The Canadian Vanguard Stock Market Report At Market Close – Thursday August 22, 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 down -84.26 points or -0.36% to close today’s market session at 23,037.47. The TSX practically reversed the previous session’s performance today.
The TSX pulled back a bit today and only three of the major sectors advanced during the market session: Durable Consumer Goods & Services was up 0.19%; Industrials was up 0.17% and Telecommunications Services was up 0.03%. Basic Materials, Technology and Healthcare suffered relatively big declines of -1.64%, -1.53% and -0.94% respectively. Energy, Financials and Utilities had relatively small declines of -0.01%, -0.07% and -0.08% respectively. The market pullback was kind of expected and was quite normal – no surprises.
The Industry groups: Computer Hardware was up 17.63%; Paper Products was up 4.11%; Textiles & Leather Goods gained 3.85%. Aluminum was up 3.33% and Media-Diversified was up 1.11%.
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The US Markets
Futures This Evening: Dow Jones futures were 0.13% above fair value. S&P 500 futures advanced 0.22% and Nasdaq 100 futures rose 0.39%.
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The Markets Today
The Dow Jones Industrial Average was down -177.71 points or -0.43%, to close the market session today at 40,712.78. The S&P 500 index was down -50.21 points, or -0.89%, to close at 5,570.64. The Nasdaq Composite declined -299.63 points or -1.67%, to close the session at 17,619.35. Volume on the NASDAQ was up 6% today. Volume was down 4% at the NYSE.
Thanks to the markets’ pullback action, Financials, up a mere 0.11%, and Durable Consumer Goods & Services, up a paltry 0.01% were the only two sectors with gains at today’s market session. It was a broad-based negative market but the size of the declines was not major. Technology down -1.78%; Discretionary Consumer Goods & Services down -1.59% and Basic Materials down -0.88% were the sectors with relatively sizable declines. The other sectors were down within the -0.01% and -0.37% range.
The Industry groups: Textiles & Leather Goods gained 7.98% today, the industry gained 2.93% yesterday. This is in spite of the pullback. Insurance – Property & Casualty was up 0.84%; Reinsurance was up 0.71%; Beverages – Distillers & Wineries was up 0.54%. The last three industries very infrequently show up as top performers but typically market pullback days are often days when industries become top performers.
Oil Price: U.S. crude oil rises, as at the time of this post, to $73.06 per barrel after erasing most of 2024 gain. Oil had closed at $71.70 at regular market close.
10 –year Treasury Yield: The US 10-year Treasury yield was at 3.843%, as at the time of this post. The markets await Fed’s Chief, Jerome Powell’s key speech at Jackson Hole, Wyoming, tomorrow morning. The speech is definitely going to be a market mover.
Market Roundup Report: We mentioned yesterday, that the current rally has legs but pullbacks are likely to occur along the way. Incidentally, we got a market pullback today. The pullback was, however, pretty normal though the big Technology stocks were hit harder than the rest of the market. All of the Magnificent Seven stocks ended sharply lower. Pullbacks are a necessary aspect of the market’s modus operandi. It helps to maintain “checks and balances” as it relates to the market. Today’s pullback does not affect the status of the current rally. We shall update this assessment, of course, if necessary at market close tomorrow.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The big banks on both sides of the border weathered today’s pullback well. TD Bank was down today, not due to the market pullback but possibly due to investors’ reaction to the bank’s current issues with US investigators and the size of the banks allocation for related possible penalty.
The US Financials at the Markets today
JP Morgan is probably worth adding to your watchlist.
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
Tesla was down 5.65% today with 79.5M shares traded.
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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