The Canadian Vanguard Stock Market Report At Market Close –Wednesday, March 20, 2024
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Data Driven Market Analysis And Report For Success Driven Investors
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The Toronto Market
The TSX composite soared 185.13 points or 0.85% to close today’s market session at a record 22,045.71. The TSX was largely driven by events south of the border today – the US Federal Reserve’s policy meeting. Today was not about the market responding to an announcement by the Bank of Canada or the Bank’s Governor Macklem or even something Canadian. Today’s market in Toronto was driven by the US Feds.
Technology was the top performing sector at the TSX today. Technology was up 2.37%; Basic Materials (miners and mining related) was up a good 2.31%; Discretionary Consumer Goods & Services was up 1.23% while Financials gained 0.78% – the banks stocks have been performing well since the beginning of the year, and Utilities gained 0.78% also. Industrials gained 0.63% and Healthcare gained 0.50%. Two of the ten sectors, Energy and Durable Consumer Goods & Services declined -0.28% and -0.38% respectively.
Beverages – Brewers industry gained 8.46%; Retail – Apparel & Accessories industry was up 3.93%; Auto & Truck Manufacturers was up 3.46% and IT Services & Consulting gained 3.34%. Personal Services, down -6.73% was the worst performing industry at the TSX today.
Today’s Statistics: The gaining issues (Advancers) outnumbered the declined issues (Decliners) today. The ratio of Advancers to Decliners was 3.0-to-1.0 or in practical terms, for every three Advancers there was one Decliner. In real numbers, 1,103 Advancers to 367 Decliners with 109 Unchanged. The total volume of shares traded for gaining stocks was 221,371,466 or 62.7%; the total volume for declined stocks was 120,442,897 or 34.1% and 11,270,104 or 3.2 % for “Unchanged”.
Today, there were 274 new 52-Week Highs and 14 new 52-Week Lows. That was lopsidedly bullish.
The total volume of stocks traded at the TSX today was 353,084,467 compared to 306,392,024 yesterday, roughly fifteen percent increase. Today’s volume of 353,084,467 was nine percent higher than the average of the ten most recent market sessions.
The US Markets
The Dow Jones Industrial Average was up a hefty, investor wallet friendly, 401.37 points, or 1.03%, to close at 39,512.13. The S&P 500 gained 46.11 points, or 0.89%, to close at 5,224.52. The Nasdaq Composite was up 202.62 points or 1.25%, to close at 16,369.41. The US market indexes except for the small caps are all now in record territories.
The market session today was really bullish. The Dow had a very positive market session today. The Feds, after their two day meeting, essentially told investors what they wanted to hear, that the Fed’s thinking about interest rates remain unchanged, “There will likely be three interest rate drops later this year.”
Nine of the major US market sectors gained today reflecting a broad-based day of gains at the market. Basic Materials gained 1.67% to lead the sectors. Durable Consumer Goods & Services gained 1.46%; Financials gained 1.44%; Technology gained 1.32% while Industrials, Utilities and Energy gained 1.20%, 0.41% and 0.35% respectively. Healthcare declined a marginal -0.09%.
Advertising / Marketing gained 5.63% today on top of 3.72% gain yesterday; Aluminum was up 5.35%; Tires & Rubber Products was up 4.95%; Precious Metals & Minerals gained 3.86% and Banks gained 3.35%. Household Products, down -1.62% was the worst performing industry.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 3.76-to-1.0 or in practical terms, approximately for every four Advancers there was one Decliner. In real numbers, 3,202 Advancers to 851 Decliners with 293 Unchanged. The total volume of shares traded for gaining stocks was 840,171,589 or 81.5%; the total volume for declined stocks was 183,313,784 or 17.8% and 7,678,678 or 0.7% for “Unchanged”.
Today there were 633 new 52-Week Highs and 71 new 52-Week Lows, yesterday by comparison, there were 286 new 52-Week Highs and 53 new 52-Week Lows. Today’s result elicits the same comment we gave above about the TSX market; today was lopsidedly bullish.
The total volume of stocks traded at the NYSE today was 1,031,164,051 compared with 1,146,939,012 yesterday, a ten percent decrease. Today’s volume of 1,031,164,051 is about the average of the ten most recent market sessions.
On the NASDAQ, the Advancers prevailed over the Decliners today by a ratio of 2.95-to-1 or roughly for every three Advancers there was one Decliner. In real numbers, there were 3,230 Advancers to 1,095 Decliners with 264 Unchanged. The total volume of volume-gaining stocks was 4,407,567,099 or 80.1%; the total volume of declined-volume stocks was 1,072,181,142 or 19.5% and 23,256,037 or 0.4% for “Unchanged”.
Today, there were 251 new 52-Week Highs and 101 new 52-Week Lows. By comparison yesterday, there were 98 new 52-Week Highs and 126 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,503,004,278 compared to 4,903,657,564 yesterday, a twelve percent increase. Today’s volume of 5,503,004,278 is two percent higher than the average of the last ten market sessions. This value though is distorted by the large volume last Friday due to the triple witching day!
Oil Price: Oil was $81.82 up 0.55 or 0.68% as at the time of posting this report.
10 –year Treasury Yield: The US 10-year Treasury yield was at 4.269%, down a couple of basis points as at the time of this posting 11:55 midnight Wednesday night.
The market outlook remains market in rally mode. The stocks, especially the technology stock were quite extended and most remain extended but the rally is back given today’s market performance.
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Stocks In The News/Stocks To Watch
Given the market performance today and the Fed outlook on interest rate as per reports after their two day meeting, expect the Technology companies to make up for recent declines. Stocks in the very short term, read till the end of this week – just two market sessions, will most likely not necessarily follow their charts. Chip manufacturers and some genuine AI technology supporting manufacturers will continue to rise even if modestly. There is a good chance that some small caps will rally also. Of course, the market will do what it wishes to do. The market euphoria which began this afternoon will dominate until the end of the week.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
It is time to take a second look at the Canadian and even the US big banks’ stocks if you have not done so yet.
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