The Stock Market At Close – Wednesday November 23
The Toronto Stock Exchange’s S&P/TSX composite index was up 62.25 points, or 0.3%, to close at 20,282.26. That is the highest closing value since June 9. Crude oil fell today more than 4% to $77.57 per barrel
The Dow Jones Industrial Average rose 95.96 points, or 0.28%, to 34,194.06, the S&P 500 gained 23.68 points, or 0.59%, at 4,027.26 and the Nasdaq Composite added 110.91 points, or 0.99%, at 11,285.32.
The market rose today as the minutes of the last Feds meeting that the Feds are leaning towards smaller interest rate hikes. The Fed minutes showed that smaller hikes are on tap as the committee sees “sufficiently restrictive policy”. Meanwhile, U.S. business activity contracted for a fifth straight month in November, while consumer sentiment ticked higher. The S&P 500 also gained, adding 0.6% after reclaiming the 4,000 level on yesterday.
The small-cap Russell 2000 index lagged with a 0.25% gain. Nasdaq composite volume surged while NYSE volume fell compared with Tuesday levels. Advancing issues outnumbered decliners by a 1.37-to-1 ratio on the NYSE and by a 1.29-to-1 ratio on the Nasdaq.
In other related news New home sales rose more than expected in October. Data shows a more-than-expected rise in Americans filing for unemployment benefits last week, this helped bring down the yield on the benchmark 10-year Treasury note.
Tomorrow is the Thanksgiving holiday so volume was a bit thin today. Market is closed tomorrow and will open only until 1pm on Friday.
10-year Treasury Yield today:
The 10-year yield fell 5 basis points to 3.7%.
Stock In The News:
The drop in Treasury yields created the opportunity for Growth stocks bounce back a bit today.
Rose From Death: Tesla (TSLA) literally arose from the dead today. Tesla Inc. jumped 5.6% after Citigroup upgraded the electric-vehicle maker’s stock to “neutral” from a “sell” rating.
Speaking of Strong Fundamentals: Deere & Co (DE: NYSE) jumped 6.0% to lead the gains on S&P 500 on reporting a higher-than-expected quarterly profit. The company said the order Books for Farm Equipment are full through Q3 of Fiscal 2023. Demand remains “strong” in the Americas while demand in Europe is “softening”. Deere CEO said Order Books for Construction and Forestry Equipment is close to 70% full.
Also Rans: Big Tech stocks, including Microsoft Corp, Amazon.com Inc. and Meta Platforms Inc., rose between 0.1% and 0.9% today.
Regular Market Day Features
The Canadian Vanguard – Beginner Investor’s (Canadian) Watchlist:
Stocks Seeing Heavy (Possibly Institutional) Buying:
Stocks Seeing Heavy (Possibly Institutional) Selling:
Canadian Vanguard Chinese Stocks Watchlist:
Popular EV, Energy and Resource Stocks at Today’s Market: