October 15, 2021 Newsletter

Dear Friends,

Tangents: Happy Friday.

2007-The New York Yankees and third baseman Alex Rodriguez agreed on a record 10-year, $275 million contract, the richest in sports history.   Go to article »

1917-Mata Hari executed.

Virgil, epic poet, b. 70 BCE.
John K. Galbraith, economist, b. 1908.
Friedrich Nietzsche, philosopher, b. 1844.
P.G. Wodehouse, author, b. 1881.
Duchess Sarah Ferguson, b. 1959.

McDonald’s is testing out its McPlant burger in these cities.  Calling all vegetarians: It’s finally our time. 

The U.S. opened its borders to vaccinated travelers.

New Zealand city fires its wizard. (h/t Mike Smedley).

Scientists find a planet that survived its star’s death.

That’s not a giant skeleton. This is a giant skeleton.

PHOTOS OF THE DAY
Stunning autumnal colour at Hever Castle, Kent. The Boston Ivy adorning the front of the Castle has turned a vivid shade of red.
CREDIT: OLIVER DIXON
Autumn rainbow in the Lake District, UK
CREDIT: JOHN FINNEY/WENN
A walker watches a misty sunrise from the summit of Castle Naze, near Buxton in the Peak District, UK  
CREDIT: MATT WILKINSON

Market Closes for October 15^th, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
    On this day in 1929, stocks were down an average of 11% from their peak in September, but the head of one of the nation’s largest brokerage operations said not to worry. Twelve days later, the Crash of 1929 erupted, driving the market nearly one-third lower and signaling the onset of the Great Depression.
Canada
By Natasha Abellard
(Bloomberg) — Canadian stocks closed at a fresh record high, posting the best week since March. The S&P/TSX Composite climbed 0.5% Friday, with the financials and tech shares leading the rally. Toronto-Dominion Bank contributed the most to the index gain, increasing 1.8%. First Quantum Minerals Ltd. had the largest increase, rising 8%. Today, 111 of 234 shares rose, while 119 fell; 7 of 11 sectors were higher, led by financials stocks.
Insights
* This year, the index rose 20%, heading for the best year in at least 10 years
* So far this week, the index rose 2.5%, heading for the biggest advance since the week ended March 12
* The index advanced 27% in the past 52 weeks. The MSCI AC Americas Index gained 29% in the same period
* The S&P/TSX Composite is 0.2% below its 52-week high on Oct. 15, 2021 and 35.7%above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.9 on a trailing basis and 16.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.28t
* 30-day price volatility little changed to 10.38% compared with 10.38 % in the previous session and the average of 8.94% over the past month
================================================================
|Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
* Financials | 61.2801| 0.9| 22/6
* Information Technology | 17.5295| 0.7| 8/7
* Energy | 14.1333| 0.5| 10/12
* Industrials | 13.6941| 0.6| 19/11
* Consumer Discretionary | 4.7102| 0.6| 7/6
* Materials | 1.3978| 0.1| 20/35
* Communication Services | 0.6418| 0.1| 3/3
* Real Estate | -0.0315| 0.0| 11/13
* Consumer Staples | -0.5837| -0.1| 6/7
* Health Care | -1.7520| -0.9| 3/6
* Utilities | -2.8583| -0.3| 2/14
================================================================
| | |Volume VS |
| Index | | 20D AVG |YTD Change
Top Contributors |Points Move| % Change | (%) | (%)
================================================================
* TD Bank | 18.9600| 1.8| -24.6| 21.0
* Shopify | 17.0300| 1.3| -47.1| 22.7
* TC Energy | 9.4450| 2.1| -11.9| 28.3
* Turquoise Hill | -1.9770| -15.1| 861.1| 2.5
* Waste Connections | -2.4400| -0.8| 9.3| 23.1
* Barrick Gold | -7.0340| -2.4| 18.2| -17.4

US
By Rita Nazareth and Kamaron Leach
(Bloomberg) — Stocks notched their best week since July as solid corporate earnings and a surprise increase in retail sales spurred a rally in companies that are more likely to benefit from an economic rebound. Treasuries fell. Equities pushed higher even after data showing that consumer sentiment dropped in early October. Retailers, banks and industrial shares led gains in the S&P 500. Goldman Sachs Group Inc. climbed after posting a surge in its trading business, while broker Charles Schwab Corp. jumped on record earnings.  Trucking giant J.B. Hunt Transport Services Inc. and Alcoa Corp. — the biggest U.S. aluminum producer — also soared on better-than-estimated results. “We believe that being long equities is the best course of action, and that cyclical stocks such as financials, industrials, energy and materials are positioned for further gains,” said Chris Zaccarelli, chief investment officer at Independent Advisor Alliance. “Utilities and consumer staples are going to face headwinds in the form of higher interest rates and inflation.” Goldman Sachs Chief Executive Officer David Solomon said that inflation, particularly in wages, remains top of mind among corporate leaders and shareholders. His comments follow similar concerns voiced this week by other CEOs including Bank of America Corp.’s Brian Moynihan and Morgan Stanley’s James Gorman. The world’s most crucial metals continued on a breakneck surge as energy shortages forced more production cuts, piling pressure on manufacturers and fueling concerns about inflation. Brent oil hovered near $85 a barrel, the latest milestone in a global power crunch that has seen prices jump.

Some other corporate highlights:
* Cryptocurrency-exposed stocks like Marathon Digital Holdings Inc. and Riot Blockchain Inc. jumped. The Securities and Exchange Commission is poised to allow the first U.S. Bitcoin futures exchange-traded fund to begin trading, according to people familiar with the matter.
* Virgin Galactic Holdings Inc. is pushing the start of commercial flights further into next year after rescheduling a test flight, disappointing investors with the unexpected delay to its
space tourism business plans.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.7% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average rose 1.1%
* The MSCI World index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.1%
* The euro was little changed at $1.1604
* The British pound rose 0.5% to $1.3745
* The Japanese yen fell 0.5% to 114.21 per dollar
Bonds
* The yield on 10-year Treasuries advanced six basis points to 1.57%
* Germany’s 10-year yield advanced two basis points to -0.17%
* Britain’s 10-year yield advanced six basis points to 1.11%
Commodities
* West Texas Intermediate crude rose 1.2% to $82.25 a barrel
* Gold futures fell 1.6% to $1,768.80 an ounce
–With assistance from Sunil Jagtiani, Cecile Gutscher and Anchalee Worrachate.
Have  a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

If you are depressed, you are living in the past.  If you are anxious, you are living in the future. 
If you are at peace, you are living in the present. -Lao Tzu, 571 BCE – c.5^th century BCE.

Know thyself.
            –Inscription at the Temple of Apollo at Delphi.

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