TSX Today: What to Watch for in Stocks on Tuesday, December 5

The key job openings data from the United States could give further direction to TSX stocks today.

| More on:
tsx today

The Canadian equities market started the new week on a slightly negative note after rallying in the previous four consecutive sessions as falling commodity prices amid the strengthening U.S. dollar weighed on investors’ sentiments. The S&P/TSX Composite Index slipped by 43 points, or 0.2%, on Monday to settle at 20,410 after reaching its highest closing level in more than two months in the previous session.

Even as healthcare, real estate, and consumer cyclical sectors continued to attract buying, big losses in mining and energy stocks drove the TSX benchmark downward.

Top TSX Composite movers and active stocks

Falling precious metals prices drove mining stocks, like Endeavour Silver, Athabasca Oil, B2Gold, and IAMGOLD, down by at least 4.5% each, making them the worst-performing TSX stocks for the day.

On the positive side, shares of Nuvei (TSX:NVEI) jumped by 6.3% to $30.37 per share after announcing a key business update. On December 4, the Montréal-headquartered payment technology solutions provider told investors that it has partnered with the U.S. tech giant Microsoft “to deliver leading payment experiences for customers of its products, solutions, and services across many of its key markets.”

Under this partnership, Microsoft will use Nuvei’s payment solutions in the Middle East and the African markets for recurring and individual transactions across product ranges, including Office and Xbox. The recent rally helped NVEI stock trim its year-to-date losses to 11.7%.

Tilray Brands, Russel Metals, and West Fraser Timber were also among the top performers on the Toronto Stock Exchange yesterday, as they inched up by at least 4.9% each.

Based on their daily trade volume, Canadian Natural Resources, Suncor Energy, Manulife Financial, Enbridge, and Cenovus Energy stood out as the five most active stocks on the exchange.

TSX today

Most commodity prices were largely bearish early Tuesday morning, pointing to a slightly lower open for the resource-heavy main TSX index today. While no major domestic economic releases are due, Canadian investors may want to closely monitor monthly services PMI (Purchasing Managers Index), non-manufacturing PMI, and job openings numbers from the United States this morning, which could give further direction to stocks.

On the corporate events side, Descartes Systems will announce its latest quarterly results after the market closing bell on December 5. Bay Street analysts expect the supply chain management firm to report earnings of US$0.34 per share for the October quarter with US$146.3 million in revenue.

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 Nuvei. The Motley Fool recommends B2Gold, Canadian Natural Resources, Descartes Systems Group, Enbridge, Microsoft, Russel Metals, Tilray Brands, and West Fraser Timber. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Tech Stocks

A bull outlined against a field
Tech Stocks

Is a Bull Market Here? 4 Reasons to Buy Celestica Stock Like There’s No Tomorrow 

Celestica (TSX:CLS) stock has been a huge winner for investors this year, but there could be even more in the…

Read more »

Technology, internet and networking, security concept
Tech Stocks

3 Things You Need to Know If You Buy Celestica Stock Today

Celestica stock (TSX:CLS) has surged an insane 215% in the last year. So is it now overvalued? Or should investors…

Read more »

Different industries to invest in
Tech Stocks

This Ridiculously Cheap Warren Buffett Stock Could Help Make You Richer

Warren Buffett jumped out and back in to this stock, so what should investors consider before buying in bulk as…

Read more »

cryptocurrency, crypto, blockchain
Tech Stocks

3 No-Brainer Cryptocurrency Stocks to Buy With $500 Right Now

Bitcoin hit its highest point in two years, but instead of paying that high price, invest in these cryptocurrency stocks.

Read more »

Electric car being charged
Tech Stocks

4 Top Electric Vehicle Stocks to Buy in March

EV stocks are due for a rebound, and that could be in the next year. Even if it's not, these…

Read more »

online shopping
Tech Stocks

Is Shopify Stock a Good Buy in 2024?

Down 52% from all-time highs, is Shopify stock a good long-term buy for shareholders at its current valuation?

Read more »

grow dividends
Tech Stocks

1 Tech Stock That Could Double (Again) in 2024

Here's why I remain bullish on Coinbase stock and expect it to beat the broader markets in 2024.

Read more »

Hand arranging wood block stacking as step stair with arrow up.
Tech Stocks

If You Invested $1,000 in Constellation Software Stock 5 Years Ago, This Is How Much You’d Have Now

Constellation Software (TSX:CSU) stock has tripled investors' money over a five-year period. Is it still a buy?

Read more »