The Stock Market At Close – Tuesday, October 31, 2023
Today’s Market Report And Analysis For Tomorrow’s Trade and Profitable Investing
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The Toronto Market
The TSX composite index was up 16.71 points, or 0.09%, to close at 18,873.47. The TSX like the US market indexes today notched a second day of gains defying the market 10-year yield down drought, the Middle East and other not so market friendly turmoil around the world currently.
The market outlook may be changing. The TSX was up at today’s market session, not by a wide margin, just by 0.09% but the market’s positive tone today was broad-based. Seven of the ten major market sectors gained with Healthcare, the usual laggard, being the top performing sector with 1.2% gain. Technology gained 0.98%; energy was up 0.51% and Financials was up also gaining 0.22%. Basic Materials was the worst performing sector ending the session with -1.32% decline.
Electrical Components and Equipment was the top performing industry today. Auto & Truck Manufacturers added another day of gain today. Aluminum up 2.5%; Casino & Gaming up 2.38% and Advertising /Marketing up 1.85% were the other industry relatively big gains today.
The Feds began their two day Meeting today. Market analysts are expecting no interest rate hike announcement during the briefing at the conclusion of the meeting tomorrow. We have to wait till Wednesday to see if the market analysts are right.
Today’s Statistics: The gaining issues (advancers) outnumbered the declined issues (decliners) 1.73-to-1.00. In real numbers, 860 advancers to 497 decliners with 203 Unchanged. The total volume of shares traded for gaining stocks was 202,895,281 or 55.6%; the total volume for declined stocks was 147,350,067 or 40.4% and 14,922,893 or 4.1% for “Unchanged”. There were 20 new 52-Week Highs and 71 new 52-Week Lows. For comparison, yesterday’s market was quite bearish, there were 20 new 52-Week Highs and 235 new 52-Week Lows.
The total volume of stocks traded at the TSX today was 365,168,241 compared 278,051,959 yesterday, a 31%, thirty one percent, increase. Today’s volume of 365,168,241 was higher than the average of the most recent ten-market sessions.
The US Market
The market indexes were all up today. There were no hefty gains but regular or average market day gains. The Dow Jones Industrial Average closed up 123.91 points, or 0.38%, to close at 33,052.87. The S&P 500 was up 26.98 points, or 0.65%, to close at 4,193.8. The Nasdaq Composite was up 61.76 points or 0.48%, to close at 12,851.24. The indexes were all up yesterday, today marks the second of a possible rally attempt.
Nine of the major sectors at the US markets were up today. Telecommunications led the gains with 0.91%; utilities was up 0.75%; Durable Consumer Goods & Services was up 0.74% while Healthcare gained 0.70% and Financials gained 0.69%. Technology was up 0.56%. Energy was down -0.2%.
The top performing industries today were: Retail – Computers & Electronics up 4.39%; Marine Port services up 4.18%; Beverages – Brewers 3.45% and Chemicals – Specialty up 2.57%.
Today’s Market Statistics: Today, the gaining issues (advancers) outnumbered the declined issues (decliners) on the NYSE. The ratio of decliners to advancers on the NYSE was 2.3-to-1; or for every twenty three advancing stocks there were ten decliners. In real numbers, 2,797 advancers to 1,211 decliners with 230 “Unchanged”. The total volume of volume-gaining stocks was 817,862,683 or 69.7%; the total volume of declined-volume stocks was 344,191,491 or 29.4%; and 10,579,563 or 0.9% “Unchanged”. There were 33 new 52-Week Highs and 190 new 52-Week Lows.
The total volume of stocks traded on the NYSE today was 1,172,633,737 compared to 959,989,953 yesterday, a 22% increase. Today’s total volume, of 1,172,633,737 shares traded was quite higher than the average of the most recent ten-market sessions. For every stock that recorded a new 52-Week High, approximately six stocks declined to a new 52-Week Low. All the market indexes were up today and the gains were accompanied by and a good increase in the total volume of stocks traded.
On the NASDAQ, the advancers outnumbered the decliners today. There were 2,695 decliners to 1,598 advancers with 415 unchanged, a ratio of 1.65-to-1, or roughly twenty one decliners to every ten advancers. The total volume of volume-gaining stocks was 2,891,172,815 or 65.0%; the total volume of declined-volume stocks was 1,500,660,526 or 33.8% and 53,074,485 or 1.2% for “Unchanged”. There were 21 new 52-Week Highs and 305 new 52-Week Lows.
The total volume of stocks traded today was 4,444,907,826 compared to 4,261,789,630 yesterday, 0.3% (three in a thousand) less or practically no change. The volume of stocks traded today at 4,444,907,826 was higher than the average volume of the most recent ten market sessions. The market was down but the volume of stocks traded was down considerably.
The market outlook may be changing. The data is indicative of quite a positive market session.
10 –year Treasury Yield: The US 10-year yield was up 3.7 basis points to 4.91% today, and the two-year rate added 3.4 basis points 5.07%.
Stocks In The News/Stocks To Watch:
The Toronto Market
Cameco (TSX:CCO) today reported revenue increase of 48% to $575 million. This is below the analyst forecast of $718.5 million but the company said its results reflect normal quarterly variations in contract deliveries, while flagging foreign exchange gains of $54 million during the quarter.
CCO stock gained $4.37 or 8.35% to close at $56.73 today. Volume of shares traded was 2.4M.
The company reported a third-quarter adjusted EPS of $0.32, increasing year over year from $0.03 per share and beating the Capital IQ analyst consensus estimate of $0.13.
Uranium production surged 50% to 3.0 million pounds while sales grew 32% to 7.0 million pounds.
“Our third quarter financial performance continues to demonstrate the benefits of our strategic decisions and the significant, positive momentum we are experiencing in the nuclear energy industry,” President and CEO Tim Gitzel said.
Amid improving market fundamentals, Cameco increased its full-year 2023 revenue guidance to the range of $2.43 billion to $2.58 billion from the previous target of $2.38 billion to $2.53 billion.
Celestica Inc. (TSX:CLS) sold off as a result of earnings report last week but RBC thinks the Technology stock has a lot more potential and was oversold. Today, Celestica Inc.’s stock closed at $32.37, up $1.64 or 5.34% with 688K shares changing hands. It is too early to place a bet on CLS given the chart but it is worth keeping an eye on.
The US Markets
Nvidia Corp (NVDA) was the dream stock earlier this year with giant gains since January. The company makes in addition to chips for graphics and servers, chips to power AI processing. However, politics and stock do not mix well. The US government made a move to ban export of some technology to China and China is retaliating and NVDA stock is tanking as a result.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
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