The Canadian Vanguard Stock Market Report At Close – Tuesday, February 6, 2024

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Data Driven Market Analysis And Report For Tomorrow’s Winning Trades

The Toronto Market

The TSX composite index was up 85.85 points or 0.41% to close today’s market session at 20,957.74. It was a positive market session but the total volume of shares traded was down today.

All the major sectors in the TSX ended today’s market session with gains except Technology sector which was down -0.28%. Healthcare sector,  up 2.16% had the highest gain; Durable Consumer Goods & Services gained 1.10%; Industrials gained 0.59%; Financials gained 0.54% while Telecommunication Services gained 0.53%. Energy was up 0.46%; Utilities was up 0.41% and Basic Materials gained 0.28%.

Consumer Electronics, up 11.11% was the top performing industry at today’s market session. Pharmaceuticals – Generic & Specialty was up 3.75%; Oil & Gas Drilling industry was up 3.60%; Fishing & Farming was up 3.52% and Coal was up 3.25%.

Today’s Statistics: The gaining issues (advancers) outnumbered the declined issues (decliners) today. The ratio was 1.97-to-1.0 or roughly for every two advancers there was one decliner. In real numbers, 966 advancers to 480 decliners with 117 Unchanged. The total volume of shares traded for gaining stocks was 160,811,727 or 66.5%; the total volume for declined stocks was 67,679,185 or 28% and 13,171,514 or 5.5% for “Unchanged”.

There were 102 new 52-Week Highs and 11 new 52-Week Lows.

The total volume of stocks traded at the TSX today was 241,662,426 compared with 305,553,671 a couple of sessions ago. Today’s volume of 241,662,426 is about twenty per cent below the average of the ten most recent market sessions.

The US Markets

The Dow Jones Industrial Average was up 141.24 points, or 0.37%, to close at 38,521.36. The S&P 500 was up 11.42 points, or 0.23%, to close at 4,954.23. The Nasdaq Composite gained a paltry 11.32 points or 0.07%, to close at 15,609.00. The trend of the market making gains on market sessions with decreased total volume of shares traded continues.

Eight of the major sectors ended today’s market session with gains. Basic Materials was up 1.32%; Healthcare was  up 1.11%;  Durable Consumer Goods and Services gained 0.99%. Energy gained 0.77%; Industrials gained 0.63% and Financials gained 0.41%. Techology was down a negligible -0.01% while Telecommunication  Services was down -0.26%.

Rail & Roads – Passengers, up 6.83% was the top performing industry at the US markets today. Auto & Truck Manufacturers industry was up 4.24% and Chemicals – Diversified was up 3.71%. Air Freight &  Courier Services was up 3.62% and Airlines industry was up 3.10%.

Today’s Market Statistics: Today, the gaining issues (advancers) outnumbered the declined issues (decliners) on the NYSE by a ratio of 2.62-to-1 or roughly for every thirteen advancers there were five decliners. In real numbers, there were 2,923 advancers to 1,113 decliners and 232 “Unchanged”. The total volume of volume-gaining stocks was 720,844,081 or 73.2%; the total volume of declined-volume stocks was 248,493,748 or 25.2%; and 15,369,654 or 1.6% “Unchanged”.

There were 190 new 52-Week Highs and 64 new 52-Week Lows. It was a positive, bullish market session. The other good news was that the market today was driven largely by earnings reports.

The total volume of stocks traded at the NYSE today was 984,707,483 compared with 1,066,605,970 a couple of sessions back. Today’s volume of 984,707,483 is about the average of the ten most recent market sessions.

On the NASDAQ, the advancers outnumbered the decliners by a ratio of 1.89-to-1 or roughly for every two advancers there was one decliner. In real numbers, there were 2,775 decliners to 1,465 advancers with 330 unchanged.   The total volume of volume-gaining stocks was 3,341,842,829 or 69.0%; the total volume of declined-volume stocks was 1,460,801,072 or 30.2% and 42,453,563 or 0.9% for “Unchanged”.

There were 112 new 52-Week Highs and 122 new 52-Week Lows.

The total volume of stocks traded at the NASDAQ today was 4,845,097,464 compared with 5,202,253,217 yesterday, a 7% decrease. Today’s volume of 4,845,097,464 is ten per cent lower than the average of the ten most recent market sessions.

The market outlook remains trade with caution.

An exercise for the reader: We recommend that the reader goes back to our Stock market of Thursday February 1, just a few days ago and compare the figures in the Today’s Market Statistics on that day with today’s edition with focus on the Nasdaq. The market performance today was practically a replica or repeat of the market session last week Thursday. The market continues to look for direction or looking for a catalyst event to push it in a direction. In the meantime, the market’s bullish trend remains so investors should trade the market taking  advantage of this trend.

Stocks In The News/Stocks To Watch

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The Toronto Market

The US Markets

Costco Wholesale Corporation (COST). Costco stock has quietly been climbing during the past two years. It is a stock worth keeping an eye on and possily adding to your watchlist. Canada has been bringing in immigrants by the thousands and immigrants like to shop at Costco so there is some possible tail wind there for the stock.

Apple Inc (APPL) is a stock on the mend. It had not been a big performer the past one year but it is a stock to keep an eye on.