The Stock Market At Close – Thursday, November 2, 2023
Today’s Market Report And Analysis For Tomorrow’s Trade And Profitable Investing.
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The Toronto Market
The Toronto TSX composite index vaulted 547.34 points or 2.8% to close at 19,626.34 today. The TSX, just like the US market indexes today notched a third consecutive day of gains. Based on the market data we are changing the market outlook to “Market in an Uptrend”.
The market today was all-round positive. Every sector was up; Technology was up by a wide margin at 9.17%. Nine of the ten major sectors gained with Basic Materials being the only sector to decline. Utilities led the gainers with 2.56% gain. Telecommunications, Technology and Financials gained 1.9%, 1.80% and 1.14% respectively.
Reinsurance, with a gain of 4.74%, was the best industry performer today. It was followed by Investment Services up 3.63%; Fishing & Farming up 3.57% and Forest & Wood Products up 3.21%.
Today’s Statistics: The gaining issues (advancers) totally outnumbered the declined issues (decliners) 3.10-to-1.00. In real numbers, 1,194 advancers to 227 decliners with 177 Unchanged. The total volume of shares traded for gaining stocks was 275,678,689 or 82.6%; the total volume for declined stocks was 43,553,447 or 13% and 14,647,856 or 4.4% for “Unchanged”. There were 40 new 52-Week Highs and 28 new 52-Week Lows.
The total volume of stocks traded at the TSX today was 333,879,992 compared to 310,832,048 yesterday, a 15% decrease. Today’s volume of 333,879,992 was slightly higher than the average of the most recent ten-market sessions.
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The US Market
Today was a day of robust gains at the US markets. The Dow Jones Industrial Average closed up 123.91 points, or 0.38%, to close at 33,052.87. The S&P 500 was up 26.98 points, or 0.65%, to close at 4,193.8. The Nasdaq Composite was up 61.76 points or 0.48%, to close at 12,851.24. The indexes were all up yesterday. Today marks the second day of a rally attempt.
Every major sector at the US markets was up today with fairly good quality percentages. Energy, the worst performing sector yesterday, was the top gainer with a 3.02% gain. Financials followed with a 2.59% gain and Durable Consumer Goods & Services gained 2.42%. Industrials and Basic Materials gained 2.12% and 2.02% respectively. Technology was the top gaining sector yesterday with a gain of 1.66%. Today, it gained 1.77% but ended up in the middle of pack. Today was an all-round positive market.
The top performing industry at the markets today was Rails & Road – Passengers, rewarding investors with a muscular roadworthy 12.81% gain. Pharmaceuticals – Generic & Specialty gained 6.15%. Forest & Wood Products gained 5.65% and Entertainment Production was up 5.23%. Aluminum was up 4.73%.
We can say that the bears have gone away for now. The bulls have not only taken over but they are doing so roaring like lions. It is important to always remember that the market will do whatever it wants to do so one must take profit from time to time; one must bank the gains before the profit evaporates. It is always a good idea to take some profit when a position is up 15% or higher. The bears will surely be back. The question is how soon?
Today’s Market Statistics: Today, the gaining issues (advancers) completely outnumbered the declined issues (decliners) on the NYSE. The ratio of advancers to decliners on the NYSE was 7.3-to-1; the bears were almost a no-show at today’s market. In real numbers, 3,585 advancers to 491 decliners with 182 “Unchanged”. The total volume of volume-gaining stocks was 1,001,043,403 or 89.5%; the total volume of declined-volume stocks was 113,071,855 or 10.1%; and 4,902,061 or 0.4% “Unchanged”. There were 83 new 52-Week Highs and 88 new 52-Week Lows.
The total volume of stocks traded on the NYSE today was 1,119,017,319 compared to 1,108,690,589 yesterday, a 1% increase. Today’s total volume, of 1,119,017,319 shares traded was higher than the average of the most recent ten-market sessions. The ratio of stocks that recorded a new 52-Week High, to those that declined to a new 52-Week Low were about equal. All the market indexes were up today and the gains were accompanied by a good increase in total volume of stocks traded.
On the NASDAQ, the advancers completely outnumbered the decliners today. There were 3,312 advancers to 1,039 decliners with 333 unchanged, a ratio of 3.19-to-1, or roughly sixteen advancers to every five decliners. The total volume of volume-gaining stocks was 4,052,282,156 or 79.5%; the total volume of declined-volume stocks was 1,023,371,068 or 20.1% and 22,340,237 or 0.4% for “Unchanged”. There were 45 new 52-Week Highs and 163 new 52-Week Lows.
The total volume of stocks traded today was 5,097,993,461 compared to 4,664,508,263 yesterday, a 9.2% increase. The volume of stocks traded today at 5,097,993,461 was higher than the average volume of the most recent ten market sessions. The daily total volume has been on the increase for four consecutive sessions indicating more investors and, as of today, more funds moving back in to the market.
The market outlook has changed. The market outlook is confirmed uptrend positive.
10 –year Treasury Yield: The 10-year Treasury yield fell twelve basis points to 4.66%, extending yesterday’s decline.
Stocks In The News/Stocks To Watch:
The Toronto Market
Shopify Inc. (TSX:SHOP) was the big Technology stock winner on the TSX today. Shopify rocketed 21.31% to $82.08 today. The market outlook was generally positive and upbeat. Shopify closed up $14.42 or 21.31% to end the market session at $82.08. Trading volume today was 6.5 M shares eclipsing its 50-day average volume of 3.4 M.
The Canadian big banks did well. They regained some of the losses of the past two weeks. Royal Bank of Canada (TSX:RY) gained 3.16% or $3.52 to close at $114.79. Volume of RY shares traded was 4.4M.
The US Markets
Chipotle Mexican Grill (CMG) is a stock to watch. CMG gained 2.45% or $48.73 to close today’s market session at $2,035.37. Volume today was 359.3K. The stock is a little pricey but it looks ready to start climbing.
Nvidia Corp (NVDA) was a big winner until the current trend of bear market started. NVDA stock may return to its winning ways. The company makes chips for AI big number crunching. Tesla Inc (TSLA) was up today a muscular 6.25%. Volume of shares of Tesla stock traded today was 126M. The stock closed at $218.51.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Today was an all-round good day for investors at the Toronto market. It was a rising tide that lifted all boats.
The Canadian Vanguard Chinese Stocks Watchlist
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.
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