The Canadian Vanguard Stock Market Report At Market Close – Tuesday, October 22, 2024
.
Follow us for Data-Driven Analysis and Insights To Guide Your Trading and Smart Investing
.
The Toronto Market
Today, the TSX composite index declined a mere -6.63 points or -0.03% to close the market session at 24,716.70. The TSX declined today but given that the market opened lower and climbed up throughout the rest of the session to close just below the previous day’s close after touching the previous day’s close. The index closed off lows but remains in record territory.
The Market Spread: The market breadth improved a bit today compared to yesterday. Healthcare, up 1.31%, Basic Materials, up 1.20% and Durable Consumer Goods & Services were the only three sectors to end today’s session with gains. The market was broad-based negative. Energy declined -0.08%; Financials was down -0.56%; Telecommunications Services was down -0.27%; Industrials was down -0.31% and Technology was down -0.44%.
Industry Groups: Consumer Electronics was up 30.77%; Pharmaceuticals – Generic & Specialty was up 5.82%; Airlines was up 3.33% and Office Equipment was up 3.12%. Paper Products was up 1.85% – the industry group was up 2.81% yesterday. Leisure Products, down -6.13% was the worst performing sector today.
Today’s Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers) by a ratio of 1.24-to-1.0 or simply, there were five Decliners for every two Advancers. In real numbers, there were 993 Decliners and 795 Advancers while 197 stocks remained Unchanged.
The total volume of shares traded at the TSX today was 346,875,495 or about the same when compared to the volume of 346,531,792 shares traded on Friday.
Today, there were 126 new 52-Week Highs and 15 new 52-Week Lows. By comparison, yesterday there were 274 new 52-Week Highs and 19 new 52-Week Lows.
.
The US Markets
Today, the Dow Jones Industrial Average declined -6.71 points or -0.02%, to close the market session at 42,924.89. The S&P 500 index was down -2.78 points, or -0.05%, to close at 5,851.20. The NASDAQ Composite gained 33.12 points or 0.18%, to close the session at 18,573.13. The NASDAQ volume today was up about 3% compared to the volume yesterday. Nasdaq was the top performing index again today but other indexes’ declines were paltry – negligible.
The Market Spread: The market breadth was narrow today as only four sectors ended the session with gains. Durable Consumer Goods & Services was up 0.66%; Financials was up just 0.11%; Energy was up 0.10% and Technology which was up 0.53% yesterday, was up 0.09% today. The market was negative but the indexes closed far off lows. Healthcare was down -0.22%; Basic Materials was down -0.30%. Utilities was down -0.38%; Industrials was down -1.08%; Telecommunications Services was down -1.56%.
Industry Groups: Today was one of those days when the industries that usually dominate the top performers were nowhere to be found in the top list. Tobacco was up 6.46% – Phillip Morris International (PM) was the top performer on the SP 500 today; Aluminum was up 1.79%; Precious Metals & Minerals was up 1.55%; Financials – Specialty was up 1.43%; Highways & Railtracks was up 1.24%. Marine Port Services, often a top performing industry declined -14.91% today. We shall keep an eye on it for our readers. Phillip Morris shares advanced roughly 11% at the market today after the company posted better than expected third quarter earnings report.
Today’s Market Statistics: At the NYSE, the declined issues (Decliners) outnumbered the gaining issues (Advancers). The ratio was 1.37-to-1.0 or roughly for every seven Decliners there were five Advancers. In actual numbers, there were 2,283 Decliners to 1,670 Advancers with 328 Unchanged.
Today, there were 186 new 52-Week Highs and 58 new 52-Week Lows. By comparison, yesterday there were 262 new 52-Week Highs and 47 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 635,481,934 or about 1% less than the total volume of stocks traded yesterday.
On the NASDAQ, the Decliners outnumbered the Advancers by a ratio of 1.25-to-1.0, roughly for every eleven Decliners there were five Advancers. In actual numbers, 2,351 Decliners to 1,880 Advancers with 297 Unchanged.
Today, there were 108 new 52-Week Highs but 82 new 52-Week Lows which is bearish. By comparison, yesterday, there were 130 new 52-Week Highs but 70 new 52-Week Lows which is bearish.
The total volume of stocks traded at the NASDAQ today was 6,267,693,866, a 3% increase compared to the total volume of 6,092M shares traded yesterday.
Oil Price: Oil price was down slightly at $71.48 a barrel as at the time of this post. Oil price had climbed up slightly earlier on Tuesday.
10 –year Treasury Yield: The US 10-year Treasury yield closed at 4.204%, the highest level in the last three months. The five-year yield closed at 4.005%, up from 3.972%. Stock market investors never like to see the 10 year yield rise above 4% because at that point other investment alternatives become competitive with the stock market but without the stock market risk.
Market Roundup Report: The NASDAQ is back but the breadth was really narrow as Technology was the only sector to gain today. This market could spin a surprise down draft at any time. A good number of stocks rose quite a bit during the last few weeks. Nothing in life grows or continues forever so this may be the time for some consolidation by some stocks and this may in turn be profitable in a few months down the road.
.
Stocks In The News/Stocks To Watch
The Toronto Market
Canadian National Railway (TSX:CNR) was up 2.3% in after-hours trading after reporting a third-quarter earnings and revenues beat on Tuesday, and said it remained on track with its 2024 guidance and long term financial outlook. The company reported third quarter adjusted earnings, excluding most one-time items of $1.09 billion, or $1.72 per share in the period, down from $1.11 billion, or $1.69, in the year-prior quarter. The result topped the consensus forecast by analysts of a $1.71 per share adjusted profit. Earlier in the day at the regular market session, CNR stock was down -0.15% or $0.24 to close at $155.11 with 1.3M shares traded.
The US Markets
General Motors (GM) was the stock in the news today. GM was the second-best performer on the S&P 500, up 9.8%, after the automaker logged bigger-than-expected gains in third-quarter results and raised 2024 earnings guidance. GM stock rose 9.81% or $4.80 to close at $53.73 with 42.6M shares changing hands today.
Microsoft Corp (MSFT) was in the news today. The company announced that it plans to launch autonomous AI tools to help workers in sales, finance, supply chain management, and other business operations send emails, manage records, and perform other tasks. Microsoft said its Copilot Studio version will enable companies to build their own tools in a preview version coming out next month. Microsoft stock gained 2.08% or $8.73 and closed at $427.51 at the market session today with 25.5M shares changing hands.
.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Blended Growth Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
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.
SUBSCRIPTION Offer: We thank you for following our Stock Market posts but please be aware that we shall soon be restricting these articles to subscribers only.
We do not send this publication by email to readers. If you receive a copy by email please simply forward the email to us.
Our reports are composed by humans after proper analysis and detailed research. It is neither AI nor machine generated. We do not, like AI, make things up.
