The Canadian Vanguard Stock Market Report At Market Close – Tuesday, October 29, 2024
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The Toronto Market
Today, the TSX composite index settled at almost the same value at market close today as at yesterday, declining a mere -3.11 points or -0.01%. The index declined in line with market sentiments at market open, was down 100 points by midday but recovered to just a couple of points short of yesterday’s value at close to end the market session at 24,562.55. It was a good show of strength.
The Market Spread: The market breadth was narrow. Basic Materials, up 1.16%, Technology, up 0.92% and Industrials, up 0.32% were the only three sectors which gained at the market session today. Durable Consumer Goods & Services, Financials and Energy were down -0.10%, -0.21% and -0.76% respectively. Telecommunications Services was down -1.00% and Utilities was down -1.42%.
Industry Groups: Environmental Services was up 2.38%. Precious Metals & Minerals was up 1.73%; Advanced Medical Equipment was up 1.71%; Entertainment Production was up 1.32% and Mining & Metals – Specialty was up 1.09%.
Today’s Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers) by roughly six Decliners for every five Advancers. In real numbers, there were 994 Decliners and 882 Advancers while 171 stocks remained Unchanged.
The total volume of shares traded at the TSX today was 375,460,329 or 3% more when compared to the volume of 363,524,740 shares traded yesterday.
Today, there were 152 new 52-Week Highs and 32 new 52-Week Lows. By comparison, there were 115 new 52-Week Highs and 23 new 52-Week Lows yesterday.
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The US Markets
The markets closed mixed today. The Dow Jones Industrial Average was down -154.52 points or -0.36%, to close the market session at 42,233.05. The S&P 500 index was up, 9.40 points, or 0.16%, to close at 5,832.92. The Nasdaq Composite was the index to beat today. It was up 145.56 points or 0.78%, to close the session at 18,712.75. Nasdaq closed in record territory today, continuing the bullish start to the week which we mentioned here yesterday.
The Market Spread: Technology was the only major sector which gained at today’s market session. The market session was broad-based negative. Healthcare was down -0.23%; Basic Materials was down -0.38%; Financials was down -0.41%. Industrials was down -0.42%; Telecommunications Services was down -0.78% and Durable Consumer Goods & Services was down -0.95%. Energy, down -1.24% and Utilities, down -1.69%, were the sectors bringing up the rear in the performance line up.
Industry Groups: Publishing was up 2.71%; Environmental services was up 2.55%; Semiconductors Equipment & Testing was up 2.02%; Healthcare Facilities was up 1.87% and Apparel & Accessories was up 1.64%.
Today’s Market Statistics: At the NYSE, the declined issues (Decliners) outnumbered the gaining issues (Advancers). There were roughly two Decliners for every one Advancer or a ratio of 1.80-to-1.0. In actual numbers, there were 2,541 Decliners to 1,427 Advancers with 279 Unchanged.
Today, there were 176 new 52-Week Highs and 75 new 52-Week Lows. By comparison, yesterday there were 147 new 52-Week Highs and 41 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 943,991,366 or about 4% more than the total volume of 907,966,652 stocks traded on Friday.
On the NASDAQ, the Decliners outnumbered the Advancers. For every two Decliners there was one Advancer or a ratio of 2.10-to-1.0. In actual numbers, 2,330 Decliners to 1,998 Advancers with 252 Unchanged.
Today, there were 144 new 52-Week Highs but 84 new 52-Week Lows. By comparison, yesterday there were 128 new 52-Week Highs but 84 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 7,118,603,077, or about 12% more compared to the total volume of 6,344,297,060 shares traded yesterday.
Oil Price: Oil price edged up and was at $67.64 a barrel. Oil prices were driven today by the news of shrinking US crude inventories.
10 –year Treasury Yield: The US 10-year Treasury yield closed at 4.27%, down slightly from the previous market session’s close. The five-year yield closed at 4.102%. The US 10-year Treasury yield was slightly further down at 4.246% as at the time of this posting.
Market Roundup Report: NASDAQ was up today and the gain was driven by substantial volume increase. Typically a scenario of strength. This is of course, earning’s season. Technology was the only sector to end the session with gain today. It is a good time to take a second look at technology companies. Meta Platforms looks set to hit the $600 price tag. Alphabet delivered an upbeat market report after close today.
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Stocks In The News/Stocks To Watch
The Toronto Market
Gold mining stocks have been doing well. A stock worth adding to one’s watchlist if not already there is Agnico Eagle Mines Ltd (TSX:AEM). The stock was up 2.67% or $3.22 to close at $123.74 with 1.1M shares traded.
The US Market
Meta Platforms (META) with AI initiatives looks set to rise to $600.00 stock price. The stock closed at $593.28 today with 13M shares changing hands.
Alphabet (GOOGL) stock should be on the watchlist at the market tomorrow. The company delivered a better than expected earnings report after market close today.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
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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