The Canadian Vanguard Stock Market Report At Market Close – June 5, 2024
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Data Driven Stock Market Analysis And Report
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The Toronto Market
The TSX gained 166.84 points or 0.76% to close today’s market session at 22,145.02.
All ten major sectors of the TSX gained today. Basic Materials led with 1.33% gain. Technology followed with 1.24% gain. Industrials gained 1.19%; Utilities gained 0.85% while Discretionary Consumer Goods & Services (Read as Retail Businesses) ended the session today with 0.97% gain. Durable Consumer Goods & Services gained 0.57%; Energy was up 0.53% while Financials gained 0.30%.
In the industry groups; Electrical Components & Equipment was up 6.43%; Advertising / Marketing was up 4.30%; Retail – Apparel & Accessories gained 4.26% while Advanced Medical Equipment gained 3.99% and Media Diversified gained 3.11%.
Today’s Statistics: Today the gaining issues (Advancers) totally outnumbered the declined issues (Decliners). The ratio of Advancers to Decliners was 4.13-to-1.0 or in practical terms, roughly for every four Advancers there was one Decliner. In real numbers, 1,150 Advancers to 278 Decliners with 97 Unchanged. The total volume of shares traded for gaining stocks was 213,169,548 or 67.9%, the total volume for declined stocks was 87,185,650 or 27.8% and 13,640,590, or 4.3% for “Unchanged”. It was a bullish market session indeed. The bears went to lunch and failed to return to the session in any tangible number.
Today, there were 163 new 52-Week Highs and 13 new 52-Week Lows. Yesterday, there were 42 new 52-Week Highs and 9 new 52-Week Lows . The total volume of shares traded at the TSX today was 313,995,788 compared to yesterday’s 343,694,599. The volume today was 9% lower than the volume yesterday. Today’s volume of 313,995,788 was five percent lower than the average of the ten most recent market sessions. The Bank of Canada lowered interest rate for the first time in four years today but that event appeared to not have much effect on the TSX today. Technology sector led the gaining sectors today. The interest rate announcement most likely contributed to the Tech sector performance at the market today.
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The US Market
The Dow Industrial Average gained 96.04 points or 0.25%. The S&P 500 gained a hefty 62.69 points, or 1.18%, to close at 5,354.03. The Nasdaq Composite was up a good 330.86 points or 1.96%, to close at 17,187.90. Nvidia Corp (NVDA) gained 5.16% to close at 1,224.40 recording three consecutive days of gains in a row. Nvidia is definitely in a historic uptrend. NVDA stock today overtook Apple Inc. in the trillion dollar capitalization race.
Today was a really positive market session and nine of the US markets’ major sectors gained today. Technology was the clear leader today; Industrials sector was up 1.04%, while Basic Materials was up 0.82%. Healthcare gained 0.69% while Discretionary Consumer Goods & Services gained 0.53%. Financials were up but by a mere 0.24% given that the market was very positive today; Energy was positive but by 0.08%. Utilities declined -0.44%.
In the industry groups, Semiconductor Equipment & Testing was up 6.80%; Retail – Computers & Electronics was up 5.96%; Semiconductors was up 5.01%, while Airport Services gained 3.65% and Marine Transportation was up 3.11%.
Today’s Market Statistics: Today, the gaining issues (Advancers) prevailed totally over the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 2.39-to-1.0 or in practical terms, approximately for every twelve Advancers there were five Decliners. In real numbers, 2,833 Advancers to 1,186 Decliners with 244 Unchanged. The total volume of shares traded for gaining stocks was 604,459,252 or 67.2%; the total volume for declined stocks was 287,454,852 or 31.9% and 8,181,439 or 0.9% for “Unchanged”.
There were 264 new 52-Week Highs and 71 new 52-Week Lows. Yesterday, there were 114 new 52-Week Highs and 79 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 900,095,543 compared to yesterday’s 966,107,772. Today’s volume of 900,095,543 was about eight per cent lower than the average of the ten most recent market sessions.
On the NASDAQ, the Advancers today prevailed over the Decliners by a ratio of 1.89-to-1 or roughly for every two Advancers there was one Decliner. In real numbers, there were 2,810 Advancers to 1,488 Decliners with 270 Unchanged. The total volume of volume-gaining stocks was 3,935,230,995 or 70.3%; the total volume of declined-volume stocks was 1,637,750,186 or 29.2% and 27,912,868 or 0.5% for “Unchanged”.
Today, there were 134 new 52-Week Highs and 123 new 52-Week Lows. Yesterday, there were 57 new 52-Week Highs and 146 new 52-Week Lows. NASDAQ was bearish regardless of any other data.
The total volume of stocks traded at the NASDAQ today was 5,600,894,049 compared to yesterday’s 5,110,029,261, a 9.6% increase. Today’s volume of 5,600,894,049 is ten percent higher than the average of the last ten market sessions.
10 –year Treasury Yield: The 10-year Treasury yield declined 5 basis points to close at 4.295%. The 10-year yield tumbled 10 basis points on Monday and has fallen about 29 basis points in the last five sessions. Let’s hope it keeps falling, falls below 3.99 and remain below that figure for the rest of the year.
Oil Price: U.S. crude oil prices rose slightly, 0.53% today to $74.47 a barrel, as at the time of this post, a little past midnight, Thursday morning.
The market outlook is Market in an early Uptrend. It is time to start cautiously moving back, trading and investing.
Stocks In The News/Stocks To Watch
The Toronto Market
The stocks of the Canadian big six banks did not participate fully in today’s positive performance of the market. Bank of Montreal (TSX:BMO) declined heavily last week, May 29th, on account of provision for bad loans. Now that interest rates are starting to decline, it is worth keeping an eye on the stock. The bank pays good dividend. The lower your purchase price of the stock the higher your yield, assuming that the bad loans provision does not lead to dividend cuts.
Retailer Aritzia Inc. (TSX:ATZ)was down for a while but it has rebounded recently and with good volume. The stock is worth keeping an eye on.
The US market
Canadians love COSTCO. Frankly, it is looking like “everybody loves Costco”. Costco chart has been a steady climber. The stock pays dividend. The yield is about 0.56%, not high but ensures that the investor gets some return at least. Costco stock is not likely to decline ten percent in a single day. You are probably thinking the stock is for the watchlist of income investors. If you bought Costco stock about a year ago, say on June 12th, when it closed at $512.01 that same Costco stock today would have ended today market session worth $834.30 – quite a decent return.
A big story at the market today was Nvidia Corp. The company overtook Apple in the trillion dollar market capitalization race.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
FUTU Holdings is worth keeping an eye on.
EV, Energy and Resource Stocks Watchlist
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