The Canadian Vanguard Stock Market Report At Market Close – Monday, January 6, 2025
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The Toronto Market
The index blinked today. The TSX composite index declined -73.75 points or -0.29% to close the market session at 24,999.79.
The Market Breadth: The market breadth today was constrained and shallow. Technology completely dominated the day and was the only sector to end today’s market session with a gain. By comparison all the ten major sectors gained on Friday. Telecommunications Services, was down -0.09%; Energy was down -0.22%; Discretionary Consumer Goods & Services was down -0.33%; and Financials was down -0.49%. Basic Materials, down -0.71% and Durable Consumer Goods & Services, down -1.38% were the bottom performers today.
Industry Groups: computer Hardware was up 20.98%; Publishing was up 6.30%; Auto & Truck Manufacturers was up 5.30%; Consumer Financial Services was up 4.04%; and Medical Equipment, Supplies & Distribution was up 3.40%.
Today’s Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers). There was one Decliner for every Advancer or a more exact ratio of 1.06-to-1.0. In real numbers, there were 998 Decliners to 943 Advancers while 159 stocks remained Unchanged.
Today, there were 121 new 52-Week Highs and 25 new 52-Week Lows. By comparison, there were 96 new 52-Week Highs and 20 new 52-Week Lows on Friday. The TSX index was down today but there were some bullish aspects. A ratio of almost five to one for the new 52 week Highs to new 52 weeks Lows is certainly bullish.
Today, the total volume of shares traded at the TSX was 312,771,159, or 6% more when compared to the volume of 293,941,044 shares traded on Friday.
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The US Markets
The indexes were mixed today. The Dow Jones Index was down -25.57 points or -0.06% to close at 42,706.56. The S&P 500 index advanced 32.91 points or 0.55%, to close at 5,975.38. The Nasdaq Composite advanced 243.30 points or 1.24%, to close at 19,868.98. The Nasdaq remains the top performer of the three indexes.
One good point to note today compared to Friday is the increased volume of stocks traded at the markets, giving the NASDAQ bullish performance more credibility. Last week, based on the negative market outlook, we declared the rally was not dead but sick, we can now say, keeping the same medical parlance, that the rally is “not out of the woods yet but responding very well” to treatment. Small caps continue to suffer.
The Market Breadth: Today, only four of the eleven major sectors ended the session with gains. Technology, up 1.72%, dominated the day. Basic Materials was next but up 0.45%; Discretionary Consumer Goods & Services was up 0.38% and Energy was the only other sector to gain today and was up just 0.08%. Financials was down slightly at -0.08%; Durable Consumer Goods & Services was down -0.91% and Telecommunications Services down -1.21% were the worst two performing sectors today. Technology continued the upswing from Friday and largely driven by the Semiconductors industry. The big gainers today from that industry group are Nvidia Corp, up 3.43%, Taiwan Semiconductor Manufacturing Co, up 5.46% and Arms Holdings Plc, up 4.49%.
Industry Groups: Today was a day totally dominated by the semiconductor industry group. Semiconductor Equipment & Testing was up 5.53%; Rails & Roads – Passengers gained 3.63%; Semiconductors was up 3.17%; Computer Hardware gained 3.11%; and Airport Services was up 3.08%. The industry to trade today was semiconductors today’s performance was almost a repeat of Friday’s.
Today’s Market Statistics: At the NYSE, the gaining issues (Advancers) barely edged out the declined issues (Decliners). There was one Advancer for every Decliner or an exact ratio of 1.01-to-1.0. In actual numbers, there were 2,077 Advancers to 2,058 Decliners with 370 Unchanged.
Today, there were 128 new 52-Week Highs and 63 new 52-Week Lows. By comparison, on Friday, there were 86 new 52-Week Highs and 89 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 1,108,204,751, or 28% more when compared to the volume of 863,125,364 traded on Friday.
On the NASDAQ, the Advancers outnumbered the Decliners. There was one Advancer for every Decliner during the market session or a more exact ratio of 1.09-to-1.0. In actual numbers, 2,303 Advancers to 2,110 Decliners with 241 Unchanged.
Today, there were 142 new 52-Week Highs and 56 new 52-Week Lows. By comparison, on Friday there were 94 new 52-Week Highs and 47 new 52-Week Lows. The market was encouragingly bullish one is tempted the think that last week’s declines are now in the rear view mirror, although it is still too early to confirm that.
The total volume of shares traded at the NASDAQ today was 8,594,101,900, or about the same when compared to the volume of 8,533,266,754 shares traded on Friday.
Oil Price: US crude oil price dropped 0.8% to $73.40 a barrel.
10 –year Treasury Yield: The US 10-year yield rose 2.7 basis points to 4.62%, while the two-year rate lost 1.1 basis points to 4.27%.
Market Roundup Report: The 10-year yield was up but NASDAQ was also up 1.24% today. How long can the index continue to defy the rise in the 10-year yield? The same scenario took place two weeks ago and eventually the markets declined but are now up two consecutive sessions. Besides the 10-year yield the market today was dominated by just one sector -Technology. If we remove Technology from the data then the market was down quite a bit today.
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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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