July 15, 2024, Newsletter

Dear Friends,

Tangents: Happy Monday.  St. Swithin’s Day, England.

July 15, 2006: Twitter is Launched.
July 15, 2010: BP stopped the flow of oil into the Gulf of Mexico after 85 days using a 75-ton cap lowered onto the well earlier in the week.  Go to article >>

Rembrandt, artist, b. July 15, 1606.

Remains of hundreds of 7,000-year-old ‘standing stone circles’ discovered in Saudi Arabia
Archaeologists in Saudi Arabia have now excavated eight ancient stone circles that likely served as homes to people more than 7,000 years ago. Read More.

Mysterious Maya underground structure unearthed in Mexico
Archaeologists in Campeche, Mexico, have found an underground structure beneath a Maya ball court, as well as offerings on top of a Maya pyramid at another site. Read More.

Norway’s Dragon’s Eye: The fantastical ‘pothole’ that emerged from ice 16,000 years ago
Norway’s photogenic “Dragon’s Eye” likely formed around 20,000 years ago, when all of Scandinavia sat beneath an enormous mass of ice called the Fennoscandian Ice Sheet. Read More.

Entire pod of 89 pilot whales dies on Scottish beach in freak mass stranding
Dozens of long-finned pilot whales have beached and died on Sanday in the Orkney Islands, Scotland, in the biggest mass stranding the country has seen since 1995. Read More.

James Webb Space Telescope sees an ancient black hole dance with colliding galaxies
Using the James Webb Space Telescope, astronomers have witnessed the dramatic dance between a supermassive black hole-powered quasar and merging galaxies less than a billion years after the Big Bang. Read More.

Carlos Alcaraz defends Wimbledon crown
The 21-year-old tennis star defeated Novak Djokovic to become the first Spaniard to win back-to-back Wimbledon titles.

King Charles III and Queen Camilla to visit Australia and Samoa
The royal couple is heading down under in the fall. Here’s what we know about their upcoming travels.

Why only 400 people at a time can visit this paradise island
This stunning island could attract many tourists to its lush mountains, perfect beaches and blue waters. Instead, it has strict rules to deter all but a few.

Sunday’s soccer champions: Argentina wins Copa, Spain wins Euro
Argentina won their second consecutive and 16th Copa América title, defeating Colombia 1-0 in Miami. Also on Sunday, Spain won a historic fourth European Championship, beating England 2-1 in the Euro 2024 final in Berlin.

A ‘tiny truck’ movement?
Americans are buying more Kei trucks, which measure about half the length of a Ford F-150. Read about the growing hype around tiny trucks.

PHOTOS OF THE DAY

California, US
Red foxes at play in Santa Clara
Photograph: Seshadri Sukumar/Zuma/Rex/Shutterstock

Tokyo, Japan
A woman in a yukata, or casual summer kimono, observes a lantern display as part of the annual Mitama festival at the Yasukuni shrine dedicated to the country’s war dead
Photograph: Kim Kyung-Hoon/Reuters

