The Canadian Vanguard Stock Market Report At Market Close – Monday, September 16, 2024
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Data-Driven Analysis and Insights To Guide Your Trading and Smart Investing
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The Toronto Market
The TSX advanced 133.42 points or 0.57% to close today’s market session at 23,702.07. The TSX continued to maintain the uptrend from mode started last week.
Eight of the TSX’s ten major sectors ended the session today with gains and Technology, up 1.29% led the charge. Healthcare was up 0.83%, followed by Energy which was up 0.76%. Discretionary Consumer Goods & Services was up 0.75%, Industrials sector was up 0.68% and Financials sector was up 0.62%. The big Canadian banks gained today except for the Royal Bank of Canada (TSX: RY) which was slightly down. RY had been largely up the last two weeks. Basic Materials and Telecommunications Services were down -0.05% and -0.87% respectively.
The Industry Groups: Pharmaceuticals – Diversified was up 3.14%; Communications Equipment was up 2.53%; Airlines was up 2.47%; Retail – Discount Stores was up 2.25% and Office Equipment was up 1.94%.
Today’s Statistics: Today, the gaining issues (Advancers) continued to prevail over the declined issues (Decliners), and did so today by a ratio of 2.08-to-1.0 or for every two Advancers there was one Decliner. In real numbers, there were 1,248 Advancers to 600 Decliners with 142 Unchanged.
The total volume of shares traded at the TSX today was 375,521,060, 2% lower compared to a total volume of shares 382,756,995 traded on Friday.
Today, there were 474 new 52-Week Highs and 16 new 52-Week Lows. On Friday, there were 457 new 52-Week Highs and 10 new 52-Week Lows.
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The US Markets
The Dow Jones Industrial Average advanced 2228.30 points or 0.55%, to close the market session at 41,622.08. The S&P 500 index was up 7.07 points, or 0.13%, to close at 5,633.09. The Nasdaq Composite declined -91.85 points or -0.52%, to close the session at 17,592.13. The big Technology stocks – the heavy weight members of NASDAQ declined today but lower priced Tech players, not necessarily small caps, advanced.
The market eagerly awaits the retail sales data and the scheduled Fed policy meeting which starts Tuesday and concludes on Wednesday with the meeting’s decision on interest rate due for announcement typically at 2pm on Wednesday.
Today, eight of the major sectors of the US markets ended the session up, with Telecommunications Services, up 1.27% leading the charge. Energy was up 1.16% and Financials gained 0.98% as most of big US bank were up. Utilities was up 0.79% and Basic Materials was up 0.78%. Discretionary Consumer Goods & Services, down -0.15% and Technology, down -0.49%, were the decliners today.
The Industry Groups: Rails & Road – Passengers up 7.55% on Friday, was up 5.06% today. Aluminum was up 4.26%; Oil & Gas Drilling was up 3.56%; Paper Packaging was up 2.60% and Diversified Trading & Distributing was up 2.38%. Some members of the Rails & Road – Passengers industry group include Avis Budget Group Inc. (CAR), Getaround Inc. (GETR), Hertz Global Holdings Inc. (HTZ) and Proficient Auto Logistics Inc. (PAL)
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 2.73-to-1.0 or roughly for every fourteen Advancers there were five Decliners. In actual numbers, 2,897 Advancers to 1,058 Decliners with 326 Unchanged.
Today, there were 807 new 52-Week Highs and 34 new 52-Week Lows. On Friday, there were 653 new 52-Week Highs and 27 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 828,382,814, 3% lower compared to a total volume of 856,634,799 shares traded on Friday.
On the NASDAQ, the Advancers outnumbered the Decliners by a ratio of 1.2 to-1 or roughly for every six Advancers there were five Decliners . In actual numbers, 2,346 Advancers to 1,947 Decliners to with 277 Unchanged.
Today, there were 334 new 52-Week Highs and 97 new 52-Week Lows. On Friday, there were 264 new 52-Week Highs and 61 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 4,819,158,810, down 2% compared to a total volume of 4,914,220,613 shares traded on Friday.
Oil Price: Oil price extended gains on U.S. output concerns. US Oil price was at $70.56 as at the time of this post.
10 –year Treasury Yield: The US 10-year Treasury yield closed at 3.621%, down from Friday’s close of 3.648%, while the five-year yield closed at 3.404%, down from 3.423%.
Market Roundup Report: The market eagerly awaits the big event of the week – the Feds meeting and the interest rate announcement. The Dow is currently in record territory. A major wait and see issue is what effect will the interest announcement have on Technology stocks – probably not much. It is better to focus on the financial sector market players.
Stocks In The News/Stocks To Watch
The Toronto Market
Agnico Eagle Mines was down today but was up at three sessions last week. The stock has been executing well this year making up handsomely for having been marking time the previous three years. The stock well is up above its 50 and 25 day lines.
Dollarama (DOL) is up over thirty percent year to date. The stock is above its 50 day line. DOL was up today 2.25% or $3.00 to close at $136.48 with a volume 1.1M shares traded today.
The US Markets
One of the big market news earlier today was from Microsoft. The company announced a $60 billion stock repurchase program. Microsoft (MSFT) will increase its quarterly dividend by 8 cents, to 83 cents a share. It’s the company’s 20th straight year of increasing its dividend. MSFT stock has risen for six straight sessions, retaking all its moving averages. The stock was up 0.175 or $0.75 to close at $431.34 with 13.8M shares changing hands today.
Apple (APPL) was down today on issues relating to iPhone 16 slow market acceptance.
A stock to keep an eye on for possible addition to our watchlist is VISA (V). The chart shows a $290 buy point in the cup with a handle pattern over a five month period.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
EV, Energy and Resource Stocks Watchlist
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