The Canadian Vanguard Stock Market Report At Market Close – Tuesday, April 16, 2024 .
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Data Driven Stock Market Analysis And Report
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The Toronto Market
The TSX declined 97.33 points or -0.45% to close today’s market session at 21,642.87. The TSX has now declined five consecutive sessions.
The market was broad-based negative today as nine of the ten major sectors declined. Technology, up 0.89%, was the only sector to end today’s market’s session in green. Healthcare was down -0.11%; Energy was down -0.25%; Industrials was down -0.39%; Basic Materials was down -0.54%; Financials was down -0.70% and Utilities was down -1.08%. The market performance today was worse than yesterday based on the spread of the market decline.
Textiles & Leather Goods, up 7.14%, was the top performing industry; Computer Hardware was up 6.79%; Media Diversified gained 2.84%; Electrical Components & Equipment gained 2.73% and Semiconductors industry gained 2.34%.
Today’s Statistics: Today, the declined issues (Decliners) prevailed over the gaining issues (Advancers). The ratio of Decliners to Advancers was 1.80-to-1.0 or in practical terms, for every nine Decliners there were five Advancers. In real numbers, 957 Decliners to 533 Advancers with 129 Unchanged. The total volume of shares traded for gaining stocks was 101,230,100 or 29.7%, the total volume for declined stocks was 224,612,381 or 65.8% and 15,418,544 or 4.5% for “Unchanged”.
There were 24 new 52-Week Highs and 30 new 52-Week Lows.
The total volume of stocks traded at the TSX today was 341,261,025 compared to 367,489,371 yesterday, a 7% percent decrease. Today’s volume of 341,261,025 was seven percent higher than the average of the ten most recent market sessions.
The TSX has declined for five consecutive sessions and the index is below the 50 day line. The current market is not the ideal for investors and not even for trading. It is tough to make money in a market that is in constant decline.
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The US Markets
The Dow Jones Industrial Average gained today making it two gains during the last twelve sessions. The Dow index gained 63.86 points, or 0.17%, to close at 37,798.97. The S&P 500 declined -10.41 points, or -0.21%, to close at 5,051.41. The Nasdaq Composite was down -19.77 points or -0.12%, to close at 15,865.25. The Nasdaq was clearly not ready to get away from yesterday’s closing value. The index gyrated up and down yesterday’s closing value throughout today’s market session. The index appears to be waiting for an incentive to propel it either upwards or downwards but that incentive obviously did not arrive during today’s market session.
Today, the market was broad-based negative. Technology, up 0.14% was the only sector to gain at the US markets today. Healthcare was down -0.25%; Industrials was down -0.41%; Telecommunications Services was down -0.77%; Energy was down -0.78% while Financials sector was down -0.90% and Basic Materials was down -1.21%. Utilities declined -1.36%.
Marine Port Services, up a giant 17.31%, was the best performing industry today. Coal gained 3.40%; Managed Health Care was up 3.05%; Computer Hardware was up 2.58% and Semiconductor Equipment & Testing gained 1.83%.
Rails & Roads – Passengers gained 2.46%; Auto & Truck Manufacturers Retail – Computers & Electronics industry was the top industry performer today. The industry was up 2.64%; Diversified Trading & Distributing gained 2.63%; Tires & Rubber Products gained 2.51%; and Mining & Metals – Specialty gained 2.26%.
Today’s Market Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers) on the NYSE. The ratio of Decliners to Advancers was 2.24-to-1.0 or in practical terms, approximately for every twenty two Decliners there were ten Advancers. In real numbers, 2,810 Decliners to 1,251 Advancers with 312 Unchanged. The total volume of shares traded for gaining stocks was 251,900,360 or 24.9%; the total volume for declined stocks was 749,055,269 or 74.0% and 11,308,948 or 1.1% for “Unchanged”. The industry was a top performer a few sessions back.
There were 23 new 52-Week Highs and 175 new 52-Week Lows. This is significantly bearish. We might be heading into a bear market especially given that the US 10-year Treasury yield has been creeping up and is currently at 4.66%. Investing in the stock market loses the advantage edge when the 10-year Treasury yield is higher than 4%.
The total volume of stocks traded at the NYSE today was 1,012,264,577 compared with 1,047,834,870 yesterday, a 4% decrease. Today’s volume of 1,012,264,577 is about 10% higher than the average of the ten most recent market sessions.
On the NASDAQ, the Decliners prevailed over the Advancers today by a ratio of 3.61-to-1 or roughly for every seven Decliners there were five Advancers – bearish. In real numbers, there were 2,827 Decliners to 1,427 Advancers with 310 Unchanged. The total volume of volume-gaining stocks was 2,404,476,209 or 47.0%; the total volume of declined-volume stocks was 2,464,314,291 or 48.2% and 241,756,411 or 4.7% for “Unchanged”.
There were 30 new 52-Week Highs and 367 new 52-Week Lows. This is very lopsidedly bearish. The bears were angry and very much on the rampage today!
The total volume of stocks traded at the NASDAQ today was 5,110,546,911 compared to 5,025,036,379 yesterday, a roughly 2% increase. Today’s volume of 5,110,546,911 is about 2 percent higher than the average of the last ten market sessions.
Oil Price: Oil was up $0.05 at $85.36 per barrel as at the time of this post.
10 –year Treasury Yield: The US 10-year Treasury yield rose 3 basis points to 4.66% today.
The market outlook remains High Risk – Trade with Caution.
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Stocks In The News/Stocks To Watch
The Toronto Market
The Canadian big banks are currently under pressure. The big banks pay good dividends at high yield. It is worth keeping an eye on them. An income investor may want to buy them low to maximize the yield.
The US Markets
The Dow Jones index rose today but it has declined in ten of the last twelve sessions. The chart is weak. If the Dow were a stock, given the current chart most investors would keep away from it.
Two stocks to keep an eye on based on the market today are Super Micro Computers (SMCI) and Nvidia Corp (NVDA). SMCI was up 10% today.
Nvidia Corp’s was also up today although not as much as SMCI. NVDA is an industry leader in the design of AI processing chips and that has been main driver for the NVDA stock gains during the last nine months.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
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