Category: Newsletters

Dear Friends,

Tangents: Anzac Day, Australia, New Zealand.

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

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

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

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

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

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

PHOTOS OF THE DAY

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

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

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

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

International Markets

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

Bonds

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

Currencies

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

Commodities

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

Market Commentary:
📈 On this day in 1874, Guglielmo Marconi, son of an aristocratic Italian father and an Irish mother, was born in Bologna, Italy. In 1901 he sent the first radio signals across the Atlantic, ushering in the era of wireless communication.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 1.1%, or 236.87 to 20,439.87 in Toronto.
The move was the biggest since falling 1.6% on March 15.
Today, financials stocks led the market lower, as 10 of 11 sectors lost; 178 of 232 shares fell, while 52 rose.
Canadian National Railway Co. contributed the most to the index decline, decreasing 4.0%.
Hudbay Minerals Inc. had the largest drop, falling 6.3%.
Insights
* This month, the index rose 1.7%
* The index declined 2.7% in the past 52 weeks. The MSCI AC Americas Index lost 6.1% in the same period
* The S&P/TSX Composite is 3.6% below its 52-week high on May 4, 2022 and 14.4% above its low on Oct. 13, 2022
* The S&P/TSX Composite is down 1.2% in the past 5 days and rose 4.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 13.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.3t
* 30-day price volatility rose to 10.03% compared with 9.27% in the previous session and the average of 12.03% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -102.9457| -1.7| 6/23
Industrials | -51.2915| -1.8| 3/24
Energy | -31.4912| -0.9| 8/32
Information Technology| -21.5516| -1.6| 0/12
Materials | -10.8528| -0.4| 18/31
Consumer Discretionary| -8.6976| -1.2| 1/14
Consumer Staples | -6.6755| -0.8| 0/11
Real Estate | -3.0984| -0.6| 2/19
Health Care | -1.4967| -2.1| 1/4
Communication Services| -1.4189| -0.2| 2/3
Utilities | 2.6610| 0.3| 11/5
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
Canadian National | -28.0200| -4.0| 139.3| 0.5
TD Bank | -20.3800| -2.0| -44.8| -7.5
Brookfield Corp | -18.6600| -4.2| -2.9| 1.7
Franco-Nevada | 3.4230| 1.3| -31.8| 12.9
Barrick Gold | 3.6720| 1.2| -31.8| 12.6
TC Energy | 4.3850| 1.1| -59.1| 2.8
US
By Isabelle Lee, Peyton Forte and Carly Wanna
(Bloomberg) — US stocks dropped the most in two months and Treasury yields retreated after First Republic Bank’s disappointing earnings and potential assets sale rekindled worries that the banking crisis has not run its course.
The S&P 500 lost 1.6% Tuesday, with First Republic’s 49% plunge taking the lender’s shares to a record low.
Bloomberg News reported the troubled bank, which saw greater-than-expected withdrawals in the first quarter, is exploring divesting up to $100 billion of long-dated mortgages and securities as part of a
broader rescue plan.
The two-year Treasury yield tumbled to 3.94% as investors sought the safety of US government debt.
Meanwhile, tech stocks rallied in after-hours trading with Microsoft Corp. and Alphabet Inc. higher after better-than-expected earnings.
The Federal Reserve is still expected to raise interest rates by a quarter percentage point when it meets next week, though signs are mounting that the American economy is starting to sputter after a year of aggressive tightening.
Data Tuesday showed consumer confidence slipped, while two regional Fed manufacturing reports underwhelmed.
“US regional banks still face headwinds, and signs of stress in the system have not fully subsided,” Ken McAtamney, portfolio manager and head of William Blair’s Global Equity team, wrote.
But despite the instability in the financial sector, “the US Federal Reserve and global central banks remain vigilant in their fight against inflation.”
Among other US companies reporting earnings Tuesday:
* UBS Group AG slid after results fell short
* Spotify Technology SA rose 5.1% after adding subscribers
* 3M Co. was little changed after announcing a restructuring push
* General Electric Co. declined 1.7% after raising forecasts
* McDonald’s Corp. was little changed after beating sales estimates
* Danaher Corp. dropped 8.8% after lowering full-year guidance

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

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

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

Have a lovely evening.

Be magnificent!
As ever,

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

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

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

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

Dear Friends,

Tangents: Happy Monday.
April 24, 1962: The Massachusetts Institute of Technology achieved the first satellite relay of a television signal.  MIT worked with the US Air Force to use the Echo 1 communications satellite to send itself a message – pinging the image from one of the institute’s national security research labs in California to a receiver 2,700 miles away in Massachusetts. Go to article >  

1898: Spain declares war on U.S.
1800: library of Congress established.

Barbara Streisand, b. 1942.
Shirley MacLaine, b. 1934.

3,300-year-old ancient Egyptian tombs and chapel with ‘amazing’ decorations unearthed at Saqqara
Newfound tombs from ancient Egypt at Saqqara include the burials of a temple overseer, royal treasury artist and an unknown individual. Read More.

Scientists find weird holes on the ocean floor spewing ancient fluids ‘like a fire hose’
Holes spewing warm fluids from the boundary between tectonic plates have been discovered at the bottom of the ocean off the coast of Oregon. Read More

Does it matter what time of day you get cancer treatment?
The emerging field of “cancer chronotherapy” hints that it may be best to receive cancer treatment at a particular time of day. Read More.

Professional skier falls into a seemingly endless crevasse.  Watch this skier’s terrifying descent in the French Alps. He’s lucky to have escaped alive …

This ancient Roman bust was purchased at a Texas Goodwill.  A 2,000-year-old Roman bust, purchased for only $34.99 at a Texas Goodwill, is headed to Germany to be properly preserved. Take look at the epic find.

Ima Keithel: The world’s largest women-run market.  Step inside the largest women-only market in the world located in India’s northeastern state of Manipur.

A stunning solar storm. (h/t Ellen Kominers)

PHOTOS OF THE DAY

Wehrheim, Germany
Icelandic stallions stand in their paddock at a stud farm near Frankfurt
Photograph: Michael Probst/AP

North Tyneside, UK
Waves crash over Tynemouth pier on the north-east coast of England
Photograph: Owen Humphreys/PA

Hobart, Tasmaia
Aurora Australis seen in the early morning
Photograph: Bruce Cooper
Market Closes for April 24^th, 2023

Market Index	Close	Change
Dow Jones	33875.40	+66.44
		+0.20%
S&P 500	4137.04	+3.52
		+0.09%
NASDAQ	12037.20	-35.26
		-0.29%
TSX	20676.74	-16.41
		-0.08%

International Markets

Market Index	Close	Change
NIKKEI	28593.52	+29.15
		+0.10%
HANG SENG	19959.94	-115.79
		-0.58%
SENSEX	60056.10	+401.04
		+0.67%
FTSE 100*	7912.20	-1.93
		-0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.911	2.936
CND. 30 Year Bond	3.007	3.033
U.S.    10 Year Bond	3.4977	3.5718
U.S. 30 Year Bond	3.7119	3.7757

Currencies

BOC Close	Today	Previous
Canadian $	0.7386	0.7367
US $	1.3539	1.3574
Euro Rate 1 Euro=		Inverse
Canadian $	1.4954	0.6687
US  $	1.1045	0.9054

Commodities

Gold	Close	Previous
London Gold Fix	1973.65	2007.15
Oil
WTI Crude Future	78.76	77.87

Market Commentary:
📈 On this day in 1990, Michael Milken, former king of the junk-bond underwriting business, pleaded guilty to violating securities laws. He was later sentenced to ten years in federal prison but was released early for good behavior.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to  20,676.74 in Toronto.
The move follows the previous session’s increase of 0.3%.
Shopify Inc. contributed the most to the index decline, decreasing 1.9%.
Converge Technology Solutions Corp. had the largest drop, falling 3.9%.
Today, 106 of 232 shares fell, while 124 rose; 6 of 11 sectors were lower, led by financials stocks.
Insights
* This month, the index rose 2.9%
* The index declined 2.4% in the past 52 weeks. The MSCI AC Americas Index lost 4.1% in the same period
* The S&P/TSX Composite is 4.2% below its 52-week high on April 22, 2022 and 15.7% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and rose 6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.4 on a trailing basis and 13.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.3t
* 30-day price volatility fell to 9.27% compared with 9.85% in the previous session and the average of 12.12% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -34.8495| -0.6| 10/19
Information Technology | -11.9221| -0.9| 2/10
Real Estate | -1.4310| -0.3| 5/16
Communication Services | -1.0015| -0.1| 2/3
Industrials | -0.3154| 0.0| 13/13
Health Care | -0.2823| -0.4| 3/3
Consumer Staples | 0.6310| 0.1| 5/6
Consumer Discretionary | 1.7969| 0.2| 9/6
Utilities | 1.8143| 0.2| 8/8
Materials | 6.3596| 0.2| 33/16
Energy | 22.7916| 0.6| 34/6
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -10.3900| -1.9| -18.1| 38.3
TD Bank | -10.3800| -1.0| -16.8| -5.6
Waste Connections | -6.8090| -1.9| 82.5| 7.3
Cenovus Energy | 4.7040| 2.1| -5.9| -8.0
Canadian Natural Resources | 6.3090| 1.0| -32.1| 8.8
Canadian National | 7.3420| 1.0| 41.9| 4.6
US
By Vildana Hajric and Isabelle Lee
(Bloomberg) — US equities drifted at the start of a week packed with corporate earnings and economic data that may help illuminate the Federal Reserve’s path for interest rates.
The S&P 500 was little changed and the Nasdaq 100 shed 0.2% as manufacturing data arrived weaker than forecast and Treasury yields fell amid debt ceiling drama.
Shares of Bed Bath & Beyond Inc. declined on plans to shutter all its stores.
Meanwhile, the dollar was weaker against major peers, and oil rose.
“Investors are trying to look though all the economic data points as well as earnings comments to discern how the Fed is likely to move,” Paul Nolte, a senior wealth manager at Murphy & Sylvest Wealth Management, wrote in a note.
First Republic Bank fell in post market trading on an earnings beat but lower than expected deposits.
The bank said its pursuing strategic options.
And up next, Microsoft Corp., Meta Platforms Inc. and Amazon.com Inc. will be reporting results later in the week.
US GDP data is forecast to reveal slowing growth, and the so-called core PCE deflator, the Fed’s preferred inflation gauge, is expected to show price growth cooled.
Swaps markets continue to see interest rates peaking in the coming weeks before a series of cuts later in the year.
But, not everyone holds this view.
Leveraged investors boosted net short positions on 10-year Treasury futures to a record this month, data from the Commodity Futures Trading Commission show.
That indicates they think Fed officials will keep raising rates to tackle inflation.
“Economic data continues to deny investors an obvious growth or policy signal. Demand isn’t falling fast enough to signal an imminent recession, but there are no indications of a reacceleration,” Dennis Debusschere at 22V Research wrote.
The yield on the US 10-year note fell six basis points and ended around 3.51%, testing its 200-day moving average.
In Europe, UBS Group AG climbed after takeover target Credit Suisse AG reported outflows that were lower than some expected.
The Stoxx Europe 600 was little changed.
Elsewhere, the new Bank of Japan Governor Kazuo Ueda will hold his first policy meeting this week.
The bank is expected to soon start its policy review of the past decades.

