July 29, 2021 Newsletter

Dear Friends,

Tangents:
1914 Transcontinental telephone service began with the first phone conversation between New York and San Francisco. Go to article »

1958: NASA  established.

Life on Earth may be much older than we thought.

PHOTOS OF THE DAY

Lightning strikes in front of a rainbow at Houghton Hall Park near Dunstable
CREDIT: IZZY BRETT/PA WIRE

Two of the characters taking part in the Midsummer Lights event at Painswick Rococo Gardens in Gloucestershire. The gardens are transformed in to a mystical world
CREDIT: ANDREW FOX

Amateur wildlife photographer Andy Wilson captured a Tawny owl in still ponds near Stonehaven Scotland
CREDIT: ANDY WILSON/SOLENT NEWS & PHOTO AGENCY

Market Closes for July 29^th, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
     On this day in 1999, day-trader Mark O. Barton, panicked over severe losses, marched into the offices of All-Tech Investment Group and Momentum Securities in Atlanta. Barton said, “I hope I’m not upsetting your trading day,” then opened fire with two handguns, killing nine people before committing suicide.
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks rose to a record high on a closing basis, with materials leading the charge Thursday. The S&P/TSX Composite Index climbed 0.4%, with seven of the 11 sectors advancing.  Tech and health care were the main laggards. Gold headed for the biggest gain in more than two months as the dollar extended declines a day after the Federal Reserve said it wants more progress toward its goals first before reducing stimulus.  Silver also advanced. Bank of Canada Governor Tiff Macklem took to the pages of a major newspaper to defend a three-month run of excessive consumer price gains.
Commodities:
* Western Canadian Select crude oil traded at a $14.50 discount to West Texas Intermediate
* Spot gold rose 1.2% to $1,828 an ounce
FX/ Bonds:
* The Canadian dollar rose 0.7% to C$1.2446 per U.S. dollar
* The 10-year Canada government bond yield rose 3.5 basis points to 1.203%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 0.4 percent, or 81.38 to 20,311.78 in Toronto. Franco-Nevada Corp. contributed the most to the index gain, increasing 3.8 percent. Kirkland Lake Gold Ltd. had the largest increase, rising 6.4 percent. Today, 156 of 230 shares rose, while 74 fell; 7 of 11 sectors were higher, led by materials stocks.
Insights
* This month, the index rose 0.7 percent
* So far this week, the index rose 0.6 percent
* The index advanced 25 percent in the past 52 weeks. The MSCI AC Americas Index gained 37 percent in the same period
* The S&P/TSX Composite is 0.3 percent below its 52-week high on July 7, 2021 and 31.7 percent above its low on Oct. 30, 2020
* The S&P/TSX Composite is up 1.1 percent in the past 5 days and rose 0.7 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 22.6 on a trailing basis and 16.5 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.17t
* 30-day price volatility fell to 9.32 percent compared with 9.34 percent in the previous session and the average of 7.95 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 50.9997| 2.1| 50/3
* Financials | 42.0053| 0.7| 26/2
* Industrials | 11.9855| 0.5| 22/8
* Consumer Staples | 5.9679| 0.8| 8/5
* Consumer Discretionary | 4.4391| 0.6| 10/3
* Energy | 2.7135| 0.1| 17/6
* Utilities | 0.3189| 0.0| 7/9
* Real Estate | -1.1026| -0.2| 11/14
* Communication Services | -2.8724| -0.3| 2/5
* Health Care | -5.2153| -2.0| 0/10
* Information Technology | -27.8411| -1.2| 3/9
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Franco-Nevada | 9.6730| 3.8| 19.4| 24.7
* Brookfield Asset | | | |
* Management | 6.1700| 0.9| -33.5| 30.0
* Kirkland Lake | 5.9340| 6.4| 92.4| 1.0
* TC Energy | -4.2270| -1.0| -56.8| 18.5
* Suncor Energy | -8.6000| -3.2| 80.4| 16.6
* Shopify | -24.5900| -1.6| 5.2| 32.1

US
By Richard Richtmyer and Vildana Hajric
(Bloomberg) — U.S. equities rose toward all-time highs as the latest read on the economy eased concerns about inflation and the Federal Reserve scaling back its ultra-accommodative policies. All of the main American stock indexes advanced, with the S&P 500 and Dow Jones Industrial Average touching records.  Ford Motor Co. rallied after a surprise profit.  Facebook Inc. weighed on the Nasdaq 100 after the social-media company gave a cautious outlook. And Amazon.com Inc. fell in extended trading after its sales forecast fell short. Stocks in the U.S. jumped after gross domestic product data showed that consumer spending was strong in the second quarter even as overall growth trailed expectations. A separate report showed applications for U.S. state unemployment fell last week, but were still higher than forecast. The data comes a day after Fed Chair Jerome Powell said officials are moving closer to when they can start reducing bond purchases but there’s still some way to go before doing so. Yields on 10-year Treasuries rose, while the dollar weakened. West Texas Intermediate crude extended gains past $73 a barrel as U.S. stockpiles declined. “The disappointing jobless claims numbers put some fire-power behind Powell’s comments yesterday, emphasizing that we have a ways to go for the labor market to recover,” said Mike Loewengart, managing director of investment strategy at E*Trade Financial. “The miss on GDP only puts a finer point on the fact that growth may be stalling.”
Meanwhile, the U.S. Senate voted to move ahead with a broad infrastructure package, after a bipartisan group of senators and the White House reached an agreement on a $550 billion plan. In other stock moves, Robinhood Markets Inc. had a choppy market debut. The online trading platform slid as much as 12% before climbing back closer to its initial public offering price.  PayPal Holdings Inc. slid the most since March after its quarterly revenue missed estimates.  Uber Technologies Inc. fell after SoftBank Group Corp. was said to be selling $2.1 billion of its stake in the ride-hailing giant in a block trade through Goldman Sachs. The Stoxx 600 Europe Index closed at its highest level ever after updates from Royal Dutch Shell Plc and Airbus SE.  In Asia, a Hang Seng tech index surged on a report that China will continue to allow local firms to go public in the U.S.  Bitcoin slipped below $40,000.
Here are the main moves in the markets:
Stocks
* The S&P 500 rose 0.4% as of 4:04 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.4%
* The euro rose 0.4% to $1.1888
* The British pound rose 0.4% to $1.3964
* The Japanese yen rose 0.4% to 109.47 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.27%
* Germany’s 10-year yield was little changed at -0.45%
* Britain’s 10-year yield was little changed at 0.57%
Commodities
* West Texas Intermediate crude rose 1.7% to $73.61 a barrel
* Gold futures rose 1.6% to $1,832.60 an ounce
–With assistance from Andreea Papuc, Akshay Chinchalkar, Ksenia Galouchko and Namitha Jagadeesh.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Service to others is the rent you pay for your room here on earth.  -Muhammad Ali, 1942-2016.

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