The Canadian Vanguard Stock Market Report At Market Close – Wednesday, September 4, 2024
.
Follow us for Data-Driven Analysis and Insights To Guide Your Trading and Smart Investing
.
The Toronto Market
The TSX declined a marginal -1.69 points or -0.01% to close today’s market session at 23,040.76. The TSX managed to avoid a repeat of yesterday’s three digit points decline.
The market today was positive and was quite a deviation from yesterday’s session which was characterized by a market sell-off. Today, seven of the major sectors ended the session with relatively solid gains. The flight by investors to “safe” sectors, apparent at yesterday’s market, continued today. Two of the top three performing sectors today were the top two sectors yesterday: Telecommunications Services, up 0.93% and Utilities which was up 0.58%. Durable Consumer Goods & Services, up 0.67% was today’s second top performing sector and Healthcare gained 0.51%. Financials sector was up 0.46% today – Royal Bank of Canada (TSX:RY) gained at seventeen of the last twenty two market sessions. The RY stock was up 10% in the last three weeks. Basic Materials was down -0.42% after declining -4.28% yesterday. Technology was down -0.77%. Energy was down -1.03%. Oil has declined 8% over the last three market sessions.
The Industry Groups: Marine Port Services was up 4.23%; Auto & Truck Manufacturers gained 2.00%; Casinos & Gaming today gained 1.89% and Pharmaceuticals – Generic & Specialty was up 1.65%.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) by a ratio of 1.10-to-1.0 or roughly for every eleven Advancers there were ten Decliners. In real numbers, there were 946 Advancers to 859 Decliners with 148 Unchanged. The total volume of shares traded at the TSX today was 319,420,542 compared to yesterday when the total volume of shares traded at the TSX was 410,360,973. Yesterday’s market sell-off took place with a sizeable volume increase.
Today, there were 178 new 52-Week Highs and 26 new 52-Week Lows.
.
The US Markets
The Dow Jones Industrial Average was up 38.04 points or 0.09%, to close the market session today at 40,974.97. The S&P 500 index was down -8.86 points, or -0.16%, to close at 5,520.07. The Nasdaq Composite was down -52.00 points or -0.30%, to close the session at 17,084.30
The market today was an improvement over yesterday’s market but clearly the bulls did not return to the market today. Only three of the major sectors ended the session with gains. Utilities, up 0.97%, was the top performing sector; Durable Consumer Goods & Services was up 0.46% and Industrials gained 0.03%. Healthcare declined -0.05%. Financials declined -0.15% and Technology declined -0.36% while Telecommunications Services declined -0.37%. Basic Materials was down -0.50% and Energy declined -1.16%.
The Industry Groups: Computer Hardware was up 7.78%; Auto & Truck Manufacturers gained 5.49%; Hotel, Motels & Cruise Lines advanced 4.78% and Paper Products was up 2.27%.
Today’s Market Statistics: Today, the gaining issues (Advancers) edged out the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 1.01-to-1.0 or for every Advancer there was a Decliner. In actual numbers, 1,993 Advancers to 1,964 Decliners with 350 Unchanged. The total volume of stocks traded at the NYSE on today was 897,855,900.
Today, there were 336 new 52-Week Highs and 77 new 52-Week Lows. Yesterday, there were 297 new 52-Week Highs and 83 new 52-Week Lows.
On the NASDAQ, the Decliners outnumbered the Advancers by a ratio of 1.20 to-1 or roughly for every six Decliners there were five Advancers. In actual numbers, 2,321 Decliners to 1,923 Advancers with 269 Unchanged. The total volume of stocks traded at the NASDAQ today was 5,124,684,305. The total volume of stocks traded on the NASDAQ yesterday was 5,644,517,555. The volume today was down 11% compared to yesterday.
Oil Price: U.S. crude oil prices fell 1.6% to $69.20 a barrel as investors weigh weak demand. Crude futures have tumbled 8.8% in the last three sessions.
10 –year Treasury Yield: The 10-year Treasury yield sank eight basis points to 3.77%. The two-year Treasury yield, tumbled 12 basis points to 3.77%. The yield curve has been inverted since June 2022 but yield curve’ returned to normal from inverted state that had raised recession fears.
Market Roundup Report: Markets were negative today after the ISM manufacturing index reported August figures that came in below consensus expectations — raising fears about the strength of the economy but also potentially increasing chances that the Federal Reserve will cut interest rates. The market is technically not in a correction. We caution that it is not the time for adventurous trading. One should be on the alert for market’s surprises and be ready to exit positions as necessary to preserve capital.
.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
In the last three weeks, the Royal Bank stock gained 10%, the Canadian Imperial Bank of Commerce (TSX:CM) stock gained 13%, while the Bank of Nova Scotia’s stock advanced 9%. If the banks do not increase the dividend payout for the quarter correspondingly, then the yield will appear lower.
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.
