TSX Today: What to Watch for in Stocks on Thursday, May 23
tsx today
After rising for four consecutive sessions, Canadian stocks fell on Wednesday as the Federal Reserveâs latest meeting minutes highlighted âinflation being more persistent than previously expected,â raising uncertainty about the timing of potential rate cuts in the near term. The S&P/TSX Composite Index retreated from its record highs by falling 121 points, or 0.5%, yesterday to close at 22,347.
Even as some TSX technology stocks showcased strength, heavy losses in most other main sectors, like mining, healthcare, and energy, led to a pullback in the market index.
Top TSX Composite movers and active stocks
Big intraday losses in metals prices drove mining stocks like IAMGOLD, Ivanhoe Mines, Hudbay Minerals, and Lundin Mining down by at least 8% each, making them the worst-performing TSX stocks for the day.
On the flip side, Bombardier (TSX:BBD.B) was the top-performing TSX stock as its share prices jumped by nearly 16% to $91.16 per share. This rally in Bombardier stock came after the told investors that it has opened a new office in Adelaide, Australia, expanding its presence in the Asia-Pacific region. Its new office will provide more resources and flexibility for customers in the region.
In a separate press release, Bombardier also revealed the launch of a US$500 million offering of new Senior Notes due 2032. The company plans to use the proceeds of this offering, along with cash on hand, to repay and retire outstanding debts. After the recent rally, Bombardier stock is now up 71.3% on a year-to-date basis.
Shares of Shopify climbed 3.3% to $80.41 per share after Goldman Sachs upgraded its rating on the stock from âneutralâ to âbuy,â highlighting the Canadian e-commerce giantâs âsignificant technology moat.â
Ballard Power Systems and Celestica were also among the top gainers on the Toronto Stock Exchange yesterday as they rose at least 2.6% each.
Based on their daily trade volume, Enbridge, Suncor Energy, Manulife Financial, Royal Bank of Canada, and Cenovus Energy were the five most active stocks on the exchange.
TSX today
Crude oil and base metals prices were bearish early Thursday morning, which could pressure the commodity-heavy main TSX index at the open today.
While no major domestic economic releases are due, Canadian investors may want to monitor this morning’s U.S. manufacturing, services, new home sales, and jobless claims data closely.
On the corporate events side, Toronto-Dominion Bank will announce its latest quarterly results on May 23. Bay Street analysts expect the bank to report earnings of $1.85 per share for the April quarter with $12.6 billion in revenue.
Market movers on the TSX today
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The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Enbridge. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.