January 9, 2024, Newsletter

Dear Friends,

Tangents:
On Jan. 9, 2007, Steven P. Jobs introduced Apple’s long-awaited entry into the cellphone world, the iPhone. Go to article >>
January 9, 1861: The first shots of the American Civil War are fired.  The steamer, Star of the West, was fired upon by the Confederates as it attempted to enter Charleston Harbour.
January 9, 1793: Aviation Day in America.

Simone de Beauvoir, writer, b.1908.
Joan Baez, b. 1941.
Dave Matthews, musician, b. 1967.

20 of the world’s best soups
Cold weather means one thing — it’s soup season. These are CNN Travel’s nominations for 20 of the best soups around the world.

Tiger Woods and Nike are parting ways
Golf legend Tiger Woods has broken up with Nike after a protracted 27-year collaboration with the world’s largest sportswear company. Read more about his departure from the brand.

Apple announces when the Vision Pro will go on sale
The company’s highly anticipated headset will be available for purchase in the US beginning in February, with pre-orders beginning later this month

Bottled water contains more plastic particles than previously thought
PHOTOS OF THE DAY

Des Moines, US
A pedestrian passes the Iowa State Capitol building as wintery weather forced the Republican presidential candidate Nikki Haley to cancel a campaign event
Photograph: Chip Somodevilla/Getty Images

Ryptsjerksterpolder, Netherlands
A man skates on frozen flooded meadows in the Ryptsjerksterpolder
Photograph: Jilmer Postma/EPA

​​​​​​​Balatonfenyves, Hungary
Ice covers a bench on the shore of Lake Balaton as the temperature dropped to -6C accompanied by strong winds
Photograph: György Varga/EPA
Market Closes for January 9^th, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1790, Alexander Hamilton submitted to Congress his “Report on the Public Credit,” which proposed buying up distressed state bonds to consolidate the national debt. Several members of Congress hired sailboats and stagecoaches to take them south faster than the news traveled by foot. They snapped up bonds at bargain prices in an egregious example of insider trading
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.5% at 20,970.98 in Toronto.
The move was the biggest since falling 1.1% on Dec. 20 and follows the previous session’s increase of 0.7%.
Nutrien Ltd. contributed the most to the index decline, decreasing 4.1%. Tilray Brands Inc. had the largest drop, falling 9.3%.
Today, 144 of 225 shares fell, while 79 rose; 10 of 11 sectors were lower, led by financials stocks.
Insights
* The index advanced 5.6% in the past 52 weeks. The MSCI AC Americas Index gained 22% in the same period
* The S&P/TSX Composite is 0.6% below its 52-week high on Dec. 27, 2023 and 12.2% above its low on Oct. 27, 2023
* The S&P/TSX Composite is up 0.5% in the past 5 days and rose 3.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.5 on a trailing basis and 15.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.2% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.33t
* 30-day price volatility rose to 10.86% compared with 10.70% in the previous session and the average of 10.81% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -76.4823| -1.2| 6/21
Materials | -34.3261| -1.5| 11/41
Industrials | -6.6260| -0.2| 11/14
Energy | -5.4348| -0.1| 22/19
Utilities | -4.2642| -0.5| 4/11
Real Estate | -3.1490| -0.6| 5/15
Consumer Staples | -3.0247| -0.3| 6/5
Health Care | -1.7447| -2.7| 0/4
Consumer Discretionary | -1.2539| -0.2| 3/10
Communication Services | -0.2505| 0.0| 4/1
Information Technology | 32.6344| 1.8| 7/3
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Nutrien | -10.4800| -4.1| 0.2| -4.4
Bank of Montreal | -9.3260| -1.4| -26.9| -1.0
Enbridge | -7.4320| -1.0| -33.3| 3.1
Brookfield Corp | 4.3990| 0.9| 9.5| -1.3
Cameco | 8.7680| 5.1| 26.9| 4.9
Shopify | 29.7500| 3.4| -20.7| 4.0
US
By Rita Nazareth
(Bloomberg) — Stocks struggled to gain traction day after a tech-led rally as Treasury 10-year yields remained above 4%.
Oil climbed.
Commodity and financial shares led declines in the S&P 500.
The mega cap space was mixed, with Nvidia Corp. up and Tesla Inc. down.
Juniper Networks Inc. jumped on news it’s in advanced talks to be sold to Hewlett Packard Enterprise Co.
Bitcoin hovered near $47,000 as investors awaited a regulator decision on whether to approve the US’s first exchange-traded fund tied directly to the token.
A growing mismatch between aggressive pricing for US interest rate cuts and resilient economic fundamentals reducing the need for such easing risks creating a “reverse Goldilocks” scenario for global markets, according Max Kettner at HSBC Holdings Plc.
A pullback in easing bets could trigger a selloff in risky assets and more gains for the dollar in the coming months, he told Bloomberg Television.
“We’re likely seeing a ‘head fake’ in the market right now,” said Matt Maley at Miller Tabak + Co. “We just don’t know yet if last week’s decline was that ‘head fake’ or if yesterday’s bounce was it. Thankfully, the battle lines are very
well drawn and we’ll know which situation was the ‘head fake’ once one of two lines is broken in a meaningful manner.”

Corporate Highlights:
* Chief Executive Officer Dave Calhoun will call on Boeing Co. workers to focus on safety as the top priority at an all-hands meeting on Tuesday, as senior leaders stress the need for staff to work to a high standard following last week’s fuselage blowout on a 737 Max 9 aircraft.
* BlackRock Inc. will dismiss about 600 employees, or roughly 3% of its global workforce, as it seeks to reallocate resources amid rapid changes in asset management.
* Qualcomm Inc.’s push into automotive chips is on course to beat sales projections, Chief Executive Officer Cristiano Amon said, helping the company decrease its reliance on mobile-phone electronics.
* Microsoft Corp.’s $13 billion investment into OpenAI Inc. risks a full-blown investigation by European Union deals watchdogs, after a mutiny at the ChatGPT creator laid bare deep ties between the two companies.
* Match Group Inc., the owner of Tinder and other dating platforms, rose after a Wall Street Journal report said that Elliott Investment Management has built a stake of about $1 billion in the company.
* Spanish blood plasma firm Grifols SA tumbled after short seller Gotham City Research LLC published a report criticizing its financial reporting.

Key events this week:
* US wholesale inventories, Wednesday
* The World Economic Forum’s global risks report is released, Wednesday
* New York Fed President John Williams speaks, Wednesday
* US CPI, initial jobless claims, Thursday
* China CPI, PPI, trade, Friday
* UK industrial production, Friday
* US PPI, Friday
* Some of the biggest US banks report fourth-quarter results, Friday
* Minneapolis Fed President Neel Kashkari speaks, Friday
* ECB chief economist Philip Lane speaks, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.1% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World index fell 0.2%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.0928
* The British pound fell 0.3% to $1.2705
* The Japanese yen fell 0.2% to 144.52 per dollar
Cryptocurrencies
* Bitcoin fell 0.9% to $46,682.28
* Ether fell 3.7% to $2,252.73
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.02%
* Germany’s 10-year yield advanced five basis points to 2.19%
* Britain’s 10-year yield advanced one basis point to 3.78%
Commodities
* West Texas Intermediate crude rose 2% to $72.17 a barrel
* Spot gold was little changed
This story was produced with the assistance of Bloomberg Automation.

Have a lovely evening.

Be magnificent!
As ever,

Carolann
Be at war with your vices, at peace with your neighbors, and let every new year find you a better man. –Benjamin Franklin, 1706-1790.

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

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

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