The Canadian Vanguard Stock Market Report At Close – Tuesday, January 23, 2024
.
Today’s Data Driven Market Report And Analysis For Tomorrow’s Winning Trades
.
The Toronto Market
Today’s TSX market session’s positive performance was broad-based. Eight of the ten major TSX sectors gained during the market session. Basic Materials sector was up 1.98%; Durable Consumer Goods & Services was up 0.79%; Technology was up 0.70%; Energy was up 0.46%. Industrials and Financials were up 0.36% and 0.09% respectively, while Utilities and Healthcare declined -0.46% and -0.76% respectively.
Textile and Leather Goods industry, up 23.08% today was the leading industry group at the TSX session today. Aluminum was up 8.57%; Insurance–Multiline was up 3.40%5; Home Furnishing was up 3.30% while Chemical – Commodity was up 3%.
Today’s Statistics: The gaining issues (advancers) outnumbered the declined issues (decliners) today. The ratio was 1.37-to-1.00 or roughly for every seven advancers there were five decliners. In real numbers, 827 advancers to 604 decliners with 132 Unchanged. The total volume of shares traded for gaining stocks was 170,892,916 or 65.3%; the total volume for declined stocks was 83,185,848 or 31.8% and 7,729,776 or 3.0% for “Unchanged”.
There were 147 new 52-Week Highs and 12 new 52-Week Lows. That is decisively bullish. Based on today’s momentum alone the rally looks likely to continue.
The total volume of stocks traded at the TSX today was 261,808,540 compared to yesterday’s volume, a negligible decrease. Today’s volume of 261,808,540 is about seven per cent lower than the average of the ten most recent market sessions. Today the market was buoyant but with relatively low volume of stock traded.
The US Markets
The Dow Jones Industrial Average declined -96.36 points, or -0.25%, to close at 37,905.45. The S&P 500 was up 14.17 points, or 0.29%, to close at 4.864.60. The Nasdaq Composite gained, 65.66 points or 0.43%, to close at 15,425.94. It was a positive market day except for the blue chips. 3M was down 11% and Boeing down -1.6% and the gainers were not enough to compensate for the 3M decline.
Seven of the US market sectors ended the session in green with Telecommunications leading the performance with 1.78% gain. Durable Consumer Goods & Services gained 0.96%; Basic Materials – essentially mining companies, ended the session up 0.77%. Energy was up 0.27%; Utilities was up 0.24% and Industrials managed a 0.01% gain. Only Healthcare and Financials ended the session in the red with declines of -0.11% and -0.26% respectively. It was quite a positive market.
Among the industries today, Aluminum was up an impressive 4.8%; Entertainment & Production was up 3.5%; Integrated Telecommunications Services was up 2.92%; Airlines industry gained 2.8% and Personal Products was up 2.83%.
Today’s Market Statistics: Today, the gaining issues (advancers) were literally even with the declined issues (decliners) on the NYSE. For every advancer there was a decliner or 1-to-1 numerically. In real numbers, 1,979 decliners to 1,972 advancers with 327 “Unchanged”. The total volume of volume-gaining stocks was 522,108,080 or 57.5%; the total volume of declined-volume stocks was 372,614,344 or 41.1%; and 12,856,753 or 1.4% “Unchanged”.
There were 234 new 52-Week Highs and 42 new 52-Week Lows. That is quite bullish. The rally is trying to hang in there but providing conflicting signals while trying to find direction.
The total volume of stocks traded at the NYSE today was 907,579.177 compared with 1,045,050,239 yesterday, an 8.5% decrease. Today’s volume of 907,579.177 is about three per cent lower than the average of the ten most recent market sessions.
On the NASDAQ, the decliners slightly edged out the advancers by a ratio of roughly one decliner to one advancer or a ratio of 1.04 -to-1 in numbers. There were 2,175 decliners to 2,085 advancers with 333 unchanged. The total volume of volume-gaining stocks was 3,671,694,418 or 68.5%; the total volume of declined-volume stocks was 1,626,605,951 or 30.3% and 63,209,774 or 1.2% for “Unchanged”.
There were 151 new 52-Week Highs and 97 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,361,510,143 compared with 5,590,181,482 yesterday, a 4% decrease. Today’s volume of 5,361,510,143 is about six per cent lower than the average of the ten most recent market sessions.
The market outlook remains trade but with caution.
Stocks In The News/Stocks To Watch
The Toronto Market
Tisura Group Ltd (TSX:TSU) spent the last couple of months building a flat base. The stock is worth keeping an eye on and possibly adding to your watchlist upon further analysis. So also is Precision drilling (TSX:PD) both for short and long term investment consideration.
The US Markets
Meta Platforms (META) is one of the so called magnificent seven. The management trimmed “excess fat” in terms excess personnel and decided to run lean several months back. The company is now reaping the benefits of that exercise. Meta Platforms, purely on the basis of fundamentals, looks ready to keep climbing in the foreseeable future.
Regular Market Day Features
The Canadian Vanguard Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
Investing in the stocks of EV manufacturers remain a long term investment. We shall keep an eye on Tesla earnings report due later this week and report on it to our readers.
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.
SUBSCRIPTION Offer: We thank you for following our Stock Market posts but please be aware that we shall soon be restricting these articles to subscribers only.
We do not send this publication by email to readers. If you receive a copy by email please simply forward the email to us.
Our reports are composed by humans after proper analysis and research. It is neither AI nor machine generated. We do not, unlike AI, make things up.
