Category: Newsletters

Dear Friends,

Tangents:
1670 The Hudson Bay Co. was chartered by England’s King Charles II.   Go to article »

1971: National Public Radio’s first news broadcast.
Niccolò Machiavelli, b. 1469.

Tiny crystals unearthed in South Africa contain evidence of a sudden transition on the planet’s surface 3.8 billion years ago.  These crystals, each no bigger than a grain of sand, show that around that time, Earth’s crust broke up and began moving — a precursor to the process known as plate tectonics.  Full Story: Live Science (4/30) 

An Astro photographer captured a beautiful picture of two planets aligned in the sky above Rome — and a little rain didn’t stop him.   Gianluca Masi spotted Venus and Jupiter hiding behind a thin cloud shortly after scuttling a planned livestream of the conjunction Sunday (May 1) on his astronomy broadcast service, the Virtual Telescope Project.  Full Story: Live Science (5/2) 

Here’s what stars wore at the Met Gala.  Some celebrities embraced the “Gilded Glamour” theme, but others marched to the beat of their own drum — because why not? Fashion has no limits!

Jackie Robinson All-Star Game bat sells for $1.08 million.  The seven-figure price tag places the bat among the most expensive pieces of sports memorabilia. Legendary! 

Inside the space hotel scheduled to open in 2025.  Have you heard the buzz about the space hotel? Yes, it’s happening. And yes, the room rates will likely be astronomical. 

A CNN story helped a former refugee find the mystery woman who gave her $100 on a plane decades ago.  Some people enter your life at the right time and right place. This is one of those beautiful instances.

PHOTOS OF THE DAY

Part of the construction site of a tourist train project in the Yucatán peninsula. Work was halted by a district judge pending resolution of an injunction sought by environmentalists
CREDIT: Pedro Pardo/AFP/Getty Images

Theary Seng, a US-Cambodian lawyer and activist who is facing treason and incitement charges, poses in front of Phnom Penh municipal court before her hearing
CREDIT: Tang Chhin Sothy/AFP/Getty Images

A man plays with his daughter after offering Eid al-Fitr prayers at Jama Masjid
CREDIT: Naveen Sharma/Sopa Images/Rex/Shutterstock

Market Closes for May 3^rd, 2022

Market Index	Close	Change
Dow Jones	33128.79	+67.29
		+0.20%
S&P 500	4175.48	+20.10
		+0.20%
NASDAQ	12563.76	+27.74 +0.22%
TSX	20905.28	+213.06
		+1.03%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26818.53	-29.37
		-0.11%
HANG SENG	21101.89	+12.50
		+0.06%
SENSEX	56975.99	-84.88
		-0.15%
FTSE 100*	7561.33	+16.78 +0.22%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.958	2.942
CND. 30 Year Bond	2.875	2.865
U.S.    10 Year Bond	2.9712	2.9807
U.S. 30 Year Bond	3.0088	3.0327

Currencies

BOC Close	Today	Previous
Canadian $	0.7789	0.7764
US $	1.2839	1.2880
Euro Rate 1 Euro=		Inverse
Canadian $	1.3508	0.7403
US $	1.0522	0.9504

Commodities

Gold	Close	Previous
London Gold Fix	1911.30	1888.50
Oil
WTI Crude Future	102.41	105.17

Market Commentary:
On this day in in 1999, the Dow closes above 11,000 for the first time. It was just 24 trading days after breaking the 10,000 mark, the shortest interval on record between 1,000-point milestones. 
Canada
By Geoffrey Morgan
(Bloomberg) — Natural resources stocks surged and led a 1% rise for Canada’s S&P/TSX Composite index to 20,905.28 in Toronto, snapping a two-day losing streak.
Nutrien Ltd. contributed the most to the index gain, increasing 6.0%.
SSR Mining Inc. had the largest percentage increase, rising 7.5%.
On Tuesday, 159 of 239 shares rose, while 79 fell; 6 of 11 sectors were higher, led by energy and materials stocks.
Insights
* In the past year, the index had a similar or greater gain 18  times. The next day, it advanced 11 times for an average 0.6% and declined seven times for an average 0.6%
* The index advanced 8.8% in the past 52 weeks. The MSCI AC Americas Index lost 1.8% in the same period
* The S&P/TSX Composite is 5.9% below its 52-week high on April 5, 2022 and 9.7% above its low on May 4, 2021
* The S&P/TSX Composite is up 1% in the past 5 days and fell 4.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.2 on a trailing basis and 13.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.31t
* 30-day price volatility rose to 13.84% compared with 13.41% in the previous session and the average of 11.79% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 94.9414| 2.6| 34/0
* Materials | 62.7132| 2.3| 47/5
* Financials | 58.7637| 0.9| 24/4
* Information Technology | 15.3417| 1.3| 7/9
* Communication Services | 2.3716| 0.2| 4/3
* Real Estate | 0.7562| 0.1| 12/10
* Health Care | -1.3630| -1.1| 1/7
* Consumer Discretionary | -3.4250| -0.5| 9/5
* Industrials | -4.1527| -0.2| 13/17
* Utilities | -4.7470| -0.5| 5/11
* Consumer Staples | -8.1326| -1.0| 3/8
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Nutrien | 29.0700| 6.0| 55.0| 42.5
* Canadian Natural Resources | 24.9600| 4.0| -36.9| 53.2
* TD Bank | 12.5400| 1.1| -51.2| -3.4
* Loblaw | -2.7640| -2.1| 23.6| 10.0
* Intact Financial | -3.8370| -1.8| 20.9| 6.5
* Restaurant Brands | -5.4020| -3.5| 111.2| -7.7

US
By Rita Nazareth
(Bloomberg) — Stocks faced another volatile session, with traders awaiting more clues on whether the Federal Reserve will be able to pull off a soft landing that brings down inflation without triggering a recession.
After several twists and turns, the S&P 500 closed higher, led by gains in economically sensitive shares like commodity producers and banks. Small caps also climbed, while technology companies underperformed.
Treasury 10-year yields stabilized amid speculation that the worst of the bond-market selloff may be over even though the Fed’s monetary-policy tightening is only just getting underway.
The dollar fell.
Markets have whipsawed amid concerns about persistent inflationary spirals and risks to global growth from rising yields.
Fed Chair Jerome Powell and his colleagues are expected to raise rates by 50 basis points Wednesday and signal they’re on track to lift them to around 2.5% by the end of the year.
It’s not clear, though, if that’ll be enough to tame inflation, which is running above the central bank’s target.
The Fed will have to boost rates to as much as 5% just as the world faces a “perfect storm” of potential recessions in the U.S., European Union and China, former International Monetary Fund chief economist Kenneth Rogoff said. Bond markets will continue to face pressures from inflation and tighter monetary policy, making stocks a better bet during this stage of the economic cycle, Pacific Investment Management Co. noted in its May asset-allocation outlook.

Comments:
* “The 50-basis-point hike is baked in the cake. We see less than 10% chance of a 75-basis point hike,” said Leo Grohowski, chief investment officer for BNY Mellon Wealth Management, adding that traders will be closely watching any clues from Powell on “whether or not 75 basis points could be in the cards for the June meeting.”
* “Because the market has priced in a 50-basis-point rate hike at the Federal Reserve’s May meeting, the focus will immediately shift to just how many half-point hikes the Fed expects to initiate over the balance of 2022,” wrote Danielle DiMartino zBooth, chief executive officer of Quill Intelligence. “Powell’s greatest folly would be to insist that the economy is very strong in the face of overwhelming evidence that it is slowing and slowing fast.”
* “Clearly there’s just a great deal of volatility,” said Mark Hamilton, chief investment officer at Hirtle Callaghan & Co. “The biggest risk possibly really going on into next year is this question of: ‘Does the Fed tighten at the same time as other forces are causing the economy to weaken, and does that lead to a recession?”’  After the close of regular trading:
* Starbucks Corp. reported profit and comparable sales that missed analysts’ estimates in its latest quarter, signaling that interim Chief Executive Officer Howard Schultz has a difficult road ahead of him as inflation and China’s Covid measures hurt the coffee giant’s performance.
* Advanced Micro Devices Inc. gave a strong sales forecast for the current quarter, indicating that it continues to win in its most lucrative market: data-center chips.
* Airbnb Inc. gave a forecast for revenue in the current quarter that easily surpassed Wall Street’s estimates as the company sees “substantial demand” for travel heading into the busy summer season.
* Lyft Inc. reported first-quarter revenue that beat analysts’ estimates, but recorded fewer-than-expected riders.

Key events this week:
* Fed rate decision, briefing with Chair Jerome Powell, Wednesday
* EIA crude oil inventory report, Wednesday
* Bank of England rate decision and briefing, Thursday
* OPEC+ convenes virtually for a regular meeting, Thursday
* U.S. April jobs report, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.1%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index rose 0.4%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.2% to $1.0526
* The British pound was little changed at $1.2497
* The Japanese yen was little changed at 130.12 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 2.97%
* Germany’s 10-year yield was little changed at 0.96%
* Britain’s 10-year yield advanced five basis points to 1.96%
Commodities
* West Texas Intermediate crude fell 2.2% to $102.89 a barrel
* Gold futures rose 0.1% to $1,866 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Vildana Hajric and Isabelle Lee.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

Remember that failure is an event, not a person. -Zig Ziglar, 1926-2012.

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:

2000: Bill Clinton orders the US military to stop scrambling satellite signals used by civilians as of midnight.  The decision meant that Global Positioning System receivers will be ten times more accurate and his landmark decision to open up the GPS signal was the catalyst that triggered the launch of navigation systems “GPS” popularly known today.

On May 1, 2011, President Barack Obama announced that Osama Bin Laden, the mastermind of the September 11 attacks, was killed by United States forces in Pakistan. Go to article »

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

President Biden roasts Fox News during WH Correspondents’ Dinner.  The President didn’t hold back! Watch the moment Biden aimed a few fiery jabs and jokes at Fox reporters over the weekend.

The Met Gala is today.  It’s fashion’s biggest night! Check out some images from the galas of yesteryear before the glamorous and glitzy event this evening.

Watch Stanley Tucci make truffle pasta for crew.  *Chef’s kiss* The real question is… who doesn’t love truffle pasta? Check out this mouth-watering video and tune into the new season of ‘Stanley Tucci: Searching for Italy’ for more delicious Italian cuisine!

