The Canadian Vanguard Stock Market Report At Market Close – Wednesday August 14, 2024
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The Data-Driven Information you need to prepare for informed investing at the market tomorrow
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The Toronto Market
The TSX was up 141.83 points or 0.63% to close today’s market session at 22,760.01.
Today’s market session was broad-based. Eight of the ten major sectors ended the session with gains. Technology, up 1.75% was the top performing sector and Financials also had a good session. Industrials and Financials gained 0.92% and 0.84% respectively. Energy sector was up 0.67%; Basic Materials declined -0.31% and Telecommunications Services declined -0.42% today.
In the Industry groups, Casinos & Gaming was up 5.86%; Financials – Specialty was up 4.03%; Construction Materials was up 2.75% and Air Freight & Courier Services was up 2.52% today. Some of the companies in the Financials – Specialty Industry Group are: Black Diamond Group (TSX:BDI); Element Fleet Management (TSX:EFN); First National Financial Corp (TSX:FN); Timbercreek Financial Corp (TSX:TF) and ECN Capital Corp (TSX:ECN).
Today’s Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) by a ratio of 2.2-to-1.0 or for every eleven Advancers there were five Decliners. In real numbers, 1,206 Advancers to 551 Decliners with 162 Unchanged. Today, there were 137 new 52-Week Highs and 12 new 52-Week Lows.
The total volume of shares traded at the TSX today was 335,146,918.
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The US Markets
The Dow Jones Industrial Average was up 242.75 points or 0.61%, to close the market session today at 40,008.39. The S&P 500 index was up 20.78 points, or 0.38%, to close at 5,455.21. The Nasdaq Composite gained 4.99 points or 0.03%, to close the session at 17,192.60. The NASDAQ had a more volatile session than the other indexes. The NASDAQ was down most of the afternoon but climbed up during the final thirty minutes of the session from being down -80 points to end the session with a 4 point gain. Volume was down today both at the NASDAQ and NYSE.
The market driver today was the Inflation report as per the consumer price index (CPI) report released earlier in the day. The Stock Market reacted positively to the report as with additional gains to market gains on Tuesday which itself was driven by the producer price index report released Tuesday. The report showed that the consumer price index for July rose less than 3% on an annual basis and 0.2% from June, while core inflation was the lowest since April 2021. Most analyst now take a 25% rate cut by Feds at the September meeting as an almost sure bet. Of course a bet remains a bet until the event actually happens.
The market was broad-based positive today. Eight of the major sectors ended the session with gains. The Financials sector, up 1.05%, led the sectors as the big banks were up today; JP Morgan Chase was up 1.11% while Goldman Sachs Group gained 1.37%. Energy sector gained 0.61%; Durable Consumer Goods & Services was up 0.54%; Industrials gained 0.47% while Healthcare gained 0.30% and Technology gained 0.18%. Basic Materials declined -0.34%.
Moving on to Industry Groups, Insurance – Property & Casualty was up 2.68%; Diversified Trading & Distributing gained 2.38%; Investment Services was up 1.83% and Airport Services gained 1.51%.
Today’s Market Statistics: Today, the advanced issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 1.6-to-1.0 or for every eight Advancers there were five Decliners. In actual numbers, 2,429 Advancers to 1,485 Decliners with 336 Unchanged.
Today, there were 226 new 52-Week Highs and 49 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 1,107,710,555.
On the NASDAQ, the Decliners prevailed over the Advancers by a ratio of 1.34 to-1 or roughly for every thirteen Decliners there were ten Advancers. In actual numbers, 2,410 Decliners to 1,799 Advancers with 279 Unchanged.
Today, there were 105 new 52-Week Highs and 158 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,701,996,074.
Oil Price: WTI Crude Oil price was at $77.25 while Brent Crude was at $80 as at the time of this post. WTI Crude Oil price had crashed to $75 on Monday as part of the reaction on that day to fears of likely recession in the US, however, Oil price has been inching up daily since then.
10 –year Treasury Yield: The 10-year Treasury yield was down three basis points to 3.82%. The yield has declined 18 basis points in the past four sessions.
Market Roundup Report: The market rally appears to be here to stay. The market was positive today with a good spread among the sectors. Today, the market built on the gain at Tuesday’s session. Technology and Financials, for example, were both up. The decliners actually outnumbered the gainers on the NASDAQ today. That should be taken as a flag that while investors should start moving back in to the market, a lot of caution is still required. The coast is not fully clear yet! It is a positive sign that the 10-year yield remains under 4%.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian big six banks had quite a positive market session today. The big market mover today was the likelihood of further interest rate declines later in the year. Further interest rate declines should enable businesses to get cheaper financing to grow their operations and stimulate the economy including creating more employment.
The Canadian Vanguard Chinese Stocks Watchlist
PDD Holdings Inc (PDD) is a top Chinese stock. It is a stock with strong fundamentals and it is worth keeping an eye on both for short and long term investment consideration.
EV, Energy and Resource Stocks Watchlist
Tesla Inc and most of the EVV stocks were down 3% or worse today.
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.
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