The Canadian Vanguard Stock Market Report At Market Close – Thursday August 15, 2024
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Data-Driven Report and Analysis you need to prepare for informed investing at the market tomorrow
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The Toronto Market
The TSX was up 272.71 points or 1.20% to close today’s market session at 23,032.72. The TSX is in record territory.
Today’s market session’s bullish mood was certainly broad-based as nine of the ten major sectors ended the session with gains. Risk was clearly back in vogue today. Technology, up 2.81% was the top performing sector again just like yesterday. Shopify, heavily weighted within the TSX technology sector, was up 4.65% today. Discretionary Consumer Goods & Services, a good gauge for the retail sector, was up 1.87%. Basic Materials was up 1.82%; Durable Consumer Goods & Services was up 1.33%; Energy was up 0.85%; Healthcare was up 0.79% while Financials gained 0.78% and Utilities was up 0.22%. Telecommunications Services declined -0.10% to finish, for the second consecutive session, as the worst performing sector on the TSX.
The Industry groups: Casinos & Gaming was up 6.97%; Aluminum was up 6.67%; Electrical Components & Equipment was up 5.40% and Mining & Metals – Specialty was up 4.43%. Insurance -Multiline and Tires & Rubber Products industries declined -2.92% and -1.63% respectively to finish as the worst performing industries on the TSX today.
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The US Markets
The Dow Jones Industrial Average vaulted 554.67 points or 1.39%, to close the market session today at 40,563.06. The S&P 500 index was up 88.01 points, or 1.61%, to close at 5,543.22. The Nasdaq Composite gained 401.89 points or 2.34%, to close the session at 17,594.50. The NASDAQ had the highest percentage gain of the three indexes today.
The main driver for the bountiful market performance today was a set of economic data released earlier in the day confirming that the American economy is not in a recession and that consumer spending, one of the vehicles that normally powers the American economy is holding up. Retail sales—a measure of spending at stores, online and in restaurants—rose a seasonally adjusted 1% in July from the month before, higher than economists expected. Weekly jobless claims came in slightly below consensus forecasts, and Walmart reported strong sales for its latest quarter, with executives saying they don’t see signs of fraying demand.
The volume of stocks traded was up a good margin today. The indexes were up and supported by ten percent volume increases on both the NASDAQ and the NYSE. The current rally has legs and is ready to keep rolling, judging by today’s market data.
The market’s performance today was again broad-based positive. Nine of the major sectors ended the session with gains. The Retail sector dominated the story at the US markets today. The top performing sector was Discretionary Consumer Goods & Services, up 3.11%. Technology was up 2.26%; Basic Materials was up 1.57% and Industrials sector was up 1.39%. The Financials sector was up 1.02% while Energy was up 0.92% and Healthcare was up 0.90%. Telecommunications Services declined -0.99%.
In the Industry groups, Advertising / Marketing was up handsomely at 11%; Semiconductor Equipment & Testing gained 5.24%; Food Distribution & Convenient Stores gained 5.13% and Computer Hardware was up 4.74%. Wireless Telecommunications Services and Integrated Telecommunications Services declined -1.08% and 0.89% respectively to finish as the worst performing industries at the US markets today.
Stocks In The News/Stocks To Watch
The Toronto Market
Suncor Energy (TSX:SU) and ARC Resources (ARX) are stocks that have recently been outperforming the market. The top performers on the TSX today included Shopify Inc. A few years ago, Shopify was briefly more valuable than the Royal Bank going by market value. Shopify Inc. is worth keeping an eye on just in case the stock is able to return to its old winning ways. Shopify Inc. appears a bit extended at this time but it is worth keeping an eye on. Bombardier Inc. (TSX:BBD.B) is also worth adding to the list.
The Canadian big six banks are normally the staples of dividend investors and the stock prices are likely to resume price appreciation as interest rates decline and the economy rebounds. Last year CBIC (TSX:CM) was down but the stock has recently been climbing and is worth keeping an eye on.
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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