The Stock Market At Close – Monday, October 2, 2023
The Toronto Market
The TSX suffered a major decline today. Toronto TSX composite index declined -364.09 or -1.86%, to close at 19,177.18. The index declined from the opening bell, made a couple of attempts to reverse the decline, but each attempt quickly turned into an accelerated further decline. See Today’s Statistics section below.
Discretionary Consumer Goods & Services was the only sector to gain in the TSX today and the gain was a miserly 0.2%. Technology declined -0.58% to lead the declined sectors. There were some really ugly declines; Financials declined -1.77%, all five big banks declined with Royal Bank and BMO ending the market session with declines of -2.5% or worse; Energy declined -2.08%, Utilities declined -3.01% and Telecommunication Services declined -3.28%.
Today’s Statistics: The declined issues (decliners) totally outnumbered the gaining issues (advancers) today. The ratio of decliners to advancers was 3.36-to-1.00. The bears were back with full vigour after a “short break on Friday” and literally took complete control of the market session. In real numbers, 1086 decliners to 323 advancers with 189 Unchanged. For every 25 advancing stocks there were 84 declining ones. There were 11 new 52-Week Highs and 206 new 52-Week Lows. The total volume of shares traded for gaining stocks was 129,035,548 or 38.3%; the total volume for declined stocks was 183,240,544 or 54.4% and 24,283,414 or 7.2% for “Unchanged”.
The total volume of stocks traded today was 349,179,528 compared to 336,559,506 yesterday, a 3.7% increase.
The TSX index was truly down today and down sharply while the volume of shares traded also increased about three per cent compared to Friday. A market session of declining index and increased volume of shares traded is a “money losing proposition”. It is a market good only for short sellers.
It was an ugly market day at the TSX today. The ratio of stocks receding to the 52-Week Lows was 206 compared to only 11 for the number of stocks reaching new 52-Week Highs. For every 10 stocks that reached 52-Week Highs, 187 stocks went in the other direction. Long position holders do not make money when share prices are constantly heading south.
The US Market
Today was a mixed market as the Dow Jones Industrial Average declined -74.15, or -0.22%, to close at 33,433.35 but the other indexes gained. The S&P 500 gained 0.34 points, or 0.01%, to close at 4,288.39. The Nasdaq Composite was up 88.45 points, or 0.67%, to close at 13,307.77. The Dow Jones has declined eight of the last ten sessions.
Technology was the only sector that gained today at the US markets. The decline was broad based as the other sectors ended the session in the red. Financials declined -1.5%; basic Materials declined -1.68%; Energy declined -2.1% and Utilities declined a portfolio-wrecking -4.50%.
Today’s Statistics: Today, the declined issues (decliners) totally outnumbered the gaining issues (advancers) on the NYSE. The ratio of decliners to advancers on the NYSE was 4.60-to-1. In real numbers 3,302 decliners to 717 advancers with 247 “Unchanged”. There were 47 new 52-Week Highs and 447 new 52-Week Lows. The total volume of volume-gaining stocks was 180,533,140 or 17.2%; the total volume of declined-volume stocks was 858,570,761 or 81.9%; and 8,990,221 or 0.9% “Unchanged”.
The total volume of stocks traded on the NYSE today was 1,048,094,122 compared to 1,150,636,148 yesterday, a 28.1% increase. Today’s total volume, 1,150,636,148 of shares traded was higher than the recent 10-day average.
On the NASDAQ, the declined issues (decliners) outnumbered the gaining issues (advancers). The ratio of advancers to decliners was 2.43-to-1. In real numbers, 3,057 decliners to 1,259 advancers with 355 unchanged. There were 18 new 52-Week Highs and 397 new 52-Week Lows. The total volume of volume-gaining stocks was 2,061,395,600 or 44.1%; the total volume of declined-volume stocks was 2,585,910,681 or 55.4% and 23,393,494 or 0.5% for “Unchanged”.
The total volume of stocks traded today was 4,670,699,775 compared to 5,275,160,821 on Friday, a 11.5% decrease.
It is really not a good time to be in the market. It is a time to be on the sideline while watching and updating watchlists in preparation for when the market reverses.
Oil and the money markets: West Texas intermediate futures declined more than 2%, with Oil price ending below $89 a barrel.
10 –year Treasury Yield: The 10-year U.S. Treasury yield hit new highs, trading as high as 4.7% before closing at 4.68%.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
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