TSX Today: What to Watch for in Stocks on Tuesday, July 2

Surging commodity prices could lift the main TSX index at the open today.

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Canadian stocks took a bearish turn before the long Canada Day weekend, with investors responding to mixed U.S. personal consumption expenditure data that left uncertainties about the Fed’s future policy actions unresolved. The S&P/TSX Composite Index slipped by 66 points, or 0.3%, on Friday to settle at 21,876 but still closed the week with solid 1.5% gains, ending its five-week losing streak.

Despite gains in some consumer cyclical and real estate stocks during the session, heavy losses in other key sectors, including mining, technology, and utilities, pressured the TSX benchmark.

Top TSX Composite movers and active stocks

First Quantum Minerals, Brookfield Renewable Partners, Cameco, Labrador Iron Ore Royalty, and Denison Mines were the worst-performing TSX stocks for the day, diving by at least 4.5% each.

On the flip side, Kinaxis, Brookfield Business Partners, EQB, and Aritzia climbed by at least 2.9% each, making them the day’s top-performing TSX stocks.

Shares of MTY Food Group (TSX:MTY) were also among the top performers on the Toronto Stock Exchange as they rose 2.8% to $44.94 per share. This optimism in MTY stock came after the Saint-Laurent-based restaurant franchisor announced the renewal of its share-buyback plan.

The updated plan permits MTY to buy back and cancel up to 1,196,513 of its common shares over the following 12 months, beginning July 3, which represent about 5% of its total outstanding shares as of June 21. Despite recent gains, however, MTY stock still trades with over 20% year-to-date losses and offers a 2.5% annualized dividend yield.

Based on their daily trade volume, TC Energy, Bank of Nova Scotia, Power Corporation of Canada, TD Bank, and Suncor Energy were the five most active stocks on the exchange.

TSX today

After ending June with a 1.3% drop, the main TSX index is likely to start the new month on a bullish note today due mainly to overnight gains in commodity prices across the board.

While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest U.S. job openings data and Federal Reserve chair Jerome Powell’s speech during the Policy Panel Discussion at the European Central Bank Forum on Central Banking, 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 Aritzia and MTY Food Group. The Motley Fool recommends Bank Of Nova Scotia, Brookfield Renewable Partners, Cameco, EQB, and Kinaxis. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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