TSX Today: What to Watch for in Stocks on Wednesday, January 8

In addition to the ongoing political uncertainty, TSX investors will keep a close eye on U.S. economic data and the FOMC meeting minutes today.

The Canadian stock market extended its losses into a second session on Tuesday, despite stronger commodity prices, as investors continued to evaluate the political uncertainty triggered by Prime Minister Justin Trudeau’s resignation announcement. The S&P/TSX Composite Index slipped by 70 points, or 0.3%, to settle at 24,930.

On the one hand, some sectors like healthcare, energy, and mining posted gains yesterday. On the other hand, an intense selloff in technology stocks weighed heavily on the broader market.

tsx today

Top TSX Composite movers and active stocks

Bird Construction, Shopify, Cameco, Energy Fuels, and NexGen Energy were the worst-performing TSX stocks for the day, with each diving by over 5%.

In contrast, Headwater Exploration (TSX: HWX) climbed by 4.8% to $7.19 per share, making it the session’s top-performing TSX stock. This rally in HWX stock came a day after the Calgary-based energy firm announced fourth-quarter production of about 21,500 barrels of oil equivalent per day, including 20,300 barrels of heavy oil and seven million cubic feet of natural gas per day.

Headwater also announced a new partnership with the Bigstone Cree Nation. This partnership will allow the company to earn leases on 34.5 sections of land in the Greater Pelican area, with the first well expected to be drilled in the first quarter of 2025.

Similarly, Precision Drilling (TSX: PD) inched up by 2.7% to $95.07 per share after revealing that it managed to lower its debt by $176 million in 2024. The company ended the year with $74 million in cash and $575 million in liquidity and plans further debt reductions in 2025.

Imperial Oil, Equinox Gold, and Suncor Energy were also among the day’s top gainers on the Toronto Stock Exchange as they rose by at least 3.9% each.

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

TSX today

Crude oil and base metals prices traded on a slightly bullish note early Wednesday morning, which could provide a modest boost to TSX energy and mining sectors at the open today.

While no major domestic economic releases are due, Canadian investors will keep an eye on the latest monthly non-farm employment change, weekly jobless claims, and crude oil stockpile data from the United States this morning. In the afternoon, the Federal Open Market Committee’s (FOMC) meeting minutes are expected to be released, which could set the tone for market expectations on the Fed’s future interest rate policy.

Market movers on the TSX today

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

More on Stock Market

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Friday, October 16

Rising metals prices could help the TSX build on Thursday’s sharp rally today, while concerns about potential U.S. military strikes…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Thursday, October 15

After yesterday’s sharp decline, TSX investors will closely watch U.S. wholesale inflation and retail sales reports today, while mixed commodity…

Read more »

quantum computing is still in infancy
Tech Stocks

A Quantum Computing Stock Canadian Investors Can Buy Now

Looking for a quantum computing stock? D-Wave offers exposure to an emerging industry, with paying customers and plenty still to…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Wednesday, October 14

TSX investors will closely watch the latest U.S. inflation report today, while mixed commodity prices, Canada-U.S. trade tensions, and Middle…

Read more »

man makes the timeout gesture with his hands
Dividend Stocks

Why Dividend Cuts Happen and How to Spot the Warning Signs

Learn why dividend cuts happen and how to spot warning signs, using BCE and TELUS to examine cash flow, debt,…

Read more »

Investor reading the newspaper
Top TSX Stocks

How to Stay Invested When the Headlines Look Bad

Selling stocks in a panic turns paper losses permanent. Discover how holding Aritzia stock through terrifying headlines delivered over 1,100%…

Read more »

tsx today
Stock Market

TSX Today: What to Watch for in Stocks on Tuesday, October 13

Mixed commodity prices could keep the TSX nearly flat at the open today, while renewed Middle East tensions may support…

Read more »

tsx today
Stock Market

TSX Today: Why Canadian Stocks Could Rally on Friday, October 9

Rising metals prices could lift TSX mining stocks today, while upbeat earnings from Aritzia may support consumer shares as investors…

Read more »