The Canadian Vanguard Stock Market Report At Market Close – Wednesday, October 9, 2024
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The Toronto Market
The TSX composite index jumped 152.39 points or 0.63% to close the market session at 24,224.90 making it two consecutive sessions of gains.
The Market Spread: Eight of the ten major sectors gained at the market session today. The market today had good breadth; it was broad-based positive with Energy sector, up 21.98%, leading the charge. Technology was up 1.35%; Discretionary Consumer Goods & Services was up 0.87%; Energy was up 0.58% and Financials was up 0.39%. Telecommunications Services declined a marginal -0.05% and Healthcare declined -0.32%.
The Industry Groups: The top five industry groups at the market on Wednesday were Forest & Wood Products, Textiles & Leather Goods, Coal, Electrical Components & Equipment and Auto & Truck Manufacturers in that order. Aluminum was the worst performer declining -12.50%.
Today’s Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) by a ratio of 1.88-to-1.0 or simply there were two Advancers for every Decliner today. In real numbers, there were to 1,181 Advancers to 627 Decliners while 180 stocks remained Unchanged.
The total volume of shares traded at the TSX today was 371,970,716 or 5% higher than the volume of 353,815,298 shares traded on Friday.
Today, there were 259 new 52-Week Highs and 10 new 52-Week Lows – really bullish performance. By comparison on Tuesday, there were 145 new 52-Week Highs and 13 new 52-Week Lows.
The US Markets
After hours action: Futures were little changed this evening as the Consumer Price Index (CPI), the inflation report, is due in the morning.
Today, the Dow Jones Industrial Average vaulted 431.63 points or 1.03%, to close the market session at 42,512.00 – a record close. The S&P 500 index advanced 40.91 points, or 0.71%, to close at 5,792.04. The Nasdaq Composite advanced 108.70 points or 0.60%, to close the session at 18,291.62. It was another day of robust gains by all the indexes. The S&P 500 touched an all time record high a few minutes before market close.
The Market Spread: The US markets were broad-based positive as nine of the major sectors ended today’s market session with gains. Healthcare, up 0.77%, led the gaining sectors. Industrials followed with 0.73% gain; Technology was up 0.69% and Financials was up 0.54%. Basic Materials was up 0.44% and Telecommunications Services was up 0.30%. Utilities down -0.70% was the only sector to decline at the US markets today.
The Industry Groups: There were no big gainers and no major decliners among the industries at the market session. Reinsurance was up 2.85%; Marine Port Services was up 2.65%; Tires & Rubber Products was up 2.52%; Hotels, Motels & Cruise Lines was up 2.4% and Semiconductor Equipment & Testing was up 2.18%. Oil & Gas Drilling, down -1.96%, was the worst performing industry. It was a positive, bullish market session with all indicators just about right. Cruise Lines made good gains at the market session. Norwegian Cruise Line (NCLH) was up 10.9%, Carnival Cruise Lines (CCL) was up 7% and Royal Caribbean (RCL) was up 5.3%.
Today’s Market Statistics: It was a positive market session and on the NYSE the gaining issues (Advancers) outnumbered the declined issues (Decliners) by a ratio of 1.72-to-1.0 or roughly for every eight Advancers there were five Decliners. In actual numbers, there were 2,064 Advancers to 1,908 Decliners with 336 Unchanged. There were 173 new 52-Week Highs and 48 new 52-Week Lows. The total volume of stocks traded at the NYSE today was 883,936,054.
On the NASDAQ, the Advancers edged out the Decliners by a ratio of 1.02–to-1 or roughly for every Advancer there was a Decliner. In actual numbers, 2,164 Advancers to 2,113 Decliners with 274 Unchanged. There were 189 new 52-Week Highs and 150 new 52-Week Lows. The total volume of stocks traded at the NASDAQ today was 5,355,182,095.
Oil Price: Oil price drifted lower to close at $74.00 a barrel today.
10 –year Treasury Yield: The US 10-year Treasury yield closed at 4.063%, up from Tuesday’s close of 4.033%, while the five-year yield closed at 3.903%, up from 3.864%.
Market Roundup Report: The current market rally remains in excellent shape. However, it is important to watch out for stocks with extended price as such stocks could be experience sudden pullback resulting in “dented” portfolios.
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Regular Market Day Features
Beginner Investor’s Canadian Stocks Watchlist
Beginner Investor’s Blended Growth Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
Analysts queried the current projected energy needs of massive AI computing expected in future. Their thinking is that the needs are likely very inaccurate and likely over estimated. Their related reports caused some energy company stocks to crash today. Constellation Energy Corporation down 6.12% today was one of the companies affected.
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