal Reserve to cut rates in September.
Whether a jumbo-sized reduction remains on the table, next week’s jobs report might bring some clues.
“As August comes to a close, sentiment has calmed down significantly compared to the beginning of the month,” said Mark Hackett at Nationwide. “Many of the larger concerns in the overall economy have decreased. September may bring some seasonal challenges, but if investors can navigate through them, these challenges can turn into advantages in the fourth quarter.”
Since 1950, the S&P 500 has generated an average loss 0.7% in September and finished higher only 43% of the time, making it the worst month for stocks on an average return and positivity-rate basis, according to Adam Turnquist LPL Financial.
The last four Septembers have also been notably weak, with the index posting respective declines of 4.9%, 9.3%, 4.8%, and 3.9%.
“During the month, the index tends to trade sideways during the first half, with losses beginning to accumulate into month end,” he said. “For this year, the midway point also happens to line up closely with the September Fed meeting.”
The S&P 500 rose to around 5,650.
Volume was thin ahead of Monday’s US holiday.
The Nasdaq 100 added 1.3%.
The Russell 2000 of small firms gained 0.7%.
Goldman Sachs Group Inc. is planning to cut more than 1,300 employees from its global workforce, the Wall Street Journal reported.
Dell Technologies Inc. rallied on solid results.
Wall Street’s “fear gauge” — the VIX — dropped to around 15.
That’s after an unprecedented spike that took the index above 65 during the Aug. 5 market selloff.
An options trader or traders bought call spreads on the VIX — expiring in September, spending upwards of $9 million to protect against a spike in the gauge of S&P 500 volatility past 22.
Treasury 10-year yields climbed five basis points to 3.91%.
The dollar rose at the end of its worst month this year.
Oil sank.
Data from Bespoke Investment Group found that over the past 100 years, September also has by far been the worst month of the year for the Dow Jones Industrial Average with an average decline of 1.24%.
A Citigroup Inc. analysis of data since 1928 suggests S&P 500’s average realized volatility for September has historically been 1.5 points above August, while October has been an additional 2.5 points higher.
There are a few theories for why September tends to be a weaker month for stocks.
For one thing, investors returning from summer vacations tend to reassess portfolio positioning defensively.
Companies prepare their budgets for the coming year and debate belt tightening. And mutual funds often engage in “window dressing” by selling positions at a loss to reduce the size of their capital-gains distributions.
“Additionally, companies entering a blackout period for share repurchases at the end of the third quarter can have their ability to support their share price impacted if the price drops,” Hackett said.
While seasonality can be reason enough for some jitters, 2024 is also an election year, Bespoke remarked.
With that added potential cause for concern, September’s performance in election years has again, leaned negative, the firm said.
For all post-World War II presidential election years, the Dow has averaged a 0.58% decline during September.
Albeit negative, that compares with September of non-election years when it has averaged an even larger 1.37%.
“In other words, seasonality has tended to be rough regardless of whether or not it’s an election year,” the Bespoke strategists noted.
For now, many traders are pinning their hopes on more data that will show the economy isn’t falling off a cliff, while inflation keeps marching toward the Fed’s 2% goal.
A report Friday showed US consumer sentiment improved for the first time in five months as slower inflation and prospects for Fed cuts helped lift expectations about personal finances.
The Fed’s preferred measure of underlying US inflation — the core personal consumption expenditures price index — rose at a mild pace.
“This week’s numbers dispel worries about a recession and inflation,” said David Russell at TradeStation.
“Goldilocks could be here as Jerome Powell prepares to turn the page.”  Powell said last week the time has come for the central bank to cut its key policy rate, affirming expectations that officials will begin lowering borrowing costs next month and making clear his intention to prevent further jobs cooling.
Like the Fed, investors’ focus seems to be shifting from inflation to the labor market, and soon all eyes will be on next Friday’s monthly jobs report, said Bret Kenwell at eToro.
“Last month’s jobs report was a big miss, causing widespread worry that the Fed was too late to cut rates,” he noted. “Another big miss could increase speculation of a 50 basis-point cut vs. the current expectation of a 25 basis-point cut.”
Stock markets are likely to benefit again from good economic data, which is needed for the rally to broaden out further beyond the tech sector, according to Barclays Plc strategists.
The team led by Emmanuel Cau says the monthly US jobs data next week will be the bellwether for confirming or refuting recession worries.
“If it is a bad print, no doubt equities would react badly given their level after the rebound,” they wrote. On the other hand, a better-than-expected figure would “help assuage those recession fears in the short run, and likely be good for equities.”
Cash funds recorded inflows of about $24.5 billion in the week through Aug. 28, a fourth straight week of additions, according to a note from Bank of America Corp., citing EPFR Global data.
About $20.7 billion entered bond funds, while $13.7 billion flowed into stocks, the data showed.
US equities saw a ninth straight week of additions at $5.8 billion.

Corporate Highlights:
* Tesla Inc. aims to unveil its highly anticipated robotaxi at an event at Warner Bros. Discovery Inc.’s movie studio in the Los Angeles area, people familiar with the matter said. The electric vehicle company is targeting a reveal of the purpose- built robotaxi on Oct. 10 at the Burbank, California, facility, the people said, asking not to be identified because the information is private.
* Intel Corp. is working with investment bankers to help navigate the most difficult period in its 56-year history, according to people familiar with the matter.
** The company is discussing various scenarios, including a split of its product-design and manufacturing businesses, as well as which factory projects might potentially be scrapped, said the people, who asked not to be identified because the deliberations are private.
* Lululemon Athletica Inc. lowered its sales and profit outlook for the year as increased competition and relentless inflation curb demand for its pricey yoga pants.
* Ulta Beauty Inc. trimmed its sales forecast as more US consumers cut back on makeup and cosmetics in the face of higher prices and elevated borrowing costs.
* Autodesk Inc. raised its full-year earnings outlook following pressure on the software maker from activist investor Starboard Value LP.
* Alnylam Pharmaceuticals Inc.’s trial of its drug to treat a deadly form of heart disease fell short of investors’ expectations.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 1% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.3%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World Index rose 0.8%
* Bloomberg Magnificent 7 Total Return Index rose 1.6%
* The Russell 2000 Index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.1%
* The euro fell 0.2% to $1.1055
* The British pound fell 0.3% to $1.3133
* The Japanese yen fell 0.8% to 146.15 per dollar
Cryptocurrencies
* Bitcoin fell 1.3% to $58,785.55
* Ether fell 1.3% to $2,507.87
Bonds
* The yield on 10-year Treasuries advanced five basis points to 3.91%
* Germany’s 10-year yield advanced two basis points to 2.30%
* Britain’s 10-year yield was little changed at 4.02%
Commodities
* West Texas Intermediate crude fell 3% to $73.62 a barrel
* Spot gold fell 0.7% to $2,503 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann
No person who is enthusiastic about his work has anything to fear from life. –Samuel Goldwyn, 1882-1974.

