The Canadian Vanguard Stock Market Report At Market Close – Thursday, October 17, 2024
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The Toronto Market
Today, the TSX composite index advanced 129.28 points or 0.53% to close the market session at 24,690.48. The TSX is on a roll. It advanced two consecutive sessions (yesterday and today) increasingly higher into record territory.
The Market Spread: The market spread was broad-based and positive as all ten major sectors of the TSX ended the session with gains today. Energy sector led with 0.81% gain. Telecommunications Services ended the session up 0.75%; Basic Materials was up 0.71%; Discretionary Consumer Goods & Services was up 0.68% and Financials was up 0.49%. Healthcare was up 0.40% and Technology was up 0.35%. Durable Consumer Goods & Services, up 0.03% was the worst performing sector.
Industry Groups: Textiles & Leather Goods, up 4.17%, led the groups and Advertising / Marketing was up 3.15%. Semiconductors was up 2.85%. Taiwan Semiconductor Manufacturing (TSM) delivered a first class earnings report today which not only brought TSM stock an 18.17% gain but also lifted the stocks of other chips company including Nvidia Corp (NVDA) and Broadcom (AVGO). Auto & Truck Manufacturers was up 2.23%. Hotels, Motels & Cruise Lines was up 2.00%.
Today’s Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) by a ratio of 1.58-to-1.0 or simply, there were eight Advancers for every five Decliners. In real numbers, there were 1,148 Advancers, 724 Decliners while 160 stocks remained Unchanged.
The total volume of shares traded at the TSX today was 331,254,136 or 5% decrease when compared to the volume of shares traded yesterday.
Today, there were 379 new 52-Week Highs and 13 new 52-Week Lows. By comparison, yesterday, there were 303 new 52-Week Highs and 17 new 52-Week Lows.
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The US Markets
Today, the Dow Jones Industrial Average advanced 161.35 points or 0.37%, to close the market session at 43,239.05. The S&P 500 index barely declined – a mere -1 point, or 0.02%, to close at 5,841.47. The Nasdaq Composite was up a marginal 6.53 points or 0.04%, to close the session at 18,3373.61. The NASDAQ had a rather volatile session finally closing off its day’s high point of the day. The NASDAQ volume today was up about 10% compared to yesterday. The Dow Jones index was the leading index today. The index closed again in record territory.
The Market Spread: The US markets ended the session mixed and the market performance spread reflected that. Only five sectors ended the session with gains. Energy was up 0.45%; Technology was up 0.40%; Telecommunications Services was up 0.33%; Financials gained 0.29% and Basic Materials gained 0.07%. Industrials declined -0.15%; Healthcare declined -0.51% and Utilities, the worst performing sector today, ended the session down -0.93%.
Industry Groups: Marine Port Services was up a hefty, investor portfolio friendly 32.66%; Semiconductors was up 2.07% and Oil & Gas drilling was up 1.49%. Both Precious Metals & Minerals and Diversified Trading & Distributing were up 1.31%. Rails & Roads – Passengers, up 6.30% yesterday, was the worst performing industry declining -3.49%. The two companies in the Marine Port Services group are Caravelle International (HTCO) and CBL International Ltd (BANL) – both are penny stocks.
Today’s Market Statistics: At the NYSE, the declined issues (Decliners) outnumbered the gaining issues (Advancers). The ratio was 1.21-to-1.0 or roughly for every six Decliners there were five Advancers. In actual numbers, there were 2,149 Decliners to 1,770 Advancers with 332 Unchanged.
There were 496 new 52-Week Highs and 43 new 52-Week Lows, by comparison, yesterday, there were 437 new 52-Week Highs and 34 new 52-Week Lows.
On the NASDAQ, the Decliners outnumbered the Advancers today by a ratio of 1.70-to-1.0, roughly for every eight Decliners there were five Advancers. In actual numbers, 2,408 Decliners to 1,901 Advancers with 273 Unchanged.
There were 260 new 52-Week Highs but 66 new 52-Week Lows. Yesterday, there were 293 new 52-Week Highs and 54 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,447,926,502, a 19% decrease compared to the total volume of shares traded yesterday.
Oil Price: Oil price inched up, futures was at the time of this post, trading around $71.12, up $0.44 or 0.62% per barrel. Oil appears on track for the biggest weekly loss in about a month.
10 –year Treasury Yield: Early today, the 10-year Treasury yield rose to 4.08%. The US 10-year Treasury yield at market close was 4.095%, while the five-year yield closed at 3.906%, up from 3.842%. The 10-year yield as at the time of this post (11:45pm ET, Thursday) was 4.10%.
Market Roundup Report: The market calls for some caution in evaluating and trading based on the current rally. The current market is rather unusual. Dow Jones is hitting record territory but the performance or market action by both NASDAQ and S&P 500 indexes today calls for caution. The two indexes could not stay up above the previous market close value. Each time they tried, points went high (150 points for NASDAQ) but came right back down and finally closed barely above the previous market close value. NASDAQ, kind of stalled! This is in addition to the alternating positive and negative sessions of the past couple of weeks. The rally appears OK but caution is called for when trading. This market could spin a surprise down draft at any time.
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Stocks In The News/Stocks To Watch
The Toronto Market
The move away from fossil fuels and mass adoption of electric vehicles can be sustained only with nuclear power generation. The Utility companies with nuclear generating plants and Uranium mining companies stand to benefit. One of such companies is Cameco Corporation (TSX:CCO), up today 1.97% or $1.51 to close at $78.19 with 1.7M shares traded.
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The US Markets
NVDIA Corporation has been the dominant name in AI chips industry group but there are companies that are actually offering NVDIA some competition. One such company is Broadcom (AVGO). It is a stock worth adding to your watchlist if not already there. Broadcom was up 2.86% to close at $181.53 with 25M shares traded.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Beginner Investor’s Blended Growth Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
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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