June 5, 2023 Newsletter

Dear Friends,

Tangents: Happy Monday.

June 5, 1933: The United States went off the gold standard.  Go to article >
June 5, 1968: US Senator Robert F. Kennedy is assassinated in Los Angeles, California, after winning the California Democratic primary election

Hundreds of ancient, invisible structures discovered near our galaxy’s center
Radio astronomers have discovered hundreds of long, thin structures emanating from our galaxy’s supermassive black hole. Read More

Stephen Hawking’s most famous prediction could mean that everything in the universe is doomed to evaporate, new study says
A new theory has radically revised Stephen Hawking’s 1974 theory of black holes to predict that all objects with mass may eventually disappear. Read More

Elon Musk’s Neuralink ‘brain chips’ cleared for 1st in-human trials
Brain implants developed by Elon Musk’s company Neuralink have been approved for human testing. The safety of the devices previously came under scrutiny following reports of “botched surgeries” in animal test subjects. Read More

Climber found a man frozen on top of Mt. Everest. See what he did next.  Watch this short video of the miraculous rescue.

Trove of looted artifacts returned to Italy from disgraced British dealer.  About 750 archaeological treasures have been returned to Italy after a decades long fight for their return.
PHOTOS OF THE DAY

Los Angeles, California
A person runs in front of the rising full moon, known as a strawberry moon.  Photograph: Ringo Chiu/Zuma Press/Shutterstock

Sydney, Australia
A sculpture titled Plastic pile of sh!t, 2023 presented by Better Packaging Co on display at Bondi Beach. The four-metre-high sculpture is made out of recycled plastic and resembles human faeces. The sculpture is designed to draw attention to the amount of plastic that’s dumped in the world’s oceans every 30 seconds.  Photograph: Lisa Maree Williams/Getty Images

