The Canadian Vanguard Stock Market Report At Market Close – August 16-18, 2024 Weekend
.
Your Data-Driven Stock Market Analysis And Report – August 16 – 18, Weekend
.
Futures August 18 Evening: Dow Jones futures rose slightly along with S&P 500 futures and Nasdaq futures. As at the time of this post, Dow Jones futures was up 0.07%; S&P500 futures was up 0.19% and Nasdaq futures was up 0.32%.
The Toronto Market on Friday
The TSX was up 21.89 points or 0.10% to close today’s market session at 23,054.61. The TSX was up today but with a reduced, quite miniscule 0.1%. The index took a break from the strong 1.2% gain performance on Thursday.
The market spread was thin as some risk aversion was evident at Friday’s market. Basic Materials up 1.40%, was the day’s top performing sector. Financials followed with 0.54% gain. Discretionary Consumer Goods & Services (a good retail sector activity indicator) was up 0.41%; Healthcare was up 0.40% and Utilities was up 0.11%. Technology, the top performing sector yesterday, declined -0.22%; Durable Consumer Goods & Services declined -0.47% and Energy declined -0.61%.
For the week, nine of the major sectors had in excess of 1.8% gain. It was a good week indeed. Basic Materials gained a hefty 6.92% while Technology gained 5.07%. Discretionary Consumer Goods & Services was up 4.10%, Healthcare was up 3.99%, Energy was up 3.62% and Financials was up 3.07% for the week. Telecommunications Services, down -1.81%, was the only sector to decline this week.
The Industry Groups: Auto & Truck manufacturers was up a healthy 7.83%; Hotels, Motels and Cruise Lines was up 6.97%; Textiles and Leather Goods was up 4.00%; while Home Furnishing gained 1.84%.
Today’s Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) by a ratio of 1.86-to-1.0 or for every nine Advancers there were five Decliners. In real numbers, 1,112 Advancers to 598 Decliners with 179 Unchanged.
The total volume of shares traded at the TSX today was 299,533,369 compared to 335,146,918 yesterday. The volume today was 10% lower than the volume at yesterday’s market session and 11% lower than the average of the ten most recent market sessions.
.
The US Markets
The Dow Jones Industrial Average vaulted 96.70 points or 0.24%, to close the market session today at 40,659.76. The S&P 500 index was up 11.03 points, or 0.20%, to close at 5,554.25. The Nasdaq Composite gained 37.22 points or 0.21%, to close the session at 17,631.72. Volume was down a good margin across the three indexes Friday compared to Thursday’s market session.
The indexes were up Friday but down compared to Thursday’s market, however, the positive market spread was broad-based. Nine of the market sectors, just like on Thursday, ended the session with gains. Telecommunications Services led the sectors with 0.97% gain. Financials gained 0.63%; Technology and Discretionary Consumer Goods & Services sectors were each up 0.26%. Utilities was up 0.22%; Basic Materials was up 0.18% and Energy was up a paltry 0.04%.
For The Week: All the major sectors of the US markets recorded gains for the week ended Friday. Technology, up a good 6.02%, was the top performing sector. Retail, otherwise often described in this post as, Discretionary Consumer Goods & Services was up 4.94% for the week; Financials gained 3.52%; Industrials gained 3.03% and all the other sectors were up between 2.22% and 1.04%. It was a good week for investors.
In the Industry groups, Marine Port Services was up a very portfolio friendly 11.14%. Advertising / Marketing gained 2.90%; Precious Metals & Minerals gained 2.27% while Retail – Departmental Stores also gained 2.27%.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 2.22-to-1.0 or for every eleven Advancers there were five Decliners. In actual numbers, 2,701 advancers to 1,218 Decliners with 333 Unchanged.
On Friday, there were 277 new 52-Week Highs and 37 new 52-Week Lows. The total volume of stocks traded at the NYSE on Friday was 1,129,410,633.
On the NASDAQ, the Advancers prevailed over the Decliners by a ratio of 1.6 to-1 or roughly for every eight Advancers there were five Decliners. In actual numbers, 2,589 Decliners to 1,625 Advancers with 294 Unchanged.
Today, there were 125 new 52-Week Highs and 96 new 52-Week Lows. The total volume of stocks traded at the NASDAQ Friday was 5,251,202,207 compared to 5,701,996,074 on Thursday.
Oil Price: U.S. crude oil futures fell 19 cents to $76.65 a barrel last week.
10 –year Treasury Yield: The 10-year Treasury yield fell five basis points to 3.89%, while the two-year yield climbed 10 basis points to 4.06%.
Market Roundup Report: Recession fears have eased, so the Feds will likely cut interest rate but perhaps not as aggressively as was anticipated a week ago after the recession fear was raised by the report on the economy. Cooling inflation is continuing along with the general downtrend in long-term Treasury yields. The current market rally appears to have legs and is here to stay, at least in the short term.
A set of economic data released earlier on Friday contained enough pointers to reassure investors that consumer spending, the backbone of the U.S. economy, is holding up.
The current market rally is confirmed.
.
Stocks In The News/Stocks To Watch:
The US markets
Last week was broad-based positive for stocks. It was like a rising tide that lift all boats. Some of the Electrical Vehicle manufacturers’ stocks had a good week. Li Auto Inc. (LI) on Friday gained 6.93% or $1.33 to close the session at $20.53. Volume of shares traded was 8.9M.
Tesla Inc. (TSLA) gained 0.92% or $1.98 to close at $216.12 with 88.8M shares traded on Friday. The consumers have spoken. They currently prefer hybrid vehicles based on sales data. Tesla, incidentally, is grouped at the US markets with the Technology sector and not as an Automobile Company. Tesla’s market chart is not great. The chart has spent the last several sessions below the 50-day and the 25-day lines. Charts apart, Tesla has relied on discounts to keep sales going for the past several months in the largest EV market – China.
BYD Company (BYDDF) gained 2.56% or $0.71 to close the session at $28.60 with 41.9K shares traded at the US market. BYD is the world largest EV manufacturer.
.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
EV, Energy and Resource 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.
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 detailed research. It is neither AI nor machine generated. We do not, like AI, make things up.
