The Canadian Vanguard Stock Market Report At Market Close – Monday, October 7, 2024
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The Toronto Market
The TSX composite index declined -60.12 points or -0.25% to close the market session at 24,102.71.
The Market Spread: Energy sector, up 1.08% and Durable Consumer Goods & Services, up a mere 0.07% were the only two sectors that ended the session today with gains. Energy was up, in part due to driven by considerations regarding the uncertainties in the Middle East. Today was indeed, a bearish session. Financials was down -0.37%; Healthcare was down -0.49%; Basic Materials was down -0.66%; Technology was down -1.04% and Utilities was down -1.61%.
The Industry Groups: Marine Transportation was up 4.25%; Paper Packaging was up 3.24%; Oil & Gas Exploration & Production was up 1.99% and Paper Products was up 1.86%. Textiles & Leather Goods was down -15.38% and Consumer Hardware was down -9.75%.
Today’s Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers) by a ratio of 2.08-to-1.0 or simply there were two Decliners for every Advancer. In real numbers, there were 1,273 Decliners to 612 Advancers while 147 stocks remained Unchanged.
The total volume of shares traded at the TSX today was 371,970,716 or 5% higher than the volume of 353,815,298 shares traded on Friday.
Today, there were 145 new 52-Week Highs and 13 new 52-Week Lows. By comparison on Friday, there were 212 new 52-Week Highs and 16 new 52-Week Lows.
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The US Markets
After hours action: Futures were little changed after a day of sizable declines.
Today, the Dow Jones Industrial Average declined -398.51 points or -0.94%, to close the market session at 41,954.24. The S&P 500 index was down -55.13 points, or -0.96%, to close at 5,695.94. The Nasdaq Composite advanced -213.95 points or -1.18%, to close the session at 17,923.90. It was a day of robust gains by all the indexes. All three major indexes declined today, interestingly they literally returned to Thursday’s closing values.
The Market Spread: Energy was the only sector to end the session in green today. Nine of the major sectors were down – a broad-based negative session. It was indeed a bearish market session. Technology was down -0.85%; Financials was down -0.91%; Durable Consumer Goods & Services was down -1.11%; Discretionary Consumer Goods & Services was down -1.67%. Utilities was the laggard, bringing up the rear with -2.10% decline.
The Industry Groups: Semiconductors was up 1.13%; Rails & Roads – Passengers was up 1.10% and Computer Hardware was up 1.08%. Consumer Electronics and Fishing & Farming were each up 0.81%. Marine Port Services was down -15.61% and Reinsurance was down -6.5%.
Today’s Market Statistics: The declined issues (Decliners) outnumbered the gaining issues (Advancers) on the NYSE. The ratio of Decliners to Advancers was 1.72-to-1.0 or for every nine Decliners there were five Advancers. In actual numbers, there were 2,923 Decliners to 1,071 Advancers with 328 Unchanged.
There were 222 new 52-Week Highs and 55 new 52-Week Lows. Friday, there were 295 new 52-Week Highs and 30 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 1,279,182,482 or 4.3% higher than the volume of shares traded at Friday’s market session.
On the NASDAQ, the Decliners outnumbered the Advancers by a ratio of 2.31–to-1 or roughly for every eleven Decliners there were ten Advancers. In actual numbers, 2,989 Decliners to 1,292 Advancers with 259 Unchanged.
Today, there were 139 new 52-Week Highs and 136 new 52-Week Lows. On Friday, there were 164 new 52-Week Highs and 97 new 52-Week Lows. Sellers dominated the session today.
The total volume of stocks traded at the NASDAQ today was 5,252,482,614, a 2% decrease from the total volume of 5,343,614,452 shares traded on Friday.
Oil Price: Oil price edged lower and was at $75.98 a barrel as at the time, 11pm ET, of this post.
10 –year Treasury Yield: The 10-year Treasury yield went up 4.5 basis points to 4.03%. The US two-year yield rose 6.1 basis points to 3.99% Monday.
Market Roundup Report: The markets, today reversed Friday’s gains. On Friday, nine of the eleven major sectors in the US markets gained. Today nine of the major sectors declined. The culprit for the market decline today was the 10-year yield which today was up above 4%. 4% is the magic figure for the 10-year yield when investors start to feel that they could get comparable or better returns through other investment vehicles without the risk normally associated with the stock market. We shall keep an eye on related developments for our readers.
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Stocks In The News/Stocks To Watch
The Toronto Market
Canadian Natural Resources Ltd (TSX:CNQ) was up today defying the negative market today. The stock has been building the right side of a narrow cup without the handle yet. The stock is worth adding to one’s watchlist. CNQ was up 3.30% or $1.59 to close at $49.81 with 19.7M shares changing hands today.
The US Markets
Super Micro Computers Inc. (SMCI), a data center systems manufacturer was the darling of investors most of last year and early this year, riding the AI market momentum. SMCI gapped up 15% today. Given the stock’s current chart pattern, it is probably too early to trade the stock. The stock needs to do quite some more work. SMCI was up 15.79% or $6.51 to close the session at $47.74 with 104M shares traded.
Taiwan Semiconductor Manufacturing Co (TSM) was up 1.85% or $3.35 on Monday with 12M shares traded. The stock is worth keeping an eye on.
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Regular Market Day Features
Beginner Investor’s Canadian Stocks Watchlist
Stocks were mostly down on Monday. Down and Up days are a fact of life in stock market investing. The key to making money in investing is to minimize losses. Smart investors do not hope for a rebound. They protect their capital first and foremost by terminating or trimming losses, -8% is a strongly recommended tolerance, they are then ready to trade rebounds.
Beginner Investor’s Blended Growth Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
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