June 14, 2021 Newsletter

Dear Friends,

Tangents:
1951: Univac computer unveiled.

On June 14, 1982, Argentine forces surrendered to British troops on the disputed Falkland Islands.  Go to article »

Wasabi the Pekingese wins Best in Show at the Westminster Dog Show.  A champion dog with a champion name. (Also, do yourself a favor and bask in photos from the event. It’s called self care.)

I got swallowed by a whale. Ask me anything.

One honeybee cloned itself hundreds of millions of times

PHOTOS OF THE DAY

Two people stand beside St Michael’s Tower as they watch the sunrise from the top of Glastonbury Tor in Somerset
CREDIT: TOBY MELVILLE/REUTERS

Alexander Schulz sets a new world record by completing the acrobatic slackline stunt between the cliffs of West Skye and the famous MacLeods Maidens, Isle of Skye
CREDIT: ONE INCH DREAMS / CATERS NEWS

An Amur Falcon hides in a field of Pogostemon deccanensis flowers in Lonavala, India
CREDIT: @COUNTING_FEATHERS / CATERS NEWS
Market Closes for June 14^th, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
     On this day in 2000, the SEC, the FBI, and the U.S. Attorney for the Southern District of New York cracked down on more than 100 alleged mobsters and their cronies, claiming that the mafia—in cahoots with brokers, investment bankers, a money manager, and a retired New York City cop—manipulated the prices of 19 stocks, defrauding thousands of investors out of an estimated $50 million
Canada
By Michael Bellusci
(Bloomberg) — Canadian stocks advanced Monday driven by a rally in information technology stocks. The S&P/TSX Composite Index rose 0.1% with mixed performance. Kinaxis (KSX CN +7.3%), Lightspeed (LSPD CN +5.2%), and Shopify (SHOP CN +4.5%) all rose. A key permit for Enbridge Inc.’s Line 3 oil pipeline was upheld by the Minnesota Court of Appeals, removing a potential delay for the controversial project.
Commodities
* Western Canadian Select crude oil traded at a $14.00 discount to West Texas Intermediate
* Spot gold fell 0.6% to $1,865.69 an ounce
FX/Bonds
* The Canadian dollar rose 0.1% to C$1.2146 per U.S. dollar
* The 10-year Canada government bond yield rose 2.2 basis points to 1.391%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite advanced slightly to 20,157.65 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 4.5 percent. Kinaxis Inc. had the largest increase, rising 7.3 percent. Today, 89 of 229 shares rose, while 137 fell; 5 of 11 sectors were higher, led by information technology stocks.
Insights
* This quarter, the index rose 7.8 percent
* The index advanced 32 percent in the past 52 weeks. The MSCI AC Americas Index gained 42 percent in the same period
* The S&P/TSX Composite is 0 percent below its 52-week high on June 14, 2021 and 35 percent above its low on June 15, 2020
* The S&P/TSX Composite is up 0.6 percent in the past 5 days and rose 4.1 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23.2 on a trailing basis and 17 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.6 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.16t
* 30-day price volatility fell to 8.51 percent compared with 8.58 percent in the previous session and the average of 9.40 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 63.7581| 3.3| 9/2
* Energy | 4.8003| 0.2| 8/15
* Utilities | 4.7038| 0.5| 12/4
* Industrials | 4.5453| 0.2| 12/17
* Consumer Staples | 0.0546| 0.0| 8/5
* Real Estate | -2.4973| -0.4| 7/18
* Communication Services | -4.8903| -0.5| 4/4
* Health Care | -6.1626| -2.1| 1/9
* Consumer Discretionary | -7.1585| -0.9| 4/9
* Financials | -15.8538| -0.3| 6/20
* Materials | -21.9878| -0.9| 18/34
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 53.0700| 4.5| 15.2| 10.3
* Enbridge | 16.3800| 2.4| 94.7| 21.4
* Constellation | | | |
* Software | 4.0840| 1.7| 3.1| 9.5
* Magna International | -4.2940| -1.9| -23.4| 30.1
* Nutrien | -5.9540| -1.9| 51.1| 26.4
* Cameco | -7.2210| -10.0| 176.8| 37.3
================================================================
| | Index | Volume VS |YTD Change
Biggest Gainers | % Change |Points Move|20D AVG (%)| (%)
================================================================
* Kinaxis | 7.3| 1.9540| 135.4| -15.7
* Cascades | 6.4| 0.4960| 161.4| 0.1
* Lightspeed POS | 5.2| 2.7950| 3.7| 2.7
================================================================
| |Index Points | Volume VS |YTD Change
Biggest Losers| % Change | Move |20D AVG (%)| (%)
================================================================
* Cameco | -10.0| -7.2210| 176.8| 37.3
* NexGen Energy | -9.1| -1.3270| 286.8| 53.3
* Lithium | | | |
* Americas | -8.0| -0.7530| 77.2| 4.7

