The Canadian Vanguard Stock Market Report – November 8 – 10, 2024 Weekend
Your Data-Driven Stock Market Analysis And Report – The investor’s readiness guide for the week of November 11 market sessions.
(Updated regularly throughout the weekend)
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The Toronto Market, Friday
The TSX composite declined -86.53 points or -0.35% to close the market at 24,759.40. The TSX ended five consecutive sessions of gains on Friday but we would not be too far off the mark to consider Friday’s decline as relatively small.
The Market Spread: The market breadth at the TSX was far from broad-based today as only four of the ten major sectors gained. Telecommunications Services – the perennial poor performing sector within the TSX was the best performing sector on Friday. We shall keep an eye on the sector for our readers in case a change is around the corner. Discretionary Consumer Goods & Services (read as Retail or a good Retail gauge or indicator) was up 0.93%; Utilities was up 0.75% and Technology was up 0.73%. Financials remained even, neither gained nor declined during the market session. Energy was down -0.62% while Basic Materials brought up the rear among the sectors with -1.85% decline.
For The Week: Technology was up a good 5.70% – thanks to Shopify and Celestica Inc. Financials was up 3.36%; Energy was up 3.32%; Durable Consumer Goods & Services was up 3.25% and Industrials gained 2.62%. Basic Materials was down -1.16%; Telecommunications Services declined -4.53% and Healthcare declined a whopping -5.11%.
Industry Groups: On Friday, Media Diversified was up 4.66%; Construction – Supplies & Fixtures gained 3.72%; Tires & Rubber Products gained 3.24%; Fishing & Farming was up 2.59% and Retail – Apparel & Accessories gained 2.40%.
Today’s Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners). There were eleven Advancers for every ten Decliners or a ratio of 1.10 to 1.0. In real numbers, there were 975 Advancers and 887 Decliners while 147 stocks remained Unchanged.
The total volume of shares traded at the TSX on Friday was 365,935,145 or 22% less when compared to the volume of 470,950,280 shares traded on Thursday.
Today, there were 310 new 52-Week Highs and 34 new 52-Week Lows. By comparison, there were 338 new 52-Week Highs and 28 new 52-Week Lows on Thursday.
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The US Markets
Futures: Stock futures are up slightly Sunday evening as at the time of this post. Dow Jones, S&P 500 and NASDAQ futures are all up slightly pointing at the rally continuing into Monday market’s session. Bitcoin was up at $82,00.00 as at the time (11pm EST) of the current update to this post.
Friday Market Report:
The Dow Jones Index advanced 259.65 points or 0.59% to close at 43,988.99. The S&P 500 index was up 22.44 points or 0.38%, to close at 5,995.54. The Nasdaq Composite was up a mere 17.32 points or 0.09%, to close the session at 19,286.78.
The Market Spread: On Friday, seven of the major sectors ended the session with gains. Utilities led the gains with 1.48% gain. Industrials gained 1.00%; Discretionary Consumer Goods & Services gained 0.95%; Durable Consumer Goods & Services gained 0.81%; Healthcare was up 0.59% and Financials was up 0.32%. Energy, Technology and Basic Materials were down -0.30%; -0.41% and -1.59% respectively. Telecommunications Services was up 0.43%. On Thursday, Technology was the best performing sector. Readers are reminded that effective Friday, Nvidia moved to Dow Jones Industrials replacing Intel within the index. On Wednesday, the Financials sector was the lead performing sector, but on Thursday, the sector was the worst performing sector declining -1.00%. The rally remains quite strong but there is some rotation taking place.
For The Week: All the sectors gained and relatively handsomely. Discretionary Consumer Goods & Services gained a hefty 8.36%; Industrials was up 5.69%; Technology was up 5.36%; Financials was up 5.16%. It was a very good week for stocks – thanks to or blame it on the Trump rally depending on your outlook on things.
Industry Groups: On Friday, Consumer Electronics was up 8.71%; Appliances, Tools & Housewares was up 4.54%; Auto & Truck Manufacturers was up 4.36%; Aerospace & Defense was up 2.71% and Retail- Discount Stores gained 2.01%.
Today’s Market Statistics: At the NYSE, the gaining issues (Advancers) outnumbered the declined issues (Decliners). There were roughly five Advancers for every three Decliners. In actual numbers, there were 2,573 Advancers to 1,514 Decliners with 246 Unchanged.
On Friday, there were 642 new 52-Week Highs and 90 new 52-Week Lows. By comparison, yesterday there were 643 new 52-Week Highs and 58 new 52-Week Lows.
The total volume of stocks traded at the NYSE today was 1,114,752,634 or 27% less when compared to the total volume of 1,516,970,446 stocks traded on Thursday. The volume on Friday was less than the volume on Thursday but was still well above the usual daily average volume on the NYSE. The rally is currently running on high energy.
On the NASDAQ, the Advancers outnumbered the Decliners. For every six Advancers there were five Decliners or a ratio of 1.22 to 1.0. In actual numbers, 2,371 Advancers to 1,944 Decliners with 269 Unchanged.
On Friday, there were 412 new 52-Week Highs but 120 new 52-Week Lows. By comparison, on Thursday there were 413 new 52-Week Highs but 102 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 7,470,839,007, or 10% less when compared to the total volume of 8,341,953,342 shares traded on Thursday.
Oil Price: Oil price was down at $70.35 as at the time of this update – Sunday evening 11:00pm.
10 –year Treasury Yield: The 10-year Treasury yield ended the week lower despite the initial postelection pop. The US 10-year Treasury yield closed at 4.306%, down from Thursday’s close of 4.341%. The five-year yield closed at 4.192%, up from 4.188%.
Market Roundup Report: It has been a fabulous week for stocks. The presidential election result energized the rally further. The Nasdaq composite ended Friday with a slim 0.1% gain. However, the true story was the tech-heavy index’s blockbuster weekly lift of 5.7%, the best week since March 2022. Investors should take advantage of the “Trump Rally” while it lasts.
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Stocks In The News/Stocks To Watch
The US Markets
Tesla Inc. (TSLA) stock is on a Roll and powered by the Trump Rally. In our post Thursday evening, we commented that, “Tesla was up 2.90% or $8.38 today and closed at $296.91. Tesla stock appeared destined to cross the $300.00 price soon as long as the Trump Rally continues”.
On Friday Tesla stock affirmed that it means business. The stock vaulted 8.19% or $24.31 to close at $321.22 with a massive 204M shares traded. The main reason you are reading this post or are trading the stock market is to make money. If you can’t beat them join them but keep eyes wide open and remain alert. If the $321 price is rather high for you, TD Web Broker now lets investors purchase fractional shares.
Trade Desk (TTD) reported Q3 non-GAAP earnings late Thursday of $0.41 per diluted share, up from $0.33 a year earlier. Trade Desk (TTD) was down on Friday but most analysts rate it a BUY. Revenue for the quarter ended Sept. 30 was $628 million, up from $493.3 million a year earlier. Analysts expected $620.6 million. Shares of Trade Desk were 7.2% lower in after-hours trading on Thursday. Shares managed a rather slight recovery during the regular market session on Friday, however, the stock still closed in the red. TTD stock was down -5.58% or $-7.40 to close at $125.13 with 13.6M shares changing hands.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
Blended Growth Stocks Watchlist
Tesla is on a Roll powered by the Trump Rally. Read more in the Stock In The News section above.
EV, Energy and Resource Stocks Watchlist
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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