The Canadian Vanguard Stock Market Report At Market Close – Wednesday August 7, 2024
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Your Data-Driven Stock Market Analysis And Report
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The Toronto Market
The TSX declined -98.41 points or -0.45% to close today’s market session at 21,880.95. The TSX started the day positive but ended the session in the red making today the fourth consecutive session of market decline. Today’s decline was a bit milder than at the previous three sessions.
The market opened high today but declined straight from then right till market close. Technology was the lead performing sector at TSX today, thanks to Shopify’s earnings report. Technology was up 6.11% for the day. Energy followed but with a paltry 0.28% gain. Telecommunications Services decline a “reluctant” -0.01% – barely a decline. Telecommunications Services has recently become a top performing industry since the market turned bearish, a few sessions back, as investors looked for safe haven sectors for their investing. Utilities was down -0.81% and Industrials was down -0.84%. Financials declined -1.18% and Basic Materials was down -2.77%.
In the Industry groups, IT Services & Consulting was up 13.22%; Casinos & Gaming gained 4.30%; Retail – Apparel & Accessories gained 2.65%; Integrated Oil & Gas gained 2.27% and Marine Port Services gained 2.25%.
Today’s Statistics: Today, the declined issues (Decliners) outnumbered the gaining issues (Advancers). The ratio of Decliners to Advancers was 5.57-to-1.0 or just about eleven Decliners for every two Advancers. In real numbers, 930 Decliners to 464 Advancers with 99 Unchanged.
The total volume of shares traded at the TSX today was 449,735,243 compared to 423,046,874 yesterday. The volume today was 5% lower than the volume at Friday’s market session and 1.29% higher than the average of the ten most recent market sessions.
The US Markets
The Dow Jones Industrial Average declined -234.21 points or 0.60% to close the market session at 38,763.45. The S&P 500 was down -40.53 points, or -0.77%, to close at 5,199.5. The Nasdaq Composite dived -171.05 points or -1.05%, to close the session at 16,195.81.
Only four of the US major sectors gained at the market session today. Telecommunications Services, like yesterday, was the leading sector up a mere 0.45% reflecting the negative market session today. Energy was also up 0.14%; Utilities gained 0.11% and Durable Consumer Goods & Services gained 0.05%. Financials declined -0.24%; Industrials declined -0.47%; Discretionary Consumer Goods & Services declined -1.24 and Basic Materials declined -1.56%; Technology was down -0.95% as Nvidia, SMCI, Microsoft (MSFT) and Tesla stocks were down sharply during the session.
In the Industry groups, Consumer Electronics was up 1.66%; Integrated Oil & Gas was up 1.46%; Tobacco was up 1.31%; Household Products was up 1.07% and Communications Equipment was up 1.00%.
Oil Price: U.S. crude oil prices jumped 2.8% to $75.23 a barrel.
10 –year Treasury Yield: The 10-year yield closed at 3.966%, up from Tuesday’s close of 3.886%, while the five-year yield closed at 3.793%, up from 3.729%.
Market Roundup Report: The indexes opened high today but declined from market open right to market close. The rally attempt started yesterday remains alive but remains a rally attempt and in the early days of the rally. The market currently calls for a lot of caution and keeping a keen eye on current holdings. It may not yet be time for new purchases. In the current market one does not need to wait for the usual seven to eight percent decline from purchase price before exiting positions. In addition one should also consider the risks before carrying a position in to an earnings report.
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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
The EV manufacturers continued to suffer major declines as the market continues to struggle.
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