The Canadian Vanguard Stock Market Report At Market Close – Monday August 26, 2024
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Data-Driven Analysis and Insights you need to prepare for informed investing at the market tomorrow
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The Toronto Market
The TSX was up 62.89 points or 0.27% to close today’s market session at 23,348.97. The TSX is on a roll.
Energy dominated the stock market story today. The sector was up 1.13%, helped by Oil price surge today, after spending the last two weeks trending down. Discretionary Consumer Goods & Services was up 0.95% and Telecommunications Services was up 0.27%; Durable Consumer Goods & Services was up 0.22%; Industrials was up 0.20% and Basic Materials was up 0.11%. Healthcare and Technology declined -0.30% and -0.53% respectively.
Industry Groups: Construction Materials, up 2.57%, was the top performing industry, followed by Retail – Apparel & Accessories which was up 2.06%. Oil & Gas Drilling gained 1.89%.
Today’s Statistics: Today, the declined issues (Decliners) edged out the gaining issues (Advancers) by a ratio of 1.06-to-1.0 or roughly for every eleven Decliners there were ten Advancers. In real numbers, there were 924 Decliners to 868 Advancers with 193 Unchanged.
The total volume of shares traded at the TSX today was 310,657,408, ten percent higher than on Friday.
Today, there were 349 new 52-Week Highs and 23 new 52-Week Lows.
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The US Markets
The Dow Jones Industrial Average was up 65.44 points or 0.16%, to close the market session today at 41,240.52. The S&P 500 index was down -17.77 points, or -0.32%, to close at 5,616.84. The Nasdaq Composite declined -152.03 points or -0.85%, to close the session at 17,725.77. The Dow, today, closed in record territory – a new high for the index.
Energy dominated the market actions today. Energy sector was up 1.14% followed Utilities which was up 0.47% and Telecommunications Services was up 0.41%. Durable Consumer Goods & Services was up 0.39%; Basic Materials was up 0.31% and Financials was up a mere 0.04%. Industrials was down -0.06% and Technology was down -1.11% as Shopify was down while Celestica Inc. was down sharply today.
Industry Groups: Marine Port Services was up an impressive 18.92; Textiles & Leather Goods gained 4.01%, Rails & Roads – Passengers was up 2.52%; Integrated Oil & Gas was up 2.03% and Advertising/marketing was up 1.74%.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 1.17-to-1.0 or for every six Advancers there were five Decliners. In actual numbers, 2,112 Advancers to 1,797 Decliners with 326 Unchanged.
Today, there were 672 new 52-Week Highs and 33 new 52-Week Lows – a really bullish performance.
The total volume of stocks traded at the NYSE on today was 1,131,442,946.
On the NASDAQ, the Decliners prevailed over the Advancers by a ratio of 1.22 to-1 or roughly for every six Decliners there were five Advancers. In actual numbers, 2,361 Decliners to 1,933 Advancers with 245 Unchanged.
Today, there were 274 new 52-Week Highs and 51 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,561,771,831.
Oil Price: Oil price was at $77.16 as at the time of this post. Oil price surged upward today as reports indicated that Libya’s eastern government had halted crude exports and production from the nation’s oil fields until further notice.
10 –year Treasury Yield: The 10-year rate added 1.1 basis points to end the session at 3.82%. The US 2-year yield rose 2.3 basis points to 3.94% Monday.
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Stocks In The News/Stocks To Watch
The Toronto Market
The TSX has recovered from the major correction on August 5. Energy companies have been rallying for sometime. Today, the energy sector the dominated market. An energy company to keep an eye on is Suncor Energy Inc. (TSX:SU). The stock was up 1.96% or $1.08 to close the market session at $56.26 with 11.3M shares traded.
The retail sector has been doing relatively well since the beginning of the year. Dollarama (TSX:DOL) looks set to keep climbing up, even if slowly. The country is bringing in a large number of immigrants and foreign students every year. The new immigrants tend to be more ready shoppers at Dollarama. The stock is worth keeping an eye on.
Today at the TSX was not a bright day for Technology stocks. Celestica Inc. was down more than 4%. Shopify (TSX:SHOP), however, is currently building a flat base and is worth keeping an eye on.
The US Markets
Technology stocks were laggards today at the markets as NASDAQ corrected after big gains of the past two weeks. Super Micro Computer Inc. (SMCI) was the worst performing stock within the NASDAQ index today. PDD Holdings, the parent company of Temu e-Commerce crashed today after relatively weak earnings report. The company mentioned that the e-Commerce competition in China is pretty tough. PDD will climb back for sure but how soon is the million dollar question.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Bank of Montreal stock (TSX:BMO) appears to be making a recovery.
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.
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