The Canadian Vanguard Stock Market Report At Market Close – Wednesday, October 30, 2024
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The Toronto Market
The TSX composite index, at market close today, settled at 24,507.79 declined -54.76 points or -0.22%.
The Market Spread: The market breadth remains narrow, continuing the trend from yesterday. Only three of the major sectors gained at the market session today. Durable Consumer Goods & Services was up 1.29%; Utilities was up 0.72% and Energy was up 0.37%. Financials was down -0.15%; Industrials was down -0.27%; Telecommunications Services was down -0.28%. Basic Materials, down -1.13% and Technology, down -0.71%, today reversed their performance at yesterday’s market. It was a negative market session.
Industry Groups: Retail – Apparel & Accessories was up 6.12%. Oil & Gas Drilling was up 4.34% – Precision Drilling Corp (TSX:PD), up 7.03% or $5.59 at the market today, contributed to that gain. Industrial Machinery & Equipment was up 2.84%; Consumer Financial Services was up 1.94% and Office Equipment was up 1.90%.
Today’s Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers) by roughly six Decliners for every five Advancers or a ratio of 1.28-to-1.0. In real numbers, there were 1,032 Decliners and 802 Advancers while 170 stocks remained Unchanged.
The total volume of shares traded at the TSX today was 297,625,572 or 20% less when compared to the volume of 375,460,329 shares traded yesterday.
Today, there were 139 new 52-Week Highs and 26 new 52-Week Lows. By comparison, there were 152 new 52-Week Highs and 32 new 52-Week Lows yesterday.
The US Markets
The Dow Jones Industrial Average was down -91.51 points or -0.22%, to close the market session at 42,141.54. The S&P 500 index declined, -19.25 points, or -0.33%, to close at 5,813.67. The Nasdaq Composite was down -104.82 points or -0.56%, to close the session at 18,607.93.
The Market Spread: The market performance today lacked breadth – Financials, up 0.14% and Energy, up 0.07%, were the only two sectors which gained today. Technology, the only major sector which gained at yesterday’s market session, was the worst performing sector today. The market was broad-based negative. Basic Materials was down -0.19%; Healthcare was down -0.44%; Telecommunications Services was down -0.52% and Technology was down -0.70%.
Industry Groups: Paper Packaging was up 4.75%; Construction Materials was up 2.36%; Marine Port Services was up 1.97%; Forest & Wood Products was up 1.93% and Chemicals – Agricultural was up 1.88%.
Today’s Market Statistics: At the NYSE, the gaining issues (Advancers) narrowly edged out the declined issues (Decliners). There was one Advancer for every Decliner or a ratio of 1.0-to-1.0. It was a balanced market session between the bulls and the bears. In actual numbers, there were 1,959 Advancers to 1,946 Decliners with 340 Unchanged.
Today, there were 210 new 52-Week Highs and 52 new 52-Week Lows. By comparison, yesterday there were 176 new 52-Week Highs and 75 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 983,323,940 or about 4% more than the total volume of 943,991,366 stocks traded yesterday.
On the NASDAQ, the Decliners totally outnumbered the Advancers. For every two Decliners there was one Advancer, or a ratio of 2.10-to-1.0. In actual numbers, 2,625 Decliners to 1,708 Advancers with 277 Unchanged.
Today, there were 158 new 52-Week Highs and 111 new 52-Week Lows. By comparison, yesterday there were 144 new 52-Week Highs but 84 new 52-Week Lows. The NASDAQ was more bearish today than at yesterday’s market.
The total volume of stocks traded at the NASDAQ today was 6,753,955,981, or about 5% less compared to the total volume of 7,118,603,077 shares traded yesterday.
Oil Price: Oil price rose to $69.04 a barrel.
10 –year Treasury Yield: The US 10-year Treasury yield closed at 4.264%, down from previous market session close of 4.27%, while the five-year yield closed at 4.123%. The US 10-year Treasury yield was at 4.28%, up and at a three-month high, as at the time of this post.
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Stocks In The News/Stocks To Watch
The US Markets
The big news today, especially given that AI dominates the market, is server manufacturer Super Micro Computer Inc. (SMCI). The company’s auditing company, Ernst & Young resigned today and SMCI stock plummeted almost 33%. On Tuesday SMCI stock closed at $49.12, today the stock closed $33.07 down -$16.05 with 236M shares changing hands. SMCI makes quality hardware but the market does what it wishes to do. Typically, negative news relating to accounting issues are often a sure bet to cause a company’s stock price to crash. Dell Technologies Inc (DELL) and Hewlett Packard Enterprise Co (HPE) are the SMCI competitors which stand to benefit if the SMCI saga persists. The company has apparently started to fight back to protect the company’s image. The company announced that it will have a first-quarter business update conference call on Tuesday, Nov. 5.
Among the top gainers at the stock market today was Reddit Inc. (RDDT), up a whopping 41.97% or $34.31 to close at $116.05 with 38M shares traded today. It is worth keeping an eye on the stock, in the short term at least. Yesterday, after regular market hours, Reddit reported a quarterly profit for the first time as a public company, with revenue far exceeding analysts’ expectations due to increases in advertising and data-licensing sales.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Blended Growth Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
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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