The Canadian Vanguard Stock Market Report At Market Close – Tuesday, December 10, 2024

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.                        .     The bear visited today but did only relatively minor  damage.

The Toronto Market

Today, like yesterday, all the North American indexes we track ended the session in red. It was slightly worse today. The TSX composite was down -121.38 points or -0.47% to close the market session at 25,504.33. The market’s mood was bearish.

                                                                                               

The Market Spread:  The bears pounced with full force on the market today and the TSX index is the worst for it. Discretionary Consumer Goods & Services, up 0.32%, was the only one of the ten major sectors which gained at today’s market session. Technology, down -1.24%, was the worst performing sector. Industrials was down -0.16%; Financials was down -0.30%; Energy was down -0.48% and Basic Materials was down -0.68%.  Telecommunications Services was down -0.62% and Utilities was down -0.84%.

Industry Groups:   Entertainment Production was up 3.17%; Computer Hardware was up 2.79%; Advertising / Marketing was up 2.46%; Banks gained 2.05% and Beverages – Distillers & Wineries was up 1.66%.

Today’s Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers). There were, for every nine Decliners, five Advancers or an exact ratio of 1.85-to-1.0. In real numbers, there were 1,226 Decliners to 661 Advancers while 154 stocks remained Unchanged.

The total volume of shares traded at the TSX today was 425,098,715, 16% higher when compared to the volume of 364,682,518 shares traded yesterday.

Today, there were 120 new 52-Week Highs and 19 new 52-Week Lows. By comparison, there were 192 new 52-Week Highs and 13 new 52-Week Lows yesterday. The market turned more bearish today.

Market Roundup:  The rally, dominant up to late last week, is no longer reliable. That rally is best regarded as gravely ill. This is especially true, given the combination of the decline and the big increase in volume that drove the market decline. The market has turned bearish.

The US Markets

The Dow Jones Index declined -154.10 points or -0.35% to close at 44,247.83. The S&P 500 index was down -17.94 points or -0.30%, to close at 6,034.91. The Nasdaq Composite declined -49.45 points or -0.25%, to close at 19,687.24.

The Market Spread:  Telecommunications Services, Durable Consumer Goods & Services and Discretionary Consumer Goods & Services, up 0.68%, 0.30% and 0.01% respectively were the only three of the major sectors to gain at today’s market session.  Industrials was down -0.41% while Financials and Energy were each down -0.54%. Technology was down -0.67%, Utilities was down -0.83% and Basic Materials was down -0.90%. There were no big attention getting declines but the market breadth was confined, thus emphasizing the bearish trend at today’s markets.

Industry Groups: Marine Port Services was up 7.96%; Consumer Electronics was up 3.08%; Auto & Truck Manufacturers was up 1.58%; IT Services & Consulting was up 1.26% and Wireless Telecommunications Services was up 1.10%.

Today’s Market Statistics:  At the NYSE, the declined issues (Decliners) outnumbered the gaining issues (Advancers). There were nine Decliners for every five Advancers or a precise ratio of 1.88-to-1.0. In actual numbers, there were 2,621 Decliners to 1,394 Advancers with 330 Unchanged.

Today, there were 117 new 52-Week Highs and 42 new 52-Week Lows. By comparison, yesterday, there were 216 new 52-Week Highs and 35 new 52-Week Lows.  The market turned bearish. Prices got too extended driven by Trump’s election.

The total volume of stocks traded at the NYSE today was 1,282,051,791, a massive 32% higher when compared to the volume of 972,129,516 traded yesterday.

On the NASDAQ, the Decliners outnumbered the Advancers. Roughly, for every eight Decliners there were five Advancers or a precise ratio of 1.61-to-1.0. In actual numbers, 2,671 Decliners to 1,655 Advancers with 272 Unchanged.

Today, there were 126 new 52-Week Highs but 99 new 52-Week Lows – a bullish reversal today.  By comparison, yesterday there were 230 new 52-Week Highs but 73 new 52-Week Lows.

The total volume of shares traded at the NASDAQ today was 8,064,735,222, or 15% more when compared to the volume of 6,980,342,876 shares traded yesterday.

Oil Price:    U.S. crude oil futures rose today. Oil price was at $68.97 a barrel as at the time of posting this report.

10 –year Treasury Yield:  The US 10-year Treasury yield closed at 4.219%, up from Monday’s close of 4.197%.

Market Roundup Report: The market rally showed signs of its age today – the markets turned bearish. The correction started yesterday and continued today. The indexes were down but not drastically. The markets need to take a break to enable the uptrend more room to climb. The decline or correction has been orderly so far. The angry bears roamed the backyard today but avoided the front door. Let us hope the pullback remains orderly going forward. The market will of course always do what it wishes to do.

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