The Canadian Vanguard Stock Market Report At Market Close – Thursday, September 19, 2024
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The Toronto Market
The TSX today, reversed two consecutive days of decline, gaining 273.67 points or 1.16% to obliterate the consequences of those two days and close the market session at 23,866.27.
The Market Spread: Technology, up 3.05% was the undisputed dominant sector at a fairly broad-based positive market today. Basic Materials, up 1.68%, was next. Financials was up 1.26%; Industrials was up 1.11%; Discretionary Consumer Goods & Services was up 0.88% and Energy was up 0.79%. Telecommunications Services, Durable Consumer Goods & Services and Utilities down -0.55%, -1.05% and -1.48% respectively were the only sectors to decline today.
The Industry Groups: Industrial Machinery & Equipment up 4.13% yesterday was up today 4.81%. Electrical Components & Equipment was up 4.66%; Coal gained 4.21%; Computer Hardware gained 4.10% and Medical Equipment, Supplies & Distribution was up 3.53%.
Today’s Statistics: Today, the gaining issues (Advancers) completely outnumbered the declined issues (Decliners) by a ratio of 3.35-to-1.0 or for every three Advancers there was one Decliner. In real numbers, there were 1,426 Advancers to 425 Decliners with 158 Unchanged.
The total volume of shares traded at the TSX today was 362,199,874, a 0.5% decrease from the volume of 364,032,394 shares traded yesterday.
Today, there were 415 new 52-Week Highs and 10 new 52-Week Lows. Yesterday, there were 234 new 52-Week Highs and 15 new 52-Week Lows.
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The US Markets
The Dow Jones Industrial Average advanced 522.09 points or 1.26%, to close the market session at 42,025.19. The S&P 500 index shot up 95.38 points, or 1.70%, to close at 5,713.64. The Nasdaq Composite vaulted 440.68 points or 2.51%, to close the session at 18,013.98. The Dow closed above 42,000 for the first time in its history.
Recession fears have picked up over the summer as the labor market has stumbled. Reports indicate that the US economy declined for six straight months and that a leading index for the economy was down 0.2% in August. The same indicator was down 0.6% in July according to the same report. The feeling among economists that the economy will likely fall into recession appears to be gaining strength.
The Spread: Technology, up 2.80%, was the top sector at the US markets today. Basic Materials gained 2.18%; Discretionary Consumer Goods & Services was up 2.08%; Industrials gained 1.73% and Financials gained 1.47%. Energy was up 1.12%. Telecommunications Services, Utilities and Durable Consumer Goods & Services down -0.11%, -0.32% and -0.48% respectively were the only sectors to decline at the US markets today.
The Industry Groups: Auto & Truck Manufacturers was up 5.47%; Semiconductor Equipment & Testing was up 5.18%; Engineering & Construction gained 4.98%; Textiles & Leather Goods was up 4.84% and Marine Port Services gained 4.83%.
Today’s Market Statistics: Today, the gaining issues (Advancers) totally outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 3.82-to-1.0 or roughly for every four Advancers there was one Decliner. In actual numbers, 3,209 Advancers to 838 Decliners with 267 Unchanged.
Today, there were 830 new 52-Week Highs and 35 new 52-Week Lows. Yesterday, there were 699 new 52-Week Highs and 31 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 9% higher today compared to the total volume of shares traded yesterday.
On the NASDAQ, the Advancers outnumbered the Decliners by a ratio of 3.0–to-1 or roughly for every three Advancers there was one Decliner. In actual numbers, 3,217 Advancers to 1,073 Decliners with 255 Unchanged.
Today, there were 402 new 52-Week Highs and 95 new 52-Week Lows. Yesterday, there were 335 new 52-Week Highs and 79 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,716,036,304, down rather lightly compared to the total volume of shares traded yesterday.
Oil Price: U.S. crude oil prices rose 1.5% to $71.95 a barrel.
10 –year Treasury Yield: The 10-year Treasury yield climbed 5 basis points to 3.74%, continuing to bounce from Tuesday’s 52-week low. The two-year yield was flat at 3.6%. The 10-year Treasury yield dipped to 3.72% after regular hours.
Market Roundup Report: Investors have the go-ahead from the market to be fully invested. The announcement of half-a-percentage point interest rate cut has sparked a rally in stock prices after yesterday’s volatile session. The fear of a likely recession could cause problems for stocks later if that fear becomes increasingly supported by reality. Volatility is part of the reality of the stock market so an investor must learn to cope with it in order to be successful. Investors, within reasonable limits, should be moving towards being fully invested after today’s market performance. Risk was in vogue today as NASDAQ climbed an impressive 2.5%.
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Stocks In The News/Stocks To Watch
The Toronto Market
Technology was the dominant sector today. Both Celestica Inc. (TSX:CLS) and Shopify Inc. (TSX:SHOP) had positive sessions. Celestica was up 5.61% or $3.58 to close the session at $67.38 with 573K shares traded. SHOP stock was up 4.14% or $4.24 to close the session at $106.74 with 4.8M shares changing hands today. On August 6, Shopify stock closed at $74.56.
Among the small caps, Ivanhoe Mines Ltd (TSX:IVN) was up 6.53% or $1.17 to close the session at $19.10 with 3.3M shares traded. IVN stock has been up six of the past seven market sessions.
The US Markets
Technology dominated the sectors today and META Platforms is worth adding to one’s watchlist if not already there. The stock is well above its 25 and 50 day lines and certainly not extended.
As long as the market keeps up, we are not sure that one can really count NVDA (NVDA) out. AI influence or not the stock keeps bouncing back. Apple Inc. (AAPL) Inc. and Tesla are all members of the so called narrow range of stocks comprising the magnificent seven that have become almost impossible to ignore if one wishes to have a successful technology portfolio.
The home builders are likely to benefit as interest rates come down and mortgages become approachable by more intending buyers. Toll Brothers (TOL) is worth adding to one’s watchlist. TOL stock was up 1.98% or $2.98 to close at $153.12 with 1.8M shares changing hands today.
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Regular Market Day Features
We are going to update our watchlist categories soon. We shall at that time replace the Chinese stocks category. The Beginner Investors watchlist was Capital Preservation focused. The list comprised of stocks that are not likely to gain or decline by a big amount at a single session but also likely to return at least some thing back to the investor via dividends. We shall create a new watchlist with a bit opposite focus – growth and appreciation. We intend to name it – Blended Growth Stocks Watchlist.
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
IMPORTANT NOTICE
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