Court blocks Trump Tariffs, Nvidia posts solid earnings beat as Futures soar overnight
Court blocks Trump Tariffs, Nvidia posts solid earnings beat as Futures soar overnight
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The Toronto Market
The TSX composite index struggled but stayed positive today. The index was up 14.45 points or 0.06%, to close the session at 26,283.45. The TSX is nonetheless up four consecutive sessions.
Today’s Statistics
Today, the issues that declined (Decliners) outnumbered those that gained (Advancers). There were roughly five Decliners for every four Advancers, or a more exact ratio of 1.28-to-1.0. In real numbers, there were 1,062 Decliners to 831 Advancers while 177 stocks remained Unchanged.
Today, there were 147 new 52-Week Highs and 10 new 52-Week Lows. There were 188 new 52-Week Highs and 11 new 52-Week Lows yesterday.
The total volume of shares traded at the TSX today was 399,713,720, or 104% more, slightly more than doubled, than the volume of 195,844,218 shares traded yesterday. There was the Memorial Holiday, so possibly the volume at the TSX was not back to about normal until today. It is not usual to have a market session with a fifty percent decrease in volume of shares traded compared to the previous session.
Market Roundup Report
The TSX has been the best performer of the four major North American market indexes that we follow. The Bank of Montreal (TSX:BMO) has been showing upbeat signs for about three weeks. Today, the bank announced that it is raising its dividend after seeing a rise in quarterly earnings.
On a side note, the TSX has been up fifteen of the last sixteen market sessions. While the gold mining stocks take a break, it is time to look at the banks, especially if you are an income investor.
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The US Markets
All the major US indexes declined today. The Dow Jones Average index was down -244.95 points or 0.58% to close at 42,098.70. The S&P 500 index declined -32.99 points or -0.56% to close at 5,888.55. The Nasdaq Composite declined -98.22 points or -0.51%, to close at 19,100.94. In small caps, Russell 2000 declined -22.60 points or -1.08% to close at 2067.80. Small caps declined worse than the three major indexes.
Today’s Market Statistics
At the NYSE, the issues that declined (Decliners) outnumbered the issues that gained (Advancers). There were roughly three Decliners for every Advancer, or an exact ratio of 2.78-to-1.0. In actual numbers, there were 3,023 Decliners to 1,085 Advancers with 268 Unchanged.
Today, there were 103 new 52-Week Highs and 34 new 52-Week Lows. There were 222 new 52-Week Highs and 27 new 52-Week Lows yesterday.
The total volume of stocks traded today at the NYSE was 4,756,300,275, or 13% less than the total volume of 5,480,958,428 shares traded yesterday. A thirteen percent volume decrease is substantial.
On the NASDAQ, the Decliners outnumbered the Advancers. There were roughly five Decliners for every two Advancers, or an exact ratio of 2.58-to-1.0. In actual numbers, there were 3,044 Decliners to 1,440 Advancers with 238 Unchanged.
Today, there were 101 new 52-Week Highs and 91 new 52-Week Lows. There were 168 new 52-Week Highs and 66 new 52-Week Lows yesterday.
The total volume of shares traded at the NASDAQ today was 8,841,748,063, or 3% less than the total volume of 9,124,290,073 shares traded yesterday.
Market Roundup Report
Two factors will likely drive a very positive market tomorrow. Futures were up solidly Wednesday evening after a federal court knocked down Trump’s reciprocal tariffs. The second factor is the solid earnings report released by Nvidia Corps after the closing bell Wednesday evening. The report has the potential to give artificial intelligence industry operators a buoyant market tomorrow. Prominent among the technology heavy-weight stocks that will likely move the NASDAQ index on Thursday is Broadcom Inc. (AVGO)
Oil Price: US Oil price was up at $61.15 a barrel earlier in the day. US Oil price was $61.36 as of the time (9:30pm ET, Wednesday) of this post update.
10 –year Treasury Yield: The US Treasury 10-year yield edged up to 4.5% earlier today. The 10-year yield was at 4.467% as of the time (9:30pm ET, Wednesday) of this post update.
After-hours action: Futures were up Wednesday evening. Dow Futures was up 492.00 points or 1.17% vs. fair value. S&P 500 futures was up 1.51%, and Nasdaq 100 futures was up 1.83% as of the time (9:30 pm ET, Wednesday) of this post update.
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Stock In The News /Stock To Watch
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The Toronto Market
The Bank of Montreal (TSX:BMO) raises its dividend after a rise in the quarterly earnings report released earlier today. Tomorrow, Canadian Imperial Bank of Commerce (TSX:CM) and the Royal Bank (TSX:RY) report earnings. Canadian Bank stocks should be on your watchlist or at least keep an eye on them if you are an income investor.
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The US Markets
Trade Court Struck down Trump’s Global Tariffs. A three-judge panel at the U.S. Court of International Trade ruled that the International Emergency Economic Powers Act, a 1977 law that Trump invoked to justify the tariffs, does not give the president the power to unilaterally implement the sweeping duties.
Nvidia was up $7 after reporting earnings after market close. Other AI Technology companies will likely rise in sympathy tomorrow. One of those companies is Broadcom (AVGO). AVGO purchased VMware from DELL last year. VMware is key to cloud services rendering for consumers. We should certainly be on the lookout for OAVG, NVDA, AMD stocks and Taiwan Semiconductor Manufacturing Inc. (TSM) at the markets tomorrow.
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Regular Market Day Features
The Canadian Vanguard Beginner Investor’s Watchlist
The Blended Growth Stock Watchlist
EV Manufacturers and Resource Stocks
The stock of BYD Company (BYDDF), the biggest EV manufacturer, suffered a big decline for the second consecutive market session. BYD had declared a price war two days ago.
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