A rare solar eclipse Saturday (April 30) stunned viewers across Antarctica, the southern tip of South America, and the Pacific and Atlantic Oceans.  While much of the event took place in remote areas, live cameras on Earth and satellites in space allowed people around the world to witness the moon blocking as much as 64% of the sun. The eclipse happened during a Black Moon, which is the second new moon in a single month.
Full Story: Live Science (5/1) 

After nearly 13.8 billion years of nonstop expansion, the universe could soon grind to a standstill, then slowly start to contract, new research published in the journal Proceedings of the National Academy of Sciences suggests.
In the new paper, three scientists attempt to model the nature of dark energy — a mysterious force that seems to be causing the universe to expand ever faster — based on past observations of cosmic expansion. In the team’s model, dark energy is not a constant force of nature, but an entity called quintessence, which can decay over time.  Full Story: Live Science (5/2) 

But does time really exist?
PHOTOS OF THE DAY

Spectators attend the traditional May Day concert at San Giovanni Square
CREDIT: Angelo Carconi/EPA

Cousins Nastya, 16, (left) and Polina, 15, bring flowers to their mothers for a birthday at their home as heavy shelling is heard in the distance while the Russian invasion continues
CREDIT: Yasuyoshi Chiba/AFP/Getty Images

Flamingos fly over a river
CREDIT: Punit Paranjpe/AFP/Getty Images

Market Closes for May 2^nd, 2022

Market Index	Close	Change
Dow Jones	33061.50	+84.29
		+0.26%
S&P 500	4155.38	+23.45
		+0.57%
NASDAQ	12536.02	+201.38 +1.63%
TSX	20692.22	-69.78
		-0.34%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26818.53	-26.37
		-0.11%
HANG SENG	Exchange Closed	—
		–%
SENSEX	56975.99	-84.88
		-0.15%
FTSE 100*	7544.55	+35.36 +0.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.942	2.868
CND. 30 Year Bond	2.865	2.802
U.S.    10 Year Bond	2.9807	2.9336
U.S. 30 Year Bond	3.0327	2.9919

Currencies

BOC Close	Today	Previous
Canadian $	0.7764	0.7778
US $	1.2880	1.2858
Euro Rate 1 Euro=		Inverse
Canadian $	1.3530	0.7391
US $	1.0505	0.9517

Commodities

Gold	Close	Previous
London Gold Fix	1911.30	1888.50
Oil
WTI Crude Future	105.17	104.69

Market Commentary:
On this day in 1963, Edward C. Johnson II, the head of Fidelity Investments, started a small mutual fund and gave it to his son, Ned, to run.  He called it the Magellan Fund.
CANADA
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.3%, or 69.78 to 20,692.22 in Toronto.
Today, real estate stocks led the market lower, as 7 of 11 sectors lost; 169 of 239 shares fell, while 67 rose.
Canadian Pacific Railway Ltd. contributed the most to the index decline, decreasing 1.5%. Sandstorm Gold Ltd. had the largest drop, falling 7.2%.
Insights
* The index advanced 8.3% in the past 52 weeks. The MSCI AC Americas Index lost 2.1% in the same period
* The S&P/TSX Composite is 6.8% below its 52-week high on April 5, 2022 and 8.6% above its low on May 4, 2021 * The S&P/TSX Composite is down 1.5% in the past 5 days and fell 5.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17 on a trailing basis and 13 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.32t
* 30-day price volatility fell to 13.41% compared with 13.79% in the previous session and the average of 11.68% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Real Estate | -22.7283| -3.9| 1/22
* Industrials | -18.2481| -0.8| 8/22
* Financials | -16.2163| -0.3| 10/18
* Materials | -15.4929| -0.6| 11/40
* Energy | -13.0971| -0.4| 7/26
* Utilities | -11.3875| -1.1| 3/13
* Communication Services | -8.7462| -0.8| 0/7
* Health Care | 1.1385| 0.9| 5/3
* Consumer Staples | 1.4937| 0.2| 3/7
* Consumer Discretionary | 3.0714| 0.4| 8/6
* Information Technology | 30.4378| 2.6| 11/5
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Canadian Pacific | -9.1390| -1.5| 2.1| 1.7
* Fairfax Financial Holdings | -7.6900| -6.3| 18.0| 6.2
* Waste Connections | -7.0500| -2.2| 12.5| 0.5
* Couche-Tard | 5.2570| 1.6| 59.9| 9.6
* Nutrien | 6.0260| 1.3| -20.8| 34.4
* Shopify | 26.4300| 6.1| 13.3| -66.5

US
By Rita Nazareth
(Bloomberg) — Stocks closed higher at the start of a week that’s likely to be marked by unnerving market gyrations, with the Federal Reserve expected to deliver its biggest interest-rate hike in two decades.
Dip buyers emerged after the worst month for the S&P 500 since the onset of the pandemic, sending the benchmark gauge up after a slide that reached 1.7% earlier Monday.
The technology-heavy Nasdaq 100 outperformed amid a rally in giants like Microsoft Corp. and Tesla Inc.
Treasury 10-year yields traded near 3%, climbing alongside the dollar.
Oil rose as surging refined-products markets led prices higher.
Fears of an economic slowdown, persistently high inflation and an increasingly aggressive tightening rhetoric by Fed officials have weighed on risk appetite, spurring volatility across financial markets and pushing equities near oversold
levels.
“As we turn the calendar to May, we may see a short-term oversold bounce, however, we still have several reasons for concern,” wrote JC O’Hara, chief market technician at MKM Partners. “We believe our longer-term equity indicators are not yet oversold enough to have a high conviction ‘buy’ call. We also believe managers have started to reprice stocks using recession like multiples. If that is the case, we are still overvalued.”
The shift away from easy money is poised to accelerate as a pandemic bond-buying blitz by central banks swings into reverse, threatening another shock to the global economy.
Analysts project the Fed will boost rates by 50 basis points Wednesday to tackle the hottest inflation in four decades, and begin trimming its balance sheet at a maximum pace of $95 billion a month – a quicker shift than most envisaged at the start of 2022.

More Comments:
* “An appointment for a root canal has sounded better than having to watch this stock market lately,” wrote strategists at Bespoke Investment Group. “Just when you think things can’t get any worse in this market, they do, as every bounce has been quickly repudiated with stocks grinding down to new lows for the year.”
* “On the positive side, the market is currently so oversold, any good news could lead to a vicious bear market rally,” wrote Morgan Stanley’s chief U.S. equity strategist Michael Wilson.  “We can’t rule anything out in the short term but we want to make it clear this bear market is far from completed, in our view.”
* “Sentiment measures have reached extremes, while the market has historically traded higher after a four-week losing streak.  However, given the current technical backdrop of lower lows and lower highs, an advance at this juncture should be considered a countertrend rally and not suggestive of a bottom being set,”  wrote Craig W. Johnson, chief market technician at Piper Sandler.
Elsewhere, at least a dozen other central banks are due to deliver policy decisions in the coming week, with multiple rate hikes expected. They may vary in size from 15 basis points anticipated by economists for Australia, to a quarter-point in the U.K., to whole percentage points in Brazil and Poland.
Some corporate highlights:
* Tesla needs more time to file a regular disclosure ahead of its annual shareholders’ meeting, pushing back a potential detailing of plans for issuing new shares and a possible stock split.
* Pfizer Inc.’s Paxlovid pill for treating Covid-19 failed to show benefit as a preventive therapy in a trial.
* Goldman Sachs Group Inc.’s trading division clocked more than $100 million in revenue on 32 separate days, offering another glimpse into an extraordinary run through markets disrupted by war and unpredictable central bank actions.

Key events this week:
* Reserve Bank of Australia rate decision, Tuesday
* U.S. factory orders, durable goods, Tuesday
* Fed rate decision, briefing with Chair Jerome Powell, Wednesday
* EIA crude oil inventory report, Wednesday
* Bank of England rate decision and briefing, Thursday
* OPEC+ convenes virtually for a regular meeting, Thursday
* U.S. April jobs report, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.6% as of 4 p.m. New York time
* The Nasdaq 100 rose 1.7%
* 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 0.4% to $1.0506
* The British pound fell 0.7% to $1.2490
* The Japanese yen fell 0.4% to 130.20 per dollar
Bonds
* The yield on 10-year Treasuries advanced six basis points to 2.99%
* Germany’s 10-year yield advanced three basis points to 0.97%
Commodities
* West Texas Intermediate crude rose 1% to $105.73 a barrel
* Gold futures fell 2.6% to $1,861.80 an ounce
–With assistance from Andreea Papuc, Abigail Moses, Vildana Hajric and Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

It is what you read when you don’t have to that determines what you will be when you can’t help it. -Oscar Wilde, 1854-1900.

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.  It’s Arbor Day.
On April 29, 1992, deadly rioting that claimed 54 lives and caused $1 billion in damage erupted in Los Angeles after a jury in Simi Valley acquitted four Los Angeles police officers of almost all state charges in the videotaped beating of Rodney King.  Go to article »

Duke Ellington, b. 1899.
Emperor Hirohito, b. 1901.

Is everything falling apart?

Sixty-year-old McDonald’s fries found in bathroom wall. 

Three meteorites contain the molecular building blocks of DNA and its cousin RNA, scientists recently discovered. A subset of these building blocks had been detected in meteorites before, but the rest of the collection seemed mysteriously absent from space rocks — until now.   The new discovery supports the idea that, some four billion years ago, a barrage of meteorites may have delivered the molecular ingredients needed to jump-start the emergence of the earliest life on Earth, the researchers say.  Full Story: Live Science (4/28) 

The definition of a second, the most fundamental unit of time in our current measurement system, hasn’t been updated in more than 70 years (give or take some billionths of a second).  But in the next decade or so, that could change: Ultraprecise atomic optical clocks that rely on visible light are on track to set the new definition of a second.  Full Story: Live Science (4/29) 

PHOTOS OF THE DAY

The Milky Way shines at 2.30am above boats moored on Ullswater in the Lake District.
CREDIT: Owen Humphreys/PA

People enjoy a walk in a poppy field near Neve Michael in the Elah Valley.
CREDIT: Abir Sultan/EPA

Australians stand during the Anzac Day dawn service in Currumbin. The service is held at the time of the original Gallipoli landing during the first world war.
CREDIT: Chris Hyde/Getty

Market Closes for April 29^th, 2022

Market Index	Close	Change
Dow Jones	32977.21	-939.18
		-2.77%
S&P 500	4131.93	-155.57
		-3.63%
NASDAQ	12334.64	-536.89 -4.17%
TSX	20762.00	-359.06
		-1.70%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26847.90	+461.27
		+1.75%
HANG SENG	21089.39	+813.22
		+4.01%
SENSEX	57060.87	-461.19
		-0.80%
FTSE 100*	7544.55	+35.36 +0.47%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.868	2.788
CND. 30 Year Bond	2.802	2.750
U.S.    10 Year Bond	2.9336	2.8224
U.S. 30 Year Bond	2.9919	2.8928

Currencies

BOC Close	Today	Previous
Canadian $	0.7778	0.7806
US $	1.2858	1.2811
Euro Rate 1 Euro=		Inverse
Canadian $	1.3559	0.7375
US $	1.0546	0.9483

Commodities

Gold	Close	Previous
London Gold Fix	1888.50	1885.80
Oil
WTI Crude Future	104.69	105.36

