The Canadian Vanguard Stock Market Report At Market Close – Thursday, November 7, 2024
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The Toronto Market
The TSX composite advanced 208.48 points or 0.85% to close the market at 24,845.93. The TSX advanced again today, making it five consecutive sessions of gains.
The Market Spread: The market breadth at the TSX was broad-based today as nine of the ten major sectors advanced. Basic Materials was up 2.05%; Technology was up 1.98%; Healthcare was up 0.96%; Energy was up 0.86% and Financials was up 0.815. Durable Consumer Goods & Services was up 0.76% and Industrials gained 0.41%. Telecommunications Services was down -1.26%-the sector has become a perennially poor performing sector within the TSX.
Industry Groups: Advanced Medical Equipment was up 5.25%; Chemicals – Commodity was down 4.74%; Mining & Metals – Specialty was up 4.68%; Electrical Components & Equipment was up 4.49% and Air freight & Courier Services was up 3.69%.
Today’s Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners). There were five Advancers for every two Decliners or a ratio of 2.41 to 1.0. In real numbers, there were 1,344 Advancers and 557 Decliners while 145 stocks remained Unchanged.
The total volume of shares traded at the TSX today was 470,950,280 or 48% more when compared to the volume of 464,654,590 shares traded yesterday.
Today, there were 338 new 52-Week Highs and 28 new 52-Week Lows. By comparison, there were 345 new 52-Week Highs and 64 new 52-Week Lows yesterday.
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The US Markets
The Dow Jones Index took a simple break today after yesterday’s vault up. The index broke even on the day recording a mere -0.59 points or 0.00% decline to close at 43,729.34. The S&P 500 index was up 44.06 points or 0.74%, to close at 5,973.10. The Nasdaq Composite advanced 285.99 points or 1.51%, to close the session at 19,269.46. The Nasdaq index is currently “firing on all cylinders”.
The Market Spread: The market breadth continues get broader. Today seven of the major sectors ended the session with gains. Technology was up 2.01%; Discretionary Consumer Goods & Services gained 1.34%; Basic Materials was up 1.14% while Energy and Utilities were up 0.23% and 0.13% respectively. Telecommunications Services was down -0.79%.
The Financials sector was the lead performing sector yesterday, but today the sector was the worst performing sector declining -1.00%. Yesterday, banks’ stocks were the stock to beat but today banks’ were the beat up stocks. The banks gave back a good fraction of the gains from yesterday. For sample data, J P Morgan Chase bank (JPM) was up 11.54% yesterday but today, JPM stock was down -4.32%.
Industry Groups: Retail – Drugs was up 7.65%; Real Estate Operations was up 4.66%; Retail – Departmental Stores gained 4.11%; Marine Port Services was up 3.99% and Tires & Rubber Products was gained 3.36%; Retails stocks dominated today. Typically it is considered good for the economy when the retail sector is doing well.
Today’s Market Statistics: At the NYSE, the gaining issues (Advancers) outnumbered the declined issues (Decliners). There were two Advancers for every Decliner or an actual ratio of 1.94 to 1.0. In actual numbers, there were 2,710 Advancers to 1,399 Decliners with 276 Unchanged.
Today, there were 643 new 52-Week Highs and 58 new 52-Week Lows. By comparison, yesterday there were 871 new 52-Week Highs and 117 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 1,516,970,446 or 21% more when compared with the total volume of 1,252,954,695 stocks traded yesterday.
On the NASDAQ, the Advancers outnumbered the Decliners. For every nine Advancers there were five Decliners or a ratio of 1.84 to1.0. In actual numbers, 2,366 Advancers to 1,975 Decliners with 240 Unchanged.
Today, there were 413 new 52-Week Highs but 102 new 52-Week Lows. By comparison, yesterday there were 669 new 52-Week Highs but 150 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 8,341,953,342, or roughly the same when compared to the total volume of 8,356,171,292 shares traded yesterday.
Oil Price: Oil price fell today and was at $71.81 as at the time of filing this post.
10 –year Treasury Yield: The US 10-year Treasury yield closed at 4.341%, down from Wednesday’s close of 4.426%. The five-year yield closed at 4.188%, down from 4.272%.
Market Roundup Report: NASDAQ is in not only in record territory but the performance is supported by big increase in daily volumes. This is good as it confirms the current market rally has support. Also today, the Federal Open Market Committee, as expected, announced a 25 basis points cut in interest rates. That should help to ease the burden on businesses when they go looking to borrow money to finance operations. The move should ultimately also be good for the stock market.
Futures are little changed this evening.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Manulife Financials (TSX:MFC) is a stock to keep an eye on. The TSX is firing on all cylinders and the MFC stock is maintaining the pace.
Blended Growth Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
Tesla was up 2.90% or $8.38 today and closed at $296.91. Tesla stock appeared ready to cross the $300.00 price soon especially boosted with the Trump Rally. The stock is weak on fundamentals but there are people who follow Musk and Tesla stock itself. For such people fundamentals are only a convenience as long as the stock keeps climbing up. We have always mentioned that EVs should be considered very long term investment. We shall surely keep an eye on the stock for our readers.
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