November 8, 2024, Newsletter

Dear Friends,

Tangents: Happy Friday.

November 8, 1971: The album “Led Zeppelin IV,” which included the song “Stairway to Heaven,” was released.  Go to article 
November 8, 1895: X-rays are discovered by Wilhelm Conrad Roentgen, leading to revolutionary advancements in medical imaging and earning him the first Nobel Prize in Physics.

November 8, 1519: Cortes conquers Mexico.  Edmund Halley, astronomer, b. 1656.

Margaret Mitchell, writer, b. 1900.
Bonnie Raitt, singer, b. 1949.
Ricki Lee Jones, singer, b. 1954.

Pompeii victims aren’t who we thought they were, DNA analysis reveals
An ancient-DNA analysis of victims in Pompeii who died in Mount Vesuvius’ eruption reveals some unusual relations between the people who died together. Read More.

Death of alien-hunting Arecibo Telescope traced to cable issues 3 years earlier, ‘alarming’ report finds
A scathing new report points to unclear protocols and multiple failures to raise alarms at the Arecibo Observatory in Puerto Rico before the collapse of the site’s radio telescope in 2020. Read More.

Incredibly rare, ghostly white shark discovered off Albania
A ghostly white angular rough shark found near Sazan Island, Albania, is the first example of leucism ever recorded in the species. Read More.

Scientists just got 1 step closer to creating a ‘superheavy’ element that is so big, it will add a new row to the periodic table
Scientists have discovered a new way of creating superheavy elements by firing supercharged ion beams at dense atoms. The team believes this method could potentially help synthesize the hypothetical “element 120,” which would be heavier than any known element. Read More.

Holographic-inspired lenses could unlock ‘3rd dimension of imaging’ in future VR headsets and smart glasses
Future VR headsets could use a new type of lens inspired by holographic devices. The bilayer bifocal lens relies on external voltage to change the intensities in the foci. Read More.

Stores don’t sell your favorite product anymore. That’s on purpose
Levi’s, Dollar General, Hasbro, Starbucks and other companies are cutting down their choices. Here’s why.

Tracking your lost luggage may soon get easier
With airlines still losing nearly seven bags per 1,000 passengers, travelers are turning to tracking devices to keep an eye on their checked luggage. Apple’s new update looks set to make the process easier.

Books like ‘The Handmaid’s Tale’ and ‘1984’ are flying off the shelves after the presidential election
Margaret Atwood’s “The Handmaid’s Tale” has shot to the top of Amazon’s bestselling books list following the election. Read why it has re-entered the political conversation.

PHOTOS OF THE DAY

London, UK
‘The Spirit of Christmas’ festive lights illuminate Regent Street and Carnaby Street
Photograph: Anadolu/Getty Images

A wood nuthatch feeds on the seeds of a common milkweed near Csobánka, north of Budapest, Hungary
Photograph: Attila Kovács/EPA

Orange, Australia
An aerial view of a section of the northern tailings dam wall, which collapsed in 2018, at the Cadia goldmine in New South Wales. Nearby residents are concerned about potential contamination from mining operations. Many have reported health issues and elevated levels of heavy metals in their bodies, which they believe stem from dust and water contamination linked to the mine
Photograph: Brook Mitchell/Getty Images
Market Closes for November 8, 2024

