The Canadian Vanguard Stock Market Report At Market Close – July 16, 2024

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Your Data-Driven Stock Market Analysis

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The Toronto Market

Today, the TSX was up 243.71 points or 1.07% to close today’s market session at 22,995.39. The TSX continues its upward trend.

                                                                                                                                      

All the major TSX sectors with the exception of Energy advanced today.  Technology, thanks to Shopify Inc., led with 3.87% gain. Basic Materials gained 1.53%; Industrials gained 1.41% while Discretionary Consumer Goods & Services gained 1.38%. Financials gained 0.88% while Utilities gained 0.23% and Durable Consumer Goods & Services was up 0.16%. Energy declined -0.42%. It is a good time to be fully invested in the market.

In the industry groups, Advertising/Marketing boosted investors’ portfolios with a hefty 10.64% gain; Entertainment Production gained 9.03%; Personal Products gained 8.50% while Banks gained 8.35% and Oil & Gas Drilling gained 8.14%.

Today’s Statistics: Today, the gaining issues (Advancers) totally outnumbered the declined issues (Decliners). The ratio of Advancers to Decliners was 4.03-to-1.0 or in simple terms, roughly for every four Advancers there was one Decliner – a really bullish, positive market session. In real numbers, 1,171 Advancers to 290 Decliners with 86 Unchanged. The total volume of shares traded for gaining stocks was 190,119,971 or 64.2%, the total volume for declined stocks was 98,681,987 or 33.3% and 7,201,971 or 2.48% for “Unchanged”.

Today, there were 394 new 52-Week Highs and 10 new 52-Week Lows. Yesterday, there were 327 new 52-Week Highs and 8 new 52-Week Lows. The market trend is very bullish.

The total volume of shares traded at the TSX today was 296,003,929 compared to 310,803,546 yesterday. The volume today was 5% lower than the volume at yesterday’s market session and 6.5% lower than the average of the ten most recent market sessions.

The US Markets

The Dow Jones Industrial Average was up 742.76 points or 1.85% to close the market session at 40,954.48. The S&P 500 was up 35.98 points, or 0.64%, to close at 5,667.20. The Nasdaq Composite was up 36.77 points or 0.20%, to close at 18,509.34.  The Dow index vaulted above the 40,000 mark with an impressive triple digit gain and into record territory.

It was a very positive market session at the US markets. All the major sectors except Technology advanced today.  Industrials advanced 2.42%; Basic Materials gained 1.57%; Financials gained 1.56%; Discretionary Consumer Goods & Services advanced 1.54%; Healthcare gained 1.35% while Durable Consumer Goods & Services sector was up 1.05%; Utilities sector was up 0.99% while Energy gained 0.06%. Technology was down -0.20% as Nvidia was down for the third consecutive session. Google Alphabet was also down but Apple edged up today.

In the industry groups, Home Building advanced 6.65%; Construction – Supplies & Fixtures gained 5.50%; Managed Health Care was up 5.43% while Diversified  Trading & Distributing  was up 4.99% and Airlines gained 4.62%.

Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 4.57-to-1.0 or in practical terms, approximately for every nine Advancers there were two Decliners. In real numbers, 3,276 Advancers to 716 Decliners with 293 Unchanged. The total volume of shares traded for gaining stocks was 841,505,230 or 84.1%; the total volume for declined stocks was 146,634,208 or 14.70% and 12,203,079 or 1.2% for “Unchanged”.

Today, there were 823 new 52-Week Highs and 30 new 52-Week Lows. Yesterday, there were 619 new 52-Week Highs and 41 new 52-Week Lows.  This is lopsidedly bullish. The small caps domination of the market which gained some steam yesterday got even more pronounced today.  The rally is gaining strength but investors appear to be rotating funds to small caps.

The total volume of stocks traded at the NYSE today was 1,000,342,517 compared to yesterday’s 921,874,374. Today’s volume was 8.5% higher than the volume yesterday and 2% higher than the average of the ten most recent market sessions.

On the NASDAQ, the Advancers prevailed over the Decliners by a ratio of 3.55 -to-1 or roughly for every seven Advancers there were two Decliners. In real numbers, 3,346 Advancers to 943 Decliners with 239 Unchanged.  The total volume of volume-gaining stocks was 4,698,871,867 or 78.7%; the total volume of declined-volume stocks was 1,092,488,806 or 18.3.5% and 181,181,102 or 3.0% for “Unchanged”.

Today, there were 507 new 52-Week Highs and 34 new 52-Week Lows. Yesterday, there were 353 new 52-Week Highs and 42 new 52-Week Lows. The NASDAQ was very much extended by the end of last week but the current rotation to small caps is slowly correcting the situation.  NVDIA was down the last three sessions.

The total volume of stocks traded at the NASDAQ today was 5,972,541,775 compared to yesterday’s 5,629,640,730. Today’s volume was 6% higher than the volume yesterday. Today’s volume was 9% higher than the average of the last ten market sessions.

Oil Price:    U.S. crude oil prices fell 1.4% to $80.76 a barrel. Overnight, Oil was trading at $79.63 as at the time of this posting around midnight EST.

10 –year Treasury Yield:    The 10-year Treasury yield fell six basis points to 4.164%, hitting a four-month low. The 10-year treasury yield fell following Powell’s commentary.

Market Report Roundup: The rally continues to gain strength with a clear rotation from the mega cap Technology stocks to small caps.

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