The Canadian Vanguard Stock Market Report At Close – Thursday, January 25, 2024
.
Data Driven Market Report And Analysis For Tomorrow’s Winning Trades
.
The Toronto Market
The TSX composite index was up 75.76 points or 0.36% to close today’s market session at 21,101.54. The index has managed to stay above the 21,000 level for three market sessions. Today’s market session was quite positive but the volume today was significantly lower than yesterday’s.
The positive market session was broad-based. Seven of the ten major TSX sectors ended the market session in green. However, the best performing sector was up under 1% and the two sectors that declined were down just about 0.5% or smaller. There were no major gains and no major declines.
Utilities, up 0.96%, was the best performing sector; Energy was up 0.86%; Healthcare was up 0.64%; Basic Material (comprising mining and miners) was up 0.41% and Financials gained 0.31%; Technology was down marginally by -0.03%; and Telecommunications & Services was down -0.53%.
Coal, up 5.08%, was the top performing industry at the Toronto market today. Marine Port Services was up 3.74%; Airlines gained 2.81%; Aluminum was 2.63% while Electrical Components & Equipment was up 2.37%.
Today’s Statistics: The gaining issues (advancers) outnumbered the declined issues (decliners) today. The ratio was 2.06-to-1.00 or roughly the advancers were double the decliners. In real numbers, 956 advancers to 463 decliners with 123 Unchanged. The total volume of shares traded for gaining stocks was 177,134,887 or 67%; the total volume for declined stocks was 64,581,487 or 24.4% and 22,658,434 or 8.6% for “Unchanged”.
There were 150 new 52-Week Highs and 15 new 52-Week Lows. That is lopsidedly bullish reflecting a very positive market day. The relatively good earnings reports to date appear to be the main driver of market performance in the absence of any major news or calendar events.
The total volume of stocks traded at the TSX today was 264,374,808 compared to 323,312,272 yesterday, an eighteen percent decrease. Today’s volume of 264,374,808 is about eight per cent lower than the average of the ten most recent market sessions. The positive market sessions are occurring with low volumes. On the economic news front, it looks like the battle against inflation is being won slowly but steadily. Indications are for investors to be cautious when trading and considering new purchases. It is the time to avoid adventurous trading.
The US Market
The Dow Jones Industrial Average was 242.74 points, or 0.64%, to close at 38,049.13. The S&P 500 gained 25.61 points, or 0.53%, to close at 4.894.16. The Nasdaq Composite gained, 25.58 points or 0.18%, to close at 15,510.5. It was a positive market day with volume on the NASDAQ up 6% compared to yesterday.
Tesla, a major, relatively heavily weighted, member of the NASDAQ sold off sharply today. Humana also sold off while Boeing was also down today. Boeing is a member of the Dow index.
The market breadth was broad-based as eight of the major sectors ended the session in green. Energy sector, up 1.87%, was the top performer today. Utilities was up 1.73%; Telecommunications Services was up 0.92%; Industrials was up 0.74%; Financials was up 0.74% and Technology gained 0.51%. Healthcare was marginally in the red with -0.04% decline and Durable Consumer Goods & Services declined -0.45%.
Financials – Specialty, up 4.15%, was the top performing industry followed by Office Equipment with a gain of 3.57%; Paper Packaging, up 3.5%, continues to perform well; Rails and & Roads – Passengers gained 3.46% while Tires & Rubber Products was up 3.15%.
Today’s Market Statistics: Today, the gaining issues (advancers) totally outnumbered the declined issues (decliners) on the NYSE. For every sixteen advancers there were five decliners or 3.23-to-1 numerically. In real numbers, 3,097 decliners to 959 advancers with 240 “Unchanged”. The total volume of volume-gaining stocks was 729,483,084 or 74.6%; the total volume of declined-volume stocks was 238,425,520 or 24.4%; and 10,496,048 or 1.4% “Unchanged”.
There were 307 new 52-Week Highs and 46 new 52-Week Lows. These data are indicating a bullish market. Data does not tell lies but we are dealing with the stock market – an entity with uniquely random major drivers. The results are bullish but the market will do what it wishes to do without regard to what you or I think or do. The rally is very much alive but the market appears to be trying to balance a number of conflicting factors. A good number of Technology stocks are quite extended so a pullback could happen anytime. “Time for caution” may be a good way to summarize the current market. It may turn out to not be so wise to continue to chase stocks with extended prices as there is the real risk of a pullback.
The total volume of stocks traded at the NYSE today was 978,404,652 compared with 981,639,439 yesterday, practically the same. Today’s volume of 978,404,652 is about two per cent lower than the average of the ten most recent market sessions.
On the NASDAQ, the advancers outnumbered the decliners by a ratio of roughly eight advancers to five decliners or a ratio of 1.68 -to-1 in numbers. There were 2,667 advancers to 1,585 decliners with 341 unchanged. The total volume of volume-gaining stocks was 3,585,873,578 or 66%; the total volume of declined-volume stocks was 1,775,767,740 or 32.7% and 67,776,539 or 1.2% for “Unchanged”.
There were 150 new 52-Week Highs and 140 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,429,417,857 compared with 5,139,379,008 yesterday, a 5% increase. Today’s volume of 5,429,417,857 was about two per cent higher than the average of the ten most recent market sessions.
The market outlook remains trade with caution.
10 –year Treasury Yield: The 10-year Treasury yield fell 5 basis points to 4.13%.
Regular Market Day Features
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
Tesla suffered significant pullback today. Most of the EV manufacturers’ stocks, both Chinese and American developed poor charts during the past several weeks. We noted this point in our post a few times during the past four weeks.
IMPORTANT NOTICE
Readers are reminded that the market’s performance at the following day’s market session may completely differ from the market performance at the overnight markets.
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.
Our reports are composed by humans after proper analysis and research. It is neither AI nor machine generated. We do not, unlike AI, make things up.
