TSX Today: What to Watch for in Stocks on Wednesday, May 29

Besides more Canadian corporate earnings, volatile commodity prices could give further direction to the TSX benchmark today.

| More on:
tsx today

Despite the release of much stronger-than-expected U.S. consumer confidence data and rallying commodity prices, the Canadian stock market turned bearish on Tuesday as a spike in treasury bond yields signalled economic uncertainty. As a result, the S&P/TSX Composite Index plunged by 108 points, or 0.5%, yesterday to settle at 22,265 — trimming its month-to-date gains to 2.5%.

On the one hand, stronger commodity prices helped mining and energy stocks end the session in the green territory. On the other hand, big losses in other main sectors like industrials, real estate, and utilities weighed on the TSX benchmark.

Top TSX Composite movers and active stocks

Brookfield Business Partners, Brookfield Renewable Partners, Richelieu Hardware, and BlackBerry were the worst-performing TSX stocks for the day, as they dived by at least 3.5% each.

Shares of Bank of Nova Scotia (TSX:BNS) slipped by 0.8% to $65.04 per share after announcing its quarterly financial results. In the April quarter, the Toronto-headquartered bank reported a 5.3% year-over-year increase in its total revenue to $8.35 billion.

Despite this positive revenue growth, however, Scotiabank’s adjusted quarterly earnings fell 7.1% from a year ago to $1.58 per share as higher impaired loan formations raised its provision for credit losses. After surging by 8.6% in the March quarter, BNS stock has lost 7.2% of its value so far in the ongoing quarter.

On the flip side, Seabridge Gold, Baytex Energy, Vermilion Energy, and Ivanhoe Mines climbed up by at least 4.5% each, making them among the day’s top performers on the Toronto Stock Exchange.

Based on their daily trade volume, Suncor Energy, Manulife Financial, Enbridge, Baytex Energy, and Kinross Gold were the most heavily traded stocks on the exchange.

TSX today

After consistently rallying for three consecutive sessions, crude oil prices extended their gains early Wednesday morning, which could lift TSX energy stocks at the open today.

While no major economic releases are due this morning, stocks may still remain volatile as investors await important data like quarterly growth in the U.S. gross domestic product and personal consumption expenditure, scheduled to be released later this week.

On the corporate events side, several TSX-listed companies, like Descartes Systems, EQB, National Bank of Canada, and Bank of Montréal, are likely to announce their latest quarterly results on May 29.

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 Bank Of Nova Scotia, Brookfield Renewable Partners, Descartes Systems Group, EQB, Enbridge, Richelieu Hardware, and Vermilion Energy. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Stock Market

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, June 21

Overnight weakness in metals prices could pressure TSX mining stocks at the open today.

Read more »

Man pointing at a recycling symbol
Dividend Stocks

GFL Stock Rose 24% Last Month: Is It Still a Buy in July?

GFL stock (TSX:GFL) exploded by 24% in June, but is the growth now over for July? Or can investors still…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, June 20

After surging to fresh record highs last month, the TSX Composite benchmark currently trades at its lowest level since February…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, June 19

Most TSX stocks could remain range-bound today as the U.S. stock markets remain closed for Juneteenth.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, June 18

The TSX index may remain in the doldrums in the near term amid concerns about delays in the Federal Reserve’s…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Monday, June 17

After posting its worst weekly performance in more than seven months, the TSX Composite could fall further today due to…

Read more »

edit Sale sign, value, discount
Stock Market

2 Absurdly Cheap TSX Stocks I’d Buy in June 2024

Undervalued TSX stocks such as Air Canada and Magna International can help you beat the broader markets in 2024 and…

Read more »

A woman shops in a grocery store while pushing a stroller with a child
Stock Market

Will the CRA Announce a Grocery Rebate in 2024?

Will the CRA reintroduce the grocery rebate in 2024 given the rising cost of food products and high inflation numbers?

Read more »