The Canadian Vanguard Stock Market Report At Market Close – Thursday, September 26, 2024
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The Toronto Market
The TSX today, was up 127.95 points or 0.54% to close the quite positive market session at 24,033.83.
The Market Spread: The market rally remains strong and was broad-based today as eight of the TSX’s major sectors ended the session with gains. Discretionary Consumer Goods & Services and Technology, each up 1.65% were the two top sectors today. Financials up 0.93%, also had a good session. Telecommunications Services was down marginally, while energy was down -1.80%.
The Industry Groups: Air Freight & Courier Services was up 5.165. Industrial Machinery & Equipment, Aluminum, Mining & Metals – Specialty, Auto / Truck / Motorcycle Parts had good gains today.
Today’s Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) by a ratio of 2.23-to-1.0 or for every eleven Advancers there were five Decliners. In real numbers, there were to 1,251 Advancers to 561 Decliners with 155 Unchanged.
The total volume of shares traded at the TSX on Friday was 318,835,127. There were 359 new 52-Week Highs and 21 new 52-Week Lows. Yesterday, there were 250 new 52-Week Highs and 8 new 52-Week Lows.
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The US Markets
The Dow Jones Industrial Average was up 260.36 points or 0.62%, to close the market session at 42,175.11. The S&P 500 index gained 23.11 points, or 0.40%, to close at 5,745.37. The Nasdaq Composite was up 108.09 points or 0.60%, to close the session at 18,190.29. S&P 500 continues to hit new levels in record territory. Nasdaq appears ready to consolidate above the 18,000 level.
A possible market mover is the release of August PCE price index scheduled for 8:30 am, ET tomorrow. The PCE price index is the Feds preferred inflation gauge.
The Market Spread: Basic Materials, up 2.64% and Technology, up 1.07%, were the top sectors at the market today. Industrials, Financials, Discretionary Consumer Goods & Services ended the session with gains. Utilities, down -0.66% and Energy, down -2.08%, were the worst performing sectors today.
The Industry Groups: Aluminum was up a healthy 7.94%; Mining & Metals – Specialty was up 6.04%; Airlines, Semiconductor Equipment & Testing and Beverages – Distillers & Wineries had good gains during the session.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 1.93-to-1.0 or for every two Advancers there was a Decliner. In actual numbers, there were 2,642 Advancers to 1,365 Decliners with 335 Unchanged.
Today, there were 626 new 52-Week Highs and 71 new 52-Week Lows. The total volume of stocks traded at the NYSE today was 4,391million or 21% higher than the total volume of shares traded yesterday.
On the NASDAQ, the Advancers outnumbered the Decliners by a ratio of 1.91–to-1 or for every thirteen Advancers there were ten Decliners. In actual numbers, 2,809 Advancers to 1,469 Decliners with 255 Unchanged.
Today, there were 293 new 52-Week Highs and 121 new 52-Week Lows. The total volume of stocks traded at the NASDAQ today was 5,668,827,555, or 16% higher than the total volume of shares traded yesterday.
Oil Price: U.S. crude oil fell nearly 3%, to close below $66.78 on report that Saudi committed to production increase.
10 –year Treasury Yield: The US 10-year Treasury yield closed at 3.787%, up from Wednesday’s close of 3.781%, while the five-year yield closed at 3.557%, up from 3.518%. Interestingly, some analysts pointed out that rates are coming down but the yields are going up – well, so far the yields are inching up and certainly not climbing up. We shall keep an eye on it for our readers.
Market Roundup Report: The current market rally continues. It is a time to be fully invested confidently. We shall update the recommendation if the market outlook changes.
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Stocks In The News/Stocks To Watch
The Toronto Market
Manulife Financial Corp (TSX:MFC) has been “methodically negotiating” an uptrend in the past ten months. That uptrend looks very likely to continue especially given the current interest rate outlook. Manulife Financials also pays dividends. The quarterly yield is currently around 4%. MFC stock was up 1.6% or $0.63 to close the market session today at $39.92 with 7.4 million shares changing hands. MFC is a stock worth keeping an eye on.
The US markets
Micron Technology Inc. (MU), the memory chip manufacturer was a big mover at the market today. Late Wednesday, the company reported its fourth quarter earnings which solidly beat estimates. The company also guided higher for future earnings. MU stock was up 14.73% or $14.11 to close the session at $109.88 with a massive 108M shares changing hands today. Other chips manufacturers notably, Arm Holdings PLC (ARM) and Advanced Micro Devices (AMD) were also up in sympathy. AMD stock was up 3.38% or $5.47 to close at $167.49 with 38M traded today and currently has a better chart than MU.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Beginner Investor’s Blended Growth Stocks Watchlist
We dropped Super Microcomputers Inc (SMCI) from this watchlist today.
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.
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