The Canadian Vanguard Stock Market Report At Close – Wednesday, January 10, 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 was up 18.44 points or 0.9% to close today’s market session at 20,989.42. The TSX composite had a narrow trading range of about forty points throughout the session but finally closed at its lowest level for the day. There was definitely not enough demand for the index to close higher today.
Technology was the top performing sector today. The sector was up 1.02%. Durable Consumer Goods & Services sector was up 0.83%; Telecommunications Services was up 0.43%. Basic Materials was down -0.07%; Energy was down -0.21%; Financials was down -0.27% and Healthcare was down -0.31%.
The top performing industries at the TSX today were led by Computer Hardware which was up a whopping 22.86%. Reinsurance was up 2.81%; Semiconductors was up 1.88% while Electrical Components & Equipment was up 1.78%. Textiles & Leather Goods was down -7.69% while Coal which was the top performing industry yesterday was down -2.76%.
Today’s Market Statistics
The total volume for volume-gaining stocks was 129,618,342 or 48.9%; the total volume for declined-volume stocks was 135,342,578 or 51.1% and 10,418,393 or 3.6% for “Unchanged”.
The market may be getting ready to depart from or modify the strength behind the current trend. Technology stock were up bullishly today but still the total volume was down and quite below the average of recent sessions.
The total volume of stock traded at the market session today was 264,960,920 which is below the average of the most recent ten sessions.
The US Markets
The Dow Jones Industrial Average was up 170.57 points, or 0.45% to close at 37,695.73. The S&P 500 was up 26.95 points or 0.57% to close at 4,783.45. The Nasdaq Composite was up 111.94 points or 0.75% to close at 14,969.65.
Volume of shares traded on Nasdaq was down 13% from the previous day casting some shadow on the indexes performance today.
The market performance was fairly broad-based as seven of the eleven major sectors ended the session with gains. Technology with 0.94% was the top performing sector. Discretionary Consumer Goods & Services was up 0.88%; Healthcare was up 0.39%; Industrials was up 0.34%; Financials was up 0.13% while Durable Consumer Goods & Services was up 0.03%. Basic Materials was down -0.38% while Energy was down -0.87%.
The approval of spot bitcoin ETF’s, by The Securities and Exchange Commission, the timing of which has been a source of speculation by market players, finally came today after market close. There was a false announcement of the approval earlier in the day which was refuted but the final approval is here and bitcoin ETFs will most likely start trading from tomorrow morning.
Today’s Market Statistics
Today, the gaining issues (advancers) outnumbered the declined issues (decliners) on the NYSE reversing the market’s performance yesterday. The ratio was 1.35-to-1, approximately for every seven advancers there were five decliners. In numbers, there were 2,271 advancers to 1,682 decliners with 274 “Unchanged”.
The total volume of volume-gaining stocks was 426,317,950, or 47.9%; the total volume of declined-volume stocks was 453,974,366, or 51%; and 9,707,192, or 1.1% “Unchanged”.
There were 204 new 52-Week Highs and 76 new 52-Week Lows. The current market rally is still very much alive. The market’s statistics today was quite bullish overshadowing some minor bearish signals at yesterday’s market. The total volume of shares traded was 889,999,295 which was just shy of the average of the ten most recent sessions. Today’s market was quite bullish.
On the NASDAQ, the decliners slightly outnumbered the advancers. The ratio was 1.03-to-1.00, which for all practical purposes should be considered one to one., or for every decliner there was an advancer. In real numbers, there were 2,154 decliners to 2,083 advancers with 321 “Unchanged”.
The total volume of volume-gaining stocks was 2,087,663,524 or 47.9%; the total volume of declined-volume stocks was 2,374,946,321, or 51,1%; and 57,005,512, or 1.1% “Unchanged”.
There were 108 new 52-Week Highs and 97 new 52-Week Lows. The bearish signals which cropped up here and there yesterday disappeared today. The market was more even in performance between the bulls and the bears.
The market outlook remains uptrend positive. Technology companies had good market showing today. We mentioned yesterday that there was no Santa Claus rally in December and it is not looking like we are going to get any New Year January rally. Well, let us keep our fingers crossed while we keep our eyes on the market. There was very important data today though. The volume was down a substantial amount on the NASADAQ. That casts a credibility shadow on the market’s performance and any related conclusion.
Stocks In The News/Stocks To Watch
The Toronto Market
Technology stocks have been rallying and Shopify has kept up within the sector Shopify is a big weight in the TSX Technology sector and is currently worth keeping an eye on. The stock looks like it is likely to keep rising in the short term, even if slowly.
Celestica Inc. (CLS) is another Technology stock on the TSX that is worth keeping an eye on.
The US Markets
Intuitive Surgical (ISRG) was one of top gainers on the US markets today. The stock was up 10.25% or $33.89 with a 192% increase in volume. The stock is worth keeping an eye on.
Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
EV, Energy and Resource Stocks Watchlist
The Canadian Vanguard Market Reports:
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