The Canadian Vanguard Stock Market Report At Market Close – Tuesday, September 17, 2024
.
Follow us for Data-Driven Analysis and Insights To Guide Your Trading and Smart Investing.
.
The Toronto Market
The TSX interrupted its four day uptrend today, declining -24.37 points or -0.10% to close the market session at 23,702.07. We’ll see tomorrow if today’s performance is just a one day blink or a change in trend. Tomorrow may actually turn out to be just a market moving day. This will depend on the market’s reaction to tomorrow’s expected US Feds’ first interest rate cut in four years.
The Spread: Only five of the ten major sectors were up today. Oil price was up today so the Energy sector was not only up a moderate 0.53% but was also the top performing sector. Healthcare was up 0.25%; Technology was up 0.15%; Discretionary Consumer Goods & Services was up 0.11% and Financials was up 0.10%. The sectors’ gains were moderate. Telecommunications Services and Basic Materials were down -0.08% and -0.12% respectively. Those sectors have been underperforming for the past ten sessions. Industrials declined -0.97% and Durable Consumer Goods & Services declined a whopping -1.85%.
The Industry Groups: Computer Hardware was up 4.46%; Industrial Machinery & Equipment was up 4.13%; Paper Products gained 3.33%; Auto & Truck Manufacturers gained 2.89% and Auto / Truck / Motorcycle Parts was up 2.47%.
Today’s Statistics: Today, the declined issues (Decliners) edged out the gaining issues (Advancers) by a ratio of 1.11-to-1.0, or for every eleven Decliners there were ten Advancers – pretty close. In real numbers, there were 971 Decliners 874 Advancers with 177 Unchanged.
The total volume of shares traded at the TSX today was 372,609,294, practically the same as the total volume of shares 375,521,060 traded yesterday.
Today, there were 396 new 52-Week Highs and 10 new 52-Week Lows. On Monday, there were 474 new 52-Week Highs and 16 new 52-Week Lows.
.
The US Markets
The Dow Jones Industrial Average declined -15.90 points or -0.04%, to close the market session at 41,606.18. The S&P 500 index was up a mere 1.49 points, or 0.03%, to close at 5,634.58. The Nasdaq Composite was up 35.93 points or 0.20%, to close the session at 17,592.13.
It was a mixed market today and the two gains and the single decline were marginal. The Dow Jones Industrial Average hit an all-time closing high yesterday but was down marginally today. There definitely is some strength behind the Dow’s current uptrend. The indexes edged higher at the after hours market. One should keep in mind though that the performance after hours may bear no resemblance to the market performance the following day.
The Spread: The US market sectors had a better performance spread compared to TSX today. Seven of the major US market sectors were up. Energy, up 0.93%, was the top performing sector. Industrials gained 0.51%; Discretionary Consumer Goods & Services was up 0.46%; Financials gained 0.20%; Basic Materials gained 0.12% and Technology gained 0.07%. Durable Consumer Goods & Services was down an appreciable -0.85%; Healthcare was down -1.06%. Utilities was up a mere 0.02% and Telecommunications Services was down a deep -1.37% as investors may temporarily be rotating away from “traditional safe sectors”.
The Industry Groups: Marine Port Services was up a good 6.95%; Textiles & Leather Goods was up 5.65%; Rails & Roads – Passengers was up 4.85%; Oil & Gas Drilling was up 3.88% and Construction – Supplies & Fixtures was up 2.11%.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 1.54-to-1.0 or roughly for every three Advancers there were two Decliners. In actual numbers, 2,384 Advancers to 1,540 Decliners with 324 Unchanged. Today, there were 697 new 52-Week Highs and 29 new 52-Week Lows. Yesterday, there were 807 new 52-Week Highs and 34 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 947,160,508, 14% higher compared to a total volume of 828,382,814 shares traded yesterday.
On the NASDAQ, the Advancers outnumbered the Decliners by a ratio of 1.26 to-1 or roughly for every six Advancers there were five Decliners. In actual numbers, 2,364 Advancers to 1,874 Decliners to with 282 Unchanged. Today, there were 309 new 52-Week Highs and 71 new 52-Week Lows. Yesterday, there were 334 new 52-Week Highs and 97 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 4,870,613,204, up 1% compared to a total volume of 4,819,158,810 shares traded yesterday.
Oil Price: US Oil price was steady at $70.62. The focus for now is the Fed’s interest rate decision tomorrow.
10 –year Treasury Yield: The US 10-year Treasury yield closed at 3.64%, up from yesterday’s close of 3.621%, while the five-year yield closed at 3.431%, up from 3.404%. A couple of basis points decline or gain at this point may not be of much significance. The 10-year yield curve was, but is currently, not inverted. Currently, the longer term bonds have higher yields than the shorter term bonds.
Market Roundup Report: Investors appeared hesitant to commit today to the market uptrend given the likelihood of volatility that may accompany the Fed’s interest rate announcement tomorrow. Traders should expect some volatility tomorrow probably persisting until well after the Fed’s Chairman’s press conference following the interest rates announcement. It may be better to stay on the sidelines, especially for beginning investors, and observe how the market session unfolds before jumping in.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
President Biden’s proposed rule to rein in Temu is having negative effect on PDD Holding’s stock but the rule may ultimately affect AMAZON and META stocks also. They all import lower priced items for sale in the US from China.
EV, Energy and Resource Stocks Watchlist
Li Auto was up 12.28% today closing at $21.29 with a volume of 13.6M shares traded.
IMPORTANT NOTICE
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.
SUBSCRIPTION Offer: We thank you for following our Stock Market posts but please be aware that we shall soon be restricting these articles to subscribers only.
We do not send this publication by email to readers. If you receive a copy by email please simply forward the email to us.
Our reports are composed by humans after proper analysis and detailed research. It is neither AI nor machine generated. We do not, like AI, make things up.
