The Stock Market At Close – Monday, June 5
The Toronto Market
The TSX composite index declined -93.01 points, or -0.5%, to close at 19,931.62 today. The markets` character today was quite different from Fridays. The bulls dominated on Thursday and Friday but the bears were a bit visible today.
On the TSX, the Health care sector fell 1.2%, weighed by a 7.9% decline for the shares of cannabis producer Canopy Growth Corp. The Financials fell 1%, while energy was down 0.6% even as Oil settled up 0.6% as at market close. The Technology sector gained 0.5% for the day.
Today’s Statistics: Today, the decliners outnumbered the advancers. The ratio of declined issues to gaining issues was 1.71-to-1.00. In real numbers, 500 advancers to 857 decliners with 242 unchanged. There were 51 new 52 week highs and 10 new 52-week lows. The total volume of shares traded for gaining stocks was 104,728,764 or 36.0%; the total volume for declined stocks was 179,942,048 or 61.8% and 6,299,785 or 2.2% for “Unchanged”. Total volume of stocks traded was 290,970,597 compared to 313,148,710 on Friday. Friday, there were 56 new 52-week highs to 11 52-week lows compared to today`s 51 new 52-week highs 10 52-week lows. This type of data might ordinarily point to some strength in this market, however, caution is required because any interest rate hike could cause some heavy selling for some stocks or some traders may decide to simply exit the market to remain on the sidelines for some time.
The US Market
The Dow Jones index declined 0.59% to 33,562.86 points. The NASDAQ declined 0.09% to close at 13,229.43 points. The S&P 500 declined 0.20% to end the session at 4,273.79 points.
Of the 11 S&P 500 sector indexes, seven declined, led lower by industrials, down 0.71%, followed by a 0.58% loss in energy.
Market survey shows that Traders have priced in a nearly 80% chance that the Fed will hold interest rates at its June 13-14 policy meeting, according to CME Group’s FedWatch tool, although it appears that they expect another interest rate hike in July.
A survey from the Institute for Supply Management showed the U.S. services sector barely grew in May as new orders slowed, pushing a measure of prices paid by businesses for inputs to a three-year low, which could aid the Fed’s fight against inflation.
Today’s Statistics: Today, the decliners prevailed over the advancers on both the NYSE and NASDAQ. The ratio of declined issues to gaining issues on the NYSE was 1.72-to-1. In real numbers, 1,452 advancers to 2,504 decliners with 321 unchanged. There were 136 new 52-week highs and 42 new 52-week lows. The total volume of volume-gaining stocks was 298,121,889 or 37.2.7%; the total volume of declined-volume stocks was 498,326,364 or 62.2%; and 5,267,325 or 0.7% “Unchanged”. Total volume of stocks traded on the NYSE today was 801,715,578 compared to a total volume of 1,042,741,341 on Friday.
On the NASDAQ, the ratio of gaining issues to declined issues was 1.51-to-1 or in real numbers, 2,684 decliners to 1,767 advancers with 394 unchanged. There were 128 new 52 week highs and 73 new 52 week lows. The total volume of volume-gaining stocks was 2,114,955,824 or 47.7%; the total volume of declined-volume stocks was 2,257,887,909 or 50.9% and 64,839,096 or 1.2% for “Unchanged”. Total volume of stocks traded was 4,437,682,829. Volume on the NASDAQ today was marginally down compared to Friday’s market session. The S&P 500 posted 17 new highs and four new lows.
Oil and the money markets: Oil price was at $71.58 down -0.62% in the after hours’ market as at the time of compiling this report at 9:45pm.
10–year Treasury Yield: The 10-year Treasury yield was unchanged at 3.69%.
Stocks In The News/Stocks To Watch
The Toronto Market
Shopify Inc. (SHOP) was the third highest gainer on the TSX today. The stock gained 2.95% or $2.31 to close at $80.56 with a volume of 3.4M shares traded. Blackberry Ltd (BB) was down -1.96% or -$0.14 to close at $7.01. Volume of shares traded was 560.9k. Open Text Corp (OTEX) was up 1.31% or $0.74 to close the session at $57.24 with a volume of 795.3k traded.
Dollarama Inc. (DOL) may be preparing for the next upward swing. We will keep an eye on the stock. It is working on forming a base. The stock closed up today $0.61 or 0.73% to close at $84.09.
The US Market
Tesla Today
Tesla Inc. gained again today, adding 1.7% after the electric vehicle maker’s sales of China-made cars in China jumped in May. Nvidia Corp (NVDA) which has been “flying“ during the past couple of weeks closed down 0.4%, giving back some of its recent gains.
Apple Inc. (APPL) ended 0.8% lower after the company unveiled an augmented-reality headset called the Vision Pro, its riskiest and biggest bet since the introduction of the iPhone. The stock rose earlier in the session for as much as 2.2% to an all-time high but declined later in the market session, to close at $179.58 down -0.76% or -$1.37. The daily chart is really for day-traders. Professional investors typically regard it as noise.
The 3 month daily chart below tells the real story that the Apple stock belongs in every senior citizen`s portfolio.
Palo Alto Networks Inc. climbed 4.4%, with the cybersecurity firm set to replace Dish Network Corp in the S&P 500 index on June 20.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Readers should see the Stock In the News section above for comments on Tesla and Shopify.
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist at Today’s Market
The stocks of the EV manufacturers are beckoning. Please the comment on Tesla Today earlier in this article.
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