June 8th, 2023, Newsletter

Dear Friends,

Tangents:

Carolann is away from the office today to the Bloomberg Investment Conference in NYC for the rest of the week, I will be writing the newsletter on her behalf.

On June 8, 1867, Frank Lloyd Wright, the famed American architect, was born. Following his death on April 9, 1959, his obituary appeared in The Times. Go to article   

Hawaii’s Kilauea volcano began erupting on Wednesday morning with a burst of lava spewing from within Halema’uma’u crater at Hawai’i Volcanoes National Park. Officials raised the warning level for the volcano, but are also highlighting a number of safe locations for the thousands who are expected to flock to the area to take in the magnificent view. Kilauea volcano shot up fountain bursts about 200 feet high during the early phase of the eruption Wednesday, with the largest lava fountain consistently coming in at about 50 feet high, according to the US Geological Survey. There is no indication that populated areas are threatened, authorities said.

This country has the best wines in the world for 2023. Fellow connoisseurs, this country received the most acclaim at the Decanter World Wine Awards — the world’s biggest and most established wine competition.

Blind singer receives golden buzzer on ‘America’s Got Talent’. Simon Cowell hit the golden buzzer for a very special contestant on “America’s Got Talent.” Watch her passionate audition here.

World’s largest captive croc turns 120, giving scientists ‘serious knowledge on longevity’  Cassius, the world’s largest crocodile living in captivity, just turned 120 years old. Or at least that’s his estimated age, scientists say. Read More
PHOTOS OF THE DAY

Ellie Davies, Chalk Streams
Crystal clear chalk streams intertwine and weave throughout the counties of Dorset and Hampshire in southern England. There are just over 200 chalk streams globally, 85% of which are found in southern England. They are a unique ecosystem supporting a high biodiversity of wild creatures. Light reflected from the surface of the nearby sea is overlaid on to these river landscapes, creating a sparkling ingress. The transposed light symbolises rising sea levels as they insidiously impose themselves on these pristine landscapes
Photograph: Ellie Davies

The mother load
‘A lamb climbing on its mother’s back in Marken, Netherlands.’
Photograph: Harvey Wasserman

James Kirkham, Bellingshausen Sea
Three seals rest on one of the only remaining floes of sea ice in the Bellingshausen Sea, Antarctica, surrounded by a chaotic melange of smaller ice blocks. A capsized iceberg, scarred in rivulets by underside melting, dwarfs the seals. The shape of the iceberg provides enough shelter for smaller pancakes of new sea ice to form inside its own melt pond
Photograph: James Kirkham
Market Closes for June 8^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1916, Francis Harry Compton Crick was born in Northampton, England. In 1953,  Compton together with James Watson discovered the double-helix molecular structure of DNA, the building block of life-and the biotechnology industry.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the second day, dropping 0.2%, or 40.99 to 19,942.70 in Toronto.
Canadian Pacific Kansas City Ltd. contributed the most to the index decline, decreasing 1.8%. Canopy Growth Corp. had the largest drop, falling 6.1%.
Today, 132 of 232 shares fell, while 88 rose; 8 of 11 sectors were lower, led by industrials stocks.
Insights
* This quarter, the index fell 0.8%
* So far this week, the index fell 0.4%
* The index declined 4.1% in the past 52 weeks. The MSCI AC Americas Index gained 3.4% in the same period
* The S&P/TSX Composite is 4.7% below its 52-week high on June 8, 2022 and 11.6% above its low on Oct. 13, 2022
* The S&P/TSX Composite is up 1.4% in the past 5 days and fell 3.1% 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 13.6 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$3.18t
* 30-day price volatility fell to 12.31% compared with 12.57% in the previous session and the average of 10.55% over the past month
================================================================
| Index Points | |Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | -25.2221| -0.9| 9/17
Information Technology | -10.9694| -0.7| 3/9
Communication Services | -6.1715| -0.7| 1/4
Energy | -6.0662| -0.2| 7/28
Consumer Staples | -5.7484| -0.7| 5/6
Financials | -2.6075| 0.0| 7/22
Real Estate | -1.8957| -0.4| 3/17
Health Care | -0.7885| -1.2| 0/4
Consumer Discretionary | 1.3071| 0.2| 6/9
Utilities | 2.1456| 0.2| 8/7
Materials | 15.0207| 0.6| 39/9
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Pacific Kansas | -12.0200| -1.8| -3.9| 3.1
Couche-Tard | -5.2260| -1.5| 17.8| 9.5
Fairfax Financial | -4.8250| -3.0| 88.9| 23.5
Restaurant Brands | 3.8670| 1.9| -16.5| 13.5
Enbridge | 4.9220| 0.7| -26.0| -3.6
TD Bank | 14.0400| 1.4| 41.5| -9.9

