The Canadian Vanguard Stock Market Report At Close – Tuesday, January 9, 2024
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Your Market Report And Analysis For Tomorrow’s Market Winning Trades
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The Toronto Market
The TSX composite index declined -103.93 points or -0.49% to close at 20,970.98. The TSX uptrend started October 30, 2023, continues.
Eight of the ten major sectors ended the market session in red. Only Technology, with a gain of 1.65%, ended the market in green today. Telecommunications sector was even, neither declined nor gained. The worst performing sector was Healthcare with -1.28% decline. Financials declined -0.96%; Basic Materials declined -0.81%; Utilities declined -0.49%; Energy declined -0.37% and Industrials declined -0.36%. Both the Durable Consumer Goods & Services and the Discretionary Consumer Goods & Services declined -0.19% each.
Coal with 5.65% gain was the top performing industry at the TSX today. IT Services & Consulting followed with 2.76% gain; Retail – Apparel & Accessories gained 2.38%; Insurance – Multiline gained 2.34% while Media – Diversified gained 2.33%.
Today’s Market Statistics
The declined issues (decliners) outnumbered the gaining issues (advancers) today. The ratio of decliners to advancers was 1.4-to-1 or for every 7 decliners there were five advancers. In actual figures, 835 decliners to 597 advancers with 114 “Unchanged”.
The total volume for volume-gaining stocks was 97,411,463 or 33.5%; the total volume for declined-volume stocks was 182,635,439 or 62.9% and 10,418,393 or 3.6% for “Unchanged”.
There were 62 new 52-Week Highs and 12 new 52-Week Lows. This is bullish but most the data from the market session today pointed at a bearish market trend. This is not surprising given that the rally has persisted for well over a couple of months. The market might be showing signs of aging and investors might be taking profits. It is too early to make a call on if the market is possibly trying to change the current bullish trend.
The total volume of stock traded at the market session today was 290,465,295, which is slightly above the average of the last ten sessions.
The US Markets
The Dow Jones Industrial Average declined -157.85 points, or -0.42% to close at 37,525.16. The S&P 500 declined -7.04 points or -0.15% to close at 4,756.50. The Nasdaq Composite was up 13.94 points or 0.09% to close at 14,857.71.
The market was broad-based bearish today. Nine of the eleven major sectors closed in the red. Technology was the top performing sector but with a paltry 0.26% gain. Healthcare followed with -0.05% decline; Durable Consumer Goods & Services declined -0.08%; Discretionary Consumer Goods & Services declined -0.38%; Industrials declined -0.54%; Utilities declined -0.71%; Financials declined -1.18%; Energy declined -1.34% while Basic Materials declined -1.45% during the market session. The market was bearish today.
Marine Port Services was the top performing industry with 3.33% gain. Retail – Catalog & Internet Order was up 1.38%; Advertising / Marketing was up 1.12%; Appliances, Tools & Housewares gained 1% while Retail – Discount Stores gained 0.81%.
Today’s Market Statistics
Today, the declined issues (decliners) totally outnumbered the gaining issues (advancers) on the NYSE. The ratio was 2.06-to-1, approximately for every two decliners there was one advancer. In numbers, there were 2,660 decliners to 1,292 advancers with 267 “Unchanged”.
The total volume of volume-gaining stocks was 217,016,583, or 24.5%; the total volume of declined-volume stocks was 659,712,584, or 74.4%; and 10,275,128, or 1.2% “Unchanged”.
There were 102 new 52-Week Highs and 57 new 52-Week Lows. The current market rally is still very much alive, even if it occasionally shows signs of tiredness. The total volume of shares traded was 887,004,295 which was a bit lower than the average of the ten most recent weeks.
On the NASDAQ, the decliners outnumbered advancers. The ratio was 1.73-to-1.00 or for every seventeen decliners there were ten advancers. In real numbers, there were 2,705 decliners to 1,559 advancers with 312 “Unchanged”.
The total volume of volume-gaining stocks was 1,610,646, or 30.8%; the total volume of declined-volume stocks was 3,589,999,712, or 68.6%; and 35,454,847, or 0.7% “Unchanged”.
There were 90 new 52-Week Highs and 89 new 52-Week Lows. The Nasdaq composite was down earlier in the market but managed to close the market session in green. However, the market was more bearish than the closing value of the Nasdaq Composite index might indicate.
The market outlook remains uptrend positive. There was no Santa Claus rally in December and it is not looking like we are going to get any New Year January rally. Normally, if there is going to be such a rally it should have started by now. The market so far this new year has been trending on the bearish side.
10-year Treasury Yield: The 10-year yield was at 4.02%. There is an uncomfortable feeling that goes with seeing the 10-year yield at 4% or higher. There are no related hard rules but things often get bearish when the 10-year yield climbs to 4% or higher. It may be time for more cautious trading.
Crude Oil: Oil price was $72.26 as at market close today. Oil is currently trading at the overnight market at $72.62 , up 0.53% or $0.38.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
Pinduoduo Holdings (PDD) remains the Chinese stock to keep an eye on. The stock was a winner in 2023.
EV, Energy and Resource Stocks Watchlist
The Canadian Vanguard Market Reports:
Our reports are composed by top level professionals after proper analysis and research. We do not, like AI, make things up. Our reports are data driven and carefully analyzed for trends, detecting possible glitches or temporary bumps in the market data and indicating same to our readers.
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