Market Commentary:
On this day in 1901, daily trading volume on the New York Stock Exchange exceeded 2 million for the first time.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian stocks posted their worst month in over two years in April, as rising interest rates to combat inflation have weighed on financial stocks.
The S&P/TSX Composite fell almost 5.2% in April to 20,762.00 in Toronto, for its biggest monthly decline since March 2020.
Financial stocks have led the market lower as the S&P/TSX Composite Financial Index has fallen 6.7% in April, which is also its biggest monthly decline since March 2020.
On Friday, TC Energy Corp. contributed the most to the index decline, decreasing 5.2%.
NFI Group Inc. had the largest percentage drop, falling 15.0%.
All sectors lost; 210 of 239  shares fell, while 28 rose.
Insights
* In the past year, the index had a similar or greater loss four times. The next day, it declined three times for an average 0.7% and advanced 0.1% once
* This month, the index fell 5.2%
* So far this week, the index fell 2%
* The index advanced 7.8% in the past 52 weeks. The MSCI AC Americas Index lost 3.4% in the same period
* The S&P/TSX Composite is 6.5% below its 52-week high on April 5, 2022 and 9% above its low on May 4, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17 on a trailing basis and 13.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.38t
* 30-day price volatility rose to 13.79% compared with 12.97% in the previous session and the average of 11.71% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -85.3832| -1.3| 5/23
* Energy | -74.2193| -2.0| 4/30
* Industrials | -68.9987| -2.8| 1/29
* Information Technology | -31.7232| -2.6| 1/15
* Communication Services | -23.4776| -2.1| 0/7
* Materials | -18.0421| -0.7| 11/40
* Utilities | -17.3414| -1.7| 0/16
* Real Estate | -15.8194| -2.7| 1/22
* Consumer Discretionary | -12.1925| -1.8| 3/11
* Consumer Staples | -9.5369| -1.1| 1/10
* Health Care | -2.3194| -1.9| 1/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* TC Energy | -25.0800| -5.2| 6.4| 15.5
* Brookfield Asset | | | |
* Management | -20.2700| -3.1| 41.6| -16.1
* Canadian Pacific | -17.1900| -2.8| 33.6| 3.3
* Tourmaline Oil | 2.7710| 2.0| 23.2| 66.6
* Teck Resources | 2.8990| 1.8| -7.7| 40.4
* Agnico Eagle Mines | 10.1900| 4.6| 34.7| 11.3

US
By Vildana Hajric and Isabelle Lee
(Bloomberg) — Technology stocks extended losses Friday as shares of what were once market darlings at the height of the pandemic headed for their worst monthly drop since the global financial crisis.
Amazon.com Inc. led the decline with a 14% drop, the worst since 2006, as the ecommerce giant’s buildout during the pandemic proved to be too much amid waning consumer demand.
The Nasdaq 100 retreated 4.5%, bringing its losses to 13% for the month, the most since October 2008. Meanwhile, the S&P 500 was 3.6% lower, with every major sector in the red.
A busy earnings season has largely helped temper losses during a turbulent year, even with the notable disappointments.
Yet fears of tightening monetary policy at the Federal Reserve, combined with Covid-19 lockdowns in China and Russia’s war in Ukraine, has dented sentiment, especially for frothy growth  shares that have future profits at risk. Shares of Apple Inc. also declined 3.7% after warning of supply constraints.
“Key tech giants have been keeping the stock averages from falling even further than they already have, so it looks like April is going to end on a sour note,” wrote Matt Maley, chief market strategist at Miller Tabak + Co., noting benchmark gains Thursday on results from Meta Platforms Inc. “But experience tells us that these kinds of wild intraday moves (and wild day-to-day moves) that we have experienced on many days in recent weeks are signs of an unhealthy market.”
Tech companies are set to show a profit contraction of 1.2% for the first quarter, compared with growth of 12% for the rest of the market, according to Credit Suisse’s Jonathan Golub.
Large tech firms have also beat earnings by 2.3% versus 8.6% for the rest, his data shows.
The losses come as investors are assessing risks from a number of macro headwinds amid economic data that paints a positive picture of business demand.
The U.S. yield curve flattened Friday as traders priced in a more aggressive Fed following data that showed U.S. spending was higher than expected.
That followed a report Thursday pointing to solid consumer demand despite a surprise contraction in economic growth last quarter.
The figures underscore the debate about how much scope the U.S. central bank has to tighten policy before the economy cracks.
Traders are now pricing in a near-equal chance that policy makers will raise interest rates by 75 basis points in June, following a half-point move that’s expected at their meeting next week.
“What’s happening here is we’re moving away from this period in which a rising tide is lifting all boats,” Emily Roland, co-chief investment strategist at John Hancock Investment Management, said on Bloomberg TV. “We no longer have ultra-accommodative Fed policy. We no longer have fiscal stimulus and speculative risk taking. And now we are getting to see what the fundamentals actually look like for technology firms, and we are seeing a big divergence between some of the winners and the losers.”
Treasuries declined, taking the 10-year U.S. yield to 2.90%.
In foreign-exchange markets, the yen snapped a slide while staying near 20-year lows.
The euro, pound and commodity-linked currencies made gains while the dollar dipped.
Oil fell, erasing earlier gains.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 3.6% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 4.5%
* The Dow Jones Industrial Average fell 2.8%
* The MSCI World index fell 1.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.5% to $1.0547
* The British pound rose 0.9% to $1.2574
* The Japanese yen rose 0.8% to 129.78 per dollar
Bonds
* The yield on 10-year Treasuries advanced eight basis points to 2.91%
* Germany’s 10-year yield advanced four basis points to 0.94%
* Britain’s 10-year yield advanced three basis points to 1.91%
Commodities
* West Texas Intermediate crude fell 1% to $104.35 a barrel
* Gold futures rose 0.4% to $1,898 an ounce
–With assistance from Cecile Gutscher, Macarena Munoz, Michael Msika and Sunil Jagtiani.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

The most tender plants can push their way through the hardest rocks, and it is the same with kindness.
Nothing can stop a truly kind and sincere person. -Henry David Thoreau, 1817-1862.

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.

1789: Mutiny on the Bounty.
1945: Italian dictator Benito Mussolini and his mistress, Clara Petacci, were executed. Go to article »

2019: TV series “Game of Thrones: The Long Night”, the third episode of the 8^th season debuts with the longest battle ever screened (nearly 80 minutes), surpassing “Lord of the Rings” Battle of Helm’s Deep (44 minutes).  “The Long Night” takes place entirely at Winterfell and depicts the final battle between the Army of the Dead and the combined armies of the living, ending one of the series’ primary storylines.

We’re starting to explore what’s in the moon’s permanent shadows.

VR researchers figure out how to simulate kisses.

Rare blue diamond has sold at auction for $57.5 million.  Just look at this stunning gem. It’s worth every penny, if you ask me.

1 in 5 reptile species is under threat of extinction, turtles are among them.  Aw, not the turtles!

Millennials are ahead of their parents in retirement savings.  Don’t underestimate them. Maybe that avocado toast isn’t so bad, after all.
PHOTOS OF THE DAY

Competitors take part in the Glacier Patrol race in Ober Stafel, above Zermatt. Highly experienced hiker-skiers trek over a distance of 57.5km (35 miles) on the Haute Route along the Swiss-Italian border from Zermatt to Verbier
CREDIT: Valentin Flauraud/EPA

A regional train travels through the outskirts of Frankfurt on a misty morning
CREDIT: Michael Probst/AP

Muslims perform late-night prayers in the Grand Mosque
CREDIT: Saudi Press Agency/Reuters

Market Closes for April 28^th, 2022

Market Index	Close	Change
Dow Jones	33916.39	+614.46
		+1.85%
S&P 500	4287.50	+103.54
		+2.47%
NASDAQ	12871.53	+382.60 +3.06%
TSX	21121.06	+376.83
		+1.82%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26847.90	+461.27
		+1.75%
HANG SENG	20276.17	+329.81
		+1.65%
SENSEX	57521.06	+701.67
		+1.23%
FTSE 100*	7509.19	+83.58 +1.13%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.788	2.800
CND. 30 Year Bond	2.750	2.793
U.S.    10 Year Bond	2.8224	2.8299
U.S. 30 Year Bond	2.8928	2.9186

Currencies

BOC Close	Today	Previous
Canadian $	0.7806	0.7800
US $	1.2811	1.2821
Euro Rate 1 Euro=		Inverse
Canadian $	1.3452	0.7434
US $	1.0499	0.8523

Commodities

Gold	Close	Previous
London Gold Fix	1885.80	1904.60
Oil
WTI Crude Future	105.36	102.02

Market Commentary:
If past history was all there is to the investment game, the richest people would be librarians. –Warren Buffett.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1.8%, or 376.83 to 21,121.06 in Toronto.
The move was the biggest since rising 1.9% on Dec. 21.
Today, energy stocks led the market higher, as 9 of 11 sectors gained; 210 of 239 shares rose, while 28 fell.
Suncor Energy Inc. contributed the most to the index gain and had the largest move, increasing 12.0%.
Insights
* In the past year, the index had a similar or greater gain once
* This month, the index fell 3.5%
* So far this week, the index fell 0.3%
* The index advanced 9.1% in the past 52 weeks. The MSCI AC Americas Index gained 0.7% in the same period
* The S&P/TSX Composite is 4.9% below its 52-week high on April 5, 2022 and 10.9% above its low on May 4, 2021
* The S&P/TSX Composite is down 2.4% in the past 5 days and fell 3.9% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.4 on a trailing basis and 13.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.32t
* 30-day price volatility rose to 12.97% compared with 12.47% in the previous session and the average of 11.66% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 119.8807| 3.3| 34/0
* Financials | 111.1392| 1.7| 28/0
* Materials | 39.2171| 1.4| 47/5
* Industrials | 37.8662| 1.5| 27/3
* Information Technology | 36.8795| 3.2| 14/2
* Consumer Staples | 11.9139| 1.4| 10/1
* Real Estate | 9.9450| 1.7| 22/1
* Consumer Discretionary | 8.4451| 1.2| 12/2
* Utilities | 3.6681| 0.4| 9/7
* Health Care | -0.8608| -0.7| 5/3
* Communication Services | -1.2667| -0.1| 2/4
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Suncor Energy | 50.2600| 12.0| 278.6| 49.2
* TD Bank | 37.2600| 3.3| -10.3| -3.5
* Shopify | 27.0600| 6.5| 29.3| -67.4
* Teck Resources | -1.8680| -1.2| 21.7| 37.9
* Bausch Health | -2.2150| -4.3| 194.4| -27.7
* Constellation Software | -4.0190| -1.4| 0.3| -11.8

