The Stock Market At Close – Thursday, June 1st
The Toronto Market
The TSX composite index gained 100.01 points, or 0.5%, to close at 19,672.25. It is the index’s first gain in five sessions.
Domestic data showed manufacturing activity slowed in May as high inflation and inventory cutting held back customer demand. It is possible that the era when full employment and inflation control are mutually exclusive are probably in the past.
The Toronto market’s Energy sector rose 1.36% as U.S. crude oil futures settled nearly 3% higher at $70.10 a barrel. Basic materials sector gained 2.31% while Health Care managed to gain only 0.18% and the Financials sector was essentially flat, rising by a mere 0.01%. The Technology sector was down -0.27% and the Utilities sector was down -0.39%. The worst performing sector today on the TSX was the Non-Cyclical Consumer Goods & Services which was down -0.4%
Today’s Statistics: Today, the statistics were the complete reverse of yesterday’s. The advancers totally outnumbered the decliners. The ratio of gaining issues to declined issues was 2.01-to-1.00. In real numbers, 919 advancers to 456 decliners with 187 unchanged. There were 16 new 52 week highs and 58 new 52 week lows. The total volume of shares traded for gaining stocks was 208,780,625 or 72.3%; the total volume for declined stocks was 65,602,899 or 22.7% and 14,455,647 or 5.0% for “Unchanged”. Total volume of stocks traded was 288,839,171.
The market has its “little tricks”. While today is a welcome change, the market recovered some of the lost points of the past several sessions but it is still too early to engage in big stock purchases. It is better to wait to see if the rally will persist or end up as a one day wonder. It is time to start updating the watchlist.
The US Market
Today’s Statistics: Today, the advancers prevailed totally over the decliners on both the NYSE and NASDAQ. The ratio of gaining issues to declined issues on the NYSE was a 3.03-to-1. In real numbers, 3,021 decliners to 995 advancers with 254 unchanged. There were 104 new 52 week highs and 114 new 52 week lows. The total volume of volume-gaining stocks was 776,287,060 or 74.0%; the total volume of declined-volume stocks was 259,077,514 or 24.7%; and 13,864,934 or 1.3% “Unchanged”. Total volume of stocks traded on the NYSE today was 1,049,229,508. Volume was quite reduced compared to yesterday’s session.
On the NASDAQ, the ratio of gaining issues to declined issues was 2.02-to-1 or in real numbers, 2,972 decliners to 1,470 advancers with 422 unchanged. There were 84 new 52 week highs and 124 new 52 week lows. The total volume of volume-gaining stocks was 3,205,490,941 or 68.2%; the total volume of declined-volume stocks was 1,423,760,246 or 30.3% and 67,998,260 or 1.4% for “Unchanged”. Total volume of stocks traded was 4,697,249,447. Volume on the NASDAQ today was down significantly compared to yesterday’s market session.
Stocks In The News/Stocks To Watch
The Toronto Market
Today, Montreal based Lightspeed Commerce Inc. (TSX: LSPD) claimed to strengthen its commitment to diversity this Pride Month by donating software that will power a Bermuda pride pop-up shop by Surplus Trends, a Montreal-based LGBTQ2S+-owned business. Thanks to the groundbreaking features of its flagship Lightspeed Retail platform, Lightspeed is helping sophisticated omnichannel merchants thrive during Pride festivities and beyond. Maybe as the next initiative, the company would hire more Bermuda programmers. That for sure would be noticed by the citizens of Bermuda.
Lightspeed Commerce Inc. gained 8.68% today to close at $19.91 with a volume of 1.6M shares traded. The company claims to power the world’s best businesses and to be the unified POS and payments platform for ambitious entrepreneurs to accelerate growth, provide the best customer experiences and become a go-to destination in their space.
Cameco jumped today gaining 8.84% to close at $30.30 with a volume of 19.4M traded.
The US Market
Tesla (TSLA) appears to have regained its winning ways. TSLA shares climbed above the key 200 level on Tuesday and are trading a shade above the 200-day moving average, which may still act as a resistance level. Tesla has turned back from crossing the $210.00 level a number of times since January. Will Tesla punch through the $210 level this time around?
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist at Today’s Market
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