The Canadian Vanguard Stock Market Report At Market Close – Monday, December 9, 2024
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The Toronto Market
Today, all the North American indexes we track ended the session in red. The TSX composite was down -66.38 points or -0.26% to close the market session at 25,625.42.
Today’s Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers). There were six Decliners for every five Advancers or an exact ratio of 1.22-to-1.0. In real numbers, there were 1,056 Decliners to 864 Advancers while 153 stocks remained Unchanged.
The total volume of shares traded at the TSX today was 364,682,518, 4.5% less when compared to the volume of 377,753,867 shares traded on Friday.
Today, there were 192 new 52-Week Highs and 13 new 52-Week Lows. By comparison, there were 448 new 52-Week Highs and 16 new 52-Week Lows on Friday. The market turned bearish today.
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The US Markets
The Dow Jones Index declined -240.59 points or -0.54% to close at 44,401.93. The S&P 500 index was down -37.42 points or -0.61%, to close at 6,052.85. The Nasdaq Composite declined -123.08 points or -0.62%, to close at 19,736.69. The indexes blinked today after three weeks of seemingly relentless upward climb.
Today’s Market Statistics: At the NYSE, the declined issues (Decliners) outnumbered the gaining issues (Advancers). There were six Decliners for every five Advancers or a precise ratio of 1.24-to-1.0. In actual numbers, there were 2,246 Decliners to 1,807 Advancers with 320 Unchanged.
Today, there were 216 new 52-Week Highs and 35 new 52-Week Lows. By comparison, on Friday, there were 354 new 52-Week Highs and 98 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 972,129,516 which is practically about the same as the volume of 968,218,272 traded on Friday.
On the NASDAQ, the Decliners outnumbered the Advancers. Roughly, for every six Decliners there were five Advancers or a precise ratio of 1.14-to-1.0. In actual numbers, 2,350 Decliners to 2,051 Advancers with 223 Unchanged.
Today, there were 230 new 52-Week Highs but 73 new 52-Week Lows – a bullish reversal today. By comparison, on Friday there were 251 new 52-Week Highs but 111 new 52-Week Lows.
The total volume of shares traded at the NASDAQ today was 6,980,342,876, or 6% less when compared to the volume of 7,437,703,401 shares traded on Friday.
Oil Price: U.S. crude oil futures rose 1.4% today to $68.19 a barrel.
10 –year Treasury Yield: The US 10-year Treasury yield closed at 4.197%, up from Friday’s close of 4.15%. The 10-year yield was at 4.188% as at the time (11:30pm EST) of posting this report. The five-year yield was up at 4.07%. It had closed on Friday at 4.032%.
Market Roundup Report: The market rally remains strong with indexes in relatively high or even record territories. There was some “orderly” correction today – which was kind of expected. We would repeat the same suggestion we made in our weekend edition – it is still the time to be fully invested if you can but be ready to rotate in to new sectors. Also, remember to take some profit before the paper profit evaporates rather than wait for a bigger profit that never arrives. The market will always do what it wishes to do.
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Stocks In The News/Stocks To Watch
The US Markets
Apple Inc.’s (APPL) stock has been on the upswing for several sessions and is worth keeping an eye on. APPL stock was up1.61% or $3.91 to close at $246.75 today with 44.6M shares traded.
Tesla Inc. (TSLA) is trading close to an all-time high. Tesla stock was up a mere $0.57 or 0.14% today with 96M shares traded. The stock is well above the 50 day curve but not too extended and Tesla stock has a lot going for it since the Trump rally started a few weeks back. It surely is a stock worth keeping an eye on.
Chinese stocks mostly traded high today, spurred by stimulus talk or monetary policy intentions announced by the government in China. This is about the third time Chinse stock have moved up driven by policy announcement by the Chinese government this year. Each of the two previous times the stocks crashed back within days. We hope things are a little different this time around. PDD Holdings has been beaten down by both Chinese economic condition. There is also the political consideration of threat by the US government to ban or impose trade restrictions on Chinese companies or products. One must invest in Chinese stocks with great caution these days. PDD Holdings is down but generally buying low increases your chances of getting to sell high – but if you buy PDD low right now, you have to keep your eyes wide open and be ready to sell on a spin. The stock’s technical profile must be combined with the fundamentals including political “trade brickbats” in order to manage and possibly minimize the risks.
Four stocks – Chinese ADRs at the US markets, worth considering are: FUTU Holdings (FUTU); Trip.com Group (TCOM); PDD Holdings (PDD) and ALIBABA Group Holding (BABA). We normally stay clear of stocks worth less than $20.00.
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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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