The Stock Market At Close – Thursday, March 23
The Toronto Market
The TSX index declined -72.86 points, or -0.4%, to close at 19,459.92. The index seesawed reaching as high as 19,675 around 11:00am today but gradually declining throughout the day before finally settling at 19, 459.92 at closing time.
The market definitely seesawed today. The index started the day high but closed in the negative for the day.
US Treasury Secretary continues to restate that measures will be taken to keep American deposits safe, but doubts among investors persists and Regional Banks remain troubled.
In company news, Bombardier (BBD.B) shares gained 2.8% after the company raised its 2025 revenue and free cash flow targets at its investor day, banking on strong demand for private flights. The technology sector was up 1.4% today. Shopify (SHOP) was up 1.78% or $1.10 to close at $62.79 on a volume of 3.8M shares traded.
The US markets
All three indexes were up today. Comments from the Bank of England (BoE) that inflation will probably quickly fade helped fuel hopes of light at the end of the central bank interest hiking tunnel.
An analyst, for example, commented that the BoE’s commentary, “paints a picture of a global central banking system that’s ready to slow the pace of their hiking,”. Any talk about slowing down the interest rate hikes is music of course to investors’ ears.
There were contradictory signals today though as economic data released today showed jobless claims inching lower and new home sales posting a surprise gain, providing fresh evidence that the economy is yet to show the kind of softening that would lend itself to cooling inflation.
The Dow Jones index gained 75.14 points, or 0.23%, to close at 32,105.25. The S&P 500 gained 11.75 points, or 0.30%, to close at 3,948.72. The Nasdaq index gained added 117.44 points, or 1.01%, to close at 11,787.47. Advancing issues outnumbered declining issues on the NYSE by a ratio of 111-to-100. The ratio on the NASDAQ was 113-to-100. The communication services and tech sectors led the gains among the S&P 500 sectors today.
In company news Banks’ were big losers today. JP Morgan (JPM), Wells Fargo (WFC) and Bank of America (BAC) were all down.
First Republic Bank dropped 8.6% in volatile trading in the wake of US Secretary of Treasury’s testimony.
Shares of Block Inc., the parent of SQ slid 14.6% after Hindenburg Research disclosed its short positions in the company.
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Stocks In The News/ Stocks To Watch
The Canadian Market
Bombardier (TSX:BBD.B) was up. The company, as a large conglomerate has done a relatively good job of shedding its non-core assets and realigning itself as a business jet provider.
Shopify Inc. was up 1.78% or $1.10 to close at $62.79 wit ha volume of 3.8M shares changing hands today. Shopify may be trying to recover some of the losses suffered last year.
The US Markets
The banks lost grounds today. It does not look like the banks are likely to recover as it appears that investors are adopting a wait and see attitude
Bank of America closed down -2.42% or $0.67 to close at 26.97 on a volume of 105.3M shares traded.
Alphabet (GOOGL) defied and completely ignored the banking turmoil and continues to gain and looks poised to continue to gain
Chipmaker Nvidia Corp advanced 2.2% after Needham raised its price target.
A few Chinese stocks are worthy of second looks and adding to the watchlist. Pinduoduo, (PDD), Baidu (BIDU) Bilibili (BILI) are ready to be for consideration as possible stocks to be added to one’s watchlist.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The banking stocks are down but Shopify Inc and Bombardier were both up today. Rogers Communications remains a Canadian favourite blue chip stock held sometimes and transferred between generations within families.
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The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist at Today’s Market
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