November 22, 2023, Newsletter

Dear Friends,

Tangents:
On Nov. 22, 1963, President John F. Kennedy was assassinated while riding in a motorcade in Dallas. Suspected gunman Lee Harvey Oswald was arrested. Vice President Lyndon B. Johnson was sworn in as the 36th president of the United States.  Go to article >>

1859: On The Origin of Species published by Charles Darwin.
1819: George Eliot, b.
1890: Charles DeGaulle b.
1899: Hoagie Carmichael, b.
1958: Jamie Lee Curtis, b.
1984: Scarlett Johansson, b.

2,000 ancient clay stamps discovered in Turkey
Researchers found thousands of clay stamps used to seal official Roman documents inside a former city archive in Doliche.  Read More.

‘Devil comet’ headed for Earth loses its iconic horns
The latest and most violent eruption of the cryovolcanic comet 12P/Pons-Brooks, which will make its long-awaited closest approach to Earth next year, shows that the icy object may have lost its iconic devil horns for good.  Read More.

The Rolling Stones are going on a tour sponsored by AARP
After 60 years, The Rolling Stones are still going strong! Find out the latest details about the band’s upcoming concert tour.

Elusive street artist Banksy appears to reveal his real name
Shielded by his anonymity, Banksy’s distinctive graffiti art has popped up around the world. But a newly resurfaced interview appears to provide a key clue about his identity.

This high school is preparing the next generation of aviation experts
Take a look inside a high school dedicated to helping students explore careers in the aviation industry. Watch the video here

PHOTOS OF THE DAY

Tokyo, Japan
A staff member stands within the interactive artwork during a preview of the teamLab Borderless exhibition at Mori Building Digital Art Museum.  Photograph: Kazuhiro Nogi/AFP/Getty Images.

Cocoa Beach, US
The launch of SpaceX’s Falcon 9 rocket from Cape Canaveral.  Photograph: Malcolm Denemark/Florida Today/AP.

​​​​​​​Kazipur Upazila, Bangladesh
Drivers transport paddy straw, a rice byproduct, in small trucks for sale to wholesalers.  Photograph: Syed Mahabubul Kader/Zuma/Shutterstock.
Market Closes for November 22^nd,2023

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1808, travel industry pioneer Thomas Cook was born in Melbourne, England. After serving as a Baptist missionary, he chartered a train to bring travelers to a temperance convention. Cook’s travel agency went on to bring the “Grand Tour” of Europe and other iconic travel experiences to the masses.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite advanced slightly to 20,113.96 in Toronto.
The move follows the previous session’s decrease of 0.7%.
Today, consumer staples stocks led the market higher, as 6 of 11 sectors gained; 122 of 227 shares rose, while 104 fell.
Shopify Inc. contributed the most to the index gain, increasing 1.7%.
George Weston Ltd. had the largest increase, rising 6.7%.
Insights
* This year, the index rose 3.8%, heading for the best year since 2021
* This month, the index rose 6.6%, heading for the biggest advance since January
* The index declined 0.5% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 3.5% below its 52-week high on Feb. 2, 2023 and 7.6% above its low on Oct. 27, 2023
* The S&P/TSX Composite is up 0.3% in the past 5 days and rose 5.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 15.3 on a trailing basis and 14.4 times estimated earnings of its members for the coming year
* The index’s dividend yield is 3.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.18t
* 30-day price volatility fell to 13.64% compared with 13.93% in the previous session and the average of 14.39% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Consumer Staples | 22.1877| 2.5| 11/0
Information Technology | 13.1119| 0.8| 5/6
Real Estate | 4.6495| 1.0| 19/2
Utilities | 2.9566| 0.4| 11/4
Industrials | 0.5617| 0.0| 16/10
Health Care | 0.0072| 0.0| 3/1
Communication Services | -1.0966| -0.1| 3/2
Consumer Discretionary | -1.1246| -0.2| 7/7
Materials | -1.8666| -0.1| 19/32
Financials | -8.6357| -0.1| 17/11
Energy | -26.7418| -0.7| 11/29
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | 13.2900| 1.7|n/a | 106.6
Couche-Tard | 9.0300| 2.2|n/a | 34.5
Brookfield Corp | 5.1850| 1.1|n/a | 10.4
RBC | -7.9050| -0.7|n/a | -6.5
TD Bank | -11.0400| -1.0|n/a | -4.9
Canadian Natural Resources | -12.9100| -1.9|n/a | 18.2
US
By Rita Nazareth
(Bloomberg) — Treasury yields rose after data showed a further increase in consumer year-ahead inflation expectations, with some traders taking profits on dovish Federal Reserve wagers.
In a thin trading session ahead of the Thanksgiving holiday, two-year US yields hit 4.9%.
The S&P 500 edged higher.
Amazon.com Inc. climbed ahead of Black Friday and Cyber Monday sales. Microsoft Corp. gained on news Sam Altman will return to lead OpenAI.
Nvidia Corp. dropped after its results.
The dollar advanced.
Oil declined.
Americans expect inflation will climb at an annual rate of 4.5% over the next year, up from the 4.4% expected earlier in the month, according to the final November reading from the University of Michigan. They see costs rising 3.2% over the next five to 10 years, data Wednesday showed.
“For a data-dependent Fed, this is not good news as they do not want to see consumer inflation expectations become unanchored, since historically it becomes increasingly difficult to reset consumer psychology towards a lower inflationary environment,” said Quincy Krosby, chief global strategist for LPL Financial.
In other economic news, applications for US jobless benefits fell last week after a run of increases, a slight reprieve in what otherwise has been a gradually cooling labor market.
Durable goods orders declined in October by more than expected as commercial aircraft bookings retreated and demand weakened for business equipment.
The stand-out theme in the SOFR options market Wednesday has been the liquidation of dovish hedges — which has picked up in a sign that traders are taking profits on dovish Fed wagers placed as far back as September.
Equities extended their November gains.
The S&P 500 will rally to a record high next year, helped by positive sentiment and resilient valuations, according to Lori Calvasina at RBC Capital Markets.
“The sentiment set up is constructive for now,” Calvasina wrote in a note, saying that an indicator of investor appetite that’s proved reliable in 2023 is sitting in a range typically followed by 10% gains in the S&P 500 over 12 months.
“Valuations can stay higher than many investors realize,” as cooling inflation should support price-to-earnings multiples, she wrote.
Elsewhere, oil slumped as the OPEC+ meeting that had been set for the weekend was delayed, dimming traders’ expectations that the cartel will intervene to tighten supplies.

