May 21st, 2024, Newsletter

Dear Friends,

Tangents:
Carolann is away from the office; I will be writing the newsletter on her behalf.

May 21^st: International Tea Day!
May 21, 1846: 1st steamship arrives in Hawaii. Read more.

AI computers could run in extreme environments like Venus thanks to heat-proof memory device
Ultra-heat resistant computer storage can operate at Venus-like temperatures and may be used in extreme conditions such as nuclear plants and even for future NASA missions.

Earth from space: Rare phenomenon transforms African thunderstorm into giant ethereal ‘jellyfish’
In 2018, a weather satellite captured a massive thunderstorm cloud in the shape of a jellyfish. The bizarre cloud was the result of a meteorological phenomenon gone wrong.

6,800-year-old burial of Neolithic ‘mayor’ unearthed in Bavaria
The wealth of grave goods suggests the person buried there was a leader of high status — possibly a Stone Age chieftain.

Scientists grow diamonds from scratch in 15 minutes thanks to groundbreaking new process
Scientists have used a new technique to synthesize diamonds at normal, atmospheric pressure and without a starter gem, which could make the precious gemstones easier to grow in the lab.

PHOTOS OF THE DAY

Desert Bloom | Goblin Valley state park, Utah
Photographer Marcin Zajac: ‘Wildflowers blooming in front of a group of hoodoos (a type of desert rock formation) called the Three Sisters in Goblin Valley state park in Utah. The park, located in a remote corner of the Colorado Plateau and away from major urban centres, yields one of the darkest skies in the country’
Photograph: Marcin Zajac/2024 Milky Way photographer of the year

Porto Alegre, Brazil
An aircraft is reflected in floodwater at Salgado Filho international airport
Photograph: Anselmo Cunha/AFP/Getty Images

Lucerne, Switzerland
Men’s single sculls, during the last qualifying regattas for the Paris Olympics and Paralympics 2024, before the World Rowing Cup
Photograph: Pierre Albouy/Reuters
Market Closes for May 21^st, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1720, the London Daily Post published a prospectus selling stock in “a design of more general advantage…and of more certain profit…than any undertaking yet set on foot.” We can safely assume the profit went to the promoters of this proposal, the earliest known example of a blind pool.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 22,468.16 in Toronto.
Suncor Energy Inc. contributed the most to the index gain, increasing 2.7%.
Canada Goose Holdings Inc. had the largest increase, rising 5.8%.
Today, 106 of 223 shares rose, while 115 fell; 4 of 11 sectors were higher, led by energy stocks.
Insights
* This month, the index rose 3.5%
* The index advanced 10% in the past 52 weeks. The MSCI AC Americas Index gained 26% in the same period
* The S&P/TSX Composite is at its 52-week high and 20.2% above its low on Oct. 27, 2023
* The S&P/TSX Composite is up 0.9% in the past 5 days and rose 3% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 18.7 on a trailing basis and 15.7 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.57t
* 30-day price volatility fell to 9.18% compared with 9.27% in the previous session and the average of 8.96% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Energy | 29.7676| 0.7| 24/17
Materials | 28.2116| 1.0| 34/15
Consumer Staples | 0.4731| 0.1| 5/6
Utilities | 0.3848| 0.0| 9/6
Health Care | -1.0167| -1.6| 0/4
Real Estate | -1.5875| -0.3| 4/15
Consumer Discretionary | -4.9272| -0.6| 3/10
Communication Services | -7.9069| -1.1| 0/5
Information Technology | -10.1853| -0.6| 7/3
Industrials | -11.5433| -0.4| 7/20
Financials | -18.8877| -0.3| 13/14
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Suncor Energy | 13.1800| 2.7| 236.0| 32.0
Nutrien | 9.3750| 3.5| 46.4| 8.9
Wheaton Precious Metals | 4.2150| 1.7| -13.3| 20.7
Canadian Pacific Kansas | -5.2810| -0.7| -2.6| 5.7
RBC | -7.9710| -0.6| 12.8| 7.9
Shopify | -15.0400| -2.2| -34.2| -24.5
US
By Rita Nazareth
(Bloomberg) — Stocks rose to another record ahead of results from Nvidia Corp. — the giant chipmaker at the heart of the artificial-intelligence revolution that has powered the bull market.
The bar is high for the Santa Clara, California-based company — whose shares have soared over 90% this year after more than tripling in 2023.
Investors are waiting to see whether the poster child of AI will be able to match the sky-high expectations surrounding the technology.
Nvidia’s revenue is expected to be buoyed by soaring demand in its data-center business.
“With markets trending upward and emotions in check, Nvidia’s performance will be pivotal in gauging the sustainability of the current market run and the potential for a more inclusive market rally,” said Mark Hackett at Nationwide.
Traders also kept a close eye on a handful of Federal Reserve speakers, with Governor Christopher Waller saying a continued softening in data over the next three to five months would allow the Fed to consider cutting rates at the end of 2024.
The S&P 500 saw its 24th record this year.
Nvidia edged up.
Palo Alto Networks Inc. slid on a downbeat forecast.
Macy’s Inc. rallied after beating profit estimates.
The Cboe Volatility Index – the VIX – closed at its lowest since November 2019.
Treasury 10-year yields dropped three basis points to 4.41%.
Stock investors are bracing for a spike in volatility, and upcoming events such as Nvidia’s earnings report can exacerbate any moves, according to Goldman Sachs Group Inc. strategists.
The bank’s measure of risk appetite hit the highest since 2021 last week, driven by optimism around economic growth and monetary policy, but momentum has slowed, the team led by Andrea Ferrario wrote.
The strategists point to CBOE Volatility Index options data that signal higher demand for hedges against sudden market declines, at a time when the gauge has dropped to historically low levels.

Key events this week:
* US existing home sales, Wednesday
* Fed minutes, Wednesday
* Nvidia earnings, Wednesday
* Eurozone S&P Global services and manufacturing PMIs, consumer confidence, Thursday
* G-7 finance meeting, May 23-25
* US new home sales, initial jobless claims, Thursday
* Fed’s Raphael Bostic speaks, Thursday
* US durable goods, consumer sentiment, Friday
* Fed’s Christopher Waller speaks, Friday

–With assistance from Carly Wanna.

Have a wonderful evening everyone.

Be magnificent!

As ever,

Shabnam
“What we play is life.”– Louis Armstrong “Satchmo”

Shabnam Mohammadpourmarzbali
Assistant to Carolann Steinhoff
Queensbury Securities Inc.

340A – 730 View Street
Victoria BC  V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828