TSX Today: What to Watch for in Stocks on Wednesday, November 2

On Tuesday, Canadian stock market investors maintained their caution. The most recent Federal Reserve meeting got underway. Having the support of solid increases in firms with a connection to commodities, the S&P/TSX Composite Index concluded the choppy session with tiny 92 point gains (or 0.5% gains) at 19,518. Oil and metal prices experienced a substantial intraday rise, which supported metals mining and energy stock gains. However, losses in the healthcare, industrials, and utility sectors restrained the index’s advances. In addition, U.S. manufacturing and job openings data that mainly were stronger than expected helped consumer non-cyclical and technology stocks rise.

Top TSX movers and active stocks

A day after the firm reported higher-than-anticipated profits for the third quarter, Capstone Copper’s (TSX:CS) stock increased by 11.4% in the most recent session to close at $3.52 per share. Capstone’s total quarterly revenue increased by 86.6% year over year to $308.7 million. Despite drawbacks, including persistent inflationary pressures and declining copper prices, the mining company’s adjusted net profit for the September quarter was $19.3 million, exceeding Street analysts’ expectations of just $4 million. CS stock is currently trading with approximately 37% losses for the year.

Other metal mining firms, including Hudbay Minerals, Eldorado Gold, and First Quantum Minerals, were among the best-performing TSX equities yesterday, increasing by at least 9% each.

In contrast, Canopy Growth, Tilray Brands, and Trisura Group dropped by more than 4% each, making them the poorest performance on the exchange.

Based on their daily trade volume, Enbridge, Suncor Energy, Barrick Gold, and Bank of Montreal was the most active TSX Composite components on November 1.

TSX today

As commodities prices were moving sideways across the board early on Wednesday morning, the primary TSX benchmark is set to open on November 2 with no change. While investors wait for the next interest rate decision and press conference from the U.S. central bank, which is planned for this afternoon, I still anticipate that most TSX equities will remain quite volatile today. Most economists anticipate that the Fed will keep raising interest rates by 75 basis points.

The latest quarterly results from several Canadian businesses, including Suncor Energy, Waste Connections, Equinox Gold, Canaccord Genuity, Hudbay Minerals, Nutrien, Spin Master, Brookfield Infrastructure Partners, and Sun Life Financial, are anticipated to be released on November 2.

More reading