Key events this week:
* US new home sales, consumer confidence, Tuesday
* South Korea GDP, Tuesday
* Australia CPI, Wednesday
* Sweden rate decision, Wednesday
* Eurozone economic, consumer confidence, Thursday
* US initial jobless claims, GDP, Thursday
* Bank of Japan meets on interest rates, Friday
* Euro-area GDP, Friday
* US personal income, Friday

Earnings highlights:
* Tuesday: Pepsi, General Motors, General Electric, McDonalds, Microsoft, UBS, UPS
* Wednesday: Boeing, Meta, Hilton
* Thursday: Amazon, American Airlines, Intel, Mastercard, Southwest Airlines, Hershey, Honeywell, Barclays

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 fell 0.2%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.5% to $1.1043
* The British pound rose 0.4% to $1.2482
* The Japanese yen fell 0.1% to 134.31 per dollar
Cryptocurrencies
* Bitcoin fell 0.5% to $27,375.96
* Ether fell 1% to $1,830.4
Bonds
* The yield on 10-year Treasuries declined six basis points to 3.51%
* Germany’s 10-year yield advanced three basis points to 2.51%
* Britain’s 10-year yield advanced two basis points to 3.78%
Commodities
* West Texas Intermediate crude rose 1.1% to $78.76 a barrel
* Gold futures rose 0.4% to $1,999 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Robert Brand, Carly Wanna and Emily Graffeo.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

It is wisdom that is seeking for wisdom. –Shunryu Suzuki, 1904-1971.
Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor

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

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

Dear Friends.

Tangents: Happy Friday.

April 21, 1980:  Rosie Ruiz, the first woman to cross the finish line at the Boston Marathon, was disqualified when officials discovered she had jumped into the race about a mile from
the finish. Go to article >

Ramadan ends today with the arrival of Eid al-Fitr.  For many Muslims, today brings the end of Ramadan, the Islamic holy month of fasting. The conclusion of the 30-day fast is celebrated with delicious feasts around the world.

Man loses it on plane over crying baby.  A passenger threw a total fit over a crying baby on his flight. Watch the meltdown here.

Ikea announces $2 billion expansion in the US.  The retailer is making its biggest-ever investment in a single country with several new stores set to open in the US over the next three years.

Cities keep building luxury apartments almost no one can afford.

2,000-year-old hoard of Roman coins may have been hidden by a soldier during a bloody civil war in Italy
A hoard of 175 silver coins unearthed in a forest in Italy may have been buried for safe keeping during a Roman civil war. Read More

Ancient princesses helped build vast warrior empire that prompted China to erect the Great Wall
Elite women, perhaps princesses, played a crucial role in holding the Xiongnu, one of the first nomadic empires of the eastern Eurasian Steppe, together, a new study suggests. Read More

See Venus and the moon dance with the ‘Seven Sisters’ during the Lyrid meteor shower Saturday
Stargazers are set for a spectacular show this Saturday (April 22), as the moon and Venus will appear as if they are about to collide amid a meteor shower. Read More
PHOTOS OF THE DAY

London, UK
A demonstrator at Extinction Rebellion’s The Big One event
Photograph: Henry Nicholls/Reuters

New York, US
De’Anthony Melton of the Philadelphia 76ers goes to the basket as Royce O’Neale of the Brooklyn Nets looks on during the second half of game three of the Eastern Conference first round playoffs at Barclays Center, New York on 20 April. The 76ers won 102-97
Photograph: Sarah Stier/Getty Images

The week in wildlife
A female robin (Erithacus rubecula) collects moss for nesting material in a residential garden on a spring day in south-west London, UK
Photograph: WIktor Szymanowicz/NurPhoto/Shutterstock
Market Closes for April 21^st, 2023

Market Index	Close	Change
Dow Jones	33808.96	+22.34
		+0.07%
S&P 500	4133.52	+3.73
		+0.09%
NASDAQ	12072.46	+12.90
		+0.11%
TSX	20693.15	+62.46
		+0.30%

International Markets

Market Index	Close	Change
NIKKEI	28564.37	-93.20
		-0.33%
HANG SENG	20075.73	-321.24
		-1.57%
SENSEX	59655.06	+22.71
		+0.04%
FTSE 100*	7914.13	+11.52
		+0.15%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.936	2.974
CND. 30 Year Bond	3.033	3.067
U.S.    10 Year Bond	3.5718	3.5375
U.S. 30 Year Bond	3.7757	3.7481

Currencies

BOC Close	Today	Previous
Canadian $	0.7367	0.7418
US $	1.3574	1.3481
Euro Rate 1 Euro=		Inverse
Canadian $	1.5031	0.6653
US  $	1.1074	0.9030

Commodities

Gold	Close	Previous
London Gold Fix	2007.15	1990.55
Oil
WTI Crude Future	77.87	77.29

Market Commentary:
📈 On this day in 1982, futures contracts on the S&P 500 index became available for the first time, traded in the pits of the Chicago Mercantile Exchange. Arbitrageurs and index fund managers could buy either the underlying stocks in the index, or a futures contract, whichever was cheaper. Program traders also bet on the futures, and helped worsen the October crash of 1987.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3% at 20,693.15 in Toronto.
The move was the biggest since rising 0.5% on April 13 and follows the previous session’s decrease of 0.2%.
Shopify Inc. contributed the most to the index gain, increasing 2.7%.
Canada Goose Holdings Inc. had the largest increase, rising 4.0%.
Today, 124 of 232 shares rose, while 97 fell; 9 of 11 sectors were higher, led by industrials stocks.
Insights
* This month, the index rose 3%
* So far this week, the index rose 0.6%
* The index declined 4.4% in the past 52 weeks. The MSCI AC Americas Index lost 6.8% in the same period
* The S&P/TSX Composite is 6.3% below its 52-week high on April 21, 2022 and 15.8% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of  13.4 on a trailing basis and 13.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.29t
* 30-day price volatility fell to 9.85% compared with 11.10% in the previous session and the average of 12.21% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | 23.4058| 0.8| 18/9
Information Technology | 23.1932| 1.7| 8/3
Consumer Staples | 11.3136| 1.3| 10/1
Utilities | 7.5290| 0.8| 13/2
Financials | 6.5516| 0.1| 15/13
Communication Services | 6.2525| 0.7| 3/2
Consumer Discretionary | 5.2835| 0.7| 9/6
Real Estate | 2.3725| 0.5| 17/4
Energy | 1.3439| 0.0| 19/16
Health Care | -0.1860| -0.3| 2/2
Materials | -24.6083| -0.9| 10/39
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 14.2900| 2.7| 35.2| 41.0
Canadian Pacific | | | |
Kansas | 8.0140| 1.1| 29.4| 9.0
RBC | 5.2960| 0.4| 45.4| 6.3
Bank of Nova Scotia| -4.9670| -0.9| -10.8| 2.8
Nutrien | -5.4580| -1.6| -22.7| -3.3
First Quantum Minerals | -7.9120| -6.0| 10.8| 12.0
US
By Sujata Rao
(Bloomberg) — Stocks edged higher amid mixed corporate earnings and as traders parsed the latest data for clues on the outlook for inflation, economic growth and the Federal Reserve’s policy path.
The S&P 500 swung between small gains and losses throughout the session.
Treasury two-year yields, which are more sensitive to imminent Fed decisions, rose to around 4.2%.
The dollar was steady.
US business activity unexpectedly climbed to nearly a one-year high, risking more inflation.
The S&P Global flash April composite purchasing managers index rose 1.2 points to 53.5 – the highest since May.
“If economic conditions hold up, the Fed may be emboldened to tighten policy more than current market expectations – a headwind to equities in our view,” wrote Mike Gibbs, managing director of equity portfolio and technical strategy at Raymond James. “If economic conditions deteriorate, we do believe the Fed will ease monetary policy – but economic volatility is also likely to correspond with market  volatility.”
All that results in a range-bound view on equities for now, Gibbs added.
Corporate highlights:
* Tesla Inc. increased prices of its Model S and X vehicles in the US after steep markdowns early this year took a toll on profitability and the carmaker’s shares.
* Regions Financial Corp. reported a drop in total deposits for the first quarter to $129.04 billion.
* Procter & Gamble Co. raised its sales projection for the fiscal year ending in June, citing higher prices and a slight increase in demand for some of its products.
* SLB, the world’s biggest oil-services provider, posted its best first-quarter profit in eight years.
* Freeport-McMoRan Inc. churned out more copper than expected in the first quarter in a boost to tight global supplies, although the top publicly traded supplier trimmed annual sales guidance.

“We are at the beginning of earnings season, and the beginnings of the past four earnings seasons have coincided with strong stock market performance,” wrote Carol Schleif, chief investment officer at BMO Family Office. “We are not convinced that trend will continue. We expect stocks to remain in a tight trading range for some time.”
Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average was little changed
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.0990
* The British pound was little changed at $1.2444
* The Japanese yen rose 0.1% to 134.08 per dollar
Cryptocurrencies
* Bitcoin fell 3.3% to $27,270.58
* Ether fell 4.9% to $1,842.26
Bonds
* The yield on 10-year Treasuries advanced four basis points to 3.57%
* Germany’s 10-year yield advanced four basis points to 2.48%
* Britain’s 10-year yield declined one basis point to 3.76%
Commodities
* West Texas Intermediate crude rose 0.5% to $77.76 a barrel
* Gold futures fell 1.3% to $1,993.20 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Carly Wanna, Isabelle Lee, Angel Adegbesan and Peyton Forte.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
There is no security on this earth.  Only opportunity. –General Douglas MacArthur, 1880-1964.

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

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

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

Dear Friends,

Tangents: Happy Friday Eve.
April 20, 1862: The first pasteurization test is completed by Frenchmen Louis Pasteur and Claude Bernard.  This process involved heating milk to a particular temperature for a set amount of time in order to remove microorganisms.
April 20, 2010 An explosion on the Deepwater Horizon oil platform, leased by BP, killed 11 workers and began spewing an estimated 200 million gallons of crude into the Gulf of Mexico
for nearly three months.  Go to article > 

Out-of-control defunct NASA satellite will smash into Earth today
A defunct, 660-pound (300 kilograms) NASA satellite is set to tumble uncontrollably back to Earth after spending two decades studying the sun from our orbit. Read More.

Epic 11-foot-tall sea level rise drove Vikings out of Greenland
The Vikings are remembered as fierce fighters, but even these mighty warriors were no match for climate change. Scientists recently found that ice sheet growth and sea level rise led to massive coastal flooding that inundated Norse farms and ultimately drove the Vikings out of Greenland in the 15th century. Read More.

Kaleidoscopic image of a mouse’s brain is 64 million times sharper than a typical MRI
Scientists recently boosted the resolution of magnetic resonance imaging (MRI) to 64 million times higher than normal. They used the technique to take captivating, high-definition images of a mouse brain, showing the organ like never before. Read More.

Extremely rare albino dolphin spotted in Africa, possibly for the 1st time ever
Newlyweds were treated to an incredibly rare sight on their wedding day when the whale-watching vessel they were aboard encountered an albino dolphin calf — likely the first of its kind seen in Africa.
Read More

The things the TSA has found in carry-ons.  Take a look at some of the prohibited objects the TSA is spotlighting on its Twitter feed during #ProhibitedItemsWeek.
PHOTOS OF THE DAY

New York, US
A visitor to Central Park sits in a flowering cherry tree
Photograph: Sarah Yenesel/EPA

Eldorado dos Carajás, Brazil
Swallows perch on power lines at sunset in Pará state
Photograph: Nelson Almeida/AFP/Getty Images

London, UK
The period tailor Zack Pinsent visits a preview of the Style & Society: Dressing the Georgians exhibition at the Queen’s Gallery, Buckingham Palace. The exhibition will ‘reveal life in the 18th century through the fashions of the day’
Photograph: Jeff Moore/PA
Market Closes for April 20^th, 2023

Market Index	Close	Change
Dow Jones	33786.62	-110.39
		-0.33%
S&P 500	4129.79	-24.73
		-0.60%
NASDAQ	12059.56	-97.67
		-0.80%
TSX	20630.69	-50.14
		-0.24%

International Markets

Market Index	Close	Change
NIKKEI	28610.77	-46.80
		-0.16%
HANG SENG	20396.97	+29.21
		+0.14%
SENSEX	59632.35	+64.55
		+0.11%
FTSE 100*	7902.61	+3.84
		+0.05%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.974	3.062
CND. 30 Year Bond	3.067	3.137
U.S.    10 Year Bond	3.5375	3.5908
U.S. 30 Year Bond	3.7481	3.7865

Currencies

BOC Close	Today	Previous
Canadian $	0.7418	0.7431
US $	1.3481	1.3457
Euro Rate 1 Euro=		Inverse
Canadian $	1.4787	0.6763
US  $	1.0970	0.9116

Commodities

Gold	Close	Previous
London Gold Fix	1990.55	1999.40
Oil
WTI Crude Future	77.29	79.16

Market Commentary:
📈 On this day in 1812, workers who became known as Luddites smashed and burned a textile mill in the north of England, enraged by its use of mechanized looms.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.2%, or 50.14 to 20,630.69 in Toronto.
The move was the biggest since falling 0.6% on April 5.
Shopify Inc. contributed the most to the index decline, decreasing 2.2%.
Altus Group Ltd/Canada had the largest drop, falling 5.3%.
Today, 139 of 232 shares fell, while 85 rose; 6 of 11 sectors were lower, led by energy stocks.
Insights
* This month, the index rose 2.6%
* So far this week, the index was little changed
* The index declined 6.2% in the past 52 weeks. The MSCI AC Americas Index lost 8.4% in the same period
* The S&P/TSX Composite is 6.6% below its 52-week high on April 21, 2022 and 15.4% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.3% in the past 5 days and rose 5.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.4 on a trailing basis and 13.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.3t
* 30-day price volatility fell to 11.10% compared with 11.81% in the previous session and the average of 12.29% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | -33.5314| -0.9| 3/34
Information Technology | -12.8068| -0.9| 4/8
Materials | -10.7905| -0.4| 19/26
Financials | -3.6334| -0.1| 13/16
Utilities | -1.8875| -0.2| 6/10
Communication Services | -0.4505| -0.1| 2/3
Real Estate | 0.1259| 0.0| 11/10
Consumer Staples | 0.2027| 0.0| 6/5
Health Care | 0.4017| 0.6| 4/2
Consumer Discretionary | 0.7350| 0.1| 5/10
Industrials | 11.5057| 0.4| 12/15
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -12.1300| -2.2| 71.8| 37.3
Canadian Natural Resources | -10.4600| -1.7| -45.0| 7.1
Enbridge | -6.3320| -0.8| 31.3| 0.3
Agnico Eagle Mines | 2.3940| 0.9| -46.5| 8.7
Waste Connections | 2.5380| 0.7| 22.5| 8.0
Canadian Pacific | | | |
Kansas | 5.8820| 0.8| -4.8| 7.8
US
By John Viljoen and Robert Brand
(Bloomberg) — Stocks fell and bonds rose after data showed some softening in the labor market, housing and a gauge of business outlook.
Traders also continued to wade through corporate earnings and comments from Federal Reserve speakers.
The tech-heavy Nasdaq 100 underperformed, with Tesla Inc. down about 10% after signaling it will keep cutting prices to stoke demand even after markdowns took a significant toll on profitability.
The S&P 500 dropped ahead of Friday’s options expiration.
The Cboe Volatility Index, or VIX, halted a six-day streak of declines.

The policy-sensitive two-year yield declined as much as 10 basis points to 4.14%.
The dollar retreated against most of its developed-market peers.
Fed Bank of Cleveland President Loretta Mester signaled support for another rate hike to quell inflation while flagging the need to watch recent bank stress that could crimp credit and dampen the economy.
Her Dallas counterpart Lorie Logan said inflation has been “much too high,” while outlining measures to watch.
Recurring unemployment benefit claims jumped to the highest level since November 2021, adding to signs that the labor market is beginning to lose momentum.
Sales of previously owned homes fell in March by more than forecast, underscoring a housing market that’s still on shaky footing despite some signs of stabilizing.
US mortgage rates rose for the first time since early March.
“If the Fed stays the course, broad financial conditions should continue to tighten, the economy should decelerate into recession, and stocks should trade down sharply,” wrote Chris Senyek of Wolfe Research. “On the flip side, the biggest upside risk to our bearish call remains the Fed backing off way too soon! Although, if the Fed fails to sustainably bring down inflation, the ultimate pain will likely be much worse
12-24 months down the road.”
Corporate Highlights:
* International Business Machines Corp. gave a forecast for annual revenue in line with analysts’ projections, delivering a cautiously optimistic signal about technology spending in an uncertain economy.
* AT&T Inc. missed estimates for free cash flow.
* American Express Co. set aside more money to cover souring loans, a move that weighed on earnings.
* D.R. Horton Inc.’s results topped expectations.
* Truist Financial Corp. and Fifth Third Bancorp. Reported deposits that were broadly stable in the first quarter as banks weathered the fallout from the collapse of three lenders in March.
* Union Pacific Corp. posted profit higher than analysts’ expectations amid higher prices.

Key events this week:
* PMIs for Eurozone, Friday
* Japan CPI, Friday
* Fed’s Lisa Cook discusses economic research at an event, Friday

Some of the main moves in the market:
Stocks
* The S&P 500 fell 0.6% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.8%
* The Dow Jones Industrial Average fell 0.3%
* The MSCI World index fell 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.0964
* The British pound was little changed at $1.2436
* The Japanese yen rose 0.3% to 134.28 per dollar
Cryptocurrencies
* Bitcoin fell 4% to $28,070.67
* Ether fell 2.8% to $1,926.1
Bonds
* The yield on 10-year Treasuries declined six basis points to 3.53%
* Germany’s 10-year yield declined seven basis points to 2.45%
* Britain’s 10-year yield declined nine basis points to 3.77%
Commodities
* West Texas Intermediate crude fell 2.4% to $77.29 a barrel
* Gold futures rose 0.4% to $2,015 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee, Vildana Hajric and Cristin Flanagan.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

It is only the tranquil mind that can allow for fair and clear judgments free of error. –Gichin Funakoshi, 1868-1957.
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:
April 19, 1770: British explorer Captain James Cook first sights Australia.   Writes in his log book that “what we have as yet seen of this land appears rather low, and not very hilly, the face of the Country green and Woody, but the Sea shore is all a white sand.”
1775: Start of the American Revolution, Battle of Lexington & Concord.
1932: Herbert Hoover suggests a 5-day work week.
1933: The United States went off the gold standard. Go to article > 

How to view the rare hybrid eclipse today.  A hybrid solar eclipse — the first of its kind in nearly 10 years — will be on display for a few hours today. Here’s how you can watch the celestial event.

The “war on woke” is getting petty.

95 million-year-old land bridge across Antarctica carried dinosaurs between continents
A nearly 100 million-year-old, exceptionally well-preserved sauropod skull discovered in Australia may show that dinosaurs trudged across Antarctica from South America to Australia. Read More

Skin: Facts about the body’s largest organ and its functions
Skin is the body’s largest organ and part of the integumentary system, which acts as a protective barrier between the external environment and the inside of the body. Find out More

Gravity can transform into light, mind-bending physics paper suggests. Gravity can turn itself into light, but only if space-time behaves in just the right way, a research team has found. Read More

PHOTOS OF THE DAY

A ship sits on the Horizon off the coast at Tynemouth, as the sun rises.  Credit: PA

Cypriot marine ecologist Louis Hadjioannou, 38, dives to photograph the coral, as he monitors the impact of climate change on the delicate fauna in the crystal clear waters of Glyko Nero in Ayia Napa, off the island’s southeastern shore.  Credit: EMILY IRVING-SWIFT

​​​​​​​Sunrise by the River Great Ouse in Ely, Cambridgeshire on a sunny Tuesday morning with the good weather sent to continue this week.  Credit: Veronica Johansson Poultney/Bav Media
Market Closes for April 19^th, 2023

Market Index	Close	Change
Dow Jones	33897.01	-79.62
		-0.23%
S&P 500	4154.52	-0.35
		-0.01%
NASDAQ	12157.23	+3.82
		+0.03%
TSX	20680.83	-3.85
		-0.02%

International Markets

Market Index	Close	Change
NIKKEI	28606.76	-52.07
		-0.18%
HANG SENG	20367.76	-282.75
		-1.37%
SENSEX	59567.80	-159.21
		-0.27%
FTSE 100*	7898.77	-10.67
		-0.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.062	3.061
CND. 30 Year Bond	3.137	3.141
U.S.    10 Year Bond	3.5908	3.5756
U.S. 30 Year Bond	3.7865	3.7874

Currencies

BOC Close	Today	Previous
Canadian $	0.7431	0.7469
US $	1.3457	1.3389
Euro Rate 1 Euro=		Inverse
Canadian $	1.4746	0.6782
US  $	1.0958	0.9126

Commodities

Gold	Close	Previous
London Gold Fix	1999.40	1995.55
Oil
WTI Crude Future	79.16	80.86