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.

August 29, 1831: Michale Faraday discovers electromagnetic induction, which enabled technologies like electric generators and transformers.  He also discovered Benzene and electrolysis.
August 29, 1966: Allen Ginsberg reads his poetry to a crowd in Washington Square.
On Aug. 29, 1991, the Supreme Soviet, the parliament of the U.S.S.R., suspended all activities of the Communist Party, bringing an end to the institution. Go to article >>

1839: Amistad seized.
Michale Jackson, entertainer, b. 1958.
John Locke, philosopher, b.1632.
Ingrid Bergman, actress, b. 1915.
Charlie “Bird” Parker, musician, b.1920.

New invention harvests ambient Wi-Fi and Bluetooth signals to power small devices
Wasted radio signals can be converted into electricity using a new kind of antenna rooted in how electrons behave at a quantum level. Read More.

Large patch of the Atlantic Ocean near the equator has been cooling at record speeds — and scientists can’t figure out why
Scientists are trying to decipher what drove the recent dramatic cooling of the tropical Atlantic, but so far few clues have emerged. “We are still scratching our heads as to what’s actually happening,” the researchers said. Read More.

Gravitational waves hint at a ‘supercool’ secret about the Big Bang
Scientists might be on track to revealing new facets of physics. Read More.

This city is developing the world’s tallest timber tower, again
Another wooden skyscraper could be added to this bustling city’s skyline.

Stunning images from the Wildlife Photographer of the Year competition
Sleepy seals, a “dancing” stoat and a caiman’s fatal encounter with a jaguar are among the highly commended images in this year’s Wildlife Photographer of the Year competition.

Signed Dalí prints ‘forgotten’ for 50 years found in garage
Ten signed Salvador Dalí lithographs have been discovered in a garage in London, where they have been stashed for half a century.

This mining billionaire is taking aim at work-from-home culture.

PHOTOS OF THE DAY

London, England
Dancers at a dress rehearsal for the State Ballet of Georgia production of Swan Lake at London Coliseum
Photograph: Katja Ogrin/Redferns

In the Spotlight by Shreyovi Mehta from India, capturing two Indian peafowl at Keoladeo national park, Rajasthan, was runner-up in the 10 and under section
Photograph: Shreyovi Mehta/Wildlife Photographer of the Year/PA

​​​​​​​Pyrénées Ariègeoises, France

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 2000: In a sign of just how bullish the global market had become, OM Group of Sweden launched the world’s first hostile takeover bid for a stock exchange, offering to buy the London Stock Exchange for about $1.1 billion
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.4% at 23,227.49 in Toronto.
The move follows the previous session’s decrease of 0.6%.
Canadian Imperial Bank of Commerce contributed the most to the index gain, increasing 5.5%.
Kinaxis Inc. had the largest increase, rising 7.2%.
Today, 141 of 226 shares rose, while 81 fell; 5 of 11 sectors were higher, led by financials stocks.
Insights
* This month, the index rose 0.5%
* So far this week, the index fell 0.3%
* The index advanced 14% in the past 52 weeks. The MSCI AC Americas Index gained 24% in the same period
* The S&P/TSX Composite is 0.8% below its 52-week high on Aug. 26, 2024 and 24.3% above its low on Oct. 27, 2023
* The S&P/TSX Composite is up 0.8% in the past 5 days and rose 2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.7 on a trailing basis and 16 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.68t
* 30-day price volatility fell to 13.85% compared with 13.93% in the previous session and the average of 13.72% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 47.1191| 0.7| 17/10
Energy | 27.1202| 0.7| 34/6
Materials | 24.5993| 0.9| 43/9
Information Technology | 17.9215| 0.9| 9/1
Utilities | 0.2729| 0.0| 8/6
Health Care | -0.2862| -0.4| 2/2
Industrials | -0.7563| 0.0| 19/9
Communication Services | -2.3708| -0.3| 0/5
Real Estate | -3.2485| -0.6| 2/18
Consumer Discretionary | -4.7061| -0.6| 3/10
Consumer Staples | -5.1557| -0.5| 4/5
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
CIBC | 26.5400| 5.5| 160.2| 21.6
Shopify | 9.5490| 1.2| -30.7| -4.1
Canadian Natural Resources | 8.5400| 1.2| 138.7| 14.7
Dollarama | -4.5400| -1.7| -18.3| 40.4
Couche-Tard | -6.1470| -1.5| 95.2| -0.3
National Bank of Canada | -6.9110| -2.3| 147.2| 22.8
US
By Rita Nazareth
(Bloomberg) — A rally in the S&P 500 lost traction as Nvidia Corp. extended its selloff to more than 6%.
The good news: most stocks in the US advanced.
Buoyed by data showing the economy is holding up and a host of market observers reassuring investors that Nvidia’s growth prospects remain intact, the vast majority of groups in the American equity benchmark rose.
While tech was dragged down by the giant chipmaker, five companies in the “Magnificent Seven” group of mega caps gained.
The Russell 2000 of small firms climbed almost 1%.
In late hours, Dell Technologies Inc. jumped after its results.
“As long as the tech sector can avoid getting hit hard, it could/should keep the ‘rotation’ scenario in play,” said Matt Maley at Miller Tabak + Co. “Since the big-cap tech names are so highly weighted in the indices, a significant decline for the group will cause the market to move lower.
But, as long as they can hold up, it could allow for the recent ‘rotation’ move to continue — and help the stock market move higher over the coming weeks.”
To Steve Sosnick at Interactive Brokers, some investors might be questioning: if Nvidia is down so much, how would that be a relief for markets? After all, the S&P 500 came within a whisker of an all-time high earlier Thursday.
“Although the company didn’t meet the most optimistic ‘whisper numbers,’ they also didn’t say anything that would invalidate investors’ love for mega cap tech and all things regarding artificial intelligence,” he noted.
The S&P 500 hovered near 5,590. Treasuries held losses after a $44 billion sale of seven-year notes was a bit soft.
The yield on 10-year bonds advanced three basis points to 3.86%.
Swap traders slightly trimmed bets on Fed easing, while still expecting around 100 basis points of cuts for 2024.
The dollar rose.
Brent oil jumped to around $80.
Nvidia’s earnings report needed to be perfect for a stock that’s added nearly $2 trillion in market value in the past year.
In the end, a broad beat still sparked a selloff.
“The slide in Nvidia’s shares after the release of its latest consensus-beating results bolsters the argument that it was priced for perfection,” said John Higgins at Capital Economics. “But that doesn’t mean its party is over, or that the AI bubble is bursting.”
To James Demmert at Main Street Research, Nvidia’s post- earnings pullback was largely driven by investor confusion and a fear that Nvidia’s stock has run too fast since the early August low, but the strength in Nvidia’s quarter showed that its valuation is justified.
“The pullback in Nvidia’s stock is an invitation for investors to buy the stock,” he said.
In the bond market, the rise in yields left a closely watched spread just shy of regaining a normal, positive slope.
The margin by which US two-year yields exceed 10-year yields dwindled to around three basis points.
A year ago the two-year was around 80 basis points higher than the 10-year, reflecting expectations that Fed rate hikes above 5% would tame inflation and possibly cause a recession.
The US economy grew at a slightly stronger pace in the second quarter than initially reported, reflecting an upward revision to consumer spending that more than offset weaker activity in other categories.
“The message of this morning’s data is ‘steady as she goes’,” said Chris Larkin at E*TRADE from Morgan Stanley. “The economy doesn’t appear to be falling off a cliff, and in the current market, good news is good. There was nothing here to make the Fed rethink its plan to cut rates next month.”
To Bret Kenwell at eToro, the latest data helped reassure investors that the economy is “not teetering on an economic cliff.”
“While we’re not necessarily out of the woods, the US economy is more resilient than many realize,” Kenwell says.
“Today’s report should give investors confidence that the Fed can still orchestrate a soft landing.”

