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 monetary policy easing actions.

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tsx today

Canadian stocks started the new week with pessimism on Monday after declining for four consecutive weeks as concerns about delays in the Federal Reserve’s monetary policy easing actions continued to take a toll on investors’ sentiments. The S&P/TSX Composite Index slid by 51 points, or 0.2%, yesterday to settle at 21,558 — ending the third consecutive session with losses.

Despite a recovery in consumer cyclical and industrial stocks, continued losses in other key sectors, including technology, utilities, and mining, drove the TSX benchmark downward.

Top TSX Composite movers and active stocks

Shares of Boyd Group Services (TSX:BYD) dived by 3.6% to $258.80 per share, making it one of the worst-performing TSX stocks of the day. These declines in BYD stock came after the Winnipeg-headquartered automotive repair services provider announced a second-quarter 2024 cash dividend of US$0.15 per share.

While Boyd’s second-quarter dividend figure was up around 2% year over year, it remained flat compared to the previous quarter. Notably, the company’s adjusted earnings in the first quarter of 2024 fell by around 56% year over year despite a 10% sales increase as mild winter weather reduced demand for its repair services. On a year-to-date basis, BYD stock is now down 7.1%.

NovaGold Resources, New Gold, and Pembina Pipeline were also among the day’s bottom performers on the Toronto Stock Exchange, falling by at least 2.6% each.

On the flip side, Secure Energy Services, Cargojet, Equinox Gold, and Brookfield Business Partners inched up by at least 2.7% each, making them the session’s top-performing TSX stocks.

According to the exchange’s daily trade volume data, Canadian Natural Resources, Suncor Energy, TC Energy, Canadian Imperial Bank of Commerce, and Cenovus Energy were the five most active stocks.

TSX today

Most commodity prices, especially metals, were bearish early Tuesday morning, which could pressure TSX mining stocks at the open today.

While no major domestic economic releases are due, Canadian investors may want to keep an eye on May’s retail sales 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 has positions in and recommends Cargojet. The Motley Fool recommends Boyd Group Services, Canadian Natural Resources, and Pembina Pipeline. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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