The Canadian Vanguard Stock Market Report At Market Close – July 22, 2024
.
Your Data-Driven Stock Market Analysis
.
The Toronto Market
Today, the TSX was up 182.26 points or 0.80% to close today’s market session at 22,872.65. The TSX brought three consecutive sessions of declines to an end, gaining 0.80% at today’s session.
Today, the TSX reversed the market trend of the last three sessions. The market is not really changing character as the rally was never in trouble but it appears that we are likely seeing the market starting to reflect that interest rate regime may be changing from interest rate hikes to interest rate declines. The era of gargantuan interest hikes certainly appear to be over for now. The market was quite positive today. Seven of the major sectors ended the session today with gains and quality gains ranging from Healthcare with 1.95% to Technology sector which ended the session up 0.67%. Cyclical Consumer Goods & Services was up 1.62%; Industrials sector was up 1.16%; while Financials was up 0.95% and Energy was 0.88%. Basic Materials ended the day at the same level it started – even. Telecommunications Services, the worst performing sector today, was down -0.17%.
In the Industry groups, Computer Hardware was up 21.95% today, on Friday that group was up 17.29%; Home Furnishing was up 12.59%; Advanced Medical Equipment was up 7.76% while Restaurants group was up 5.30% and Pharmaceuticals – Generic & Specialty was up 4.24%.
Today’s Statistics: Today, the gaining issues (Advancers) totally outnumbered the declined issues (Decliners). The ratio of Advancers to Decliners was 2.84-to-1.0 or in simple terms, roughly for every three Advancers there was one Decliner. The market reversed Friday’s trend today. In real numbers, 1,057 Advancers to 371 Decliners with 93 Unchanged. The total volume of shares traded for gaining stocks was 225,221,743 or 74.1%, the total volume for declined stocks was 61,659,684 or 20.3% and 17,058,420 or 5.6% for “Unchanged”.
Today, there were 94 new 52-Week Highs and 6 new 52-Week Lows. On Friday, there were 68 new 52-Week Highs and 13 new 52-Week Lows. The market trend is bullish.
The total volume of shares traded at the TSX today was 303,939,847 compared to 233,835,915 yesterday. The volume today was 55% higher than the volume at Friday’s market session and 23% higher than the average of the ten most recent market sessions. Investors clearly returned to the market today with enthusiasm after a good fraction of investors stayed away on Friday.
.
The US Markets
The Dow Jones Industrial Average was up 127.91 points or 0.32% to close the market session at 40,415.44. The S&P 500 was up 59.41 points, or 1.08%, to close at 5,564.41. The Nasdaq Composite advanced 280.63 points or 1.58%, to close at 18,007.57.
Today, eight of the US markets’ major sectors were up with gains at the end of session. Technology led the sectors with 1.89% gain. Industrials gained 1.16%; Utilities gained 0.90% while Discretionary Consumer Goods & Services ended the session up 0.87%. Healthcare gained 0.86%; Financials gained 0.83% and Basic Materials gained 0.51%. Energy declined -0.25% and Telecommunications Services gave up -2.28%. Pretty well, all the sector gained in the last three weeks.
In the Industry groups, Semiconductor Equipment & Testing was up 5.40%; Auto Trucks Manufacturers was up 3.77%; Semiconductors was up 3.63%; Paper Products was up 3.2 while Engineering & Construction gained 2.88%.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 2.8-to-1.0 or in practical terms, approximately for every fourteen Advancers there were five Decliners. In real numbers, 2,935 Advancers to 1,049 Decliners with 312 Unchanged. The total volume of shares traded for gaining stocks was 626,722,879 or 69.4%; the total volume for declined stocks was 263,377,623 or 29.2% and 13,212,919 or 1.5% for “Unchanged”.
Today, there were 174 new 52-Week Highs and 31 new 52-Week Lows. On Friday, there were 153 new 52-Week Highs and 41 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 903,313,421 compared to yesterday’s 1,240,178,486. Today’s volume was 27% lower than the volume on Friday and 10% lower than the average of the ten most recent market sessions. Volume on the NYSE was down today.
The total volume of stocks traded at the NYSE today was 903,313,421 compared to yesterday’s 1,240,178,486. Today’s volume was 27% lower than the volume on Friday and 10% lower than the average of the ten most recent market sessions. Volume on the NYSE was down today. That raises questions as to the reliability of today’s market data for market direction projection. One market session’s data will never be good enough for market prediction in any case.
On the NASDAQ, the Advancers prevailed over the Decliners by a ratio of 2.3 to-1 or roughly for every dozen Advancers there were five Decliners. In real numbers, 2,988 Advancers to 1,301 Decliners with 258 Unchanged. The total volume of volume-gaining stocks was 3,599,482,806 or 39.0%; the total volume of declined-volume stocks was 1,601,684,100 or 60.2% and 47,878,790 or 0.9% for “Unchanged”.
Today, there were 103 new 52-Week Highs and 93 new 52-Week Lows. On Friday, there were 59 new 52-Week Highs and 108 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.
The total volume of stocks traded at the NASDAQ today was 5,249,045,696 compared to yesterday’s 5,163,462,399. Today’s volume was 1.6% higher than the volume on Friday. Today’s volume was 7% lower than the average volume of the last ten market sessions.
Market Roundup Report: The rally got more energized today as it is starting to look very likely that the Feds will cut interest rate at the September meeting. There was rotation back into Technology today. We will the next few sessions to confirm if today’s trend persists. Most economic reports are indicating that the trend with inflation is downwards, so if the Feds agree then we may start to see declines in interest rate and business start to flourish again. The rally is very much in good shape – “can be trusted”
.
Stocks In The News/Stocks To Watch
The US Markets
Crowdstrike Holdings Inc. (CRWD) declined again on Monday. CRWD declined -13.46% or $41.05 to close at $263.91 with 49.6M shares traded. Crowdstrike Holdings Inc. service failure is the first of most likely many of these catastrophes of “Tech Monopolies” that will likely repeat but that should never have been allowed to happen. Was the result of one company uses all kind of means to ensure that they alone dominate the market? The Competition Bureau in North America has been on vacation for sometime. It is time to return to work!
NVIDIA Corp (NVDA) declined 6.62% today while Meta Platforms (META) was up 2.23% or $10.61 to close at $487.40 with 12.M shares changing hands. Tesla bounced back 5.15% or $12.21 to close at $251.51 on Monday.
.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
IMPORTANT NOTICE
Readers are reminded that the market’s performance at the following day’s market session may completely differ from the market performance at the overnight markets.
SUBSCRIPTION Offer: We thank you for following our Stock Market posts but please be aware that we shall soon be restricting these articles to subscribers only.
We do not send this publication by email to readers. If you receive a copy by email please simply forward the email to us.
Our reports are composed by humans after proper analysis and detailed research. It is neither AI nor machine generated. We do not, like AI, make things up.
