TSX Today: What to Watch for in Stocks on Tuesday, May 14

Besides more corporate earnings, TSX investors will watch the U.S. wholesale inflation report and Fed chair Jerome Powell’s comments about the economy today.

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tsx today

After posting a fresh all-time high last week, Canadian stocks started the new week on a slightly negative note as rising treasury bond yields amid renewed concerns about the timing of future interest rate cuts kept investors wary. The S&P/TSX Composite Index slid by 50 points, or 0.2%, yesterday to close at 22,259.

Despite a rally in the shares of some healthcare companies, weakness in most other key market sectors, including mining, industrials, and utilities, pressured the main TSX index.

Top TSX Composite movers and active stocks

Torex Gold Resources, OceanaGold, Osisko Mining, and New Gold were the worst-performing TSX stocks for the day as they plunged by at least 4.5% each.

On the flip side, BlackBerry, Ballard Power Systems, and Methanex surged by at least 4.6% each, making them the session’s top-performing TSX stocks.

Premium Brands Holdings (TSX:PBH) was also among the top gainers on the Toronto Stock Exchange yesterday as its shares inched up by 3.6% to $92.35 per share. This rally in PBH stock came after the Richmond, British Columbia-based food company announced its better-than-expected first-quarter financial results.

Despite a seasonally slow quarter, Premium Brands’s revenue rose 2.2% year over year to $1.5 billion in the first three months of 2024. Although higher wage inflation and investments in additional plant infrastructure affected its profitability, the company’s adjusted quarterly earnings of $0.54 per share still exceeded Street analysts’ estimates due mainly to solid growth in its U.S. specialty foods segment. PBH stock now trades with 4.4% quarter-to-date gains and offers a 3.8% annualized dividend yield.

According to the exchange’s daily trade volume data, Enbridge, Manulife Financial, Cenovus Energy, Royal Bank of Canada, and ARC Resources were the five most active stocks.

TSX today

Metals prices, especially silver and copper, were trading on a bullish note early Tuesday morning, pointing to a slightly higher opening for TSX metal mining stocks today.

While no major domestic economic releases are due, Canadian investors may want to closely monitor the latest wholesale inflation data from the United States this morning. Besides that, the Federal Reserve chair Jerome Powell’s comments about the economy and the upcoming rate cuts during his discussion with the Dutch central bank chief Klaas Knot will remain on investors’ radar.

On the corporate events front, several TSX-listed companies, including Peyto Exploration, Mattr, SilverCrest Metals, Superior Plus, NorthWest Healthcare Properties REIT, H&R REIT, Element Fleet Management, Hudbay Minerals, Centerra Gold, Hydro One, and Keyera, will announce their latest quarterly results on May 14.

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 Centerra Gold, Enbridge, Keyera, Methanex, NorthWest Healthcare Properties Real Estate Investment Trust, and Superior Plus. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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