TSX Today: What to Watch for in Stocks on Tuesday, June 4

Falling crude oil and metals prices could pressure the commodity-heavy main TSX index at the open today.

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tsx today

Canadian stocks started the new month on a bearish note due partly to falling crude oil prices, as investors seemed worried about the timing of potential interest rate cuts following the release of mixed U.S. manufacturing data. The S&P/TSX Composite Index slipped by 152 points, or 0.7%, on Monday to settle at 22,117.

On the one hand, some real estate and consumer noncyclical stocks climbed up during the session. On the other hand, heavy losses in sectors like energy, healthcare, and industrials pressured the TSX index.

Top TSX Composite movers and active stocks

Baytex Energy, Cenovus Energy, Headwater Exploration, and Precision Drilling were the worst-performing TSX stocks for the day, as they plunged by at least 5.8% each.

On the flip side, GFL Environmental and First Capital Real Estate Investment Trust jumped by at least 3.5% each, making them the session’s top performers on the Toronto Stock Exchange.

Shares of BRP (TSX:DOO) recovered by 2.6% to $87.40 per share after losing more than 6% of their value in the previous session. The volatility in BRP stock increased after the Valcourt-headquartered powersports vehicles maker announced its quarterly financial results on May 31.

In the April quarter, BRP’s total revenue fell 16.4% year over year to around $2 billion despite an increase in its year-round products’ retail sales. Lower volumes and higher operating expenses drove the company’s adjusted quarterly earnings down by 60.1% from a year ago to $0.95 per share. However, its latest earnings figure still exceeded Street analysts’ expectations of $0.91 per share. On a year-to-date basis, BRP’s shares are not down nearly 8%.

Based on their daily trade volume, Suncor Energy, Great-West Lifeco, Enbridge, Baytex Energy, and TC Energy were the most active stocks on the exchange.

TSX today

Commodity prices across the board fell sharply early Tuesday morning, pointing to a lower open for the resource-heavy main TSX benchmark today.

While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest job openings data from the United States this morning, 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 Brp and Enbridge. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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