June 7, 2021 Newsletter

Dear Friends,

Tangents:
1975- VCR introduced.
1955-“$64000 Question” TV premiere.
1848-Paul Gauguin, painter born.

Rome has long been a pizza city. Now, it’s a pizza vending machine city, too. A new outpost, Mr. Go, makes a steaming pizza from scratch in three minutes, no human contact required.
Dario Cuomo, a screenwriter, recently ventured a taste. “Not bad,” he said, “considering it was made by a robot.”

PHOTOS OF THE DAY

Lewis Miller, aka ‘Botanical Banksy’, from New York, has embellished the Eros statue in Piccadilly, London, as part of a campaign called ‘We Need More Flowers’ 
CREDIT: ANTHONY UPTON/PA

A lady walks along the promenade during a foggy morning in Folkestone, Kent
CREDIT: GARETH FULLER/PA

Hope, the young sperm whale calf, swims directly below her mother in the waters off Dominica in this image from book Secrets of the Whales by Brian Skerry. Though only six months old, she appears to have scars caused by entanglement with fishing nets – a serious hazard for whales.
CREDIT: MEDIADRUMIMAGES/BRAIN SKERRY

Market Closes for June 7^th, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
     On this day in 2000, U.S. District Court Judge Thomas Penfield Jackson finalized his ruling that Microsoft was a monopoly under the Sherman Antitrust Act, ordering that the “untrustworthy” company be split in two and placed under various restrictions. The breakup order was later vacated on appeal. 
Canada
By Michael Bellusci
(Bloomberg) — Canadian equities were relatively flat Monday as traders prep for economic data and corporate conferences. The S&P/TSX Composite Index rose 0.03%, with 7 of 11 sectors gaining. Trillium Therapeutics Inc. and Aurora Cannabis Inc. led health care stocks higher. Meanwhile, consumer discretionary retreated, led by sea doo-maker BRP Inc. which fell 4.3%. Lightspeed POS Inc., a software company catering to the retail and hospitality industries that has emerged as one of Canada’s large tech successes, will spend $925 million on two acquisitions to beef up its e-commerce offerings.
Commodities
* Western Canadian Select crude oil traded at a $13.65 discount to West Texas Intermediate
* Spot gold rose 0.5% to $1,900 an ounce
FX/Bonds
* The Canadian dollar rose 0.2% to C$1.2074 per U.S. dollar
* The 10-year Canada government bond yield rose 1.8 basis points to 1.475%

By Bloomberg Automation:
     (Bloomberg) — The S&P/TSX Composite advanced slightly to 20,035.30 in Toronto. Shopify Inc. contributed the most to the index gain, increasing 1.8 percent. Trillium Therapeutics Inc. had the largest increase, rising 16.4 percent. Today, 112 of 229 shares rose, while 113 fell; 7 of 11 sectors were higher, led by information technology stocks.
Insights
* This quarter, the index rose 7.1 percent
* The index advanced 26 percent in the past 52 weeks. The MSCI AC Americas Index gained 34 percent in the same period
* The S&P/TSX Composite is 0.2 percent below its 52-week high on June 7, 2021 and 34.2 percent above its low on June 15, 2020
* The S&P/TSX Composite is up 1.5 percent in the past 5 days and rose 2.9 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 23 on a trailing basis and 16.9 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$3.14t
* 30-day price volatility fell to 9.44 percent compared with 9.45 percent in the previous session and the average of 9.45 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | 28.0970| 1.5| 6/5
* Energy | 10.4915| 0.4| 11/12
* Health Care | 10.3441| 3.8| 9/1
* Real Estate | 6.4033| 1.0| 24/2
* Communication Services | 5.0726| 0.5| 7/1
* Utilities | 2.4325| 0.3| 13/3
* Consumer Staples | 0.8210| 0.1| 9/3
* Financials | -9.0726| -0.1| 4/23
* Consumer Discretionary | -13.1294| -1.6| 4/9
* Materials | -13.8486| -0.5| 16/33
* Industrials | -21.5075| -0.9| 9/21
================================================================
| | |Volume VS | YTD
| Index | | 20D AVG | Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* Shopify | 20.2000| 1.8| 18.5| 3.2
* Blackberry | 8.2110| 13.6| 88.5| 125.2
* Enbridge | 8.0490| 1.2| -29.6| 17.3
* Canadian Pacific | -4.4600| -1.0| -12.5| 9.8
* Magna International | -8.7590| -3.7| 6.4| 33.9
* Canadian National | -8.7820| -1.3| -16.7| -4.2

