The Canadian Vanguard Stock Market Report At Market Close – Tuesday September 3, 2024
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Data-Driven Analysis and Insights you need to prepare for informed investing at the market tomorrow
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The Toronto Market
The TSX dove -303.73 points or -1.30% to close today’s market session at 23,042.45. The market today was a rout – really negative. It is generally a bad sign when an index made up of thousands of stocks declines over 1% at any one session. Gold was down today at the regular market but climbing up at the after hours market.
The TSX was down significantly today but it would appear that investors made the mad dash to safety as only two sectors ended the session in green and the two sectors were Telecommunications Services up 1.11% and Utilities which was up though by a paltry 0.18%. Utilities sector, typically, is one of the traditional investors’ “safe sectors”. Utilities and Telecommunications Services sectors hardly ever make giant gains or major losses at a single market session. Most stocks in the Utilities sector also tend to pay dividend. Durable Goods & Services managed to remain unchanged while Healthcare declined -0.08%; Financials was down -0.53%, Industrials was down -0.63% and Energy went down by -1.90%. Discretionary Consumer Goods & Services was down -1.94%; Technology went down a heavy swing of -2.34% and Basic Materials was down a whopping -4.28%.
The Industry groups: Publishing was up 7.42%; Tires & Rubber Products was up 3.77%; Integrated Telecommunications Services was up 1.46% and Communications Equipment was up 0.98%. Construction Materials, Paper Products and Mining & Metals-Specialty went down hard with the latter down -7.65% at the market today. In Technology, Software industry was down -2.12%, IT Services & Consulting was down -2.57% and Computer Hardware was down -3.75%.
Today’s Statistics: Today, the declined issues (Decliners) totally outnumbered the gaining issues (Advancers) by a ratio of 2.46-to-1.0 or roughly for every twelve Decliners there were five Advancers. In real numbers, there were 1,370 Decliners to 556 Advancers with 103 Unchanged.
The total volume of shares traded at the TSX today was 410,360,973.
Today, there were 148 new 52-Week Highs and 34 new 52-Week Lows. This ratio is definitely not a true picture of the market actions today. It was quite a bearish market.
The US Markets
The Dow Jones Industrial Average went down -626.15 points or -1.51%, to close the market session today at 40,936.93. The S&P 500 index went down -119.47 points, or -2.12%, to close at 5,528.93. The Nasdaq Composite crashed -577.32 points or -3.26%, to close the session at 17,136.30.
It was a rough market session but two of the US major sectors managed to end the session in green: Telecommunications Services was up 1.25% and Durable Consumer Goods & Services was up 0.71%. Utilities declined -0.41%; Healthcare declined -0.73%. Financials declined -1.14%; Industrials declined -2.23%; Energy went down -2.58%; Basic Materials suffered a major decline of -3.25% while Technology got damaged a whopping -3.82%.
The Industries groups: Retail – Department Stores gained 2.13%; Household Products gained 2.05%; Retail – Drugs gained 1.75%; Beverages – Non-Alcoholic was up 1.42% and Integrated Telecommunications Services gained 1.40%.
Today’s Market Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers) on the NYSE. The ratio of Decliners to Advancers was 2.54-to-1.0 or for every thirteen Decliners there were five Advancers. In actual numbers, 2,866 Decliners to 1,136 Advancers with 307 Unchanged.
Today, there were 297 new 52-Week Highs and 83 new 52-Week Lows – not truly reflective of today’s market action which was truly bearish.
The total volume of stocks traded at the NYSE on today was 2,111,177,110. The volume was down -7.6% from Friday’s market session.
On the NASDAQ, the Decliners totally prevailed over the Advancers by a ratio of 3.5 to-1 or roughly for every seventeen Decliners there were five Advancers. In actual numbers, 3,352 Decliners to 958 Advancers with 237 Unchanged.
Today, there were 104 new 52-Week Highs and 167 new 52-Week Lows. It was a bearish market.
The total volume of stocks traded at the NASDAQ today was 5,644,517,555. The volume was up 5% compared to Friday’s market session. There was heavy selling today but mainly in the technology sector.
Oil Price: U.S. crude oil fell slightly, just undercutting $69.87 a barrel.
10 –year Treasury Yield: The 10-year Treasury yield was down marginally at 3.835% as investors weigh slowing growth fears.
Stocks In The News/Stocks To Watch
The Toronto Market
The big Canadian big six banks had a mixed day. Royal Bank (TSX:RY) was up 0.47% and Bank of Nova Scotia (TSX:BNS) was up 0.79%. Canadian Imperial Bank of Commerce (TSX:CM) and TD Bank (TSX:TD) were down -0.38% and -0.73% respectively. BMO was down -1.03% with the daily volume below recent average. Royal Bank had been on an upswing since it announced successfully absorbing HSBC. RY stock today ended the session up $0.77 to close at $163.75 with 2.7M shares traded.
Bank of Nova Scotia is certainly a stock to keep an eye on. BNS stock has also been on the upswing and is currently well above 25 and 50-day lines. It actually looks like it might become extended but for now it is worth keeping an eye on especially given today’s general market action.
Havision Systems Inc. (TSX:HAI) is a technology company which is very active in media systems and services – video streaming and networking solutions. The company is certainly a stock to keep an eye on. We normally avoid stocks priced under $20 but this might end up as a good long term play. HAI stock gained 6.78% or $0.37 to close at $5.83 with 103.5k shares changing hands. The average daily volume is a bit low but appears to be growing.
The US Markets
Nvidia and the chip technology stocks dominated the US market news today. Nvidia (NVDA) which dominates the AI chip platform has been on a tear until recently. The stock was down almost 9.53% at the regular market session today. The stock, however, is still up 118% for the year after today’s plunge. It was the worst day for chips in four years. Stocks of Chip manufacturers were down heavily today. Advanced Micro Devices declined -7.82%. Broadcom (AVGO) was down -6.16%.
The Healthcare sector was not as badly battered during today’s market session as some other sectors. One stock to keep an eye on is McKesson Corp (MCK). The stock was up 2.29% or $12.87 to close the session at $573.95 with one million shares traded today.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
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