The Canadian Vanguard Stock Market Report At Market Close – June 13, 2024
Data Driven Stock Market Analysis And Report
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The Toronto Market
The TSX declined -263.44 points or -1.20% to close today’s market session at 21,698.11. An index typically includes a large number of stocks, so an index declining more than 1% in a market session often raises a flag necessitating further investigation. Doing this after today’s market performance is necessary as today’s decline came after two markets sessions of gains. Also, today’s decline practically wiped out the gains from those two prior sessions.
All ten major sectors of the TSX declined today. It was a very negative market session. Discretionary Consumer Goods & Services, the best performing sector today, declined to -0.17%; Durable Consumer Goods & Services, down -0.38% followed; Industrials declined -0.59%; Telecommunications Services declined -1.02%; Financials sector was down -1.21% and Technology was similarly down -1.21%. Healthcare was down -1.33%, while Basic Materials declined -1.42% and Energy declined -2.00%.
Within the industry groups, Medical Equipment, Supplies & Distribution was up 6.05%; Textile & Leather Goods was up 3.70%; Electrical Components & Equipment was up 3.01%; Casinos & Gaming was up 2.67%; Retail Apparel & Accessories was up 2.42%.
Today’s Statistics: Today, the declined issues (Decliners) totally outnumbered the gaining issues (Advancers). The TSX literally reversed yesterday’s market trend. The ratio of Decliners to Advancers was 2.04-to-1.0 or in practical terms, roughly for every two Decliners there was one Advancer. In real numbers, 963 Decliners to 471 Advancers with 95 Unchanged. The total volume of shares traded for gaining stocks was 46,156,400 or 13.0%, the total volume for declined stocks was 297,217,794 or 83.6% and 12,119,613 or 3.4% for “Unchanged”.
Today, there were 119 new 52-Week Highs and 17 new 52-Week Lows. Yesterday, there were 224 new 52-Week Highs and 18 new 52-Week Lows.
The US Markets
Today was a mixed market session. The Dow Industrial Average declined -65.11 points or -0.17% to close the market session at 38,647.10. The S&P 500 was up 12.71 points, or 0.23%, to close at 5,433.74. The Nasdaq Composite was up 59.13 points or 0.34%, to close at 17,667.56 maintaining Nasdaq’s current four consecutives days of uptrend.
Hopes are now rising for more than one 25 basis point interest rate cut before the end of the year. Jobless claims rose during the first week of this month. Initial claims for jobless benefits rose 13,000 to 242,000 during the period lifting the four-week average to 227,000 from 222,250. Jobless claims haven’t been this high since August 2023. The four-week average rose to the highest level since last September.
Technology, Durable Consumer Goods & Services and Utilities with 0.36%, 0.07% and 0.05% gains respectively were the only sectors to gain at today’s market session. Healthcare declined -0.17%; Basic Materials declined -0.46%; Industrials declined -0.52%; Financials was down -0.61% and Energy was down -1.23%.
In the industry groups, Retail – Computers & Electronics gained 5.76%; Computer Hardware was up 3.05%; Semiconductors was up 2.91%, while Airport Services was up 1.66% and Retail – Drugs was up 0.99%.
Today’s Market Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers) on the NYSE. The ratio of Decliners to Advancers was 1.58-to-1.0 or in practical terms, approximately for every three Decliners there was one Advancer. In real numbers, 2,420 Decliners to 1,534 Advancers with 295 Unchanged. The total volume of shares traded for gaining stocks was 282,375,074 or 32.1%; the total volume for declined stocks was 587,493,046 or 66.9% and 8,935,298 or 1.0% for “Unchanged”.
Today, there were 188 new 52-Week Highs and 97 new 52-Week Lows. Yesterday, there were 414 new 52-Week Highs and 60 new 52-Week Lows. The market is back looking for direction. The Feds are not fully convinced yet about inflation getting under control but there are small signals here and there that inflation may finally be getting tamed.
On the NASDAQ, the Decliners prevailed over the Advancers by a ratio of 1.78-to-1 or roughly for every nine Decliners there were five Advancers. In real numbers, there were, 2,813 Decliners, 1,476 Advancers and 287 Unchanged. The total volume of volume-gaining stocks was 2,357,790,818 or 46.3%; the total volume of declined-volume stocks was 2,687,336,493 or 52.8% and 46,403,171 or 0.9% for “Unchanged”.
Today, there were 119 new 52-Week Highs and 150 new 52-Week Lows. Yesterday, there were 203 new 52-Week Highs and 96 new 52-Week Lows.
Stocks In The News/Stocks To Watch
The US Markets
Tesla followed yesterday’s 3.88% gain with 2.92% gain today, no doubt influenced by the news of the approval of the pay package for Elon Musk. Tesla was down 27% since the beginning of the year. We may be looking at a possible turn around for the Tesla stock at this point. It may be time to keep an eye on Tesla. Tesla stock was up 2.92% or $5.19 to close at $182.47 with 119M shares changing hands.
Arista Networks, Inc. (ANET) is also another stock worth keeping an eye on. The company provides data driven, client to cloud networking for large data center, campus and routing environments. ANET closed today at $331.67, up 6.5% or $20.34 with 3.9M shares traded.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian big banks were all down today. The Financials sector within the TSX was down -1.21%.
The Canadian Vanguard Chinese Stocks Watchlist
Yesterday, we mistakenly displayed the table for the Canadian stocks watchlist instead of the Chinese stocks watchlist under this section. We later in the day corrected the error and updated the report. Our apologies for the error.
EV, Energy and Resource Stocks Watchlist
The stocks of EV manufacturers listed at the US markets are finally reflecting performances that have been evident for the past few sessions in the Chinese market.
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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