TSX Today: What to Watch for in Stocks on Tuesday, June 3

The TSX Composite Index soared to new highs to kick off June, but it may remain volatile today with investors eyeing the Bank of Canada’s rate decision, set for Wednesday.

Jitendra Parashar

Author Bio Jitendra Parashar is a financial journalist who has been writing for The Motley Fool Canada since June 2020. With more than 13 years of experience in financial journalism, equity research, and market analysis, he helps investors understand market developments and identify long-term investment opportunities. Before joining The Motley Fool Canada, Jitendra spent several years at Market Realist covering U.S. equities, major economic developments, and developments in the automotive and technology industries. He also worked in commodity and currency research at brokerage firms, gaining insight into how economic trends, central bank decisions, and geopolitical events influence financial markets. Jitendra writes for beginner investors, dividend seekers, and Canadians looking to build wealth over the long term. He also contributes to the daily TSX Today series, explaining key Canadian market developments and highlighting news investors should watch. Based in India, Jitendra follows Canadian and U.S. markets closely. Outside of work, he enjoys travelling in the Himalayas, street and nature photography, and exploring programming and artificial intelligence. Education MBA in Finance and International Business Bachelor's degree in Journalism Areas of Expertise Canadian and U.S. financial markets, long-term equity investing, dividend investing, macroeconomic and geopolitical trends, automotive stocks, emerging technologies, and artificial intelligence. Social Media Profiles LinkedIn Muck Rack Favorite Investment Quote “Simplicity is the master key to financial success.” — John C. Bogle

Published June 3, 2025 9:00 am EDT

Canadian stocks started the new month on a strong note as U.S. president Donald Trump’s plans to raise tariffs on steel and aluminum imports from 25% to 50% led a rally in domestic metals and mining stocks, pushing the index to fresh all-time highs. The S&P/TSX Composite Index climbed by 214 points, or 0.8%, on Monday to settle at 26,389.

Despite weakness in healthcare and industrial stocks, solid gains in mining, energy, and consumer sectors helped lift the broader index into record territory. With Monday’s advance, the TSX benchmark has now logged gains in 16 of the last 19 sessions, reflecting sustained market momentum.

Top TSX Composite movers and active stocks

Fortuna Mining, First Majestic Silver, Endeavour Silver, IAMGOLD, and Pan American Silver were the top-performing TSX stocks for the day, with each jumping by more than 7%.

Shares of Cenovus Energy (TSX: CVE) also rose after the company confirmed no damage to its infrastructure from the Alberta wildfires and expressed confidence in a full restart of its Christina Lake operations in the near term.

Notably, Cenovus began a precautionary shutdown of production on May 29, affecting approximately 238,000 barrels per day. The market responded favourably to the company’s quick action, strong asset integrity, and ongoing coordination with provincial emergency teams. On a year-to-date basis, however, CVE stock is still down 16%.

Algoma Steel, Tilray, NFI Group, and NGEx Minerals slid by at least 3.9% each, making them the session’s worst-performing TSX stocks.

Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, Cenovus Energy, Great-West Lifeco, and Manulife Financial were the five most active stocks on the exchange.

TSX today

Metals prices gave up some of their recent gains in early morning trading on Tuesday, suggesting a potentially softer open for the TSX today.

While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest U.S. job openings data this morning. Overall, the market’s short-term direction may depend on the Bank of Canada’s interest rate decision, which is expected on Wednesday.