September 24, 2021 Newsletter

Dear Friends,

Tangents: Happy Friday.

1869 Financiers Jay Gould and James Fisk tried to corner the gold market, sending Wall Street into a panic and leaving thousands of investors in financial ruin.  Go to article »

F. Scott Fitzgerald, b. 1896.

Newly discovered footprints suggest North America was populated much earlier than we think.

Happy 30th birthday to “The Low End Theory” and “Nevermind,” born on this day in 1991, and I am so very old. 

The weird and wonderful outfits of fans at golf’s Ryder Cup.  It’s like the Kentucky Derby, but with … cheese-heads. 

Apophis: The asteroid we thought might hit us. 
PHOTOS OF THE DAY

An art installation titled Forever Home by artist Richard Woods, commissioned by The Climate Coalition to mark Great Big Green Week, is unveiled at Fountain Abbey, The National Trust property in Yorkshire
CREDIT: NIGEL RODDIS/PA WIRE

Sunrirse over St Mary’s Lighthouse at Whitley Bay on the North East coast of England
CREDIT: OWEN HUMPHREYS/ PA WIRE

Sergio Garcia of Spain and team Europe plays his shot from the seventh tee during Friday Morning Foursome Matches of the 43rd Ryder Cup at Whistling Straits
CREDIT: RICHARD HEATHCOTE/GETTY IMAGES
Market Closes for September 24^th, 2021

International Markets

Bonds

Currencies

Commodities

Market Commentary:
On this day in 1869, Wall Street had its first “Black Friday.” After word leaked that speculator Jay Gould, who was trying to “corner” the gold market, had sold out two days earlier, gold—and stock—prices plummeted. The market was in such chaos that one witness said, “Bids running from 135 to 160 were made at one and the same time in different parts of the room.”
Canada
By Michael Bellusci
(Bloomberg) — The S&P/TSX Composite fell 0.3% at 20,402.66 in Toronto.
The move follows the previous session’s increase of 0.3%.
The index has fallen for a third week with concerns building around China Evergrande Group.
Shopify Inc. contributed the most to the index decline Friday, decreasing 2.1%.
Denison Mines Corp. had the largest drop, falling 7.7%.
Today, 149 of 234 shares fell, while 79 rose; 9 of 11 sectors were lower, led by information technology stocks.
Oil rose for the fifth straight week with the global energy crunch set to boost demand for crude as stockpiles decline from the U.S. to China.
Insights
* This year, the index rose 17 percent, heading for the best year since 2019
* This quarter, the index rose 1.2 percent
* This month, the index fell 0.9 percent, heading for the biggest decline since October 2020
* So far this week, the index fell 0.4 percent
* The index advanced 28 percent in the past 52 weeks. The MSCI AC Americas Index gained 38 percent in the same period
* The S&P/TSX Composite is 2.4 percent below its 52-week high on Sept. 7, 2021 and 32.3 percent above its low on Oct. 30, 2020
* S&P/TSX Composite is trading at a price-to-earnings ratio of 19.4 on a trailing basis and 16.3 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.5 percent on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$3.23t
* 30-day price volatility rose to 8.67 percent compared with 8.63 percent in the previous session and the average of 6.94 percent over the past month
================================================================
| Index Points | |
Sector Name | Move | % Change | Adv/Dec
================================================================
Information Technology | -39.0543| -1.6| 4/11
Financials | -6.8641| -0.1| 11/16
Health Care | -5.8325| -2.7| 0/9
Consumer Discretionary | -5.2841| -0.7| 2/11
Materials | -4.5875| -0.2| 18/32
Utilities | -4.1075| -0.4| 3/13
Real Estate | -3.7650| -0.6| 4/21
Industrials | -3.7265| -0.2| 12/18
Communication Services | -1.1836| -0.1| 3/4
Consumer Staples | 4.1017| 0.6| 6/7
Energy | 11.0404| 0.4| 16/7
================================================================
| | |Volume VS| YTD
|Index Points | | 20D AVG | Change
Top Contributors | Move | % Change | (%) | (%)
================================================================
Shopify | -30.5300| -2.1| -38.8| 27.2
Cameco | -4.2520| -5.7| 9.3| 49.1
Lightspeed Commerce| | | |
Inc | -3.0300| -2.2| -33.5| 70.7
Canadian Natural | | | |
Resources | 2.2230| 0.6| -74.6| 45.8
TC Energy | 4.0780| 1.0| 3.0| 21.5
Couche-Tard | 4.6520| 1.7| -40.7| 13.2
US
By Rita Nazareth
(Bloomberg) — For all the turmoil in global markets earlier in the week, stocks managed to stay in the green.
Traders shrugged off concerns over a Federal Reserve pullback in stimulus, contagion risks from distressed developer China Evergrande Group and Beijing’s latest crackdown on cryptocurrencies.
The S&P 500 staged a late-day rebound, extending its weekly advance, with energy and financial companies among the biggest gainers.
Bitcoin tumbled alongside crypto-related shares like Riot Blockchain Inc. and Marathon Digital Holdings Inc.
The Nasdaq Golden Dragon China Index — which tracks some of the Asian nation’s biggest firms listed in the U.S. — sank.
“This week promised to be lively and it didn’t disappoint,” wrote Craig Erlam, senior market analyst at Oanda. “Buy the dip is alive, and well it seems because the end result is that Evergrande remains at risk, central banks will soon be tightening and are increasingly concerned that inflation may not be quite as transitory as previously thought.”
In another blow to investor sentiment, the world’s second-largest economy said crypto-related transactions will now be considered illicit financial activity.
Traders remained on guard for what Chinese regulators may target next as the government also tightens its grip on sectors ranging from private education to digital gaming, e-cigarettes, property and insurance.
Traders pulled $28.6 billion from U.S. equity funds in the week through Sept. 22 — the most since February 2018, according to a Bank of America Corp. note, which cited EPFR Global data.
Even after the massive outflow from equities, BofA private clients remained heavily exposed to stocks, with about 65% of assets under management invested in the asset class.

The U.S. economy has met the central bank’s conditions for starting to reduce its asset purchases soon, according to two regional Fed bank presidents.
“I support starting to dial back our purchases in November and concluding them over the first half of next year,” Fed Bank of Cleveland President Loretta Mester noted. Separately, her Kansas City counterpart Esther George said “the criteria for substantial further progress have been met,” referring to the central bank’s taper test.

Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.15% as of 4 p.m. New York time
* The Nasdaq 100 was little changed
* The Dow Jones Industrial Average was little changed
* The MSCI World index fell 0.1%
Currencies
* The Bloomberg Dollar Spot Index rose 0.3%
* The euro fell 0.2% to $1.1719
* The British pound fell 0.3% to $1.3672
* The Japanese yen fell 0.4% to 110.76 per dollar
Bonds
* The yield on 10-year Treasuries advanced two basis points to 1.45%
* Germany’s 10-year yield advanced three basis points to -0.23%
* Britain’s 10-year yield advanced two basis points to 0.92%
Commodities
* West Texas Intermediate crude rose 0.9% to $73.96 a barrel
* Gold futures fell 0.1% to $1,747.70 an ounce
–With assistance from Sunil Jagtiani, Abigail Moses and Kamaron Leach.

Have a wonderful weekend everyone.

Be magnificent!

As ever,

Carolann

To see we must forget the name of the thing we are looking at. -Clause Monet, 1840-1926.

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