TSX Today: What to Watch for in Stocks on Tuesday, June 11

TSX stocks may continue to face high volatility as investors focus on the important U.S. consumer inflation data and the Federal Reserve’s interest rate decision due tomorrow.

| More on:
tsx today

A robust intraday recovery in commodity prices across the board helped the Canadian stock market start the new week on a slightly positive note after declining for three consecutive weeks. Even as investors continued to adjust their positions based on their expectations for the Federal Reserve’s upcoming policy decision, the S&P/TSX Composite Index advanced by 63 points, or 0.3%, on Monday to settle at 22,070.

Despite notable losses in consumer stocks, most other key sectors ended the session in the green territory, primarily led by solid gains in the shares of mining, technology, and energy companies.

Top TSX Composite movers and active stocks

Ero Copper, Celestica, Birchcliff Energy, Cargojet, and Paramount Resources were the top-performing TSX stocks as they inched up by at least more than 4% each.

On the flip side, Telus (TSX:T) slid by 2.5% to $22.18 per share, making it among the bottom performers on the Toronto Stock Exchange. This weakness in Telus stock came after the Vancouver-based telecom firm said that it’s investing $33 million in Montreal in 2024 to enhance its 5G network and fibre optic connections.

This investment is a part of Telus’s broader plan to invest $73 billion in Canada by 2028. Notably, despite strong customer growth, the company’s adjusted earnings slipped by 3.7% year over year in the first quarter of 2024 as macroeconomic challenges continued to take a toll on its profits. Telus stock is now down nearly 6% on a year-to-date basis but offers an impressive 6.8% annualized dividend yield.

Alimentation Couche-Tard and Rogers Communications were also among the worst-performing TSX stocks yesterday as they fell at least 2.5% each.

According to the exchange’s daily trade volume data, Canadian Natural Resources, Suncor Energy, Manulife Financial, Enbridge, and Toronto-Dominion Bank were the five most active stocks.

TSX today

After staging a recovery in the previous session, most commodity prices, especially metals, were bearish early Tuesday morning, which could pressure the resource-heavy main TSX index at the open today.

Despite the absence of any major economic reports this morning, TSX stocks may continue to face high volatility, driven by investors’ focus on the U.S. consumer inflation data and the Federal Reserve’s interest rate decision due tomorrow.

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 Alimentation Couche-Tard and Cargojet. The Motley Fool recommends Canadian Natural Resources, Enbridge, Rogers Communications, and TELUS. 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 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 »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, June 14

The main TSX benchmark seems on track to end the fourth consecutive week in the red territory as it currently…

Read more »

ETF chart stocks
Stock Market

2 of My Favorite S&P 500 ETFs for Canadian Investors

Here's how Canadian investors can diversify their portfolios and gain exposure to the S&P 500 Index at a low cost.

Read more »