May 24, 2022 Newsletter

Dear Friends,

Tangents: Buddha Day
May 24, 1976: In the Judgement of Paris, wine testers rate wines from California higher than their French counterparts, challenging the notion of France being the foremost producer of the world’s best wines.

1976 Britain and France opened trans-Atlantic Concorde service to Washington.  Go to article »
1844:First US telegraph line opens.
Bob Dylan, musician, b. 1941.
Patti LaBelle, musician, b. 1944

Area accountant realizes living on cruise ships forever is cheaper than living on land. (h/t Ellen Kominers)

Princess Diana’s wedding tiara exhibited for the first time in decades.  Take a moment to bask in the beauty of this priceless tiara, famously worn by Princess Diana during her wedding to Prince Charles in 1981. 

Helicopter spots man stuck on 500-foot cliff.  Now, that was a close call. Check out the footage from the intense rescue.

How to explain Harry Styles to an alien.

‘SNL’ says goodbye to Kate McKinnon and Pete Davidson. 

“Saturday Night Live” closed out its 47th season with a funny, yet emotional episode. Grab a tissue… your eyes may get a little sweaty when you watch their goodbye moments. 
PHOTOS OF THE DAY

Guests wearing baroque-style costumes walk in the Hall of Mirrors at the Château de Versailles palace during the Fetes Galantes fancy dress evening. The theme was the royal wedding of Marie Antoinette and Louis XVI. The annual ball aims to recreate the baroque splendour of the dazzling court feasts held to show off the wealth and power of France’s longest-reigning monarch. For tickets costing more than €500, guests can wander through the private apartments of the chateau
CREDIT: Ludovic Marin/AFP/Getty Images

Film fans attend Dimanche au Cinéma, an open-air event on the Avenue des Champs-Élysées
CREDIT:  Emmanuel Dunand/AFP/Getty Images

Emma Soulsby puts the finishing touches to a floral installation called The Guardsman outside a shop on Pimlico Road, for the Belgravia in Bloom festival
CREDIT: PA

Market Closes for May 24^th, 2022

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1937, the U.S. Supreme Court upheld the constitutionality of Social Security benefits in the landmark case of Helvering v. Davis. The court ruled, “Congress did not improvise a judgment when it found that the award of old-age benefits would be conducive to the general welfare.”
Canada
By Geoffrey Morgan
(Bloomberg) — Canada’s three largest industries — financials, energy and materials — led Canadian equities higher and offset sharp losses among cannabis and tech stocks Tuesday.
The S&P/TSX Composite rose for the third day, climbing 0.4%, or 88.59 to 20,286.20 in Toronto.
Canadian Natural Resources Ltd., the country’s largest oil and gas producer, contributed the most to the index gain, increasing 4%. OceanaGold Corp. had the largest increase, rising 7.6%.
Today, 139 of 239 shares rose, while 96 fell; 6 of 11 sectors were higher, led by energy stocks.
Insights
* This month, the index fell 2.3%
* The index advanced 3.9% in the past 52 weeks. The MSCI AC Americas Index lost 7.6% in the same period
* The S&P/TSX Composite is 8.7% below its 52-week high on April 5, 2022 and 4.1% above its low on May 12, 2022
* The S&P/TSX Composite is up 0.4% in the past 5 days and fell 4.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 16.1 on a trailing basis and 12.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.9% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.23t
* 30-day price volatility rose to 20.45% compared with 20.34% in the previous session and the average of 16.63% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Energy | 65.3898| 1.7| 31/3
* Financials | 57.7153| 0.9| 21/7
* Materials | 37.7004| 1.4| 37/12
* Communication Services | 8.8674| 0.9| 6/1
* Utilities | 6.1212| 0.6| 11/5
* Consumer Staples | 1.1355| 0.1| 6/5
* Real Estate | -0.7095| -0.1| 15/8
* Health Care | -7.1947| -7.4| 0/7
* Consumer Discretionary | -7.3350| -1.1| 2/12
* Industrials | -13.3018| -0.6| 9/21
* Information Technology | -59.7820| -5.4| 1/15
================================================================
| | |Volume VS| YTD
|Index Points| | 20D AVG | Change
Top Contributors | Move |% Change | (%) | (%)
================================================================
* Canadian Natural Resources | 25.1200| 4.0| 6.9| 54.3
* Royal Bank of Canada | 13.3900| 1.1| -29.3| -4.2
* Nutrien | 10.1600| 2.2| -25.6| 33.8
* Constellation Software | -5.3980| -2.0| -25.1| -17.2
* Canadian National | -8.0460| -1.4| 29.3| -9.1
* Shopify | -39.2600| -10.7| 8.4| -76.1
US
By Abigail Moses
(Bloomberg) — Stocks pared losses as a rebound in defensive companies offset a slide in technology shares triggered by a profit warning from Snap Inc.
Gains in sectors such as utilities and consumer staples pushed the S&P 500 off from session lows.
The tech-heavy Nasdaq 100 underperformed.
Snapchat’s owner tumbled over 40%, leading declines in companies that rely on digital advertising.
Homebuilders slumped after a disappointing report on new US home sales.
Separate data showed business activity softened.
Treasuries rallied as investors sought haven assets, while dialing back the expected pace of Federal Reserve hikes.
The two-year yield fell as much as 16 basis points to 2.46%.
Money-market traders priced in about 135 basis points of rate increases over the central bank’s next three policy meetings, down from about 141 basis points at Monday’s close.
“The market is moving its focus — and has been for the last month or so — from inflation concerns to growth concerns,” said Ellen Hazen, chief market strategist at FL Putnam.
Fed Bank of Atlanta President Raphael Bostic, who’s one of the central bank’s dovish policy makers, urged his colleagues to proceed with care.
The Fed raised interest rates by 50 basis points earlier this month and Chair Jerome Powell signaled it was on track to make similar-sized moves at its meetings in June and July, a plan that both hawks and doves have since embraced
to cool the hottest inflation since the 1980s.
Here are some key events to watch this week:
* Reserve Bank of New Zealand rate decision Wednesday
* FOMC minutes Wednesday
* ECB publishes its Financial Stability Review Wednesday
* Bank of Korea rate decision Thursday
* US GDP, initial jobless claims Thursday
* US core PCE price index; personal income and spending; wholesale inventories; University of Michigan consumer sentiment Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.8% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.2%
* The Dow Jones Industrial Average rose 0.2%
* The MSCI World index fell 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.4% to $1.0734
* The British pound fell 0.4% to $1.2536
* The Japanese yen rose 0.8% to 126.88 per dollar
Bonds
* The yield on 10-year Treasuries declined nine basis points to 2.76%
* Germany’s 10-year yield declined five basis points to 0.97%
* Britain’s 10-year yield declined eight basis points to 1.89%
Commodities
* West Texas Intermediate crude fell 0.1% to $110.15 a barrel
* Gold futures rose 0.9% to $1,871.40 an ounce
–With assistance from Andreea Papuc, Robert Brand, Vildana Hajric and Isabelle Lee.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

In the end these things matter most: How well did you love?  How fully did you live? 
How deeply did you let go? -Siddhartha Gautama, c.563-480 BCE-4c.483-400 BCE.

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