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

Besides corporate earnings, the U.S. Fed’s latest interest rate decision could increase the volatility in TSX stocks today.

TSX Today

Stock investors in Canada remained cautious on Tuesday, as the U.S. Federal Reserve’s latest meeting began. The S&P/TSX Composite Index ended the volatile session with minor 92 points, or 0.5% gains, at 19,518 with the help of healthy gains in commodity-linked stocks. While a significant intraday rally in oil and metal prices helped metals mining and energy stocks inch up, losses in healthcare, industrials, and utilities sectors limited the index’s gains. Also, largely better-than-expected U.S. manufacturing and job openings numbers helped consumer non-cyclical and technology stocks climb.

Top TSX movers and active stocks

Capstone Copper (TSX:CS) stock jumped by 11.4% in the last session to settle at $3.52 per share, a day after the company reported better-than-expected profits in the third quarter. During the quarter, Capstone’s total revenue jumped by 86.6% year over year to $308.7 million. Despite negative factors like continued inflationary pressures and weaker copper prices, the mining company’s registered adjusted net profit of $19.3 million for the September quarter against Street analysts’ expectation of just $4 million. CS stock now trades with about 37% losses on a year-to-date basis.

Other metal mining stocks, like Hudbay Minerals, Eldorado Gold, and First Quantum Minerals were also among top-performing TSX stocks yesterday, as they inched up by at least 9% each.

In contrast, Canopy Growth, Tilray Brands, and Trisura Group became the worst performers on the exchange, as they fell by more than 4% each.

Based on their daily trade volume, Enbridge, Suncor Energy, Barrick Gold, and Bank of Montreal were the most active TSX Composite components on November 1.

TSX today

The main TSX benchmark is likely to open on a flat note on November 2, as commodity prices across the board were going sideways early Wednesday morning. Nonetheless, I expect most TSX stocks to remain highly volatile today, as investors await the U.S. central bank’s latest interest rate decision and press conference scheduled for the afternoon. Most economic experts expect the Fed to continue hiking interest rates by 75 basis points.

On the corporate earnings front, several Canadian companies, including Suncor Energy, Waste Connections, Equinox Gold, Canaccord Genuity, Hudbay Minerals, Nutrien, Spin Master, Brookfield Infrastructure Partners, and Sun Life Financial, are expected to release their latest quarterly results on November 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 has positions in and recommends Spin Master Corp and TRISURA GROUP LTD. The Motley Fool recommends Brookfield Infra Partners LP Units, Enbridge, and Nutrien Ltd. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Metals and Mining Stocks

Tractor spraying a field of wheat
Metals and Mining Stocks

Where Will Nutrien Stock Be in 1 Year?

Nutrien stock has had a rough few years, and this next year may not be easy. But long-term investors may…

Read more »

nugget gold
Metals and Mining Stocks

Gold Stocks vs Silver Stocks: Which Have the Shinier Outlook?

Gold and silver are on a roll in 2024.

Read more »

Safety helmets and gloves hang from a rack on a mining site.
Metals and Mining Stocks

Is Kinross Gold Stock a Good Buy?

Kinross (TSX:K) stock has certainly been showing strength lately, but is it enough to bring investors on board?

Read more »

nugget gold
Metals and Mining Stocks

China Hits Gold: What Mining Investors Need to Know

China Gold International Resources (TSX:CGG) stock and other great gold plays look enticing as the recent China find looks to…

Read more »

nugget gold
Metals and Mining Stocks

Bullish on Precious Metals? These Are Promising Gold Investments

Consider Agnico Eagle Mines (TSX:AEM) and another top mining stock to play the run in gold into 2025.

Read more »

Paper Canadian currency of various denominations
Metals and Mining Stocks

This Billionaire Is Selling Micron and Picking up This TSX Stock

Prem Watsa may have sold some Micron, but he's putting the funds towards something with even more growth potential.

Read more »

nugget gold
Metals and Mining Stocks

Must-Watch Gold Stocks Before Year-End

Gold prices have been going up for the better part of the year, and it is highly probable that this…

Read more »

construction workers talk on the job site
Metals and Mining Stocks

2 No-Brainer Mining Stocks to Buy With $200 Right Now

You can buy these top Canadian mining stocks with just a $200 investment right now to start your long-term wealth…

Read more »