The Stock Market At Close – Thursday, September 7
OUR APOLOGIES:
This edition of Stock Market Report was prepared and ready for publication on time Thursday evening, but a last minute Infrastructural mishap at our premises caused the delay. Here is the report unchanged as prepared Thursday evening.
The Toronto Market
The Toronto TSX composite index declined -94.88points, or -0.47%, to close at 20,132.08. The TSX has been down four of the last five market sessions. The Toronto Market, today was a broad based down market session.
The market is on a downtrend. This rally and all the AI hype are currently struggling. The market performance during the last three sessions has been practically replicating the same performance daily with minor changes here and there from one day to the next.
The utilities sector was up today 0.88%. Healthcare was the only other sector that did not close in the red and it gained 0.16%. Industrials declined -0.19%; Energy was down -0.28%; Financials was down -0.53%; Basic Materials was down -0.66% while Technology was down -0.86%. It is the time to keep an eye on the market data while pruning the watch list. The market faces a number of hills to climb. It is time to keep an eagle eye on one’s portfolio even if for nothing but to ensure preservation of capital. It is currently not the ideal time for “ultra adventurous” investing.
Today’s Statistics: Today was almost practically a replica follow up to yesterday except a bit worse. The declined issues (decliners) continue to outnumber the gaining issues (advancers) for three consecutive sessions. The ratio of decliners to advancers was 1.41-to-1.00. In real numbers, 803 decliners to 570 advancers with 192 unchanged. There were 18 new 52-week highs and 55 new 52-week lows. The total volume of shares traded for gaining stocks was 130,588,466 or 39.4%; the total volume for declined stocks was 192,424,055 or 58.0% and 8,482,445 or 2.6% for “Unchanged”.
The total volume of stocks traded today was 331,494,966 compared to 309,575,287on yesterday. The volume of stocks traded today was up 7% compared to the volume yesterday.
The US Markets
The Dow Jones index was up 57.54 points, or 0.17%, to close at 34,500.73. The S&P 500 declined -14.34 points, or -0.32%, to close at 4,451.14. The Nasdaq Composite declined -123.64 points, or -0.89%, to close at 13,748.83.
There were only three sectors that did not end up in the red today. Utilities ended the day up 1.10%; Healthcare was up 0.36% and Discretionary Consumer Goods & Services gained 0.18%. The Energy sector was down -0.29%; Financials was -0.31%; Industrials was down -0.38%; Technology on the US side was down today -1.18% while Basic Materials sector was down -1.30%.
Today’s Statistics: Today, the declined issues (decliners) outnumbered the gaining issues (advancers) on both the NYSE and NASDAQ. The ratio of decliners to advancers on the NYSE was 1.80-to-1. In real numbers, 2,472 decliners to 1,375 advancers with 297 unchanged. There were 56 new 52-week highs and 142 new 52-week lows. The total volume of volume-gaining stocks was 295,111,929 or 30.8%; the total volume of declined-volume stocks was 649,514,386 or 67.9%; and 12,274,787 or 1.3% “Unchanged”. The statistics today was a bit better than yesterday’s lopsided upper hand performance by the declining issues.
The total volume of stocks traded on the NYSE today was 956,901,102 compared to 827,825,085 yesterday. The volume today was 15% higher than the volume yesterday.
On the NASDAQ, the ratio of decliners to advancers was 1.99-to-1. The decliners prevailed today. In real numbers, 2,891 decliners to 1,433 advancers with 347 unchanged. There were 40 new 52-week highs and 274 new 52-week lows. The total volume of volume-gaining stocks was 1,600,016,008 or 36.0%; the total volume of declined-volume stocks was 2,811,304,549 or 63.2% and 33,880,246 or 0.8% for “Unchanged”.
The total volume of stocks traded today was 4,445,200,803 compared to 4,255,573,684 yesterday. The volume was up 4.4% compared to the volume yesterday.
Oil and the money markets: West Texas Intermediate crude oil closed with a loss on Thursday, dropping for the first time in 10 sessions
10 –year Treasury Yield: the 10-year U.S. Treasury yield at 4.3%, looking to extend a three-day win streak.
Stocks In The News/Stocks To Watch:
Shopify Inc. (TSX:SHOP) was at today’s market session down -$1.16 or -1.29% today, closing at $88.65 with a volume of 5.5M shares changing hands. The market is changing and the rally of the past few weeks is likely dead. Eventually a new rally will emerge but until then we shall switch into capital preservation mode.
Precision Drilling Corporation (TSX:PD) is a stock for for a position in our watchlist. The stock gained $2.56 or 2.80% to close today at $93.93 with 84K shares changing hands. The volume is a little bit below our preferred 100K shares traded daily but for the TSX market that daily volume is liquid enough.
Suncor Energy Inc. (TSX:SU) was down -$0.22 or -0.47% to close at $46.76 with a volume of 14.4M shares traded. It is had to see Suncor stock price staying down while Oil price is high and likely to stay and possibly even go higher in the short term. Suncor will be added to our Beginner Investor’s watchlist.
The Canadian big five bank stocks are surely not likely to see major price gains in the short term. The banks pay dividends while though not the biggest dividend return payers, they continue to represent a good balance between security of capital and returns. Truth Be Told, the big five banks are almost like a monopoly determining the growth and prosperity prospects of people, and of course, the country as a consequence, through who they favour for bank loans. The Canadian Imperial Bank of Commerce (TSX:CM) today declined -$0.27 or -0.50% to close at $53.51. The volume of shares traded today was 3.0M.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The market is in a down trend. We suggest our readers keep maintaining their watchlists, refrain from aggressive or super adventurous trades and channel their focus and efforts to capital preservation.
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
IMPORTANT NOTICE
SUBSCRIPTION Offer: We thank you for following our Stock Market posts but please be aware that we shall soon be restricting these articles to subscribers only.
We do not send this publication by email to readers. If you receive a copy by email please simply forward the email to us.
