The Canadian Vanguard Stock Market Report At Market Close – May 31, 2024 Weekend

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Data Driven Stock Market Analysis And Report –  May 31 – June 2, Weekend Edition

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The  Toronto Market

The TSX rallied furiously in the last hour of trade on Friday gaining 197.41 points or 0.89% to close the market session at 22,269.12.

                                                                                                                                                   

All the major sectors of the TSX gained today except Basic Materials.   The Financials came out roaring on Thursday, were more subdued on Friday but still gained 0.58%. Discretionary Consumer Goods & Services led the sectors with 1.95% gain. Energy gained 1.42%; Telecommunications Services gained 1.39%; Industrials gained 1.30% and Healthcare gained 0.96%. Utilities was up 1.05% while Technology was up 0.94%. Basic Materials declined -0.46%.

For the sectors during the week, Telecommunications Services led with 1.34% gain; Energy was up 1.24%; Discretionary Consumer Goods & Services (Read Retail) was up 0.88%; Basic Materials was up 0.21% and Technology was up 0.16%. Industrials declined -1.14%; Durable Consumer Goods & Services declined -0.57%; Financials declined -0.81% and Industrials declined -1.14%.

In the industry grouping, Retail – Apparel & Accessories was up 4.93%; Medical Equipment, Supplies & Distribution was up 4.79%; Retail –Discount Stores was up 4.22%; Retail – Department Stores was up 3% and Paper Packaging gained 2.74%. The retail industry dominated the market on Friday.

Today’s Statistics: Today the gaining issues (Advancers) prevailed over the declined issues (Decliners). The ratio of Advancers to Decliners was 1.8-to-1.0 or in practical terms, roughly for every nine Advancers there were five Decliners. In real numbers, 948 Advancers to 528 Decliners with 82 Unchanged. Friday was literally a repeat of Thursday’s rally. The total volume of shares traded for gaining stocks was 314,164,376 or 59.5%, the total volume for declined stocks was 201,454,962 or 38.1% and 12,479,514 or 2.4% for “Unchanged”. Friday’s positive performance has now made it two positive sessions in a row.

Today, there were 28 new 52-Week Highs and 9 new 52-Week Lows, Yesterday, there were 27 new 52-Week Highs and 9 new 52-Week Lows.

The total volume of stocks traded at the TSX today was 528,098,852 compared to yesterday’s 311,340,844. Today’s volume of 528,098,852 was forty five percent (45%) higher than the average of the ten most recent market sessions. The big increase in volume of shares traded came with the furious rally which ensued in the last thirty minutes of the market session. The TSX was driven by the US market’s inflation readings.

The  US Markets

The Dow Industrial Average vaulted 574.84 points or 1.51%. The S&P 500 gained 42.03 points, or 0.80%, to close at 5,277.51. The Nasdaq Composite rallied furiously in the last minutes of the session but could not manage to close above the previous day’s closing value. Nasdaq was down a paltry –2.06 points or -0.01%, to close at 16,735.02.

All the US markets’ major sectors, except Technology, down -0.21%, gained on Friday. The session was broad-based positive. Energy gained a healthy 2.08% to lead the sectors; Telecommunications Services was up 1.99% ; Utilities was up 1.50%; Durable Consumer  Goods & Services was up 1.44%; Healthcare gained 1.24%; Financials was up 1.13%; Industrials sector was up 1.02%; while Basic Materials was up 0.79%. It was a positive market session but the rally, a really furious one, came in the last thirty minutes of the market session.

For the week, Telecommunications Services dominated the sectors with an impressive 3.16% gain; Energy gained 2.33%; while Utilities gained 2.13%. Financials gained 1.72%; Discretionary Consumer Goods & Services gained 1.30%, while Technology and Healthcare declined -0.67% and -0.09% respectively.

In the industry grouping, Coal industry gained 3.58%; Managed Health Care gained 3.56%; Retail – Computers & Electronics gained 3.35%;  Oil & Gas Drilling was up 2.98% and Utilities – Natural Gas was up 2.75%.

Today’s Market Statistics: Friday, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 2.94-to-1.0 or in practical terms, approximately for every three Advancers there was one Decliner. In real numbers, 3,020 Advancers to 1,027 Decliners with 235 Unchanged. The total volume of shares traded for gaining stocks was 1,570,460,871 or 76.3%; the total volume for declined stocks was 481,753,470 or 23.4% and 6,640,664 or 0.3% for “Unchanged”.

There were 178 new 52-Week Highs and 56 new 52-Week Lows. Yesterday, there were 117 new 52-Week Highs and 57 new 52-Week Lows. The market appears ready to go into rally mode. The gain was big and was supported by an equally big volume increase.

The total volume of stocks traded at the NYSE today was 2,058,855,005 compared to yesterday’s 954,223,539. Today’s volume of 2,058,855,005 was about forty per cent (40%) higher than the average of the ten most recent market sessions.

On the NASDAQ, the Advancers prevailed over the Decliners today by a ratio of 1.4-to-1 or roughly for every fourteen Advancers there were five Decliners. In real numbers, there were 2,561 Advancers to 1,696 Decliners with 280 Unchanged.  The total volume of volume-gaining stocks was 4,518,178,647 or 65.4%; the total volume of declined-volume stocks was 2,317,796,557 or 33.6% and 68,249,277 or 1.0% for “Unchanged”.

Friday, there were 86 new 52-Week Highs and 99 new 52-Week Lows.  On Thursday, there were 71 new 52-Week Highs and 96 new 52-Week Lows. NASDAQ appears to be ready to go into rally mode again.

The total volume of stocks traded at the NASDAQ today was 6,910,796,286 compared to Thursday’s 6,904,224,481. Friday’s volume of 6,910,796,286 was one percent higher than the average of the last ten market sessions.

10 –year Treasury Yield:   The benchmark 10-year Treasury yield was down 2 basis points to 4.487%.

Oil Price:    West Texas intermediate crude oil edged higher to $79.27 a barrel as at the time of this posting. Oil prices slipped despite OPEC+ production cut extension. Oil price was at $76.98 a barrel as at the time of the last update to this posting.

The market outlook is Market in early stage of Rally Trend. It is still time for “caution before trades”.  Given the late day furious rally on Friday we need to wait to see how the rally develops in the new week.

Futures were a little changed Sunday evening. Asia markets rise as China factory activity expands at fastest pace in nearly two years.  The late rally on Friday will probably extend to the trading session on Monday. The market will of course always do what it wishes to do.

Regular Market Day Features

Beginner Investor’s (Canadian stocks) Watchlist

The big Canadian banks are on a roll. The higher the stock price, the lower the yield  given that the banks are not likely to increase dividends given that they recently were all  reporting increased allocations for bad debts due to the current high interest rate regime by the Bank of Canada.

The Canadian Vanguard Chinese Stocks

Asia markets rose Sunday evening (North American time) as China factory activity expands at fastest pace in nearly two years.

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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