Market Commentary:
📈 On this day in 1895: A newspaper published the description of engineer Herman Hollerith’s “electric tabulating machine,” a new data-processing device that used electrical signals to read, count and sort punch cards. Hollerith’s company is one of the ancestors of IBM.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite declined slightly to 20,680.83 in Toronto, ending a 8-day gain.
The loss follows the previous session’s increase of 0.2%.
Suncor Energy Inc. contributed the most to the index decline, decreasing 2.0%.
Capstone Copper Corp. had the largest drop, falling 5.3%.
Today, 130 of 232 shares fell, while 100 rose; 4 of 11 sectors were lower, led by materials stocks.
Insights
* The index declined 6.1% in the past 52 weeks. The MSCI AC Americas Index lost 7.9% in the same period
* The S&P/TSX Composite is 6.4% below its 52-week high on April 21, 2022 and 15.7% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.1% in the past 5 days and rose 6.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.4 on a trailing basis and 13.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.3t
* 30-day price volatility fell to 11.81% compared with 11.84% in the previous session and the average of 12.35% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -32.5676| -1.2| 5/45
Energy | -14.2274| -0.4| 13/25
Information Technology | -2.2460| -0.2| 2/10
Consumer Discretionary | -1.5382| -0.2| 7/8
Real Estate | 0.0584| 0.0| 7/14
Health Care | 0.1137| 0.2| 4/2
Communication Services | 1.2169| 0.1| 2/3
Utilities | 2.8022| 0.3| 13/3
Consumer Staples | 3.4976| 0.4| 10/1
Industrials | 16.2802| 0.6| 17/10
Financials | 22.7541| 0.4| 20/9
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Suncor Energy | -8.0670| -2.0| 5.2| -3.3
First Quantum Minerals | -4.3280| -3.1| -32.2| 21.1
Franco-Nevada | -3.2640| -1.2| -6.6| 11.0
RBC | 3.8530| 0.3| 3.9| 5.8
Brookfield Corp | 6.1550| 1.4| 16.4| 4.7
Canadian Pacific Kansas | 7.9520| 1.2| -18.7| 6.9
US
By Sujata Rao
(Bloomberg) — Stocks were little changed as traders assessed another batch of corporate earnings and remained focused on any signals about the Federal Reserve’s next policy moves.
Bond yields climbed.
The S&P 500 halted a two-day advance.
The Cboe Volatility Index hit its lowest since November 2021, declining to around 16. In late trading, Tesla Inc. dropped as its first-quarter profit missed expectations.
International Business Machines Corp. rose after reporting better-than-estimated earnings, while giving a forecast for annual revenue that was in line with projections.
Morgan Stanley rose after its investment bank and giant wealth unit surpassed expectations even as profits fell.
Western Alliance Bancorp climbed after beating earnings estimates and saying deposits recovered.
The US economy stalled in recent weeks, with hiring and inflation slowing and access to credit narrowing, the Fed said in its Beige Book survey.
That’s a step down from the tone of the previous report — published in early March just before Silicon Valley Bank’s failure — which showed an economy that remained resilient though with growing doubts about the rest of the year.
“Portfolio managers are trying to reduce risk because of concerns that nothing good can happen after so much central bank tightening,” said Andrew Pease, head of investment strategy at Russell investments Ltd. On earnings, “companies are losing pricing power and a margin squeeze is happening in the background and that’s what to look for when the dust settles on quarter one.”
Treasury two-year rates, which are more sensitive to imminent policy moves, topped 4.2%.
The dollar rose.
Bitcoin dropped below $30,000.
Oil fell while gold declined below $2,000 an ounce.
Key events this week:
* China loan prime rates, Thursday
* Eurozone consumer confidence, Thursday
* US initial jobless claims, existing home sales, index of leading economic indicators, Thursday
* ECB issues report on March policy meeting, Thursday
* Fed’s Christopher Waller speaks at cryptocurrency-focused event, Thursday
* Fed’s Patrick Harker speaks on “monetary policy and housing”, Thursday
* Fed’s Loretta Mester discusses the economic and policy outlook, Thursday
* Fed’s Raphael Bostic discusses regional and national economic conditions, Thursday
* Fed’s Michelle Bowman and Lorie Logan speak at event, Thursday
* PMIs for Eurozone, Friday
* Japan CPI, Friday
* Fed’s Lisa Cook discusses economic research at an event, Friday

Some of the main moves in the market:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.2%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.2% to $1.0955
* The British pound rose 0.1% to $1.2439
* The Japanese yen fell 0.5% to 134.80 per dollar
Cryptocurrencies
* Bitcoin fell 3.9% to $29,226.92
* Ether fell 5.4% to $1,980.69
Bonds
* The yield on 10-year Treasuries advanced two basis points to 3.60%
* Germany’s 10-year yield advanced four basis points to 2.52%
* Britain’s 10-year yield advanced 11 basis points to 3.86%
Commodities
* West Texas Intermediate crude fell 2.2% to $79.09 a barrel
* Gold futures fell 0.6% to $2,006.80 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Emily Graffeo, Peyton Forte and Isabelle Lee.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
History is the witness of the times, the light of truth, the life of memory, the mistress of life. –Cicero, 106-BCE-43 BCE.

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:
HOLOCAUST REMEMBRANCE DAY, ISRAEL.
April 18, 1775: Paul Revere’s Midnight Ride.
1906: San Francisco earthquake & fire kills over 500 persons.
1924: The first ever crossword puzzle book is published by Simon & Schuster.
April 18, 2011 Standard & Poor’s lowered its long-term outlook for the U.S. government’s fiscal health from “stable” to “negative.” Go to article >
Albert Einstein physicist, d. 1955.

Roman temple found in France may have been dedicated to war god Mars:  Archaeologists in northwest France have unearthed what may have been a temple to the Roman war god Mars, dating to the first century B.C.  Read More

25 things found frozen in Europe’s mountain ice: Europe’s glaciers and ice patches are a treasure-trove of ancient artifacts that show how civilizations and technology have changed over thousands of years.  Here are 25 of the most fascinating objects revealed by Europe’s melting ice.  Full Story: Live Science (4/17)

CRISPR-edited fat shrank tumors in mice. Someday, it could work in people, scientists say
Fat sucked out of the body and tweaked with the gene-editing tool CRISPR could be used to treat cancer, a study of mice and transplanted human tissues hints. Read More

The 50 Richest Cities Around the World

Where are the most millionaires in the world? New York City came out on top again in an annual ranking, with a total of 340,000. But it’s 2023, so the real question is which city took home the title for most billionaires.

Apple opens its first physical store in India.  Apple’s CEO Tim Cook was seen welcoming customers today at the company’s new store in Mumbai. Learn more about the iPhone maker’s expansion in the country.

PHOTOS OF THE DAY

London, UK
Landline by Sean Scully, which was unveiled to mark the formal completion of Hanover Square
Photograph: David Levene/the Guardian

Havana, Cuba
A vintage car passes an image of the former president Raúl Castro and Cuba’s current leader and first secretary of the Communist party, Miguel Díaz-Canel, next to a sign that reads: ‘We are continuity’
Photograph: Alexandre Meneghini/Reuters

Mumbai, India
Apple’s chief executive, Tim Cook, welcomes customers at the opening of the first Apple shop in the city. Hundreds of people waited outside for hours to enter
Photograph: Divyakant Solanki/EPA
Market Closes for April 18^th, 2023

Market Index	Close	Change
Dow Jones	33976.63	-10.55
		-0.03%
S&P 500	4154.87	+3.55
		+0.09%
NASDAQ	12153.41	-4.31
		-0.04%
TSX	20684.68	+42.71
		+0.21%

International Markets

Market Index	Close	Change
NIKKEI	28658.83	+144.05
		+0.51%
HANG SENG	20650.51	-131.94
		-0.63%
SENSEX	59727.01	-183.74
		-0.31%
FTSE 100*	7909.44	+29.93
		+0.38%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.061	3.098
CND. 30 Year Bond	3.141	3.174
U.S.    10 Year Bond	3.5756	3.6023
U.S. 30 Year Bond	3.7874	3.8116

Currencies

BOC Close	Today	Previous
Canadian $	0.7469	0.7467
US $	1.3389	1.3392
Euro Rate 1 Euro=		Inverse
Canadian $	1.4694	0.6805
US  $	1.0975	0.9112

Commodities

Gold	Close	Previous
London Gold Fix	1995.55	2019.40
Oil
WTI Crude Future	80.86	80.83

Market Commentary:
📈 On this day in 1933, President Franklin D. Roosevelt said he would bar exports of gold and free the U.S. dollar to float against foreign currencies. The move flushed out gold Americans had squirreled away during the Depression, flooding banks with cash and setting the stage for an economic recovery.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the eighth day, climbing 0.2%, or 42.71 to 20,684.68 in Toronto.
The index advanced to the highest closing level since Feb. 15.
Today, financials stocks led the market higher, as 5 of 11 sectors gained; 111 of 232 shares rose, while 117 fell.
Toronto-Dominion Bank contributed the most to the index gain, increasing 1.6%.
Bellus Health Inc. had the largest increase, rising 99.7%.
Insights
* The index declined 5.5% in the past 52 weeks. The MSCI AC Americas Index lost 6.4% in the same period
* The S&P/TSX Composite is 6.4% below its 52-week high on April 21, 2022 and 15.7% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.3% in the past 5 days and rose 6.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.4 on a trailing basis and 13.8 times estimated earnings of  its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.29t
* 30-day price volatility fell to 11.84% compared with 12.39% in the previous session and the average of 12.37% over the past month.
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 48.9400| 0.8| 22/7
Industrials | 10.9528| 0.4| 16/10
Health Care | 6.7327| 10.2| 3/3
Consumer Discretionary | 5.7975| 0.8| 12/3
Materials | 3.9932| 0.1| 32/17
Information Technology | -0.0924| 0.0| 1/11
Communication Services | -0.6925| -0.1| 3/2
Real Estate | -2.3579| -0.5| 4/17
Consumer Staples | -5.0727| -0.6| 1/10
Utilities | -6.8624| -0.7| 3/13
Energy | -18.6246| -0.5| 14/24
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
TD Bank | 16.0800| 1.6| 22.6| -5.0
Canadian Pacific | | | |
Kansas | 8.9870| 1.3| 9.2| 5.7
Shopify | 7.8120| 1.5| -7.0| 40.2
Nutrien | -4.7000| -1.3| -11.5| 0.2
TC Energy | -5.8720| -1.5| -75.3| 3.5
Suncor Energy | -8.5360| -2.1| 17.6| -1.
US
By Sujata Rao
(Bloomberg) — Stocks were little changed as traders weighed earnings from some of the largest American banks and comments from two Federal Reserve officials who favor continued rate hikes to fight inflation.
The S&P 500 edged higher.
The Cboe Volatility Index hit its lowest since January 2022, remaining below 17.
Goldman SachGroup Inc. fell as its results showed traders failed to capitalize on Wall Street’s fixed-income boom, contributing to firmwide revenue that trailed estimates.
Bank of America Corp. rose after profit beat expectations.
“It’s so early in the reporting season, it’s really hard to make too much out of what’s going on,” said Tony Roth, chief investment officer at Wilmington Trust.
Regional banks are due to report results in the coming days and weeks, and “that will give us a better sense of how they’re doing.”
Treasury two-year yields, which are more sensitive to imminent policy moves, rose to 4.2%.
Fed Bank of Atlanta President Raphael Bostic told CNBC he favors raising rates one more time and then holding them above 5% for some time to curb inflation.
His St. Louis counterpart James Bullard, who’s been among the more hawkish policymakers, separately told Reuters that he favors getting rates into a 5.5% to 5.75% range.
The current benchmark sits between 4.75% and 5%.
Tesla Inc. declined ahead of its first-quarter results, which will come out after the market close on Wednesday.
Investors are focused on the electric automaker’s profit margins, which likely took a hit as the company slashed prices to spur demand throughout the quarter.
Bitcoin’s 2023 rebound has resumed after stalling around the closely watched $30,000 level, despite the latest US crypto crackdown and a more sober assessment of the outlook for monetary policy.
Oil was little changed as the bullish impetus from OPEC+ production cuts faded against a backdrop of weaker-than-expected demand.
Gold halted a two-day losing streak.
US natural gas rose as colder weather conditions are expected to boost heating demand later this month.
Key events this week:
* Eurozone CPI, Wednesday
* Fed releases Beige Book, Wednesday
* Fed’s John Williams gives a speech, Wednesday
* Fed’s Austan Goolsbee is interviewed on NPR, Wednesday
* China loan prime rates, Thursday
* Eurozone consumer confidence, Thursday
* US initial jobless claims, existing home sales, index of leading economic indicators, Thursday
* ECB issues report on March policy meeting, Thursday
* Fed’s Christopher Waller speaks at cryptocurrency-focused event, Thursday
* Fed’s Patrick Harker speaks on “monetary policy and housing”, Thursday
* Fed’s Loretta Mester discusses the economic and policy outlook, Thursday
* Fed’s Raphael Bostic discusses regional and national economic conditions, Thursday
* Fed’s Michelle Bowman and Lorie Logan speak at event, Thursday
* PMIs for Eurozone, Friday
* Japan CPI, Friday
* Fed’s Lisa Cook discusses economic research at an event, Friday