Corporate Highlights:
* Gap Inc. beat sales expectations in the second quarter, suggesting that an overhaul by new Chief Executive Officer Richard Dickson is working.
* Best Buy Co. raised its earnings guidance for the year, a sign that its turnaround efforts are starting to bear fruit as consumers begin upgrading Covid-era purchases with new products incorporating innovations like artificial intelligence.
* CrowdStrike Holdings Inc. reported second-quarter sales that topped analysts’ estimates, indicating that a global IT outage it caused last month didn’t have an immediate impact on results.
* United Airlines Holdings Inc. has raised concerns with the Biden administration over how the pending $1.9 billion merger of Alaska Air Group Inc. and Hawaiian Holdings Inc. could affect its business relationships with Hawaiian.
* Brookfield Asset Management is in talks with several investment funds to join its bid to acquire Spanish blood-plasma company Grifols SA, according to people familiar with the matter.
* The Netherlands plans to limit ASML Holding NV’s ability to repair and maintain its semiconductor equipment in China, a potentially painful blow to Beijing’s efforts to develop a world-class chip industry.
* Nokia Oyj’s mobile networks assets are drawing preliminary interest from suitors including Samsung Electronics Co. amid increasing pressure to find new growth in the troubled telecom equipment sector, people with knowledge of the matter said.

Key events this week:
* Japan unemployment, Tokyo CPI, industrial production, retail sales, Friday
* Eurozone CPI, unemployment, Friday
* US personal income, spending, PCE; consumer sentiment, Friday|

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 fell 0.1%
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World Index was little changed
* Bloomberg Magnificent 7 Total Return Index fell 0.7%
* The Russell 2000 Index rose 0.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.4% to $1.1077
* The British pound fell 0.2% to $1.3168
* The Japanese yen fell 0.2% to 144.93 per dollar
Cryptocurrencies
* Bitcoin was little changed at $59,350.13
* Ether was little changed at $2,535.75
Bonds
* The yield on 10-year Treasuries advanced three basis points to 3.87%
* Germany’s 10-year yield advanced one basis point to 2.27%
* Britain’s 10-year yield advanced two basis points to 4.02%
Commodities
* West Texas Intermediate crude rose 2% to $75.99 a barrel
* Spot gold rose 0.7% to $2,522 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Coincidence is God’s way of remaining anonymous. –Albert Einstein, 1879-1955.

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

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

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

Dear Friends,

Tangents: Feast of St. Augustine.
August 28, 476: The fall of the Roman Empire was completed as Emperor Augustulus was deposed by the German warrior Odoacer.

On Aug. 28, 1963, 200,000 people participated in a peaceful civil rights rally in Washington, D.C., where Dr. Martin Luther King Jr. delivered his “I Have a Dream” speech in front of the Lincoln Memorial. Go to article >>

Johann W. von Goethe, b. 1749.
Shania Twain, b. 1965.

Kelce brothers sign $100 million podcast deal
Brothers and NFL stars Jason and Travis Kelce signed a lucrative deal with Amazon’s podcast studio Wondery. The announcement is just the latest in a line of blockbuster podcasting deals.

Robert F. Kennedy Jr. faces backlash over dead whale incident
An environmental group is calling for RFK Jr. to be investigated over a bizarre incident described by his daughter in which he beheaded a whale carcass.

4-year-old accidentally shatters Bronze Age jar at museum
A 4-year-old boy shattered a Bronze Age artifact that was on display, without protective glass, at an archeological museum in Haifa, Israel.

