TSX Today: What to Watch for in Stocks on Wednesday, July 10

TSX investors today will focus on Powell’s comments on the second day of his testimony before the U.S. Senate Committee.

| More on:
tsx today

The Canadian equities market turned negative on Tuesday as the Federal Reserve chair Jerome Powell, in his testimony on the semiannual monetary policy report to Congress, highlighted the delicate balance the central bank must maintain, warning against reducing policy restraint too soon or too late. In addition, continued declines in crude oil prices drove the S&P/TSX Composite Index down by 84 points, or 0.4%, to 22,043.

Despite positive movement in some financial stocks, most other main market sectors, like industrials, energy, technology, and healthcare, posted heavy losses, pressuring the TSX benchmark.

Top TSX Composite movers and active stocks

Badger Infrastructure Solutions, Birchcliff Energy, Aya Gold & Silver, and Trisura Group were the worst-performing TSX stocks for the day, sliding by at least 3.4% each.

In contrast, shares of Maple Leaf Foods (TSX:MFI) rallied by 8.7% to $24.40 per share after announcing intentions to spin off its pork business into a separate entity, creating two independent public companies. After the planned spin-off, Maple Leaf Foods will focus on its brand-led consumer packaged goods and sustainable protein production, while the new Pork Company, led by Dennis Organ, will concentrate on sustainable, high-quality pork products.

The Mississauga-headquartered company also highlighted how this spinoff, expected to be completed in 2025, is likely to enhance growth and value creation for both businesses, with Maple Leaf retaining a 19.9% stake in the new Pork Company. Despite the recent rally, MFI stock is still down 3.3% on a year-to-date basis and offers a 3.9% annualized dividend yield.

Altus Group and Energy Fuels were also among the top performers on the Toronto Stock Exchange as they rose by at least 2.7% each.

Based on their daily trade volume, TD Bank, Canadian Natural Resources, TC Energy, Royal Bank of Canada, and Canadian Imperial Bank of Commerce were the five most active stocks on the exchange.

TSX today

Crude oil and base metals prices continued to extend their losses for the third consecutive session early Wednesday morning. At the same time, gold and silver prices were showcasing strength. Given these mixed signals, I expect the commodity-heavy main TSX index to remain largely flat at the open today.

While no major domestic economic releases are due this morning, Canadian investors will continue to monitor Powell’s testimony before the U.S. Senate Committee on the second day for clues that might guide the stock market.

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 Altus Group and Trisura Group. The Motley Fool recommends Canadian Natural Resources. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Stock Market

stock analysis
Stock Market

Canadian Investors: Yes, You Should Buy U.S. Stocks

Canadian investors should consider increasing exposure to the U.S. markets due to the opportunity to benefit from higher returns.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, July 19

Sharp overnight declines in gold and silver prices could pressure the resource-heavy main TSX index at the open today.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, July 18

Despite yesterday’s negative reversal, the TSX Composite benchmark still trades with solid 4.5% month-to-date gains.

Read more »

Stock Market

Here Are My Top 3 TSX Stocks to Buy Right Now

Looking for some businesses that could have upside from here today? Check out these three top TSX stocks.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, July 17

Trading just below the key psychological level of 23,000, the TSX Composite has been posting fresh record highs for four…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, July 16

The TSX Composite Index has notched new record highs for three consecutive sessions, showcasing its upward momentum.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Monday, July 15

The TSX Composite benchmark just posted its best weekly performance in over eight months, taking it to a fresh all-time…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, July 12

Strengthening commodity prices and growing rate cut hopes in the United States are helping the TSX Composite benchmark touch new…

Read more »