US
By Vildana Hajric
(Bloomberg) — U.S. stocks rallied the most in seven weeks as strong earnings from tech heavyweights bolstered optimism corporate profits can withstand an aggressively restrictive Federal Reserve.
The S&P 500 jumped more than 2% for its best day since March 9, while the Nasdaq 100’s advance topped 3%.
Meta Platforms Inc. surged 18% in the biggest rally since 2013 after Facebook added more users than anticipated.
PayPal Holdings Inc. rose 11% on a sales beat, Qualcomm Inc. led U.S. chip stocks higher, and Twitter Inc. missed revenue estimates, reflecting a slowdown in advertising.
Amazon.com Inc. and Apple Inc. will report after the bell.
The rally came as investors saw evidence of solid consumer demand masked by the surprise contraction in economic growth last quarter, the first pullback since 2020.
The gain left the S&P 500 higher for the week, though it remains down more than 5% in April, on track for the worst month since the pandemic bear market.
Volatility has been a persistent feature in markets all year, with investors on edge over China’s struggle to suppress Covid, Russia’s war in Ukraine and worries that central-bank tightening may tip the U.S. economy into a recession.
“We’ve corrected a lot in a very short period of time and given the oversold levels, if we continue to have better-than-feared earnings, I think we can be poised for a bounce,”  Anastasia Amoroso, chief investment strategist at iCapital, said in an interview. “The problem is: how long is this bounce going to last?”
Roughly 50% of the S&P 500’s market capitalization has reported earnings, with 76% of firms topping projections, according to Credit Suisse. “The earnings season overall has delivered more good news than bad, and could help shift
investors focus from the macro headwinds that have battered the major indexes this month,” said Art Hogan, chief market strategist at National Securities.
Yet, a contraction in gross domestic product data could complicate efforts to combat inflation as a ballooning trade deficit and softer inventory growth is undercutting an otherwise solid consumer and business demand picture.
It’s “not a strong departure point for the real economy that will be facing a far tighter monetary policy backdrop as  the Fed proceeds with rate hikes,” BMO’s Ian Lyngen wrote of the first-quarter GDP print.
“The Fed has only delivered a single 25 bp hike.”
Treasuries reversed losses, with the yield on the 10-year benchmark little changed.
Oil prices rose to trade over $105 a barrel.
And in currency markets, the yen’s plunge to a 20-year low could signal a rewrite of the global currency playbook.
The offshore yuan sank, the euro retreated along with the pound, and the ICE dollar index hit a two-decade high.
The Nasdaq’s average daily move over the last 100 trading days reached close to 1.6%, the highest such reading since the early days of the pandemic, according to Bespoke Investment Group.
There have only been four other periods that averaged such daily volatility — besides the pandemic, they include the dot-com bust, the 2008 crisis and 2011.
“Volatility like we have seen in the last four months doesn’t come around very often,”  Bespoke strategists wrote in a note.
In Europe, natural gas prices declined following two days of gains as buyers considered options to keep getting supply from Russia without violating sanctions.
European Union members are pushing the bloc to deliver clearer guidance over Russia’s demand for payments in rubles, and Germany has signaled it’s open to a phased-in ban on Russian oil imports.
Events to watch this week:
* Tech earnings include Amazon, Apple
* EIA oil inventory report, Wednesday
* U.S. 1Q GDP, weekly jobless claims, Thursday
* ECB publishes its economic bulletin, Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 2.5% as of 4 p.m. New York time
* The Nasdaq 100 rose 3.5%
* The Dow Jones Industrial Average rose 1.8%
* The MSCI World index rose 1.9%
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.5% to $1.0508
* The British pound fell 0.6% to $1.2465
* The Japanese yen fell 1.9% to 130.89 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 2.84%
* Germany’s 10-year yield advanced 10 basis points to 0.90%
* Britain’s 10-year yield advanced six basis points to 1.88%
Commodities
* West Texas Intermediate crude rose 3.4% to $105.45 a barrel
* Gold futures rose 0.4% to $1,896.60 an ounce
–With assistance from Isabelle Lee, Cecile Gutscher, Charlotte Yang, Macarena Munoz, Andreea Papuc and Kat Van Hoof.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

The beauty of the soul shines out when a man bears with composure one heavy mischance after another, not because he does not feel them,
but because he is a man of high and heroic temper.-Aristotle, 384 BC-322 BC.

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

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

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

Dear Friends,

Tangents:
1992: Russia and 12 other former Soviet republics won entry into the International Monetary Fund and the World Bank. Go to article »

1828: The London Zoo, the world’s oldest scientific zoo opens in Regent’s Park.

Ferdinand Magellan, explorer, b. 1521.
Edward Gibbon, historian, b.1737.
1805: US Marines attack Tripoli.
Ulysses Grant, general, b. 1822.

The world’s oldest person is a nun who enjoys chocolate and wine.  Meet the 118-year-old French nun living in a nursing home who was recently named the world’s oldest living person.

Kevin Hart is launching a new media company called HARTBEAT.  The company has a clever name, a funny boss, and just received a $100 million private equity investment. Sounds like a great start, Hart.

SpaceX launched another historic astronaut mission today.  The spaceship took off this morning carrying four professional astronauts, including the first Black woman to join the International Space Station crew. 
PHOTOS OF THE DAY

The Leaves of the Trees art installation, made up of 5,000 metal maple leaves, by Peter Walker at Rochester Cathedral, created for the victims of the coronavirus pandemic
CREDIT: Fraser Gray/Rex/Shutterstock

A lightning bolt illuminates clouds during a thunderstorm
CREDIT: Mariana Suárez/AFP/Getty Images

Fish jump over a waterfall in the Venta River
CREDIT: Ints Kalniņš/Reuters

Market Closes for April 27^th, 2022

Market Index	Close	Change
Dow Jones	33301.93	+61.75
		+0.19%
S&P 500	4183.96	+8.76
		+0.21%
NASDAQ	12488.93	-1.81 -0.01%
TSX	20744.23	+53.42
		+0.26%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26386.63	-313.48
		-1.17%
HANG SENG	19946.36	+11.65
		+0.06%
SENSEX	56819.39	-537.22
		-0.94%
FTSE 100*	7425.61	+39.42 +0.53%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.800	2.710
CND. 30 Year Bond	2.793	2.709
U.S.    10 Year Bond	2.8299	2.7205
U.S. 30 Year Bond	2.9186	2.8274

Currencies

BOC Close	Today	Previous
Canadian $	0.7800	0.7797
US $	1.2821	1.2826
Euro Rate 1 Euro=		Inverse
Canadian $	1.3542	0.7384
US $	1.0562	0.9468

Commodities

Gold	Close	Previous
London Gold Fix	1904.60	1895.00
Oil
WTI Crude Future	102.02	101.70

Market Commentary:
On this day in 1896, Wallace Hume Carothers was born in Burlington, Iowa. He later joined DuPont, where he invented the synthetic fabric used in rugs, parachutes and pantyhose: nylon.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian resources stocks surged Wednesday, led by a rebound in oil and gas and fertilizer equities, to lead the S&P/TSX Composite Index higher.
The Composite rose 0.3% at 20,744.23 in Toronto, snapping a five-day losing streak.
Cenovus Energy Inc. contributed the most to the index gain, increasing 10.3%.
Teck Resources Ltd. had the largest percentage increase, rising 11.7%.
Today, 111 of 239 shares rose, while 126 fell; 5 of 11sectors were higher, led by energy stocks.
Insights
* This month, the index fell 5.2%
* The index advanced 8.2% in the past 52 weeks. The MSCI AC Americas Index lost 1.7% in the same period
* The S&P/TSX Composite is 6.6% below its 52-week high on April 5, 2022 and 8.9% above its low on May 4, 2021 * The S&P/TSX Composite is down 5.7% in the past 5 days and fell 5.7% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.3 on a trailing basis and 13.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.31t
* 30-day price volatility fell to 12.47% compared with 13.15% in the previous session and the average of 11.60% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 61.9853| 1.7| 25/9
* Materials | 28.2369| 1.0| 19/33
* Industrials | 7.0665| 0.3| 17/12
* Consumer Staples | 5.9208| 0.7| 8/3
* Consumer Discretionary | 4.8117| 0.7| 10/4
* Utilities | -0.3210| 0.0| 6/10
* Health Care | -0.7416| -0.6| 2/6
* Real Estate | -3.0680| -0.5| 4/18
* Communication Services | -4.9161| -0.4| 1/6
* Information Technology | -9.9752| -0.8| 11/5
* Financials | -35.5858| -0.5| 8/20
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Cenovus Energy | 18.8900| 10.3| 93.2| 50.0
* Teck Resources | 17.0100| 11.7| 21.5| 39.5
* Suncor Energy | 15.7600| 3.9| 6.9| 33.2
* TD Bank | -8.9060| -0.8| -39.8| -6.5
* Shopify | -12.1100| -2.8| 41.8| -69.4
* Bank of Nova Scotia| -12.6700| -1.8| -20.9| -8.5
US
By Peyton Forte and Lu Wang
(Bloomberg) — U.S. equities rebounded from the worst rout since March, though ended well off session highs as a glut of earnings reports whipsawed sentiment.Dip buyers powered the S&P 500 as much as 1.6% higher before a late-session rally left it higher by just 0.2%.  The rally picked up in aftermarket trading as strong user numbers powered Meta Platforms Inc. to a 13% surge as of 4:15 p.m. in New York. Ford Motor Co., Pinterest Inc. and Qualcomm also advanced on solid results, helping lift the biggest ETF that tracks the Nasdaq 100 by almost 1%. The underlying index edged lower in cash trading.
The late advance did little to soften what is shaping up to be the worst month for the S&P 500 since March 2020 as the Federal Reserve’s campaign to tamp down inflation forced investors to reprice risk assets. Europe’s energy crisis, China’s struggle to suppress Covid and the war in Ukraine also combined to drive major bourses in Europe and the U.S. to their lowest since mid-March this week. “After some disappointing earnings news, investors seem to be acknowledging that the combination of higher input costs —
driven by supply chain snarls and higher inflation, alongside a Fed committed to tightening financial conditions — may warrant an adjustment in expectations,” said Cliff Hodge, chief investment officer for Cornerstone Wealth. “Valuations, margins and earnings expectations are all ripe to be cut, especially if Big Tech disappoints this quarter.” The ICE U.S. dollar index rose to a five-year high, while the euro touched the weakest level versus the greenback since 2017 as Russia said it will stop natural gas flows to Poland and Bulgaria. European gas prices surged as traders weighed the risk of other countries being hit next, spurring worries over a further spike in inflation and a sharp slowdown in the economy. Fears that the Fed would tip the world’s largest economy
into a recession have plagued markets all week, all while activity slows in China as Covid lockdowns bite. Treasuries retreated but the 10-year yield, at about 2.84%, remains lower for the week. Gold fell 1%.
“The markets are confused. The uncertainty factor is some of the highest we’ve seen in the course of the last number of years,” Kate Moore, BlackRock global allocation team head of thematic strategy, said in a Bloomberg Television interview,
citing everything from inflation, Covid, central bank policy to war in Ukraine. “There are so many crosscurrents. And against that backdrop, it’s hard to see volatility come down dramatically.”
Also helping the sentiment today was China’s President Xi Jinping’s vow for more infrastructure projects — the latest step to support a lockdown-hit economy.   Twitter Inc. declined, extending losses as shares dropped further below Elon Musk’s offer price of $54.20 per share. Tesla Inc. advanced after slumping on Tuesday. What will be the 2022 peak in U.S. 10-year yields and in which quarter will it happen? And what rock or pop song best encapsulates Fed monetary policy? Get involved in this week’s MLIV Pulse survey by clicking here. Participation takes one minute and is anonymous.

Events to watch this week:
* Tech earnings include Meta Platforms, Amazon, Apple
* EIA oil inventory report, Wednesday
* Bank of Japan monetary policy decision, Thursday
* U.S. 1Q GDP, weekly jobless claims, Thursday
* ECB publishes its economic bulletin, Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.7% to $1.0559
* The British pound fell 0.2% to $1.2546
* The Japanese yen fell 0.8% to 128.31 per dollar
Bonds
* The yield on 10-year Treasuries advanced 10 basis points to 2.82%
* Germany’s 10-year yield declined one basis point to 0.80%
* Britain’s 10-year yield advanced two basis points to 1.81%
Commodities
* West Texas Intermediate crude rose 0.4% to $102.12 a barrel
* Gold futures fell 0.9% to $1,886.50 an ounce
–With assistance from Cecile Gutscher, Sunil Jagtiani, Joanna Ossinger, Michael Msika and Allegra Catelli.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Men too involved in details usually become unable to deal with great matters. -François Duc de La Rochefoucauld, 1613-1680.

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

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

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

Dear Friends,

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

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

Amazon’s proposed new building looks like this emoji.  The internet is undefeated… Trolls pounced on the opportunity to joke about this, well, imaginative design. 

How 15 minutes of mental health hygiene can change your whole day.  Breathe in, breathe out. Check out these tips to make your day a little better.
 
The Chevrolet Corvette is officially going electric.  Add this to the list of electric sports cars we can’t wait to see on the road!

The earliest documented case of an aurora, the fleeting but brilliantly colored lights that sometimes illuminate the night sky, dates to the early 10th century B.C., a new study on an ancient Chinese text reveals.
The text describes “five-colored light” witnessed in the northern part of the night sky toward the end of the reign of King Zhāo, the fourth king of the Chinese Zhou dynasty. The exact dates of Zhāo’s reign aren’t known, but it’s likely that this “five-colored light” event happened in either 977 B.C. or 957 B.C., according to the study.
Full Story: Live Science (4/25) 

Ancient tablet lists 3,200-year-old Egyptian excuses for missing work.
PHOTOS OF THE DAY

Anastasiia Minchukova lays a mine detector during a specialist training session for six Ukrainian women in explosive ordnance disposal
CREDIT: Visar Kryeziu/AP

Freight lorries and HGVs queue on the A20 road towards the port of Dover on the south-east coast amid Brexit red tape
CREDIT: Ben Stansall/AFP/Getty Images

Elizabeth Olsen attends the photocall for Marvel Studios’ Doctor Strange in the Multiverse of Madness in Trafalgar Square
CREDIT: Gareth Cattermole/Getty Images for Disney

Market Closes for April 26^th, 2022

Market Index	Close	Change
Dow Jones	33240.18	-809.28
		-2.38%
S&P 500	4175.20	-120.92
		-2.81%
NASDAQ	12490.74	-514.11 -3.95%
TSX	20690.81	-321.08
		-1.53%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26700.11	+109.33
		+0.41%
HANG SENG	19934.71	+65.37
		+0.33%
SENSEX	57356.61	+776.72
		+1.37%
FTSE 100*	7386.19	+5.65 +0.08%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.710	2.798
CND. 30 Year Bond	2.709	2.772
U.S.    10 Year Bond	2.7205	2.8198
U.S. 30 Year Bond	2.8274	2.8884

Currencies

BOC Close	Today	Previous
Canadian $	0.7797	0.7853
US $	1.2826	1.2733
Euro Rate 1 Euro=		Inverse
Canadian $	1.3646	0.7328
US $	1.0638	0.9400

Commodities

Gold	Close	Previous
London Gold Fix	1895.00	1941.55
Oil
WTI Crude Future	101.70	99.54

Market Commentary:
On this day in 1973, the Chicago Board Options Exchange opened for trading, with call options available on 16 U.S. common stocks. For the first time, stock options were listed on a dedicated exchange and registered for trading in standardized form, creating a “fair and orderly market.”
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the fifth day, dropping 1.5%, or 321.08 to 20,690.81 in Toronto.
The index dropped to the lowest closing level since Jan. 27.
Today, financials stocks led the market lower, as 10 of 11 sectors lost; 204 of 239 shares fell, while 32 rose.
Shopify Inc. contributed the most to the index decline, decreasing 6.0%. Hut 8 Mining Corp. had the largest drop, falling 8.4%.
Insights
* In the past year, the index had a similar or greater loss six times.  The next day, it declined four times for an average 1% and advanced twice for an average 0.3%
* This month, the index fell 5.5%
* The index advanced 7.9% in the past 52 weeks. The MSCI AC Americas Index lost 1.9% in the same period
* The S&P/TSX Composite is 6.9% below its 52-week high on April 5, 2022 and 8.6% above its low on May 4, 2021
* The S&P/TSX Composite is down 6% in the past 5 days and fell 6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.3 on a trailing basis and 13.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.36t
* 30-day price volatility rose to 13.15% compared with 12.35% in the previous session and the average of 11.56% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -121.7604| -1.8| 0/28
* Information Technology| -50.3849| -4.1| 0/16
* Materials | -48.1758| -1.7| 3/48
* Industrials | -40.7761| -1.6| 2/28
* Consumer Discretionary| -19.4267| -2.8| 0/14
* Communication Services| -14.7318| -1.3| 0/7
* Consumer Staples | -12.0150| -1.4| 0/11
* Real Estate | -7.8150| -1.3| 1/21
* Utilities | -6.4555| -0.6| 5/11
* Health Care | -3.8407| -2.9| 1/7
* Energy | 4.3102| 0.1| 20/13
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -27.5600| -6.0| 13.0| -68.5
* Brookfield Asset Management | -22.3800| -3.4| 85.8| -16.6
* TD Bank | -21.2000| -1.8| -41.7| -5.8
* Cenovus Energy | 1.3000| 0.7| 27.9| 36.0
* Waste Connections | 5.0280| 1.6| 215.1| 2.2
* Suncor Energy | 7.7320| 2.0| 1.9| 28.2

US
By Vildana Hajric and Isabelle Lee
(Bloomberg) — U.S. stocks sank to the lowest in six weeks as doubts emerged that corporate profits can withstand the Federal Reserve stepping up its battle to tame runaway inflation.
The S&P 500 lost 2.8% while the Nasdaq 100 shed 3.9% ahead of earnings reports from Microsoft Corp. and Alphabet Inc.
Those will provide the latest clues on how Corporate America is weathering the first central bank tightening in three years.
General Electric Co. slid after its profit forecast disappointed, while Tesla Inc. plunged after Elon Musk agreed to use his fortune to buy Twitter Inc.
Treasuries, the dollar and oil prices all rose, while European gas surged on reports of a halt in flow.
The prospect of slower economic expansion alongside persistent inflation is leading to a febrile mood in markets.
The panoply of risks spans the pandemic, supply-chain disruptions, Fed tightening and Russia’s grinding war in Ukraine.
The search for portfolio buffers in the U.S. is evident in the highest relative cost of loss-protecting put contracts in two years.
“There’s no question that economic growth is in trouble, and that the runway for central banks to manage a soft landing is getting smaller as wages and inflation move higher,” said Lauren Goodwin, economist and portfolio strategist at New York Life Investments. “The big question for asset allocation is not whether inflation will be high. That’s a given. Instead, it’s whether growth can keep up.”
U.S. corporate earnings are providing some solace for equity bulls — close to 80% of firms have beaten profit expectations including GE, United Parcel Service Inc. and Pepsico Inc.
However, disappointing forecasts, including those from JetBlue Airways Corp., are weighing on shares. 
China Boost
Stocks in Europe followed those in the U.S. lower, erasing gains earlier in the session from positive corporate results and a sentiment boost from China’s pledge to support its Covid-hit economy.
Most of Beijing is being tested for the virus, fanning fears of an unprecedented lockdown that could drag on global growth.
However, Dennis DeBusschere, founder of 22V Research, said concern over the inflationary pressures may be overblown.
“There are no compounding supply chain pressures from other important supply chain countries like in 2021,” he said. “There is softer consumer demand in general, service spending is recovering (moderating goods spending) and the USD is moving higher.”
An Asia-Pacific equity index eked out a climb for the first time in four sessions amid a 3% jump in technology shares in Hong Kong.
Mainland Chinese bourses dipped but avoided the kind of plunge witnessed Monday.
The yen pushed higher amid short covering.
Events to watch this week:
* Tech earnings include Alphabet, Meta Platforms, Amazon, Apple
* EIA oil inventory report, Wednesday
* Australia CPI, Wednesday
* Bank of Japan monetary policy decision, Thursday
* U.S. 1Q GDP, weekly jobless claims, Thursday
* ECB publishes its economic bulletin, Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 2.8% as of 4:01 p.m. New York time
* The Nasdaq 100 fell 3.9%
* The Dow Jones Industrial Average fell 2.4%
* The MSCI World index fell 2.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.7% to $1.0642
* The British pound fell 1.2% to $1.2585
* The Japanese yen rose 0.5% to 127.45 per dollar
Bonds
* The yield on 10-year Treasuries declined seven basis points to 2.75%
* Germany’s 10-year yield declined two basis points to 0.81%
* Britain’s 10-year yield declined four basis points to 1.80%
Commodities
* West Texas Intermediate crude rose 3.7% to $102.20 a barrel
* Gold futures rose 0.3% to $1,902.30 an ounce
–With assistance from Cecile Gutscher, Robert Brand and Joanna Ossinger.
Have a lovely evening.

Be magnificent!

As ever,

Carolann

One joy scatters a hundred griefs. –Chinese Proverb.

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.  Anzac Day, Australia, New Zealand.

Holocaust Day, Israel.

1901: First license Plates issued.
1959: The St. Lawrence Seaway opened to shipping.   
1915: Battle of Gallipoli.

Ella Fitzgerald, b. 1917

Close relationships are more critical to a healthy life than good genes.

Memorabilia from ‘The Wizard of Oz’ is up for sale.  Somewhere over the rainbow, someone wealthy is preparing to spend up to $1.2 million for this rare piece of Hollywood history!

Here’s where you can travel now without a Covid vaccine or test.

PHOTOS OF THE DAY

Coptic Christian families celebrate the Spring Festival known as Sham el-Nessim by the Nile banks. Egyptians of all faiths celebrate Sham el-Nassim, though in 2022 the celebration coincides with the Muslim fasting month of Ramadan. This annual festival dates back to the time of the pharaohs and celebrates the arrival of spring
CREDIT: Roger Anis/Getty Images

People gather at the foot of the Eiffel Tower, Champ de Mars, to celebrate Emmanuel Macron’s victory in the French presidential election
CREDIT: Michel Stoupak/NurPhoto/Rex/Shutterstock

Luana Silva of Hawaii competes at the Margaret River Pro surfing event
CREDIT: Matt Dunbar/World Surf League/Getty Images

Market Closes for April 25^th, 2022

Market Index	Close	Change
Dow Jones	34049.46	+238.06
		+0.70%
S&P 500	4296.12	+24.34
		+0.57%
NASDAQ	13004.85	+165.56 +1.29%
TSX	21011.89	-174.49
		-0.82%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	26590.78	-514.48
		-1.90%
HANG SENG	19869.34	-769.18
		-3.73%
SENSEX	56579.89	-617.26
		-1.08%
FTSE 100*	7380.54	-141.14 -1.88%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.798	2.868
CND. 30 Year Bond	2.772	2.824
U.S.    10 Year Bond	2.8198	2.8987
U.S. 30 Year Bond	2.8884	2.9444

Currencies

BOC Close	Today	Previous
Canadian $	0.7853	0.7861
US $	1.2733	1.2722
Euro Rate 1 Euro=		Inverse
Canadian $	1.3641	0.7330
US $	1.0713	0.9334

Commodities

Gold	Close	Previous
London Gold Fix	1941.55	1943.70
Oil
WTI Crude Future	99.54	103.07