PHOTOS OF THE DAY

Frankfurt, Germany
A bee covered in pollen flies towards a sunflower in a field
Photograph: Michael Probst/AP

Illinois, US
Lightning strikes after a severe storm passed over Chicago on Tuesday
Photograph: Tyler Pasciak LaRiviere/AP

​​​​​​​California, US
An aerial view shows fog surrounding the Golden Gate Bridge in San Francisco
Photograph: Tayfun Coskun/Anadolu/Getty Images
Market Closes for August 28^th, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 2000, the New York Stock Exchange began pricing stocks in decimals, ending the two-century-old practice of using increments of eighths of a dollar.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.6%, or 132.98 to 23,126.98 in Toronto.
The move was the biggest since falling 1.1% on Aug. 6.
Shopify Inc. contributed the most to the index decline, decreasing 2.4%. Kinaxis Inc. had the largest drop, falling 14.5%.
Today, 180 of 226 shares fell, while 40 rose; 10 of 11 sectors were lower, led by materials stocks.
Insights
* This month, the index was little changed
* The index advanced 15% in the past 52 weeks. The MSCI AC Americas Index gained 25% in the same period
* The S&P/TSX Composite is 1.2% below its 52-week high on Aug. 26, 2024 and 23.7% above its low on Oct. 27, 2023
* The S&P/TSX Composite is little changed in the past 5 days and rose 1.4% 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 15.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.7t
* 30-day price volatility fell to 13.93% compared with 13.95% in the previous session and the average of 13.71% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -60.2136| -2.1| 0/51
Information Technology | -32.9708| -1.7| 0/9
Energy | -24.9040| -0.6| 7/32
Industrials | -13.1235| -0.4| 6/22
Consumer Discretionary | -6.0388| -0.7| 1/12
Consumer Staples | -3.9512| -0.4| 3/8
Utilities | -3.2955| -0.4| 6/9
Real Estate | -3.1708| -0.6| 5/14
Communication Services | -1.6048| -0.2| 1/4
Health Care | -0.5678| -0.9| 1/3
Financials | 16.8873| 0.2| 10/16
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -20.7000| -2.4| -5.6| -5.2
Bank of Nova Scotia| -11.0000| -1.9| -9.2| 2.2
Bank of Montreal | -8.5100| -1.5| 65.9| -15.8
Canadian Western Bank | 1.5180| 4.5| 252.4| 69.8
National Bank of Canada | 16.6700| 5.9| 165.1| 25.7
RBC | 33.7100| 2.2| -22.2| 19.4
US
By Rita Nazareth
(Bloomberg) — Big tech fell in late trading as Nvidia Corp.’s sales forecast disappointed some investors hoping for more from the chipmaker at the forefront of the artificial- intelligence revolution that has powered the bull market in stocks.
A $286 billion exchange-traded fund tracking the Nasdaq 100 (QQQ) lost 0.6% after the close of regular trading.
Nvidia dropped 4% after saying third-quarter revenue will be about $32.5 billion.
While analysts had predicted $31.9 billion on average, estimates ranged as high as $37.9 billion.
The company also signaled that it was working through production snags with its highly anticipated new Blackwell chip.
“Here’s the issue: the size of the beat this time was much smaller than we’ve been seeing,” said Ryan Detrick at Carson Group. “Even future guidance was raised, but again not by the tune from previous quarters. This is a great company that is still growing revenue at 122%, but it appears the bar was just set a tad too high this earnings season.”
Last quarter’s topped Wall Street projections, and the Santa Clara, California-based company’s board approved an additional $50 billion in stock buybacks.
In the run-up to the results, a renewed bout of volatility gripped stocks.
The S&P 500 — at one point — headed toward its worst drop since the Aug. 5 meltdown.
The gauge pushed away from that threshold, closing down 0.6%.
The Nasdaq 100 slid 1.2%.
Wall Street’s favorite volatility gauge — the VIX — surged to around 17.
Treasury 10-year yields rose two basis points to 3.84%.
Bitcoin dipped below $60,000.
To Matt Maley at Miller Tabak, while it’s been a “pretty uneventful week” so far, the odds are good that we’ll see some significant movement one way or the other after Nvidia reports.
“The activity should at least pick up,” Maley said. Future gains in global tech stocks should be more gradual after the quick rebound over the past three weeks, with potential headwinds from US macroeconomic data and further news on semiconductor export controls likely contributing to rising volatility, according to Solita Marcelli at UBS Global Wealth Management, “However, we continue to hold a positive structural view on the broader AI theme, and see ways investors can manage their exposure to the technology that we think is set to drive growth in the years to come,” she noted.
The correlation between the S&P 500 and Nvidia has fallen as the stock’s effect on index earnings growth is fading, according to Bloomberg Intelligence’s strategists led by Gina Martin Adams.
“AI themes are still drawing significant attention, yet the dominance is likely to decrease as other sectors and themes attract mind and fundamental share,” they wrote.
The S&P 500 companies outside the “Magnificent Seven” cohort more than doubled growth expectations to 9.2% compared with the forecasted 4%, BI said. Three of the 11 sectors —including industrials, real estate and staples — saw growth instead of declines.
Energy was the only sector to fall short.

Corporate Highlights:
* Salesforce Inc. gave an earnings forecast for the fiscal year that topped analysts’ estimates, trying to satisfy investors who have concerns over slowing sales growth at the software giant.
* CrowdStrike Holdings Inc., a cybersecurity company, reported second-quarter sales that topped analysts’ estimates, assuaging concerns that a global IT outage it caused last month would have an immediate impact on results.
* OpenAI is getting closer to raising funding at a valuation of more than $100 billion in a round led by Thrive Capital, people with knowledge of the matter said.
* Super Micro Computer Inc. said it will delay filing its annual financial disclosures, sending the stock plunging.
* Kohl’s Corp. raised its full-year profit outlook as the retailer trims expenses and reduces inventory levels amid a pullback from consumers.
* Abercrombie & Fitch Co. beat analysts’ sales expectations for the sixth consecutive quarter, but it wasn’t enough to impress investors who have grown accustomed to the ’90s fashion comeback.
* Foot Locker Inc.’s sales surpassed analysts’ expectations as turnaround efforts and a rekindled relationship with key partner Nike Inc. begin to pay off, but investors remain unimpressed by the progress.

Key events this week:
* Eurozone consumer confidence, Thursday
* US GDP, initial jobless claims, Thursday
* Fed’s Raphael Bostic speaks, Thursday
* Japan unemployment, Tokyo CPI, industrial production, retail sales, Friday
* Eurozone CPI, unemployment, Friday
* US personal income, spending, PCE; consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.2%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World Index fell 0.5%
* Bloomberg Magnificent 7 Total Return Index fell 1.2%
* The Russell 2000 Index fell 0.7%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.6% to $1.1113
* The British pound fell 0.6% to $1.3184
* The Japanese yen fell 0.5% to 144.72 per dollar
Cryptocurrencies
* Bitcoin fell 4.7% to $58,959.11
* Ether fell 2.8% to $2,509.03
Bonds
* The yield on 10-year Treasuries advanced two basis points to 3.84%
* Germany’s 10-year yield declined three basis points to 2.26%
* Britain’s 10-year yield was little changed at 4.00%
Commodities
* West Texas Intermediate crude fell 1% to $74.74 a barrel
* Spot gold fell 0.7% to $2,507.78 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
The views of men of wise counsel are much the same. –Liu Bei, 161-223 AD.