US
By Vildana Hajric
(Bloomberg) — Most U.S. equities declined and Treasury yields rose as investors weighed inflation risks and the potential impact of a minimum corporate tax that could enable foreign governments to impose levies on big American companies. The S&P 500 fell, after earlier climbing toward an all-time high, with decliners outnumbering gainers by about 2-to-1.  The Dow Jones Industrial Average also fell, with 20 of its 30 members closing lower. The Nasdaq 100 turned higher as Biogen Inc. surged after its Alzheimer’s drug was approved, lifting other biotech stocks as well. Ten-year U.S. Treasury yields rose from the lowest since late April after Treasury Secretary Janet Yellen said on Sunday a slightly higher interest-rate environment would be a plus.
The pullback in equities comes as recent data, including Friday’s jobs report, seemed to vindicate the Federal Reserve’s dovish stance on monetary policy. Investors are trying to strike a balance between the potential for higher interest rates and not missing out on a rally driven largely by massive government stimulus.  The U.S. consumer-price index report due Thursday will be one of the last major economic indicators released before the Fed’s rate decision later this month. “Though the jobs numbers were a bit of a mixed bag, they suggested solid progress but room for improvement, which could temper action on behalf of the Fed,” said Chris Larkin, managing director of trading and investing product at E*TRADE Financial. “As we hover around record highs, keep in mind that it’s normal for the market to take a bit of a breather as we kick off the week.” Yellen said President Joe Biden should push forward with his spending plans even if they spark inflation that persists into next year.
Meanwhile, the Group of Seven rich nations secured a landmark deal that could help countries collect more taxes from big firms and  enable governments to impose levies on U.S. giants such as Amazon and Facebook. Biogen Inc. rose the most since November after it received approval for its controversial Alzheimer’s disease therapy Competitors including Eli Lilly & Co. and AC Immune SA also rallied, helping push the Nasdaq Biotech Index toward the highest since late April. Tesla Inc. staged a late-day rebound, closing higher after earlier slumping on news that the electric- car maker had called off plans to build a longer-range version of its high-end sedan. The Russell 2000 Index rose for the third straight session on Monday, though it remained more than 1.5% below its June all- time high. European stocks advanced, with carmakers and consumer-products companies outperforming.

Here are key events to watch this week:
* Apple holds its annual Worldwide Developers Conference (WWDC) virtually for a second year, to announce new hardware and software and work with developers. Through June 11.
* European Central Bank decision on Thursday and press conference with President Christine Lagarde.
* Iran nuclear deal talks reconvene in Vienna Thursday.
* U.S. consumer price index on Thursday.
* Group of Seven leaders’ summit starts in Cornwall, England Friday.

These are some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4:03 p.m. New York time
* The Nasdaq 100 rose 0.2%
* The Dow Jones Industrial Average fell 0.4%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.2192
* The British pound rose 0.2% to $1.4181
* The Japanese yen rose 0.2% to 109.26 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.57%
* Germany’s 10-year yield advanced two basis points to -0.20%
* Britain’s 10-year yield advanced two basis points to 0.81%
Commodities
* West Texas Intermediate crude fell 0.6% to $69 a barrel
* Gold futures rose 0.6% to $1,903 an ounce
–With assistance from Cormac Mullen, Andreea Papuc and Srinivasan Sivabalan.
Have a  great night.

Be magnificent!
As ever,

Carolann

When a nation goes down, or a society perishes, one condition may always be found; they forgot where they came from.
They lost sight of what had brought them along. –Carl Sandburg, 1878-1967.

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