The Canadian Vanguard Stock Market Report At Market Close – Monday, September 9, 2024
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The Toronto Market
The TSX advanced 245.72 points or 1.08% to close today’s market session at 23,027.15. The TSX today literally reversed the combined damage from Friday’s selloff and Thursday’s decline. The total volume of shares traded was also up today compared to Friday.
The market today was positive. Nine of the ten major sectors ended the session with gains. Discretionary Consumer Goods & Services was the only sector to decline but even then the decline was a marginal -0.06%. It was generally a positive market session with Healthcare, up 1.54%, leading the sectors. Industrials sector was up 1.36%; Financials gained 1.35%; Technology was up 1.33%. Celestica and Shopify contributed handsomely to today’s Technology sector’s gain. Basic Materials gained 0.96% while Telecommunications Services gained 0.59% and Energy gained 0.35%.
The Industry Groups: Textiles & Leather Goods advanced by a whopping 27.78%; Auto & Truck Manufacturers gained 6.25%; Pharmaceuticals – Generic & Specialty was up 5.09%; Computer Hardware was up 4.27% and Retail – Drugs group was up 3.89%. It was a broad-based and generally positive market.
Today’s Statistics: Today, the gaining issues (Advancers) prevailed over the declined issues (Decliners) by a ratio of 2.88-to-1.0 or roughly for every fourteen Advancers there were five Decliners. In real numbers, there were 1,379 Advancers to 478 Decliners with 142 Unchanged. This performance was lopsidedly bullish.
The total volume of shares traded at the TSX today was 366,689,647 compared to Friday when the total volume of shares traded at the TSX was 364,696,041.
Today, there were 215 new 52-Week Highs and 28 new 52-Week Lows. On Friday, there were 178 new 52-Week Highs and 26 new 52-Week Lows.
The US Markets
The Dow Jones Industrial Average advanced 484.18 points or 1.20%, to close the market session at 40,829.59. The S&P 500 index was up 62.63 points, or 1.16%, to close at 5,471.05. The Nasdaq Composite advanced 193.77 points or 1.16%, to close the session at 16,884.60. The indexes corrected for some of the damage done during Friday’s sell off, but only Dow Jones index was able to fully correct for the damage. S&P 500 and NASDAQ still have about a third of that damage outstanding.
The markets’ performance today was broad-based positive. All the major sectors of the US markets ended the session with gains. However, the story is not just that all the sectors gained but that the gains were appreciable amounts. Also, the top performing sector was Telecommunications Services, up 1.38% and the worst performing sector was Energy, up 0.50%. The spread was about 64%. There was giant gains and no big losses. The market was really positive, we actually might be more correct to say impressive. Investors participated with full conviction at today’s market session. Investment was spread across all sectors and industries.
Financials was up 1.25%; Discretionary Consumer Goods & Services was up 1.25%; Technology was up 1.21%; Industrials were up 1.16%; Utilities sector was up 0.95% and Healthcare was up 0.72%.
The Industries Groups: Semiconductors was up 3.12%; Airlines gained 2.58%; Computer Hardware was up 2.31%; Retail – Catalog & Internet Order gained 2.25% and Aerospace & Defense gained 2.04%.
Today’s Market Statistics: Today, the gaining issues (Advancers) totally outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 2.15-to-1.0 or for every Advancer there were two Decliners. In actual numbers, 2,658 Advancers to 1,232 Decliners with 346 Unchanged.
Today, there were 258 new 52-Week Highs and 111 new 52-Week Lows. The total volume of stocks traded at the NYSE today was about 8% higher than on Friday.
On the NASDAQ, the Advancers totally outnumbered the Decliners by a ratio of 1.20 to-1 or roughly for every six Decliners there were five Advancers. In actual numbers, 2,594 Advancers to 1,630 Decliners to with 281 Unchanged.
Today, there were 92 new 52-Week Highs and 183 new 52-Week Lows. The total volume of stocks traded at the NASDAQ today was down about 7.5% compared to the volume on Friday.
10 –year Treasury Yield: The US 10-year Treasury yield closed at 3.697%, down from Friday’s close of 3.71%, while the five-year yield closed at 3.487%, down from 3.49%.
Market Roundup Report: Investors spread across all the industries today. Technology was up but today’s market session was not about “magnificent seven” or FAANG or some group of companies. Today’s market was about all the industries and sectors. There was rotation to all sectors. There are few economic reports due this week. We need to see how the market reacts to those reports. The market was up today but one day’s data is not enough to make change the market’s outlook. The Dow Jones index is OK but the S&P 500 and NASDAQ are below the 50 day average plot so caution should be exercised before buying and even selling. It is wise to sell if the stock price depreciates by 7% or 8% of our purchase price. This market, going by the performance last week is capable of spinning surprises or abrupt directional shifts at least until the Fed’s meeting next week or when the S&P 500 and NASDAQ moves above the 50-day average plot.
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Stocks In The News/Stocks To Watch
The US Markets
S&P Global announced late Friday that both Palantir Technologies (PLTR) and Dell Technologies (DELL) will join the S&P 500 index this month. DELL was up 3.81% or $3.89 to close at $105.89 with 18.7M shares traded. PLTR stock was up 14.08% or $4.27% to close the session at $34.60 with 140.6M shares traded.
Oracle Corporation (ORCL) close the session down -1.35% or -$1.92 to close the market session at $139.89 with 2.2M shares traded. However, Oracle announced upbeat first quarter results after regular market hours. Adjusted earnings came in at $1.39, ahead of the $1.33 expected by analysts. The stock jumped 8.3% to $151.56 in the after-hours market. Oracle shares have climbed about 33% this year. A closer look at Oracle’s first-quarter results for the three months as released showed that Revenue rose 6.9% to $13.31 billion, beating the $13.23 billion expected by analysts. Oracle also reported a boost in its AI related business from new contracts worth $3 billion for 42 additional contracts for Nvidia graphic processing units.
Today the market was broad-based and we mentioned earlier “rotation to all sectors”. The Financials sector has not been lagging as the market gets ready for interest decline. The big credit companies both Mastercard (MA) and Visa (V) are worth keeping an eye on.
and Visa Inc.
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