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

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

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

Dear Friends,

Tangents:

August 27, 1945: American troops began landing in Japan following the surrender of the Japanese government in World War II. Go to article >>.
August 27, 2008: Democratic politician Barack Obama becomes the first African American to be nominated for the presidency by either major party.

1979: Lord Mountbatten assassinated.
Georg Hegel, philosopher, b.1770.
Mother Teresa, b.1910
PeeWee Heman, actor, b.1952

How countries rewarded their Olympic champions
As the Paralympics get underway this week, CNN takes a look at some of the eye-popping rewards athletes earn for winning Olympic glory.

Video: French bulldog ignites kitchen fire
A family is trying to stay paw-sitive after their dog started a large kitchen fire. See the home camera footage.

Travelers score cheap first-class flights due to Qantas glitch
For a short period, first-class round-trip airline tickets from Australia to the US, which normally cost up to 28,000 Australian dollars (about $19,000!), were available from Qantas for a whopping 85% off

Bison Licking Insect Bite: A 14,000-year-old lifelike figure carved from a weapon
The small carving was made 14,000 years ago by a group of hunters. Read More.

Why do we shrink as we age?
Height loss could be an early sign of a more serious health condition. Read More.

Virus that causes COVID-19 uses a secret ‘back door’ to infect the brain
A mutation on the spike protein of the virus that causes COVID-19 could help it infect the brain by forcing it to use a cellular “back door.” Read More.

Boeing Starliner astronauts will spend at least 240 days stuck in space — is that a new record?
NASA astronauts Butch Wilmore and Sunita Williams will spend at least eight consecutive months aboard the International Space Station as their Boeing Starliner spacecraft returns to Earth empty. Is their extended spaceflight record-setting? Read More.

‘Unbreakable’ quantum communication closer to reality thanks to new, exceptionally bright photons
Scientists build a new light source for quantum communications by combining existing technologies together to create a stronger and more robust quantum signal. Read More.

PHOTOS OF THE DAY

Worcestershire, UK
A couple have their picture taken next to sunflowers at Becketts Farm in Wythall
Photograph: Jacob King/PA

Frankfurt, Germany
A man runs over rails to reach a train at Wehrheim station
Photograph: Michael Probst/AP

