The Canadian Vanguard Stock Market Report At Market Close – Tuesday, October 1, 2024
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The Toronto Market
The TSX advanced 33.62 points or 0.14% to close the market session at 24,033.99. The TSX climbed back and closed above the 24,000 level today.
The Market Spread: The market was negative today. Energy, up 2.24%, Basic Materials, up 0.92% and Utilities, up 0.28% were the three major sectors to end the session with gains at the TSX. Financials was down -0.23% and Telecommunications Services was down -0.59%. Industrials was down -0.71%. It was a bad day for the Technology sector. Technology was down -1.48% while Discretionary Consumer Goods & Services declined but did a bit better than Technology.
The Industry Groups: It was a positive day for energy related stocks, Oil & Gas Exploration & Production was up 3.40% and Integrated Oil & Gas gained 3.33%. Construction Materials gained 2.99% and Media Diversified was up 2.53%.
Today’s Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers) by a ratio of 1.46-to-1.0 or about seven Decliners for every five Advancers. In real numbers, there were to 1,093 Decliners to 748 Advancers with 169 Unchanged. The total volume of shares traded at the TSX today was 349,786,987, slightly above average of volume shares traded during the past ten market sessions. There were 115 new 52-Week Highs and 10 new 52-Week Lows.
The US Markets
All three major indexes ended the market session today in red. The Dow Jones Industrial Average was down 173.18 points or -0.41%, to close the market session at 42,156.97. The S&P 500 index declined -53.73 points, or -0.93%, to close at 5,708.75. The Nasdaq Composite was down -278.81 points or -1.53%, to close the session at 17,910.36.
Major stock indexes were down right from the opening bell. Dow recovered later in the day but weakened along with the other indexes in the final hour of trading. The indexes closed off session lows. NASDAQ remained quite down at the closing bell. The dockworkers’ strike and the possible further escalation of tension in the Middle East after the missile attack on Israel by Iran contributed to the markets’ down performance today.
The Market Spread: Today was a bad day for Technology stocks. Additionally, only four of the major sectors ended the market session with gains. It was a negative market session. Energy was the top performer, up 2.04% and Utilities was up 0.65%. Telecommunications Services and Durable Consumer Goods & Services were up but barely at 0.03% and 0.02% respectively. Healthcare, Financials and Technology were the worst performing sectors today, down -0.58%, -0.76% and -1.59% in that order.
The Industry Groups: Marine Port Service was up almost 10% for the day. Real Estate Operations, up 3.58% was up again today. We discussed that industry group in this section yesterday. Energy dominated the market today so naturally, Oil & Gas Exploration & Production was up 2.53% and Integrated Oil & Gas was up 2.13%.
Today’s Market Statistics: The declined issues (Decliners) outnumbered the gaining issues (Advancers) on the NYSE. The ratio of Decliners to Advancers was 1.31-to-1.0 or for every thirteen Decliners there were ten Advancers. In actual numbers, there were 2,308 Decliners to 1,753 Advancers with 318 Unchanged. There were 327 new 52-Week Highs and 48 new 52-Week Lows. The total volume of stocks traded at the NYSE today was 1,290,473,533 or 9% lower than the total volume of shares traded yesterday.
On the NASDAQ, the Decliners totally outnumbered the Advancers by a ratio of 2.36–to-1 or for every thirteen Decliners there were ten Advancers. In actual numbers, 3,009 Decliners to 1,273 Advancers with 234 Unchanged. Today, there were 126 new 52-Week Highs and 152 new 52-Week Lows. This is bearish.
The total volume of stocks traded at the NASDAQ today was 5,948,994,487, or 0.61% higher than the total volume of shares traded yesterday.
Oil Price: Oil price, driven today by concerns over possible supply disruption resulting from tensions in the Middle East was up 3.5% at $70.50 around market close but continued trending up and was at $70.80 as at 10pm Tuesday.
10 –year Treasury Yield: The 10-year Treasury yield shed nearly six basis points to 3.74%.
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Stocks In The News/Stocks To Watch
Apple Inc. (AAPL) stock fell after an analyst reported that the company might have reduced iPhone 16 production orders by 3 million. Apple stock closed down -2.91% or -$6.79 to close at $226.21 with 63.3M shares traded during the session.
US listed Chinese EV manufacturers produced upbeat earnings report. Li Auto Inc. (LI) was up 7.8% after it delivered 53,709 vehicles in September, up 49% from a year earlier. NIO Inc. (NIO) delivered 21,181 vehicles in September, an increase of 35% from the prior year. Shares rose 1.5%. XPeng Inc. (XPEV) rose 2.8% after the Chinese electric-vehicle maker delivered 21,352 Smart EVs in September, up 39% from a year earlier and a new monthly record. Tesla Inc. (TSLA), however, was down -4.6% in the morning but closed off the day’s lows, down -1.38% or -$3.61 at $258.02 with 87.2M shares changing hands during the day.
PDD Holdings Inc. (PDD), like most of the US listed Chinese stocks has been in an uptrend following last week’s announcement of the Chinese government’s economic stimulus for the country.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Blended Growth Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
The Chinese EV manufacturers largely delivered an upbeat earnings report today. The non-fossil fuel electricity producers’ stocks are also doing well as they get ready to meet huge demands from future data centers.
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