Canadian stocks remained choppy for the second consecutive session on Tuesday as weaker-than-expected economic data from the U.S. market, mixed signals from the FOMC’s (Federal Open Market Committee) meeting minutes, and concerns about the potential U.S. tariffs on Canada weighed on investors’ sentiments. The S&P/TSX Composite Index ended the session with a minor five-point decline at 25,405.
Although financial and technology stocks continued to inch up, the TSX real estate sector fell sharply after U.S. new home sales in October dropped 17.3% month over month, highlighting weaker demand and rising inventory concerns. In addition, consumer cyclicals and industrial sectors dived after U.S. President-elect Donald Trump threatened to impose 25% tariffs on Canada.
The latest FOMC minutes revealed mixed signals, with policymakers emphasizing the risks of easing policy too quickly while leaving room to accelerate rate cuts if economic activity weakens.
Top TSX Composite movers and active stocks
Bombardier, BRP, Linamar, and Winpak dived by at least 5.5% each, making them the worst-performing TSX stocks for the day.
On the flip side, Brookfield Asset Management, Agnico Eagle Mines, Kinaxis, and Chartwell Retirement Residences were among the top gainers on the TSX, with each rising over 3%.
Shares of Alimentation Couche-Tard (TSX:ATD) also climbed by 1.6% to $79.09 per share despite the release of its worse-than-expected quarterly earnings. In the quarter ended in October 2024, the Laval-based retail giant’s total revenue rose 6% year over year to US$17.4 billion with the help of new acquisitions and higher revenues in the wholesale fuel business.
However, softer U.S. fuel margins and higher financial expenses drove Couche-Tard’s adjusted quarterly earnings down by 9.8% from a year ago to US$0.74 per share, missing Street analysts’ expectations of US$0.77 per share. The company’s strong performance in Europe, increased gross profit, and strengthening outlook due to acquisitions could be the main reason why ATD stock traded positively despite this earnings miss.
Based on their daily trade volume, Canadian Natural Resources, Suncor Energy, Cenovus Energy, Great-West Lifeco, and Bank of Nova Scotia were the five most active stocks on the Toronto Stock Exchange.
TSX today
Commodity prices were largely mixed early Wednesday morning, pointing to a flat open for the resource-heavy main TSX index today.
While no major domestic economic releases are due, Canadian investors will closely monitor the important third-quarter GDP (gross domestic product) growth numbers and personal consumption expenditure from the United States this morning. This data could give further direction to TSX stocks today, while Trump’s tariff worries could keep investors cautious.
Market movers on the TSX today
