The Canadian Vanguard Stock Market Report At Market Close – June 26, 2024
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Your Data Driven Stock Market Analysis
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The Toronto Market
The TSX edged up a paltry 5.42 points 0.02% to close today’s market session at 21,793.90. The volume of shares traded compared to the previous session was down again today.
Basic Materials gained 1.19% today to lead the sectors. Basic Materials declined -1.16% yesterday. Healthcare gained 0.67%; Industrials sector was up 0.53% while Durable Consumer Goods & Services was up 0.33% and Technology gained 0.21%. The rest of the major sectors declined with Financials declining -0.38%; Energy was down -0.39. The market was certainly not broad-based positive. This market is looking for direction.
In the industry groups, Airlines, up 4.49%, continue to do well as it appears more people are travelling including more immigrants are arriving by air. Industrial Machinery & Equipment was up 2.64%; Medical Equipment, Supplies & Distribution was up 2.46% while Mining & Metals – Specialty gained 2.235 and Pharmaceuticals – Generic & Specialty was up 2.07%. Canada is planning to bring 500,000 new immigrants into the country per year, which translates statistically to well over a thousand new arrivals per day. Most of the new immigrants, of course, arrive by air. It would appear that the Airlines industry is one industry that is certainly a beneficiary of that immigration decision in addition to possibly only tenement owners in the big cities in the country.
Today’s Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers). The ratio of Decliners to Advancers was 1.5-to-1.0 or in simple terms, roughly for every three Decliners there were two Advancers. In real numbers, 836 Decliners to 552 Advancers with 112 Unchanged. The total volume of shares traded for gaining stocks was 119,531,418 or 42.9%, the total volume for declined stocks was 143,683,444 or 51.6% and 15,345,311 or 5.5% for “Unchanged”.
Today, there were 23 new 52-Week Highs and 12 new 52-Week Lows. Yesterday, there were 19 new 52-Week Highs and 17 new 52-Week Lows.
The total volume of shares traded at the TSX today was 278,560,173 compared to yesterday’s 308,294,979. The volume today was 10% lower than the volume yesterday and 16% lower than the average of the ten most recent market sessions.
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The US Markets
The Dow Jones Industrial Average was up but barely, a mere 15.64 points or 0.04% to close the market session at 39,127.80. The S&P 500 was up 8.60 points, or 0.16%, to close at 5,477.90. The Nasdaq Composite climbed 87.50 points or 0.49%, to close at 17,805.16. Volume was up on the NASDAQ but down at the NYSE today compared to yesterday. All the indexes ended the session in green but the volumes continued mixed.
The market gains today lacked good spread as only three of the major sectors ended the session with gains. Discretionary Consumer Goods & Services (Retail in other words) gained 1.30%; Technology followed but with a paltry 0.25% gain while Basic Materials gained 0.13%. Industrials declined -0.24%; Financials declined -0.38% while Healthcare and Energy declined -0.57% and -0.77% respectively.
In the industry groups, Marine Port Services gained 14.19%; Air Freight & Courier Services was up 5.8%; Retail – Catalog & Internet Order was up 3.71%; Appliances, Tools & Housewares was up 3.15% and Retail – Specialty was up 3.01%. Retail industry has been on the upswing for several market sessions.
Today’s Market Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers) on the NYSE. The ratio of Decliners to Advancers was 1.41-to-1.0 or in practical terms, approximately for every eight Decliners there were five Advancers. In real numbers, to 2,282 Decliners to 1,615 Advancers with 343 Unchanged. The total volume of shares traded for gaining stocks was 384,426,060 or 41.1%; the total volume for declined stocks was 534,022,942 or 57.1% and 16,668,557 or 1.8% for “Unchanged”.
Today, there were 106 new 52-Week Highs and 89 new 52-Week Lows. Yesterday, there were 122 new 52-Week Highs and 87 new 52-Week Lows.
The rally is certainly alive but the markets appear to be waiting for a trigger to kickstart them in one specific direction.
The total volume of stocks traded at the NYSE today was 935,117,559 compared to yesterday’s 1,030,311,338. Today’s volume was about 9% lower than the volume yesterday and 2% lower than the average of the ten most recent market sessions.
On the NASDAQ, the Decliners prevailed over the Advancers by a ratio of 1.14-to-1 or roughly for every Decliner there was one Advancer. In real numbers, there were 2,264 Decliners to 1,982 Advancers with 303 Unchanged. The total volume of volume-gaining stocks was 3,473,026,683 or 63.3%; the total volume of declined-volume stocks was 1,918,457,420 or 35.0% and 92,451,207 or 1.7% for “Unchanged”.
Today, there were 71 new 52-Week Highs and 183 new 52-Week Lows. Tuesday, there were 72 new 52-Week Highs and 195 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,483,935,310 compared to yesterday’s 5,073,145,171. Today’s volume was 9% higher than the volume yesterday and 4.5% higher than the average of the last ten market sessions.
10 –year Treasury Yield: The 10-year Treasury yield inched up to 4.34%.
Stocks In The News/Stocks To Watch
The US Markets
Nvidia Corp (NVDA) is finally taking a well deserved break. We are not sure anybody knows the possible duration of the break but the move upwards is sure to resume sooner or later. Meta Platforms (META) is resuming the climb upwards. It is a stock to keep an eye on in the near and long term. Tesla and other EV manufacturers are worth keeping an eye on in the near term at least.
Chipotle Mexican Grill (CMG) executed a 50-for-1 stock split effective market close on Tuesday. The stock belongs to the ethnic restaurant category and had a good run the past year. The stock split of 50-for-1 definitely brings the stock to the affordable level and is now available to small investors. The $3000 plus stock price was definitely a deterrent for small investors getting in to the act with the CMG stock.
Amazon.com Inc. (AMZN) is surely worth keeping an eye on also. Amazon dominates the cloud services industry but there are a number of budding players getting into the industry. The only constant in the technology industry is change.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
Tesla (TSLA) and Rivian Automotive (RIVN) are stocks to watch in the near term. Volkswagen is investing in Rivian Automotive.
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