TSX Today: What to Watch for in Stocks on Tuesday, February 1

Stronger commodity prices and the ongoing recovery in tech stocks could help most TSX stocks open higher today.

| More on:
TSX Today

Canadian stocks inched up sharply on Monday, as the S&P/TSX Composite Index rose by 357 points, or 1.7%, for the day to 21,098. A massive recovery in technology and healthcare stocks drove the index higher, as investors looked past tighter monetary policy concerns. Also, a bounceback in metals coupled with strong crude oil prices drove Canadian mining and energy stocks higher.

Despite a market-wide sharp recovery in the last couple of days, the main TSX index ended January in the negative territory with 0.6% losses, though.

Top TSX movers and active stocks

Ballard Power Systems, Lightspeed Commerce, Shopify (TSX:SHOP)(NYSE:SHOP), and Canopy Growth were the top-performing stocks yesterday, as they all gained at least 10% each.

In January, Shopify stock lost 29.6% of its value, making it the worst-performing TSX Composite component for the month. On Monday, I pointed out how investors’ expectations from its Q4 earnings could help SHOP stock recover fast in February. While its stock price has seen an 18% appreciation in the last couple of days, it still could be worth buying for the long-term investors who want to add some fundamentally strong high-growth stocks to their portfolios.

On the negative side, Cascades, Methanex, and Primo Water were the worst-performing TSX stocks on January 31. While Cascades lost 5.4% of its value, the other two stocks slipped by more than 2% each.

Enbridge, Suncor Energy, Manulife Financial, and Baytex Energy were the most active stocks on the TSX in the last session. Nearly 12.1 million shares of Enbridge changed hands on the exchange.

TSX today

Prices of metals like gold, silver, and copper bounced back sharply yesterday from near their lowest level in about a month. They’re continuing to recover early Tuesday morning, which should help the main TSX index rise at the open today. A recent turnaround in technology stocks could attract more buyers and lead to a continued tech sector-wide recovery.

Canadian investors could eye on domestic GDP data for November this morning. Also, the latest U.S. manufacturing PMI and job openings release will remain in focus today, giving further direction to stocks.

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 and recommends Shopify. The Motley Fool recommends Enbridge, Lightspeed Commerce, and METHANEX CORP. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Tech Stocks

growing plant shoots on stacked coins
Dividend Stocks

4 Ways to Grow $100,000 Into $1 Million in Retirement Savings

Anyone can build a million-dollar retirement portfolio. Here are four ways you could practically grow $100,000 to $1 million.

Read more »

Shopping and e-commerce
Tech Stocks

Is Lightspeed Commerce Stock a Buy Now?

Despite the near-term weakness, I am bullish on Lightspeed due to its solid fundamentals, healthy growth prospects, and attractive valuation.

Read more »

investment research
Tech Stocks

Should You Buy Descartes Systems Stock in March 2024?

Descartes Systems is a TSX tech stock that has crushed broader market returns in the last decade. But is it…

Read more »

A worker drinks out of a mug in an office.
Tech Stocks

CrowdSrike Stock Is up 167% in the Last Year: Here’s Why Even More Is Coming

CRWD (TSX:CRWD) stock already demonstrated it can achieve huge growth. But with focus on cybersecurity, there is even more to…

Read more »

A close up image of Canadian $20 Dollar bills
Tech Stocks

Got $3,000? 3 Tech Stocks to Buy and Hold for the Long Term

Are you looking for stocks to invest in? Here are three tech stocks you can buy with $3,000!

Read more »

Tech Stocks

Hut 8 Stock Is Great: But Here’s Why You Shouldn’t Buy It

Hut 8 stock (TSX:HUT) has surged in share price as Bitcoin (CRYPTO:BTC) continues to rise. But I'd still stay far…

Read more »

A bull outlined against a field
Tech Stocks

Is a Bull Market Here? 4 Reasons to Buy Celestica Stock Like There’s No Tomorrow 

Celestica (TSX:CLS) stock has been a huge winner for investors this year, but there could be even more in the…

Read more »

Technology, internet and networking, security concept
Tech Stocks

3 Things You Need to Know If You Buy Celestica Stock Today

Celestica stock (TSX:CLS) has surged an insane 215% in the last year. So is it now overvalued? Or should investors…

Read more »