The Canadian Vanguard Stock Market Report – Wednesday, November 8, 2023
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Your Market Report And Analysis For Tomorrow’s Market Winning Trades And Profitable Investing.
The Toronto Market
The Toronto TSX composite index declined -45.38 points or -0.23% to close at 19,530.21. The TSX was up five of the five daily market sessions last week. This week, the reverse has been the case. The TSX has been down every market session this week; three consecutive sessions. The good news is that the decline does not qualify as a retrace because, as of market close last week Wednesday, the TSX was at 19,079. Today it is 19,503. That is quite a difference. There are signs of a little bit of trouble but the rally is still alive.
Only five of the ten major TSX sectors gained. Technology sector continues to dominate. The sector was again the top gainer at today’s market session with 0.99% gain; Industrials followed with a gain of 0.75%; Financials was next with a gain of 0.18%; Durable Consumer Goods and Services gained 0.06%. Basic Materials was the worst performing sector declining by -1.88% and Energy declined -1.02%. Energy has declined for five of the past five sessions.
The top industry performer at the market today was Industrial Machinery & Equipment with a hefty 9.58% gain. Construction Materials was next with 4.31% gain; Retail Apparel & Accessories, which gained 2.09% yesterday, gained 3.55%; Personal Products ended the day with 3.48% gain and Air freight & Services gained 3.32%.
Today’s Statistics: The declined issues (decliners) outnumbered the gaining issues (advancers) by a ratio of 1.12-to-1.00. In real numbers, 728 decliners to 649 advancers with 203 Unchanged. The total volume of shares traded for gaining stocks was 77,445,759 or 26.2%; the total volume for declined stocks was 208,509,738 or 70.4% and 10,084,480 or 3.4% for “Unchanged”.
There were 35 new 52-Week Highs and 36 new 52-Week Lows. The bullish trend continues. Are we looking at a possible market turning point? Possibly, but not likely given the ratios. The market will do whatever it wants to do.
The total volume of stocks traded at the TSX today was 296,039,977 compared 321,399,810 yesterday, an 8%, decrease. Today’s volume of 296,039,977 was about average of the most recent ten-market sessions.
The US markets
The Dow Jones Industrial Average was down -40.33 points, or -0.12%, to close at 34,112.270. The S&P 500 was up 4.40 points, or 0.1%, to close at 4,382.78. The Nasdaq Composite was up a meager 10.56 points or 0.08%, to close at 13,650.41.
Today’s Market Statistics: Today, the declined issues (decliners) outnumbered the gaining issues (advancers) on the NYSE. The ratio of decliners to advancers on the NYSE was 1.33-to-1. In real numbers, 2,233 decliners to 1,679 advancers with 283 “Unchanged”. The total volume of volume-gaining stocks was 306,238,379 or 32.8%; the total volume of declined-volume stocks was 613,609,301 or 65.7%; and 14,520,380 or 1.6% “Unchanged”. There were 59 new 52-Week Highs and 92 new 52-Week Lows. The ratio of new 52-Week Highs to new 52-Week Lows is bearish today but still within a regular market day range.
The total volume of stocks traded on the NYSE today was 934,368,060 compared to 933,297,239 yesterday, practically the same volume. Today’s total volume, of 934,368,060 shares traded was higher than the average of the most recent ten-market sessions. The range of new 52-Week Highs and the 52-Week Lows are quite close. The market has for now done away with those bearish lopsidedly high numbers of new 52-Week Lows. The daily volume today was just about the same as yesterday. There was no big market moving news or event today.
On the NASDAQ, the decliners outnumbered the advancers. There were 2,673 decliners to 1,630 advancers with 344 unchanged, a ratio of 1.64-to-1. The total volume of volume-gaining stocks was 1,795,321,710 or 37.2% %; the total volume of declined-volume stocks was 2,988,262,126 or 62.0% and 37,509,676 or 0.8% for “Unchanged”. There were 54 new 52-Week Highs and 207 new 52-Week Lows. NASDAQ gained today but the gains were driven by a few big Tech companies. The NASDAQ gains are certainly not broad-based. Investors must locate those few stocks that are driving NASDAQ gains. Today, the gains were largely by big software companies like Adobe Inc.
The total volume of stocks traded today was 4,821,093,512 compared to 4,482,556,568 yesterday, a 7.5% increase. The volume of stocks traded today at 4,821,093,512 was slightly higher than the average volume of the ten most recent market sessions.
The market outlook remains uptrend positive.
10 –year Treasury Yield: The 10-year Treasury yield fell to 4.50%.
