TSX Today: What to Watch for in Stocks on Tuesday, November 28

Canadian bank earnings and the U.S. consumer confidence data could give further direction to TSX stocks today.

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tsx today

Canadian equities continued to fall for the second consecutive session on Monday, as investors feared that recently released stronger-than-expected economic data could raise the possibility of more interest rate hikes in the near term. The S&P/TSX Composite Index declined by 70 points, or 0.4%, to settle at 20,033, reaching its lowest closing level in more than a week.

While technology stocks witnessed a rally, weakness in most other key market sectors, including industrials, energy, and utilities, pressured the main TSX benchmark.

Top TSX Composite movers and active stocks

Osisko Mining, Dye & Durham, K92 Mining, and Seabridge Gold were the top-performing TSX stocks in the last session, as they inched up by at least 4.9% each.

Shopify (TSX:SHOP) was also among the top gainers on the Toronto Stock Exchange, as it climbed up by 4.4% to $100.51 per share. This rally in SHOP stock came after the Ottawa-headquartered e-commerce giant told investors that merchants on its platform broke the Black Friday record with combined sales of US$4.1 billion.

Notably, Shopify merchants’ Black Friday sales in 2023 reflected a 22% year-over-year increase with strong demand for products under the clothing, personal care, and jewelry categories. After its recent gains, SHOP stock is now up 114% on a year-to-date basis.

On the flip side, Lithium Americas, Lithium Americas (Argentina), and Lundin Mining were the worst-performing TSX stocks in the last session, as they plunged by more than 5% each.

Based on their daily trade volume, Suncor Energy, Enbridge, Canadian Natural Resources, Manulife Financial, and Canadian Imperial Bank of Commerce were the five most heavily traded stocks on the exchange.

TSX today

Metals prices, especially gold and silver, were trading on a bullish note early Tuesday morning, which could lift TSX mining stocks at the open today.

While no major domestic economic releases are due, Canadian investors may want to closely monitor the important consumer confidence data from the United States this morning, which could give further direction to stocks. In addition, financial stocks on the TSX may remain volatile, as investors await Canadian bank earnings.

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

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