The Canadian Vanguard Stock Market Report At Market Close – Monday, December 16, 2024
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The Toronto Market
The TSX composite declined again today. The index was down -127.09 points or -0.50% to close the market session at 25,147.21. The TSX was again the worst performing index of the major North American stock indexes that we track and report on. The TSX has now been down six of the last seven market sessions.
The Market Spread: Technology, up 0.38%, was the only TSX sector which ended today’s session with a gain. Both Durable Consumer Goods & Services and Financials were down marginally at -0.03% and -0.04% respectively. Industrials was down -0.39%; Healthcare was down -0.50%; Basic Materials was down -1.21%; Energy was down -1.34% and Telecommunications Services was down a hefty -3.70%. It was an all-round negative market session.
Industry Groups: Auto & Truck Manufacturers was up 5.11%; Retail – Apparel & Accessories was up 2.47%; Personal Services was up 1.65% and Retail – Departmental Stores was up 1.27%.
Today’s Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers). There were roughly six Decliners for every five Advancers or a more exact ratio of 1.15-to-1.0. In real numbers, there were 1,024 Decliners to 888 Advancers while 172 stocks remained Unchanged.
The total volume of shares traded at the TSX today was 398,314,075, or 14% higher when compared to the volume of 347,861,185 shares traded on Friday.
Today, there were 179 new 52-Week Highs and 50 new 52-Week Lows. By comparison, there were 129 new 52-Week Highs and 36 new 52-Week Lows on Friday. The TSX’s recent bearish trend continued today.
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The US Markets
The market session again closed mixed today but with the NASDAQ in record territory. The Dow Jones Index declined -110.58 points or -0.25% to close at 43,717.48. The S&P 500 index advanced 22.99 points or 0.38%, to close at 6,074.08. The Nasdaq Composite was up a hefty 247.17 points or 1.24%, to close at 20,173.89. The Tech giants roared back today, sending the NASDAQ index vaulting to a portfolio friendly impressive gain.
The Market Spread: The market breadth remains tight. The market today was dominated by Technology and Retail. Discretionary Consumer Goods & Services led the sectors with 1.14% gain. Technology, thanks to the “tech giants”, gained 1.04%. Industrials managed a 0.08% gain. Financials declined marginally, down -0.01%. Durable Consumer Goods & Services was down -0.44%; Basic Materials -1.04%; Telecommunications Services declined -2.08% and Energy declined -2.14%.
Industry Groups: Auto & Truck Manufacturers was up 4.23%; Retail – Computers & Electronics was up 2.78%; Retail – Catalog & Internet Order was up 2.24%; Retail – Departmental Stores was up 1.31%; Commercial Printing Services was up 1.27%.
Today’s Market Statistics: At the NYSE, the declined issues (Decliners) completely outnumbered the gaining issues (Advancers). There were six Decliners for every five Advancers or a precise ratio of 1.27-to-1.0. In actual numbers, there were 2,296 Decliners to 1,803 Advancers with 339 Unchanged.
Today, there were 224 new 52-Week Highs and 180 new 52-Week Lows. By comparison, on Friday, there were 100 new 52-Week Highs and 141 new 52-Week Lows. The bulls returned to the market today but faced an uphill battle in confronting the bears.
The total volume of stocks traded at the NYSE today was 1,026,664,448, or 19% higher when compared to the volume of 861,280,421 traded on Friday.
On the NASDAQ, the Advancers edged out the Decliners. Roughly, for every Advancer there was a Decliner or a precise ratio of 1.05-to-1.0. In actual numbers, 2,252 Advancers to 2,148 Decliners with 249 Unchanged.
Today, there were 216 new 52-Week Highs but 241 new 52-Week Lows. By comparison, on Friday there were 133 new 52-Week Highs but 234 new 52-Week Lows.
The total volume of shares traded at the NASDAQ today was 6,343,322,126, or 13% less when compared to the volume of 7,286,671,384 shares traded on Friday.
Oil Price: U.S. crude oil was at $70.83 a barrel as at the time of posting this report.
10 –year Treasury Yield: The US 10-year Treasury yield closed at 4.39%, hardly changed from Friday’s close of 4.39%. The five-year yield rose to 4.25%.
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Stocks In The News/Stocks To Watch
The US Markets
A week ago we discussed two stocks: Apple Inc. (APPL) and Tesla Inc. (TSLA) as worth keeping an eye on. Really not much has changed since, if anything the big tech giants further entrenched their market strength since then. Today we shall add Broadcom Inc. (AVGO) to the list. The company,, over the last few years made some acquisitions that now makes it quite well positioned to grow. Those acquisitions now give the company a presence in all the current growth areas (AI, Chip, and Data Center) in the technology sector. Broadcom looks set to become a formidable player in the technology sector. Broadcom had a 10-for-1 split on July 15. The stock was trading at $1,600.00 prior to the split.
Broadcom stock, AVGO closed at $183.20 on Thursday with a volume of 47M shares traded. On Friday, AVGO gapped up to close at $224.80 with 121M shares traded. Today, AVGO gained 11.21% or $25.20 to close at $250.00 with 111.6M shares changing hands. Of course, nothing goes up forever. The stock is worth keeping an eye on both in the short and long terms. The risk of a pullback increases as a stock price gets extended.
We update below the charts for Tesla and Apple as the rotation to tech giants continues at the market.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Blended Growth Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
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