TSX Today: What to Watch for in Stocks on Tuesday, June 6

TSX stocks may remain volatile today, as traders adjust their open positions ahead of Bank of Canada’s interest rate decision scheduled for Wednesday.

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tsx today

Canadian equities turned slightly negative on Monday after posting their biggest single-day gains in over six months in the previous session. As weaker-than-expected non-manufacturing and services purchasing managers index (PMI) data from the United States disappointed investors, the S&P/TSX Composite Index fell 93 points, or 0.5%, yesterday to close at 19,932.

While all main sectors, except technology, ended the session in red territory, shares of healthcare, financials, and consumer non-cyclical companies led the market pullback.

Top TSX Composite movers and active stocks

Shares of Richelieu Hardware (TSX:RCH) slipped 4.2% on June 5 to $41.98 per share, making it one of the worst-performing TSX stocks of the day. This weakness came after Canadian Imperial Bank of Commerce downgraded its rating on RCH stock from “outperform” to “neutral.” Notably, the Montréal headquartered spatiality hardware company’s sales growth rate in the first quarter of its fiscal year 2023 (ended in February) stood at 4.8% year over year — significantly weaker than 29.2% a year ago.

Despite the positive contribution of new acquisitions, gradually subsiding pandemic-driven demand for Richelieu’s products affected its top line last quarter. On a year-to-date basis, its share prices are still up nearly 16%.

Canopy Growth, Filo Mining, and Teck Resources were also among the bottom performers on the Toronto Stock Exchange yesterday, as they plunged by more than 4% each.

On the positive side, IAMGOLD, Torex Gold, Shopify, and Cameco were the top-performing TSX stocks, as they inched up by at least 2.8% each.

Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, Rogers Communications, and Crescent Point Energy were the most active stocks on the exchange.

TSX today

Early Tuesday morning, commodity prices across the board were largely trading on a weak note, pointing to a lower open for the resource-heavy main TSX index today. Besides domestic PMI numbers, Canadian investors may want to keep an eye on the U.S. Energy Information Administration’s latest short-term energy outlook report this morning.

Overall, TSX stocks may remain volatile, as traders adjust their open positions ahead of Bank of Canada’s upcoming interest rate decision scheduled for Wednesday.

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 Shopify. The Motley Fool recommends Canadian Natural Resources, Richelieu Hardware, and Rogers Communications. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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