The Canadian Vanguard Stock Market Report At Market Close – September 13-15, 2024 Weekend
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Your Data-Driven Stock Market Analysis And Report – The investor’s readiness guide for the week of September 15, market sessions
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The Toronto Market on Friday
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The TSX advanced 93.51 points or 0.40% to close today’s market session at 23,568.65. The TSX has been up most of the week, putting the selloff one week ago, way back in the rear view mirror. What a big difference a week makes at the stock market.
The market on Friday was buoyantly positive. Eight of the ten major sectors ended the session with gains. Discretionary Consumer Goods & Services, a good indicator of the level of retail activities, and Industrials, declining -0.45% and -0.20% respectively were the only two sectors to decline on Friday. It was a positive market session with Basic Materials, up 1.51%, leading the sectors. Utilities sector was up 1.04%; Healthcare gained 0.98%; Technology was up 0.93% while Telecommunications Services gained 0.43% and Financials gained 0.37%. Durable Consumer Goods & Services was up 0.11% and Energy ended the session with a paltry 0.02% gain.
The Industry Groups: Auto & Truck Manufacturers gained 10.26%. The group had a healthy week and is worth keeping an eye on. Textiles & Leather Goods gained 4.55%; Office Equipment was up 4.32%; Tires & Rubber Products gained 2.70% and REIT – Residential & Commercial was up 2.44%.
Today’s Statistics: Today, the gaining issues (Advancers) prevailed over the declined issues (Decliners) by a ratio of 3.83-to-1.0 or roughly for every four Advancers there was one Decliner. In real numbers, there were 1,458 Advancers to 381 Decliners with 138 Unchanged. This aspect of the market session on Friday is best categorized as lopsidedly bullish.
The total volume of shares traded at the TSX today was 382,756,995 or 15% lower compared to the volume on Thursday.
Today, there were 457 new 52-Week Highs and 10 new 52-Week Lows. On Monday for example, there were 215 new 52-Week Highs and 28 new 52-Week Lows. It was a bullish performance indeed.
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The US Markets
The Dow Jones Industrial Average advanced 297.01 points or 0.72%, to close the market session at 40,829.59. The S&P 500 index was up 30.26 points, or 0.54%, to close at 5,626.02. The Nasdaq Composite advanced 114.30 points or 0.65%, to close the session at 16,683.98. The NASDAQ has gained 800 points over the last four sessions.
The US markets had a very positive session, actually a very positive week. All the major sectors of the US markets ended the session with decent gains. Utilities, up 1.62% led the sectors; Basic Materials gained 1.10%; Financials sector was up 0.97%; Discretionary Consumer Goods & Services was up 0.76%; Durable Consumer Goods & Services was up 0.71%; Telecommunications Services was up 0.69% while Industrials was up 0.66%; Technology was 0.64% and Energy was up 0.55% and Healthcare was up 0.46%.
The Industry Groups: Rails & Road – Passengers was up 7.55%; Leisure Products was up 3.28%; Homebuilding was up 3.20%; Forest & Wood Products gained 3.11% and Paper Products was up 3.09%.
Today’s Market Statistics: Today, the gaining issues (Advancers) totally outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 5.54-to-1.0 or roughly for every eleven Advancers there were two Decliners. In actual numbers, 3,350 Advancers to 605 Decliners with 273 Unchanged. The bears were “away to lunch” throughout the entire Friday’s market session.
Today, there were 653 new 52-Week Highs and 27 new 52-Week Lows. On Monday for example, there were 258 new 52-Week Highs and 111 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 856,634,799, down 4.22% from the previous session.
On the NASDAQ, the Advancers totally outnumbered the Decliners by a ratio of 3.19 to-1 or roughly for every three Advancers there was one Decliner. In actual numbers, 3,275 Advancers to 1,026 Decliners with 238 Unchanged.
Today, there were 264 new 52-Week Highs and 61 new 52-Week Lows. On Monday for example, there were 92 new 52-Week Highs and 183 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 4,914,220,613 down 3.6% compared to the volume at the previous market session.
Oil Price: U.S. crude oil price eased as US production resumed after the storm. U.S. crude oil futures rose 1.45% to $68.65 a barrel after hitting a 52-week low on Tuesday. Crude was at $69.24, up $0.27 or 0.39% as at the time of this post, Saturday evening at 11:00pm.
10 –year Treasury Yield: The US 10-year Treasury yield closed at 3.648%, down a few basis points from Thursday’s close of 3.678%, while the five-year yield closed at 3.423%, down from 3.464%.
Market Roundup Report: It was clear that investors continued to add funds to current positions at the market on Friday. All the signals appear in place to support investors being fully invested at this time, when and where the opportunity appears and of course, in the near term. The risk now, however, is that some of the stocks may be nearing being overbought. This is in addition to the risk of how the market may react on Wednesday after Fed’s meeting. The market has already taken for granted a 25 basis point decrease in interest rates but there appears to be a split among analysts as to whether the Feds will go as far as 50 basis points for this first interest rate cut since 2020. Also, there could be some profit taking by investors, resulting in the indexes dropping points if the Feds decide to stick with 25 basis point decrease.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
Looking at Tesla’s (TSLA) chart, the stock appears worth keeping an eye on in the near term especially if the market trend remains positive.
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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