The Canadian Vanguard Stock Market Report At Market Close – Tuesday, April 2, 2024
.
Canadian Vanguard’s Data Driven Stock Market Analysis And Report
.
The Toronto Market
The TSX declined -110.15 points or -0.50% to close today’s market session at 22,075.10. The TSX opened the market session down from yesterday’s closing point, slid further down and actually crossed slightly below 22,000 level around midday before joining the rest of the other indexes into recovery to close higher but still well below the previous markets session’s closing. Today’s market was driven by US job market report. The indexes had climbed literally up and up since the beginner of the year. Nothing of course goes up forever. The TSX actually did better today than the other North American major indexes.
The market decline at the TSX today was broad-based. Only two of the major sectors ended the session with gains. Basic Materials, the top gaining sector today, was up 0.64%. Energy was up also by 0.60%. All the other sectors ended the session in the red. Healthcare declined -0.17%; Utilities declined -0.38%; Durable Consumer Goods & Services declined 0.59%; Discretionary Consumer Goods & Services declined -0.67% while Technology declined -0.76% and Financials sector tumbled -1.01%. Industrials declined -1.03% and Telecommunications Services declined -1.73%.
Beverages – Brewers was the top performing industry at the TSX today. The industry was up 3.61%; Oil & Gas Drilling was up 2.90%; Leisure Products gained 1.95%; Integrated Oil & Gas gained 1.71% and Electrical Components was up 1.50%.
Today’s Statistics: Today, the declined issues (Decliners) continue to outnumber the gaining issues (Advancers). The ratio of Decliners to Advancers was 2.18-to-1.0 or in practical terms, for every eleven Decliners there were five Advancers. In real numbers, 1,030 Decliners to 471 Advancers with 84 Unchanged. The total volume of shares traded for gaining stocks was 184,071,630 or 47.8%, the total volume for declined stocks was 193,223,500 or 49.4% and 10,758,734 or 2.8% for “Unchanged”. The market today was bearish but not in a harsh way. Today was for all practical purposes a normal day of correction as nothing realistically keeps going up forever. Even stocks need to stop once a while to catch some breath after an uphill climb. The good news is that the decline has so far been orderly, compared to being panic driven.
There were 92 new 52-Week Highs and 13 new 52-Week Lows.
The total volume of stocks traded at the TSX today was 391,053,864 compared to 321,697,757 yesterday, roughly 21% percent increase. Today’s volume of 391,053,864 was seven percent higher than the average of the ten most recent market sessions.
.
The US Markets
The Dow Jones Industrial Average declined -396.61 points, or -1.0%, to close at 39,170.24. The S&P 500 declined -37.96 points, or -0.72%, to close at 5,205.81. The Nasdaq Composite was down -156.38 points or -0.95%, to close at 16,240.45. The indexes opened the session in very negative territory but the Nasdaq rallied to reduce the damage and close down almost -1%. Volume was heavy, almost seventeen percent higher than yesterday at the NYSE but down slightly at the Nasdaq. Most likely, the “big” guys are selling quietly.
The US markets delivered a broad-based negative performance today. Energy was the leading sector at the markets again today. The sector was up 1.42%. Utilities was up 0.09% while all the other sectors ended the session in red (declined). Basic Materials declined -0.02%; Utilities sector was up 0.50%; Telecommunications Services declined -0.30%; Durable Consumer Goods & Services declined -0.57%; Financials declined -0.76% while Technology declined -0.77%. Industrials and Healthcare declined -1.32% and -1.60% respectively.
Aluminum was the gaining industry at the US markets today with a gain of 3.40%; Diversified Trading & Distributing gained 2.26%; Integrated Oil & Gas gained 2.23%; Oil & Gas Refining & Marketing was up 2.14% while Oil & Gas Drilling gained 2.06%.
Today’s Market Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers) on the NYSE. The ratio of decliners to advancers was 2.86-to-1.0 or in practical terms, approximately for every fourteen Decliners there were five Advancers, quite bearish. In real numbers, 3,034 Decliners to 1,059 Advancers with 272 Unchanged. The total volume of shares traded for gaining stocks was 324,736,654 or 29.7%; the total volume for declined stocks was 753,698,619 or 69% and 13,755,568 or 1.3% for “Unchanged”.
There were 172 new 52-Week Highs and 71 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 1,092,190,841 compared with 876,895,822 yesterday, a 24% increase. Today’s volume of 1,092,190,841 is about ten per cent 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 2.63-to-1 or roughly for every thirteen Decliners there were five Advancers – bearish. In real numbers, there were 3,130 Decliners to 1,188 Advancers with 265 Unchanged. The total volume of volume-gaining stocks was 1,414,120,564 or 29.1%; the total volume of declined-volume stocks was 3,394,823,490 or 69.9% and 46,725,610 or 1.0% for “Unchanged”.
There were 76 new 52-Week Highs and 138 new 52-Week Lows. The NASDAQ was lopsidedly bearish today.
The total volume of stocks traded at the NASDAQ today was 4,855,669,664 compared to 4,923,885,735 yesterday, a 1.4% decrease. Today’s volume of 4,855,669,664 is about two percent lower than the average of the last ten market sessions.
10 –year Treasury Yield: The US 10-year Treasury yield was up 3 basis points to close at 4.363% today. Yesterday, it closed at 4.327%. The five-year Treasury yield closed at 4.352%, up from 4.336% yesterday.
The market outlook remains Market In Rally Mode.
.
Stocks In The News/Stocks To Watch
The Toronto Market
The market driver currently is Oil and of course energy stocks. Precision Drilling (TSX:PD) was a star performer today. The stock was up 4.30% or $3.96 to close the market session at $96.01 with 155.5k shares traded. Calgary, Alberta based Precision Drilling Corporation (Precision) intends to release its 2024 first quarter results before the market opens on Thursday, April 25, 2024, and has scheduled a conference call to begin at 12:00 noon MT (2:00 p.m. ET) on the same day. Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. We featured Precision Drilling in this section late last year. The stock has been a slow but steady climber.
The US Markets
Oil price has been climbing for weeks now and correspondingly some Energy stocks have also been rising. Weatherford International Plc (WFRD) rose 4.17% or $4.94 today with 1.4M shares changing hands. The stock has been on the up climb for the past few sessions and remains not extended even though a number of Energy stocks have recently become extended. The stock is up 6.57% the past two consecutive market sessions. The stock is on pace for largest percent increase since March 1, 2024, when it rose 6.24%. The stock is up 25.73% year-to-date.
Weatherford International Plc is a global energy services company providing equipment and services used in the drilling, evaluation, well construction, completion, production, intervention, and responsible abandonment of wells in the oil and natural gas exploration and production industry as well as new energy platforms. The company operates through three segments: Drilling and Evaluation (DRE), Well Construction and Completions (WCC), and Production and Intervention (PRI).
.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The big banks appear not able to hold to recent gains. The TSX’s Financials sector was down a “big” 1% today. Of course one market session’s data is not enough to base your investing strategy on.
The Canadian Vanguard Chinese Stocks Watchlist
Tripcom Group Limited (TCOM) is worth keeping an eye on.
EV, Energy and Resource Stocks Watchlist
IMPORTANT NOTICE
Readers are reminded that the market’s performance at the following day’s market session may completely differ from the market performance at the overnight markets.
SUBSCRIPTION Offer: We thank you for following our Stock Market posts but please be aware that we shall soon be restricting these articles to subscribers only.
We do not send this publication by email to readers. If you receive a copy by email please simply forward the email to us.
Our reports are composed by humans after proper analysis and detailed research. It is neither AI nor machine generated. We do not, like AI, make things up.
