TSX Today: What to Watch for in the Market on Wednesday, November 10

TSX stocks might open on a slightly negative note today due to an overnight correction in commodity prices.

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TSX Today

Canadian equities market continued to trade on a positive note for the fifth consecutive session on Tuesday. The TSX Composite Index settled at a fresh record high of 21,595, up 38 points, or 0.2% gains, for the day. While rising commodity prices drove metals mining stocks higher on the TSX, real estate and tech sectors also showcased strength.

Top TSX gainers and losers

Pretium Resources, Village Farms, Dye & Durham, and Canopy Growth were the top four gainers on the TSX in the last session. The shares of Pretium and Village Farms surged 19% and 11%, respectively.

In contrast, the shares of Westport Fuel Systems, Cronos Group, Ballard Power, and Stella-Jones fell sharply — making them the worst-performing stocks on the index.

Enbridge, Suncor Energy, Bombardier, and Cenovus Energy were among the most heavily traded Canadian stocks on November 9. While more than 29 million shares of Enbridge changed hands in the last session, Suncor’s daily trade volume stood at 11.4 million.

TSX today

Canadian stocks might open on a slightly negative note on Wednesday, November 10. The overnight correction in commodity prices, including crude oil, gold, and copper, could pressurize energy and metals mining stocks on the TSX today. On the economic events front, investors could pay attention to key inflation and jobs market numbers from the U.S. this morning. Later at 10:30 AM ET, Energy Information Administration will release the weekly U.S. crude oil stockpiles data, which could give further direction to Canadian energy stocks.

Key Canadian earnings today

WELL Health (TSX:WELL) will release its Q3 results Wednesday before the market opens. Street analysts expect the Canadian digital health firm’s third-quarter revenue to be around $92.8 million. WELL is expected to report a one-cent-per-share net loss for the quarter. Notably, the company has been missing analysts’ earnings expectations for the last couple of quarters. This could be the reason why its stock has dived 14% year to date. If WELL Health manages to beat its Q3 estimates, its stock could witness a gradual recovery in the near term.

Sunopta, CGI Group, Boyd Group, and Emera are among other Canadian companies likely to release their latest quarterly results today.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

The Motley Fool owns shares of and recommends SUNOPTA, INC. and Village Farms International, Inc. The Motley Fool recommends Boyd Group Services Inc., CGI GROUP INC CL A SV, EMERA INCORPORATED, and Enbridge. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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