​​​​​​​Walton-on-the-Naze, Essex
Families have loved the handsome resort since it was first developed in the 1820s
Market Closes for August 27^th, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1878, Thomas Alva Edison began experimenting with electric light at his laboratory in Menlo Park, N.J., a key moment in his drive to create incandescent light.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.4% at 23,259.96 in Toronto.
The move was the biggest loss since Aug. 7 and follows the previous session’s increase of 0.3%.
Bank of Montreal contributed the most to the index decline and had the largest move, decreasing 6.5%.
Today, 154 of 226 shares fell, while 69 rose; 9 of 11 sectors were lower, led by energy stocks.
Insights
* This month, the index rose 0.6%
* The index advanced 17% in the past 52 weeks. The MSCI AC Americas Index gained 27% in the same period
* The S&P/TSX Composite is 0.7% below its 52-week high on Aug. 26, 2024 and 24.4% above its low on Oct. 27, 2023
* The S&P/TSX Composite is up 1% in the past 5 days and rose 2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.7 on a trailing basis and 15.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.71t
* 30-day price volatility fell to 13.95% compared with 14.21% in the previous session and the average of 13.70% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -55.6809| -1.3| 2/38
Materials | -19.3518| -0.7| 6/44
Information Technology | -10.0341| -0.5| 3/7
Industrials | -5.8834| -0.2| 6/22
Financials | -3.5851| 0.0| 17/10
Communication Services | -1.7507| -0.2| 1/4
Health Care | -1.1377| -1.7| 0/4
Utilities | -0.9606| -0.1| 8/7
Consumer Discretionary | -0.3646| 0.0| 3/10
Consumer Staples | 4.7758| 0.5| 5/6
Real Estate | 4.9598| 1.0| 18/2
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Bank of Montreal | -39.3900| -6.5| 105.4| -14.5
Suncor | -12.2200| -2.4| 37.2| 29.3
Canadian Natural Resources | -11.8400| -1.6| 145.0| 14.4
Couche-Tard | 5.3850| 1.4| -13.4| 1.8
TD Bank | 5.4480| 0.6| -45.8| -6.3
Bank of Nova Scotia| 13.9200| 2.5| 20.4| 4.2
US
By Rita Nazareth
(Bloomberg) — Stocks hovered near all-time highs, with traders awaiting Nvidia Corp.’s results for clues on whether the artificial-intelligence euphoria that’s powered the bull market has more room to run.
Just a day ahead of the giant chipmaker’s earnings, investors are getting ready to see whether the AI darling will at least match Wall Street’s lofty estimates.
Given its massive influence on broader indexes, Goldman Sachs Group Inc.’s trading desk has once called Nvidia “the most important stock on planet
Earth.” A member of the “Magnificent Seven” group of mega caps, the company has been responsible for over a third of the Nasdaq 100’s gain this year.
Investors are gearing up for big swings in Nvidia’s shares after the $3.2 trillion company led by Jensen Huang reports earnings on Wednesday.
Trading in the options market implies a nearly 10% move in either direction on the day following the results.
The stock has rallied about 160% this year and 1,000% from its October 2022 bear-market low.
“Nvidia’s earnings report may actually have more impact on the overall market than Jerome Powell’s Jackson Hole speech last week,” said Anthony Saglimbene at Ameriprise Financial. “Move over, Powell. It’s Jensen Huang’s turn to move markets.”
To Chris Senyek at Wolfe Research, Nvidia’s results will set the tone for markets before the key US payrolls report on Sept. 6. “We remain bullish, but risks are now skewed to the downside over the very near-term. From a seasonal perspective, we enter a weaker period that is even more amplified in election years,” Senyek said.
The S&P 500 edged up to around 5,625.
The Nasdaq 100 rose 0.3%.
A closely watched gauge of chipmakers added 1.1%.
Nvidia climbed 1.5%.
Software firm Salesforce Inc., which also reports results on Wednesday, fell 0.4%.
Super Micro Computer Inc. slid 2.6% after Hindenburg Research said it’s short the maker of server equipment.
The Russell 2000 of small caps dropped 0.7%.
Treasury 10-year yields rose one basis point to 3.83%.
A $69 billion US sale of two-year notes was well-received.
Oil fell as technical measures signaled a three-day rally driven by the threat of a halt to Libyan supplies was overdone.
With questions swirling around Federal Reserve policy, the state of the economy and the US presidential race, at least one thing seems clear on Wall Street: spending on AI is still key.
Concerns about the returns of those investments recently contributed to a tech selloff, although that dip was readily bought.
AI hardware and chip companies have led the bounce in the Nasdaq 100 from its August low, with Nvidia up about 30%.
Nvidia accounts for more than 6% of the S&P 500’s market cap in terms of its index weight, so “it’s increasingly a bigger component of where the trend and momentum of the market goes,”
Matt Stucky of Northwestern Mutual Wealth Management told Bloomberg Surveillance.
If the giant chipmaker fails to deliver, or even just meets expectations, “I think it’s more of a risk-off environment,” he said, “not necessarily fuel for rotation.”
Analysts, on average, are predicting that the giant chipmaker will project revenue growth of more than 70% for the current quarter. Some are estimating an even larger surge.
Nvidia’s results and forecast also will serve as a barometer for AI spending across much of the technology industry.
While there have been reports that some versions of Nvidia’s new Blackwell chip lineup are delayed, most analysts believe there’s sufficient demand for current products to make those snags immaterial.
The company hasn’t yet commented on the matter.
“Nvidia is likely to solidly beat consensus and raise third-quarter guidance, with sales surpassing estimates by a single-digit percentage,” said Kunjan Sobhani at Bloomberg Intelligence. “Yet concerns about the Blackwell chip delay could weigh on the upside to expectations for fiscal 2025, making management’s comments — especially a reassuring 2025 outlook — critical.”
Despite the potential for near-term volatility in tech, the AI growth story remains intact, according to Mark Haefele at UBS Global Wealth Management.
“Nvidia’s results this week as well as Apple’s upcoming iPhone launch will be key catalysts to watch. Without taking any single-name views, we maintain our positive outlook for quality AI beneficiaries in the semiconductor and software industries,” Haefele said.
It’s difficult to recall a period in the past where the earnings of one company have been so focused on by the market, but that is where we stand now on Nvidia and to a lesser extent Broadcom Inc., according to Ryan Grabinski at Strategas.
“Their respective earnings results will be a significant catalyst for the broader market in either direction,” he said. “A miss from Nvidia — which has an EPS contribution of 4.6% — could swing estimates materially. Broadcom, which reports next week, contributes 1.6%. A less material EPS contribution, but just as important for ‘AI enthusiasm’.”
Throughout its history, Nvidia has been in a 38% average drawdown, according to data compiled by Bespoke Investment Group strategists.
“Our goal here is not to suggest that Nvidia is doomed, but rather to temper expectations,” Bespoke said. “A repeat of the 1,000%+ gain already experienced by Nvidia is virtually impossible, and extreme pullbacks in a volatile stock like this can happen at any time.”
As the earnings season winds down, BI notes that AI mentions in second-quarter earnings appear to have slipped quarter over quarter — but that’s likely because companies Nvidia and Salesforce have yet to report.
“Recession references among S&P 500 companies’ management and in analyst questions ticked up quarter over quarter for the first time since 2Q22,” said the BI strategists led by Gina Martin Adams. “Still, macroeconomic topics have taken a back seat to AI and the consumer.”
On the economic front, data showed US consumer confidence rose to a six-month high in August as more upbeat views of the economy and inflation offset waning optimism about the labor market.
While the S&P 500 is now nearly back to its all-time high in the wake of Powell’s recent dovish message, underlying risk premia are still somewhat larger than before the July correction began and the previously all-conquering “AI” narrative still is yet to fully recover, according to Jonas Goltermann at Capital Economics.
“Provided that the US economy manages a soft landing, as we continue to anticipate, and enthusiasm around AI rebounds further, we forecast the S&P 500 will hit 6,000 by the end of the year,” he said.
Bank of America Corp. clients pulled money from US stocks for the first time in three weeks, paring their exposure in the asset class that continued to hover near a record.
The offloading was seen across seven of the 11 industry groups but was most prominent in technology stocks, which saw their first outflow in three weeks.
Though the recent rally in Treasuries helped bring the stock-bond relative value comparison back near the long-term average, equities still suffer limited appeal on yields, according to BI’s Adams.
The S&P 500 equity risk premium — the spread between the earnings yield on stocks and the yield on the 10-year Treasury — has edged back into positive territory, Adams noted.
However, right at its long-term average, it is still too low to support the notion of strong forward returns like it did in the 2010-19 bull market, she noted.
“Due to the combination of higher bond yields and stocks near all-time highs, the equity risk premium suggests merely average future returns for stocks — a far cry from the double- digit annualized returns that characterized the post-financial crisis era — but still positive nonetheless,” the strategist concluded.

Corporate Highlights:
* Exxon Mobil Corp. is looking to sell a package of conventional oil assets in the Permian Basin as the company focuses on growing shale production after buying Pioneer Natural Resources Co. earlier this year.
* Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg alleged that Facebook was “pressured” by the US government to censor content related to Covid-19 during the global pandemic and that he regrets the company’s decision to accede to the demands.
* JD.com Inc. plans to buy back as much as $5 billion of its shares, moving to appease investors worried about a potentially worsening Chinese consumer downturn.
* Cava Group Inc. tumbled after the Mediterranean restaurant chain’s largest individual shareholder and a group of executives filed to sell shares.
* Eli Lilly & Co. is now selling vials of its blockbuster weight-loss drug Zepbound to patients for as little as $399 a month as it works to overcome supply shortages of wildly popular shots.

