The Canadian Vanguard Stock Market Report At Market Close – July 17, 2024
.
Your Data-Driven Stock Market Analysis
.
The Toronto Market
Today, the TSX declined -144.22 points or -0.63% to close today’s market session at 22,851.17. The TSX continues its upward trend. Given that the TSX was up 1.07% on Friday, today’s 0.63% decline is a non- issue especially given the decline today at two of the US markets.
Only three of the major TSX sectors ended today’s session with gains: Telecommunications Services gained 1.05%; Durable Consumer Goods & Services was up 0.13% – that sector was up 0.16%on Friday; Utilities sector was up 0.08%. Financials sector was down slightly at -0.03%, Energy was down -0.10%, Healthcare was down -0.40% while Basic Materials was down -1.84% and Technology was down a whopping -3.24%.
In the industry groups, Publishing vaulted 15.22%; Textiles & Leather Goods shot up 8.70%; Broadcasting was up 7.56% while Highways & Railtracks was up 3.49% and Forest & Wood Products was up 2.73%.
Today’s Statistics: Today, the declined issues (Decliners) totally outnumbered the gaining issues (Advancers). The ratio of Decliners to Advancers was 1.93-to-1.0 or in simple terms, roughly for every two Decliners there was one Advancer – the market session was negative today. In real numbers, 929 Decliners to 481 Advancers with 124 Unchanged. The total volume of shares traded for gaining stocks was 96,274,552 or 31.9%, the total volume for declined stocks was 194,683,019 or 64.4% and 11,291,382 or 3.7% for “Unchanged”.
Today, there were 197 new 52-Week Highs and 10 new 52-Week Lows. Friday, there were 394 new 52-Week Highs and 10 new 52-Week Lows. The market trend remains bullish.
The total volume of shares traded at the TSX today was 302,248,953 compared to 296,003,929 on Friday. The volume today was 2% higher than the volume at yesterday’s market session and 3% lower than the average of the ten most recent market sessions.
.
The US Markets
The Dow Jones Industrial Average was up 243.60 points or 0.59% to close the market session at 41,198.08. The S&P 500 was down -78.93 points, or -1.39%, to close at 5,588.27. The Nasdaq Composite declined -512.41 points or -2.77%, to close at 17,996.93. Nasdaq’s decline today was the index’s worst decline in eighteen months. The decline was driven largely by Technology big caps, especially chips and semiconductors stocks, most of which declined worse than 6% today.
Four of the major sectors ended the session with gains today while Technology was the worst performing sector. Non-Cyclical Consumer Goods & Services (Retail – in day to day language) was up 1.45%; Telecommunications Services was up 0.79%; Energy was up 0.56% and Financials gained 0.17%. Healthcare declined -0.09%; Basic Materials declined -0.84%; Industrials declined -0.92%; Durable Consumer Goods & Services declined -1.57% and Technology was down -3.55%.
In the industry groups, Marine Port Services was up 11.46% Tires & Rubber Products was up 2.51%, Tobacco gained 2.18%, Textiles & Leather Goods was up 2.08% and Utilities – Natural Gas was up 2.05%.
Today’s Market Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers) on the NYSE. The ratio of Decliners to Advancers was 1.38-to-1.0 or in practical terms, approximately for every seven Decliners there were five Advancers. In real numbers, 2,321 Decliners to 1,675 Advancers with 343 Unchanged. The total volume of shares traded for gaining stocks was 472,562,972 or 44.9%; the total volume for declined stocks was 566,650,777 or 53.8% and 13,670,020 or 1.3% for “Unchanged”.
Today, there were 579 new 52-Week Highs and 44 new 52-Week Lows. Friday, there were 823 new 52-Week Highs and 30 new 52-Week Lows. This is lopsidedly bullish. All the indexes except the Dow Jones lost ground today. The decline at the small caps – Russel 2000, was less pronounced than the declines at NASDAQ and S&P 500. The rally is very much alive but investors are rotating funds away from Technology into other areas such as Healthcare if we go by today’s results.
The total volume of stocks traded at the NYSE today was 1,052,883,769 compared to yesterday’s 1,000,342,517. Today’s volume was 5% higher than the volume yesterday and 6% higher than the average of the ten most recent market sessions.
On the NASDAQ, the Decliners prevailed over the Advancers by a ratio of 1.65 -to-1 or roughly for every eight Decliners there were five Advancers. In real numbers, 2,659 Decliners to 1,606 Advancers with 265 Unchanged. The total volume of volume-gaining stocks was 2,156,991,446 or 34.9%; the total volume of declined-volume stocks was 3,988,098,802 or 64.4% and 43,454,918 or 0.7% for “Unchanged”.
Today, there were 369 new 52-Week Highs and 40 new 52-Week Lows. Friday, there were 507 new 52-Week Highs and 34 new 52-Week Lows. The NASDAQ was very much extended by the end of last week but the current rotation to small caps is slowly correcting the situation. NVDIA is now not only down four consecutive sessions but practically crashed today. Given the number of stocks that make up an index, an index declining more than 2% in one day is a major event.
The total volume of stocks traded at the NASDAQ today was 6,188,545,166 compared to yesterday’s 5,972,541,775. Today’s volume was 3.6% higher than the volume yesterday. Today’s volume was 12% higher than the average of the last ten market sessions.
Oil Price: U.S. crude oil prices popped 2.6% to $82.85 a barrel.
10 –year Treasury Yield: The 10-year Treasury yield fell 2.5 basis points to 4.14%. That is the lowest in about four months. It is better for investors that the 10-year yield declines below 4.0 and remains there.
Market Roundup Report: The rally changed mood today. The market rotation out technology sector picked up steam today. All the so called re was rotation out of and new areas such as Healthcare stocks saw good stock moves but the Technology, especially chips and semiconductors appear to be a no-go area at least in the short term.
Investors are rotating out of Technology, especially Chips & Semiconductors. This is partly driven by report that President Biden’s is going to further tighten export of Technology to China. The NASDAQ plummeted 2.8% and closed below its 21-day exponential moving average today. Nvidia closed below the 21-day exponential moving average but still above the 50-day exponential moving average (EMA). The S&P 500 sold off 1.4% but held above its 21-day line as financials, energy and some other sectors gave it some lift. The Tech Stocks literally declined “en masse” today. All the so called Magnificent Seven stocks for example declined today: NVIDIA Corp (NVDA) declined 6.62% today while Meta Platforms (META) declined 5.68% and Tesla Inc. (TSLA) declined 3.14%.It is time to look at other market sectors. The Chips & Semiconductors stocks need to take a good rest after those big gains since the beginning of the year. It is time to look at other sectors, Energy and Financials sectors for example, at least in the short term.
.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese 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
