The Canadian Vanguard Stock Market Report At Market Close – Thursday, September 5, 2024
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The Toronto Market
The TSX declined -52.48 points or -0.23% to close today’s market session at 22,988.28. The TSX has now recorded three consecutive sessions of decline.
Markets are constantly changing and can change drastically from one session to another but the current markets are quite negative. The economy is not doing well and investors are reacting to the fear of the poor state of the economy. Today, only four of the seven major sectors ended the session in green. The two top performing sectors today were the top two sectors on Tuesday – two market sessions back: Telecommunications Services, up 0.81% and Utilities which was up 0.39%. The top three sectors yesterday were the top three today except with slightly reduced gains. Today, Durable Consumer Goods & Services was up 0.15%; Basic Materials was up 0.10% and Financials sector remained even at the close of the session. Healthcare declined -0.32%; Energy was down -0.55%; Industrials was down -0.80% and Technology was down -0.80%.
The Industry Groups: Beverages – Non-Alcoholic was up 8.55%. The economy is not doing well so folks are probably having “extra pints” to forget the economic uncertainty they feel daily. Medical Equipment, Supplies & Distribution was up 5.99%; Semiconductors was up 2.13%; Entertainment Production was up 1.93% while Retail – Drugs was up 1.80%.
Today’s Statistics: Today, the declined issues (Decliners) prevailed over the gaining issues (Advancers) by a ratio of 1.28-to-1.0 or roughly for every thirteen Decliners there were ten Advancers. In real numbers, there were 991 Decliners to 773 Advancers with 183 Unchanged.
The total volume of shares traded at the TSX today was 321,645,554 compared to yesterday when the total volume of shares traded at the TSX was 319,420,542.
Today, there were 224 new 52-Week Highs and 27 new 52-Week Lows. Yesterday, there were 148 new 52-Week Highs and 34 new 52-Week Lows.
The US Markets
The US markets were mixed today. The Dow Jones Industrial Average was down -219.22 points or -0.54%, to close the market session today at 40,755.75. The S&P 500 index was down -16.66 points, or -0.30%, to close at 5,503.41. The Nasdaq Composite went the other direction and was up 43.36 points or -0.25%, to close the session at 17,127.66.
The AI buzz is going the same way as the dotcom era went. The two trajectories are practically the same or very similar. AI will continue to evolve as a technology. Its use will pervade some industries soon but the current big money to be made has been made and has been partly lost or given back – see the Market Roundup Report at this end of the post.
Only three of the major sectors ended the session with gains. Discretionary Consumer Goods & Services, a useful but rough gauge of current retail business activities, was up 0.88%. Two other sectors, Technology, up 0.07% and Telecommunications Services, up 0.06% gained today. Clearly the two sectors’ gains were paltry. Utilities declined -0.16%; Basic Materials declined -0.36% and Financials declined -0.37%. Durable Consumer Goods & Services declined -0.47%; Industrials declined -1.20% and Healthcare declined -1.25%.
The Industry Groups: Auto & Truck Manufacturers was up 2.77%; Textiles & Leather Goods was up 2.53%; Retail – Catalog & Internet Order was up 2.44%; Media Diversified was up 1.89% and Advertising / Marketing was up 1.67%.
Today’s Market Statistics: Today, the declined issues (Decliners) prevailed over the gaining issues (Advancers) on the NYSE. The ratio of Decliners to Advancers was 1.23-to-1.0 or for every six Decliners there were five Advancers. In actual numbers, 2,205 Decliners to 1,786 Advancers to with 311 Unchanged.
Today, there were 354 new 52-Week Highs and 98 new 52-Week Lows. Yesterday, there were 336 new 52-Week Highs and 77 new 52-Week Lows. The total volume of stocks traded at the NYSE today was 936,485,442 compared to 897,855,900 at the NYSE yesterday.
On the NASDAQ, the Decliners again outnumbered the Advancers by a ratio of 1.28 to-1 or roughly for every six Decliners there were five Advancers. In actual numbers, 2,392 Decliners to 1,869 Advancers with 269 Unchanged.
Today, there were 131 new 52-Week Highs and 144 new 52-Week Lows. Yesterday, there were 91 new 52-Week Highs and 172 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,147,687,703. The volume of stocks traded on the NASDAQ yesterday was 5,124,684,305. The volume today was as such quite comparable to the volume yesterday.
Oil Price: U.S. crude Oil prices steadied at $69.20 a barrel as US Crude stock drawdown possibly influences delay in price movement.
10 –year Treasury Yield: The yield on the 10-year Treasury notes fell to 3.731%, the lowest since June 2023. The 2-year yield, also fell to its lowest in more than a year, ending at 3.751%.
Market Roundup Report: The market may change and markets do change drastically from one session to another, but the current market is very negative. We hope, as investors, that the current market trend changes soon. The economy is not doing well. Most of the stocks have poor or just simply bad charts. Investors are concerned that the economy is not doing well so they are not investing. Are they right? That is the million dollar question. If the Feds lower interest rates that should help the economy but the other question though is what if the Feds raise interest rates too and ended up killing the economy? The members of the Feds FOMC are humans like the rest of us so they also make mistakes.
We would suggest to put a hold on any major stock purchases until the Feds start to lower interest rates which should be soon according to various reports.
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Stocks In The News/Stocks To Watch
The US Markets
Tesla Inc. (TSLA) gained 4.9% supported by good volume. The stock appears ready to start an upswing. The group of big tech firms have led the past year’s rally, but have recently worried investors that the market’s biggest stocks could crash under unrealistic earnings expectations. If the launch of Tesla’s EV truck gets delayed the stock might crash.
Visa Inc. (V), was upgraded by a number of companies today. Compass Point initiates coverage on VISA with a Buy rating with a target price of $319.00. Visa was down today -0.67% or -$1.87 to close the session at $278.62 with 6.4M shares changing hands today.
Healthcare services firm McKesson led the S&P lower, dropping 9.9% after it gave a weaker-than-expected earnings outlook at an industry conference.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
TD Bank (TSX:TD) is worth keeping an eye on.
The Canadian Vanguard Chinese Stocks Watchlist
Futu Holdings (FUTU) is worth keeping an eye on.
EV, Energy and Resource Stocks Watchlist
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