TSX Today: What to Watch for in Stocks on Monday, February 7

Investors’ expectations from the ongoing corporate earnings season are likely to keep TSX stocks volatile this week.

| More on:
TSX Today

Canadian equities turned positive again on Friday to end the week with solid 2.6% weekly gains. The S&P/TSX Composite Index rose by 178 points, or 0.8%, on February 4 to end the session at 21,272. Despite weaker-than-expected domestic unemployment data, solid non-farm payrolls report from the U.S. boosted investors’ confidence, driving a rally in tech stocks.

A rebound in metals prices, along with the ongoing strength in crude oil, also drove TSX mining and energy stocks higher.

Top TSX movers and active stocks

Hut 8 Mining (TSX:HUT)(NASDAQ:HUT) popped by 13% in the last session to $8.26 per share, making it the top gainer stock on the TSX. A sudden spike in the value of cryptocurrencies like Bitcoin and Ethereum against the U.S. dollar was the key reason for Hut 8 Mining’s sharp gains on Friday. With this, the stock ended the week with solid 17.3% gains. But HUT stock is still trading with more than 16% year-to-date losses, mainly due to the crypto market selloff in the last couple of months.

Shopify, Aurora Cannabis, and Converge Technology Solutions were also among the top-performing Canadian stocks on February 4, as they inched up by at least 6.5% each.

On the flip side, shares of Altus Group and Interfor dived by at least 5.5% each, making them the worst-performing TSX Composite components.

Based on their daily trade volume, Denison Mines, Suncor Energy, and Baytex Energy were the three most active stocks on the exchange.

TSX today

After posting a fresh multi-year high on Friday, crude oil prices were retracing early Monday morning, along with weakness in base metals. Nonetheless, precious metals prices were continuing to surge. Given these mixed signals from the commodities market, TSX stocks are likely to remain flat in today’s trading session.

While no major economic release is scheduled for today, investors’ expectations from the ongoing corporate earnings season are likely to keep the market volatile.

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 ALTUS GROUP, Bitcoin, Ethereum, and Shopify. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Tech Stocks

Digital background depicting innovative technologies in (AI) artificial systems, neural interfaces and internet machine learning technologies
Tech Stocks

1 of the Best Canadian AI Stocks (With Dividends) to Buy Now

OpenText is an AI stock that trades at a significant discount to consensus price target estimates in June 2024.

Read more »

online shopping
Tech Stocks

3 Reasons to Buy Shopify Stock Right Now

Improving earnings quality, sustained cash flow growth, and another reason support a buy-the-dip thesis on Shopify (TSX:SHOP) stock today

Read more »

TFSA (Tax-Free Savings Account) on wooden blocks and Canadian one hundred dollar bills.
Tech Stocks

2 Canadian Growth Stocks I’d Stash in a TFSA for the Long Run

Here's why Constellation Software (TSX:CSU) and Shopify (TSX:SHOP) are two top Canadian stocks long-term investors should consider.

Read more »

Wireless technology
Tech Stocks

Predictions for the Top Canadian Tech Stocks in June 2024

Whether it's the growth of artificial intelligence or e-commerce, these three tech stocks offer massive growth in June and beyond.

Read more »

Golden crown on a red velvet background
Dividend Stocks

These 5 Stocks Have Unstoppable Dividend Growth

These five stocks can form a diversified stock portfolio of dividend aristocrats from the TSX.

Read more »

Online shopping
Tech Stocks

Up 42% from 52-Week Lows, Is Shopify Stock Still a Buy?

Shopify (TSX:SHOP) stock looks like one of Canada's best growth stocks. And right now, it looks like it's on sale,…

Read more »

A microchip in a circuit board powers artificial intelligence.
Tech Stocks

NVIDIA’s Historic Stock Split: Too Late to Invest?

Open Text Corp (TSX:OTEX) is a Canadian AI stock that uses NVIDIA (NVDA) chips.

Read more »

A microchip in a circuit board powers artificial intelligence.
Tech Stocks

“Goldilocks Conditions”: How AI Adoption Is Fuelling Stock Market Gains

Conditions look just right for the "Goldilocks Effect," and AI stocks are fuelling the way. But this could be the…

Read more »