The Stock Market At Close – Wednesday November 30
The TSX index is a on a roll. The Toronto Stock Exchange’s S&P/TSX composite index ended up 175.85 points, or 0.9%, at 20,453.26, its highest closing level since June 9. For the month, it was up 5.3%, its second straight month of gains in excess of 5%. The shares of National Bank of Canada went down by 2.5% today, after the company’s move to set aside more funds to deal with bad loans dented fourth-quarter earnings.
The S&P 500 climbed 3.09% to end the session at 4,079.97 points. The Nasdaq gained 4.41% to 11,468.00 points, while Dow Jones Industrial Average rose 2.18% to 34,589.24 points. Volume was heavy today at 15billion shares traded. The daily average during the last fifteen sessions was 11.1billion shares. Advancing issues outnumbered falling ones within the S&P 500 by a 24.1-to-one ratio. The S&P 500 posted 24 new highs and 1 new low; the Nasdaq recorded 117 new highs and 167 new lows.
Comments by the Feds Chair Jerome Powell that the pace of rate hikes could start to slow at the December meeting set Tech stocks on fire today. Analyst were actually already suggesting the chances of reduced (50 basis point instead of the previous just sized 75 basis point) interest rate hike at the next Fed’s meeting. The Chief’s comments today pretty well made it explicit that reduced interest rate is the most likely interest rate related announcement at the Fed’s December meeting. Powel also mentioned that a soft landing is possible for the economy. He had mentioned some time ago that a recession might be inevitable. The Chief’s comment today was a sort of rising tide that lifts all Tech stocks.
Tesla Inc.’s shares surged 7.7% after China Merchants Bank International said Tesla’s sales in China in November were boosted by price cuts and incentives offered on its Model 3 and Model Y.
Other Tech stocks: Apple, Microsoft and Nvidia rose after the Fed Chief’s comment. Most stocks had been in a holding pattern waiting early in the market session but fired up after the comments were released.
.
.
Stock In The News:
Xmas season is typically a big shopping season and eCommerce stocks appear to be already out of the starting blocks. The e-Commerce stock across three continents made good price gains today: Shopify in Canada was up 10%, Alibaba in China was up 9.64% in the US market today, Pinduoduo (PDD) was up 4.6%, the stock has gained in price during the past three consecutive sessions. Amazon.com Inc. (AMZN) gained 4.46% to close at $96.54. Etsy Inc. (ETSY) gained 8.38%. We present below the 3-months daily Chart of the more popular eCommerce stocks. Amazon’s chart shows that the stock has some work to do.
.
.
.
.
Regular Market Day Features
The Canadian Vanguard – Beginner Investor’s (Canadian) Watchlist:
.
Stocks Seeing Heavy (Possibly Institutional) Buying:
.
Stocks Seeing Heavy (Possibly Institutional) Selling:
.
Canadian Vanguard Chinese Stocks Watchlist:
The Chinese stocks have done well during the last four sessions on the premise that the COVID19 related lockdowns in the big cities in China will be lifted soon which will permit workers to return to the production lines.
Popular EV, Energy and Resource Stocks at Today’s Market:
