The Canadian Vanguard Stock Market Report At Market Close – September 6-8, 2024 Weekend
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Your Data-Driven Stock Market Analysis And Report – The investor’s readiness guide for the week of September 9, market sessions.
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Futures Sunday September 8 Evening: Dow Jones futures are up slightly along with S&P 500 futures and Nasdaq futures. As at the time of this post, Dow Jones futures were up 0.19%; S&P500 futures were up 0.24% and Nasdaq futures were up 0.35%.
The Toronto Market on Friday
The TSX declined a -206.85 points or -0.90% to close today’s market session at 22,781.43. The TSX has now recorded four consecutive sessions of decline. Friday was bad actually capping a particularly bad week for stocks.
Investors continued to react to signals indicating possible poor state of the economy. Friday, Telecommunications Services, up a paltry 0.08% was the only sector which ended the session with a gain. The remaining nine major sectors were not just down, they were down substantially. The best performing of the nine sector was Financials which was down -0.52%. Utilities, normally considered one of the safe sectors was down -0.54%. Durable Consumer Goods & Services was down -0.58%; energy was down -0.63%. The three worst performing sectors on Friday were Discretionary Consumer Goods & Services down -1.45%, Technology down -1.68% and Basic Materials which was down -2.02%.
The Industry groups: Entertainment Production was up 2.51%. Chemicals-Specialty was up 2.35%; Media Diversified was up 1.00%; Paper Products was up 0.52% and Construction Materials was up 0.51%. The industry group was up 1.93% on Thursday. We shall keep an eye on the stocks within the industry for our readers, in case a positive trend is developing within the group.
Today’s Statistics: Today, the declined issues (Decliners) prevailed over the gaining issues (Advancers) by a ratio of 2.72-to-1.0 or roughly for every thirteen Decliners there were five Advancers. In real numbers, there were 1,386 Decliners to 509 Advancers with 146 Unchanged. Friday, there were 200 new 52-Week Highs and 56 new 52-Week Lows. On Thursday, there were 224 new 52-Week Highs and 27 new 52-Week Lows.
The total volume of shares traded at the TSX today was 364,696,041 compared to the total volume of shares of 321,645,554 traded on Thursday. On Thursday, there were 991 Decliners to 773 Advancers with 183 Unchanged. On Thursday, there were 991 Decliners to 773 Advancers with 183 Unchanged. The current market trend remains bearish.
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The US Markets
The US markets were negative across the board today. The Dow Jones Industrial Average was down -410.34 points or -1.01%, to close the market session today at 40,345.41. The S&P 500 index was down -94.99 points, or -1.73%, to close at 5,408.42. The Nasdaq Composite went down -436.83 or – 2.55%, to close the session at 16,690.83.
Investors, going by the increase in the total volume of shares traded on Thursday compared to Friday, are likely dumping stocks. Doubts are emerging about possible exaggeration of AI’s contribution in driving the economy in the near term and also about the lofty valuations of the stocks of the AI products or service’s companies.
All the major sectors of the US markets declined on Friday. . Discretionary Consumer Goods & Services down -0.41% was the best performing sector. Telecommunications Services was down -0.585; Utilities declined -0.95%; Energy was down -1.30%; Basic Materials declined -1.52%; Financials declined -1.70% and Technology declined -2.45%. There was no place to hide during the sell off on Friday. It was bearish a session regardless of the angle from which we analyze the session.
The Industry groups: Textiles & Leather Goods was up 1.42%; Pharmaceutic – Generic & Specialty was up 1.06%; Retail – Computers & Electronics gained 1.03%; Homebuilding was up 0.78%; Retail – Departmental Stores group was up 0.50%. It is typically a negative market session when no industry group gains 1.5% or higher during the session.
Today’s Market Statistics: Friday, the total volume of stocks traded at the NYSE today was 8.55% higher than at Thursday’s session. The total volume of stocks traded at the NASDAQ on Friday was 11.4% higher than the total volume of stocks traded on Thursday.
Oil Price: U.S. crude oil price was down Friday to $67.67, down from $69.20 a barrel the day before. Oil futures were at $68.60, up $0.92 or 1.36%. The reader is reminded that the overnight market may not be a true predictor of the following day’s market session.
10 –year Treasury Yield: The 10-year Treasury yield was down to 3.71%, a 52-week closing low and the 2-year yield fell to 3.65%.
Market Roundup Report: The current market remains bearish and care is required if trading at all. Friday’s market session was particularly brutal especially to Technology stocks. Our readers are minded that preservation of capital should always be the paramount in our trading or investing strategies. If the capital disappears then the opportunity to trade may even longer be available. It is recommended that unless a stock we have been watching for some time now presents a “good opportunity”, it is better, for now, to continue monitoring the charts for potential addition or removal from our watchlist but to avoid new buys until the market trend changes. The markets, in the short term, look treacherous indeed.
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Stocks In The News/Stocks To Watch:
The Toronto Market
Major Technology stocks on the TSX are down sharply or have poor charts. Shopify Inc. (SHOP) was down -4.06% or -$3.85 to close at $90.89 on Friday. Volume of shares traded was 2.3M.
Celestica Inc. (CLS) had a relatively good performance earlier in the year but the stock has also become a victim of the current bearish market trend and Friday’s market sell-off. The stock was down -10.24% or -$6.35 with 1.2M shares changing hands on Friday.
The US Markets
Technology stocks were hammered last week. NVIDIA was battered, down -4.02%.
Tesla declined -8.45% or -$19.44 to close at $210.73 practically reversing the previous session’s gain. Other Electric Vehicle manufacturer’s stock except, NIO Inc. (NIO) were down, though not as much as Tesla. Meta Platforms (META) was down -3.21%. Taiwan Semiconductor (TSM) was down -4.20%, ARM Holdings Plc (ARM) was down -4.71%, Arista Networks (ANET) was down -4.30%, Crowdstrike Holdings (CRWD) was down -3.92%. A really bad stock story relating to the AI hype is that of AI driven Super Micro Computers Inc. (SMCI) stock. SMCI stock was a high flyer riding the AI story. On March 12, the stock closed at $1,163. The stock touched $1014.02 on June 20. On Friday the stock closed at $386.46, a decline of 67%.
IMPORTANT NOTICE
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.
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