January 20, 2023 Newsletter

Dear Friends,

Tangents: Happy Friday.

On Jan. 20, 1981, Iran released 52 Americans held hostage for 444 days, minutes after the presidency had passed from Jimmy Carter to Ronald Reagan.  Hmmm… Go to article » 
January 20, 2021: Joe Biden is inaugurated as the 46^th President of the United States of America.  At 78, he becomes the oldest person ever inaugurated.  Kamala Harris becomes the first female Vice President of the United States.

Saturn and Venus will “kiss” this Sunday. (h/t Elaine He)

Dolphins were spotted in the Bronx River this week, according to the New York City Department of Parks & Recreation.

A giant cane toad weighing 2.7 kilograms has been discovered in an Australian rainforest by park rangers who’ve named it Toadzilla.

Instagram rolls out ‘quiet mode’ for when users want to focus.  The new feature applies to all users, but it appears to be geared toward younger adults to help them improve focus and set boundaries with followers.

Uber wants its future to have face-to-face seats.  The ride-hailing company wants to add three-wheeled vehicles with face-to-face seats to its fleet.

Davos has it all, except the world’s most powerful person.
PHOTOS OF THE DAY

New York City, U.S.
A porter straightens a newly rediscovered portrait by Bronzino one of the leading artists of the Florentine Renaissance, at Sotheby’s auction house.
Photograph: Shannon Stapleton/Reuters

Ballesteros, Argentina
A corn field displays an image of the face of Argentine football star Lionel Messi. The design, by agricultural engineer Carlos Faricelli, was made using precision planting, and was shared with several agricultural producers, who planted corn in this way to pay tribute to the footballer
Photograph: Nicolas Aguilera/AFP/Getty Images

London, UK
People admire Floating Earth, a light installation by Luke Jerram, during the Canary Wharf winter light festival
Photograph: Anadolu Agency/Getty Images

Jagiroad, India
Tiwa people participate in community fishing during the Jonbeel festival. Tribal communities such as Tiwa, Karbi, Khasi and Jaintia participate in the festival, which signifies harmony and brotherhood among various tribes and communities
Photograph: Anupam Nath/AP
Market Closes for January 20^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1870: The first known female-owned U.S. stock brokerage is launched, as sisters Victoria Woodhull and Tennie Claflin open their Woodhull, Claflin & Co. at 44 Broad St. in Manhattan.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.8% at 20,503.21 in Toronto.
The move was the biggest since rising 0.9% on Jan. 12 and follows the previous session’s decrease of 0.2%.
Shopify Inc. contributed the most to the index gain, increasing 5.6%.
Interfor Corp. had the largest increase, rising 5.6%.
Today, 192 of 236 shares rose, while 40 fell; 10 of 11 sectors were higher, led by financials stocks.
Insights
* This month, the index rose 5.8%
* So far this week, the index rose 0.7%
* The index declined 2.6% in the past 52 weeks. The MSCI AC Americas Index lost 12% in the same period
* The S&P/TSX Composite is 7.7% below its 52-week high on April 5, 2022 and 14.7% above its low on Oct. 13, 2022
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.5 on a trailing basis and 13.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.1% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization
of C$3.24t
* 30-day price volatility rose to 12.79% compared with 12.61% in the previous session and the average of 13.10% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 43.0330| 0.7| 27/2
Information Technology | 34.1450| 2.9| 12/1
Materials | 27.8366| 1.1| 38/11
Industrials | 22.2462| 0.8| 25/1
Energy | 17.5645| 0.5| 32/6
Communication Services | 7.2581| 0.7| 6/0
Consumer Discretionary | 6.9259| 0.9| 11/3
Real Estate | 4.0915| 0.8| 21/2
Health Care | 1.9404| 2.5| 7/0
Utilities | 1.7195| 0.2| 8/8
Consumer Staples | -4.9751| -0.6| 5/6
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Shopify | 23.5800| 5.6| -7.8| 15.2
Nutrien | 10.0600| 2.7| -13.4| 6.7
Canadian Pacific | 7.8980| 1.2| -15.5| 5.0
Northland Power | -1.8710| -2.9| 203.3| 0.2
Suncor Energy | -3.7250| -0.9| -40.9| 2.9
Couche-Tard | -4.0950| -1.2| -2.6| 4.5
US
By Stephen Kirkland
(Bloomberg) — US stocks clawed back some of this week’s losses as a tech rally buoyed risk sentiment and comments by  Federal Reserve officials dialed back fears of overly aggressive policy moves.
The S&P 500 Index rose for the first time in four days, with all 11 sectors gaining.
While the broad benchmark remained down on the week, the biggest one-day gain in the tech-heavy Nasdaq 100 since November pushed it into the green for the period.
Google parent Alphabet Inc. gained after revealing a plan to cut 12,000 jobs.
Netflix Inc. surged after reporting stronger-than-expected subscriber numbers.
Benchmarks climbed to session highs on Friday after Fed Governor Christopher Waller said policy looks pretty close to sufficiently restrictive and he backed moderation in the size of rate increases.
Earlier, Philadelphia Fed President Patrick Harker repeated his view for more incremental steps in rate hikes, while Kansas City Fed chief Esther George said the economy can avoid a sharp downturn.
Equity markets rallied despite a push higher in Treasury yields, suggesting that the 60/40 portfolio model could be making a comeback.
Earlier this week, higher rates and hawkish comments from Fed and European Central Bank officials weighed on risk sentiment.

“It’s notable that yields are up today yet Nasdaq is outperforming,” said Jonathan Krinsky, chief market technician for BTIG. “While this could be perceived as a short-term positive, if we are shifting to a ‘bad news is bad’ narrative
where lower rates coincide with lower stocks, then it would make sense to see the inverse.”
Earnings have also been in focus.
Of the 55 S&P 500 companies that have reported results so far, about two-thirds have beaten analysts’ estimates, compared with the 80% positive surprise seen over the past several quarters.
“Fears of a recession seemed to be overriding a sort of optimism from some companies which have reported better-than-expected results,” said Fiona Cincotta, senior financial markets analyst at City Index. “There is this understanding that earnings are probably going to be weaker, but I think a lot of that’s being priced in.”
Oil rallied to the highest since mid-November, capping off its second straight week of gains on optimism over increased demand from China.
West Texas Intermediate rose to settle above $81 a barrel, posting a 1.8% weekly gain.
Here are some of the main market moves:
Stocks
* The S&P 500 rose 1.9% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.9%
* The Dow Jones Industrial Average rose 1%
* The MSCI World index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro rose 0.2% to $1.0856
* The British pound was little changed at $1.2394
* The Japanese yen fell 0.9% to 129.58 per dollar
Cryptocurrencies
* Bitcoin rose 6.4% to $22,286.92
* Ether rose 6.2% to $1,640.81
Bonds
* The yield on 10-year Treasuries advanced nine basis points to 3.48%
* Germany’s 10-year yield advanced 11 basis points to 2.18%
* Britain’s 10-year yield advanced 10 basis points to 3.38%
Commodities
* West Texas Intermediate crude rose 1.2% to $81.31 a barrel
* Gold futures rose 0.3% to $1,929.60 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Richard Henderson, Brett Miller, Rob Verdonck, Srinivasan Sivabalan, Isabelle Lee, Vildana Hajric and Peyton Forte.
Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann

My idea of courtesy is this: It is the habit of respecting other people’s feelings under all circumstances; the habit of going out of one’s way
to help any less fortunate person whenever and wherever possible; and last, but by no means least,
the habit of controlling selfishness in all its forms. –Andrew Carnegie, 1835-1919.

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