Corporate Highlights:
* Boeing Co.’s largest 737 Max variant was given so-called type-inspection authorization by the Federal Aviation Administration that clears the path for the next phase of flight testing for the long-delayed model.
* Broadcom Inc. completed its takeover of software maker Vmware Inc. following an unexpectedly long 18-month process that culminated in the deal getting approval in China.
* Deere & Co. forecast smaller-than-expected profit next year, with slowing equipment demand from farmers starting to weigh on the world’s largest tractor maker.
* Autodesk Inc. was downgraded by Piper Sandler after the company’s tepid growth rate and tempered margin expectations.
* Guess? Inc., a clothing company, reported net revenue that missed estimates.
* Nordstrom Inc., a department store chain, reported total revenue that missed estimates.
* Urban Outfitters Inc., a clothing retailer, reported comparable sales for its namesake banner that missed estimates.
* Virgin Galactic Holdings Inc. was downgraded by Morgan Stanley, which noted the rocket company has no planned revenue-generating flights from mid-2024 to 2026.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.4%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World index rose 0.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.0887
* The British pound fell 0.4% to $1.2495
* The Japanese yen fell 0.8% to 149.59 per dollar
Cryptocurrencies
* Bitcoin rose 2.1% to $37,598.9
* Ether rose 4.5% to $2,074.67
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.41%
* Germany’s 10-year yield was little changed at 2.56%
* Britain’s 10-year yield advanced five basis points to 4.15%
Commodities
* West Texas Intermediate crude fell 1.3% to $76.73 a barrel
* Spot gold fell 0.4% to $1,989.81 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Rob Verdonck, Tassia Sipahutar, Robert Brand, Sagarika Jaisinghani and Edward Bolingbroke.
Have a lovely evening.

Be magnificent!
As ever,

Carolann
In whatever arena of life one may meet the challenge of courage, whatever may be the sacrifices he faces if he follows his conscience – the loss of his friends, his fortune, his contentment, even the esteem of his fellow men – each man must decide for himself the course he will follow. The stories of past courage can define that ingredient – they can teach, they can offer hope, they can provide inspiration. But they cannot supply courage itself.
For this each man must look into his own soul. –John Fitzgerald Kennedy, 1917-1963.

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