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 Stefanie Marotta
(Bloomberg) — Canadian stocks tumbled to their worst four-day losing streak in nearly five months in a volatile day of trading, as shares pared losses but remained lower led by energy and materials stocks.
The S&P/TSX Composite Index dropped 0.8%, or 174.49 to 21,011.89 in Toronto.
The index fell to the lowest closing level since March 1.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 3.9%.
Endeavour Silver Corp. had the largest drop, falling 7.5%.
Today, 159 of 239 shares fell, while 78 rose; 6 of 11 sectors were lower, led by energy stocks.
Insights
* This month, the index fell 4%
* The index advanced 10% in the past 52 weeks. The MSCI Americas Index gained 1.3% in the same period
* The S&P/TSX Composite is 5.4% below its 52-week high on April 5, 2022 and 10.4% above its low on April 23, 2021
* The S&P/TSX Composite is down 4% in the past 5 days and fell 4.5% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.5 on a trailing basis and 13.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.39t
* 30-day price volatility fell to 12.35% compared with 12.73% in the previous session and the average of 11.55% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | -93.1009| -2.6| 2/32
* Materials | -88.0040| -3.1| 5/47
* Financials | -27.2186| -0.4| 9/19
* Communication Services | -5.1149| -0.5| 1/6
* Utilities | -4.9883| -0.5| 4/12
* Real Estate | -2.5413| -0.4| 4/18
* Health Care | 0.1026| 0.1| 5/3
* Consumer Staples | 5.4880| 0.7| 9/2
* Consumer Discretionary | 8.6870| 1.3| 10/4
* Industrials | 9.9374| 0.4| 15/14
* Information Technology | 22.2583| 1.8| 14/2
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Canadian Natural Resources | -25.5200| -3.9| -3.8| 46.0
* Nutrien | -20.3100| -4.1| 69.8| 33.3
* Barrick Gold | -15.1700| -4.1| 58.0| 20.3
* Brookfield Asset Management | 2.8100| 0.4| 30.9| -13.7
* Canadian National | 5.1010| 0.8| -2.2| 1.7
* Constellation Software | 12.3700| 4.5| 41.6| -8.6

US
By Sunil Jagtiani
(Bloomberg) — Stocks in Asia looked set for a cautious start Tuesday after bonds rallied amid concerns that China’s Covid-afflicted economy will sap the global recovery.
The nation’s central bank took steps to bolster the yuan.
Futures rose for Japan and Hong Kong but dipped for Australia, while U.S. contracts wavered.
Wall Street shares closed a choppy session higher after Elon Musk agreed to buy Twitter Inc. and as dip buyers emerged ahead of earnings reports from major technology firms.
Treasuries jumped along with the dollar Monday.
That pattern reflected demand for havens as China’s lockdowns and aggressive Federal Reserve monetary tightening to fight high inflation raise the risk of an economic downturn.
The yuan pared its biggest loss since 2015 after the People’s Bank of China cut the amount of money banks must set aside in reserve for foreign-currency holdings, effectively increasing the supply of dollars in the domestic market.
Oil held a retreat below $100 a barrel, weighed down by the threat to demand from China.
The virus outbreak in the world’s biggest crude importer is another source of commodity-market volatility alongside Russia’s invasion of Ukraine.
The prospect of much slower economic expansion alongside persistent inflation is leading to a febrile mood in markets.
The panoply of risks spans the pandemic, supply-chain disruptions, Fed tightening and the grinding war.
The search for portfolio buffers in the U.S. is evident in the highest relative cost of loss-protecting put contracts in two years.
“It’s a question of what’s monetary policy going to look like and it’s super unknown,” Nancy Davis, chief investment officer at Quadratic Capital Management LLC, said on Bloomberg Television.
China’s stock market will open later at the lowest level in about two years after a near-5% plunge in the benchmark CSI 300 Index on Monday. Pressure is mounting on China’s leaders to take more steps to support the economy.
“For the time being, the specter of more severe restrictions in China is not being traded from the inflationary side, but rather as a detriment to the global recovery and as a demand-negative shock,” Benjamin Jeffery and Ian Lyngen,
strategists at BMO Capital Markets, wrote in a note.  They added they are “less convinced that the situation will be enough to materially shift the FOMC’s aggressiveness.”
Events to watch this week:
* Tech earnings include Alphabet, Meta Platforms, Amazon, Apple
* EIA oil inventory report, Wednesday
* Australia CPI, Wednesday
* Bank of Japan monetary policy decision, Thursday
* U.S. 1Q GDP, weekly jobless claims, Thursday
* ECB publishes its economic bulletin, Thursday

Some of the main moves in markets:
Stocks
* S&P 500 futures fell 0.1% as of 7:25 a.m. in Tokyo. The S&P 500 rose 0.6%
* Nasdaq 100 futures lost 0.2%. The Nasdaq 100 rose 1.3%
* Nikkei 225 futures rose 0.7%
* S&P/ASX 200 futures fell 0.3%
* Hang Seng futures increased 0.7%
Currencies
* The Bloomberg Dollar Spot Index was steady
* The euro was at $1.0713
* The Japanese yen was at 128.06 per dollar
* The offshore yuan was at 6.5722 per dollar
Bonds
* The yield on 10-year Treasuries declined eight basis points to 2.82%
Commodities
* West Texas Intermediate crude was at $98.62 a barrel
* Gold was at $1,899.36 an ounce
–With assistance from Lu Wang.

Have a lovely evening.

Be magnificent!
As ever,

Carolann

Silence is one of the hardest arguments to refute. -Josh Billings, 1818-1885.

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.  It’s Earth Day today.
2016: More than 170 countries sign the Paris Agreement on climate change, a landmark treaty that sought to control and reduce greenhouse gas concentrations in the atmosphere; it officially took effect in November 2016.
2010: The Deepwater Horizon oil platform, operated by BP, sank into the Gulf of Mexico two days after a massive explosion that killed 11 workers.  Go to article »
1955: Congress orders all US coins bear the motto “In God We Trust”.

Archaeologists in Egypt have discovered an ancient pottery workshop — with the remains of rounded vessels, coins, figurines and even a “ritual room” — dating to the beginning of the Roman period in Tabba Matouh, west Alexandria.  Ancient workers primarily used the site for crafting amphorae — two-handed vessels with a neck narrower than the main body that were used for the storage and transportation of goods such as oil and grain, according to the University of Oxford’s Classical Art Research Center.  Full Story: Live Science (4/21) 

If you saw a shooting star last night, it might have been from the Lyrid meteor shower — a collection of bright and fast meteors that reached its peak overnight. For those who missed the exciting moment, we have good news! You may have an opportunity to catch an even better glimpse of the meteor shower later this evening!

Prehistoric humans turned their campfires into makeshift movie theaters.  Check out this fascinating bit of Stone Age history!

Bacteria may be telling you what you want to eat.

How to resurrect a coral reef.

PHOTOS OF THE DAY

Members of the Northern Ballet take part in their opening matinee performance of The Great Gatsby at the Festival theatre
CREDIT: Lee Smith/Reuters

An installation that forms part of We Walked the Earth by the artist Uffe Isolotto at Denmark’s pavilion during the 59th Biennale of Arts exhibition
CREDIT: Antonio Calanni/AP

Visitors attend the opening of a replica of Michelangelo’s Sistine Chapel paintings
CREDIT: Future Publishing/Getty Images

Market Closes for April 22^nd, 2022

Market Index	Close	Change
Dow Jones	33811.40	-981.36
		-2.82%
S&P 500	4271.78	-121.88
		-2.77%
NASDAQ	12839.29	-335.36 -2.55%
TSX	21186.38	-464.03
		-2.14%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27105.26	-447.80
		-1.63%
HANG SENG	20638.52	-43.70
		-0.21%
SENSEX	57197.15	-714.53
		-1.23%
FTSE 100*	7521.68	-106.27 -1.39%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.868	2.887
CND. 30 Year Bond	2.824	2.831
U.S.    10 Year Bond	2.8987	2.9076
U.S. 30 Year Bond	2.9444	2.9244

Currencies

BOC Close	Today	Previous
Canadian $	0.7861	0.7947
US $	1.2722	1.2583
Euro Rate 1 Euro=		Inverse
Canadian $	1.3737	0.7280
US $	1.0798	0.9261

Commodities

Gold	Close	Previous
London Gold Fix	1943.70	1949.55
Oil
WTI Crude Future	103.07	104.54

Market Commentary:
On this day in 1970, the Dow Jones Industrial Average dropped by 1.3% to 762.61, and H. Ross Perot suffered the worst one-day personal investment loss then on record. His Electronic Data Systems dropped from roughly $150 a share to around $80 in chaotic over-the-counter trading, a paper loss of $450 million for Mr. Perot.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities tumbled to their lowest point in more than six weeks as all sectors in the index dropped.
The S&P/TSX Composite fell for the third day, dropping 2.1%, or 464.03 to 21,186.38 in Toronto.
The move was the biggest since falling 2.3% on Nov. 30.
Today, financials stocks led the market lower, as all sectors lost; 217 of 239 shares fell, while 22 rose.
Brookfield Asset Management Inc. contributed the most to the index decline, decreasing 4.1%.
First Quantum Minerals Ltd. had the largest drop, falling 9.1%.
Insights
* In the past year, the index had a similar or greater loss two times. The next day, it declined 0.9% once and advanced 0.1% once
* This month, the index fell 3.2%
* So far this week, the index fell 3.1%, heading for the biggest decline since the week ended Jan. 21
* The index advanced 11% in the past 52 weeks. The MSCI AC Americas Index gained 1.8% in the same period
* The S&P/TSX Composite is 4.6% below its 52-week high on April 5, 2022 and 11.6% above its low on April 22, 2021
* S&P/TSX Composite is trading at a price-to-earnings ratio of 17.7 on a trailing basis and 13.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.7% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.46t
* 30-day price volatility rose to 12.73% compared with 11.04% in the previous session and the average of 11.70% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | -174.3408| -2.6| 0/28
* Materials | -76.1165| -2.6| 4/48
* Energy | -68.6250| -1.9| 1/33
* Industrials | -58.2811| -2.3| 1/29
* Information Technology| -33.8596| -2.7| 2/14
* Consumer Discretionary| -19.0556| -2.7| 1/13
* Communication Services| -12.3852| -1.1| 1/6
* Real Estate | -7.4587| -1.2| 0/23
* Utilities | -6.5448| -0.6| 7/9
* Consumer Staples | -5.6479| -0.7| 4/7
* Health Care | -1.7423| -1.3| 1/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Brookfield Asset Management | -27.8000| -4.1| 91.0| -14.0
* TD Bank | -18.0600| -1.5| -44.6| -3.9
* Enbridge | -16.9900| -2.1| 92.2| 15.5
* Cenovus Energy | 0.4330| 0.2| 6.9| 41.6
* West Fraser Timber | 0.5370| 0.7| -30.2| -7.9
* Hydro One | 0.6290| 0.9| -4.3| 8.4

US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — U.S. stocks fell, capping a third weekly decline, as disappointing corporate results and prospects for aggressive interest-rate hikes weighed on sentiment.
The S&P 500 slid 2.8%, the biggest decline since March 7, tipping the benchmark to a weekly decline in the longest run of losses for the period since January. Declines in tech-heavy Nasdaq 100 left it down more than 9% so far in April, poised for the worst month since 2008.
Meanwhile, the market’s so-called fear gauge — the Cboe Volatility Index or VIX — jumped to a one-month high.
The dollar rose to the highest level since June 2020.
Among corporate earnings, Verizon Communications Inc. had its biggest drop in two years after cutting its full-year sales forecast.
American Express Co. fell after the credit-card giant reported that expenses jumped in the first quarter.
Traders have increased bets on the Federal Reserve tightening policy after Chair Jerome Powell this week outlined his most aggressive approach yet to taming inflation, potentially endorsing two or more half percentage-point rate increases.
Stocks briefly bounced off session lows late Friday after Cleveland Fed President Loretta Mester pushed back against raising interest rates by 75 basis points at a single meeting, favoring a
“methodical approach.”

