The Stock Market At Close – Friday January 20
The Toronto Market:
The 3-digit gain day is back! Today, the TSX roared back with a three-digit gain of 161.77 or 0.80% to close at 20,503.21. The TSX gain today was powered by the technology sector which was up today by 2.4%. The big gainer today in that sector was Shopify which gained 5.6% or $2.87 with a volume of 3.8M shares traded.
The financials sector advanced today by 0.7% while industrials were up by 0.8%. The price of copper rose 0.6%, while gold remained near its highest level in nine months and oil settled 1.2% higher at $81.31 a barrel. A big gainer on the TSX today is Magnet Forensics. The company is being acquired by a private equity firm, Thoma Bravo.
The US Market:
The NASDAQ fights back! The technology-heavy Nasdaq index, today rose 2.66% or 288.17 points to close the session at 11,140.4. The S&P 500 gained 1.9%, or 73.36 points to close at 3,972.5. The Dow Jones Industrial Average advanced 1%, or 330.93 points to close at 33,375.6. For the week, the Dow and the S&P 500 fell 2.7% and 0.7%, respectively, while the Nasdaq rose 0.6%.
The big gainer today on Nasdaq was Netflix Inc. Its shares closed 8.5% higher, the best performer on the Nasdaq and the third-best on the S&P 500. Analysts said Friday that the streaming giant is poised for continued subscriber and revenue growth in 2023 after it posted stronger-than-expected subscriber additions for Q4. The company late yesterday reported that paid global streaming net additions reached 7.66 million in the quarter, beating its own outlook for 4.5 million.
Alphabet is the latest company to join a series of technology sector layoffs. The company, today said it will slash 12,000 jobs as the macro backdrop had evolved over the past two years. Shares gained 5.7%. The google chart below is worth analyzing. The stock price is not extended yet. This is tradeable depending on the market direction during the next few sessions.
The S& P 500 gained 73.76 points today, however, the index Standard & Poor’s 500 index lost 0.7% this week, the first such decline of 2023. The culprit for the poor performance is the lackluster Q4 earnings results. The index ended today’s session at 3,972.61, down from last Friday’s closing level of 3,999.09. All but three of the S&P 500’s sectors fell this week. Industrials had the largest percentage drop, falling 3.4%, followed by drops of 2.9% each in utilities and consumer staples while financials slipped 2.1%. The three gainers were communication services, which rose 3%; and energy and technology, up 0.7% each.
Also among the financial sector’s decliners for the week, shares of PNC Financial Services Group (PNC) fell 5.6% as the bank reported a weaker-than-expected Q4 adjusted profit per share. The shares were up today 4.63% or $6.85 on a volume of 4.8M shares traded. We had featured PNC two days ago. Click here to see the article.
The West Texas Intermediate crude oil futures rose 1.2% to $81.31 per barrel.
10 –year Treasury Yield: The US 10-year yield rose eight basis points to 3.48%, while the two-year rate increased 5.6 basis points to 4.17%.
Stocks In The News/ Stocks To Watch:
Goldman Sachs (GS) was down $8.91 or -2.54% on a volume change from previous session of 341%. The stock was down on a heavy volume a few sessions back. We featured (GS) in an article we published a few days ago.
PDF Solutions (Nasdaq: PDFS), was up today by 4.10% to close at $31.25 with a volume change from previous of 96%. A week ago, PDF Solutions, Inc. a leading provider of unified data and cloud analytics for the semiconductor ecosystem, and proteanTecs, a global leader of deep data analytics, announced a collaboration on combined semiconductor analytics solutions intended to provide deeper insights on yield, quality and reliability by integrating proteanTecs deep agent and analytics solutions with the Exensio Platform. The companies mentioned that PDF Solutions and proteanTecs bring to the collaboration complementary expertise and market knowledge that combines PDF Solutions’ process characterization and semiconductor big data analytics solutions, with proteanTecs’ deep data offering for chip and system lifecycle analytics.
We mentioned earlier in this report that the big gainer on NASDAQ today was Netflix Inc. (NFLX). The stock was up today by 8.46% or $26.72 with a volume of 28.4M shares changing hands. No smart investor quarrels with a stock making a big jump in price accompanied by a well above daily average volume traded.
The big gainer today, in our Chinese stock watchlist, is BAIDU (BIDU). The stock was up 5.91% or $7.57 to close at $135.75 with a volume of 3.6M shares traded.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist:
The watchlist is all green today! The banks gained but no big gains today. The reader is reminded that the Canadian banks have kept rising during recent sessions. Canadian Natural Resources (CNQ) is up today but was down a small percentage yesterday. The stock has been up four of the last five sessions.
The Canadian Vanguard Chinese Stocks Watchlist:
EV, Energy and Resource Stocks Watchlist at Today’s Market:
Tesla (TSLA) is ready to “make the move”. A gain of 4.91% with a volume of 137.8M shares traded is noteworthy. A reader wishing to learn to read the chart should register for our investment training session coming up this February.