TSX Today: What to Watch for in Stocks on Wednesday, November 22

The Bank of Canada governor Tiff Macklem’s speech and more U.S. economic data could give further direction to TSX stocks today.

| More on:
tsx today

The Canadian equities market turned negative on Tuesday after rising in seven out of the previous eight sessions, as investors continued to carefully assess macroeconomic risks. Despite the release of Canada’s cooler-than-expected consumer inflation numbers for the second consecutive month, the S&P/TSX Composite Index slipped by 137 points, or 0.7%, yesterday to 20,110 after the U.S. Fed’s latest meeting minutes suggested that the central bank will continue with quantitative tightening and didn’t rule out the possibility of “additional policy firming.”

Even as a handsome rally in precious metals prices drove the shares of gold and silver miners upward, most other main market sectors posted big losses, with consumer, healthcare, and utility stocks leading the TSX selloff.

Top TSX Composite movers and active stocks

Shares of George Weston (TSX:WN) plunged by 5.7% to $155.32 per share to post their worst single-day performance since March 2020. These big declines in WN stock came after the Toronto-based firm announced its slightly weaker-than-expected third-quarter earnings.

In the quarter ended in September 2023, George Weston’s total revenue rose 5.1% year over year to $18.4 billion with the help of positive growth in its subsidiary Loblaw’s retail sales and financial services revenue. While its adjusted quarterly net profit of $466 million reflected a 2.9% increase from a year ago, it missed Street analysts’ expectations of $478 million. After the recent weakness, WN stock now trades with 7.5% year-to-date losses.

TransAlta, Capital Power, and Celestica were also among the bottom performers on the Toronto Stock Exchange in the last session, as they fell at least 4.9% each.

On the flip side, rising precious metals prices drove mining stocks like Centerra Gold, First Majestic Silver, Alamos Gold, and Endeavour Silver by at least 4.5% each, making them the day’s top-performing TSX stocks.

Based on their daily trade volume, Suncor Energy, Enbridge, Canadian Natural Resources, Great-West Lifeco, and Tourmaline Oil were the five most active stocks on the exchange.

TSX today

Crude oil, natural gas, and metals prices were largely weak early Wednesday morning, which could pressure the commodity-heavy main TSX index at the open today.

Besides paying attention to the monthly durable goods orders, weekly jobless claims, and crude oil stockpile data from the United States this morning, Canadian investors may also want to keep a close eye on the Bank of Canada governor Tiff Macklem’s speech at the Saint John Region Chamber of Commerce before noon, which could give further direction to TSX stocks.

Overall, traders may remain extra cautious today as the U.S. market remains closed tomorrow for Thanksgiving Day.

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 recommends Canadian Natural Resources, Centerra Gold, Enbridge, and Tourmaline Oil. 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

bulb idea thinking
Stocks for Beginners

Cameco Stock Could Pop After Earnings: Is It a Buy Beforehand?

Cameco stock (TSX:CCO) has seen shares increase substantially in the last year, but is it all due to higher spot…

Read more »

value for money
Metals and Mining Stocks

1 Growth Stock Down 57% to Buy Right Now

Growth stock FM (TSX:FM) is a strong option for those wanting in after a major fall during the last year,…

Read more »

gold stocks gold mining
Metals and Mining Stocks

Want to Invest in Gold? Here’s the Best Way to Do it in 2024

Agnico Eagle Mines (TSX:AEM) and another gold stock are worth adding to your watchlist this winter.

Read more »

tsx today
Metals and Mining Stocks

TSX Today: What to Watch for in Stocks on Friday, February 2

Labour market data from the United States and corporate results will remain on TSX investors’ radar today.

Read more »

tsx today
Metals and Mining Stocks

TSX Today: What to Watch for in Stocks on Thursday, February 1

Weak metals prices could drive TSX mining stocks lower at the open today, as investors continue to digest the Fed’s…

Read more »

A miner down a mine shaft
Metals and Mining Stocks

2 Top TSX Mining and Materials Stocks to Buy for February 2024

Here are two of the best dividend-paying TSX mining and materials stocks you can buy in February 2024.

Read more »

tsx today
Metals and Mining Stocks

TSX Today: What to Watch for in Stocks on Monday, January 29

TSX stocks may remain volatile, as investors shift their attention to the latest corporate earnings.

Read more »

tsx today
Metals and Mining Stocks

TSX Today: What to Watch for in Stocks on Friday, January 26

As the market continues to fluctuate between ups and downs, the TSX Composite benchmark just reached its highest closing level…

Read more »