TSX Today: What to Watch for in Stocks on Thursday, May 8

Following the Fed’s rate pause, TSX investors’ focus will likely remain on corporate earnings and global trade developments.

Largely stronger-than-expected corporate earnings pushed Canadian stocks higher on Wednesday, even as the U.S. Federal Reserve announced the decision to hold interest rates steady, citing rising risks to both employment and price stability. The S&P/TSX Composite Index climbed by 186 points, or 0.7%, to 25,161 — its highest closing level in over a month.

Although an intraday decline in metals prices pressured mining stocks, solid gains in most other key sectors like industrials, technology, and energy guided the TSX benchmark upward.

During the press conference, Fed Chair Jerome Powell highlighted that while the U.S. labour market remains strong, inflation is running somewhat above the 2% target. He also noted that recent tariff announcements could amplify inflationary pressures in the months ahead.

tsx today

Top Composite movers and active stocks

Premium Brands Holdings (TSX: PBH) surged by 9.4% to $82.01 per share, finishing as the TSX’s best-performing stock of the day. This rally in PBH stock came after the Canadian specialty food company reported record first-quarter results, with revenue jumping 14.9% YoY (year over year) to $1.68 billion.

More importantly, Premium Brands’s adjusted quarterly earnings jumped by nearly 26% YoY to $0.68 per share, driven by a strong 9.9% organic volume growth in its U.S. protein, sandwich, and baked goods businesses. PBH stock now trades with a 3.7% year-to-date gain and offers a 4.5% annualized dividend yield.

Spin Master, Stella-Jones, and BRP were also among the day’s top gainers on the Toronto Stock Exchange, with each climbing by at least 4.5%.

In contrast, NovaGold Resources, IAMGOLD, Ivanhoe Mines, and TransAlta slid by more than 5% each, making them the session’s worst-performing TSX stocks.

Based on their daily trade volume, Suncor Energy, Enbridge, Manulife Financial, Whitecap Resources, and Canadian Natural Resources were the five most active stocks on the exchange.

TSX today

Metals prices continued to extend their losses in early trading on Thursday, while crude oil and natural gas were mixed, setting a cautious tone for the TSX at the open today.

Although no major domestic economic releases are due, Canadian investors may want to keep an eye on the weekly jobless claims data from the United States this morning. Overall, the market’s focus will likely remain on corporate earnings and global trade developments as traders look for direction following the Fed’s rate pause.

Several TSX-listed companies, including CES Energy, IGM Financial, NFI, Definity Financial, Sun Life Financial, Pembina Pipeline, Franco-Nevada, Hydro One, Cenovus Energy, Canadian Natural Resources, MDA, Shopify, Canadian Tire, BCE, Quebecor, Restaurant Brands, Brookfield, and Maple Leaf Foods, are scheduled to report their quarterly earnings today, which could inject fresh volatility into the session.

Market movers on the TSX today

Fool contributor Jitendra Parashar has positions in Bce, Brookfield, Canadian Natural Resources, Enbridge, Mda Space, Pembina Pipeline, and Shopify. The Motley Fool has positions in and recommends Brookfield and Shopify. The Motley Fool recommends Brookfield Corporation, Brp, Canadian Natural Resources, Ces Energy Solutions, Enbridge, NFI Group, Pembina Pipeline, Restaurant Brands International, Spin Master, Stella-Jones, and Whitecap Resources. The Motley Fool has a disclosure policy.

More on Stock Market

concept of growth
Dividend Stocks

The Dividend Stock I’d Never Sell, Even in a Downturn

Fortis is a dividend stock I'd hold through a downturn. Its regulated utilities and dividend growth support a patient approach…

Read more »

ETF is short for exchange traded fund, a popular investment choice for Canadians
Dividend Stocks

Create a Set-And-Forget Portfolio With Just 3 ETFs

Build a set-and-forget portfolio with VCN, XUU, and XEF, three ETFs offering broad exposure to Canadian, U.S., and international stocks.

Read more »

TFSA (Tax-Free Savings Account) on wooden blocks and Canadian one hundred dollar bills.
Dividend Stocks

3 Ways to Maximize Your TFSA Before Year-End

Maximize your TFSA before year-end with three different approaches to investing for long-term income and growth.

Read more »

a person watches stock market trades
Stock Market

Buy the Dip: 2 Stocks Worth Buying Today

These two TSX stocks have recently pulled back by nearly 30%. There could be huge upside if you buy them…

Read more »

tsx today
Stock Market

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

Falling crude oil prices could weigh on TSX energy stocks today, while higher gold and silver prices may help limit…

Read more »

The TFSA is a powerful savings vehicle for Canadians who are saving for retirement.
Dividend Stocks

You’ve Maxed Your TFSA – Now What?

Maxed your TFSA? These three Canadian growth stocks can help investors keep building wealth while they plan their next investing…

Read more »

a sign flashes global stock data
Dividend Stocks

The Best Ways to Invest in the TSX Near All-Time Highs

Learn how to invest in the TSX near all-time highs with a broad-market ETF, a lower-volatility option, and a proven…

Read more »

some investments are riskier than others
Energy Stocks

3 High-Yield Dividend Stocks Worth the Risk Right Now

These three high-yield dividend stocks offer income and different risk profiles across pipelines, banking, and Canadian real estate.

Read more »