Bogotá, Colombia
A diverse group of bike collective members join forces to create a monumental bike using their own bicycles. Bogotá is a city of about 8 million people, with cycle paths covering more than 360km (220 miles) of it. Almost 84,000 people use Bogotá’s cycle network every day, cutting their costs and reducing pollution.  Photograph: Juancho Torres/Anadolu Agency/Getty Images.
Market Closes for June 5^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1883: John Maynard Keynes was born in Cambridge, England. Between World War I and World War II, Keynes devised the theories that lead to massive government intervention in economies around the world. His criticisms of free markets, however, didn’t prevent him from making a small fortune on the stock market.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.5% at 19,931.62 in Toronto.
The move follows the previous session’s increase of 1.8%.
Toronto-Dominion Bank contributed the most to the index decline, decreasing 1.6%.
Canopy Growth Corp. had the largest drop, falling 7.9%.
Today, 156 of 232 shares fell, while 73 rose; 10 of 11 sectors were lower, led by financials stocks.
Insights
* This quarter, the index fell 0.8%
* The index declined 4.1% in the past 52 weeks. The MSCI AC Americas Index gained 3.1% in the same period
* The S&P/TSX Composite is 4.8% below its 52-week high on June 6, 2022 and 11.5% above its low on Oct. 13, 2022
* The S&P/TSX Composite is little changed in the past 5 days and fell 3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 13.1 on a trailing basis and 13.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.19t
* 30-day price volatility rose to 12.79% compared with 12.75% in the previous session and the average of 10.22% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -61.2886| -1.0| 5/24
Industrials | -13.8743| -0.5| 10/17
Energy | -13.1050| -0.4| 10/29
Materials | -5.2832| -0.2| 27/22
Consumer Staples | -4.2758| -0.5| 3/8
Real Estate | -3.3032| -0.7| 3/17
Utilities | -3.1087| -0.3| 2/14
Communication Services | -2.4931| -0.3| 0/5
Consumer Discretionary | -1.6955| -0.2| 7/8
Health Care | -1.0439| -1.5| 2/4
Information Technology | 16.4475| 1.1| 4/8
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | -16.3200| -1.6| -5.6| -11.5
RBC | -10.9700| -0.9| -33.9| -3.4
Teck Resources | -8.0690| -4.4| 48.3| 9.8
Nutrien | 2.9630| 1.1| 55.8| -24.7
Cameco | 3.4560| 2.9| 56.1| 35.3
Shopify | 19.1800| 3.0| -8.6| 71.4
US
By Isabelle Lee, Vildana Hajric and Carly Wanna
(Bloomberg) — US equities edged lower Monday after both technology and energy stocks erased earlier gains in subdued trading volume.
Tech shares led the S&P 500 lower with Apple Inc. erasing gains of as much as 2% in anticipation of a new mixed-reality headset.
Oil majors Chevron Corp. and Exxon Mobil Corp. also slipped after rallying earlier on higher oil prices following a Saudi Arabia supply cut.
Meanwhile, Treasuries drifted after a report the US services sector nearly stagnated in May.
The Institute for Supply Management’s overall gauge of services unexpectedly fell to the lowest level of the year, offering a less upbeat assessment of the US economy.
A rally in Big Tech and optimism of a pause in interest rate hikes has driven major gains in the S&P 500.
However, risks still loom with traders increasingly speculating the Federal Reserve will hold rates steady in June, but keep its options open for hikes later on.
“The weakness in the ISM surveys stands in contrast to the recent improvement in the S&P Global PMIs — which are currently consistent with positive GDP growth of about 2% annualized — and
is clearly painting a dramatically different picture to May’s employment report,” said Andrew Hunter, deputy chief US economist at Capital Economics.
Taken with regional Fed activity surveys and other hard data, it could mean GDP growth will be barely above zero in the second quarter, Hunter said.
Saira Malik, chief investment officer at Nuveen, said she foresees a mild recession sometime in 2024 as the “growth-dampening effects of tight monetary policy work their way through the economy.”  “With high inflation likely to persist, we think investors would be well-served by allocating to real assets that can provide meaningful inflation protection,” she said, pointing to farmland.
In other news, Bitcoin fell after Binance Holdings Ltd. and its chief executive officer were accused of breaking US securities rules.
Safran SA is in talks to acquire an arm of Raytheon Technologies Corp. in a transaction that could value the business at about $1 billion.
And US regulators revoked emergency authorization for Johnson & Johnson’s Covid-19 vaccine after the company’s Janssen unit requested its withdrawal.
Elsewhere, equities in Europe slid and indexes in Asia were mostly higher.
The Nikkei 225 rose 2.2% to the highest since 1990 as investors bet a weak yen will boost corporate profits.
The dollar erased gains against peers.
And gold gained.
Key events this week:
* Rate decisions in Australia, Poland, Tuesday
* China forex reserves, trade, Wednesday
* US trade, consumer credit, Wednesday
* Canada rate decision, Wednesday
* EIA crude oil inventory data, Wednesday
* Eurozone GDP, Thursday
* Rate decisions in India, Peru, Thursday
* Japan GDP, Thursday
* US wholesale inventories, initial jobless claims, Thursday
* China PPI, CPI, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.2% as of 4:01 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index rose 1.6%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.0713
* The British pound fell 0.2% to $1.2433
* The Japanese yen rose 0.3% to 139.57 per dollar
Cryptocurrencies
* Bitcoin fell 5.9% to $25,647
* Ether fell 5.1% to $1,806.91
Bonds
* The yield on 10-year Treasuries was little changed at 3.69%
* Germany’s 10-year yield advanced seven basis points to 2.38%
* Britain’s 10-year yield advanced five basis points to 4.21%
Commodities
* West Texas Intermediate crude rose 0.1% to $71.83 a barrel
* Gold futures rose 0.4% to $1,977.60 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from David Watkins, Hooyeon Kim, Tassia Sipahutar, Anchalee Worrachate and Lynn Thomasson.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
You can’t always get what you want but if you try sometimes
you just might find you get what you need. –Mick Jagger, b. 1943.

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