The Canadian Vanguard Stock Market Report At Market Close – Thursday, October 24, 2024
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The Toronto Market
Today, the TSX composite index declined -22 points or -0.09% to close the market session at 24,551.55. The index recovered from big decline earlier in the market session to close well off the day’s lows. This is in sharp contrast to yesterday’s performance. The TSX closed off lows but largely, today was a negative market session. However, the uptrend later in the day looks likely to continue tomorrow.
The Market Spread: The market breadth was narrow as only four sectors ended the session with gains. Technology, up a rather small 0.28%, was the top performing sector today. Discretionary Consumer Goods & Services was up 0.16%; Energy was up 0.14% and Financials was up 0.06%. Healthcare was down -0.11%; Industrials was down -0.19%; Basic Materials was down -0.35% and Utilities was down -0.85%.
Industry Groups: Electrical Components & Equipment was up 15.82% – Celestica Inc., up several points today is listed as a member of this group. Auto & Truck Manufacturers was up 11.30%; Chemical – Specialty was up 4.17%; Construction Materials was up 4.05% and Advertising / Marketing was up 2.61%. Tires & Rubber Products, down -4.40% was the worst performing industry.
Today’s Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) by a ratio of 1.52-to-1.0 or simply, there were seven Advancers for every five Decliners. In real numbers, there were 1,080 Advancers and 711 Decliners while 190 stocks remained Unchanged.
The total volume of shares traded at the TSX today was 345,292,395 or about the same when compared to the volume of 346,875,495 shares traded yesterday.
Today, there were 63 new 52-Week Highs and 16 new 52-Week Lows. By comparison, on Tuesday, there were 126 new 52-Week Highs and 15 new 52-Week Lows. There were 274 new 52-Week Highs and 19 new 52-Week Lows on Monday.
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The US Markets
The US markets closed mixed today. The Dow Jones Industrial Average declined -140.59 points or -0.33%, to close the market session at 42,374.36. The S&P 500 index gained 12.44 points, or 0.21%, to close at 5,809.86. The Nasdaq Composite advanced 138.83 points or 0.76%, to close the session at 18,415.49. NASDAQ and S&P 500 ended the session with gains but Dow Jones continued the down trend, now registering four sessions of decline.
The Market Spread: The markets departed today from the down trends of the last couple of sessions. Breadth, however, was narrow. Only five sectors ended today’s session with gains. Today was an improvement – positive compared to the previous two sessions. Discretionary Consumer Goods & Services was up 2.2% which is impressive. Telecommunications Services followed with 0.80% gain. Financials was up 0.48%; Technology was up 0.18% and Energy was up 0.16%. There were no major declines. Utilities, Industrials, Basic Materials and Healthcare declined -0.25%, -0.51%, -0.51% and -0.76% respectively.
Industry Groups: Auto & Truck Manufacturers was up 12.29%. Tesla had a blowout report and a hefty 20% gain today. Li Autos and Ford Motors were also up . Rails & Roads – Passengers was up 8.3%; Tires & Rubber Products was up 3.37%; Real Estate Operations was up 3.34% and Air Freight & Courier Services was up 3.06%. Marine Port Services, down -4.27%, was the worst performing industry today.
Today’s Market Statistics: At the NYSE, the gaining issues (Advancers) outnumbered the declined issues (Decliners). The ratio was 1.26-to-1.0 or roughly for every six Advancers there were five Decliners. In actual numbers, there were 2,213 Advancers to 1,759 Decliners with 285 Unchanged.
Today, there were 139 new 52-Week Highs and 50 new 52-Week Lows. By comparison, yesterday there were 102 new 52-Week Highs and 59 new 52-Week Lows, on Tuesday there were 186 new 52-Week Highs and 58 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 896,038,106 or about 3% more than the total volume of 866,532,849 stocks traded yesterday.
On the NASDAQ, the Advancers outnumbered the Decliners by a ratio of 1.10-to-1.0, or for every eleven Advancers there were five Decliners. In actual numbers, 2,253 Advancers to 2,032 Decliners with 276 Unchanged.
Today, there were 108 new 52-Week Highs but 115 new 52-Week Lows. By comparison, yesterday there were 86 new 52-Week Highs but 116 new 52-Week Lows, which is bearish; and on Tuesday, there were 108 new 52-Week Highs but 82 new 52-Week Lows. Today was less bearish compared to yesterday.
The total volume of stocks traded at the NASDAQ today was 5,920,406,010, a 10% decrease compared to the total volume of 6,503,222,990 shares traded yesterday.
Oil Price: Oil price was down slightly at $70.40 a barrel as at the time of this post. Oil is likely to end the week up as Middle East tensions keep the uncertainty around supplies alive.
10 –year Treasury Yield: The US 10-year Treasury yield closed at 4.2%, down from yesterday’s close of 4.24%. The five-year yield closed at 4.019%, down from 4.053%.
Market Roundup Report: The market appears this week to be digesting the big gains of the previous two weeks. Traders should exercise some caution when trading as this market has some risk indicators. Some of the risk indicators may clear up when Apple (AAPL), Microsoft (MSFT), Amazon.com (AMZN) and Meta Platforms (META) report third quarter earnings next week. Their reports may help the market clear some risk indicators.
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Stocks In The News/Stocks To Watch
The Toronto Market
Celestica Inc. (CLS) is an electronics contract manufacturer serving information technology, communications, aerospace and defense, health tech and other industries. Celestica Inc. (CLS) delivered an upbeat report late Wednesday which resulted in big gains at the market today. Celestica was the top performer at the TSX today.
The US Markets
Tesla Inc. dominated the news today after an upbeat report released late on Wednesday. Tesla was up 21.92% or $46.83 to close the session at $260.48 with a massive 204.5M shares changing hands today.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Blended Growth Stocks Watchlist
Celestica was the top performer at the TSX today.
EV, Energy and Resource Stocks Watchlist
Tesla Inc. (TSLA) had its best market performance in a number of years at the market today. The stock was up 21%.
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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