Related News headlines:

* S&P 500 Enters Bull Market as Tech Rally Resumes: Markets Wrap
* Canadian Stocks Fall, Led by Information Technology
* Marijuana Banking Bill Odds Unlikely Bud Despite Senate Hearing
* Methanex Down 5.5%, Most in Seven Months; Trading Volume Doubles
US
By Carly Wanna and Isabelle Lee
(Bloomberg) — A rally in technology stocks resumed Thursday, pushing the S&P 500’s gains since an October low past 20%, the marker of a bull market.
A jump in jobless claims to the highest since October 2021 delivered a boost to the tech sector, which had been flagging under speculation the Federal Reserve will keep interest rates higher for longer. The jump in claims shows the labor market, while largely resilient, is starting to show signs of cooling.
“It’s still at pretty low levels in terms of initial claims. But maybe the fact that it’s perked up on a week-over-week basis gives the Fed a little bit more fodder to pause next week,” said Emily Roland, co-chief investment strategist of John Hancock Investment Management, in an interview at Bloomberg’s New York office.
The S&P 500 added 0.6% and the tech-heavy Nasdaq 100 rose 1.3% as chipmakers including Nvidia Corp. and Advanced Micro Devices Inc. were among the biggest gainers amid the frenzy in stocks linked to artificial intelligence. Adobe Inc. also gained 5% on plans for a new AI subscription with copyright services.
Investors are reassessing the trajectory of Fed policy after central banks in Australia and Canada this week unexpectedly raised rates. Traders had fully priced in another hike by July on Wednesday. However, Evercore ISI’s Krishna Guha said market moves based on those central bank actions should fade.
“The Fed is the price-setter here, the others are the price-takers, and we should not confuse the two,” Guha said. “They are raising rates in part because they think the Fed will hike once more and if they fail to match this they risk FX depreciation.”
In Europe, the Stoxx 600 ended little changed with SBB, the company at the center of Sweden’s property crisis, down 12%. The group, also known as Samhallsbyggnadsbolaget i Norden AB, was sent even further into junk territory by S&P Global Ratings, a move that will worsen the already severe funding crunch.
In currencies, the yen strengthened after Japan’s economy grew faster than expected in the first quarter. The Turkish lira stabilized against the dollar after state lenders began supporting the currency again. And in commodities, oil traded in New York shed 2.1% to $71 a barrel.
Key events this week:
* China PPI, CPI, Friday
Stocks
* The S&P 500 rose 0.6% as of 4:02 p.m. New York time
* The Nasdaq 100 rose 1.3%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.6%
* The euro rose 0.8% to $1.0781
* The British pound rose 1% to $1.2559
* The Japanese yen rose 0.9% to 138.89 per dollar
Cryptocurrencies
* Bitcoin rose 0.6% to $26,527.62
* Ether rose 0.3% to $1,847.31
Bonds
* The yield on 10-year Treasuries declined eight basis points to 3.71%
* Germany’s 10-year yield declined five basis points to 2.40%
* Britain’s 10-year yield declined two basis points to 4.23%
Commodities
* West Texas Intermediate crude fell 2.1% to $71 a barrel
* Gold futures rose 1.1% to $1,979.90 an ounce
This story was produced with the assistance of Bloomberg
Automation.

–With assistance from David Watkins, Namitha Jagadeesh and Lynn
Thomasson.

Have a lovely evening.

Be magnificent!
As ever,

Isabel

To speak ill of others is a dishonest way of praising ourselves. – William James Durant “Will”, 1885-1981

Assistant to Carolann Steinhoff, Registered Representative

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