The Canadian Vanguard Stock Market Report At Market Close – Wednesday, April 3, 2024
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Canadian Vanguard’s Data Driven Stock Market Analysis And Report
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The Toronto Market
The TSX was up 37.36 points or 0.17% to close today’s market session at 22,112.46. The index is managing to stay above the 22,000 level. Oil price continues to rise, closing above $85 around market close today. Rising Oil price normally favors the TSX.
The TSX closed positive today but the market was certainly bearish. Only four of the major sectors ended the session with gains. The gains were, however, sizeable. Healthcare was the leading sector at the TSX today. The sector was up 2.25% which is pretty good performance for a sector. Basic Materials was up 2.16% which also is a pretty good performance. Energy sector was next up with 0.70% gain and Financials sector gained 0.16% to round up the gaining sectors at today’s market session.
Energy has been on the rise slowly but steadily during the past five weeks and correspondingly Energy sector has been either the lead gaining sector or always close to or near the top gaining sector during the period. Basic Materials has become regular among the frequent top performing sectors during the past few weeks. On the other hand, Technology sector has been a poor performer during the past couple of weeks. The market appears to be rotating out of Technology in to the broader market. Basic Materials sector, has been trending higher during the past few sessions and continued that trend today.
Pharmaceuticals – Generic & Specialty was up 6.57%; Oil & Gas Drilling was up 5.31%; Computer Hardware was up 4.13% today. The industry was up 11.60% last Thursday. Chemicals – Commodity was up 4.11% and Electrical Components & Equipment was up 4.09% today.
Today’s Statistics: The gaining issues (Advancers) outnumbered the declined issues (Decliners) today. The ratio of Advancers to Decliners was 1.70-to-1.0 or in practical terms, for every seventeen Advancers there were ten Decliners. In real numbers, 922 Advancers to 541 Decliners with 123 Unchanged. The total volume of shares traded for gaining stocks was 277,530,521 or 70.3.8%; the total volume for declined stocks was 103,544,635 or 26.2% and 13,682,002 or 3.5% for “Unchanged”.
There were 119 new 52-Week Highs and 16 new 52-Week Lows. That, just like yesterday, is quite bullish.
The total volume of stocks traded at the TSX today was 394,757,158 compared to 391,053,864 yesterday, a one percent increase. Today’s volume of 394,757,158 is seven percent higher than the average of the ten most recent market sessions.
The US Markets
The US markets closed mixed today. The Dow Jones Industrial Average declined -43.10 points, or -0.11%, to close at 39,127.14. The S&P 500 gained 5.68 points, or 0.11%, to close at 5,211.49. The Nasdaq Composite gained 37.01 points or 0.23%, to close at 16,277.46.
The US markets had a broad-based positive market session today with eight of the major sectors ending the session with gains. Basic Materials continue to lead the sectors, up 0.83% at today’s market. Energy was up 0.78%; Industrials gained 0.64% while Technology gained 0.31% and Financials was up 0.31%. Healthcare was up 0.02%. Utilities and Durable Consumer Goods & Services were down -0.24% and -0.93% respectively and were the only two sectors to decline at the market session today.
Marine Port Services was the top performing industry with a very investor friendly 10.11% gain; Computer Hardware was next but with 3.50% gain; Marine Transportation was up 3.29%; Advertising / Marketing was up 3.27% and Aluminum gained 3.12% today. The same industries appear to be dominating the US stock market for the past couple of weeks.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 1.66-to-1.0 or in practical terms, approximately for every eight Advancers there were five Decliners. In real numbers, 2,555 Advancers to 1,540 Decliners with 304 Unchanged. The total volume of shares traded for gaining stocks was 595,711,107 or 59.5%; the total volume for declined stocks was 396,637,085 or 39.6% and 8,137,436 or 0.8% for “Unchanged”.
Today, there were 297 new 52-Week Highs and 70 new 52-Week Lows. The market remains bullish and the rally remains in full swing. There is some rotation out of Technology taking place.
The total volume of stocks traded at the NYSE today was 1,000,485,628 compared with 1,092,190,841 yesterday, a 9% decrease. Today’s volume of 1,000,485,628 is about six per cent lower than the average of the ten most recent market sessions.
On the NASDAQ, the Advancers prevailed over the Decliners today by a ratio of 1.42-to-1 or roughly for every fourteen Advancers there were ten Decliners. In real numbers, 2,368 Advancers to 1,892 Decliners with 337 Unchanged. The total volume of volume-gaining stocks was 3,361,418,176 or 62.8%; the total volume of declined-volume stocks was 1,900,085,589 or 35.5% and 93,722,057 or 1.8% for “Unchanged”.
Today, there were 121 new 52-Week Highs and 128 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,355,225,822 compared to 4,855,669,664 yesterday, a 10.2% increase. Today’s volume of 5,355,225,822 is six percent higher than the average of the last ten market sessions.
Oil Price: U.S. crude oil price climbed to over $85.00 a barrel briefly today. The price of Oil was at $85.61 a barrel as at the time of this post. Oil price rose on concerns of lower supply and signs of economic growth.
10 –year Treasury Yield: The 10-year Treasury yield fell one basis point to 4.35% as at market close today. The 10-year Treasury yield retreated today after touching the 2024 high.
The market outlook is Market in Rally Mode
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