International Markets

Bonds

Currencies

Commodities

Market Commentary:
📈 On this day in 1993: Boston Chicken went public in one of the hottest IPOs in Wall Street history. Less than five years later, it filed for bankruptcy. It was eventually sold to McDonald’s.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.3% at 24,759.40 in Toronto.
The move was the biggest since falling 1.4% on Oct. 31 and follows the previous session’s increase of 0.8%.
Canadian National Railway Co. contributed the most to the index decline, decreasing 1.9%.
Sandstorm Gold Ltd. had the largest drop, falling 8.7%.
Today, 135 of 221 shares fell, while 83 rose; 7 of 11 sectors were lower, led by materials stocks.
Insights
* This year, the index rose 18%, heading for the best year since 2021
* So far this week, the index rose 2.1%, heading for the biggest advance since the week ended Sept. 13
* The index advanced 27% in the past 52 weeks. The MSCI AC Americas Index gained 36% in the same period
* The S&P/TSX Composite is 0.7% below its 52-week high on Oct. 21, 2024 and 27.1% above its low on Nov. 8, 2023
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.5 on a trailing basis and 17.2 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$3.93t
* 30-day price volatility rose to 8.35% compared with 8.34% in the previous session and the average of 7.80% over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Materials | -54.4394| -1.8| 8/39
Energy | -34.6705| -0.8| 10/31
Industrials | -31.1348| -1.0| 8/19
Financials | -4.8200| -0.1| 15/12
Real Estate | -0.7111| -0.1| 5/15
Health Care | -0.2279| -0.3| 1/3
Consumer Staples | -0.2039| 0.0| 4/7
Consumer Discretionary | 5.3941| 0.7| 10/1
Utilities | 7.1449| 0.8| 13/2
Communication Services | 10.0090| 1.5| 3/2
Information Technology | 17.1266| 0.8| 6/4
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Canadian National | -11.7000| -1.9| 4.5| -7.4
Canadian Natural Resources | -10.2700| -1.4| -24.9| 9.6
Teck Resources | -9.7270| -4.3| 48.4| 22.0
Waste Connections | 6.9130| 1.5| 93.2| 29.4
Telus | 8.2430| 3.8| 105.5| -7.5
Shopify | 21.7600| 2.2| 32.3| 17.5
US
By Rita Nazareth
(Bloomberg) — Stocks rose at the end of their best week in 2024 amid solid consumer sentiment data and bets that newly elected President Donald Trump’s pro-growth agenda will keep fueling Corporate America.
Equities advanced for a fourth consecutive session, with the S&P 500 hitting its 50th record this year.
The gauge extended its weekly gain to 4.7%.
A breakneck rally in Tesla Inc. catapulted Elon Musk’s electric-vehicle maker’s value back over the coveted trillion-dollar mark.
The cohort of defensive shares took the lead on Friday after some groups hit “oversold” levels.
A whopping $20 billion flowed into US equity funds on the day Trump claimed victory, according to Bank of America Corp.
That was the most in five months, strategist Michael Hartnett said in a note citing EPFR Global.
Small caps — which are seen benefiting from Trump’s protectionist stance — attracted the biggest inflow since March.
The S&P 500 also briefly topped the 6,000 mark, which “is a psychologically significant milestone, and could invite even more investor interest in stocks, since there is still plenty of money sitting on the sidelines in money market funds and in bonds,” said Clark Geranen, CalBay Investments.
While the post-election rally likely has more upside ahead, Geranen said he would not be surprised to see stocks take a breather before rallying again into year-end.
The S&P 500 rose 0.4%.
The Nasdaq 100 was little changed.
The Dow Jones Industrial Average rose 0.6%.
Treasuries saw for their best weekly advance since early September after a volatile five days of trading, while the dollar posted a sixth straight week of gains.

Corporate Highlights:
* Tesla Inc. is now offering the option to lease its polarizing Cybertruck, with prices starting at $999 a month.
* Paramount Global, the parent of CBS, MTV, and its namesake Hollywood movie studio, reported third-quarter sales that missed analysts’ estimates, overshadowing big gains in streaming subscribers.
* Expedia Group Inc. posted better-than-expected gross bookings in the third quarter and said it was raising its full-year guidance, suggesting that demand has proven stronger than the company had previously thought heading into the holiday season.
* Airbnb Inc. issued an upbeat forecast for the holiday period driven by “strong demand trends,” a relief to investors who feared that growth was tapering off.
* Pinterest Inc. forecast weak sales for the holiday quarter, a sign the search and discovery network is struggling to keep pace with larger peers such as Meta Platforms Inc. and Snap Inc.
* Block Inc., a digital payments company, posted third-quarter revenue that was below analysts’ forecasts.
* DraftKings Inc., one of the largest-sports betting companies, cuts its full-year estimate for 2024 revenue and profit, citing a tough start to the fourth quarter.
* Rivian Automotive Inc. said it’s on track to achieve a positive gross profit in the final three months of the year, counting on a surge of regulatory credit sales after production disruptions added to losses.
* Sweetgreen Inc. shares tumbled after higher labor and protein costs resulted in a wider-than-expected loss for the third quarter.

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 was little changed
* The Dow Jones Industrial Average rose 0.6%
* The MSCI World Index was little changed
Currencies
* The Bloomberg Dollar Spot Index rose 0.6%
* The euro fell 0.8% to $1.0719
* The British pound fell 0.5% to $1.2921
* The Japanese yen rose 0.3% to 152.50 per dollar
Cryptocurrencies
* Bitcoin rose 1% to $76,736.21
* Ether rose 1.6% to $2,940.61
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.30%
* Germany’s 10-year yield declined eight basis points to 2.37%
* Britain’s 10-year yield declined six basis points to 4.44%
Commodities
* West Texas Intermediate crude fell 2.7% to $70.41 a barrel
* Spot gold fell 0.8% to $2,685.34 an ounce

This story was produced with the assistance of Bloomberg Automation.

Have a wonderful weekend everyone.

Be magnificent!
As ever,

Carolann
Prosperity is a great teacher; adversity is greater. -William Hazlitt, 1778-1830.

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)
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www.carolannsteinhoff.com