TSX Today: What to Watch for in Stocks on Wednesday, February 2

Rising commodity prices along with the ongoing recovery in healthcare and tech stocks could help the main TSX index open higher today.

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TSX Today

The stock market continued to showcase good strength for the third consecutive session on Tuesday. The TSX Composite Index rose by 1.1%, or 222 points, to 21,320. It was the first time the index settled above 21,300 in two weeks. A consistent rally in healthcare stocks coupled with strong gains in energy and mining sectors took the broader market higher.

Also, better-than-expected Canadian GDP data for November and the U.S. manufacturing data for January seemingly added optimism.

Top TSX movers and active stocks

Spin Master (TSX:TOY) stock popped by 12.7% on February 1 to close at its highest level in over two months. These sharp gains in TOY stock came after the company reported significantly better-than-expected Q4 revenue and gross product sales. Strong sales growth across segments helped Spin Master post $2.04 billion in 2021 total revenue — up 30% from the previous year. Yesterday’s sharp gains brought its stock in the green territory on a year-to-date basis, as it currently trades with 2.7% gains in 2022.

Hut 8 Mining, Osisko Mining, Aurora Cannabis, and goeasy were also among the top gainers, as they inched up by at least 7% each on Tuesday.

In contrast, TMX Group and Aritzia were the worst-performing stocks on the index, as they fell by more than 2.5% each.

Based on their daily trade volume, Enbridge, Cenovus Energy, Suncor Energy, and Bombardier were the most active TSX Composite components.

TSX today

Crude oil prices are hovering near their multi-year highs on Wednesday morning, while metals prices are also showcasing strength. Given these positive signals from the commodity market, I expect the main TSX benchmark to open slightly higher today. The ongoing recovery in tech stocks might continue in the near term, as the market participants remain focused on the upcoming earnings season.

Investors could watch the latest non-farm employment change and crude oil stockpiles data from the U.S. market this morning. On the corporate events front, Canadian companies like ATS Automation Tooling and CGI Group will release their latest quarterly results on February 2.

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 Spin Master Corp. The Motley Fool recommends CGI GROUP INC CL A SV, Enbridge, and TMX GROUP INC. / GROUPE TMX INC. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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