November 8, 2021 Newsletter

Dear Friends,

Tangents:  Happy Monday.

On November 8, 1960, Massachusetts Senator John F. Kennedy defeated Vice President Richard M. Nixon for the presidency.  Go to article »

Borders back open, travelers are flocking to these five U.S. cities.

Elon Musk’s new social media belly flop is causing huge waves.

As glaciers disappear, people are building artificial ones.

Elon Musk asked Twitter if he should sell some of his Tesla stock. Here’s what people are saying.  Who amongst us doesn’t get their stock tips from Twitter strangers?

What’s the healthiest cheese? Here are your best options.  Sadly, it can’t be all of them. 
  
Jeff Bezos pokes fun at Leonardo DiCaprio after Twitter video.

PHOTOS OF THE DAY
Performers entertain passengers at London Heathrow airport terminal 3 as the US reopens its borders to UK visitors. Thousands of travelers are jetting off on transatlantic flights for long-awaited reunions with family and friends
CREDIT: Steve Parsons/PA
Great white pelicans wait to feed in the Mishmar HaSharon reservoir. Thousands of pelicans stop in the reservoir for food provided by the Israeli nature reserves authority as they make their way to Africa
CREDIT: Ariel Schalit/AP
A day-old zebra foal is seen with its mother at the zoo in Cali.
CREDIT: Luis Robayo/AFP/Getty Images

Market Closes for November 8^th, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
     On this day in 1993, Boston Chicken went public at an initial price of $20 a share. The stock leapt 142.5% to close at $48.50, giving it a market value of $800 million even though the restaurant company lost $5.9 million the previous year. Less than five years later, Boston Chicken filed for bankruptcy protection.
Canada
By Alex Wittenberg
(Bloomberg) — Canadian equities closed at a record high again Monday as shares in the health-care sector led gains and Cronos Group extended a rally. The S&P/TSX Composite rose for a fourth day, climbing 0.5%, or 100.72 to 21,556.54 in Toronto. Today, health care and materials stocks led the market higher, as eight of 11 sectors gained; 143 of 233 shares rose, while 85 fell. Nutrien Ltd. contributed the most to the index gain, increasing 3.0%. Cronos Group Inc. had the largest increase, rising 25.8%.
Insights
* This year, the index rose 24 percent, heading for the best year in at least 10 years
* The index advanced 32 percent in the past 52 weeks. The MSCI AC Americas Index gained 34 percent in the same period
* The S&P/TSX Composite is 0.1 percent below its 52-week high on Nov. 8, 2021 and 32.8 percent above its low on Nov. 6, 2020
* The S&P/TSX Composite is up 1.5 percent in the past 5 days and 5.6 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 16.6 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$3.38t
* 30-day price volatility rose to 10.20 percent compared with 10.17 percent in the previous session and the average of 10.38 percent over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Materials | 29.6574| 1.2| 41/13
* Information Technology | 19.0523| 0.8| 9/6
* Financials | 15.6327| 0.2| 17/11
* Health Care | 14.1269| 7.3| 8/1
* Communication Services | 10.1103| 1.0| 5/2
* Consumer Discretionary | 8.6774| 1.1| 10/2
* Industrials | 8.2129| 0.3| 21/8
* Consumer Staples | 0.0742| 0.0| 8/5
* Utilities | -0.6846| -0.1| 3/12
* Real Estate | -2.0232| -0.3| 6/18
* Energy | -2.1386| -0.1| 15/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
* Nutrien | 9.9460| 3.0| -7.8| 40.2
* Manulife Financial | 8.4960| 2.6| 5.6| 10.4
* Tilray | 6.5370| 15.9| 155.1|n/a
* Canadian National | -5.6730| -0.8| 9.6| 17.3
* TC Energy | -7.2750| -1.7| 8.1| 21.7
* Enbridge | -16.7400| -2.2| 560.9| 29.4

