The Canadian Vanguard Stock Market Report At Market Close – July 1, 2024
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Your Data Driven Stock Market Analysis
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The Toronto Market
The Toronto market was closed today for the Canada Day holiday.
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The US Markets
The Dow Industrial Average was up 50.66 points or 0.13% to close the market session at 39,169.52. The S&P 500 was up 14.61 points, or 0.27%, to close at 5,475.09. The Nasdaq Composite climbed up 146.70 points or 0.83%, to close at 17,879.30.
The markets remain non-committal. Five of the major sectors ended the session with gains: Technology led the charge today with 0.77% gain; Telecommunications Services gained 0.46%, while Energy gained 0.21% and Discretionary Consumer Goods & Services gained 0.17% and Financials was up a mere 0.08%. Healthcare declined -0.25%, while Durable Consumer Goods & Services declined -0.57%. Utilities declined -0.74% and Basic Materials ended the session with -0.85% decline. Industrials sector declined -0.94%.
In the industry groups: Coal was up 5.78%; Retail – Specialty was up 3.05%; Communications Equipment gained 2.56%;Retail – Catalog & Internet Order was up 1.93% and Software gained 1.28%.
Today’s Market Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers) on the NYSE. The ratio of Decliners to Advancers was 1.87-to-1.0 or in practical terms, approximately for every two Decliners there was one Advancer. In real numbers, 2,653 Decliners to 1,421 Advancers with 318 Unchanged. The total volume of shares traded for gaining stocks was 297,250,892 or 32.5%; the total volume for declined stocks was 606,342,048 or 66.3% and 10,643,714 or 1.2% for “Unchanged”.
Today, there were 162 new 52-Week Highs and 99 new 52-Week Lows. Yesterday, there were 275 new 52-Week Highs and 75 new 52-Week Lows.
The rally is very much alive. Today, all the indexes were in green.
The total volume of stocks traded at the NYSE today was 914,236,654 compared to Friday’s 3,424,124,741. Today’s volume was less than the volume on Friday and 25% less than the average of the ten most recent market sessions. Volume on Friday was atypical. The market was back to regular daily volume size today.
On the NASDAQ, the Decliners prevailed over the Advancers by a ratio of 1.62-to-1 or roughly for every three Decliners there were two Advancers. In real numbers, there were 2,639 Decliners to 1,623 Advancers with 258 Unchanged. The total volume of volume-gaining stocks was 2,971,525,293 or 55.9%; the total volume of declined-volume stocks was 2,307,045,377 or 43.4% and 32,572,193 or 0.6% for “Unchanged”.
Today, there were 65 new 52-Week Highs and 180 new 52-Week Lows. Tuesday, there were 107 new 52-Week Highs and 156 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,311,142,863 compared to Friday’s 9,350,225,662. Today’s volume was 40% lower than the volume on Friday which was atypical and circumstance driven. Today’s volume was 7% lower than the average of the last ten market sessions.
Oil Price: U.S. crude oil prices rose today more than 2% to $83.53 a barrel.
10 –year Treasury Yield: The 10-year Treasury yield climbed to 4.446%.
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Stocks In The News/Stocks To Watch:
The EV manufacturers’ stocks were all up today. Each of the EV manufacturers in our watchlist was up at least 5% today with Li Auto Inc (LI), up 6.71% up 6.71% or $1.20 to close at $19.08 with 7.3M shares traded, while Tesla was up 6.05%. Li Auto stock had declined in price 52% this year to date as of Friday. Xpeng Inc (XPEV) rose 5.18% to close at $7.71 at the NYSE today. We normally avoid discussing stocks trading under $15.00 in this publication. We mentioned the stock to give a complete picture of what happened with EV manufacturers at the market today. Tesla Inc (TSLA) was up $11.98 or 6.05% to close the session at $209.86 with 135.7M shares traded.
Nvidia Corp (NVDA) dominated the stock market Technology news today. The fundamentals indicate NVIDIA chips will remain a major force in the AI space. The Canadian Vanguard does not predict the market, we simply analyze market data and come to an informed conclusion.
There are now three “giants” in the three trillion dollar market capitalization space: Microsoft Corp (MSFT), Apple Inc. (AAPL) and the new arrival to the club. NVIDIA Corp (NVDA). Neither Apple nor Microsoft is likely to drop out from the exclusive club any time soon.
Years ago, the saying was “You could not go wrong with IBM”. Let us modify that saying slightly to, “You cannot go wrong owning stocks of at least two of the three 3trillion dollar capitalization companies. NVIDIA supplies the market with the chips while Microsoft and Apple builds and delivers the consumer products.
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Regular Market Day Features
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
The EV manufacturers’ stocks had a good day at the US markets today.
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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