Key events this week:
* Nvidia earnings, Wednesday
* Fed’s Raphael Bostic and Christopher Waller speak, Wednesday
* Eurozone consumer confidence, Thursday
* US GDP, initial jobless claims, Thursday
* Fed’s Raphael Bostic speaks, Thursday
* Japan unemployment, Tokyo CPI, industrial production, retail sales, Friday
* Eurozone CPI, unemployment, Friday
* US personal income, spending, PCE; consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 3:59 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average was little changed
* The MSCI World Index rose 0.2%
* Bloomberg Magnificent 7 Total Return Index fell 0.3%
* The Russell 2000 Index fell 0.7%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.1184
* The British pound rose 0.6% to $1.3262
* The Japanese yen rose 0.4% to 143.98 per dollar
Cryptocurrencies
* Bitcoin fell 2.1% to $62,090.96
* Ether fell 3.9% to $2,584.56
Bonds
* The yield on 10-year Treasuries advanced one basis point to 3.83%
* Germany’s 10-year yield advanced four basis points to 2.29%
* Britain’s 10-year yield advanced nine basis points to 4.00%
Commodities
* West Texas Intermediate crude fell 2.2% to $75.75 a barrel
* Spot gold rose 0.3% to $2,525.17 an ounce

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Robert Brand and Toby Alder.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Beauty awakens the soul to act. –Dante Alighieri, 1265-1321.

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
Tonight is the last 8PM sunset of the year.

August 26, 1883: Krakatoa erupts; 36000 killed.
August 26^th, 1936: The Anglo-Egyptian Treaty establishes Egypt as a sovereign state after 50 year of British occupation.
In 1972, the summer Olympics opened in Munich, West Germany.
August 26^th, 2003: Investigators concluded that NASA’s overconfident management and inattention to safety doomed the space shuttle Columbia as much as damage to the craft did. Go to article >>

Christopher Columbus, explorer, b. 1451.

This is the world’s best-connected airport right now
Take a guess! This airport operates the most nonstop flights to hundreds of destinations worldwide — and it was only built in 2018.

The classic Volkswagen Beetle is all but extinct globally
But in Mexico, it’s a different story. Read why Beetle-fever lives on throughout the country.

$24 million
That’s how much this iconic Babe Ruth jersey fetched at auction on Sunday — making it the world’s most valuable sports collectible.

PHOTOS OF THE DAY

East Yorkshire, UK
A rider and horse during an English Civil War Society re-enactment event at Wressle Castle
Photograph: Danny Lawson/PA

Nanning, China
Tree roots abut the ancient city wall
Photograph: Costfoto/NurPhoto/Rex/Shutterstock

Tokyo, Japan
People take in the view at Odaiba marine park
Photograph: Philip Fongphilip Fong/AFP/Getty Images
Market Closes for August 26^th, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1919, the Coca-Cola Co. successfully sold shares to outsiders for the first time, as a syndicate of banks and brokers from around the country bought 417,000 shares to resell to retail investors at an initial offering price of $40. An earlier attempt at a stock offering in 1892 had failed.
Canada:
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 0.3%, or 62.89 to 23,348.97 in Toronto.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.5%.
Ces Energy Solutions Corp. had the largest increase, rising 4.5%.
Today, 149 of 226 shares rose, while 68 fell; 9 of 11 sectors were higher, led by energy stocks.
Insights
* This month, the index rose 1%
* The index advanced 18% in the past 52 weeks. The MSCI AC Americas Index gained 27% in the same period
* The S&P/TSX Composite is at its 52-week high and 24.9% above its low on Oct. 27, 2023
* The S&P/TSX Composite is up 1% in the past 5 days and rose 2.3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.7 on a trailing basis and 15.9 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.7t
* 30-day price volatility little changed to 14.21% compared with 14.22% in the previous session and the average of 13.53% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 46.1267| 1.1| 35/5
Financials | 7.3209| 0.1| 15/10
Industrials | 6.4572| 0.2| 17/11
Materials | 4.5023| 0.2| 27/22
Consumer Discretionary | 4.4746| 0.6| 10/3
Utilities | 2.7870| 0.3| 11/4
Communication Services | 2.4448| 0.3| 4/1
Real Estate | 2.4191| 0.5| 15/3
Consumer Staples | 1.5206| 0.2| 8/3
Health Care | -0.1952| -0.3| 2/2
Information Technology | -14.9613| -0.8| 5/4
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Canadian Natural Resources | 18.2800| 2.5| 182.5| 16.3
Suncor | 9.7030| 2.0| 48.0| 32.5
Canadian Pacific Kansas | 3.7150| 0.5| -26.6| 6.3
Agnico Eagle Mines Limited/Limitee | -2.7220| -0.7| -49.1| 52.9
TD Bank | -4.5820| -0.5| -59.4| -6.8
Shopify | -15.2100| -1.8| -22.1| -2.0
US:
By Rita Nazareth
(Bloomberg) — The world’s largest technology companies dragged down stocks after a rally that put the market on the brink of its all-time highs, with Nvidia Corp.’s earnings due in just a few days.
A gauge of the “Magnificent Seven” mega caps slid 1.2%.
An equal-weighted version of the S&P 500 — one that gives Target Corp. as much clout as Microsoft Corp. — briefly hit record highs on hopes the bull market will broaden out of big tech after Jerome Powell signaled Friday the Fed will cut rates soon.
The Dow Jones Industrial Average of blue chips closed at a peak.
“Powell sealed the deal for a September cut at Jackson Hole — leaving intact our thesis for continued broadening/rotation,” said Ohsung Kwon at Bank of America Corp. “But don’t sleep on Nvidia earnings, a consistent driver of S&P returns and still a risk to markets if they disappoint.”
Strong flows from corporate buybacks, systematic funds and retail investors are expected to push stocks higher in the coming weeks, according to Goldman Sachs Group Inc.’s Scott Rubner.
He estimates there will be $17 billion of “unemotional demand between robots and corporates every day this week.”
Rubner also sees a so-called “green sweep” for commodity trading advisers, or CTAs, over the coming week, which means those funds will likely be buying stocks however the market trades.
Traders continued to keep a close eye on US policymakers, with Fed Bank of San Francisco President Mary Daly telling Bloomberg Television she believes it’s appropriate to begin cutting rates.
Her Richmond counterpart Thomas Barkin says he still sees upside risks for inflation, though he supports “dialing down” rates in the face of a cooling labor market.
The S&P 500 fell to around 5,615 amid thin trading volume.
The tech-heavy Nasdaq 100 fell 1%. The Russell 2000 of smaller firms closed little changed.
Treasury 10-year yields rose two basis points to 3.82%.
Oil advanced after Libya’s eastern government said it will halt exports, building on tensions in the Middle East after Israeli strikes on Hezbollah targets in southern Lebanon.
“The dovish commentary from Powell supports the narrative that inflation is trending lower, and the Fed would soon be cutting rates, underpinning ‘SMID-cap’ (small-mid) stocks,” said Craig Johnson at Piper Sandler.
The market has been on a healthier track over the past few weeks, moving away from the overly strong reliance on a few big tech names that we saw in the first seven months this year, according to Mark Hackett at Nationwide.
With that said, we are currently in what can best be described as a “market pause,” he noted.
“September is historically the worst month on the calendar, so investors should expect some volatility, especially if key indicators like the PCE inflation data, Nvidia earnings, or upcoming payroll disappoint, he said.
To Chris Larkin at E*TRADE from Morgan Stanley, in order to push to fresh highs this week, stocks may need to avoid any major surprises from earnings — especially Nvidia — “which has been driving a good deal of the sentiment in the tech sector.”
Expectations heading into the giant chipmaker’s earnings on Wednesday are high, with analysts anticipating another strong consensus beat that could prompt the chipmaker to raise its profit guidance.
Trading in the options market suggest investors see potential for a 9% move in either direction on the day following the report, Citigroup Inc.’s Vishal Vivek said last week.
“Move over, Powell. It’s Jensen Huang’s turn to move markets,” said Anthony Saglimbene at Ameriprise, referring to Nvidia’s chief. “In our view, Nvidia’s earnings report this week may actually have more impact on the overall market than
Powell’s Jackson Hole speech last week.”
Its report this week will wrap up results for the “Magnificent Seven,” which combined are on track to post 34% year-over-year growth in earnings for the second quarter — compared to 6% for the rest of the S&P 500, according to Jason
Pride and Michael Reynolds at Glenmede.
This comes after a nearly year-long period in which the cohort of mega caps posted earnings growth of more than 40% — while the rest of the index saw outright declines.
“The back half of this year is likely to be the beginning of a process that gives way to broader fundamental improvement,” they said. “Broader earnings growth participation should favor small caps and investment processes that avoid the pitfalls of market concentration.”
“At current valuations, stocks are expensive and any further upside will depend on improving earnings,” said Richard Saperstein at Treasury Partners. “Abundant liquidity coupled with declining inflation and an accommodative central bank will provide the backdrop for higher stock prices.”
S&P 500 returns following the initial Fed rate cut tend to be positive — unless the economy falls into recession, according to Keith Lerner at Truist Advisory Services, who also notes that’s not his base-case scenario.
“Small caps are likely to do better in the near term — but longer term we still prefer large caps,” Lerner said. “Small caps are a greater beneficiary of lower short-term rates, and valuations are cheap.
However, historical trends after first Fed rate cut are mixed, earnings trends are still weak, and a cooling economy is historically a headwind for the asset class.”
“Growth stocks are losing bullish momentum right now in both outright price and relative strength to the S&P 500 while the opposite is true for value stocks which hit fresh all-time highs last week and are stabilizing relative to the S&P 500,”
said Tom Essaye at The Sevens Report.
“More evidence is needed but a value-over-growth trade is emerging.”
While it’s hard to stand in front of a market trending higher that is about to get rate cuts, we continue to think equities will show some consolidation around the area of prior highs, said Jonathan Krinsky at BTIG.
“No rush to push all your chips in right here, especially as we enter one of the worst seasonal stretches of the year,” Krinsky noted. “Small caps remain above their key breakout level, but we are more interested in the potential turn in the
relative trend. Rate cuts should help this trade, assuming the eco data holds up.”
US inflation figures in the coming week will reinforce that long-awaited interest-rate cuts are coming soon, while a reading on consumer spending is seen indicating that the central bank has been successful at keeping the expansion intact.
Economists see the personal consumption expenditures price index excluding food and energy — the Fed’s preferred measure of underlying inflation — rising 0.2% in July for a second month.
That would pull the three-month annualized rate of so-called core inflation down to 2.1%, a smidgen above the central bank’s 2% goal.

