Indexes fail to hold on to gains as Appeal court puts on hold the lower court’s tariff block
Indexes fail to hold on to big gains as Appeal court puts on hold the lower court’s tariff block
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The Toronto Market
The TSX composite index opened higher today but declined straight from there to close in the red today. The index declined -72.89 points or -0.28%, to close the session at 26,210.56. The TSX, as of today, is now down fifteen of the last seventeen market sessions.
The Market Breadth: Only four of the ten major sectors gained today. Telecommunications Services was up 1.00%; Technology gained 0.22%; Utilities gained 0.22%; and Discretionary Consumer Goods & Services was up 0.12%. Energy was down -0.09%; Durable Consumer Goods & Services declined -0.42%; Financials declined -0.47%; and Basic Materials, down -0.57%, was the laggard sector for the second consecutive session.
Industry Groups: The top five industry groups in the TSX today were: Computer Hardware, up 24.25%; Leisure Products, up 7.32%; Aluminum, up 4.76%; Media Diversified, up 2.66%; and Auto & Truck Manufacturers, up 1.54%.
Today’s Statistics: Today, the issues that gained (Advancers) outnumbered those that declined (Decliners). There were roughly three Advancers for every two Decliners, or a more exact ratio of 1.48-to-1.0. In real numbers, there were 1,097 Advancers to 739 Decliners while 148 stocks remained Unchanged.
Today, there were 102 new 52-Week Highs and 13 new 52-Week Lows. There were 147 new 52-Week Highs and 10 new 52-Week Lows yesterday.
The total volume of shares traded at the TSX today was 390,242,754, or 2.5% less than the volume of 399,713,720 shares traded yesterday.
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The US Markets
All three major US indexes gained today. The Dow Jones Average index was up 117.03 points or 0.28% to close at 42,215.73. The S&P 500 index gained 23.62 points or 0.40% to close at 5,912.17. The Nasdaq Composite was up 74.93 points or 0.39%, to close at 19,175.87. In small caps, Russell 2000 gained 6.98 points or 0.34% to close at 2074.78.
The Market Breadth: Nine of the major sectors ended the session gaining. Healthcare, up 0.99%, was the top sector today. Financials was up 0.45%; Durable Consumer Goods & Services, the top sector and up 2.72% yesterday, was up 0.44% today; Energy was up 0.40%; Industrials was up 0.32%; and Utilities was up 0.29%. Discretionary Consumer Goods & Services was up 0.23%; Basic Materials gained 0.19%; and Technology gained 0.15%. Telecommunications services, down -0.38%, was the day’s laggard.
Industry Groups: The top five industry groups in the TSX today were: Advertising / Marketing, up 3.56%; Media Diversified, up 2.94%; Biotechnology, up 2.62%; Reinsurance, up 2.07%; and Appliances, Tools & Housewares, up 1.85%.
Today’s Market Statistics
At the NYSE, the issues that gained (Advancers) outnumbered the issues that declined (Decliners). There were roughly two Advancers for every Decliner, or an exact ratio of 2.25-to-1.0. In actual numbers, there were 2,831 Advancers to 1,255 Decliners with 288 Unchanged.
Today, there were 114 new 52-Week Highs and 35 new 52-Week Lows. There were 103 new 52-Week Highs and 34 new 52-Week Lows yesterday.
The total volume of stocks traded today at the NYSE was 4,642,167,395, or 2.5% less than the total volume of 4,756,300,275 shares traded yesterday.
On the NASDAQ, the Advancers outnumbered the Decliners. There were roughly three Advancers for every two Decliners, or an exact ratio of 1.48-to-1.0. In actual numbers, there were 2,673 Advancers to 1,806 Decliners with 240 Unchanged.
Today, there were 85 new 52-Week Highs and 88 new 52-Week Lows. There were 101 new 52-Week Highs and 91 new 52-Week Lows yesterday.
The total volume of shares traded at the NASDAQ today was 11,300,672,440, or 27% higher than the total volume of 8,841,748,063 shares traded yesterday.
Market Roundup Report
Oil Price: US Oil prices fell to $60.94 per barrel earlier in the day. US Oil price was $60.64 as of the time (9:30pm ET, Thursday) of this post update.
10 –year Treasury Yield: The US 10-year Treasury yield fell 0.05% or 5.5 basis points to 4.42% earlier today. The 10-year yield was at 4.42% as of the time (9:30pm ET, Thursday) of this post update.
After-hours action: Futures slipped Thursday evening. Dow Futures slipped 98.00 points or -0.18% vs. fair value. S&P 500 futures was down -0.31%, and Nasdaq 100 futures slipped -0.39% as of the time (9:30 pm ET, Thursday) of this post update.
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Stock In The News /Stock To Watch
The Toronto Market
Royal Bank of Canada (TSX:RY) stock underperformed on Thursday. The bank reported quarterly earnings but missed estimates on higher performing PCLs. The bank did not provide estimates on trading revenue. RY stock was down -3.47% or $6.20 to close at $172.40 with 8.1M shares traded on Thursday.
The US Markets
Dell Technologies Inc. (DELL), one of the manufacturers that builds server systems that extensively integrates Nvidia’s AI graphics processing units, reported fiscal first-quarter earnings after market close this evening. The company reported that it was seeing unprecedented demand for AI systems. The earnings fell short of Wall Street’s expectations, but revenue was stronger than expected, including a 16% increase in servers and networking revenue. The company offered a stronger-than-expected forecast for the current quarter. The company expects $2.25 earnings per share on a revenue of between $28.5 billion and $29.5 billion for the quarter. Dell’s shares were up 5.3% in the after-hours market. The company attributed the strong guidance to $7 billion in higher-margin artificial intelligence systems that it expects to ship during the quarter.
Nvidia Corp (NVDA) underperformed the S&P 500 for much of last year but has bounced back in the last few weeks. Nvidia opened high today but declined most of the day, closing well off the day’s high. Zscaler Inc. (ZS), after hours, on Thursday, reported earnings which topped expectations. ZS stock climbed solidly in extended trade as the cybersecurity company stock fell 1% to 251.11 on Thursday, but is still near a 52-week high.
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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
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