“A more aggressive monetary policy is getting priced across the board on the short end of the curve while also contaminating the rest of it,” said Florian Ielpo, head of macro at Lombard Odier Asset Management. “The equity market had difficulties factoring in this surge in yields, over an earnings-season period that appears to be shaky.”
Money markets priced in 200 basis points of tightening by the Fed’s September decision, according to interest-rate swaps.
That implies a half-point hike — unheard of since 2000 – in May, June, July and September.
Powell on Thursday cited minutes from last month’s policy meeting that said many officials had noted “one or more” 50 basis-point hikes could be appropriate to curb the hottest inflation in four decades.
Health-care stocks tumbled, with HCA Healthcare Inc. sinking after cutting its forecast on labor costs.
Intuitive Surgical Inc. tumbled after its systems placements disappointed some analysts even as revenue beat estimates.
On the flip side, Kimberly-Clark Corp. surged after first-quarter sales and profit beat Wall Street’s estimates, as the company passed on higher costs to consumers.
So far in the earnings season, with 98 S&P 500 companies that have reported quarterly results, more than 79% have beaten estimates for profit and 65% have surpassed sales forecasts.
European equities joined Friday’s selloff as financial results in the continent proved to be a mixed bag and stronger tightening signals from the European Central Bank undermined risk appetite.
Investors also braced for the second round of voting in the French presidential election this Sunday, where Emmanuel Macron will face off against Marine Le Pen.
The euro fell for a second day against the dollar.
More market commentary
* “The Fed still needs to push on its hawkish rhetoric,” Kelsey Berro, fixed income portfolio manager at JPMorgan Investment Management Inc, said on Bloomberg TV. “They would ideally like to be above 2% by the end of the year and I think that the economy will work with them on that. We do still see the U.S. economy as fairly resilient. There’s a lot of pent up demand for spending particularly on the services side.”
* “On monetary policy, the Fed has to follow it through – that it’s very serious and that it’s not simply underwriting a put for the stock market every time financial markets have a hiccup,” Glenn Hubbard, a finance and economics professor at Columbia University, said on Bloomberg TV.
* “The unknown is Powell’s ability to deliver the needed finesse without completely derailing the recovery, while not falling short of the required magnitude to anchor inflation,” Ian Lyngen, head of interest rate strategy at BMO Capital Markets, wrote in a note.

Some of the main moves in markets:
Stocks
* The S&P 500 fell 2.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.6%
* The Dow Jones Industrial Average fell 2.8%
* The MSCI World index fell 2.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.7%
* The euro fell 0.3% to $1.0797
* The British pound fell 1.5% to $1.2833
* The Japanese yen fell 0.1% to 128.53 per dollar
Bonds
* The yield on 10-year Treasuries declined one basis point to 2.89%
* Germany’s 10-year yield advanced two basis points to 0.97%
* Britain’s 10-year yield declined five basis points to 1.96%
Commodities
* West Texas Intermediate crude fell 2% to $101.73 a barrel
* Gold futures fell 0.7% to $1,934.70 an ounce
–With assistance from Akshay Chinchalkar, Sunil Jagtiani, Srinivasan Sivabalan, Isabelle Lee and Peyton Forte.
Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

A great book begins with an idea; a great life, with a determination. -Louis Dearborn L’Amour, 1908-1988.

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.

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 »

1837: First kindergarten established.
2016: American musician dies at age 57.

Charlotte Brontë, writer, b. 1816.

African cinema is more exciting than ever. Where’s its wider recognition?  This is your sign to enjoy more international art. You’ll be pleasantly surprised.

Scientists have discovered a new species of crown jellyfish that looks like a scarlet alien saucer in the sunless “midnight zone” of California’s Monterey Bay.  The newly described species, Atolla reynoldsi, measures about 5 inches (13 centimeters) in diameter and can have anywhere from 26 to 39 tentacles, researchers with the Monterey Bay Aquarium Research Institute (MBARI) said in a statement. Like the 10 other known species of the Atolla genus, A. reynoldsi sports a deep groove running around its central bell, giving its body the appearance of a domed head wearing a frilly red crown.  Full Story: Live Science (4/21) 

The world’s oldest moving pictures may not come from the late 19th century, but rather from thousands of years earlier: Pictures of ancient animals carved onto flat stones tens of thousands of years ago were deliberately placed around fires so they would look animated in the flickering firelight, a new study suggests.  Creating such animated carvings might have been a popular prehistoric activity as a family group sat around a fire. And at least some of the wall paintings and carvings found in ancient caves might also have been influenced by their appearance in the moving light and shadows of flames, the study suggests.  Full Story: Live Science (4/21) 

Deserts are not easy places to call home. Broiling in the day, frigid at night, and lacking ample water, these landscapes test their inhabitants. The creatures that call deserts home have adaptations to help them survive and thrive in these harsh conditions. Many of these creatures never need to drink and have skin or scales that enable them to hoard what little water they require; some have evolved to move and be active solely at night to avoid the punishing sun.  Here are 11 of the strangest animals found in deserts around the world.  Full Story: Live Science (4/21) 

Astronomers have detected a never-before-seen type of stellar explosion.   The newly discovered cosmic blasts are around a million times less intense than similar explosions and, as a result, the researchers have dubbed the tiny detonations “micronovae.”  Full Story: Live Science (4/20) 

Bloomberg Digital Originals: The $7.6 trillion quest for longer life.

Wildlife is flourishing in New England.

PHOTOS OF THE DAY

Members of the Samaritan community attend a religious service marking the end of their Passover holiday atop Mount Gerizim, above the West Bank city of Nablus
CREDIT: Alaa Badarneh/EPA

Abbey Marshall Leticia Edwards looks out on the view from the Henry VII roof of Westminster Abbey. Westminster Abbey is to open its roof to the public for the first time, offering tours as part of its plans to celebrate the Queen’s platinum jubilee
CREDIT: Dominic Lipinski/PA

Elvis tribute artists arrive at Central Station before boarding the Elvis Express train to Parkes. The Parkes Elvis festival is held annually over five days, usually timed to coincide with Elvis Presley’s birth date in January, though the 2022 event was rescheduled owing to Covid-19 restrictions earlier in the year
CREDIT: Wendell Teodoro/Getty Images

Market Closes for April 21^st, 2022

Market Index	Close	Change
Dow Jones	34792.76	-368.03
		-1.05%
S&P 500	4393.66	-65.79
		-1.48%
NASDAQ	13174.65	-278.42 -2.07%
TSX	21650.41	-347.97
		-1.58%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27553.06	+335.21
		+1.23%
HANG SENG	20682.22	-262.45
		-1.25%
SENSEX	57911.68	+874.18
		+1.53%
FTSE 100*	7627.95	-1.27 -0.02%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.887	2.820
CND. 30 Year Bond	2.831	2.769
U.S.    10 Year Bond	2.9076	2.8320
U.S. 30 Year Bond	2.9244	2.8720

Currencies

BOC Close	Today	Previous
Canadian $	0.7947	0.8001
US $	1.2583	1.2498
Euro Rate 1 Euro=		Inverse
Canadian $	1.3629	0.7337
US $	1.0832	0.9231

Commodities

Gold	Close	Previous
London Gold Fix	1949.55	1964.00
Oil
WTI Crude Future	104.54	102.75

Market Commentary:
On this day in 1982, futures contracts on the S&P 500 index become available for the first time, as they opened for trading in the pits of the Chicago Mercantile Exchange. 
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian mining and materials equities posted their biggest one-day drop in over two years to lead a broad sell off in Toronto, with declines in all sectors.
The S&P/TSX Composite fell for the second day, dropping 1.6%, or 347.97 to 21,650.41 in Toronto.
It was the biggest fall for the index in three months.
Only 27 stocks on the index rose on Thursday, while 211 of 239 fell.
Shopify Inc. contributed the most to the index decline, decreasing 8.1%.
Lithium Americas Corp. had the largest percentage drop, falling 12.4%.
Insights
* In the past year, the index had a similar or greater loss four times. The next day, it declined twice for an average 0.6% and advanced twice for an average 0.3%
* This month, the index fell 1.1%
* So far this week, the index fell 0.9%, heading for the biggest decline since the week ended Feb. 18
* The index advanced 13% in the past 52 weeks. The MSCI AC Americas Index gained 3.9% in the same period
* The S&P/TSX Composite is 2.5% below its 52-week high on April 5, 2022 and 14% above its low on April 22, 2021
* The S&P/TSX Composite is down 0.9% in the past 5 days and fell 1.6% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.1 on a trailing basis and 13.8 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.52t
* 30-day price volatility rose to 11.04% compared with 9.91% in the previous session and the average of 11.72% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | -125.4381| -4.1| 0/52
* Energy | -89.7891| -2.4| 3/31
* Information Technology| -53.2427| -4.1| 3/13
* Financials | -29.4803| -0.4| 1/27
* Industrials | -13.1139| -0.5| 5/25
* Communication Services| -9.3405| -0.8| 1/6
* Consumer Staples | -9.0105| -1.1| 2/9
* Consumer Discretionary| -6.2996| -0.9| 2/12
* Real Estate | -6.1347| -1.0| 2/21
* Utilities | -4.3857| -0.4| 6/10
* Health Care | -1.7178| -1.3| 2/5
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -41.9000| -8.1| 96.1| -65.3
* Canadian Natural Resources | -22.9500| -3.3| -21.0| 55.5
* Nutrien | -21.1900| -4.0| -0.2| 42.8
* Bank of Nova Scotia| 2.4840| 0.4| -26.5| -3.5
* CGI Inc | 2.5350| 1.7| 31.7| -7.2
* TC Energy | 6.0680| 1.3| -49.4| 24.3
US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — U.S. stocks slid as the selloff in Treasuries resumed, with traders bracing for the possibility of more aggressive policy tightening by the Federal Reserve.
The dollar gained.
The S&P 500 dropped 1.5% in a dramatic reversal of a more than 1% rally in early trading Thursday on the back of upbeat earnings.
The tech-heavy Nasdaq 100 fell about 2%,bunderperforming than main benchmarks, as the jump in yields weighed on growth-related stocks.
Treasury yields rose across the curve, with the policy-sensitive two-year rate climbing as much as 15 basis points 2.73% as traders priced in 50 basis-point rate hikes at each of the next three meetings.
The dollar gained against all of its major peers following the surge in yields.
Fed Chair Jerome Powell said he saw merit in the argument for front-loading interest-rate increases and that a half-point hike “will be on the table for the May meeting.”
He declined to comment on market pricing but noted minutes of the March meeting showed that many officials backed one or more half-point hikes.
On the earnings front, Tesla Inc. gained after posting record profits that blew past estimates and with Elon Musk predicting output will grow at a fast clip for the rest of the year.
The stock rose 3.2% on the day, after rising as much as 12% in early trading.
Airlines rallied as American Airlines Group Inc. said corporate and international flying was coming back and projected a second-quarter profit.
United Airlines Holdings Inc. jumped 9.3% after forecasting a profit this year.
While inflation and central-bank reactions to the spike in rising prices are big drivers of markets right now, earnings have been important this week too, especially after Netflix Inc.’s selloff, Chris Gaffney, president of world markets at TIAA Bank, noted.
“On the flip-side, we get Tesla this morning and it’s rallying back up on their profits,” Gaffney said by phone.  “American Airlines released — so travel and leisure, even with higher gas prices, they’ve been able to raise their ticket prices. So far, it looks like consumers are shrugging off the price increases, but everybody is complaining about it. We’ll see how long that lasts.”
While it’s early in the U.S. earnings-reporting season, the signs are encouraging so far.
Of the 87 S&P 500 companies that have posted results, about 80% have beaten estimates, according to Bloomberg data.
U.S. jobless claims eased last week to a level that’s consistent with an exceptionally tight labor market, Labor Department data showed Thursday.
Initial unemployment claims decreased by 2,000 to 184,000 in the week ended April 16, while continuing claims for state benefits dropped to 1.42 million in the week ended April 9, the lowest since 1970.
More market commentary:
* “It’s hard for me to imagine a recession with consumers in as good a shape as they currently are, Brent Schutte, chief investment strategist at Northwestern Mutual Wealth Management Co., said by phone. Consumers are in “the best shape they’ve been in in years and most recessions start with the consumer not in great shape. So I think, any recession, if there were to be one, I think given the current circumstances, would be mild.”
* “The market is trying to digest a 10-year yield that is rapidly approaching 3.00%,” said Joe Gilbert, portfolio manager at Integrity Asset Management. This has major implications for valuations of stocks as credit spreads have widened out as well.”

