BB:CC - TSX Today: What to Watch for in Stocks on Wednesday December 6
2023-12-06 09:00:00 ET
Canadian stocks remained bearish for a second consecutive session on Tuesday after the release of mixed economic data from the United States, as commodity prices across the board continued to decline. The S&P/TSX Composite Index fell 34 points, or 0.2%, to settle at 20,376.
On the one hand, weaker-than-expected U.S. job openings data strengthened the possibility that the Federal Reserve will not hike interest rates further, leading to a rally in real estate and tech stocks . On the other hand, strong non-manufacturing purchasing managers index data and a selloff in commodity markets drove other stock market sectors , including utilities, metal mining, and energy, downward — pressuring the TSX index.
Top TSX Composite movers and active stocks
Tilray Brands , Torex Gold Resources , Endeavour Silver , and Seabridge Gold were the worst-performing stocks, as they plunged by at least 5.5% each.
On the flip side, shares of Shopify , North West Company , Nuvei , and Storagevault Canada inched up by more than 2% each, making them the day’s top performers on the Toronto Stock Exchange .
BlackBerry ( TSX:BB ) stock was also among the top gainers as it climbed up by 1.7% to $5.36 per share, extending its month-to-date gains to 7.6%. Yesterday’s rise in BB stock came after ECARX Holdings , a Shanghai-headquartered smart mobility company, announced a partnership with Black Sesame Technologies and BlackBerry.
Under this partnership, these three companies are expected to jointly deploy the ECARX Skyland ADAS platform in Lynk & Co’s flagship SUV, which is powered by BlackBerry’s QNX Neutrino real-time operating system and Black Sesame’s A1000 ADAS chip. After recent gains, BB stock is now up 21.5% on a year-to-date basis.
Based on their daily trade volume, Canadian Natural Resources , Enbridge , Suncor Energy , Manulife Financial , and Bank of Nova Scotia were the five most active stocks on the exchange.
TSX today
Most commodity prices were bearish early Wednesday morning amid growing demand concerns from China. Considering that, the resource-heavy main TSX index could trade on a weak note at the open today.
Besides the important non-farm employment data from the United States, Canadian investors will closely monitor the Bank of Canada’s latest interest rate decision and statement about the economy this morning, which could give further direction to stocks.
Market movers on the TSX today
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The post TSX Today: What to Watch for in Stocks on Wednesday, December 6 appeared first on The Motley Fool Canada .
The Motley Fool has positions in and recommends Nuvei and Shopify. The Motley Fool recommends Bank Of Nova Scotia, Canadian Natural Resources, Enbridge, North West, and Tilray Brands. The Motley Fool has a disclosure policy . Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.
2023