The Canadian Vanguard Stock Market Report At Market Close – Thursday, January 2, 2024
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The Toronto Market
The TSX composite index advanced 170.09 points or 0.69% to close the market session at 24,898.03. TSX looks ready for an upswing. The TSX declined the first half of December but now looks ready to recoup some of those declines.
The Market Breadth: The market breadth continues to remain supportive as, same as yesterday eight of the ten major sectors gained today. Basic Materials was up 3.28% to lead the sectors. Energy was up 1.30%; Healthcare was up 0.83%; Technology was up 0.76%; and Durable Consumer Goods & Services was up 0.31%. Telecommunications Services was up 0.19%, and Financials brought up the rear declining -0.19%.
Industry Groups: Tires & Rubber Products was up 7.87%; Media Diversified was up 5.48%; Semiconductors was up 4.65%; Coal was up 4.46%; and Precious Metals & Minerals was up 4.28%.
Today’s Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners). There were roughly nine Advancers for every five Decliners or a more exact ratio of 1.76-to-1.0. In real numbers, there were 1,199 Advancers to 681 Decliners while 130 stocks remained Unchanged.
Today, there were 59 new 52-Week Highs and 16 new 52-Week Lows. By comparison, there were 77 new 52-Week Highs and 27 new 52-Week Lows on Tuesday.
Today, the total volume of shares traded at the TSX was 344,289,866, or 40% more when compared to the volume of 244,819,599 shares traded on Tuesday.
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The US Markets
All the three indexes ended the session in red for the second consecutive session. The Dow Jones Index declined -151.95 points or -0.36% to close at 42,392.27. The S&P 500 index was down -13.08 points or -0.22%, to close at 5,868.55. The Nasdaq Composite declined -30.00 points or -0.16%, to close at 19,280.79. The Nasdaq and the S&P 500 were down but there was slight improvement compared to yesterday. The Dow, on the hand, was worse when compared to Tuesday’s market session. Both the Dow and the S&P 500 remain below the 50 day line. Nasdaq has now been down four consecutive sessions.
The Market Breadth: Today, only five of the eleven major sectors ended the market session with gains. Energy, up 1.37%, continues to dictate the pace for the sectors. Utilities was up 0.80%; Telecommunications Services was up 0.30%; Healthcare was up 0.21%; and Technology was up 0.19%. Basic Materials was down -0.16%; Financials was down -0.23%; Durable Consumer Goods & Services was down -0.41% and Discretionary Consumer Goods & Services was down -1.03%. This market is currently not robust enough for adventurous trading. Every thing about this market calls for caution when trading or even possibly avoiding or delaying new buys until the market outlook improves.
Industry Groups: Marine Port services was up a massive 22.08%; Precious Metals & Minerals was up 4.32%; Oil & Gas Drilling was up 3.51%; Advertising / Marketing was up 3.23% and Marine Transportation was up 3.05%.
Today’s Market Statistics: At the NYSE, the gaining issues (Advancers) outnumbered the declined issues (Decliners). There were roughly eleven Advancers for every ten Decliners or an exact ratio of 1.13-to-1.0. In actual numbers, there were 2,253 Advancers to 1,983 Decliners with 334 Unchanged.
Today, there were 77 new 52-Week Highs and 114 new 52-Week Lows – a bearish market. By comparison, on Tuesday, there were 52 new 52-Week Highs and 125 new 52-Week Lows which was bearish. The indexes continue to struggle.
The total volume of stocks traded at the NYSE today was 907, 426,461, or 3% less when compared to the volume of 935,171,044 traded on Tuesday.
On the NASDAQ, the Advancers outnumbered the Decliners. There were six Advancers for every five Decliners during the market session or a more exact ratio of 1.20-to-1.0. In actual numbers, 2,402 Advancers to 2,007 Decliners with 236 Unchanged.
Today, there were 85 new 52-Week Highs but 64 new 52-Week Lows. By comparison, on Tuesday there were 69 new 52-Week Highs and 98 new 52-Week Lows.
The total volume of shares traded at the NASDAQ today was 9,039,728,960, or roughly the same when compared to the volume of 9,063,037,373 shares traded on Tuesday.
Oil Price: Oil prices rose on Thursday to their highest level since October. The US Administration reported a sixth straight weekly decline in storage levels, although the draw was smaller than expected. Oil price was at $73.16 a barrel as at the time of this post.
10 –year Treasury Yield: The 10-year Treasury yield was down and currently at 4.543% as at the time of posting this report.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Blended Growth Stocks Watchlist
The big news today was that both Apple and Tesla suffer big declines today. The market remains bearish with elevated risk of spinning surprises. Tesla Inc (TSLA) was down -6.08% or -$24.56 to close at $379.28. Apple Inc (APPL) was down -2.62% or -$6.57 to close the session at $243.85. Applovin Corporation (APP) was up 5.54% or $17.95 to close at $341.78.
EV, Energy and Resource Stocks Watchlist
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