June 9, 2023 Newsletter

Dear Friends,

Tangents:

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

On this day, 68 A.D. Roman Emperor Nero commits suicide, imploring his secretary Epaphroditus to slit his throat to evade a Senate-imposed death by flogging. Go to article  

12-year-old springs into action to save baby deer. This young boy had no fear when the time came to rescue a baby deer that fell into a pool. Watch the video.

Largest ruby ever auctioned sells for over $34 million. An exquisite 55-carat ruby has become the largest and most valuable gem of its kind ever to sell at auction.

Canadian wildfire smoke detected thousands of miles away in Norway. Wildfire smoke from Canada has hit Norway, which is more than 3,000 miles from the North American country. Go to article 

PHOTOS OF THE DAY

Stockholm, Sweden
The world’s first AI sculpture, the Impossible Statue, is displayed at the Tekniska Museum. It is inspired by the works of five masters, including Michelangelo, Rodin and Takamura
Photograph: Jonathan Nackstrand/AFP/Getty Images

A gull eats a pearl mullet on Lake Van in Van, Turkey. Pearl mullet in Lake Van migrate to fresh waters by swimming against the flow of water to breed between 15 April and 15 July every year
Photograph: Anadolu Agency/Getty Images

Rouen, France
An aerial view shows the Cuauhtémoc ship passing under the Flaubert Bridge as it sails down the Seine with an armada of old vessels and tall ships
Photograph: Lou Benoist/AFP/Getty Images
Market Closes for June 9^th, 2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈On this day in 1943, federal-income tax withholding was implemented for the first time. Originally proposed by a Macy’s executive, withholding was called “pay as you go” and was coupled with an amnesty for the previous year’s taxes
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell for the third day, dropping 0.3%, or 50.64 to 19,892.06 in Toronto. The index dropped to the lowest closing level since June 1.
Canadian Pacific Kansas City Ltd. contributed the most to the index decline, decreasing 1.9%. Saputo Inc. had the largest drop, falling 11.2%.
Today, 160 of 232 shares fell, while 69 rose; 9 of 11 sectors were lower, led by industrials stocks.
Insights
* This quarter, the index fell 1%
* So far this week, the index fell 0.7%
* The index declined 3.3% in the past 52 weeks. The MSCI AC Americas Index gained 6% in the same period
* The S&P/TSX Composite is 4.6% below its 52-week high on Feb. 2, 2023 and 11.3% above its low on Oct. 13, 2022
* 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$3.17t
* 30-day price volatility fell to 12.15% compared with 12.31% in the previous session and the average of 10.67% over the past month
================================================================
| Index Points | Sector Name | Move | % Change | Adv/Dec
================================================================
Industrials | -28.6789| -1.0| 5/22
Materials | -20.6992| -0.9| 10/40
Consumer Staples | -10.7516| -1.3| 2/9
Energy | -10.1992| -0.3| 15/25
Real Estate | -3.0625| -0.6| 3/16
Communication Services | -2.1468| -0.3| 2/3
Utilities | -1.4437| -0.2| 3/12
Health Care | -0.4943| -0.7| 1/5
Financials | -0.0926| 0.0| 15/14
Consumer Discretionary | 1.0666| 0.1| 5/10
Information Technology | 25.8549| 1.7| 8/4
================================================================
| | |Volume VS| YTD |Index Points | | 20D AVG | Change Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Pacific Kansas | -12.9800| -1.9| -27.1| 1.1
Saputo | -6.5820| -11.2| 429.8| -7.7
Enbridge | -5.7660| -0.8| -52.1| -4.3
Canadian Natural | | | |
Resources | 2.3070| 0.4| 177.2| 0.1
RBC | 5.6780| 0.5| -63.6| -2.7
Shopify | 22.5100| 3.4| -6.4| 74.2
US
By Carly Wanna and Isabelle Lee
(Bloomberg) — The S&P 500 inched further into bull-market territory on Friday as technology shares continued to climb amid bets the Federal Reserve is nearing the end of its hiking cycle.
The benchmark index added 0.1%, as tech and megacap shares drove another session of gains, with Tesla Inc. up 4.1% after General Motors Co. announced it’s joining the company’s charging network. Netflix Inc. rose 2.6% on a report it added US subscribers after cracking down on password sharing. And Adobe Inc. gained another 3.4% amid the frenzy in stocks linked to artificial intelligence.
The S&P 500 has now surpassed a 20% gain from an October low, a common marker of a bull market, following a rise in tech stocks. However, analysts have warned the rally could stall ahead of next week’s interest-rate decisions from the Fed and the European Central Bank. Unexpected hikes from two central banks this week have raised speculation that policymakers may have to keep rates higher for longer.
Meanwhile, US data pointing to a cooling labor market has supported the consensus view that the Fed is likely to pause.   “We’ve become a little uncomfortable with the tech trade,” Stuart Kaiser, head of US equity trading strategy at Citigroup, told Bloomberg TV. “There’s a scarcity of growth in the market, and the market is willing to pay a premium for that scarcity of growth.” But the debate for investors is what can get the market rally to turn “into something that is maybe a little more durable and sustainable to the upside.”
Solita Marcelli, chief investment officer Americas at UBS Global Wealth Management, also cautioned against assuming the recent upswing in equities can gain momentum. “While many investors believe that passing this milestone puts markets in bull territory, it remains possible that we are seeing a bear market rally— a period of strong gains that occurs in the middle of a bear market,” she said. “Until markets reach a new all-time high, it’s impossible to know whether the bear market trough —the ultimate low of the market cycle — is behind us.”
Elsewhere, Treasury yields rose after disappointing employment data from Canada. The country’s economy ended its eight-month run of employment gains with minor job losses in May, signaling weakness in the labor market.
Currently, swaps traders are pricing in roughly a one-third chance of a Fed hike next week, and almost 90% odds of one in July after an unexpected rate hike by the central banks of
Canada and Australia this week.
In Europe, stocks edged lower after a downbeat outlook from Croda International Plc weighed on chemical shares.
Japan’s Nikkei 225 capped a ninth week of gains, up 2.4%, for its longest streak in more than five years.
And in currencies, the Turkish lira extended its decline to an all-time low against the dollar, taking its weekly drop to 10%. President Recep Tayyip Erdogan completed key appointments of the economy team, which is expected to turn to more conventional policies. 

Stocks
* The S&P 500 rose 0.1% as of 4:02 p.m. New York time
* The Nasdaq 100 rose 0.3%
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World index rose 0.5%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro fell 0.3% to $1.0746
* The British pound rose 0.2% to $1.2581
* The Japanese yen fell 0.4% to 139.42 per dollar
Cryptocurrencies
* Bitcoin fell 0.8% to $26,421.5
* Ether fell 1.2% to $1,830.94
Bonds
* The yield on 10-year Treasuries advanced two basis points to 3.74%
* Germany’s 10-year yield declined three basis points to 2.38%
* Britain’s 10-year yield was little changed at 4.24%
Commodities
* West Texas Intermediate crude fell 1.4% to $70.32 a barrel
* Gold futures fell 0.2% to $1,975.20 an ounce

–With assistance from Namitha Jagadeesh, David Watkins, Rob Verdonck, Richard Henderson, Michael Msika and Lynn Thomasson.

Have a lovely evening.

Be magnificent!
As ever,

Isabel

Amile is a curve that sets everything straight. – Phyllis Diller, 1917-2012

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
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www.carolannsteinhoff.com