November 17, 2021 Newsletter

Dear Friends,

Tangents:
Nixon says he’s ‘not a crook,’ Nov. 17, 1973.  Go to article »

The first human trial of an Alzheimer’s vaccine has begun.

Human brains predict perceptions to save energy.

Archaeologists find compelling Old Testament evidence.  

‘Harry Potter’ cast reuniting for retrospective special.  It’s been 20 years since the first film came out. TWENTY. YEARS. 

PHOTOS OF THE DAY
Some of the winners in the Comedy Wildlife Photography Awards 2021:  The competition, which was launched 7 years ago, has soared in popularity and received 7,000 submission this year.

This prairie dog startled an attacking bald eagle long enough to escape to a nearby burrow. A real David vs Goliath story. Winner – Alex Walker’s Serian Creatures on the Land Award
CREDIT: Arthur Trevino/Comedy Wildlife Photography Awards 2021

This pigeon is momentarily blinded by a passing leaf in Oban, Scotland. Winner – Spectrum Photo Creatures in the Air Award
CREDIT: John Spiers/Comedy Wildlife Photography Awards 2021

Raccoon cubs sharing secrets in Kassel, Germany. Winner – Highly Commended
CREDIT: Jan Piecha//Comedy Wildlife Photography Awards 2021

One Western Grey Kangaroo misses its target during a fight near Perth. Winner – Highly Commended.
CREDIT: Lea Scaddan/Comedy Wildlife Photography Awards 2021

Ken Kenson’s Photo of a golden silk monkey landing in a painful position in Yunnan, China is the overall competition winner.
CREDIT: Ken Jensen/Comedy Wildlife Photography Awards 2021

Market Closes for November 17^th, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
    On this day in 1927, President Calvin Coolidge said America was “entering upon a new era of prosperity.” His remarks christened the bull market of the 1920s. In the “new era” market, according to many investors, you couldn’t pay too much for a good stock; If you just waited long enough, it would make you rich. That worked for a while. Then it stopped working—for more than a quarter of a century.
Canada
By Stefanie Marotta
(Bloomberg) — Canadian equities edged lower, weighed down by companies in the technology and industrials sectors. The S&P/TSX Composite fell 0.3 percent at 21,653.02 in Toronto. The move follows the previous session’s increase of 0.2 percent. Shopify Inc. contributed the most to the index decline, decreasing 1.8 percent.  Real Matters Inc. had the largest drop, falling 14.0 percent. Today, 140 of 233 shares fell, while 90 rose; 9 of 11 sectors were lower, led by information technology stocks.
Insights
* This year, the index rose 24 percent, heading for the best year in at least 10 years
* The index advanced 28 percent in the past 52 weeks. The MSCI AC Americas Index gained 30 percent in the same period
* The S&P/TSX Composite is 0.7 percent below its 52-week high on Nov. 16, 2021 and 29.1 percent above its low on Nov. 17, 2020
* The S&P/TSX Composite is up 0.9 percent in the past 5 days and rose 3.5 percent in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.7 on a trailing basis and 17.1 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.42t
* 30-day price volatility rose to 9.21 percent compared with 9.08 percent in the previous session and the average of 10.06 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Information Technology | -28.3040| -1.1| 9/6
* Industrials | -23.1534| -0.9| 11/18
* Financials | -11.3803| -0.2| 11/17
* Energy | -8.2008| -0.3| 3/19
* Health Care | -5.8272| -2.8| 1/8
* Real Estate | -4.8886| -0.8| 3/20
* Consumer Staples | -2.3595| -0.3| 1/12
* Consumer Discretionary | -2.0022| -0.3| 3/10
* Communication Services | -0.1151| 0.0| 3/4
* Utilities | 1.1674| 0.1| 9/7
* Materials | 20.9122| 0.8| 36/19
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Shopify | -30.3100| -1.8| -20.6| 43.7
* Canadian Pacific | -13.0500| -2.9| 90.3| 6.7
* TD Bank | -8.4710| -0.7| -27.7| 28.7
* Couche-Tard | 6.1850| 2.1| 80.3| 20.0
* Fairfax Financial Holdings | 6.8490| 6.7| 258.2| 33.7
* Barrick Gold | 7.1600| 2.2| 27.7| -7.6

