The Canadian Vanguard Stock Market Report At Close – Thursday, February 15, 2024
.
Data Driven Market Analysis And Report For Tomorrow’s Winning Trades
.
The Toronto Market
The TSX composite index gained 333.29 points or 1.60% to close today’s market session at 21,222.69. The index has gained over three hundred points during each of the past two consecutive market sessions. Will there be a hat trick? The market will always do what it wishes to do.
Today’s positive market was broad based as all ten of the major sectors ended the session with gains. Energy, up 2.66%, was the top gainer. Oil price has been climbing slowly but steadily during the last six sessions. Technology was up 1.99% today; Basic Materials was up 1.88%; Financials gained 1.45%; Healthcare was up 1.31%; Utilities gained 1.21% while Industrials gained 0.68%; Telecommunications was up 0.52% and Durable Consumer Goods & Services gained 0.47% at the market session.
Integrated Oil & Gas was the top gaining industry at the market session with 5.45% gain; Oil & Gas Exploration, up 3.92%, was next; Construction Materials was up 3.73%; Medical Equipment, Supplies & Distribution was up 3.47%.
Today’s Statistics: The gaining issues (advancers) completely outnumbered declined issues (decliners) today. The ratio of advancers to decliners was 3.55-to-1.0 or in practical terms, for every seven advancers there were two decliners. In real numbers, 1,183 advancers to 501 decliners with 107 Unchanged. The total volume of shares traded for gaining stocks was 274,701,149 or 79.9%; the total volume for declined stocks was 59,127,282 or 17.2% and 10,171,897 or 3.0% for “Unchanged”.
There were 264 new 52-Week Highs and 23 new 52-Week Lows.
The total volume of stocks traded at the TSX today was 344,000,328 compared with 244,316,178 yesterday, a 40% increase. Today’s volume of 344,000,328 was 23% higher than the average of the ten most recent market sessions.
.
The US Markets
The Dow Jones Industrial Average was up 348.85 points, or 0.91%, to close at 38,773.12. The S&P 500 gained 29.11 points, or 0.58%, to close at 5,029.73. The Nasdaq Composite gained 47.03 points or 0.30%, to close at 15,906.17. A big change today, compared to recent market sessions, was that the big gains by the indexes were matched by large increases in the volume of shares traded. This emphasizes the strength behind today’s market positive performance.
The market today was positive indeed. Energy was the leading sector today. Energy gained 2.29%; Financials sector was up 1.83%; Basic Materials was up 1.82%; Utilities was up 1.65%; Durable Consumer Goods & Services was up 0.94% while Industrials gained 0.89%; Healthcare was up 0.70% and Technology, up a meager 0.01% was the worst performing sector. Most of the big Technology companies were down today.
Paper Products, with a gain of a whopping 15.76% was the leading industry at the US markets. Tires & Rubber products was next with 4.61% gain; Real Estate Operations was up 4.21%; Auto & Trucks Manufacturers was up 3.69% while Advertising / Marketing which was the leading industry yesterday, gained 3.39%.
Today’s Market Statistics: Today, the gaining issues (advancers) totally outnumbered the declined issues (decliners) on the NYSE by a ratio of 5.22-to-1 or roughly for every five advancers there was one decliner. In real numbers, there were 3,384 advancers to 648 decliners and 220 “Unchanged”. The total volume of volume-gaining stocks was 853,754,421 or 82.4%; the total volume of declined-volume stocks was 176,397,856 or 17.0%; and 5,638,875 or 0.5% “Unchanged”.
There were 463 new 52-Week Highs and 36 new 52-Week Lows. The market rally continues with today’s session being lopsidedly bullish. However, traders and investors need to be cautious as a number of the stocks are very much extended and the risk of pullbacks by the market is real. The market will of course do what it wishes to do. A good number of stocks appear overbought even among the small caps.
The total volume of stocks traded at the NYSE today was 1,035,791,152 compared with 946,098,860 yesterday, practically no change. Today’s volume of 1,035,791,152 is higher than the average of the ten most recent market sessions.
On the NASDAQ, the advancers outnumbered the decliners by a ratio of 1.95-to-1 or roughly for every two advancers there was one decliner. In real numbers, there were 3,053 advancers to 1,238 decliners with 301 unchanged. The total volume of volume-gaining stocks was 4,336,492,606 or 70.1%; the total volume of declined-volume stocks was 1,756,957,711 or 28.4% and 90,951,778 or 1.5% for “Unchanged”.
Today, there were 256 new 52-Week Highs and 66 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 6,184,402,095 compared with 5,593,817,602 yesterday, a 10.5% increase. Today’s volume of 6,184,402,095 is eight percent higher than the average of the ten most recent market sessions.
10 –year Treasury Yield: The 10-year Treasury yield rose a few basis points to 4.25%.
The market outlook remains trade with caution. A good number of stocks currently look extended. In real life nothing keeps going up forever. The market may soon take a breather.
Stocks In The News/Stocks To Watch
The US Markets
It is not often that we discuss or even mention crypto currencies in this publication but the only reason to trade or invest in stocks is to make money and the sole purpose of this report is to support our readers in their investment activities. A stock to keep an eye on, at least in the short term, is Coinbase Global Inc. (COIN) especially with the growing popularity of crypto anchored ETFs.
Viper Energy Inc. (VNOM) is also a stock to keep an eye on. The good news about VNOM stock is that it pays relatively good dividends and the yield currently is around 3.75%.
On January 26, we featured Super Micro Computers Inc. (SMCI). The stock has been flying high. The high flying is buffered by good fundamentals – today SMCI stock crossed the $1,000 price. Other stocks to keep an eye on are Tesla (TSLA) and Pinduoduo (PDD). If you invest in Chinese stocks, (ADRs ), then Pinduoduo should be in your watchlist. We featured Pinduoduo early last year. Tesla stock may be on the mend. Tesla appears ready for an upswing from its current low share price but the stocks of EV manufacturers are increasingly looking like very long term horizon investments.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
Tesla appears ready for an upswing from its current low share price.
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.
SUBSCRIPTION Offer: We thank you for following our Stock Market posts but please be aware that we shall soon be restricting these articles to subscribers only.
We do not send this publication by email to readers. If you receive a copy by email please simply forward the email to us.
Our reports are composed by humans after proper analysis and research. It is neither AI nor machine generated. We do not, unlike AI, make things up.