Some of the main moves in the market:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average was little changed
* The MSCI World index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.4% to $1.0971
* The British pound rose 0.4% to $1.2426
* The Japanese yen rose 0.3% to 134.08 per dollar
Cryptocurrencies
* Bitcoin rose 2.6% to $30,211.05
* Ether rose 0.1% to $2,079.28
Bonds
* The yield on 10-year Treasuries declined two basis points to 3.58%
* Germany’s 10-year yield was little changed at 2.48%
* Britain’s 10-year yield advanced six basis points to 3.75%
Commodities
* West Texas Intermediate crude was little changed
* Gold futures rose 0.5% to $2,017 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Cristin Flanagan, Vildana Hajric, Carly Wanna, Isabelle Lee and Peyton Forte.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Raise your words, not voice.  It is rain that grows flowers, not thunder. -Rumi, 1207-1273.

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.
April 17, 1991: Dow Jones tops 3,000 for the first time.  It closed today at 33,987.18 – a gain of  +1033% since 1991.
On April 17, 1961, about 1,500 CIA-trained Cuban exiles launched the disastrous Bay of Pigs invasion of Cuba in a failed attempt to overthrow the government of Fidel Castro. Go to article >

J.P. Morgan, banker, b.1837.
1932: Haile Selassie ends slavery in Ethiopia.
2011: Game of Thrones, based on the fantasy novels by George R.R. Martin., premieres on  HBO.

Which ancient Egyptian dynasty ruled the longest?
Ancient Egypt was ruled for millennia by a series of pharaohs. But which dynasty lasted the longest?  Read More

Looking at awe-inspiring art could lead to a happier, healthier life:  The feeling you get when you listen to stirring music or look at a striking painting could improve your physical, mental and social well-being.

Generous mother wins lottery: Days after a Florida woman finished paying for her daughter’s cancer treatment, she won millions in the lottery. Well deserved!

The Gate Appreciation Society has a favorite gate. (h/t Mark Gilbert)

$300,000 is the new $100,000.

PHOTOS OF THE DAY

New York, US
The soprano Raquel Suarez Groen acknowledges the applause during the closing performance of Phantom of the Opera at the Majestic Theatre, marking the end of the musical’s 35-year run on Broadway
Photograph: Nina Westervelt/Variety/Getty Images

Namur, Belgium
Stilt-walkers take part in the city’s 25th folklore festival
Photograph: Xinhua/Shutterstock

Kopuwai, New Zealand
Weka the bearded collie carries his bed and belongings in a Ruffwear backpack
Photograph: Murdo MacLeod/The Guardian
Market Closes for April 17^th, 2023

Market Index	Close	Change
Dow Jones	33987.18	+100.71
		+0.30%
S&P 500	4151.32	+13.68
		+0.33%
NASDAQ	12157.72	+34.25
		+0.28%
TSX	20641.97	+62.06
		+0.30%

International Markets

Market Index	Close	Change
NIKKEI	28514.78	+21.31
		+0.07%
HANG SENG	20782.45	+343.64
		+1.68%
SENSEX	59910.75	-520.25
		-0.86%
FTSE 100*	7879.51	+7.60
		+0.10%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.098	3.036
CND. 30 Year Bond	3.174	3.123
U.S.    10 Year Bond	3.6023	3.5128
U.S. 30 Year Bond	3.8116	3.7339

Currencies

BOC Close	Today	Previous
Canadian $	0.7467	0.7482
US $	1.3392	1.3365
Euro Rate 1 Euro=		Inverse
Canadian $	1.4638	0.6832
US  $	1.0927	0.9152

Commodities

Gold	Close	Previous
London Gold Fix	2019.40	2048.45
Oil
WTI Crude Future	80.83	82.52

Market Commentary:
📈 On this day in 1930, the stock market hit a high following the November 1929 crash, with the Dow Jones Industrial Average closing up 48%.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the seventh day, climbing 0.3%, or 62.06 to 20,641.97 in Toronto.
The index advanced to the highest closing level since Feb. 15.
Shopify Inc. contributed the most to the index gain, increasing 4.8%.
Teck Resources Ltd. had the largest increase, rising 7.8%.
Today, 121 of 232 shares rose, while 110 fell; 8 of 11 sectors were higher, led by financials stocks.
Insights
* The index declined 5.6% in the past 52 weeks. The MSCI AC Americas Index lost 6.5% in the same period
* The S&P/TSX Composite is 6.5% below its 52-week high on April 21, 2022 and 15.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.8% in the past 5 days and rose 6.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.4 on a trailing basis and 13.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.28t
* 30-day price volatility little changed to 12.39% compared with 12.40% in the previous session and the average of 12.35% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 31.5876| 0.5| 17/11
Information Technology | 18.1677| 1.3| 3/9
Industrials | 14.9074| 0.5| 24/3
Real Estate | 5.8925| 1.2| 19/2
Consumer Discretionary | 2.6545| 0.4| 10/5
Communication Services | 2.3751| 0.3| 3/2
Health Care | 1.8285| 2.8| 6/0
Materials | 1.3215| 0.0| 15/35
Utilities | -0.1066| 0.0| 7/9
Energy | -7.2301| -0.2| 13/27
Consumer Staples | -9.3312| -1.1| 4/7
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 24.8500| 4.8| 17.6| 38.2
Teck Resources | 14.7700| 7.8| 28.7| 28.6
Nutrien | 10.2700| 2.9| 5.1| 1.5
Wheaton Precious Metals | -4.4300| -2.1| -41.9| 25.9
Canadian Natural Resources | -4.7720| -0.8| -46.6| 9.4
Couche-Tard | -6.3510| -1.8| -11.4| 12.2
US
By Sujata Rao
(Bloomberg) — Stocks saw small moves as the possibility of further Federal Reserve policy tightening lifted Treasury yields and investors stayed on the sidelines amid bank earnings.
The S&P 500 erased losses in afternoon New York trading.
The tech-heavy Nasdaq 100 underperformed major equity benchmarks.
Two-year rates climbed to around 4.2% as investors scaled back expectations for rate cuts later in the year.
Richmond Fed President Thomas Barkin said he wants to see more evidence that US inflation is easing back to the central bank’s goal of 2%.
New York state manufacturing activity unexpectedly expanded in April for the first time in five months as new orders and shipments snapped back.
Charles Schwab Corp. rose as executives said the firm can weather the turmoil roiling US banks, while pausing stock buybacks in response to the industry’s worst crisis since 2008.
State Street Corp. fell as it reported clients retreated from its investment products.
“The current season’s earnings profile is rather opaque,” said Peter Kinsella, head of FX strategy at Swiss asset manager UBP. “The banks last week did better than expected, but we have to see what the reporting season will be like from everyone else. But the S&P is expensive at current levels so you have to ask yourself if there is really much material upside from here.”
Key events this week:
* China GDP, retail sales, industrial production, Tuesday
* US housing starts, Tuesday
* Goldman Sachs and Bank of America release first-quarter earnings, Tuesday
* Fed’s Michelle Bowman discusses digital currency, Tuesday
* Eurozone CPI, Wednesday
* Fed releases Beige Book, Wednesday
* Fed’s John Williams gives a speech, Wednesday
* Fed’s Austan Goolsbee is interviewed on NPR, Wednesday
* China loan prime rates, Thursday
* Eurozone consumer confidence, Thursday
* US initial jobless claims, existing home sales, index of leading economic indicators, Thursday
* ECB issues report on March policy meeting, Thursday
* Fed’s Christopher Waller speaks at cryptocurrency-focused event, Thursday
* Fed’s Patrick Harker speaks on “monetary policy and housing”, Thursday
* Fed’s Loretta Mester discusses the economic and policy outlook, Thursday
* Fed’s Raphael Bostic discusses regional and national economic conditions, Thursday
* Fed’s Michelle Bowman and Lorie Logan speak at event, Thursday
* PMIs for Eurozone, Friday
* Japan CPI, Friday
* Fed’s Lisa Cook discusses economic research at an event, Friday

Some of the main moves in the market:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.6% to $1.0930
* The British pound fell 0.3% to $1.2377
* The Japanese yen fell 0.5% to 134.43 per dollar
Cryptocurrencies
* Bitcoin fell 2.9% to $29,481.61
* Ether fell 2% to $2,079.33
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 3.59%
* Germany’s 10-year yield advanced three basis points to 2.47%
* Britain’s 10-year yield advanced two basis points to 3.69%
Commodities
* West Texas Intermediate crude fell 1.9% to $80.92 a barrel
* Gold futures fell 0.4% to $2,008.30 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Vildana Hajric, Angel Adegbesan, Isabelle Lee, Peyton Forte and Emily Graffeo.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
Your net worth to the world is usually determined by what remains after your bad habits are subtracted from your good ones. –Benjamin Franklin, 1706-1790.

