The Canadian Vanguard Stock Market Report At Market Close – Wednesday August 21, 2024
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 was up 84.29 points or 0.37% to close today’s market session at 23,121.73.
The TSX advanced and the market was broad-based positive with eight of the ten major sectors participating in the index’s advancement. Technology, up 1.34%, led the sectors with gains. Healthcare was up 0.92%; Basic Materials gained 0.79%; Industrials gained 0.55%; Durable Consumer Goods & Services was up 0.46% and Financials followed with 0.34% gain. Discretionary Consumer Goods & Services was up 0.29% and Industrials sector was up a miniscule 0.07%. Utilities was down -0.14%; Energy declined -0.25%. It was a positive market session with no giant gains and no massive declines. The market, today, was quite regular with tempo under control.
The Industry groups: Chemicals – Specialty gained 2.83%; Highways and Railtracks was up 2.17%, reflecting increased summer travelers. Chemicals – Agriculture was up 1.85%. This industry hardly shows up in the top performing industry list. Tires & Rubber Products gained 1.75%. Paper Products declined -0.71%; Retail – Apparel & Accessories declined -0.73% and Leisure Products declined -1.26%.
Today’s Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) by a ratio of 2.76-to-1.0 or roughly for every three Advancers there was one Decliner. In real numbers, there were 1,333 Advancers to 483 Decliners with 170 Unchanged.
The total volume of shares traded at the TSX today was 274,688,044 quite a sharp decline from yesterday.
Today, there were 303 new 52-Week Highs and 16 new 52-Week Lows.
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The US Markets
The Dow Jones Industrial Average was up 55.52 points or 0.14%, to close the market session today at 40,890.49. The S&P 500 index was up 23.73 points, or 0.42%, to close at 5,620.85. The Nasdaq Composite advanced 102.05 points or 0.57%, to close the session at 17,918.99. Volume on the NASDAQ was down today. Dow continues the recent trend of lagging NASDAQ and S&P 500 indexes.
The US market was today broad-based positive. All the sectors ended the session with gains except Energy which declined a mere -0.04%. Basic Materials led the gains with a healthy 1.40% gain; Discretionary Consumer Goods & Services was up 1.29%, reflecting the continued upbeat earning reports and performance by retail companies today. Industrials was up 0.70% and Utilities was up 0.65%. Durable Consumer Goods & Services gained 0.56% and Technology was up 0.52%. Healthcare gained 0.38%; Financials was up 0.24% and Telecommunications Services was up 0.04%.
The Industry groups: Advertising / Marketing was up 4.65%; Homebuilding gained 3.26% reflecting the continued recent upbeat performance by home builders such as Toll Brothers Inc. (NYSE:TOL); Retail – Apparel & Accessories was up 3.13% and Diversified Trading & Distributing gained 2.99% today. Textiles & Leather Goods gained 2.93%.
Today’s Market Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 3.6-to-1.0 or for every seven Advancers there were two Decliners. In actual numbers, 3,097 Advancers to 857 Decliners with 365 Unchanged.
Today, there were 461 new 52-Week Highs and 35 new 52-Week Lows – quite a bullish performance. The total volume of stocks traded at the NYSE today was 3,120M, up 4% compared to yesterday.
On the NASDAQ, the Advancers prevailed over the Decliners by a ratio of 2.8 to-1 or roughly for every three Advancers there was one Decliner. In actual numbers, 3,052 Decliners to 1,186 Advancers with 280 Unchanged.
Today, there were 202 new 52-Week Highs and 75 new 52-Week Lows. The total volume of stocks traded at the NASDAQ today was 5,482,529,711. The volume was down 10% on the NASDAQ today compared to yesterday.
Oil Price: U.S. crude oil futures was down to $71.72 a barrel as at 11pm Wednesday night.
10 –year Treasury Yield: The US 10-year Treasury yield closed at 3.799%, as at the time of this post down from Tuesday’s close of 3.818%, while the five-year yield at market close was at 3.642%.
Market Roundup Report: The current rally has legs although there could be healthy temporary pullbacks along the way as we move forward. The market has at this point priced in a 25 basis point decrease in interest rate at the Feds next meeting in September. There could and should be healthy pullbacks along the way but all indications are that the current rally has legs. It is a good idea to watch out and not be too aggressive with stocks that are already extended.
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Stocks In The News/Stocks To Watch
The Toronto Market
The TSX has been advancing steadily since the big sell off on August 5. The index is currently sitting above the 23,000 level. We normally avoid stocks with current price less than $25 and also stocks with daily average volume traded under 100,000 but on the TSX most miners tend to fall outside of those limits. Here are some TSX miners that are worth adding to one’s watchlist: Ivanhoe Mines Ltd was up 2.70% or $0.48 today to close at $18.26 with 1.9M shares traded; Agnico Eagle Mines gained 0.59% or $0.66 to close the market session today at $112.44 with 812K shares changing hands.
The US Markets
It is time to start looking outside of or in addition to the Magnificent Seven technology stocks. The retailers and the homebuilders have been in the news lately because they have been on the uptrend since the market rotation a few weeks back. Target Corporation (TGT) had an upbeat earnings report. Ross Stores Inc. rose in sympathy. Target was up 11.20% or $16.04 to close at $159.25 with 25.6M shares traded. Ross Stores Inc. (ROST) was up 4.23% or $6.25 to close at $153.95 with 3.2M shares traded.
Toll Brothers (TOL) is one of the homebuilders with a focus on expensive homes and the stock has been doing well in the market recently. TOL stock was up 5.62% or $7.51, closing today at $141.03 with 4.2M shares traded.
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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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