The Canadian Vanguard Stock Market Report At Market Close – Thursday, October 3, 2024
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The Toronto Market
The TSX declined -33.05 points or -0.14% to close the market session at 23,968.50. The market continues to take small steps while it waits for the next trigger event to push it more decisively in whatever direction it decides to move next.
The Market Spread: The market spread has been shrinking and getting narrower lately, given the crisis in the Middle East which, in addition to ensuring that the Energy sector remains in play, is also causing Oil price to climb. Only two sectors ended today’s session in green. Energy, up 1.85%, was the top performing sector today. Healthcare was the other gaining sector and was up 0.60%. Financials was down-0.29%; Technology was down -0.60%; Basic Materials was down -0.94% and Utilities was down -1.50%. When growth sectors are down and Utilities ends up as the worst performing sector at that same session, this is a subtle sign that all is not well with the market. Investors are not in the game with full conviction.
The Industry Groups: Retail – Consumer Electronics was up 7.07%; Insurance – Multiline was up 6.09%; Construction Materials was up 5.56%; Medical Equipment, Supplies & Distribution was up 4.04% and Integrated Oil & Gas was up 3.17%.
Today’s Statistics: Today, the declined issues (Decliners) continued the recent trend of outnumbering the gaining issues (Advancers) and did so by a ratio of 1.42-to-1.0 or seven Decliners for every five Advancers. In real numbers, there were 1050 Decliners to 738 Advancers with 160 Unchanged.
The total volume of shares traded at the TSX was 330,094,760 or 6% higher than the volume of 310,305,528 shares traded yesterday.
Today, there were 75 new 52-Week Highs and 20 new 52-Week Lows. Yesterday, there were 114 new 52-Week Highs and 14 new 52-Week Lows.
Market Roundup: The Toronto market was quite different today but it is too early to conclude. Some early warning signs were obvious. We shall stay on top of the happenings and related news for our readers.
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The US Markets
All three major indexes ended the market session today in red. The Dow Jones Industrial Average declined -184.93 points or -0.44%, to close the market session at 42,011.59. The S&P 500 index declined -9.60 points, or -0.17%, to close at 5,699.94. The Nasdaq Composite was down a mere -6.65 points or -0.04%, to close the session at 17,918.48.
The Market Spread: The market spread narrowed on both sides of the border today. The crisis in the Middle East is ensuring that Energy sector remains dominant as Oil price continues to climb. Only two sectors ended the session in green. Energy, up 1.85%, was the top performing sector today and Technology, up 0.40%, was the other gaining sector today. Utilities was down -0.18%; Financials was down -0.53% and Telecommunications Services was down -0.89%. Three sectors: Healthcare, Discretionary Consumer Goods & Services and Basic Materials were down -1.02%, -1.16% and -1.33% in that order. This market could spring a surprise any time.
The Industry Groups: Today is all about Energy. Oil & Gas Drilling was up 3.12%; Oil & Gas Refining & Marketing was up 2.92%; Semiconductors was up 2.03%; Oil & Gas Exploration & Production was up 1.71% and Office Equipment was up 1.50%.
Today’s Market Statistics: The declined issues (Decliners) outnumbered the gaining issues (Advancers) on the NYSE. The ratio of Decliners to Advancers was 2.13-to-1.0 or for every two Decliners there was only one Advancer. In actual numbers, there were 2,747 Decliners to 1,287 Advancers with 328 Unchanged.
Today, there were 180 new 52-Week Highs and 51 new 52-Week Lows. Yesterday, there were 258 new 52-Week Highs and 48 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 1,090,479,032 or 15% higher than the total volume of 947,086,270 shares traded yesterday.
On the NASDAQ, the Decliners totally edged out the Advancers by a ratio of 1.99–to-1 or for every two Decliners there was one Advancer. In actual numbers, 2,828 Decliners to 1,423 Advancers with 254 Unchanged. There were 87 new 52-Week Highs and 124 new 52-Week Lows. Yesterday, there were 118 new 52-Week Highs and 142 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,558,597,475, or 10% lower than the total volume of 6,156,502,049 shares traded yesterday.
Oil Price: U.S. crude oil prices jumped to $73.71 a barrel on Mideast tensions and related comments from President Biden on possible retaliation.
10 –year Treasury Yield: The 10-year Treasury yield rose 7 basis points to 3.85%, as attention shifts to tomorrow’s jobs report.
Market Roundup Report: The current rally remains strong but investors should be ready should the market suddenly spin around given the uncertainties and tensions in the Middle East.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Blended Growth Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
Energy stocks continue to look good, both short term and long term scopes. The short term is primarily due to the current uncertainties in the Middle East. The long term is in anticipation of the huge demand for electricity that will be needed to meet the needs of the energy hungry huge data centers to satisfy and accommodate AI processing computing demands.
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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