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

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

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

Dear Friends,

Tangents: Happy Friday.

On April 14, 1865, President Lincoln was shot and mortally wounded by John Wilkes Booth while attending the comedy “Our American Cousin” at Ford’s Theater in Washington, D.C.
He died the next day.  Go to article >

April 14, 1828: First Webster’s Dictionary.
1986: The Heaviest hail stones ever recorded hit Bangladesh.  The lumps of ice weighed about 1 kg (2.2 lb) and hit the ground at roughly 90 mph.  A total of 92 people reportedly died as a result.

Mystery of Roman coins discovered on shipwreck island has archaeologists baffled: Archaeologists are baffled but excited by the discovery of two silver coins from the Roman Empire on a remote island in the Baltic Sea, halfway between Sweden and Estonia. Read More

‘The Office’ star catches plane seatmate watching the series.  Imagine watching your favorite show on a plane, and one of its star actors is coincidentally sitting right next to you! Watch the video here.

World’s most expensive license plate sells for $15 million.  A license plate with a single number sold for a world record price at a charity auction in Dubai. See it here.

Stunning 20-meter-deep snow corridor in Japan reopens to visitors.  This incredible tourist attraction through towering snow walls is the result of months of strenuous carving work by snowplow drivers.

Someone paid $27,500 for a VHS tape of the movie Rocky.

Someone else paid a record $15 million for the vanity number plate P7 at an auction in Dubai.

The most elusive black holes in the universe could lurk at the Milky Way’s center:  The most elusive black holes in the universe aren’t the big ones, or the small ones. They’re the medium ones — and a team of astronomers has proposed a new method, using ripples in space-time, to hunt for them.  Read More

PHOTOS OF THE DAY

Santa Margarita, US
Wildflowers bloom near Carrizo Plain national monument after an unusually wet winter in California. Record levels of rainfall in some parts of California, amid a barrage of atmospheric river winter storms, have led to a superbloom of wildflowers in parts of the state
Photograph: Mario Tama/Getty Images

Kathmandu, Nepal
People carry a ceremonial palanquin and torches during the Biska Jatra festival in Thimi, on the outskirts of the capital. Biska Jatra is celebrated in the hope of protection from all natural calamities and support for a good harvest for the coming year
Photograph: Narendra Shrestha/EPA

Egungun Voodoo Society, Benin: Jean-Claude Moschetti, France (third place, Portraiture, Sony World Photography Awards, 2023).
The Egungun is a secret voodoo society that honours ancestral spirits. These spirits are believed to be in constant watch over their living relatives; they bless, protect and warn them, but can also punish them if they neglect them. The spirits can also protect a community against epidemics, witchcraft and evildoers, and may even be invited to come to earth physically. When they do, the Egungun are the receptacles of these spirits, appearing in the streets leaping, dancing and uttering loud cries.
Market Closes for April 14^th, 2023

Market Index	Close	Change
Dow Jones	33886.47	-143.22
		-0.42%
S&P 500	4137.64	-8.58
		-0.21%
NASDAQ	12123.46	-42.81
		-0.35%
TSX	20579.91	+15.42
		+0.08%

International Markets

Market Index	Close	Change
NIKKEI	28493.47	+336.50
		+1.20%
HANG SENG	20438.81	+94.33
		+0.46%
SENSEX	60431.00	+38.23
		+0.06%
FTSE 100*	7871.91	+28.53
		+0.36%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	3.036	2.967
CND. 30 Year Bond	3.123	3.069
U.S.    10 Year Bond	3.5128	3.4449
U.S. 30 Year Bond	3.7339	3.6873

Currencies

BOC Close	Today	Previous
Canadian $	0.7482	0.7496
US $	1.3365	1.3340
Euro Rate 1 Euro=		Inverse
Canadian $	1.4697	0.6804
US  $	1.0996	0.9094

Commodities

Gold	Close	Previous
London Gold Fix	2048.45	2008.20
Oil
WTI Crude Future	82.52	82.16

Market Commentary:
📈 On this day in 1720, the first secondary offering of stock took place, by the South Sea Co. in London. Ladies pawned jewelry and farmers sold livestock so they could buy shares; the offering was more than 10% oversubscribed.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 20,579.91 in Toronto.
Shopify Inc. contributed the most to the index gain, increasing 1.6%.
Onex Corp. had the largest increase, rising 5.0%.
Today, 98 of 232 shares rose, while 131 fell; 6 of 11 sectors were higher, led by financials stocks.
Insights
* So far this week, the index rose 1.9%
* The index declined 5.8% in the past 52 weeks. The MSCI AC  Americas Index lost 6.8% in the same period
* The S&P/TSX Composite is 6.8% below its 52-week high on April 21, 2022 and 15.1% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 13.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.28t
* 30-day price volatility fell to 12.40% compared with 12.91% in the previous session and the average of 12.15% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 14.4251| 0.2| 19/10
Information Technology | 13.6353| 1.0| 8/4
Energy | 7.8711| 0.2| 25/14
Industrials | 5.8582| 0.2| 9/18
Consumer Discretionary | 4.9913| 0.7| 10/5
Consumer Staples | 4.8690| 0.6| 7/4
Real Estate | -0.3306| -0.1| 6/14
Health Care | -0.8855| -1.4| 0/6
Communication Services | -4.6762| -0.5| 1/4
Utilities | -7.7621| -0.8| 1/15
Materials | -22.5543| -0.8| 12/37
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 8.3110| 1.6| -25.0| 31.9
Canadian Natural Resources | 7.1580| 1.1| 3.3| 10.2
Canadian National | 6.7530| 1.0| -47.5| 1.7
Brookfield Corp | -4.4670| -1.0| -59.4| 2.0
Wheaton Precious Metals | -5.1210| -2.3| -14.8| 28.6
Barrick Gold | -5.7550| -1.8| -31.9| 13.3
US
By Vildana Hajric and Ritika Gupta
(Bloomberg) — US stocks edged higher while bonds yields surged this week as worries about the banking sector abated and traders upped wagers that at least one more interest rate increase could be in store from the Federal Reserve this year.
The S&P 500 rose 0.8% this week even as policy-sensitive technology names like Microsoft Inc. and Apple Inc. dragged on the benchmark.
The Nasdaq 100 managed to squeeze out a 0.1% gain after the tech-heavy gauge erased some of its Friday losses late in the session after swaps traders upped bets for a rate increase by June, trading suggests a quarter point hike has better than three-in-four odds for May.
Markets were rattled after Fed Governor Christopher Waller said he favored more policy tightening in the central bank’s battle with inflation.
His comments further fueled hawkish bets after a Reuters report indicated Atlanta Fed President Raphael Bostic was calling for a quarter-point increase at the May meeting followed by a pause.
Treasury yields rose, with the rate-sensitive two-year jumping 13 basis points to trade around 4.1%, a weekly high, after a measure of March retail sales showed core readings declined less than estimated and comments from Fed officials suggested more tightening ahead.
A Bloomberg gauge of the dollar climbed while gold futures tumbled.
Equities have been stuck in a narrow trading range this week and options data suggest they could remain there as the relative price to hedge remains elevated.
Chartists are eying 4,200 as the key level the S&P 500 needs to breakthrough to finally regain some momentum.
“There’s a lot for both bulls and bears to hang their hats on right now,” said Dan Suzuki, deputy chief investment officer at Richard Bernstein Advisors. “Bulls can point to pervasive bearish sentiment, last year’s rerating, declining interest rates, the falling US dollar, lower gas prices, the China reopening, a resilient domestic economy and decent market momentum.”
“On the other hand, bears can points to weakening overall growth, the earnings recession, tightening liquidity, as well as the stubbornly high concentration and valuations in growth stocks,” he added.
A Deutsche Bank team led by Henry Allen pointed to similar concerns. “The problem for many investors right now is that it’s still possible to construct fairly divergent narratives about the economy depending on which series you look at,” they wrote.
“For instance, yield curves have inverted, temporary jobs are declining, and on previous occasions when the Fed have hiked this fast and this quickly, a recession has followed shortly afterwards.”
Yet, the bank’s strategists added, “you could point to unemployment around its lowest in decades, a high level of vacancies by historic standards, financial markets that have mostly shrugged off the SVB-related turmoil by now, along with growing signs that inflation is softening and the Fed are nearing a pause in their rate hikes.”
Financials outperformed Friday with JPMorgan Chase & Co. and Citigroup Inc. leading the charge after earnings.
Assurances about the sector’s health and an increase in deposits following the March failures of three smaller US lenders drove the big banks higher. Regional peers slid.
The sector will remain in the hot seat Monday when Charles Schwab Corp. and State Street Corp. report.
Investors will be looking for signs of health from Schwab, which has plunged roughly 40% this year as rising rates drove a spike in unrealized losses at the brokerage.
Bank of America Corp. and Goldman Sachs Group Inc. will report later in the week as will Netflix Inc. and Tesla Inc.
While data earlier this week suggested runaway prices were moderating somewhat, a Friday report suggested Americans are pessimistic.
Inflation expectations jumped in April with consumers seeing prices climbing 4.6% on an annual basis, up from 3.6% in March, according to a University of Michigan survey.
“Inflation in our minds clearly peaked last summer and has continued to improve.  But the caveat is that we’re still a ways away from the Fed target,” Philip Orlando, chief equity market strategist and head of client portfolio management at Federated Hermes said of the central bank’s 2% inflation goal. “The Fed, once they do that last hike, in all likelihood is going to go on pause. And we think a pause is going to last a while, likely into next year.”
A hold on rates could draw investor focus back to the debate over an economic downturn and whether the market has a hard or soft landing in store.
“We started the year off with pretty solid data. Now we’re getting a payback into March,” Ethan Harris, head of global economic research at BofA Securities told Bloomberg Television after the retail sales report. “And so the question is: is this the beginning of that slide into recession? I’m leaning in that direction. I think that there’s some fundamental weakening going on in the economy.”
In commodities, crude logged its fourth week of gains amid signs of a tightening global market while gold slumped.
Bitcoin edged higher, holding above the key $30,000 level which it broke through earlier in the week.
Some of the main moves in the market:
Stocks
* The S&P 500 fell 0.2% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 0.2%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World index fell 0.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.5% to $1.0996
* The British pound fell 0.9% to $1.2415
* The Japanese yen fell 0.9% to 133.78 per dollar
Cryptocurrencies
* Bitcoin rose 0.1% to $30,315.74
* Ether rose 4% to $2,088.42
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 3.51%
* Germany’s 10-year yield advanced seven basis points to 2.44%
* Britain’s 10-year yield advanced nine basis points to 3.67%
Commodities
* West Texas Intermediate crude rose 0.6% to $82.64 a barrel
* Gold futures fell 1.8% to $2,019.30 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Isabelle Lee, Peyton Forte, Edward Bolingbroke and Michael Mackenzie.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Three things in life are important.  The first is to be kind.  The second is to be kind.  The third is to be kind. –Henry James, 1843-1916.