US
By Rita Nazareth and Emily Graffeo
(Bloomberg) — Stocks fell on concern that inflation could pose a challenge to the global economic rebound, forcing central banks to raise interest rates sooner than expected.
Treasuries rose. Traders took some risk off the table as data signaled homebuilders are struggling to break ground on projects amid high materials prices and ongoing labor shortages. Target Corp. sank after warning that cost pressures are creeping up, stoking fears they will dent profits at retailers.  In late trading, Cisco Systems Inc., the biggest maker of computer networking equipment, slumped on a lackluster revenue forecast, hurt by a shortage of components that’s making it difficult to keep up  with demand. “While we remain structurally bullish on stocks, we do anticipate a push-and-pull of market dynamics into year-end given inflation concerns, supply-chain pressures, labor shortages, and fiscal uncertainty,” said Andrea Bevis, senior vice-president at UBS Private Wealth Management.
Markets could face a rocky time ahead as the economy seeks to emerge from the abrupt impact of the pandemic, according to Goldman Sachs Group Inc. Chief Executive Officer David Solomon. “If interest rates move up, that in of itself will take some of the exuberance out of certain markets,” he said in an interview at the Bloomberg New Economy Forum in Singapore. Inflation is “clearly not as transitory as some might have hoped, but we’re not at the point yet where we could definitively say that it’s ingrained or persistent,” said Giorgio Caputo, senior portfolio manager at J O Hambro Capital Management. The worst quarter for the S&P 500 since the start of the pandemic appears to have driven away some do-it-yourself investors. The retail trading surge that began with lockdowns has now abated, as total equity volume from individual investors fell to 19% in the third quarter, down from 24% at the start of this year, according to Securities and Exchange Commission and market data compiled by Bloomberg Intelligence. 

Some other corporate highlights:
* Amazon.com Inc. is considering shifting its popular co-brand credit card to Mastercard Inc. amid simmering tensions with Visa Inc., a feud that already prompted the retailer to ban the payment giant’s cards in the U.K. starting next year.
* Chobani filed for an initial public offering, disclosing steady growth as the company continues to build on sales of its namesake yogurt brand.
* American Airlines Group Inc. expects travel to rebound to pre-pandemic levels in 2022, said Chief Executive Officer Doug Parker.
* Home-improvement giant Lowe’s Cos. raised its sales forecast for this year. TJX Cos. climbed after the off-price retailer’s results topped estimates.
Elsewhere, oil tumbled as investors considered the prospect of a release of crude supplies from strategic reserves. 
What to watch this week:
* Conference Board U.S. leading index, initial jobless claims, Thursday.
* Fed’s Richard Clarida and Mary Daly speak at Asia Economic Policy Conference, Friday

Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.3% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average fell 0.6%
* The MSCI World index fell 0.3%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro was unchanged at $1.1320
* The British pound rose 0.5% to $1.3491
* The Japanese yen rose 0.6% to 114.11 per dollar
Bonds
* The yield on 10-year Treasuries declined five basis points to 1.59%
* Germany’s 10-year yield was little changed at -0.25%
* Britain’s 10-year yield declined three basis points to 0.96%
Commodities
* West Texas Intermediate crude fell 3.2% to $78.20 a barrel
* Gold futures rose 0.8% to $1,869.30 an ounce
–With assistance from Andreea Papuc, Cecile Gutscher, Vildana Hajric and Jordan Yadoo.
Have a lovely evening.

Be magnificent!
As ever,

Carolann

The secret of success is constancy to purpose. –Benjamin Disraeli, 1804-1881.

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