The Canadian Vanguard Stock Market Report At Market Close – Tuesday, October 15, 2024
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The Toronto Market
Today, the TSX composite index was down -32.09 points or -0.13% to close the market session at 24,439.08 ending four consecutive sessions of gains. The volume of shares traded was up significantly today.
The Market Spread: Seven of the major sectors gained today with Utilities, up 2.33%, leading the sectors. Healthcare and Telecommunications Services were up as investors appeared risk averse today. Financials was up 0.39%; Industrials was up 0.27% and Basic Materials was up 0.20%. Technology declined -0.67% and Energy declined -2.29% as Oil price tumbled.
Industry Groups: Beverages – Non Alcoholic was up 3.23%; Utilities – Electric was up 2.58%; Medical Equipment, Supplies & Distribution was up 2.28%; Utilities – Multiline was up 2.06% and Healthcare Facilities was up 1.81%. Integrated Oil & Gas, down -5.20% was the worst performing industry – in line with Oil price tumbling 5% today. Utilities dominated the industry groups. It would appear that investors opted for less risk as the market turned negative.
Today’s Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) by a ratio of 1.37-to-1.0 or simply, there were seven Advancers for every five Decliners. In real numbers, there were 1,118 Advancers, 813 Decliners and 131 stocks remained Unchanged.
The total volume of shares traded at the TSX today was 407,516,531 or 24% increase when compared to the volume of 328,159,525 shares traded on Friday.
Today, there were 443 new 52-Week Highs and 17 new 52-Week Lows. By comparison, on Friday, there were 405 new 52-Week Highs and 8 new 52-Week Lows. The Canadian market was closed yesterday for the Thanksgiving holiday.
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The US Markets
Today, the Dow Jones Industrial Average declined -324.80 points or -0.75%, to close the market session at 42,740.42. The S&P 500 index was down -44.59 points, or -0.76%, to close at 5,815.26. The Nasdaq Composite was up -187.10 points or -1.01%, to close the session at 18,315.59.
The Market Spread: It was a negative market session and only four sectors: Telecommunications Services, up 0.72%, Durable Consumer Goods & Services, up 0.45%, Utilities, up 0.33% and Financials, up 0.15%, ended the session with gains. Technology was down -1.67% and Energy was down a portfolio damaging -3.02%.
Industry Groups: Semiconductor Equipment & Testing led the industries with 3.49% gain yesterday but today collapsed -12.55% – a direct result of the poor earnings report by ASML Holding (ASML) today. The ASML earnings and market outlook report brought the entire Chips industry to its knees today. Nvidia Corp (NVDA) was down 4.69% and Arm Holdings Plc (ARM) was down 6.89% today, for example. Retail – Drugs was up 1.79%; Retail – Department Stores was up 1.39%; REIT – Residential & Commercial was up 1.38%.
Today’s Market Statistics: At the NYSE, the declined issues (Decliners) edged out the gaining issues (Advancers); for every Decliner there was an Advancer . In actual numbers, there were 2,004 Decliners to 1,994 Advancers with 293 Unchanged.
There were 514 new 52-Week Highs and 41 new 52-Week Lows. By comparison, yesterday, there were 582 new 52-Week Highs and 41 new 52-Week Lows. The total volume of stocks traded at the NYSE today was 988,362,533 or 2% higher than a total volume of 962,578,887 stocks traded yesterday. The NASDAQ was down more than 1% but the volume of shares traded was up significantly.
On the NASDAQ, the Decliners barely outnumbered the Advancers, roughly for every Decliner there was an Advancer. In actual numbers, 2,214 Decliners to 2,109 Advancers with 258 Unchanged. There were 291 new 52-Week Highs but 95 new 52-Week Lows. Yesterday, there were 332 new 52-Week Highs and 94 new 52-Week Lows. The total volume of stocks traded at the NASDAQ today was 6,694,601,712, a 28% increase compared to the total volume of 5,239,871,775 shares traded yesterday.
Oil Price: Crude oil tumbled 5.1% to $70.07 a barrel.
10 –year Treasury Yield: The 10-year Treasury yield shed three basis points, fallen to 4.04% as at market close. The 10-year Treasury yield was down at 4.01% early (12:15am) Wednesday morning.
Market Roundup Report: Financials ruled today. The NASDAQ was down by more than 1% but the volume was up significantly or 28% to put it in figures. That is not a scenario most investors would like to see repeated often. Typically, that is indicative of likely heavy selling. The current market rally remains very much alive.
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Stocks In The News/Stocks To Watch
The Toronto Market
Bombardier Inc. (TSX:BBD.B) continues to execute well. The stock is worth keeping an eye on and worthy of a spot in your watchlist if not already in there. The stock , currently about 10% above the 25-day line and 16% above the 50-day line is up 10% from October 1. Today the stock was up 1.14% or $1.26 to close at $111.36 with 804.8K shares traded. An investor should be aware of the possibility of the price becoming extended.
The US Markets
The Homebuilding industry group at the US market has been performing well in line with the expectation of interest rates continuing to come down. Toll Brothers Inc. (NYSE:TOL) has been going sideways for a few weeks but now looks like the sideways actions may be resolved in favour of an upward climb. It surely is a stock to keep an eye on. Today, TOL stock gained 1% or $1.54 to close the market session at $155.18 with 962K shares changing hands.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian “Big Six” banks are on a roll except for TD Bank for now.
Beginner Investor’s Blended Growth Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
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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