The Canadian Vanguard Stock Market Report At Market Close – Monday August 19, 2024
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Data-Driven Analysis and Insights you need to prepare for informed investing at the market tomorrow
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The Toronto Market
The TSX was up 61.78 points or 0.27% to close today’s market session at 23,116.39. The TSX was up but the gain was relatively small compared to the gains by the other major North American indexes.
The market indexes rose today but the spread, similar to the spread on Friday, was limited. Only five of the major sectors were up at the end of the market session. Basic Materials up 1.45%, was again the day’s top performing sector. Financials followed with 0.27% gain. Technology was up 0.17%; Discretionary Consumer Goods & Services was up 0.13% and Industrials sector was up a miniscule 0.07%; Healthcare remained even – neither gained nor declined. Utilities was down -0.04%; Energy declined -0.36% and Durable Consumer Goods & Services declined -0.47%. In terms of spread and gains by the sectors, today’s market underperformed Friday’s session.
The Industry Groups: Insurance – Multiline was up 6.84%; Aluminum was up 3.23%; Office Equipment gained 3.17%; Personal Services was up 2.41% and Industrial Machinery & Equipment was up 2.18%. Some of the companies included in the Personal Services group are Boyd Group Services Inc. (TSX:BYD) and Caldwell Partners International (TSX:CWL).
Today’s Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) by a ratio of 2.1-to-1.0 or for every two Advancers there was one Decliner. In real numbers, 1,184 Advancers to 562 Decliners with 164 Unchanged.
The total volume of shares traded at the TSX today was 379,967,314 compared to 299,533,369 on Friday. The volume today was 23% higher than the volume at Friday’s market session.
Today, there were 266 new 52-Week Highs and 13 new 52-Week Lows. Today’s market was bullish but the ratio of New 52-Week Highs to 52-Week Lows exaggerates the day’s actual market performance.
The US Markets
The Dow Jones Industrial Average gained 236.77 points or 0.58%, to close the market session today at 40,896.53. The S&P 500 index was up 54.00 points, or 0.97%, to close at 5,608.25. The Nasdaq Composite advanced 245.05 points or 1.39%, to close the session at 17,876.77. Volume on the NASDAQ was 8.3% higher than the volume on Friday. Both Dow and NASDAQ ended the session in triple digit gains. NASDAQ was up roughly 1.4%, reflecting a buoyant market session.
The US market was broad-based positive. All the sectors ended the session with gains at a market session that turned out to be really bullish. Technology was up 1.35% as Nvidia Corp and Tesla Inc. advanced 4% and 3% respectively today. Discretionary Consumer Goods & Services was up 1.10%; Basic Materials was up 0.92% and Financials was up 0.84%; Healthcare gained 0.82% and Telecommunications Services was up 0.72%. Energy was up 0.42%.
The Industry groups: Tires & Rubber Products led the industry groups today with 4.44% gain. Marine Port Services, up 4.38%, continues to outperform. Semiconductors group was up 2.83% and Diversified Trading & Distributing was up 2.70%. Members of the Tires & Rubber Products group include Goodyear Tire & Rubber Co (GT) and Bridgestone Corp (BRDCY).
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 2.22-to-1.0 or for every eleven Advancers there were five Decliners. In actual numbers, 3,120 Advancers to 881 Decliners with 278 Unchanged.
Today, there were 365 new 52-Week Highs and 38 new 52-Week Lows. On Friday, there were 277 new 52-Week Highs and 37 new 52-Week Lows. Volume on the NYSE was down 4% compared to Friday.
On the NASDAQ, the Advancers prevailed over the Decliners by a ratio of 2.8 to-1 or roughly for every three Advancers there was one Decliner. In actual numbers, 3,140 Decliners to 1,135 Advancers with 280 Unchanged.
Today, there were 192 new 52-Week Highs and 69 new 52-Week Lows. On Friday, there were 125 new 52-Week Highs and 96 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,236,258,434. Volume was up 8% on the NASDAQ today compared to Friday.
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Stocks In The News/Stocks To Watch
Nvidia Corp (NVDA) continues to climb. Some analysts expected a market pullback today but the US markets defied that expectation to forge ahead in a very bullish mode. NVDA stock was up 4.35% or $5.42 to close the market session at $130.00 with 317M shares traded today.
The EV manufacturers did flex some muscles at the market today. Li Auto Inc. (LI) followed up its 6 plus percent gain on Friday with more gains today. LI stock gained 4.58% or $0.94 to close the session at $21.47. The total number of shares traded was an impressive 9.7M. Tesla Inc. (TSLA) was up today 3.05% or $6.60 to close the session at $222.72 with 76.4M shares traded. We remind our readers again, that Tesla is considered a Technology company and not grouped with automobile manufacturers within the market.
PDD Holdings’ (PDD) Temu eCommerce continues to gain ground in the North American market. PDD is building the right side of a cup (courtesy IBD) for which $150 could be an early buy point. The proper buy point is around $159. Regardless of the cup pattern, PDD is a stock that we should keep an eye on. FUTU Holding Ltd. (FUTU) is another of such stock. It is also important to keep in mind even if the market continues to climb, it might occasionally pause for a breather. Nothing keeps going up forever.
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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
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.
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