The Canadian Vanguard Stock Market Report At Market Close – May 29, 2024
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Data Driven Stock Market Analysis And Report – May 29, 2024
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The Toronto Market
The TSX crashed -367.07 points or -1.65% to close today’s market session at 21,897.98. The Canadian big banks had it rough today and contributed to the TSX’s big decline.
The market today was negative from the opening bell to the closing bell. Blame it on the 10-year yield climbing up for the second straight session. Only one of the major sectors, Durable Goods & Services, up a miserly 0.08%, gained today. Technology was down -0.22%; Healthcare was down -0.70%; Industrials sector was down -1.07% while Utilities sector declined -1.51%. Energy declined -1.53%; Basic Materials declined -1.77% and Financials brought up the rear today declining -2.16%. The Financials had it really bad today. Bank of Montreal (TSX:BMO) was down -8.86%, partly due to stubborn US inflation figures. On the other hand though, National Bank of Canada (TSX:NA) had the highest gain, 2.55%, on the TSX today.
In the industry grouping, Textiles & Leather Goods gained 3.85%; Retail – Drugs gained 2.16%; Biotechnology gained 1.04%; Medical Equipment, Supplies & Distribution gained 0.95%; while Construction Materials industry gained 0.64%.
Today’s Statistics: Today the declined issues (Decliners) prevailed over the gaining issues (Advancers). The ratio of Decliners to Advancers was 4.7-to-1.0 or in practical terms, roughly for every five Decliners there was one Advancer. In real numbers, 1,185 Decliners to 252 Advancers with 99 Unchanged. The total volume of shares traded for gaining stocks was 41,391,207 or 12.1%, the total volume for declined stocks was 279,725,174 or 81.6% and 21,830,640 or 6.4% for “Unchanged”. The market was certainly bearish today.
Today, there were 30 new 52-Week Highs and 13 new 52-Week Lows. Yesterday, by comparison, there were 181 new 52-Week Highs and 7 new 52-Week Lows. The market will do whatever it wishes to do but the data indicates that we are in a bearish trend. Today was much more bearish than yesterday.
The total volume of stocks traded at the TSX today was 342,947,021 compared to yesterday’s 319,010,862. Today’s volume of 342,947,021 was seven percent higher than the average of the ten most recent market sessions.
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The US Market
All the three indexes opened deep down below the previous session’s closing and remained below that level throughout the session. The Dow Industrial Average sank -411.32 points or -1.06%. The S&P 500 declined –39.09 points, or -0.74%, to close at 5,266.95. The Nasdaq Composite was down -99.30 points or -0.58%, to close at 16,920.58. Nvidia Corp continued to bounce higher. That and a few other gainers helped Nasdaq avoid a similar triple digit decline like the Dow index today.
All the US markets’ major sectors declined today. The session was broad-based negative. Technology was down -0.56%; Telecommunications Services declined -0.60%; Discretionary Consumer Goods & Services was down -0.70%; Healthcare declined -1.04%;Financials declined -1.33%; Basic Materials was down -1.51% while Energy declined -1.55%.
Retail – Apparel & Accessories was up 2.36%; Computer Hardware was up 1.67%; Retail –Drugs was up 1.08%; Textile & Leather Goods gained 1.04% and Airport Services was up 1.01%. There were no big gains today. It was a truly negative market session.
Today’s Market Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers) on the NYSE. The ratio of Decliners to Advancers was 5.24-to-1.0 or in practical terms, approximately for every five Decliners there was one Advancer. In real numbers, 3,399 Decliners to 648 Advancers with 229 Unchanged. The total volume of shares traded for gaining stocks was 151,720,246 or 16.4%; the total volume for declined stocks was 763,837,332 or 82.8% and 7,384,699 or 0.8% for “Unchanged”.
There were 79 new 52-Week Highs and 110 new 52-Week Lows. Yesterday, there were 234 new 52-Week Highs and 76 new 52-Week Lows
The total volume of stocks traded at the NYSE today was 922,942,277 compared to yesterday’s 966,619,315. Today’s volume of 922,942,277 was about four per cent lower than the average of the ten most recent market sessions.
On the NASDAQ, the Decliners prevailed over the Advancers today by a ratio of 2.83-to-1 or roughly for every fourteen Decliners there were five Advancers. In real numbers, there were 3,150 Decliners to 1,113 Advancers with 282 Unchanged. The total volume of volume-gaining stocks was 2,590,519,780 or 56.4%; the total volume of declined-volume stocks was 4,306,763,569 or 42.1% and 39,646,766 or 1.5% for “Unchanged”.
Today, there were 64 new 52-Week Highs and 158 new 52-Week Lows. Yesterday, there were 140 new 52-Week Highs and 117 new 52-Week Lows. NASDAQ was definitely bearish today. Even NVIDIA’s continued upward climb could not keep NASDAQ in the green today.
The total volume of stocks traded at the NASDAQ today was 6,936,930,115 compared to yesterday’s 6,567,844,542. Today’s volume of 6,936,930,115 is about ten percent higher than the volume on Friday and three percent lower than the average of the last ten market sessions.
Oil Price: West Texas intermediate crude oil edged higher to $79.27 a barrel as at the time of this posting.
10 –year Treasury Yield: The benchmark 10-year Treasury yield jumped 8 basis points to 4.616%, up 15 basis points over two consecutive market sessions.
The market outlook is Market In a Downtrend Mode. It is time for “caution before trades”. It is the time to shift focus to preservation of capital as opposed to adventurous trading.
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Stocks In The News/Stocks To Watch:
The Toronto Market
The Financials sector had a rough time as the big six Canadian Banks ended the session in red. The big story today though, was the Bank of Montreal (TSX:BMO) stock. The stock declined 8.86% with triple the average daily volume. BMO stock was down $11.62 or -8.86% to close the session at $119.48 with 7.4M shares changing hands today.
The other big banks were also down but more moderately.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
PDD Holding Inc (PDD) and FUTU Holdings (FUTU) are stocks to keep an eye on or actually add them to your watchlist.
EV, Energy and Resource Stocks Watchlist
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