Chornomorsk, Ukraine
A woman climbs over tetrapods used as barriers against Russian military landing ships on the beach
Photograph: Nina Liashonok/Reuters
Market Closes for July 15^th, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1916, William Boeing, a Yale-educated aeronautical engineer, incorporated the Pacific Aero Products Co. in Seattle with $100,000 in capital. He kept 998 of the original 1,000 shares of stock for himself. In 1917, he renamed his firm the Boeing Airplane Co.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the fourth day, climbing 0.3%, or 78.16 to 22,751.68 in Toronto.
Canadian Natural Resources Ltd. contributed the most to the index gain, increasing 1.9%.
Stelco Holdings Inc. had the largest increase, rising 74.0%.
Today, 126 of 226 shares rose, while 97 fell; 7 of 11 sectors were higher, led by energy stocks.
Insights
* The index advanced 12% in the past 52 weeks. The MSCI AC Americas Index gained 24% in the same period
* The S&P/TSX Composite is at its 52-week high and 21.7% above its low on Oct. 27, 2023
* The S&P/TSX Composite is up 2.8% in the past 5 days and rose 5.1% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.4 on a trailing basis and 15.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.6t
* 30-day price volatility fell to 10.88% compared with 11.10% in the previous session and the average of 11.01% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 35.1993| 0.9| 29/12
Financials | 34.0894| 0.5| 23/4
Industrials | 17.9297| 0.6| 17/10
Real Estate | 4.1890| 0.9| 19/1
Communication Services | 4.1203| 0.6| 3/1
Information Technology | 3.7092| 0.2| 5/5
Health Care | 0.2965| 0.4| 2/2
Consumer Staples | -1.1223| -0.1| 4/7
Consumer Discretionary | -3.1849| -0.4| 5/8
Utilities | -8.1256| -0.9| 1/14
Materials | -8.9475| -0.3| 18/33
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
Canadian Natural Resources | 14.0900| 1.9| -11.8| 15.6
TD Bank | 11.2700| 1.2| 2.1| -8.6
Cenovus Energy | 10.0500| 4.0| -23.6| 28.5
First Quantum Minerals | -3.7630| -4.0| -34.9| 69.3
Enbridge | -4.3090| -0.6| 0.3| 2.6
Shopify | -5.7470| -0.8| -20.5| -14.9
US
By Rita Nazareth
(Bloomberg) — Stocks rose as wild volatility calls failed to materialize after Donald Trump’s assassination attempt bolstered his chances of taking over the White House.
He tapped JD Vance as his running mate.
The Dow Jones Industrial Average hit an all-time high.
Trump Media & Technology Group Corp. soared 31%.
Conservative video-sharing platform Rumble Inc. jumped 21%. ‘
Trump’s rising odds of victory boosted oil producers, gun makers and private prisons. His pro-cryptocurrency stance lifted the industry.
Tesla Inc. rallied as Elon Musk endorsed Trump.
Solar firms sank as Democrats are seen as more friendly toward the sector.
Vance is 39, nearly four decades younger than Trump, 78, offering a fresh voice to Republican efforts to bolster their appeal to the working-class workers who were once a bedrock of the Democratic party in battlegrounds such as Michigan, Wisconsin and Pennsylvania.
“The decision is crucial because one-third of US presidents throughout American history have previously occupied the position of vice president,” said Tom McLoughlin at UBS Global Wealth Management.
“Moreover, in this instance, Trump’s decision effectively anoints Vance as his successor in terms of delivering a populist message to a younger generation of voters.”
The S&P 500 topped 5,630.
Apple Inc. hit a fresh high.
The Russell 2000 of smaller firms added almost 2%, notching the best four-day run since 2020.
Goldman Sachs Group Inc. climbed on a surge in profits.
Macy’s Inc. sank after ending buyout talks.
US 30-year yield rose above the two-year one for the first time since January.
The dollar edged up.
Traders also kept an eye on Jerome Powell, who said recent data has provided more confidence inflation is heading to target.
The chances of Trump winning a second term rose in the aftermath of Saturday’s shooting, according to Predict It data.
“We were shocked by the attempt on former President Trump’s life, but suspect that markets will digest the news quickly and with little fanfare,” said John Stoltzfus at Oppenheimer Asset Management.
“Shocking events tend not to deter investors, who we expect will remain focused on economic and earnings results.”
To Mark McCormick at TD Securities, markets seem “less fussed about elections” and much keener to enjoy the slide in US data surprises, especially the latest consumer-price index reading.
“Everyone is passing around their favorite Trump trades — but I think we’ve seen over the past century that stock market moves are more random than what a president can dictate,” said Peter Boockvar at The Boock Report.
Election years are typically good for stocks, and barring major market mishaps such as the dotcom bust or the great financial crisis, the S&P 500 tends to notch robust gains.
In fact, the benchmark has risen in almost every election year since 1960, with the exception of 2000 and 2008.
That record has improved further in recent years.
In the three election years since 2008 — 2012, 2016, 2020 — the benchmark index rose at least 10%.

Corporate Highlights:
* BlackRock Inc. hauled in $51 billion of client cash to its long-term investment funds in the second quarter, pushing the world’s largest money manager to a record $10.6 trillion of  ASSETS.
* Google parent Alphabet Inc. is in talks to acquire cybersecurity startup Wiz Inc., according to a person familiar with the matter.
* International Business Machines Corp.’s proposed $6.4 billion takeover of software maker HashiCorp Inc. will undergo an in-depth antitrust review by the US Federal Trade Commission.
* Cleveland-Cliffs Inc. agreed to buy Canadian steelmaker Stelco Holdings Inc. for about C$3.85 billion ($2.8 billion), in the company’s first major move after losing out in its bid for United States Steel Corp. last year.
* The flight crew on a Southwest Airlines Co. aircraft that took off from a closed runway in June overlooked a key notice warning of the closure, US safety investigators said in a preliminary report.

Key events this week:
* US retail sales, Tuesday
* Morgan Stanley, Bank of America earnings, Tuesday
* Fed’s Adriana Kugler speaks, Tuesday
* Eurozone CPI, Wednesday
* US housing starts, industrial production, Wednesday
* Fed Beige Book, Wednesday
* Fed’s Thomas Barkin speaks, Wednesday
* ECB rate decision, Thursday
* US initial jobless claims, Philadelphia Fed manufacturing, Conference Board LEI, Thursday
* Fed’s Mary Daly, Lorie Logan and Michelle Bowman speak, Thursday
* Fed’s John Williams, Raphael Bostic speak, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.3% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World Index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro was little changed at $1.0898
* The British pound fell 0.2% to $1.2968
* The Japanese yen was little changed at 157.92 per dollar
Cryptocurrencies
* Bitcoin rose 5.5% to $63,424.23
* Ether rose 6.5% to $3,410.42
Bonds
* The yield on 10-year Treasuries advanced four basis points to 4.23%
* Germany’s 10-year yield declined two basis points to 2.47%
* Britain’s 10-year yield was little changed at 4.10%
Commodities
* West Texas Intermediate crude fell 0.3% to $81.97 a barrel
* Spot gold rose 0.4% to $2,421.87 an ounce

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

Be magnificent!
As ever,

Carolann
Because in the end, you won’t remember the time you spent working in the office or mowing your lawn.  Climb that goddamn mountain. –Jack Kerouac, 1922-1969.

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