TSX Today: What to Watch for in Stocks on Thursday, December 21

Important economic data from the United States could give further direction to TSX stocks today.

| More on:
tsx today

The Canadian stock market witnessed a sharp pullback on Wednesday after rallying in the previous two sessions as stronger-than-expected U.S. consumer confidence and existing home sales numbers sparked speculation about the Fed’s future monetary policy moves. This factor, along with a downward reversal in crude oil, natural gas, and gold prices, drove the S&P/TSX Composite Index down by 239 points, or 1.1%, to 20,601 — erasing a large portion of the gains it saw in the previous two sessions.

While all main sectors on the TSX ended the day in the red territory, hefty declines in mining, utility, real estate, and technology shares led the market pullback.

Top TSX Composite movers and active stocks

Lithium Americas, Cargojet, Lithium Americas (Argentina), and Endeavour Silver were the worst-performing TSX stocks yesterday, as they plunged by more than 5% each.

On the flip side, shares of Aritzia and Parex Resources gained at least 2.3% each, making them the day’s top performers on the Toronto Stock Exchange.

Shares of Advantage Energy (TSX:AAV) also seemingly defied the bear market gravity by rising 2% to $8.63 per share. These gains in AAV stock came after Canada Growth Fund (CGF) announced a strategic partnership with Entropy, a subsidiary of Advantage Energy that focuses on carbon capture and storage technology.

This partnership includes a $200 million investment by CGF and a commitment to purchase up to one million tonnes of carbon credits annually from Entropy. The collaboration is expected to enhance the Canadian carbon market and promote the global development of carbon-capture technology. Despite rallying by nearly 6% this week so far, Advantage Energy stock still trades with 9% year-to-date losses.

According to the exchange’s daily trade volume data, TC Energy, Canadian Natural Resources, Canadian Imperial Bank of Commerce, Athabasca Oil, and Cenovus Energy were the five most active stocks in the last session.

TSX today

Metals prices were trading on a firm note early Thursday morning, which could lift TSX mining stocks at the open today.

Besides the domestic monthly retail sales numbers, Canadian investors will closely monitor the latest quarterly gross domestic product, monthly manufacturing, and weekly jobless claims data from the United States this morning, which could give further direction to TSX stocks.

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 Aritzia and Cargojet. The Motley Fool recommends Canadian Natural Resources and Parex Resources. 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

todder holds a gold bar
Metals and Mining Stocks

The 1 Mining Stock Canadians Should Buy and Hold Forever

Newmont is a gold mining stock that trades at a cheap valuation, making it a top investment choice for those…

Read more »

Metals and Mining Stocks

Top Canadian Gold Stocks to Buy Now

Canadian gold mining stocks such as Barrick Gold and Kinross Gold are two top investments in October 2024.

Read more »

todder holds a gold bar
Stocks for Beginners

Is the Worst Over for SSR Mining Stock?

SRR Mining stock has been rising higher after recent earnings performance that made a bit of a comeback. So is…

Read more »

Super sized rock trucks take a load of platinum rich rock into the crusher.
Metals and Mining Stocks

The Only Canadian Mining Stock Investors Need Now

Mining stocks can be risky. That is, unless you invest in a mining stock like this one, that offers safety,…

Read more »

Safety helmets and gloves hang from a rack on a mining site.
Metals and Mining Stocks

1 Canadian Mining Stock Worth a Long-Term Investment

When it comes to mining companies, silver stocks offer a massive opportunity.

Read more »

Energy Stocks

Gold Stocks vs Oil Stocks: Where Canadians Should Invest for the Rest of 2024

Gold's momentum looks strong for the rest of 2024, especially with economic uncertainties. But don't write off oil stocks yet…

Read more »

Metals and Mining Stocks

2 Passive-Income Stocks Offering Value on Value

These two miners are the perfect options for those seeking value and dividends for life. Pick up these passive-income stocks…

Read more »

Dividend Stocks

Beyond Basic: Turn That TFSA Into a Gold Mine With $7,000

Basic materials are anything but basic. These are the back bone of every economy, and should be the back bone…

Read more »