The Canadian Vanguard Stock Market Report At Market Close – Wednesday, January 17, 2024
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Today’s Data Driven Market Report And Analysis For Tomorrow’s Market Winning Trades
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The Toronto Market
The TSX composite index declined -253.07 points or -1.21% to close today’s market session at 20,695.02. The market finally declined heavily today. It was kind of expected, given recent performance. The market has been unable to move definitively since the beginning of the year.
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The market declines today were broad-based. All ten TSX major sectors ended the market session in the red. The top performing sector, Durable Consumer Goods & Services declined -0.23%. Discretionary Consumer Goods & Services declined -0.57%; Telecommunication Services declined -0.69%; technology declined -0.95%; Financials declined -0.98%; Industrials declined -1.00%; Energy declined -1.25%; Healthcare declined -1.26% while Basic Materials was the worst performer declining -2.22%.
Aluminum was the top performing industry with 2.70% gain. Auto & Truck Manufacturers was up 2.1%, Construction Materials was up 1.84% while Media Diversified was up 1.22%.
Today’s Statistics: The declined issues (decliners) totally outnumbered the gaining issues (advancers) today. The ratio was 5.44-to-1.00 or roughly for every eleven decliners there were two advancers. In real numbers, 1,253 decliners to 230 advancers with 86 Unchanged. The total volume of shares traded for gaining stocks was 36,275,217 or 11.8%; the total volume for declined stocks was 258,957,264 or 84.1% and 12,642,083 or 4.1% for “Unchanged”.
There were 29 new 52-Week Highs and 40 new 52-Week Lows. The market today was lopsidedly bearish. The bears were rampant today, rampaging and doing damage. The rally is now limping and not well. The TSX turned south, away from the 21,000 level. Traders should trade with caution going forward. We would recommend being less adventurous with trades but focus on Capital Preservation. The data from the market today paints a near term bearish picture.
The total volume of stocks traded at the TSX today was 307,874,564 compared with 307,312,238 yesterday, a negligible decrease. Today’s volume of 307,874,564 is about two per cent higher than the average of the ten most recent market sessions. The volume on the TSX has been on the increase since the beginning of the New Year.
The US markets
The Dow Jones Industrial Average declined 194.45 points, or -0.25%, to close at 37,266,67. The S&P 500 was down -26.77 points, or -0.56%, to close at 4.739.21. The Nasdaq Composite declined, 88.72 points or -0.59%, to close at 14,855.62. The Nasdaq was down, as low as 14,707 earlier in the market session but closed off session lows recovering in the late afternoon by over 120 points. The Dow index had a similar session performance.
It was a market session of broad-based declines. Healthcare, up -0.395, was the top performing sector at the US markets. Technology was down -0.43%; Telecommunications Services was down -0.51%; Financials was down -0.92%; Energy was down -1.00% while Utilities, the worst performing sector, was down was down -1.42%.
The best performing industry was Tires & Rubber Products which was up 4.24%; Marine Port Services was up 1.14%; Managed Healthcare was up 0.90%; Coal was up 0.73% and Household Products gained 0.41%;
Members of the Household Product companies’ stock tickers are: CHD, CLX,REYN, RBGLY, WDFC, PURE and MGON. The Household companies are similar to the banks in that they reliably pay dividends.
Today’s Market Statistics: Today, the declined issues (decliners) completely outnumbered the gaining issues (advancers) on the NYSE by a ratio of roughly four decliners to every advancer or 3.56-to-1 numerically. In real numbers, 3,116 decliners to 8730 advancers with 277 “Unchanged”. The total volume of volume-gaining stocks was 146,549,062 or 15.3%; the total volume of declined-volume stocks was 799,060,050 or 83.5%; and 11,349,494 or 1.2% “Unchanged”.
There were 65 new 52-Week Highs and 151 new 52-Week Lows. The rally should be considered quite ill. We need a couple of market sessions to make the final call but given today’s market data, there is not much life left in the rally.
The total volume of stocks traded at the NYSE today was 956,958,606 compared with 1,045,050,239 yesterday, an 8.5% decrease. Today’s volume of 956,958,606 is about three per cent lower than the average of the ten most recent market sessions.
The bearish trend which was apparent from the market data after yesterday’s session was continued today. The blame for the market’s bearish performance was the increase in retail sales in December thus putting some doubts on the idea of speedy lowering of interest rates. This market looks like it might be entering a bearish trend in the near term. The market today was lopsidedly bearish. The bulls were there but not in any number near what the market called for.
On the NASDAQ, the decliners outnumbered the advancers by a ratio of roughly eleven decliners to every ten advancers or a ratio of 2.15 -to-1 in numbers. There were 2,925 decliners to 1,357 advancers with 320 unchanged. The total volume of volume-gaining stocks was 1,614,321,240 or 30.5%; the total volume of declined-volume stocks was 3,634,877,404 or 68.6% and 51,888,176 or 1.0% for “Unchanged”.
There were 55 new 52-Week Highs and 242 new 52-Week Lows.
The total volume of stocks traded at the NASDAQ today was 5,301,086,820 compared with 6,652,859,507 yesterday, a 20% decrease. Today’s volume of 5,301,086,820 is about twelve per cent lower than the average of the ten most recent market sessions.
The market outlook changed today to Trade but with Caution.
10 –year Treasury Yield: The US 10-year rate gained 4.5 basis points to 4.11% while the two-year yield surged 14.1 basis points to 4.37% intraday.
Oil and the money markets: West Texas Intermediate crude oil fell 0.3% to $71.21 per barrel intraday. Oil is currently trading at $73.00 up 0.61% at the overnight markets.
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Stocks In The News/Stocks To Watch
The Toronto Market
Thomson Reuters (TSX:TRI) remains the stock to watch. It remains a solid winner and continues to perform even as the market comes under pressure. You would not buy Thomson Reuters for the dividend but for older investors, it could be comforting to know that the Thomson Reuters pays dividends.
The US Markets
Today, our recommendation is that you “follow the money”. Advanced Micro Devices (AMD) is a stock that investors appear to be gobbling up. This is for a good reason The company is a major competitor against Intel. the company is active in the AI technology area.
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Regular Market Day Features
Beginner Investor’s (Canadian stocks) Watchlist
The Canadian Vanguard Chinese Stocks Watchlist
We have updated our watchlist of Chinese stocks.
EV, Energy and Resource Stocks Watchlist
IMPORTANT NOTICE
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