The Canadian Vanguard Stock Market Report At Market Close – Wednesday, October 23, 2024
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The Toronto Market
Today, the TSX composite index declined -143 points or -0.58% to close the market session at 24,573.62. The index declined all day and the two attempts to reverse the trend during the session had little support – so failed.
The Market Spread: The market was bearish today and market breadth was as narrow as it could possibly be. Telecommunications Services was up 0.22%, the only sector to end the session in green. Discretionary Consumer Goods & Services declined just 0.02%. Financials was down -0.19%. Industrials was down -0.29% and Utilities was down -0.52%. Healthcare, down -0.62%, Energy, down -1.03%, Basic Materials, down -1.34% and Technology, down -1.67% were the bottom sectors, in that order, at Wednesday’s session.
Industry Groups: Fishing & Farming was up 4.17%. Paper Products was up 3.44%, marking three consecutive sessions of gains. The sector was up 1.85% yesterday and up 2.81% on Monday. Auto & Truck Manufacturers was up 1.24% and Broadcasting was up 1.05%. Home Furnishing, down -4.15% was the worst performing sector at Wednesday’s market.
Today’s Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers) by a ratio of 1.62-to-1.0 or simply, there were eight Decliners for every five Advancers. In real numbers, there were 415 Decliners and 255 Advancers while 366 stocks remained Unchanged.
The total volume of shares traded at the TSX today was 142,933,055 or about the same compared to the volume of 346,875,495 shares traded yesterday.
Today, there were 19 new 52-Week Highs and 16 new 52-Week Lows. By comparison, there were 126 new 52-Week Highs and 15 new 52-Week Lows. There were 274 new 52-Week Highs and 19 new 52-Week Lows on Monday.
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The US Markets
After hours action: Futures were mixed Wednesday evening. Dow Jones Futures declined -0.11% vs. fair value. S&P 500 Futures was up slightly at 0.24% and Nasdaq Futures is currently up at 0.53 as at the time of this post – 11:30pm EST.
Today, all three indexes were down. It was a day of reckoning. The Dow Jones Industrial Average declined -409.94 points or -0.96%, to close the market session at 42,514.95. The S&P 500 index dove -53.78 points, or -0.92%, to close at 5,797.42. The Nasdaq Composite declined -296.47 points or -1.60%, to close the session at 18,276.65. In percentage terms, the NASDAQ suffered a lot more damage than the other two indexes as the tech stocks got hit hard today.
The Market Spread: The market breadth was quite narrow today. Only two sectors – Telecommunications Services, up 1.47% and Utilities, up 0.80%, ended the session with gains as investors went for safe investing and risk aversion. Durable Consumer Goods & Services was down -0.19%; Financials was down -0.29%; Energy was down -0.69% and Technology, the worst performing sector today, was down -1.57%. Technology was up 0.53% on Tuesday and was up 0.09% on Monday. The market was negative but the indexes closed far off lows. Healthcare was down -0.22%; Basic Materials was down -0.30%. Utilities was down -0.38%; Industrials was down -1.08%;
Industry Groups: Paper Packaging was up 3.80%; Wireless Telecommunications Services was up 1.67%; Tires & Rubber Products was up 1.47%; Chemicals – Agriculture was up 1.46% and Food Distribution & Convenience Stores was up 1.22%. Aluminum, down -4.57%, was the worst performing industry at a tough market session today.
Today’s Market Statistics: The bears mercilessly prevailed over the bulls today. At the NYSE, the declined issues (Decliners) totally outnumbered the gaining issues (Advancers). The ratio was 3.26-to-1.0 or roughly for every sixteen Decliners there were five Advancers. In actual numbers, there were 3,042 Decliners to 931 Advancers with 324 Unchanged.
Today, there were 102 new 52-Week Highs and 59 new 52-Week Lows. By comparison, yesterday there were 186 new 52-Week Highs and 58 new 52-Week Lows. On Monday there were 262 new 52-Week Highs and 47 new 52-Week Lows – clear indication of an evolving bear trend since late last week.
The total volume of stocks traded at the NYSE today was 866,532,849 or about 5% larger than the total volume of 635,481,934 stocks traded yesterday.
On the NASDAQ, the Decliners totally outnumbered the Advancers by a ratio of 2.65-to-1.0, or for every thirteen Decliners there were five Advancers – bearish. In actual numbers, 3,109 Decliners to 1,171 Advancers with 295 Unchanged.
Today, there were 86 new 52-Week Highs but 116 new 52-Week Lows. By comparison, yesterday there were 108 new 52-Week Highs but 82 new 52-Week Lows which is bearish. On Monday, there were 130 new 52-Week Highs but 70 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 6,503,222,990, a 3.7% increase compared to the total volume of 6,267,693,866 shares traded yesterday.
Oil Price: Oil price was up slightly on Wednesday and was at $71.54 a barrel as at the time of this post.
10 –year Treasury Yield: The US 10-year Treasury yield closed at 4.24%, up from the previous market session close of 4.204%. The five-year yield closed at 4.053%, up from 4.005%.
Market Roundup Report: We have mentioned for days that this market could spring a surprise down draft – a bearish market session on investors. That is exactly what happened today. The market was bearish and the bears were quite hungry if not angry. Our reader should refer to warning in this section yesterday. It is best to take the attitude that stock market performance remains unpredictable or even “threatened” as long as the long term treasury yield keeps rising.
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Stocks In The News/Stocks To Watch
The US Markets
Tesla Inc. (TSLA) declined -1.98% during the day’s regular market session but sprung a big surprise in the afterhours market after reporting third quarter earnings that was upbeat on future earnings. Tesla stock was up 12% in the afterhours market.
Technology stocks had a tough session at the regular market. Nvidia Corp (NVDA) , Broadcom Inc (AVGO were all down today as well as Tesla mentioned above. Tesla is grouped as a Technology stock.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Blended Growth Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
Tesla reported third quarter earnings after hours on Wednesday that was upbeat on future performance. Elon Musk was bullish on the earnings report. Tesla stock was up 12% in the afterhours market.
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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