The Canadian Vanguard Stock Market Report At Market Close – Monday, September 23, 2024
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The Toronto Market
The TSX today, gained 27.34 points or 0.11% to close the market session at 23,894.71. The index appears to be inching up but up regardless.
The Market Spread: Durable Consumer Goods & Services, Energy and Technology were in that order the top performing sectors of the TSX on Monday. The three sectors were up 1.06%, 0.76% and 0.74% respectively. Utilities, up 0.73% and Discretionary Consumer Goods & Services up 0.20% were next. Financials was down -0.10%. Healthcare, down -0.16%, Basic Materials, down -0.33% and Telecommunications Services, down -0.61% were the laggard sectors of the day in that order. Healthcare sector continued its recent under performance.
The Industry Groups: Textiles & Leather Goods was up 8.70%; Consumer Electronics, up 8.82% on Friday was up 2.70% today; Utilities – Natural Gas was up 2.22%; Media Diversified was up 2.10% and Retail Drugs was up 1.71%.
Today’s Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers) by a ratio of 1.08-to-1.0 or roughly for every eleven Decliners there were ten Advancers. In real numbers, there were 925 Decliners to 857 Advancers with 186 Unchanged.
The total volume of shares traded at the TSX on Friday was 431,263,186, a big drop from the volume of 888,437,061 shares traded on Friday. Friday was a triple witching day so the volume of shares traded was abnormally higher than normal. Today’s volume is back within normal daily range.
Today, there were 227 new 52-Week Highs and 13 new 52-Week Lows. On Friday, there were 191 new 52-Week Highs and 7 new 52-Week Lows.
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The US Markets
The Dow Jones Industrial Average gained 61.29 points or 0.15%, to close the market session at 42,124.65 – another record closing value for the Dow. The S&P 500 index gained 16.02 points, or 0.28%, to close at 5,718.57. The Nasdaq Composite was up 25.95 points or 0.14%, to close the session at 17,974.27.
The Market Spread: Monday was a broad-based positive session at the US markets. Nine of the major sectors gained. Energy gained 1.10%; Discretionary Durable Consumer Goods & Services was up 1.04%; Basic Materials was up 0.68% and Telecommunications Services gained 0.45%. Financials was up 0.16% and Technology was up 0.09%.
The Industry Groups: Auto & Truck Manufacturers was up 3.08%; Marine Transportation was up 2.26%; Beverages – Distillers & Wineries gained 1.76%; Mining & Metals – Specialty gained 1.53% and Commercial Printing Services was up 1.51%.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 1.66-to-1.0 or for every three Advancers there were two Decliners. In actual numbers, to 2,345 Advancers to 1,580 Decliners with 319 Unchanged.
Today, there were 505 new 52-Week Highs and 36 new 52-Week Lows. On Friday, there were 424 new 52-Week Highs and 30 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 1,015,481,998 or 25% of the total volume of 4,081,557,609 shares traded on Friday which was a triple witching day – hence the unusually large volume.
On the NASDAQ, the Decliners outnumbered the Advancers by roughly a ratio of 2.0–to-1 or for every two Decliners there was one Advancer. In actual numbers, 2,416 Decliners to 1,801 Advancers with 131 Unchanged.
Today, there were 210 new 52-Week Highs and 131 new 52-Week Lows. Yesterday, there were 185 new 52-Week Highs and 120 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,414,218,400, within normal range but down heavily compared to a total volume of 10,410,360,576 shares traded on Friday which was a triple witching day.
Oil Price: Crude oil futures rose on concerns of wider Middle East conflict and was at $71.26 as at the time of this post, midnight -Tuesday morning.
10 –year Treasury Yield: The US 10-year Treasury yield rose, closing at 3.75%.
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Stocks In The News/Stocks To Watch
The Toronto Market
Gildan’s Activewear Inc. (TSX:GIL) was up 1.30% on Monday. The stock is currently about 2% above the 25 and 50 day lines. There is a chance it may form a flat base in the short term which should be seen as positive. The stock is worth keeping an eye on.
Enghouse Systems Ltd (TSX:ENGH) is also a stock worth keeping an eye on. The stock may be extended in the short term but is worth keeping an eye on in the long term.
The US Market
Palantir Technologies (PLTR) rallied on the stock market today as it joined the S&P 500. Tesla (TSLA) was up 4.93% or $11.75 on Monday. The stock appears to be forming a cup base (a term we often borrow from the late Bill O’Neal of IBD). The stock has been inconsistent till recently, the last four sessions, but it certainly now has earned a place in the list of stocks to keep an eye on – Watchlist. The stock still needs more time to complete the right side of the cup with a handle pattern.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Beginner Blended Growth Stocks Watchlist.
EV, Energy and Resource Stocks Watchlist
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