TSX Today: What to Watch for in Stocks on Tuesday, March 7

TSX stocks could remain highly volatile today, as investors await the Fed chair’s comments on the economy and inflation during his testimony.

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tsx today

The stock market in Canada started the new week on a bearish note after posting strong 1.8% gains in the previous week, as investors remained on their toes ahead of the Fed chair’s testimony. The S&P/TSX Composite Index fell 67 points, or 0.3%, for the day to settle at 20,515.

Despite minor gains in the shares of consumer non-cyclicals and utilities companies, heavy losses in other key market sectors like healthcare, mining, and energy stocks drove the index downward.

Top TSX Composite movers and active stocks

Shares of Secure Energy Services (TSX:SES) tumbled 19.6% yesterday to $6.78 per share, as Street analysts continued to cut their target price on its stock. This massive selloff in SES stock comes a few days after the Calgary-headquartered midstream infrastructure energy company, on March 4, informed investors that “the Competition Tribunal has released a summary of its decision ordering the divestiture of 29 of the 103 facilities acquired in connection with SECURE’s merger with Tervita.” On a year-to-date basis, Secure Energy’s share prices are now down 3.6%.

Cargojet stock tanked by about 11% in the last session to $111.50 per share as its much weaker-than-expected fourth-quarter earnings hurt investors’ sentiments.

Filo Mining, Capstone Copper, Algoma Steel, and Methanex were also among the worst performers on the Toronto Stock Exchange, as they slipped by more than 4% each.

In contrast, Ritchie Bros Auctioneers and Athabasca Oil rose by at least 3% each making them the top-performing TSX stocks for the day.

Based on their daily trade volume, Suncor Energy, Manulife Financial, Barrick Gold, and Athabasca Oil were the most active Canadian stocks.

TSX today

Commodity prices across the board were trading on a weak note early Tuesday morning, pointing to a slightly lower open for the main TSX index today. While no major domestic economic releases are due, Canadian investors will focus on the Federal Reserve chair Jerome Powell’s testimony this afternoon, along with the U.S. crude oil stockpiles data.

On the corporate events side, Ero Copper, InterRent REIT, and Pet Valu Holdings are expected to release their latest quarterly earnings on March 7.

Market movers on the TSX today

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 Cargojet. The Motley Fool recommends Methanex, Pet Valu, and Ritchie Bros. Auctioneers. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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