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 April 13, 1970, Apollo 13, four-fifths of the way to the moon, was crippled when a tank containing liquid oxygen burst. (The astronauts managed to return safely.) Go to article >

Thomas Jefferson, 3^rd U.S. President, b. 1743.
Butch Cassidy, outlaw, b. 1866.
1962: Silent Spring published by Rachel Carson.
1997:Tiger Woods becomes the youngest ever golfer to win the Masters Tournament.  The then 21-year old sportsman was also the first person of African heritage to win a major golf title.

Snoopy is real! Meet Bayley, the cartoon dog’s doppelganger.  This adorable pooch has an uncanny resemblance to Snoopy, the canine mascot for the Peanuts cartoon troupe.

Elephant wows researchers with self-taught trick.  Elephants are widely known as intelligent animals, but researchers at a German zoo said they were totally caught off guard by this impressive trick.

‘Green Monster’ supernova is the youngest in the Milky Way, James Webb telescope reveals: Cassiopeia A, the remnants of a stellar explosion that appeared in Earth’s skies 340 years ago, sits 11,000 light-years away in the constellation Cassiopeia.  Full Story: Live Science (4/12)

How to watch Europe launch its alien-hunting JUICE satellite live on Thursday:  Today, the European Space Agency (ESA) is launching an exciting new mission to study whether the moons of Jupiter have the potential to host alien life: the Jupiter Icy Moons Explorer, also known as JUICE.  And you can watch the launch happen, thanks to ESA’s live coverage.  Full Story: Live Science (4/12)

52 million-year-old bat skeleton is the oldest ever found and belongs to a never-before-seen species
Two stunningly preserved, 52 million-year-old bat skeletons unearthed in Wyoming are the oldest ever found and belong to a never-before-seen species, researchers have revealed.  The rare fossils were discovered in the Green River Formation in the southwest of the state.  Full Story: Live Science (4/12)

First-ever close-up of a supermassive black hole sharpened to ‘full resolution’ by AI, and the results are stunning:  The first-ever photo of a supermassive black hole has gotten a “maximum resolution” makeover, thanks to artificial intelligence (AI).  The iconic 2019 image of M87* was made by pooling radio light that had traveled to us across 53 million light-years of space. Full Story: Live Science (4/13)

The $29 ham sandwich.
The Time 100, feat. Jennifer Coolidge.
The price of childhood.
The backyard bee takeover.

RIP Mary Quant.

PHOTOS OF THE DAY

Dame Mary Quant, 1960s fashion queen
Mary Quant standing outside her shop Bazaar, on Kings Road in London, 1960
Photograph: Mirrorpix/Getty Images

London, UK
Milliner Justin Smith poses with a crown he has created using 319 Scrabble tiles to mark Scrabble’s 75th anniversary and King Charles III’s coronation
Photograph: Michael Bowles/Mattel/PA

​​​​​​​Giza, Egypt
A view of the Pyramids at the Giza necropolis on the outskirts of the Egyptian capital Cairo after a secret passage was discovered at the tomb of fourth dynasty pharaoh, Khufu
Photograph: Anadolu Agency/Getty Images
Market Closes for April 13^th, 2023

Market Index	Close	Change
Dow Jones	34029.69	+383.19
		+1.14%
S&P 500	4146.22	+54.27
		+1.33%
NASDAQ	12166.27	+236.93
		+1.99%
TSX	20564.49	+110.17
		+0.54%

International Markets

Market Index	Close	Change
NIKKEI	28156.97	+74.27
		+0.26%
HANG SENG	20344.48	+34.62
		+0.17%
SENSEX	60431.00	+38.23
		+0.06%
FTSE 100*	7843.38	+18.54
		+0.24%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.967	2.884
CND. 30 Year Bond	3.069	2.995
U.S.    10 Year Bond	3.4449	3.3999
U.S. 30 Year Bond	3.6873	3.6291

Currencies

BOC Close	Today	Previous
Canadian $	0.7496	0.7440
US $	1.3340	1.3441
Euro Rate 1 Euro=		Inverse
Canadian $	1.4737	0.6786
US  $	1.1047	0.9052

Commodities

Gold	Close	Previous
London Gold Fix	2008.20	2002.70
Oil
WTI Crude Future	82.16	83.26

Market Commentary:
📈 On this day in 1945, the market absorbed the news of President Franklin D. Roosevelt’s death the day before. The Dow Jones Industrial Average rose nearly 1% to close at 159.75.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fifth day, climbing 0.5%, or 110.17 to 20,564.49 in Toronto.
The index advanced to the highest closing level since March 3.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 2.1%.
Ero Copper Corp. had the largest increase, rising 6.2%.
Today, 158 of 232 shares rose, while 68 fell; 10 of 11 sectors were higher, led by materials stocks.
Insights
* So far this week, the index rose 1.8%
* The index declined 5.8% in the past 52 weeks. The MSCI AC Americas Index lost 7.8% in the same period
* The S&P/TSX Composite is 6.9% below its 52-week high on April 21, 2022 and 15.1% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 2% in the past 5 days and rose 5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.3 on a trailing basis and 13.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.26t
* 30-day price volatility rose to 12.91% compared with 12.86% in the previous session and the average of 12.06% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | 42.5286| 1.6| 43/7
Financials | 28.8009| 0.5| 24/5
Energy | 18.5789| 0.5| 27/11
Communication Services | 7.1706| 0.8| 3/2
Information Technology | 6.7911| 0.5| 8/4
Industrials | 3.7330| 0.1| 18/7
Utilities | 3.2104| 0.3| 8/7
Consumer Discretionary | 1.3869| 0.2| 11/4
Real Estate | 0.2551| 0.1| 10/10
Health Care | 0.2027| 0.3| 3/3
Consumer Staples | -2.4876| -0.3| 3/8
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Natural Resources | 12.7000| 2.1| -10.1| 9.0
Brookfield Corp | 7.9420| 1.9| -30.8| 3.0
First Quantum Minerals | 7.7980| 6.1| 10.8| 23.1
Canadian National | -1.3080| -0.2| -11.6| 0.7
Suncor Energy | -2.8140| -0.7| -21.6| 1.4
Cenovus Energy | -4.2250| -1.8| 7.4| -9.3
US
By Isabelle Lee and Peyton Forte
(Bloomberg) — US equities traded higher Thursday, as the latest readings on jobs and factory-gate inflation were slightly softer than expected, a boost for those hoping the Federal Reserve may be approaching the end point of an era of aggressive interest rate hikes.
The S&P 500 rose 1.3% while the more rate-sensitive Nasdaq 100 gained 2.0% after US jobless claims for the week ended April 8 rose to 239,000, compared to estimates of 235,000.
Meanwhile, producer prices came in at 2.7% year-on-year, versus the 3% that had been expected.
Treasury yields rose with the 10-year trading around 3.44%.
The dollar lost more ground against a basket of currencies, and the euro/dollar exchange rate was at a one-year high.
“Basically what the data are showing is two things,” Que Nguyen, chief investment officer of equity strategies at Research Affiliates, said by phone. “The first is that inflation is not surprising to the upside, and at the same time, the job market seems stable. And so what we’re getting today is sort of an optimistic outlook that we’re going to have an almost like a goldilocks situation where inflation’s going to slow, but the economy is not crashing.”
This week’s consumer inflation report showed a fall in year-on-year headline figures, but a rise in core prices.
Meanwhile, last week’s March payrolls rose at a firm pace with unemployment near record lows again.
All that has left swaps markets still favoring a quarter-point hike by the Federal Reserve in May, though traders added to wagers that the Fed will cut interest rates by year-end at a faster pace than anticipated
earlier in the week.
“For a Fed already inclined to pause, this report tips the scale just a bit more in favor, especially after yesterday’s CPI failed to reveal any new inflationary problems,” Christopher Low of FHN Financial said. “The link between the PPI and CPI is not as clear as it once was, but persistently small increases — or, as in March, an outright decline — will eventually come through to consumers.”
Minutes of the Fed’s March meeting published Wednesday showed policymakers scaled back expectations for rate hikes this year after a series of bank collapses roiled markets, and stressed they would remain vigilant in the face of a potential credit crunch. Officials also forecast a “mild recession” starting later this year given “the potential economic effects of the recent banking-sector developments.”
Next, investors will be turning their attention to bank earnings starting on Friday and commentary from executives on the probability of a recession.
“Bank lending is arguably the most important component of a strong economy, so insights from bank CEOs are critical right now,” David Trainer, CEO of New Constructs, wrote. “Investors are counting on strong earnings to help the year-to-date stock market rally continue, which is why this upcoming first quarter earnings season is so important.”
Europe’s equity benchmark posted a modest gain.
Oil fell, gold rose, and Bitcoin traded around $30,300.
Key events this week:
* US retail sales, business inventories, industrial production, University of Michigan consumer sentiment, Friday
* Major US banks JPMorgan Chase, Wells Fargo and Citigroup report earnings, Friday

Some of the main market moves:
Stocks
* The S&P 500 rose 1.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 2%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.6%
* The euro rose 0.5% to $1.1047
* The British pound rose 0.3% to $1.2527
* The Japanese yen rose 0.3% to 132.74 per dollar
Cryptocurrencies
* Bitcoin rose 1.3% to $30,354.47
* Ether rose 5.4% to $2,012.48
Bonds
* The yield on 10-year Treasuries advanced six basis points to 3.45%
* Germany’s 10-year yield was little changed at 2.37%
* Britain’s 10-year yield was little changed at 3.57%
Commodities
* West Texas Intermediate crude fell 1.2% to $82.29 a barrel
* Gold futures rose 1.5% to $2,054.70 an ounce
This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Desperation is sometimes as powerful an inspirer as genius. –Benjamin Disraeli, 1804-1881.

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

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

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

Dear Friends,

Tangents:
April 12, 1980: The United States leads a boycott of the Summer Olympic Games in Moscow to protest the late 1979 Soviet invasion of Afghanistan.  In total, 65 nations refuse to participate in the games, whereas 80 countries send athletes to compete.
April 12, 1981: The space shuttle Columbia blasted off from Cape Canaveral, Fla., on its first test flight.  Go to article >

1955: Polio vaccine announced.
Franklin D. Roosevelt, d. 1945.
David Letterman, b. 1947
1961: First man in Space.

Has 200 years of sci-fi prepared us for artificial intelligence?

Michael Jordan’s 1998 NBA Finals sneakers sell for a record $2.2 million.  These game-winning shoes just became the most expensive sneakers ever to sell at auction.

