May 26, 2022 Newsletter

Dear Friends,

Tangents:  Happy Friday Eve.
1805: Napoleon Bonaparte is crowned King of Italy.
1805: Lewis & Clark see Rocky Mountains.

John Wayne, actor, b. 1907.
1908:The first major oil strike in the Middle East took place as engineers working for British entrepreneur William Knox D’Arcy hit a gusher in Masjid-i-Suleiman in present-day Iran. Go to article »

New film can pull drinking water from desert air.

Lidar reveals massive ancient settlements beneath the Amazon.

Which dinosaurs lived in your town?

PHOTOS OF THE DAY
Service personnel walk past a couple dancing in Times Square, as part of Fleet Week celebrations, a week-long tribute to sea services
Photograph: Ed Jones/AFP/Getty Images
Le Mont Saint-Michel, France Tightrope walker Nathan Paulin walks on a slackline.
Photograph: Damien Meyer/AFP/Getty Images

A screen grab taken from a video released by conservationists shows a leopard at an unspecified location. The Anatolian leopard was last seen in the country in 1974
Photograph: Anadolu Agency/Getty Images
Market Closes for May 26^th, 2022

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International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1896, the Dow Jones Industrial Average was first published. Its 12 initial members were the great industrial giants of the time: American Cotton Oil, American Sugar, American Tobacco, Chicago Gas, Distilling & Cattle Feeding, General Electric, Laclede Gas, National Lead, North American, Tennessee Coal & Iron, U.S. Leather and U.S. Rubber. The index’s value that day: 40.94.
Canada
By Geoffrey Morgan
(Bloomberg) — Canadian equities climbed for a fifth straight day as risk-on investors bought up cannabis, information technology and consumer discretionary stocks in a broader retail and tech rebound.
The S&P/TSX Composite rose 0.7%, or 148.43 to 20,532.18, in Toronto, for the index’s biggest move since rising 1.4% on May 17.
Toronto-Dominion Bank rose on an earnings beat and contributed the most to the index gain, increasing 1.6%.
Lightspeed Commerce Inc. had the largest percentage increase, rising 10.7%.
Today, 176 of 239 shares rose, while 60 fell; 8 of 11 sectors were higher, led by financial stocks.
Insights
* This month, the index fell 1.1%
* So far this week, the index rose 1.7%, heading for the biggest advance since the week ended March 18
* The index advanced 4% in the past 52 weeks. The MSCI AC Americas Index lost 4.9% in the same period
* The S&P/TSX Composite is 7.6% below its 52-week high on April 5, 2022 and 5.4% above its low on May 12, 2022
* The S&P/TSX Composite is up 2.1% in the past 5 days and fell 0.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.9 on a trailing basis and 12.8 times estimated earnings of  its members for the coming year
* The index’s dividend yield is 2.8% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.26t
* 30-day price volatility rose to 20.63% compared with 20.56% in the previous session and the average of 17.18% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | 55.7888| 0.9| 25/3
Industrials | 40.0182| 1.8| 29/1
Energy | 26.4924| 0.7| 27/7
Information Technology | 25.1660| 2.4| 14/2
Consumer Discretionary | 11.4435| 1.8| 14/0
Consumer Staples | 6.9507| 0.9| 10/1
Health Care | 3.2960| 3.5| 8/0
Real Estate | 2.1497| 0.4| 12/10
Utilities | -0.8631| -0.1| 7/9
Communication Services | -3.2006| -0.3| 3/4
Materials | -18.8187| -0.7| 27/23
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
TD Bank | 18.4400| 1.6| 3.0| -1.8
Shopify | 17.2200| 5.2| -26.0| -74.2
Brookfield Asset Management | 14.2500| 2.4| 1.7| -19.2
Agnico Eagle Mines | -5.2530| -2.4| 5.1| 2.0
CIBC | -8.8630| -2.0| 240.0| -6.9
Nutrien | -12.9200| -2.7| 54.4| 28.9
US
By Abigail Moses
(Bloomberg) — Stocks extended their rebound from the lowest levels in over a year as solid outlooks from retailers bolstered confidence in the economy despite supply-chain snags and inflationary pressures.
A drop in US mortgage rates by the most since April 2020 and Broadcom Inc.’s $61 billion acquisition of VMware Inc. also  fueled risk appetite.
Consumer shares led gains in the S&P 500 as Macy’s Inc. lifted its profit forecast, while deep-discount stores Dollar Tree Inc. and Dollar General Corp. notched their biggest rallies on record amid stronger sales projections.
Southwest Airlines Co. and JetBlue Airways Group Inc. surged on bullish revenue estimates.
Megacaps Apple Inc. and Tesla Inc. helped push the Nasdaq 100 up almost 3%.
The strong views from retailers provided some relief to investors after behemoths Walmart Inc. and Target Corp. cut their outlooks last week, sparking an industry selloff.
US consumers still largely expect the inflationary shock to be temporary, and for price gains to be low and stable in the longer run, according to a report by the Federal Reserve Bank of New York.
“Although this was an expected and highly talked about potential ‘oversold’ rally, the underpinning for today’s market climb higher suggests that last week’s doom and gloom about the all-important US consumer may have been overdone,” said Quincy Krosby, chief equity strategist at LPL Financial.
Here are some key events to watch this week:
* 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 rose 2% as of 4 p.m. New York time
* The Nasdaq 100 rose 2.8%
* The Dow Jones Industrial Average rose 1.6%
* The MSCI World index rose 1.5%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.4% to $1.0724
* The British pound rose 0.2% to $1.2599
* The Japanese yen rose 0.2% to 127.09 per dollar
Bonds
* The yield on 10-year Treasuries was little changed at 2.75%
* Germany’s 10-year yield advanced five basis points to 1.00%
* Britain’s 10-year yield advanced six basis points to 1.97%
Commodities
* West Texas Intermediate crude rose 3.2% to $113.90 a barrel
* Gold futures rose 0.2% to $1,856.20 an ounce
–With assistance from Andreea Papuc, Vildana Hajric and Isabelle Lee.
Have a lovely evening everyone.

Be magnificent!

As ever,

Carolann

My motto was always to keep swinging.  Whether I was in a slump or feeling badly or having trouble off the field, the only thing to do was to keep swinging. –Hank Aaron, 1934-2021.

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