The Canadian Vanguard Stock Market Report – September 27-29, 2024 Weekend
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Your Data-Driven Stock Market Analysis And Report – The investor’s readiness guide for the week of September 30 market sessions.
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The Toronto Market
The TSX today, declined -77.01 points or -0.32% to close the quite positive market session at 23,956.82. The TSX closed above 24,000 level on Thursday, was briefly above the level Friday morning but was unable to hold to that level. The current rally, however, does not appear to be in any danger.
The Market Spread: The market had a breather on Friday as only four of the major sectors gained. Energy was on top with 0.99% gain. Telecommunication Services was also up 0.99%. Healthcare, up 0.21%, and Utilities, up 0.09%, were the other sectors that ended up with gains on Friday. Discretionary Consumer Goods & Services, Financials and Durable Consumer Goods & Services were down -0.06%, -0.17% and -0.30% respectively. Technology, down -1.60% and Basic Materials down -1.77% were the laggards on Friday.
For the week – Basic Materials was up 4.77%; Durable Consumer Goods & Services was up 2.65%; Utilities was up 2.41%; Discretionary Consumer Goods & Services was up 1.52%; Technology was up 1.39% and Financials was up 0.70%. Telecommunications Services was down -1.06% and Energy was down -1.55%.
The Industry Groups: Consumer Electronics was up 6.67%; Coal was up 3.30%; Beverages – Non Alcoholic was up 3.18%; Oil & Gas Exploration & Production was up 2.21% and Retail – Drugs was up 1.95%.
Today’s Statistics: Today, the gaining issues (Advancers) outnumbered the declined issues (Decliners) by a ratio of 1.4-to-1.0 or for every seven Advancers there were five Decliners. In real numbers, there were to 1,082 Advancers to 770 Decliners with 116 Unchanged.
The total volume of shares traded at the TSX on Friday was 300,617,569, or 6% lower than the volume of 318,835,127 shares traded on Thursday.
Today, there were 232 new 52-Week Highs and 19 new 52-Week Lows.
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The US Markets
The Dow Jones Industrial Average was up 137.89 points or 0.33%, to close the market session at 42,313.00. The S&P 500 index declined -7.20 points, or -0.13%, to close at 5,738.17. The Nasdaq Composite was down -70.70 points or -0.39%, to close the session at 18,119.59. The Dow is now entrenched in record territory.
The market mover on Friday was the PCE index. The core PCE price index, as reported early Friday morning, showed that price pressures continued to fade even more than expected in August. The personal consumption expenditures, or PCE price index, rose 0.1%, in line with consensus forecast. The 12-month headline inflation rate eased to 2.2% from 2.5%, undercutting the 2.3% estimate. The core PCE price index rose 0.1% in August, below 0.2% forecasts. However, the 12-month core inflation rate ticked up to 2.7%, as expected. On an unrounded basis, the core PCE price index rose 0.13% in August, still quite tame. The 12-month core PCE inflation rate edged up from 2.65% in July to 2.68% in August. The concern for investors was the implication of the index report for Fed rate cuts at upcoming meetings.
The Market Spread: The market took a bit of a break on Friday. Only five of the major sectors ended Friday’s session with gains. Energy was up 1.65%; Utilities was up 0.87%, Telecommunications Services was up 0.76%. Discretionary Consumer Goods & Services was down -0.04%; Financials was down -0.05%; Basic Materials was down -0.25% and Technology was down -0.65%.
For the week – Basic Materials was up 4.88%; Discretionary Consumer Goods & Services was up 2.66%; Technology was up 1.56%; Telecommunications was up 1.14% and Utilities was up 0.93%. Telecommunications is simply a major category of Utilities, big enough to have its own category. This past week was a week during which Utilities and usually staid, dividend paying companies dominated. There was some rotation away from Technology to a broader based spread market, even if temporary, compared to some months back when the magnificent 7 dominated, or your might say, actually ruled the market.
The Industry Groups: Tires & Rubber Products was up 5.03%; Diversified Trading & Distribution was up 3.69%; Oil & Gas drilling was up 2.70%; Oil & Gas Exploration & Production was up 2.34%; Paper Products was up 2.29%. Semiconductor Equipment & Testing was down -1.87% reversing part of the gain at Thursday’s session. The members of the Tires & Rubber Products group are Bridgestone Corp (BRDCY), Goodyear Tire & Rubber Co (GT), Amerityre Corp (AMTY) and Givbux (GBUX).
Today’s Market Statistics: On Friday, the gaining issues (Advancers) outnumbered the declined issues (Decliners) on the NYSE. The ratio of Advancers to Decliners was 1.82-to-1.0 or for every two Advancers there was a Decliner. In actual numbers, there were 2,565 Advancers to 1,409 Decliners with 360 Unchanged.
Friday, there were 605 new 52-Week Highs and 31 new 52-Week Lows. On Thursday, there were 626 new 52-Week Highs and 71 new 52-Week Lows.
On the NASDAQ, the Advancers outnumbered the Decliners by a ratio of 1.46–to-1 or for every thirteen Advancers there were ten Decliners. In actual numbers, 2,526 Advancers to 1,731 Decliners with 231 Unchanged.
Friday, there were 221 new 52-Week Highs and 70 new 52-Week Lows. On Thursday, there were 293 new 52-Week Highs and 121 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,368,228,054, or 5% lower than the total volume of 5,668,827,555 shares traded on Thursday.
Oil Price: U.S. crude oil futures fell 4% to $68.18 a barrel last week.
10 –year Treasury Yield: The 10-year Treasury yield eased after a tame PCE index report showing tamed inflation.
Market Roundup Report: The TSX closed below the 24,000 level on Friday but was briefly above the level earlier in the market session. The current market rally is likely to continue. Major averages extend the rally to a third week and Dow record levels at close have persisted. The outlook is for the current market rally to persist at least in the short term.
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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
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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