Bizarre object 10 million times brighter than the sun defies physics, NASA says.  The object is producing enough energy to break a physical law known as the Eddington limit, which determines how bright something of a given size can be. It should have blown into pieces, but somehow it hasn’t.  Full Story: Live Science (4/11)

Einstein was right about invisible dark matter, massive new map of the universe suggests.  Astronomers have made the most detailed map ever of mysterious dark matter using the universe’s very first light, and the “ground-breaking” image has possibly proved Einstein right yet again.  Full Story: Live Science (4/11)

Scientists create ‘slits in time’ in mind-bending physics experiment.  In a first, scientists have shown that they can send light through “slits” in time.  Full Story: Live Science (4/11)

PHOTOS OF THE DAY

London, UK
The Coronation Chair inside Westminster Abbey ahead of the coronation of King Charles III. Westminster Abbey has been used as the coronation church since William the Conqueror in 1066, with the exception of kings Edward V and Edward VIII, who were not crowned
Photograph: Dan Kitwood/PA

Wollongong, Australia
A sulphur-crested cockatoo spreads its wings
Photograph: Mark Evans/Getty Images

New Jersey, USA
A massive 2,500-acre forest fire burns in Ocean County as firefighters battle the blaze. The fire started late on Tuesday and is burning across some 2,500 acres
Photograph: New Jersey Department of Environmental Protection/AP
Market Closes for April 12^th, 2023

Market Index	Close	Change
Dow Jones	33646.50	-38.29
		-0.11%
S&P 500	4091.95	-16.99
		-0.41%
NASDAQ	11929.34	-102.54
		-0.85%
TSX	20454.32	+32.47
		+0.16%

International Markets

Market Index	Close	Change
NIKKEI	28082.70	+159.33
		+0.57%
HANG SENG	20309.86	-175.38
		-0.86%
SENSEX	60392.77	+235.05
		+0.39%
FTSE 100*	7824.84	+39.12
		+0.50%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.884	2.910
CND. 30 Year Bond	2.995	2.998
U.S.    10 Year Bond	3.3999	3.4262
U.S. 30 Year Bond	3.6291	3.6188

Currencies

BOC Close	Today	Previous
Canadian $	0.7440	0.7426
US $	1.3441	1.3466
Euro Rate 1 Euro=		Inverse
Canadian $	1.4772	0.6770
US  $	1.0992	0.9098

Commodities

Gold	Close	Previous
London Gold Fix	2002.70	2001.90
Oil
WTI Crude Future	83.26	81.53

Market Commentary:
📈 On this day in 1991, the Nasdaq Composite Index broke the 500 barrier for the first time, closing at 501.62, up 2.31. The technology-heavy index closed today at 11929.34.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.2%, or 32.47 to 20,454.32 in Toronto.
The index advanced to the highest closing level since March 6.
Canadian National Railway Co. contributed the most to the index gain, increasing 1.4%.
Osisko Mining Inc. had the largest increase, rising 4.8%.
Today, 111 of 232 shares rose, while 116 fell; 7 of 11 sectors were higher, led by industrials stocks.
Insights
* The index declined 5.8% in the past 52 weeks. The MSCI AC Americas Index lost 7.9% in the same period
* The S&P/TSX Composite is 7.4% below its 52-week high on April 21, 2022 and 14.4% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 0.9% 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 13.3 on a trailing basis and 13.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.26t
* 30-day price volatility little changed to 12.86% compared with 12.87% in the previous session and the average of 12.02% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | 15.4304| 0.6| 8/19
Materials | 10.4997| 0.4| 30/20
Energy | 10.4836| 0.3| 17/19
Real Estate | 2.9514| 0.6| 16/4
Information Technology | 2.7239| 0.2| 7/5
Financials | 1.8832| 0.0| 17/12
Communication Services | 1.0609| 0.1| 3/2
Utilities | -0.4044| 0.0| 8/8
Health Care | -1.1471| -1.7| 1/5
Consumer Discretionary | -4.2862| -0.6| 3/12
Consumer Staples | -6.7078| -0.8| 1/10
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian National | 9.1590| 1.4| -34.9| 0.9
TC Energy | 6.5800| 1.7| -69.2| 4.6
Waste Connections | 4.9520| 1.5| -1.0| 6.7
Couche-Tard | -2.4550| -0.7| -20.9| 13.4
Nutrien | -5.7850| -1.6| -30.7| -1.8
TD Bank | -10.2600| -1.0| -11.0| -8.2
US
By Carly Wanna and Peyton Forte
(Bloomberg) — US stocks limped into the final minutes of the trading day after data showed inflation moderated, but was likely not enough to forestall the Federal Reserve from raising interest rates one more time this year.
The S&P 500 ended the day down 0.4% and the Nasdaq 100 slid 0.9% as signs of an early morning rebound disappeared.
The tech-heavy gauge has fallen in six of the last seven sessions.
Policy-sensitive two-year Treasury yields tumbled as much as 15 basis points before paring the drop to trade at 3.96%.
Swaps markets showed the odds are still in favor for a Fed rate hike in May while traders amped up bets the central bank will cut rates later this year.
Markets rallied early in the day after data showed US consumer prices rose 0.1% in March, just below economists’ forecast of 0.2%.
The closely watched core CPI number — which excludes food and energy — increased 0.4%, meeting the median estimate and coming on the heels of the prior month’s 0.5% gain.
While stocks have been stuck in a tight range, data hinting at a slowdown in economic growth could catalyze equities to move lower, according to Eric Johnston, head of equity derivatives and cross assets at Cantor Fitzgerald. Already, he says the economy is slowing, and “equities will begin to price that in very shortly.”
“Stocks have been helped the past month by CTA buying of US equities and due to global liquidity flows, and we think both are about to stop or reverse,” he said referring to the commodity trading advisers that make rules-based bets in futures markets.
Investors will be dissecting Thursday’s producer prices report next.
Meanwhile, Fed policymakers scaled back expectations for peak rates as they sought to balance reining in inflation and steadying the banking sector, according to minutes of the March Federal Open Market Committee released Wednesday.
Fed staff are now predicting a “mild recession” later this year.
Officials have been sending mixed messages on the battle to tamp down rising prices.
Earlier, San Francisco Fed President Mary Daly said more rate hikes may not be needed while Richmond Fed’s Thomas Barkin said “we still have a ways to go.”
Some of the biggest banks in the US are expected to report earnings on Friday.
Liz Young, head of investment strategy at SoFi, expected markets would swing today, CPI data was not “below expectations in a meaningful way.”
She expects the producer price report to provide added clarity.
“What closes the loop on this inflation data is actually the PPI data,” Young said. “Although CPI has been moderating, which is definitely good news, if PPI remains sticky or slightly higher than expectations, that’s where you see the knock-on effect on corporate margins.”
Elsewhere, the dollar fell against a basket of all its G-10 peers while Bitcoin slumped, dipping back below $30,000 after hitting its highest since June on Tuesday.
Oil climbed to the highest level this year as crude futures topped $83 a barrel and gold resumed its advance.

Here’s what else Wall Street had to say about CPI data:
Lauren Goodwin, portfolio strategist at New York Life Investments: “The March inflation data confirms that the disinflationary process is intact, but moving very slowly. Core CPI is still running far above target.”
“The Fed would have to see a slowdown in core CPI to accept that monetary policy has been tightened far enough.  Absent that evidence today, we expect to see another 25 basis point hike in May before the Fed pauses.”
Alexandra Wilson-Elizondo, co-head of portfolio management for multi asset solutions at Goldman Sachs Asset Management: “Today’s data release will most likely be perceived as welcome news because headline was marginally light of expectations and core was in-line.”  “The continued strength in the core figure is not consistent with the Federal Reserve’s 2% long-term target and will keep a 25-bps hike on the table for the May meeting.  However, the data release does not yet reflect post-banking stress information and the subsequent tightening of credit conditions.”
Jake Jolly, head of investment analysis at BNY Mellon Investment Management: “Ultimately you can really only justify these strong moves in the equity market if you believe that the soft landing probability is increasing materially.”  “It’s a good thing when inflation prints are in line with expectations, it’s much better than an upside surprise. But to me, this is still a very, very strong, inflationary pressures report, so it certainly doesn’t signal the all clear.”
Marija Veitmane, a senior multi-asset strategist at State Street Global Markets: “Last year saw a substantial equity selloff as higher interest rates pushed investors out of expensive stocks. Now we are nearing the end of the hiking cycle (though not there yet) and the market is getting excited about stocks again. We think this is wrong.”  “The hiking cycle will only end when the economy slows substantially – we see no other way for inflation to disappear.  And this is not going to be good news for equity investors as a decline in earnings would hurt more than an offsetting rate cut.”
John Leiper, chief investment officer at Titan Asset Management: “Core inflation remains stubbornly high and an increasingly bullish outlook for energy prices will continue to justify higher for longer. Equities remain expensive and we retain our defensive positioning.”  “You can’t go from a decade of ultra-low interest rates to the fastest rate hike cycle in over 40 years without systemic repercussions, not just to the banking sector but the economy as a whole. We are heading into recession and whether we get an additional rate hike or not, inflation remains an issue, despite today’s number. The writing is already on the wall.”
Guillermo Hernández Sampere, head of trading at MPPM GmbH: “The key core rate has risen slightly, so the inflationary pressure remains high, the Fed will probably continue to raise interest rates but less aggressively because of the incidents in the banking sector. The market sees the peak within reach.”
Joachim Klement, head of strategy, accounting and sustainability at Liberum Capital: “CPI is good news all round. Not only did energy inflation become materially negative as expected, food inflation stalled
and shelter inflation is cooling off. All that indicates that the Fed remains on the right track in bringing inflation down.  While core inflation keeps on rising, the main drivers of core inflation in recent months are mostly cooling off, indicating that the Fed may be able to stop hiking rates after the next meeting.”
Key events this week:
* China trade, Thursday
* US PPI, initial jobless claim, Thursday
* US retail sales, business inventories, industrial production, University of Michigan consumer sentiment, Friday
* Major US banks JPMorgan Chase, Wells Fargo and Citigroup report earnings, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.4% as of 4 p.m. New York time
* The Nasdaq 100 fell 0.9%
* The Dow Jones Industrial Average fell 0.1%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index fell 0.5%
* The euro rose 0.7% to $1.0989
* The British pound rose 0.5% to $1.2484
* The Japanese yen rose 0.4% to 133.19 per dollar
Cryptocurrencies
* Bitcoin fell 1.2% to $29,817.5
* Ether rose 0.4% to $1,902.82
Bonds
* The yield on 10-year Treasuries declined two basis points to 3.40%
* Germany’s 10-year yield advanced six basis points to 2.37%
* Britain’s 10-year yield advanced three basis points to 3.57%
Commodities
* West Texas Intermediate crude rose 2.1% to $83.24 a barrel
* Gold futures rose 0.5% to $2,029 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Macarena Muñoz, Sagarika Jaisinghani, Isabelle Lee and Allegra Catelli.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
There’s a divinity that shapes our ends, Rough-hew them how we will. –Wm. Shakespeare, Hamlet, Act V, Sc II.

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