TSX Today: What to Watch for in Stocks on Tuesday, February 8

TSX stocks are likely to open slightly lower today due to an early morning weakness in the commodity prices across the board.

| More on:
TSX Today

Stocks remained mixed on Monday in lack of any major trigger. The S&P/TSX Composite Index fell by 36 points, or 0.2%, to 21,256 yesterday amid mixed signals from the commodity market. While surging gold and silver prices helped the shares of precious metals mining companies inch up, a correction in crude oil prices drove Canadian energy stocks lower. Let’s take a quick look at some of the most active stocks and top movers on the TSX from the last session.

Top TSX movers and active stocks

The shares of Hut 8 Mining (TSX:HUT)(NASDAQ:HUT) continued to rally for the second session in a row. After posting 13% gains on Friday, HUT stock extended its gains by another 10% in the last session. The recent bounce back in the value of key cryptocurrencies, including Bitcoin and Ethereum, has fueled a recovery in the Canadian crypto miner’s shares. This is one of the reasons why HUT stock has already risen by 21% in February so far after losing more than 24% of its value in January.

The shares of gold and silver mining companies like New Gold, K92 Mining, and Fortuna Silver Mines were also among the top-performing TSX stocks yesterday, as they inched up by more than 7% each.

In contrast, stocks like Ballard Power Systems, Advantage Energy, and Peyto Exploration & Development dived by at least 4% each, making them the worst-performing stocks on the main Canadian market index.

Based on their daily trade volume, energy stocks like Enbridge, Cenovus Energy, Suncor Energy, and Baytex Energy traded with heavy volume.

TSX today

Given an early morning weakness in the commodity prices across the board, TSX stocks are likely to open slightly lower on Tuesday. Investors may want to pay attention to the U.S. Energy Information Administration’s latest short-term energy outlook report this afternoon. A surprising change in the outlook may lead to high volatility in energy stocks on the TSX today. Overall, I expect stocks to remain mixed to slightly bearish today, as investors start adjusting their positions before the corporate earnings season heats up in the coming weeks.

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 recommends Enbridge. The Motley Fool recommends  and owns Bitcoin and Ethereum. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Energy Stocks

Burning gas and electric cooker rings
Energy Stocks

With Natural Gas in Demand, 2 TSX Stocks Are Set to Heat Up

Natural gas stocks such as Tourmaline will see their fortunes rise as natural gas demand and prices rise.

Read more »

Gas pipelines
Stocks for Beginners

3 Reasons to Buy Enbridge Stock Like There’s No Tomorrow

Enbridge (TSX:ENB) is a superb long-term option. Here's why you should buy Enbridge stock right now and hold it for…

Read more »

potted green plant grows up in arrow shape
Energy Stocks

1 Ridiculously Undervalued Growth Stock Down 40% to Buy Hand Over Fist

Don’t miss your chance to load up on this high-yielding, renewable energy growth stock.

Read more »

A solar cell panel generates power in a country mountain landscape.
Energy Stocks

1 Renewable Energy Stock to Buy and Hold

Here's why Brookfield Renewable (TSX:BEP.UN) is a top renewable energy stock long-term investors should consider.

Read more »

financial freedom sign
Energy Stocks

Could Investing $10,000 in Enbridge Make You a Millionaire?

A top-tier dividend stock can help you accumulate wealth or become a millionaire over time.

Read more »

Aerial view of a wind farm
Energy Stocks

Brookfield Renewable Stock Climbs Higher: Time to Buy?

Brookfield Renewable stock (TSX:BEP.UN) continues to climb, but remains below the $40 mark. But that share price looks in view.

Read more »

Nuclear power station cooling tower
Energy Stocks

Up 35%, Is Cameco Stock a Buy in June 2024?

When a stock is bullish, and you have missed the starting point of the trend, it can be challenging to…

Read more »

Oil pumps against sunset
Energy Stocks

4 Top Energy Stocks (With Dividends) to Buy and Hold Forever

These four energy stocks are the best way to get in on long-term income from both growth and dividends.

Read more »