The Canadian Vanguard Stock Market Report At Market Close – Monday, November 4, 2024
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The Toronto Market
The TSX composite index was up 0.90 points or 0.00% to close the market at 24,256.06 – practically unchanged.
The Market Spread: The market breadth continues to improve compared to recent market sessions. Six of the major sectors gained at today’s market session. Energy was up 0.83% and Discretionary Consumer Goods & Services was up 0.81%; Healthcare was up 0.22% and Financials was up 0.10%. Technology was down -0.49% and Telecommunications Services was down a hefty -3.28%.
Industry Groups: The spread among the industries was better than on Friday. Media Diversified was up 4.64%; Chemicals – Agricultural was up 4.44%; Construction Materials was up 4.39% while Leisure & Recreation was up 3.38%.
Today’s Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers). There were six Decliners for every five Advancers or a ratio of 1.21 to 1.0. In real numbers, there were 1,002 Decliners and 825 Advancers while 164 stocks remained Unchanged.
The total volume of shares traded at the TSX today was 393,963,228 or 22% more when compared to the volume of 322,154,426 shares traded on Friday.
Today, there were 36 new 52-Week Highs and 20 new 52-Week Lows. By comparison, there were 43 new 52-Week Highs and 31 new 52-Week Lows on Friday.
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The US Markets
Today, all three indexes ended the session in the red. The Dow Jones Index was down -257.59 points or -0.61% to close at 41,794.60. The S&P 500 index declined -16.11 points or -0.28%, to close at 5,712.69. The Nasdaq Composite was down -59.93 points or -0.33%, to close the session at 18,179.98.
The Market Spread: The market performance breadth remains quite narrow with only four of the major sectors advancing during the market session. Energy was up 1.42%; Basic Materials was up 0.29%; Discretionary Consumer Goods and Services was up 0.21% and Telecommunications Services was up 0.07%. Financials declined -0.22% and Technology declined -0.28%. It was a negative market session.
Industry Groups: Marine Port Services was up a good 8.22%; Oil & Gas Drilling was up 2.51%; Fishing & Farming was up 1.79% and Airport Services was up 1.74%. Commercial Printing Services was up 1.71%.
Today’s Market Statistics: At the NYSE, the gaining issues (Advancers) outnumbered the declined issues (Decliners). There were seven Advancers for every five Decliners or a ratio of 1.36 to1.0. In actual numbers, there were 2,325 Advancers to 1,702 Decliners with 328 Unchanged.
Today, there were 83 new 52-Week Highs and 71 new 52-Week Lows. By comparison, on Friday there were 88 new 52-Week Highs and 93 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 797,751,624 or about 14% less than the total volume of 925,670,050 stocks traded on Friday.
On the NASDAQ, the Advancers edged out the Decliners. For every Advancer there was a Decliner or a ratio of 1.01 to1.0. In actual numbers, 2,167 Advancers to 2,134 Decliners with 268 Unchanged.
Today, there were 82 new 52-Week Highs and 140 new 52-Week Lows. By comparison, on Friday there were 78 new 52-Week Highs but 151 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 6,047,695,393, or roughly the same as the total volume of 6,094,404,217 shares traded on Friday.
Oil Price: Oil price rose nearly 3% as OPEC delayed implementing planned output hike.
10 –year Treasury Yield: The US 10-year Treasury yield closed at 4.311%, down from Friday’s close of 4.359%. The five-year yield closed at 4.169%, down from 4.209% as investors brace for US presidential election.
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Stocks In The News/Stocks To Watch
The Toronto Market
Dollarama Inc. (TSX:DOL) hit a new 52-week high today. The stock has been on a roll, hitting a new peak every market session since mid-week, two weeks ago. The DOL stock also pays dividends but that would not be a good reason to buy the stock as the quarterly yield is only 0.25%. Today the stock was up 2.40% or $3.51 to close the session at $150.00. Today’s volume of 685,270 shares eclipsed its 50-day average volume of 608,874.
Manulife Financial Corp. (TSX:MFC) remains a good candidate for your watchlist if not already there. It is in the category of “Slow but Steady” stocks. The stock was up 0.46% or $0.19 to close at $41.32, $1.20 below the stocks 52-week high of C$42.52, recorded on October 17th. Today’s trading volume of 7.4 M shares eclipsed the stock’s 50-day average volume of 6.1 M.
The US Markets
Microsoft Corp (MSFT), acknowledging the heavy consumption of electricity by data centers and their need for reliable electricity supply, made a twenty year deal in September with Constellation Energy (CEG), a major nuclear power generator company. That deal resulted in huge gains for the CEG stock. However, late last week the Federal Energy Regulatory Commission rejected a similar deal between Amazon (AMZN) and Talen Energy (TLNE) for a nuclear-powered data center campus. The commission cited possible “huge ramifications for both grid reliability and consumer costs.” Today, the stocks of nuclear fueled, electricity generating companies lost a lot of steam as a result. Constellation Energy was down -12.46% or -$32.15 to close at $225.95 with 10.7 shares changing hands. Constellation was a top S&P 500 performing stock until today.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Dollarama (TSX:DOL) continues to execute well.
Blended Growth Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
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