TSX Today: What to Watch for in Stocks on Wednesday, October 2

The U.S. non-farm employment data and new developments related to the ongoing geopolitical tensions in the Middle East will remain on TSX investors’ radar today.

| More on:
tsx today

You’re reading a free article with opinions that may differ from The Motley Fool’s premium investing services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Canadian stock market started the new month on a slightly positive note as the release of largely better-than-expected U.S. job openings and manufacturing data gave further fuel to the ongoing rally. After ending the third quarter with solid 9.7% gains, the S&P/TSX Composite Index climbed by 34 points on Tuesday to settle at 24,034, its all-time high on a closing basis.

Despite an intraday weakness in sectors like technology and industrials, solid gains in mining and energy stocks helped lift the TSX benchmark.

Top TSX Composite movers and active stocks

Canadian Natural Resources, Baytex Energy, Imperial Oil, and Veren were the top-performing TSX stocks for the day, with each climbing by at least 4.2%.

Shares of MEG Energy (TSX:MEG) also rose 3.8% to $26.37 per share, extending its year-to-date gains to 11.4%. This rally in MEG stock came after the Calgary-headquartered energy firm announced that it has successfully achieved its US$600 million debt reduction target and will now shift to returning 100% of its free cash flow to shareholders.

Created with Highcharts 11.4.3Meg Energy PriceZoom1M3M6MYTD1Y5Y10YALLwww.fool.ca

In a statement, MEG highlighted how this milestone marks the completion of its multi-year capital allocation strategy. Starting in October 2024, the company plans to expand share buybacks and introduce a quarterly base dividend of $0.10 per share, with the first payment on October 15, 2024. This positive development was welcomed by investors, pushing MEG stock higher.

On the flip side, BlackBerry, Tilray, Aritzia, and Celestica dived by at least 3.1% each, making them the day’s worst performers on the Toronto Stock Exchange.

According to the exchange’s daily trade volume data, TD Bank, Canadian Natural Resources, Bank of Nova Scotia, Power Corporation of Canada, and TC Energy stood out as the five most active stocks.

TSX today

Crude oil, natural gas, and copper prices continued to extend their upward momentum early Wednesday morning, suggesting that the main TSX index might trade on a firm note today, especially benefiting from gains in resource-heavy sectors.

While no major domestic economic releases are due, Canadian investors may want to keep an eye on the monthly non-farm employment and weekly crude oil stockpile data from the United States this morning. Besides this, escalating conflict in the Middle East will remain on investors’ radar, as it could impact global oil supply and further drive commodity prices higher.

On the corporate events side, the TSX-listed NovaGold Resources is likely to announce its latest quarterly financial results after the market closing bell on October 2.

Market movers on the TSX today

Should you invest $1,000 in Celestica Inc. right now?

Before you buy stock in Celestica Inc., consider this:

The Motley Fool Stock Advisor Canada analyst team just identified what they believe are the Top Stocks for 2025 and Beyond for investors to buy now… and Celestica Inc. wasn’t one of them. The Top Stocks that made the cut could potentially produce monster returns in the coming years.

Consider MercadoLibre, which we first recommended on January 8, 2014 ... if you invested $1,000 in the “eBay of Latin America” at the time of our recommendation, you’d have $20,697.16!*

Stock Advisor Canada provides investors with an easy-to-follow blueprint for success, including guidance on building a portfolio, regular updates from analysts, and two new stock picks each month – one from Canada and one from the U.S. The Stock Advisor Canada service has outperformed the return of S&P/TSX Composite Index by 29 percentage points since 2013*.

See the Top Stocks * Returns as of 3/20/25

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.

Fool contributor Jitendra Parashar has positions in Aritzia, BlackBerry, and Toronto-Dominion Bank. The Motley Fool has positions in and recommends Aritzia. The Motley Fool recommends Bank Of Nova Scotia, Canadian Natural Resources, and Tilray Brands. The Motley Fool has a disclosure policy.

Confidently Navigate Market Volatility: Claim Your Free Report!

Feeling uneasy about the ups and downs of the stock market lately? You’re not alone. At The Motley Fool Canada, we get it — and we’re here to help. We’ve crafted an essential guide designed to help you through these uncertain times: "5-Step Checklist: How to Prepare Your Portfolio for Volatility."

Don't miss out on this opportunity for peace of mind. Just click below to learn how to receive your complimentary report today!

Get Our Free Report Today

More on Stock Market

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, April 10

In addition to the important U.S. consumer inflation report, TSX investors will also keep a close eye on developments related…

Read more »

Aircraft Mechanic checking jet engine of the airplane
Stock Market

How I’d Invest $9,200 in Canadian Aerospace Stocks to Send My Net Worth Soaring

Undervalued Canadian aerospace stocks such as Bombardier offer significant upside potential to investors in April 2025.

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, April 9

As U.S. tariffs on most of its key trade partners, including China, take effect today, TSX stocks could continue to…

Read more »

Oil industry worker works in oilfield
Stock Market

3 Undervalued Canadian Stocks I’d Buy and Hold for Decades

Investing in quality undervalued stocks such as Martinrea and Cascades should help you generate outsized gains in 2025 and beyond.

Read more »

Beware of bad investing advice.
Dividend Stocks

Where I’D Invest $1,000 in 3 No-Brainer Canadian Stocks Under $150

Want to invest $1,000 in some great stocks? Here's a trio that investors can buy at a discount right now…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, April 8

A minor overnight recovery in commodity prices could give the TSX a steadier open today as investors continue to closely…

Read more »

shopper buys items in bulk
Bank Stocks

How I’d Allocate $1,000 in Domestic Stocks in Today’s Market

Got $1000? Here's how I'd play the tariff war with Canadian domestic stocks this April! Royal Bank of Canada (RBC)…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Monday, April 7

With a 6.3% weekly loss, the TSX just posted its steepest percentage decline in a single week since June 2022.

Read more »