TSX Today: What to Watch for in Stocks on Friday, January 6

TSX stocks may remain volatile today, as investors await key economic data from Canada and the United States.

| More on:
tsx today

Canadian stocks turned negative on Thursday after consistently climbing in the first two sessions of 2023 after strong U.S. non-farm employment numbers raised the possibility of more interest rate hikes in the near term. The S&P/TSX Composite Index slipped 82 points, or 0.4%, for the session to settle at 19,507.

Despite a downward reversal in precious metals prices, strengthening base metals and a recovery in crude oil pushed the commodity-linked stocks higher. However, other key stock market sectors, like utilities, industrials, real estate, and technology, led the market selloff, pressuring the main TSX index.

Top TSX movers and active stocks

Shares of Fortuna Silver Mines (TSX:FVI) plunged 10.4% to $4.73 per share, making it the worst-performing TSX stock for the day. This selloff in FVI stock came after the Vancouver-headquartered miner revealed that Mexico’s environmental ministry is re-assessing the 12-year extension to the environmental impact authorization for its Oaxaca, Mexico-based San Jose Mine. The mine is run by Fortuna Silver’s subsidiary Minera Cuzcatlan, which received a 12-year extension to the environmental impact authorization in December 2021. Meanwhile, Fortuna said it would challenge the ministry’s decision to re-assess the extension. After gaining 3% value last year, Fortuna Silver stock is now down 7.1% in 2023.

Canopy Growth, Dye & Durham, and ECN Capital were also among the bottom performers on the Toronto Stock Exchange yesterday, as they slipped by at least 4% each.

On the positive side, Teck Resources, Bausch Health Companies, Filo Mining, Nutrien, and Methanex were among the top-performing stocks on the exchange, as they inched up by more than 4% each.

Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, TD Bank, and Algonquin Power & Utilities were the most active TSX Composite components on January 5.

TSX today

Commodity prices across the board were trading on a mixed note early Friday morning, pointing to a flat open for the resource-heavy TSX index today.

Statistics Canada will release December’s domestic employment this morning. Besides that, Canadian investors may also want to keep a close eye on the IVEY purchasing managers index (PMI) data today to get an idea about the latest trends in economic activity. From the U.S. market, monthly non-farm payrolls, unemployment rate, and non-manufacturing PMI data are likely to remain on investors’ radars on January 6.

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 Canadian Natural Resources and Methanex. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Stocks for Beginners

calculate and analyze stock
Stocks for Beginners

The Top 3 Most Shorted Stocks in Canada Today

These TSX stocks may be up now, but short-sellers are betting they're about to tumble in the next few weeks.

Read more »

Growth from coins
Stocks for Beginners

Got $5,000? These 2 Growth Stocks Are Smart Buys

Are you looking for some smart buys for your portfolio? Here are two great options to buy now while you…

Read more »

Young woman sat at laptop by a window
Stocks for Beginners

3 Stocks Beginners Can Buy in 2023 and Hold for Decades

Are you looking for a simple portfolio to get started as an investor? These three stocks are top performers and…

Read more »

railroad
Dividend Stocks

Slow and Steady: Buy this Railroad Stock Now to Win the Race

Investors looking for a solid and growing income should pick up shares in this railroad.

Read more »

A brown bear sitting on a rock
Stocks for Beginners

Where to Invest $10,000 in a Bearish Market

Here are some great options for low-risk and high-risk investors alike.

Read more »

retirees and finances
Dividend Stocks

RRSP Investors: Should You be Worried During a Recession?

RRSP savers might feel like gagging as they watch their investments fall, but stay strong! Especially with these TSX stocks.

Read more »

Businessperson's Hand Putting Coin In Piggybank
Stocks for Beginners

How I’d Build a TFSA if I Had to Start Over

Are you looking to start a TFSA? Here’s how I would build one if I had to start over.

Read more »

Stocks for Beginners

3 Top Stocks to Buy Now in a Once-in-a-Decade Opportunity

Don't wait. These three top stocks are the perfect additions to your portfolio and aren't likely to remain at these…

Read more »