The Canadian Vanguard Stock Market Report At Market Close – Wednesday, April 17, 2024 .

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Data Driven Stock Market Analysis And Report

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The Toronto Market

The TSX was up 13.18 points or 0.06% to close today’s market session at 21,656.05. The TSX managed to eke out a paltry 13.18 points gain today and as such avoided recording the sixth consecutive session of decline.

                                                                                                                   

The market session was a marked improvement over yesterday’s in terms of performance of the sectors. Five of the major sectors ended the session with gains compared with only one sector up yesterday. The five sectors with gains were also the ones one would say were likely to gain in a rough market.

Technology led the sectors with 0.81% gain; Basic Materials was up 0.47%; Durable Consumer Goods & Services was up 0.41%; Utilities was up 0.40% and the Financials sector was up a mere 0.01% as the Financials currently continue to struggle in the short term. Healthcare declined -0.01% while Energy was down -0.17% and Industrials sector was down -0.63%.

Fish and Farming led the industries today with a gain of 4.12%; Airlines was up 4.04%; Coal was up 3.11% while Retail – Apparel & Accessories gained 2.67% and Air Freight & Courier Services was up 2.42%.

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The US Markets

The Dow Jones Industrial Average declined -45.66 points, or -0.12%, to close at 37,753.31. The S&P 500 declined -29.20 points, or -0.58%, to close at 5,022.21. The Nasdaq Composite was down -181.88 points or -1.15%, to close at 15,683.37.

Only five of the major US market sectors ended the session with gains today but that was an improvement over yesterday when all but one sector ended in the red.  Utilities gained a healthy 1.93% to lead the sectors. That is interesting since Utilities is normally of interest to mainly dividend seeking investors. Basic Materials was up 0.34%; Durable Consumer Goods & Services was up 0.32%; Telecommunications services was up 0.28% and Financials sector was up 0.01%. Healthcare was down -0.18%, while Energy was down -0.25% and Industrials sector was down -0.43%.

Technology, which was the only sector to gain at the US markets yesterday was the worst performer today ending the session down -1.35% as chips manufacturers were down heavily today.

Marine Port Services, up 7.91%, was the top performing industry today. Yesterday, Marine Port Services was up 17.31% yesterday and was the top performing industry. Airlines industry was up 4.31%; Beverages  – Distillers & Wineries gained 2.53% while Utilities – Electric gained 2.03% and Retail – Department stores gained 1.84%.

Today’s Market Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers) on the NYSE. The ratio of Decliners to Advancers was 1.13-to-1.0 or in practical terms, approximately for every eleven Decliners there were ten Advancers. In real numbers, 2,138 Decliners to 1,890 Advancers with 352 Unchanged. The total volume of shares traded for gaining stocks was 462,967,405 or 48.9%; the total volume for declined stocks was 462,689,265 or 48.8% and 21,840,599 or 2.3% for “Unchanged”.

There were 21 new 52-Week Highs and 103 new 52-Week Lows. Yesterday, there were 23 new 52-Week Highs and 175 new 52-Week Lows. The market remains bearish.

The total volume of stocks traded at the NYSE today was 947,497,269 compared with 1,012,264,577 yesterday, a 6.4% decrease. Today’s volume of 947,497,269 is about 5% lower than the average of the ten most recent market sessions.

On the NASDAQ, the Decliners prevailed over the Advancers today by a ratio of 1.57-to-1 or roughly for every three Decliners there were two Advancers – a bit bearish. In real numbers, there were 2,603 Decliners to 1,652 Advancers with 282 Unchanged.  The total volume of volume-gaining stocks was 2,417,425,507 or 47.2%; the total volume of declined-volume stocks was 2,614,346,244 or 51.0% and 91,270,775 or 1.8% for “Unchanged”.

There were 27 new 52-Week Highs and 244 new 52-Week Lows.  Yesterday, there were 30 new 52-Week Highs and 367 new 52-Week Lows. This is very lopsidedly bearish.

The total volume of stocks traded at the NASDAQ today was 5,123,042,526 compared to 5,110,546,911 yesterday, a 0.002% increase (simply negligible). Today’s volume of 5,123,042,526 is about two percent higher than the average of the last ten market sessions.

Oil Price:   Oil was up $0.17 at $82.86 per barrel as at the time of this post – 10:30pm Wednesday.

10 –year Treasury Yield:   The US 10-year Treasury yield was down 1 basis point to 4.569% as at the time of this post. Of course, overnight market performance is not a predictor of what would happen at the following daytime full market session.

The market outlook remains Risk Elevated – Trade with Caution.

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Stocks In The News/Stocks To Watch

The US Markets (Breaking News)

This is possibly market moving news especially the performance of Technology stocks during the regular market session later today.  Taiwan Semiconductor Manufacturing Company  (NYSE :TSM) early Thursday morning, reported earnings which beat revenue and profit expectations in the first quarter, thanks to continued strong demand for advanced chips, particularly those used in AI applications. Some highlights of the report are:

• TSMC beats revenue and profit expectations in the first quarter on strong AI chip demand.
• TSMC is the world’s largest producer of advanced processors and counts companies such as Nvidia and Apple as its clients.
• A strong demand for AI chips is being led by the proliferation of large language models such as ChatGPT and Chinese clones.

The above was first reported by CNBC at 2am Thursday morning.

The TSM stock closed down at the market session on Wednesday. The session was a bit bearish.

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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

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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