The Canadian Vanguard Stock Market Report At Market Close – Tuesday, April 9, 2024 .
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The Canadian Vanguard’s Data Driven Stock Market Analysis And Report
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The Toronto Market
Today saw quite a volatile early session as the indexes seesawed up and down before noon today. The TSX advanced 101.48 points or 0.46% to close today’s market session at 22,361.78 just two points lower than its highest level for the day, a level reached just three minutes after the opening bell and prior to the day’s descent into volatility.
The market was broad-based positive today as nine of the ten major sectors gained. Basic Materials led the sectors with 1.54% gain for the session; Telecommunications Services gained 1.23%; Technology advanced 0.60%; Industrials gained 0.30%; Energy was up by 0.14%. Financials was up 0.09% while Utilities gained 0.07% and Discretionary Consumer Goods & Services gained 0.04%. Healthcare was the only sector to end the session in the red, declining -0.93%.
Construction Materials industry was up 5.77%; Coal was up 3.65% while Mining & Metals – Specialty was up 2.94%. Forest & Wood Products was up 1.93% and Consumer Financial Services was up 1.87%. Computer Hardware was the worst performing industry today, down -5.87%.
Today’s Statistics: Today, the gaining issues (Advancers) prevailed over the declined issues (Decliners). The ratio of Advancers to Decliners was 1.62-to-1.0 or in practical terms, for every eight Advancers there were five Decliners. In real numbers, 892 Advancers to 550 Decliners with 106 Unchanged. The total volume of shares traded for gaining stocks was 204,965,312 or 62.8%, the total volume for declined stocks was 110,389,305 or 33.8% and 10,908,546 or 3.3% for “Unchanged”.
There were 164 new 52-Week Highs and 10 new 52-Week Lows.
The total volume of stocks traded at the TSX today was 326,263,163. Today’s volume of 388,489,094 was one percent higher than the average of the ten most recent market sessions.
The US Markets
The Dow Jones Industrial Average recovered from an early morning decline of a couple of 100 points to close the market session down a mere -9.13 points, or -0.02%, to close at 38,883.67. The S&P 500 gained 7.52 points, or 0.14%, to close at 5,209.91. The Nasdaq Composite was up 52.68 points or 0.32%, to close at 16,306.64. The Nasdaq was much more volatile today but recovered to close in green. The Dow was down about 300 points in the morning.
The market is trying to find a reason to trend bearish or bullish but the day traders are probably having a good time while the volatility endures. The market is looking for direction but tomorrow will be different. The Consumer Price Index (CPI) due at 8:30am will most certainly dominate and dictate the market mode and direction tomorrow.
Seven of the US markets major sectors gained today. Basic Materials was the top performing sector today. The sector was up 0.75%. Durable Consumer Goods & Services gained 0.49%; Utilities and Discretionary Consumer Goods & Services, each gained 0.43%; Healthcare gained 0.33% and Technology was up 0.27% with Energy gaining a mere 0.03%. Financials declined -0.18%; Industrials declined -0.22% while Telecommunications Services declined -0.58%.
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%; Rails & Roads – Passengers gained 2.46% and Mining & Metals – Specialty gained 2.26%. Marine Port Services, down -7.50%, was the worst performing industry today.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 2.05-to-1.0 or in practical terms, approximately for every two Advancers there was one Decliner. In real numbers, 2,349 Advancers to 1,635 Decliners with 324 Unchanged. The total volume of shares traded for gaining stocks was 565,733,471 or 65.0%; the total volume for declined stocks was 290,912,093 or 33.4% and 13,888,165 or 1.6% for “Unchanged”. The industry was a top performer a few sessions back.
There were 205 new 52-Week Highs and 35 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 870,533,729 compared with 1,032,723,174 yesterday, a 16% decrease. Today’s volume of 870,533,729 is about the average of the ten most recent market sessions.
On the NASDAQ, the Advancers prevailed over the Decliners today by a ratio of 1.38-to-1 or roughly for every seven Advancers there were five Decliners – bearish. In real numbers, there were 2,487 Advancers 1,798 Decliners with 323 Unchanged. The total volume of volume-gaining stocks was 3,478,909,226 or 69.1%; the total volume of declined-volume stocks was 1,523,563,248 or 30.3% and 33,251,190 or 0.7% for “Unchanged”.
There were 104 new 52-Week Highs and 79 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,035,723,664 compared to 5,486,450,645 yesterday, an 8% decrease. Today’s volume of 5,035,723,664 is about one percent higher than the average of the last ten market sessions.
Oil Price: Oil was down slightly today but was back up one cent at $84.47 per barrel as at the time of this post around 10pm.
10 –year Treasury Yield: The US 10-year Treasury yield was down six basis points to close at 4.365% today.
The market outlook remains Market In Rally Mode.
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Stocks In The News/Stocks To Watch
The US Markets
A lot of hitherto leading stocks including the market darling, NVIDIA (NVDA) have come under pressure. On the other hand a few names are showing with promising charts or are simply forming new basis and are worth taking a look at. Meta Platforms Inc. (META) and Chipotle Mexican Grill Inc (CMG) are two stocks for your watchlist. Wayfair Inc. (W) is one stock which is worth keeping an eye on for possible entry into your watchlist.
Tesla has been up three market sessions. Elon Musk has been talking up the launch of the Robotaxi and correspondingly the stock has gained the last three market sessions. The stock’s chart is currently not the best, weak really, but the stock is actually forming a flat base during the last several weeks. The reader is warned that buying Tesla stock now is really like gambling. However, the stock is worth keeping an eye on. The Tesla stock certainly has its devotees.
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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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