July 20, 2022 Newsletter

Dear Friends,

Tangents: Moon Day.
On July 20, 1969, astronaut Neil Armstrong became the first man to walk on the moon.  Go to article »

Eight myths about diet, exercise, and sleep: Let’s talk about those fad diets and trendy workouts that no one needs. Experts have weighed in with these great tips about staying healthy — and what to avoid.

Millions of dollars in jewelry stolen from an armored truck at a rest stop.  An insane heist occurred near Los Angeles this week. And if you ask me, the details of this story could be a great movie plot.

Everybody hates stocks. Time to buy.

7 famous mummies and secrets they’ve revealed about the ancient world: Humans have long envisioned the continuation of life past death. Ancient Egyptians, for example, are famous for their elaborate funerary rituals and beliefs about the afterlife. But the practice of deliberately preserving bodies extends possibly 3,500 years earlier than the mummies of ancient Egypt. And mummies buried with riches and personal objects are found all over the world.
In some cases, these mummies provide detailed glimpses into the beliefs and practices of ancient cultures. Mummies, and the objects entombed with them, reveal what people found important, their spiritual symbols, and what they believed happened after death. Autopsies conducted by modern-day scientists can reveal what these ancient people ate, what diseases they suffered from, and ultimately what killed them.
From King Tut to Lady Dai, these seven famous mummies carried their secrets to the tomb — and back out again.  Full Story: Live Science (7/20) 

Lost city, a real-life ‘Helm’s Deep,’ possibly discovered in Iraq: Nestled in a valley shadowed by mountains in Iraqi Kurdistan sits an ancient fortress that archeologists think may be the lost, royal city of Natounia, based on the discovery of intricately carved rock reliefs depicting an ancient leader, a new study finds.  The stronghold, known as Rabana-Merquly, was once part of the Parthian Empire (also known as the Arsacid Empire), which reigned between 247 B.C. and A.D. 224. The Parthians were bitter enemies of the Roman Empire, and fought various battles against them for over 250 years. Now, new research at this 2,000-year-old fortress suggests that it served as one of the empire’s regional centers. Full Story: Live Science (7/19) 

The Numbers:
4
Billion counterfeit listings blocked by Amazon in 2021.  The company also eliminated more than 3 million listings for fake products.  The crackdown comes amid increasing pressure to address a proliferation of phony products on the site.
64
Years since Wales last qualified for the World Cup.  The team secured a 1-0 win over Ukraine in Cardiff, cementing its place at the games this fall in Qatar.
10
Cost, in US dollars, to have a  Clockwork robot paint your nails.  The robot, which relies on cameras and algorithms, takes about 10 minutes to paint a full set.  The robots can be found at some Target stories in the US.

PHOTOS OF THE DAY

The peloton passes a field of sunflowers during the 17th stage of the Tour de France 2022 from Saint-Gaudens to Peyragudes
CREDIT: Yoan Valat/EPA

A wildfire passing through a forest, with more than 20,000 hectares affected
CREDIT: Gironde Fire and Rescue/EPA

Eucalyptus trees silhouetted against a sunset
CREDIT: Amer Ghazzal/Rex/Shutterstock

