The Stock Market At Close – Tuesday, October 10, 2023
The Toronto Market
The Toronto TSX composite index today advanced a muscular 255.13 points, or 1.33%, to close at 19,501.20. The TSX has gone up three consecutive sessions. The market was closed on Monday. Oil price was up today, which was expected because of the war in the Middle East. The problem is that petty well everybody drives or use oil one way or the other so increase in Oil price means inflation is likely to increase and in turn add more heft to the inflation pressure. Interest rate may not be going down any time soon. the TSX had a good day today.
The market gains today were broad based. Healthcare and Durable Consumer Goods and Services were the only two sectors that declined at today’s market. Energy was the leading sector with gains today. The sector was up 3.17%. It was followed by Basic Materials which gained 1.68%. Utilities was next in the list of gaining sectors, it gained a respectable 1.62%; Telecommunication Services was next in the list with 1.12% and next was Financials with a gain of 0.74% for the day. Discretionary Consumer Goods & Services was next with 0.64% gain. Technology sector had the least gain today, gaining only 0.34%.
The three sectors trailing Basic Materials sector in the performance list today are known for dividends. Technology had the least gain, the market today was about investing with caution. Growth was not priority, indications are that today was about safe investing – security of capital. Growth was given a back seat today at the market.
Today’s Statistics: The gaining issues (advancers) totally outnumbered the declined issues (decliners) today. The ratio of advancers to decliners was 4.19-to-1.00. In real numbers, 1,191 advancers to 284 decliners with 190 Unchanged. There were 25 new 52-Week Highs and 27 new 52-Week Lows. The total volume of shares traded for gaining stocks was 246,816,585 or 81.1%; the total volume for declined stocks was 41,667,732 or 13.7% and 15,783,077 or 5.2% for “Unchanged”.
The total volume of stocks traded today was 304,267,394 compared to 259,857,103 yesterday, an increase of 17%. The market has suddenly moved from severe bearish outlook not only bullish but the gains are being supported by considerable increase in volume. Investors are returning to the market.
Today, there are roughly as many stocks recorded new 52-Week Lows as recorded new 52-Week Highs. The market has certainly changed from being very bearish to bullish. At the minimum the bear is at least for now taking a well-deserved nap after causing so much havoc and pain during the last six weeks.
The total volume of gaining stocks was 81.1% of the total volume of stock traded. That is lopsidedly bullish today. You better take advantage of things before it evaporates. The market hardly stays session after session. The market will do what it wants to do. The best thing to do now is to follow the market one cannot dictate to the market.
The US Market
The Dow Jones Industrial Average gained 134.65 points, or 0.40%, to close at 33,739.3. The S&P 500 gained 22.58 points, or 0.52%, to close at 4,358.24. The Nasdaq Composite was up 78.60 points, or 0.58%, to close at 13,562.84.
The market today gained broadly with all the sectors gaining. All the US market sectors gained today. Utilities was the lead gainer of the sectors on the US market today. It gained 1.42%. Durable Consumer Goods and Services was next with 1.24% gain. Basic Materials was next with a gain of 1.23%. Telecommunications Services gained 1.20%. Financials gained 0.84%; Healthcare gained 0.72%; Technology gained 0.49% and had the least gain with 0.36% gain.
The sectors gained but recorded no big gains, no big gains bigger than 1.45. The lead gainer, Utilities is normally is normally a haven for risk averse investors, typically investors focused on steady revenue as opposed to risky growth – security in dividends. Growth and risk took a back seat on both the US and Canadian markets. Technology was at the bottom of the gainer’s list.
Today’s Statistics: Today, the gaining issues (advancers) totally outnumbered the declined issues (decliners) on the NYSE. The ratio of advancers to decliners on the NYSE was 3.08-to-1. In real numbers 2,949 advancers to 956 decliners with 247 “Unchanged”. There were 57 new 52-Week Highs and 52 new 52-Week Lows. The total volume of volume-gaining stocks was 710,466,999 or 79.4%; the total volume of declined-volume stocks was 173,754,764 or 19.4%; and 10,512,801 or 1.2% “Unchanged”.
The total volume of stocks traded on the NYSE today was 894,734,564 compared to 789,499,909 yesterday, an increase of 13%. Today’s total volume, of 894,734,564 shares traded was roughly about the recent 10-day average.
On the NASDAQ, the advancers outnumbered the decliners were today. The ratio of decliners to advancers was 2.11-to-1. In main street language, for every ten decliners there were roughly twenty one decliners. In real numbers, 2,936 decliners to 1,387 advancers with 360 unchanged. There were 61 new 52-Week Highs and 185 new 52-Week Lows. The total volume of volume-gaining stocks was 3,204,259,812 or 72.1%; the total volume of declined-volume stocks was 1,200,511,327 or 27.0% and 39,207,541 or 0.9% for “Unchanged”.
The total volume of stocks traded today was 4,443,978,680 compared to 3,907,610,732 yesterday, an increase of roughly fourteen per cent (13.7%).
Today’s total volume, of 4,443,978,680 shares traded was slightly above the recent 10-day average of volume of shares traded daily.
The market outlook has changed. The market is an uptrend. The data clearly shows more investors are returning to the market and of course more funds are also returning to the market. However, it is important to bear in mind that the market can also be affected by geo political issues so the market could reverse course any time if certain things were to happen.