Corporate Highlights:
* Elliott Investment Management has increased its equity stake in Southwest Airlines Co. to 9.7%, nearing the amount needed to call a special shareholder meeting at which the activist hopes to replace most of the carrier’s board.
* Apple Inc. has sent out invitations for a product launch event at its headquarters on Sept. 9, when it’s set to announce details of the iPhone 16 and other new devices.
* Applied Materials Inc. said the US Department of Justice has requested information on its applications for federal grants, adding another layer to government investigations into its operations.
* Paramount Global is moving ahead with asset disposals to raise cash, people familiar with the matter said, amid the ongoing takeover saga involving the media company.
* McKesson Corp. agreed to buy a controlling stake in an arm of Florida Cancer Specialists & Research Institute, a privately held operator of clinics.
* PDD Holdings Inc.’s shares tumbled after Temu’s owner warned that revenue growth will inevitably dwindle, highlighting the challenges of sustaining its pace of expansion against aggressive rivals like ByteDance Ltd.

Key events this week:
* China industrial profits, Tuesday
* Germany GDP, Tuesday
* US Conference Board consumer confidence, Tuesday
* Nvidia earnings, Wednesday
* Fed’s Raphael Bostic and Christopher Waller speak, Wednesday
* Eurozone consumer confidence, Thursday
* US GDP, initial jobless claims, Thursday
* Fed’s Raphael Bostic speaks, Thursday
* Japan unemployment, Tokyo CPI, industrial production, retail sales, Friday
* Eurozone CPI, unemployment, Friday
* US personal income, spending, PCE; consumer sentiment, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 1%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World Index fell 0.3%
* Bloomberg Magnificent 7 Total Return Index fell 1.2%
* The Russell 2000 Index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.3% to $1.1160
* The British pound fell 0.2% to $1.3185
* The Japanese yen fell 0.1% to 144.58 per dollar
Cryptocurrencies
* Bitcoin fell 1.4% to $63,359.76
* Ether fell 3.2% to $2,681.56
Bonds
* The yield on 10-year Treasuries advanced two basis points to 3.82%
* Germany’s 10-year yield advanced two basis points to 2.25%
* Britain’s 10-year yield declined five basis points to 3.91%
Commodities
* West Texas Intermediate crude rose 3% to $77.09 a barrel
* Spot gold rose 0.2% to $2,518.29 an ounce

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

Be magnificent!
As ever,

Carolann
A truly great man is known by three signs…generosity in the design, humanity in the execution, moderation in success. –Otto von Bismarck, 1815-1898.

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
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www.carolannsteinhoff.com