The Canadian Vanguard Stock Market Report At Market Close – Thursday, March 7, 2024

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Data Driven Market Analysis And Report For Tomorrow’s  Winning Trades

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The Toronto Market

The TSX gained 200.60 points or 0.93%, a good follow-up to yesterday’s 68 point gain, to close today’s market session at 21,794.56.  The TSX gained 200.60 points or 0.93%, a good follow-up to yesterday’s 68 point gain, to close today’s market session at 21,794.56. The Bank of Canada discussed interest outlook for the near term yesterday. The market today was also partly driven by US market related events and reports relating to interest rates. Most analysts see interest rates starting to come down later in the year. That helped drive the TSX to more gains today.

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The market recorded broad-based gains as nine of the ten major sectors advanced. Technology sector had a good day settling for 2.27% gain. Durable Consumer Goods & Services gained 2.24%; Utilities gained 1.46%; Basic Materials, largely miners and mining related, was up 1.45%; Financials sector was up 0.65%and Energy gained 0.35%. Healthcare was the only sector to decline ending the session down -0.32%.

Heavy Electrical Equipment led the industry groups with 4.47% gain. Software industry was up 3.32%; Food Distribution & Convenience Stores gained 2.92%; Communications Equipment gained 2.48% and Steel was up 2.46%.

Today’s Statistics: Today like yesterday, the gaining issues (advancers) totally outnumbered the declined issues (decliners). The ratio of advancers to decliners was 2.82-to-1.0 or in practical terms, for every fourteen advancers there were five decliners. In real numbers, 1,083 advancers to 357 decliners with 139 Unchanged. The total volume of shares traded for gaining stocks was 186,305,268 or 59.8%; the total volume for declined stocks was 106,061,965 or 34.0% and 19,306,620 or 6.2% for “Unchanged”.

There were 307 new 52-Week Highs and 12 new 52-Week Lows.

The total volume of stocks traded at the TSX today was 311,673,853 compared to 321,094,687 yesterday, a three percent decrease. Today’s volume of 311,673,853 was lower than the average of the ten most recent market sessions.

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The US Markets

The Nasdaq and S&P 500 keep hitting new highs. The Dow Jones Industrial Average was up 130.30 points, or 0.34%, to close at 38,791.35. The S&P 500 gained 52.60 points, or 1.03%, to close at 5,157.36. The Nasdaq Composite was up 241.83 points or 1.51%, to close at 16,273.38.  The gains today came with reduced volume compared to yesterday’s market session.

The February job report which is scheduled to be released tomorrow will determine if the the indexes will keep rising or pause for a likely short break. be released.

The market was broad-based positive with nine of the major sectors up at the market close today. Technology up 1.87% was the top performer; Basic Materials  was up 0.95%. Healthcare was up 0.86%; Utilities was up 0.73%; Industrials was up 0.70% while Energy gained 0.61%; Durable Consumer Goods & Services was up 0.44% and Financials was up 0.28%.  Telecommunications Services down -0.55% was the only sector to decline.

Rail & Roads – Passengers, up 5.05%, was the top industry group performer; Aluminum gained 4.76%; Semiconductors gained 4.04%;  Marine Ports Services was up 3.48% and Semiconductor Equipment & Testing gained 2.77%.

Today’s Market Statistics: Today, the gaining issues (advancers) outnumbered the declined issues (decliners) on the NYSE by a ratio of 3.09-to-1 or there were three advancers for every decliner. In real numbers, there were 3,014 advancers to 975 decliners and 299 “Unchanged”. The total volume of volume-gaining stocks was 670,849,812 or 67.2%; the total volume of declined-volume stocks was 311,406,768 or 31.2%; and 16,209,026 or 1.6% “Unchanged”.

There were 736 new 52-Week Highs and 47 new 52-Week Lows. This is bullish and shows a broader-based gains today, evidence that more stocks participated in the indexes gains. This is a better, more supportive environment for traders and investors.

The total volume of stocks traded at the NYSE today was 998,465,606 compared with 1,100,973,725 yesterday, about half a percent decrease. Today’s volume of 998,465,606 is lower than the average of the ten most recent market sessions.

On the NASDAQ, the advancers outnumbered the decliners today by a ratio of 1.58-to-1 or roughly for every three advancers there were two decliners. In real numbers, there were 2,632 advancers to 1,669 decliners with 323 unchanged. The total volume of volume-gaining stocks was 3,382,497,724 or 64.5%; the total volume of declined-volume stocks was 1,797,173,590 or 34.3% and 62,147,811 or 1.2% for “Unchanged”.

There were 350 new 52-Week Highs and 88 new 52-Week Lows. This is a strong indicator that the rally remains very much alive.

The total volume of stocks traded at the NASDAQ today was 5,241,819,125 compared to 5,679,536,062 yesterday, an eight percent decrease. Today’s volume of 5,241,819,125 is lower than the average of the ten most recent market sessions.

Oil Price:  Oil prices continue to hold near their recent highs. Oil is up as at the time of this writing, 10.45pm, $79.54. The futures are up 0.61% as at this time. The general market session will do what it wishes to do and may not differ significantly from overnight market prices. Futures prices are constantly changing.

10 –year Treasury Yield:   The 10-year U.S. Treasury yield is at 4.08%.

The market outlook remains confirmed uptrend.

Regular Market Day Features

Beginner Investor’s (Canadian stocks) Watchlist

The Canadian Vanguard Chinese Stocks Watchlist 

EV, Energy and Resource Stocks Watchlist  

Rivian Automotive (RIVN) was up by double digits  today  after introducing lowest cost model as part of efforts by the complete to stop continued the erosion of sales. Tesla Inc (TSLA) also rose but more modestly. The entire EV industry remains a very long term investment.

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