US
By Vildana Hajric and Claire Ballentine
(Bloomberg) — U.S. stocks turned higher in the last hour of trading to close at another record, while the rally in bond as investors prepared for a key  Federal Reserve meeting later in the week. Oil touched the highest in more than two years. The information technology and communication services sectors pushed the S&P 500 to an all-time high even as three Financials dropped as JPMorgan Chase Chief Executive Officer Jamie Dimon  Suggested Wall Street’s pandemic-era trading boom could be drawing to a close. The Treasury 10-year yield rose to 1.50% after hitting three-month lows on Thursday amid the biggest weekly slide since December. Investors are on the lookout for signals from the Fed about a timetable for scaling back emergency monetary stimulus. Expectations are that the central bank will reaffirm the pace of bond purchases this week, even if it delivers projections for interest-rate liftoff in 2023, according to economists surveyed by Bloomberg. The decision is due Wednesday. “We’re in a tug-of-war between the understanding that we’re having great economic growth and great earnings growth juxtaposed with the fact that we need to get our head wrapped around what inflation looks like and what it will mean both to profit margins and to the Fed,” said Art Hogan, chief strategist at National Securities.
With anxiety about an imminent taper fading, bond yields have fallen to the bottom of recent trading ranges, providing a green light for risk-on sentiment that may last until at least August, according to Mizuho International Plc strategists. “The overarching theme should be of an environment for investors to put cash to work,” Mizuho’s head of multi-asset strategy Peter Chatwell and colleagues wrote in a note to clients. “With this backdrop most asset classes should be able to at least hold ground, if not rally. We doubt any major change in Fed rhetoric will materialize before” the Jackson Hole symposium in August. Oil was little changed after three weekly gains on optimism that economic reopenings will boost summer demand in the U.S. and Europe. Hedge funds boosted net-bullish positions to a nearly three-year high, according to the latest Commodity Futures Trading Commission data. French and German government bond peers also reversed course with yields turning higher.
European equities closed mostly higher. Bitcoin continued to whipsaw investors, climbing above $40,000 after Paul Tudor Jones reiterated his support, only to erase most of its gains later.  It had rose over the weekend after Elon Musk said Tesla would resume transactions with the cryptocurrency when mining it is done with more clean energy. Barry Silbert said later that the majority of cryptocurrencies are overpriced. Not just the majority, but 99% of them. Silbert is the founder and chief executive officer of Digital Currency Group, the crypto powerhouse behind the Grayscale Bitcoin Trust among other things. The dollar was steady in the wake of a Group-of-Seven leadership meeting that emphasized unity.

Here are some key events to watch this week:
* An EU-U.S. summit takes place in Brussels on Tuesday
* Data on U.S. industrial production, producer prices and retail sales come Tuesday
* The Federal Open Market Committee rate decision comes on Wednesday, with a news conference from Jerome Powell after
* U.S. President Joe Biden and Russia’s Vladimir Putin meet Wednesday in Geneva
* U.S. Treasury Secretary Janet Yellen testifies before a House panel Thursday on the federal budget
* Rate decisions come from Switzerland and Norway on Thursday
* The Bank of Japan’s monetary policy decision is on Friday

These are some of the main moves in markets:
Stocks
* The S&P 500 rose 0.2% to a record high as of 4:03 p.m. New York time
* The Nasdaq 100 rose 0.9% to a record high
* The Dow Jones Industrial Average fell 0.2% to the lowest since May 26
* The MSCI World index rose 0.2% to a record high
Currencies
* The Bloomberg Dollar Spot Index rose 0.1% to the highest since June 3
* The euro was little changed at $1.2121
* The British pound was unchanged at $1.4107
* The Japanese yen slipped 0.4%, more than any closing loss since June 3
Bonds
* The yield on 10-year Treasuries advanced four basis points, more than any closing gain since May 12
* Germany’s 10-year yield advanced two basis points, more than any closing gain since May 27
* Britain’s 10-year yield advanced three basis points, more than any closing gain since June 3
Commodities
* West Texas Intermediate crude rose 0.2% to $71.08 a barrel
* Gold futures fell 0.6% to $1,867.60 an ounce
–With assistance from Cormac Mullen.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

You can’t go back and change the beginning, but you can start where you are and change the ending. –C.S. Lewis, 1898-1963.

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