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

Overnight declines in commodity prices could pressure the TSX index at the open today as investors await the Federal Reserve’s latest meeting minutes.

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The Canadian stock market remained choppy on Tuesday as a mixed domestic consumer inflation report reignited speculation about the timing of potential interest rate cuts. Despite surging by as much as 90 points in intraday trading to surpass the 22,500 level for the first time ever, the S&P/TSX Composite Index erased most of these gains later in the day. Nevertheless, the index still managed to settle at a new high of 22,468, eking out a minor increase of three points from its previous close.

On the one hand, most commodity-linked stocks trended upward during the session. On the other hand, heavy losses in other sectors, like healthcare, technology, and consumer cyclicals, pressured the TSX benchmark.

Top TSX Composite movers and active stocks

Canada Goose (TSX:GOOS) jumped by nearly 6% to $19.12 per share, making it the top-performing TSX stock for the day. Interestingly, GOOS stock has rallied over 23% in the last three sessions following the release of the Toronto-headquartered apparel company’s upbeat quarterly earnings.

In the quarter ended in March 2024, Canada Goose’s revenue climbed by 22.1% year over year to $358 million, supported by strong retail sales in Asia Pacific and North America as well as new product launches and store openings. The company’s adjusted quarterly earnings advanced by 35.7% from a year ago to $0.19 per share, crushing Street analysts’ expectations of just seven cents per share. On a year-to-date basis, GOOS stock is up 21.5%.

Africa Oil, Centerra Gold, and International Petroleum were also among the top performers on the Toronto Stock Exchange yesterday as they inched up by more than 4% each.

On the flip side, ATS, Lightspeed, Exchange Income, and First Majestic Silver dived by at least 3.4% each, making them the day’s worst-performing TSX stocks.

Based on their daily trade volume, Suncor Energy, Enbridge, Manulife Financial, Cenovus Energy, and Royal Bank of Canada stood out as the most active stocks on the exchange.

TSX today

Commodity prices across the board were bearish early Wednesday morning, pointing to a lower opening for the resource-heavy main TSX index today.

While no major domestic economic releases are due, Canadian investors may want to watch monthly existing home sales and weekly crude oil stockpile data from the United States this morning. In the afternoon, the release of the U.S. Federal Reserve’s latest meeting minutes will remain on TSX investors’ radar, which could give further direction to 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 recommends ATS Corp., Centerra Gold, Enbridge, International Petroleum, and Lightspeed Commerce. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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