US
By Emily Graffeo and Peyton Forte
(Bloomberg) — U.S. stocks edged higher, with the S&P 500 notching its longest winning streak since 2017, after corporate earnings, strong hiring data and a Covid treatment breakthrough bolstered optimism in the world’s largest economy. The dollar and Treasuries fell. The S&P 500 gained 0.1% for an eighth session, led energy producers and materials as investors piled into companies that benefit most from a strong economy. Meanwhile, the Nasdaq 100 fell, weighed down by Tesla Inc.’s 4.9% slump after Elon Musk asked his Twitter followers if he should sell 10% of his stake, to which they said yes. The news flow last week, which also included passage of a $550 billion infrastructure bill, washed away worries that high inflation and the Federal Reserve’s plan to curb bond purchases would upend growth. Results of Pfizer Inc.’s virus treatment and the lifting of U.S. travel restrictions also boosted speculation companies will continue to have strong earnings.
However, the pace of the latest gains may make it difficult for stocks to push much higher without an additional catalyst. “Fear over inflation and supply chain headwinds have been replaced by fear of missing out in the record-high rally,” said Craig Johnson, Piper Sandler chief market technician, in a note. “Robust demand and economic momentum continue to drive earnings growth. Coronavirus concerns have also dissipated amid vaccine developments and widespread inoculation rates.” Markets will closely watch a measure of U.S. consumer prices on Wednesday after gains in U.S. payrolls last week also showed a jump in average hourly earnings. The reading is expected to show price pressures running at the hottest pace in three decades amid supply-chain bottlenecks and higher energy costs, according to Bloomberg Intelligence. Still, some expect the S&P 500 to continue rising into the year end. “The support for the rise in the S&P is pretty solid,” said Joanne Feeney, partner at Advisors Capital Management LLC, on Bloomberg TV’s “The Close”. “Earnings through the third quarter look like they’ve gone up 40% year over year, and the S&P has gone up about 40% year over year. That doesn’t mean you don’t have to pick and choose carefully.” Oil pared back gains to $82 a barrel in New York after the U.S. said it may announce measures to ease oil and gasoline prices as soon as this week.
Meanwhile, European gas and power prices surged on signs Russia won’t deliver the boost in supplies President Vladimir Putin promised.  In Europe, the Stoxx 600 was little changed. Chemicals company Henkel and retailer H&M declined on inflation-related earnings concerns, while Siemens Gamesa surged after being nominated as the preferred supplier for Norfolk offshore wind power projects in the U.K.  In China, stocks rose after the Communist Party begun a meeting this week for the first time in more than a year.  The gathering is expected to lay the ground for extending the term of President Xi Jinping, who has rattled markets with his “common prosperity” campaign to redistribute the nation’s wealth. Shares in Japan and Hong Kong fell.

What to watch this week:
* China’s Communist Party’s decision-making Central Committee meets through Thursday
* Federal Reserve Bank of San Francisco President Mary Daly speaks Tuesday
* China aggregate financing, money supply, new yuan loans Tuesday
* China PPI Wednesday
* U.S. wholesale inventories, CPI, initial jobless claims Wednesday
* U.S. bond market is closed in observance of Veterans Day Thursday
* China holds its annual Singles’ Day, the world’s biggest  shopping festival, when e-commerce giants like Alibaba and JD.com Inc. lure buyers with bargains Thursday

Some of the main moves in markets:
Stocks
* The S&P 500 was little changed as of 4 p.m. New York time
* The Nasdaq 100 fell 0.1%
* The Dow Jones Industrial Average rose 0.3%
* The MSCI World index rose 0.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.2% to $1.1590
* The British pound rose 0.5% to $1.3563
* The Japanese yen rose 0.2% to 113.22 per dollar
Bonds
* The yield on 10-year Treasuries advanced four basis points to 1.49%
* Germany’s 10-year yield advanced four basis points to -0.24%
* Britain’s 10-year yield advanced one basis point to 0.86%
Commodities
* West Texas Intermediate crude rose 1.2% to $82.25 a barrel
* Gold futures rose 0.5% to $1,825.80 an ounce
Have a lovely evening.

Be magnificent!
As ever,

Carolann

Truth exists.  Only lies are invented. -George Braque, 1882-1963.

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