November 15, 2024, Newsletter

Dear Friends,

Tangents: Happy Friday.  Full moon tonight!
Look up at the night sky this weekend for a celestial double feature. November’s full moon will shine bright today as the last supermoon of the year. Sky-gazers may also be able to see the Leonid meteor shower as it reaches its peak on Saturday night into early Sunday.

November 15, 1904: King C. Gillette patents the Gillette razor blade, transforming personal grooming with affordable, disposable blades.
November 15, 1988 The Palestine National Council, the legislative body of the PLO, proclaimed the establishment of an independent Palestinian state. Go to article .

1943: Gypsies condemned by Himmler; up to 500,000 killed.
Georgia O’Keefe, artist, b. 1887.

PHOTOS OF THE DAY

A flock of bird’s flies at sunrise over Hongze Lake wetland reserve in Suqian, China
Photograph: Costfoto/NurPhoto/Rex/Shutterstock

San Antonio de Areco, Argentina
A woman rides a horse on Tradition Day, an event that marks the birth of the celebrated Argentinian writer José Hernández and aims to preserve the rural gaucho culture he championed
Photograph: Natacha Pisarenko/AP

​​​​​​​A new species of nudibranch nicknamed the “mystery mollusc” has been discovered by researchers in California, US, in the Pacific’s deep-sea midnight zone. Researchers at the Monterey Bay Aquarium Research Institute found it at 8,576ft deep and spent years documenting the sea slug
Photograph: MBARI
Market Closes for November 15, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 2016, Snap filed paperwork for its initial public offering. The Snapchat owner went on to sell shares with no voting rights, a major test of investor appetite for highflying tech stocks. Eight years later, the company’s market cap is $18 billion, below the nearly $24 billion valuation hit in the IPO.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.6% at 24,890.68 in Toronto.
The move was the biggest since falling 1.4% on Oct. 31 and follows the previous session’s increase of 0.2%.
Canadian Natural Resources Ltd. contributed the most to the index decline, decreasing 2.6%.
Advantage Energy Ltd. had the largest drop, falling 4.9%.
Today, 142 of 220 shares fell, while 75 rose; 9 of 11 sectors were lower, led by financials stocks.
Insights
* This year, the index rose 19%, heading for the best year since 2021
* So far this week, the index rose 0.5%
* The index advanced 24% in the past 52 weeks. The MSCI AC Americas Index gained 30% in the same period
* The S&P/TSX Composite is 1% below its 52-week high on Nov. 14, 2024 and 25% above its low on Nov. 28, 2023
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.3 on a trailing basis and 17.3 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$3.95t
* 30-day price volatility rose to 8.45% compared with 8.38% in the previous session and the average of 7.68% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Financials | -45.4579| -0.6| 8/19
Energy | -40.2110| -0.9| 15/26
Industrials | -27.8667| -0.9| 10/17
Materials | -22.1122| -0.8| 8/39
Information Technology | -12.0817| -0.5| 2/8
Consumer Staples | -9.8657| -1.0| 6/4
Real Estate | -1.6551| -0.3| 8/12
Health Care | -0.7489| -1.0| 1/3
Communication Services | -0.3920| -0.1| 2/3
Consumer Discretionary | 0.3537| 0.0| 7/4
Utilities | 1.0446| 0.1| 8/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian Natural Resources | -18.4800| -2.6| 154.7| 7.4
Canadian Pacific Kansas | -15.7500| -2.3| 47.5| -0.5
Brookfield Corp | -13.2100| -1.6| 46.0| 50.5
Dollarama | 2.1160| 0.7| 43.2| 55.1
Cameco | 2.5610| 1.1| 180.1| 32.1
TC Energy | 2.9070| 0.6| -34.2| 46.4
US
By Stephen Kirkland and Margaryta Kirakosian
(Bloomberg) — Stocks fell on Friday, closing out the worst week in more than two months, as Trump trades lost steam and investors bet the Federal Reserve will have to slow the pace of policy easing.
The S&P 500 ended off session lows, with tech stocks leading declines.
The benchmark has now erased over half of the trough-to-peak gains it notched after the US presidential election.
Traders see slightly more than even odds of a quarter-point cut next month following comments by Jerome Powell this week indicating the Fed was in no hurry to lower rates and a report Friday on October retail sales that included large upside revisions to the prior month.
As the initial euphoria about President-elect Donald Trump’s pro-business agenda begins to fade, investors are coming to terms with the costs of his fiscal plans and their potential to reignite inflation.
“It will come at the expense of potentially larger budget deficits, potentially larger debt and there is also the inflation dimension,” said Charles-Henry Monchau, chief investment officer at Banque Syz & Co.
“There’s been a realization that there is a price to pay for this.”
For the week, the S&P 500 was down 2.1% and the tech-heavy Nasdaq 100 dropped more than 3%, both posting the biggest declines for the period since Sept. 6. On Friday, shares of all “Magnificent Seven” mega caps retreated except Elon Musk’s Tesla Inc., with Amazon.com Inc., Nvidia Corp. and Meta Platforms Inc. sliding more than 3%.
Applied Materials Inc., the largest US maker of chip-manufacturing equipment, suffered its worst stock decline in a month after giving a disappointing revenue forecast.
Late Friday, traders priced about a 56% chance the Fed will deliver a quarter-point reduction at its December meeting, down from 80% earlier this week.
Bets on cuts were pared after Powell warned Thursday that the central bank may take its time easing policy.
Boston Fed President Susan Collins said Friday a December cut remained on the table, emphasizing the central bank’s decision will be guided by incoming data.
Chicago Fed chief Austan Goolsbee said as long as inflation continues down toward the central bank’s 2% goal, rates will be “a lot” lower over the next 12-18 months.
He agreed with Powell, however, noting policymakers aren’t in a hurry to lower borrowing costs.
“The market is expensive and I think Powell’s speech last night basically saying that Fed officials don’t need to rush to lower rates, that’s probably the main reason why we’re selling off specifically today,” John Davi, CEO and CIO at Astoria Advisors, said by phone. “The higher rates go, the more equity risk premiums tilt more in the favor of bonds.”
Treasuries initially sold off after the retail sales data, pushing 10-year yields up to 4.5%, the highest since May 31.
That lured buyer, sending yields back down around 4.44%.
The greenback eased off two-year highs but headed for its seventh straight weekly gain.
Meanwhile, drugmakers Moderna Inc. and Pfizer Inc. came under pressure in New York trading after Trump named a prominent vaccine skeptic Robert F. Kennedy Jr. to a top health-policy role. 

Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.3% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.4%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World Index fell 1.1%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro was little changed at $1.0524
* The British pound fell 0.5% to $1.2606
* The Japanese yen rose 1.2% to 154.33 per dollar
Cryptocurrencies
* Bitcoin rose 3.4% to $91,206.26
* Ether fell 1% to $3,087.74
Bonds
* The yield on 10-year Treasuries was little changed at 4.44%
* Germany’s 10-year yield advanced one basis point to 2.36%
* Britain’s 10-year yield declined one basis point to 4.47%
Commodities
* West Texas Intermediate crude fell 2.4% to $67.02 a barrel
* Spot gold was little changed

This story was produced with the assistance of Bloomberg Automation.
–With assistance from Allegra Catelli, Emily Graffeo and Sujata Rao.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Finally, all of you, be like-minded, be sympathetic, love one another, be compassionate and humble. -1 Peter 3:8.

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 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com