The Canadian Vanguard Stock Market Report At Market Close – July 3, 2024
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Your Data Driven Stock Market Analysis
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The Toronto Market
Today, the TSX vaulted up 269.87 points 1.23% to close today’s market session at 22,223.67.
The market session on Wednesday was robustly positive as all ten major sectors on the TSX ended the session in green, positive. A good number of them had sizable gains. Basic Materials ended the session with 3.05% gain. Industrials sector was up 1.22%; Technology was up 1.21% and Financials gained 0.93%. Durable Consumer Goods & Services gained 0.53%; Healthcare gained 0.52%; Telecommunications Services gained 0.48% while Energy was up 0.40% and Discretionary Consumer Goods & Services was up 0.37%.
In the industry groups, Textiles & Leather Goods was up an impressive 8.33%; Auto & Trucks Manufacturers group was up 7.41%, a good improvement on its performance yesterday when it gained 2.85%; Construction Materials gained 6.23%; Heavy Electrical Equipment gained 4.13% while Mining & Metals – Specialty gained 3.73%.
Today’s Statistics: Today, the gaining issues (Advancers) totally outnumbered the declined issues (Decliners) to make it two consecutive days of Advancers outnumbering the Decliners. The ratio of Advancers to Decliners was 3.36-to-1.0 or in simple terms, roughly for every seven Advancers there were two Decliners, quite bullish. In real numbers, 1,085 Advancers to 323 Decliners with 76 Unchanged. The total volume of shares traded for gaining stocks was 206,586,997 or 77.5%, the total volume for declined stocks was 52,320,421 or 19.6% and 7,723,163 or 2.9% for “Unchanged”. The Toronto market was really bullish today.
Today, there were 108 new 52-Week Highs and 12 new 52-Week Lows. Yesterday, there were 47 new 52-Week Highs and 24 new 52-Week Lows.
The US Markets
The US markets’ performance was mixed today. The Dow Industrial Average was down -23.85 points or -0.063% to close the market session at 39,308.00. The S&P 500 was up 28.01 points, or 0.51%, to close at 5,537.02. The Nasdaq Composite was up 159.54 points or 0.88%, to close at 18,188.30. The US market closed at 1pm today in preparation for the July 4, US independence holiday. The US market will next open on Friday July 5.
Eight of the major sectors ended the market session with gains: Basic Materials gained 1.73%; Technology was up 1.23%; Utilities gained 0.79% while Energy gained 0.59%; Industrials gained 0.45%; Discretionary Consumer Goods & Services gained 0.42% while Financials was up 0.11% and Durable Consumer Goods & Services gained 0.10%. Telecommunications Services declined -0.08% and Healthcare declined -0.62%.
In the industry groups: Retail – Specialty improved upon yesterday’s performance, up 4.38%; Marine Port Services gained 4.37%; Mining & Metals – Specialty was up 1.93% while Precious Metals & Minerals was up 3.54% and Semiconductors gained 3.52%.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 2.65-to-1.0 or in practical terms, approximately for every two Advancers there was one Decliner. In real numbers, to 2,827 Advancers to 1,067 Decliners with 304 Unchanged. The total volume of shares traded for gaining stocks was 371,996,976 or 64.6%; the total volume for declined stocks was 190,831,197 or 33.2% and 12,777,622 or 2.2% for “Unchanged”.
Today, there were 287 new 52-Week Highs and 50 new 52-Week Lows. Yesterday, there were 179 new 52-Week Highs and 97 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 575,605,795 compared to yesterday’s 895,231,338. The market closed at 1pm today much earlier than the normal 4pm closing time.
On the NASDAQ, the Advancers prevailed over the Decliners by a ratio of 1.42-to-1 or roughly for every three Advancers there were two Decliners. In real numbers, there were 2,423 Advancers to 1,707 Decliners with 351 Unchanged. The total volume of volume-gaining stocks was 2,476,236,072 or 65.5%; the total volume of declined-volume stocks was 1,282,290,756 or 33.97% and 23,801,845 or 0.6% for “Unchanged”.
Today, there were 133 new 52-Week Highs and 111 new 52-Week Lows. Tuesday, there were 75 new 52-Week Highs and 214 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 3,782,328,673 compared to yesterday’s 4,685,270,796. Today’s volume was 19% lower than the volume on yesterday. It is important to note that the market session today was a half-day session in preparation for the July 4 holiday which, at least, partly explains the lower volume today.
Yesterday, Tesla was up and that contributed to Nasdaq’s gain but today Tesla was up 6%, Nvidia Corp was also up and both are members of the big seven within NASDAQ. There are those who argue that the index is extended but Tesla, up handsomely the last three sessions, is certainly not much extended and NVIDIA (NVDA) corrected the last three sessions. We wait to see what the market does on Friday. The market rally continues.
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Stocks In The News/Stocks To Watch
The Toronto Market
The Canadian big six banks are very much alive. Royal has successfully integrated HSBC and the bank is certainly not looking backwards. Royal Bank (TSX:RY) was up 1.53% or $2.25 to close the session at $149.22 with 3.8M shares changing hands.
Oil-sands producers have been among the top performing companies in the energy sector over the past year. Shares of the four largest Canadian oil-sands producers by market capitalization have gained an average of 37% over the past 12 months, outpacing an index of the largest U.S. energy companies by 19 percentage points. Suncor Energy (TSX:SU) is a stock to also keep an eye on.
Gildan’s Activewear Inc. appears to be currently forming a flat base. It is worth keeping an eye on the stock.
The US Markets
This has been a good week for the electric vehicle manufacturers’ stocks. Tesla Inc. (TSLA) bounced back convincingly this week. Some investors may prefer to wait for a Tesla pullback before piling in again. Battery Electric Vehicles (BEV) may one day dominate the markets but the infrastructure required to support such are still years away. Investors piling in now should be regarded surely as early investors. We are not saying that it is wrong to be an early investor especially if you have years on your side.
The semiconductor stocks continue to do well. Nvidia Corp and Tesla tend to dominate the news but there are a good number of other stocks doing well. Arm Holding Plc and Taiwan Semiconductors Manufacturing are worth keeping an eye on. Nvidia Corp is a major investor in Arm Holding Co Plc. which itself is a British company.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Canada’s big six banks are looking interesting again. Royal Bank of Canada (TSX:RY) is certainly a stock to keep an eye on, now that it has fully absorbed HSBC.
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
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