Market Closes for July 20^th, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 2000, Vietnam opened its stock exchange, the Ho Chi Minh City Securities Trading Center, to trade shares in the nation’s two stocks, Refrigeration Electrical Engineering and Cables and Telecommunications Materials. The first day’s total trading volume: just over 4,000 shares.
Canada
By Ana Paula Barreto Pereira
(Bloomberg) — Canadian equities rallied for the fourth day as investors hopped on high-tech and cannabis stocks.
The S&P/TSX Composite climbed 0.4%, or 82.96 to 19,020.67 in Toronto.
Canada’s tech shares were the biggest gainers and led the market higher, as they moved in tandem with their U.S. peers.
The index advanced to the highest closing level in over 10 days.
Today, 7 of 11 sectors gained; 134 of 238 shares rose, while 102 fell.
Shopify Inc. contributed the most to the index gain, increasing 12.3%.
Canopy Growth Corp. had the largest percentage increase, rising 17.3%.
Insights
* This month, the index rose 0.8%
* The index declined 4.6% in the past 52 weeks. The MSCI AC Americas Index lost 10% in the same period
* The S&P/TSX Composite is 14.4% below its 52-week high on April 5, 2022 and 4.7% above its low on July 14, 2022
* The S&P/TSX Composite is up 2.2% in the past 5 days and fell 0.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 14.8 on a trailing basis and 11.6 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$3.04t
* 30-day price volatility rose to 20.52% compared with 20.41% in the previous session and the average of 19.74% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 62.2945| 5.8| 14/0
* Financials | 30.8142| 0.5| 21/8
* Energy | 23.6205| 0.7| 29/9
* Consumer Discretionary | 5.3884| 0.8| 10/3
* Health Care | 4.5348| 5.8| 5/2
* Consumer Staples | 4.3362| 0.5| 10/1
* Real Estate | 0.4608| 0.1| 9/14
* Utilities | -2.2082| -0.2| 5/11
* Communication Services | -2.7486| -0.3| 3/3
* Industrials | -8.5730| -0.4| 17/11
* Materials | -34.9413| -1.7| 10/40
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 42.7400| 12.3| 93.2| -71.5
* Canadian Natural Resources | 10.8200| 2.1| -49.6| 23.0
* Brookfield Asset Management | 9.6660| 1.6| -24.4| -19.8
* Agnico Eagle Mines | -7.6630| -4.4| 0.9| -21.3
* Canadian Pacific | -8.9720| -1.5| -43.4| 3.1
* Barrick Gold | -9.4430| -3.7| -27.4| -17.3
US
By Stephen Kirkland
(Bloomberg) — US stocks rose in a volatile session as investors parsed the latest corporate news and the potential for geopolitical risks in Europe.
The dollar gained, while the euro fell as Italy’s government looked set to collapse.
The S&P 500 posted its first back-to-back gain in almost two weeks, with advances in tech and consumer discretionary stocks offsetting declines in defensive sectors, utilities and health care.
While tech stocks briefly pared their advance after Google said it will pause hiring for two weeks, gains in Netflix Inc. on better-than-feared earnings underpinned rallies in streaming peers as well as confidence in consumers’ resilience.
Tesla Inc. rose ahead of its earnings set for release later Wednesday.
Stocks advanced for third day in four amid optimism over the earnings season and growing speculation markets may have bottomed out. While that debate continues, with Sanford C.
Bernstein strategists saying markets have yet to see full capitulation, rates markets have discarded bets the Federal Reserve will hike rates by a full percentage point next week, bolstering optimism the central bank will take a more measured approach to policy tightening.
“The fact that companies are showing a certain resilience to the current environment is reassuring market operators who have now started betting on a less aggressive monetary tightening than initially expected,” said Pierre Veyret, a
technical analyst at ActivTrades. “Even if we’re not out of the woods yet, more and more traders now tend to believe the worst is behind for equity markets this year.”
The euro tumbled as Italy’s Prime Minister Mario Draghi appeared set to fall in a confidence vote after three key parties announced they wouldn’t support him.
Risk sentiment also took a hit earlier on news the European Union is preparing for a scenario where Russia halts gas exports to retaliate against sanctions over its invasion of Ukraine.
Russian President Vladimir Putin signaled Europe will start getting gas, but warned that unless a spat over sanctioned parts is resolved, flows will be tightly curbed.
Oil edged lower as growing stockpiles of crude and gasoline tempered fears of a tight market.
Bitcoin gained for a third straight day, rising above $24,000 for the first time in more than a month.
More market commentary:
* “While I hope markets have bottomed, and I hope extreme pessimism can result in capitulation, it’s my job to point out the underlying factors behind market moves, and the bottom line is neither the economy nor corporate earnings have felt the full brunt of Fed tightening,” Tom Essaye, a former Merrill Lynch trader who founded The Sevens Report newsletter, said in a note.
* “Netflix earnings can be interpreted that the US consumer can be doing a little bit better than anticipated,” said Ellen Hazen, chief market strategist and portfolio manager at F.L.Putnam Investment Management.
* “Without Fed support from the corner, selling pressure has been severe and finally reached the washed-out level readings we have been watching for since the S&P 500 first broke down from its head and shoulders top formation,” Craig Johnson, chief market technician at Piper Sandler, said in a note.

Key events to watch this week:
* Earnings this week include Tesla
* Bank of Japan, European Central Bank rate decisions. Thursday
* Nord Stream 1 pipeline scheduled to reopen following maintenance. Thursday

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 1.6%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index rose 0.2%
* The euro fell 0.5% to $1.0177
* The British pound fell 0.2% to $1.1975
* The Japanese yen was little changed at 138.22 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 3.03%
* Germany’s 10-year yield declined two basis points to 1.26%
* Britain’s 10-year yield declined four basis points to 2.14%
Commodities
* West Texas Intermediate crude fell 1.9% to $102.26 a barrel
* Gold futures fell 0.9% to $1,713.30 an ounce
–With assistance from Denitsa Tsekova, Vildana Hajric, Isabelle Lee, Natalia Kniazhevich and Sagarika Jaisinghani.
Have  a lovely evening.

Be magnificent!

As ever,

Carolann

In every man’s heart there is a secret nerve that answers to the vibrations of beauty. –Christopher Darlington Morley, 1890-1957.

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

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

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