What to watch this week:
* Manufacturing PMIs: Euro zone, France, Germany, U.K, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 2%
* The Dow Jones Industrial Average fell 1%
* The MSCI World index fell 1.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.4%
* The euro fell 0.1% to $1.0839
* The British pound fell 0.3% to $1.3029
* The Japanese yen fell 0.3% to 128.29 per dollar
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 2.90%
* Germany’s 10-year yield advanced nine basis points to 0.95%
* Britain’s 10-year yield advanced 10 basis points to 2.01%
Commodities
* West Texas Intermediate crude rose 1.5% to $103.74 a barrel
* Gold futures were little changed
–With assistance from Andreea Papuc, Srinivasan Sivabalan, Isabelle Lee and Peyton Forte.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Always be a little kinder than necessary. –Sir James Matthew Barrie, 1860-1937.

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

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

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

Dear Friends,

Tangents:
1940: RCA publicly demonstrated its new electron microscope. Go to article »
2010: The Deepwater Horizon drilling rig explodes, killing 11 and causing the rig to sink, causing a massive oil discharge into the Gulf of Mexico and an environmental disaster.

Today is 4/20.  You may notice something in the air today… Here are the myths and legends on how April 20 became widely known as “Weed Day.” 
 
Jupiter’s moon Europa may have a habitable ice shell.  Did someone say… aliens? Scientists say Europa stands out as one of the best candidates for harboring extraterrestrial life in our solar system.

Volkswagen is coming for Tesla.  Bring on the competition! VW is trying to take over the electric car market by phasing out all gasoline-powered vehicles from its US lineup.

PHOTOS OF THE DAY

Storm clouds pass over the lower Manhattan skyline as a rainstorm moves through New York City at sunset
CREDIT: Gary Hershorn/Corbis/Getty Images

Alnwick Garden’s cherry orchard, in the north-east of England, which has the world’s largest collection of Taihaku.
CREDIT: Owen Humphreys/PA

Reporters look at the Geo-Cosmos, a spherical display made using organic electroluminescent panels showing a high-resolution image of the Earth, during a media preview at Miraikan, the National Museum of Emerging Science and Innovation
CREDIT: Philip Fong/AFP/Getty Images

Market Closes for April 20^th, 2022

Market Index	Close	Change
Dow Jones	35160.79	+249.59
		+0.71%
S&P 500	4459.45	-2.76
		-0.06%
NASDAQ	13453.07	-166.59 -1.22%
TSX	21998.38	-20.44
		-0.09%

 

 

 

 

 

 

 

 

 

 

 

International Markets

Market Index	Close	Change
NIKKEI	27217.85	+232.76
		+0.86%
HANG SENG	20944.67	-83.09
		-0.40%
SENSEX	57037.50	+574.35
		+1.02%
FTSE 100*	7629.22	+27.94 +0.37%

Bonds

Bonds	% Yield	Previous % Yield
CND. 10 Year Bond	2.820	2.824
CND. 30 Year Bond	2.769	2.773
U.S.    10 Year Bond	2.8320	2.9361
U.S. 30 Year Bond	2.8720	2.9946

Currencies

BOC Close	Today	Previous
Canadian $	0.8001	0.7925
US $	1.2498	1.2618
Euro Rate 1 Euro=		Inverse
Canadian $	1.3561	0.7374
US $	1.0849	0.9217

Commodities

Gold	Close	Previous
London Gold Fix	1964.00	1963.25
Oil
WTI Crude Future	102.75	102.56

Market Commentary:
On this day in 1983, President Ronald Reagan signed into law the Social Security Amendments of 1983, delaying cost-of-living adjustments and making 50% of Social Security benefits taxable. “This bill,” said Reagan, “demonstrates for all time our nation’s ironclad commitment to Social Security.” The Social Security Administration then forecast that the system could remain solvent until the year 2063. By 1994, that date shrank to the year 2029.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities fell, ending four straight days of gains as companies in the technology sector tumbled to their lowest point in two months.
The S&P/TSX Composite declined slightly to 21,998.38 in Toronto.
The loss follows the previous session’s increase of 0.6%.
Today, information technology stocks led the market lower, as 3 of 11 sectors lost; 101 of 239 shares fell, while 135 rose.
Shopify Inc. contributed the most to the index decline and had the largest move, decreasing 13.9%.
Insights
* This month, the index rose 0.5%
* The index advanced 16% in the past 52 weeks. The MSCI AC Americas Index gained 6.6% in the same period
* The S&P/TSX Composite is 1% below its 52-week high on April 5, 2022 and 16% above its low on April 20, 2021
* The S&P/TSX Composite is up 1.3% in the past 5 days and rose 0.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 14 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.52t
* 30-day price volatility fell to 9.91% compared with 10.46% in the previous session and the average of 11.75% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology| -102.9131| -7.4| 3/13
* Consumer Staples | -6.5599| -0.8| 2/9
* Health Care | -2.1818| -1.6| 1/7
* Industrials | 0.7115| 0.0| 15/15
* Real Estate | 1.1138| 0.2| 15/8
* Materials | 1.6149| 0.1| 26/24
* Consumer Discretionary| 4.0580| 0.6| 9/5
* Utilities | 5.3670| 0.5| 11/4
* Communication Services| 11.2994| 1.0| 6/1
* Financials | 32.9227| 0.5| 20/8
* Energy | 34.1188| 0.9| 27/7
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Shopify | -83.5200| -13.9| 98.6| -62.2
* Constellation Software | -11.7100| -3.8| 51.3| -6.8
* Nutrien | -6.3290| -1.2| -17.1| 48.7
* TD Bank | 8.7810| 0.7| -56.1| -1.9
* Bank of Montreal | 9.8520| 1.5| 19.5| 7.7
* Canadian Natural Resources | 11.6400| 1.7| -44.9| 60.8

US
By Stephen Kirkland and Vildana Hajric
(Bloomberg) — Most U.S. stocks rose with earnings in focus, while Treasuries rallied as a growing chorus of money managers said inflation is nearing a peak and rate-hike bets are overdone.
After a roller-coaster session, the S&P 500 ended little changed with eight of 11 industry groups advancing.
Procter & Gamble Co. and International Business Machines Corp. climbed after reporting better-than-estimated results.
Meanwhile, the tech-heavy Nasdaq 100 stumbled, with Netflix Inc. sinking more than 30% after reporting its first subscriber decline in more than a decade.
That also weighed on other streaming and media companies such as Walt Disney Co., Warner Bros. Discovery Inc. and Paramount Global.
In extended trading, Tesla Inc. rose after earnings beat estimates and United Airlines Holdings Inc. also gained after posting results, saying it expects to be profitable this year.
Alcoa Corp. declined as its sales of aluminum were weaker than expected.
Ten-year yields in Treasuries shed 10 basis points as Bank of America Corp. to Nomura Asset Management saw buying opportunities in bonds. Bank of America said it has turned long on 10-year securities.
“There’s a feeling that markets are focused on the idea that inflation is expected to peak this quarter and that means that we might be expecting that this is going to be as bad as it gets,” Fiona Cincotta, senior market analyst at City Index, said by phone. “So those bets on really aggressive rate hikes from the Fed might have been a little bit overdone here.”
U.S. 10-year real yields turned positive for the first time since March 2020, signaling a potential return to the pre-pandemic normal.
But that was quickly followed by a global drop in bond yields as investors assessed growth challenges from the Ukraine war and the potential for a peak in inflation.
Short-term interest-rate traders pushed the market-implied odds that the Federal Reserve will raise rates in half-point increments in both May and June to 100% earlier on Wednesday.
The yen rose as much as 1% versus the dollar on Wednesday, but remained the weakest performer in the Group of 10 this year on the policy contrast with the U.S., the Bank of Japan offered
to buy an unlimited amount of bonds to contain yields, underscoring its desire for loose monetary settings. 
More market commentary:
* Netflix’s slump may not drag down the entire tech sector, “but certainly enough of it to cause all of the Nasdaq to bleed while value indices are buoyant,” said Max Gokhman, chief investment officer for AlphaTrAI. “This is the second horseman of the apocalypse for consumer tech, with the first being FB’s massive drop after their Q4 earnings.”
* “As I look through the earnings numbers that are coming in and the commentary that’s coming in, I still see evidence of a very healthy consumer, of an economy that is not cracking,” Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, said on Bloomberg TV. “We have some concentrated pockets of risk to navigate around. But the market deserves to be where it is right now.”

Will value stocks finally outperform growth peers? What will be the best-performing EM stock market for the rest of 2022? “Rotations” is the theme of this week’s MLIV Pulse survey.
Participation takes one minute and is anonymous, so please click here to get involved.
What to watch this week:
* Earnings include American Express, China Telecom, Tesla
* EIA crude oil inventory report, Wednesday
* Federal Reserve Beige Book, Wednesday
* French presidential election debate, Wednesday
* Euro zone CPI, U.S. initial jobless claims, Thursday
* Fed Chair Jerome Powell, ECB President Christine Lagarde discuss global economy at IMF event, Thursday
* Manufacturing PMIs: Euro zone, France, Germany, U.K, Friday
* Bank of England’s Andrew Bailey to speak, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 fell 1.5%
* The Dow Jones Industrial Average rose 0.7%
* The MSCI World index rose 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.6%
* The euro rose 0.6% to $1.0853
* The British pound rose 0.5% to $1.3062
* The Japanese yen rose 0.9% to 127.74 per dollar
Bonds
* The yield on 10-year Treasuries declined 10 basis points to 2.84%
* Germany’s 10-year yield declined five basis points to 0.86%
* Britain’s 10-year yield declined five basis points to 1.92%
Commodities
* West Texas Intermediate crude rose 0.2% to $102.75 a barrel
* Gold futures were little changed
–With assistance from Andreea Papuc, Srinivasan Sivabalan, Peyton Forte and Isabelle Lee.
Have a nice evening.

Be magnificent!
As ever,

Carolann

Children have never been very good at listening to their elders, but they’ve never failed to imitate them. -James Baldwin, 1924-1987.

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