The Canadian Vanguard Stock Market Report At Market Close – Monday, April 22, 2024 .
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Data Driven Stock Market Analysis And Report
The Toronto Market
The TSX was up 64.59 points or 0.30% to close today’s market session at 21,871.96.
The market gains on Monday were broad-based as eight of the sectors gained. Durable Consumer Goods & Services, up 1.01%, was the best performing sector. Industrials gained 0.91% while Technology sector was up 0.89%. Discretionary Consumer Goods & Services gained 0.72% and Telecommunications services was up 0.71%. Energy gained 0.61% while Financials sector was up 0.54%. Healthcare and Basic Materials were down -0.74% and -2.51% respectively. Until recently, Basic Materials was, for a number of market sessions, the top performing sector.
Aluminum was up 5.88% to lead the industries within TSX on Monday; Electrical Components & Equipment industry was up 4.26%; Chemicals – Specialty was up 1.93%; Retail – Department Stores was up 1.89% and Auto/Truck/ Motorcycle Parts was up 1.72%.
Today’s Statistics: Today, the gaining issues (Advancers) prevailed over the declined issues (Decliners). The ratio of Advancers to Decliners was 1.61-to-1.0 or in practical terms, for every eight Advancers there were five Decliners. In real numbers, 891 Advancers to 551 Decliners with 104 Unchanged. The total volume of shares traded for gaining stocks was 195,919,607 or 55.4%, the total volume for declined stocks was 152,217,549 or 43.1% and 5,433,347 or 1.5% for “Unchanged”.
Today, there were 14 new 52-Week Highs and 13 new 52-Week Lows.
The total volume of stocks traded at the TSX today was 353,570,503.
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The US Markets
The Dow Jones Industrial Average gained 253 points, or 0.67%, to close at 38,239.98. The S&P 500 gained 43.37 points, or 0.87%, to close at 5,010.6. The Nasdaq Composite was down 169.30 points or 1.11%, to close at 15,451.30.
Eight of the major sectors gained at the US markets on Monday. Financials continue to lead the US markets’ sectors. Financials, up 1.30%, and Technology, up 1.27%, were the top sectors on Monday. Basic Materials down 0.17% and Telecommunications Services down -0.54% were the two sectors to decline on Monday. Energy, up 0.68%, and Discretionary Consumer Goods & Services, up 0.67%, were the bottom gainers on Monday. The markets tried to bounce back on Monday, however, one day reversal is not a reliable indication of market changing the current trend. Monday’s performance was quite positive but we still have to watch the market over the next few sessions in order to make the call about reversal of market trend.
Semiconductors industry was the top industry at the US markets on Monday. The industry was up 2.85%; Paper products was up 2.53%; Airport Services continued the recent trend with 2.23% gain. Airlines industry was up 2.32% and Marine Transportation was up 2.20%. Air travel industry is really booming. The market data continues to confirm that. Semiconductors were up on Monday as Nvidia Corp (NVDA) and Taiwan Semiconductor Manufacturing (TSM) bounced back a bit from Friday’s negative market performance.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 2.86-to-1.0 or in practical terms, approximately for every fourteen Advancers there were five Decliners (roughly three to one). In real numbers, 2,990 Advancers to 1,043 Decliners with 289 Unchanged. The total volume of shares traded for gaining stocks was 731,542,709 or 73.3%; the total volume for declined stocks was 247,552,331 or 24.8% and 18,399,369 or 1.8% for “Unchanged”.
There were 49 new 52-Week Highs and 76 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 997,494,409. Volume was down 1.51% at the NYSE compared to the previous market session.
On the NASDAQ, the Advancers prevailed over the Decliners today by a ratio of 1.83-to-1 or roughly for every two Advancers there was one Decliner. In real numbers, there were 2,736 Advancers to 1,495 Decliners with 282 Unchanged. The total volume of volume-gaining stocks was 3,255,257,728 or 68%; the total volume of declined-volume stocks was 1,484,960,582 or 31.0% and 50,225,691 or 1.0% for “Unchanged”.
There were 40 new 52-Week Highs and 184 new 52-Week Lows.
Yesterday, there were 30 new 52-Week Highs and 367 new 52-Week Lows. This is very lopsidedly bearish.
The total volume of stocks traded at the NASDAQ today was 4,790,444,001. Volume was down -13.15% compared to Friday’s market session.
10 –year Treasury Yield: Economic data to be released later in the week are likely to be the factors driving the market this week. Treasury yields were little changed on Monday. The yield on the 10-year Treasury was almost flat, last trading at 4.609% down -0.014 around 12:30am Tuesday morning. The 2-year Treasury yield was last higher by less than one basis point at 4.971%.
The market outlook remains Risk Elevated – Trade with Caution. Today’s one day partial bounce back is not a reliable prediction of what lies ahead for the market.
Stocks In The News/Stocks To Watch
The Toronto Market
Celestica (TSX:CLS) was a big winner on Monday as the stock bounced back to correct for some of the big decline on Friday. CLS stock gained 5.18% or $2.90 to close the session at $58.93 with 700.5k shares traded.
The US Markets
Nvidia Corp (NVDA) bounced back 4.35% on Monday after the collapse of the stock on Friday. NVDA gained $33.18 to close the market session at $795.18 with 59.6M shares changing hands.
Tesla (TSLA) continued to decline. Super Micro Computer Inc. (SMCI) tried to recover from the major decline on Friday but it still has a long way to go. Arm Holdings Plc (ARM) bounced back quite a bit from Friday’s decline but the stock’s chart needs more work.
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