Canadian stocks turned negative Wednesday after consistently rising in the previous five sessions. The S&P/TSX Composite Index fell by 0.6%, or 133 points, for the day to settle at 21,462. Worries about rising inflation in the U.S. hurt investor sentiment across North America and triggered a selloff in tech stocks. Also, an intraday decline in energy prices, despite lower-than-expected U.S. crude oil stockpiles data, pressurized energy stocks on the TSX. On the positive side, surging gold prices helped precious metal mining stocks inch up.
Top TSX gainers and losers
Endeavour Silver, Linamar, SSR Mining, and Barrick Gold were among the top gainers on the main TSX index in the last session.
The shares of Sunopta, Vermilion Energy, and Boyd Group fell by at least 10% each yesterday, making them the worst-performing stocks on the index.
Bombardier, Enbridge, Yamana Gold, Manulife Financial, and Equinox Gold were the most traded Canadian stocks based on their daily trade volume for November 10.
TSX stocks are likely to open on a mixed to slightly negative note on Thursday, November 11. Despite strengthening copper and gold prices, an overnight decline in oil prices and the ongoing inflation woes could keep most stocks under pressure. While no major economic event is scheduled for today, investors may continue to eye on the latest corporate earnings.
Top TSX earnings to watch today
The alternative asset management giant Brookfield Asset Management (TSX:BAM.A)(NYSE:BAM) will release its Q3 2021 results today before the market opens. Analysts expect its third-quarter revenue to be around US$854 million, reflecting a 95% year-over-year drop. According to the estimates, the company could report US$0.92 per share in the September quarter earnings compared to US$0.49 per share in the previous quarter. BAM stock has already risen by 47% year to date.
Docebo, CI Financial, Cascades, and CAE are also expected to report their latest quarterly results before the market opens on Thursday. After the market closing bell, Canadian metals and mining companies like Fortuna Silver, Wesdome Gold, Ero Copper, and Stelco are likely to announce their quarterly earnings.