The Canadian Vanguard Stock Market Report At Market Close – May 30, 2024
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Data Driven Stock Market Analysis And Report
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The Toronto Market
The TSX put up an impressive performance today and in so doing recovered a good fraction of yesterday’s big decline. The TSX gained 173.73 points or 0.79% to close today’s market session at 22,071.71.
All the major sectors of the TSX gained today except Technology. The 10-year yield, which was the bogey man yesterday declined today. The Financials came out roaring, gaining 1.63% today. Telecommunications Services was next with 1.10% gain. Utilities was up 1.05% while Industrials sector was up 0.39%. Energy gained 0.29%; Basic Materials was up 0.26% and Technology was down a hard -0.93%. The big banks fought back today with Canadian Imperial Bank of Commerce (TSX:CM), up 7.01%, leading the gainers.
In the industry grouping, Consumer Financial Services gained 5.94%; Financials Services – Diversified was up 2.66%; Heavy Electrical Equipment gained 2.63%, while Apparel & Accessories was up 2.47% and Casinos & Gaming was up 2.05%.
Today’s Statistics: Today the gaining issues (Advancers) prevailed over the declined issues (Decliners). The ratio of Advancers to Decliners was 1.6-to-1.0 or in practical terms, roughly for every eight Advancers there were five Decliners. In real numbers, 878 Advancers to 546 Decliners with 97 Unchanged. The total volume of shares traded for gaining stocks was 204,247,678 or 65.6%, the total volume for declined stocks was 94,963,577 or 30.5% and 12,129,589 or 3.9% for “Unchanged”. It was a positive market session indeed. It would appear the sellers got tired after yesterday’s carnage.
Today, there were 27 new 52-Week Highs and 9 new 52-Week Lows. Yesterday, there were 30 new 52-Week Highs and 13 new 52-Week Lows. The market will do whatever it wishes to do. The data as of yesterday indicated that the market might be getting into a bearish trend. Today the market reversed and delivered a positive session. The market will do what it wishes to do. It is truly a random process and we got a reversal today. One day of reversal is not enough to drive investment decision. The market is in a period of uncertainty. As an investor who wishes to prosper in all markets, you must be ready to reverse position quickly (sort of spin on a dime) or be very patient while keeping an eye on the market and make your move only when fully convinced.
The total volume of stocks traded at the TSX today was 311,340,844 compared to yesterday’s 342,947,021. Today’s volume of 311,340,844 was six percent lower than the average of the ten most recent market sessions.
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The US Market
The indexes, for the second consecutive session opened below the previous session’s closing value and remained below that level throughout the session. The Dow Industrial Average crashed -330.06 points or -0.86%. The S&P 500 declined –31.47 points, or -0.60%, to close at 5,235.48. The Nasdaq Composite was down -183.50 points or -1.08%, to close at 16,737.08. Nvidia Corp declined -3.77% breaking its current earning’s driven uptrend.
Almost all the US markets’ major sectors gained today. The session was broad-based positive. Technology, down -1.98%, was the only major sector to not gain today. Telecommunications Services was up 1.89% to lead the sectors; Utilities was up 1.20%; Financials was up1.19% and Healthcare gained 0.35%; Industrials sector was 0.87%; while Basic Materials was up 0.72%. Energy gained 0.30% and Durable Consumer Goods & Services was 0.26%.
The Power of Big weights – A quirk of the North American and some other markets is the uneven weights of some stocks within the index. In some cases, these weights were assigned several years ago. Today, the Dow index was down -330 points largely because Salesforce Inc (NYSE:CRM) company was down today -$53.61 or -19.74% and Microsoft Corp (MSFT) was down -3.38% or -$14.50.
In the industry grouping, Retail – Computers & Electronics gained a healthy 10.73%; Consumer Electronics 2.87%; Investment Trusts gained 2.57% while Coal gained 2.52% and Commercial Printing Services gained 2.45%.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 2.56-to-1.0 or in practical terms, approximately for every five Advancers there were two Decliners. In real numbers, 2,874 Advancers to 1,119 Decliners with 322 Unchanged. The total volume of shares traded for gaining stocks was 668,044,400 or 70.0%; the total volume for declined stocks was 272,000,244 or 28.5% and 14,178,895 or 1.5% for “Unchanged”.
There were 117 new 52-Week Highs and 57 new 52-Week Lows. Yesterday, there were 79 new 52-Week Highs and 110 new 52-Week Lows
The total volume of stocks traded at the NYSE today was 954,223,539 compared to yesterday’s 922,942,277. Today’s volume of 954,223,539 was about three per cent 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 2,474 Advancers to 1,765 Decliners with 275 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”.
Today, there were 71 new 52-Week Highs and 96 new 52-Week Lows. Yesterday, there were 64 new 52-Week Highs and 158 new 52-Week Lows. NASDAQ was definitely bearish today.
The total volume of stocks traded at the NASDAQ today was 6,904,224,481 compared to yesterday’s 6,936,930,115. Today’s volume of 6,904,224,481 is three percent lower than the average of the last ten market sessions.
10 –year Treasury Yield: The benchmark 10-year Treasury yield was down 7 basis points to 4.538%.
Oil Price: West Texas intermediate crude oil edged higher to $79.27 a barrel as at the time of this posting.
The market outlook is Market in a Downtrend Mode. It is time for “caution before trades”. It is the time to shift focus to preservation of capital as opposed to adventurous trades.
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Stocks In The News/Stocks To Watch:
The US Markets
Apple Inc. (APPL) has held up well during the last several sessions. APPL stock has practically ignored the downdraft afflicting Dow Jones index since the beginning of this week.
APPL was up 0.53% or $1.00 today to close the market session at $191.29 with 49.9M shares changing hands. The stock has been on a steady upward climb for the past week.
Taiwan Semiconductor (NYSE:TSM) suffered the third consecutive day of decline.
New Canadians love to shop COSTCO (COST), so a report claimed. CEO Ron Vachris says on a call with analysts that it’s a healthy environment for all types of shoppers given the company’s value at all price levels. In the meat department, lots of volume is driven by ground beef and boneless, skinless chicken breasts, Vachris says. The stock is definitely worth keeping an eye.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
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