The Canadian Vanguard Stock Market Report – November 1 – 3, 2024 Weekend
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Your Data-Driven Stock Market Analysis And Report – The investor’s readiness guide for the week of November 4 market sessions.
(Updated regularly throughout the weekend)
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The Toronto Market, Friday
The TSX composite index was up 98.29 or 0.41% to close Friday’s market session at 24,255.16.
The Market Spread: The market breadth improved today compared to recent market sessions but is still far from a broad-based breadth. Six of the major sectors gained at the market session today. Discretionary Consumer Goods & Services was up 1.84%; Technology was up 1.23% and Healthcare was up 1.08%. Industrials, up 0.80%; Financials, up 0.69% and Durable Consumer Goods & Services, up 0.61%, were the other sectors which gained. The gains were relatively healthy so hopefully it is an indication of the trend which will persist into next week at least. Utilities, down -0.98%, was the worst performing sector.
Industry Groups: Textiles & Leather Goods was up a hefty 21.05%; Airlines was up 9.47%; Coal up 7.79% on Thursday, was up 6.29% today; Computer Hardware was up 5.54% and Auto/ Truck and Motorcycle Parts was up 5.05%. The industry groups had positive results this first trading day of November.
For the week: For the week: It was a bad week for stocks. Durable Consumer Goods & Services was up 1.27%; Discretionary Consumer Goods & Services was up 0.81% helped largely by the sector’s performance on Friday; Industrials was up 0.33%. Financials declined -0.21% and Technology declined -0.37%. All the other major sectors of the TSX suffered relative heavy declines. The market appears likely about to embark on a bearish trend, at least in the short term.
Today’s Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners), there were seven Advancers for every five Decliners or a ratio of 1.40 to 1.0. In real numbers, there were 1,061 Advancers and 760 Decliners while 154 stocks remained Unchanged.
The total volume of shares traded at the TSX today was 322,154,426 or 27% less when compared to the volume of 441,370,061 shares traded on Thursday.
Today, there were 43 new 52-Week Highs and 31 new 52-Week Lows. By comparison, there were 41 new 52-Week Highs and 43 new 52-Week Lows on Thursday.
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The US Markets
The markets attempted a reversal of the heavy declines suffered yesterday but succeeded only partially. Dow Jones Index was up 288.73 points or 0.69% to close at 42,052.19. The S&P 500 index advanced 23.35 points or 0.41%, to close at 5,728.80. The Nasdaq Composite was up 144.77 points or 0.80%, to close the session at 18,239.92.
The Market Spread: The market performance breadth improved but only half of the major sectors gained. It is more reassuring when more than half of the sectors gain. Discretionary Consumer Goods and Services was up 1.63%; Healthcare was up 0.58%; Technology was up 0.55% and Industrials was up 0.27%. Basic Materials was down -0.03% and Telecommunications Services declined -0.04%. Financials declined -0.24% and Energy declined -0.71%.
Industry Groups: Rails & Road – Passengers was up 8.07%; Retail – Catalog & Internet Order gained 5.76%; Retail – Drugs was up 5.17%; Office Equipment was up 3.59% and Household Products gained 3.45%.
For the week: Industrials gained 1.85% and Durable Consumer Goods & Services was up 0.40%. The other sectors declined. Technology was down -1.72%; Utilities declined -2.15% and Energy declined -2.29%. It was a negative week for stocks.
Today’s Market Statistics: At the NYSE, the declined issues (Decliners) outnumbered the gaining issues (Advancers). There were five Decliners for every two Advancers or a ratio of 1.20 to1.0. In actual numbers, there were 2,186 Decliners to 1,812 Advancers with 291 Unchanged.
Today, there were 88 new 52-Week Highs and 93 new 52-Week Lows. By comparison, on Thursday there were 106 new 52-Week Highs and 97 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 925,670,050 or about 26% lower than the total volume of 1,250,091,499 stocks traded yesterday.
On the NASDAQ, the Advancers outnumbered the Decliners. For every six Advancers there were five Decliners or a ratio of 1.18 to1.0. In actual numbers, 2,334 Advancers to 1,969 Decliners with 273 Unchanged.
Today, there were 78 new 52-Week Highs and 151 new 52-Week Lows. By comparison, yesterday there were 75 new 52-Week Highs but 175 new 52-Week Lows. The total volume of stocks traded at the NASDAQ today was 6,094,404,217, or about 8% lower compared to the total volume of 6,609,675,958 shares traded on Thursday.
Oil Price: Oil price rose slightly. Oil hovered between $69 and $70 during most of the week and remains within the range even during the weekend so far.
10 –year Treasury Yield: The US 10-year Treasury rose above 4.3% on Friday. That range for the 10-year yield is not normally considered good for the stock market.
Market Roundup Report: Quite a good number of stocks have doubled this year and the year has two more months to go. The rally may be taking a break or the markets may be going bearish for a while after several powerful rally sessions during the last four months. More recently, rally sessions were increasingly happening on days with reduced volumes while selloffs are happening on days with increased volumes – enthusiasm. Savvy investors do not sell stocks they see with likely price gains around the corner.
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Stocks In The News/Stocks To Watch
The US Markets
NVIDIA joins the blue chips – S&P Dow Jones Indices announced Friday that Nvidia (NVDA) will join Dow Jones Industrial Average before the open on Friday, Nov. 8. Nvidia will replace rival chipmaker Intel (INTC) in the Dow Jones Industrial Average.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Blended Growth Stocks Watchlist
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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