TSX Today: What to Watch for in Stocks on Thursday, December 9

TSX stocks are likely to open slightly lower Thursday morning due to early morning weakness in commodity prices.

| More on:
TSX Today

Canadian stocks turned slightly negative on Wednesday after inching up by 2.6% in a previous couple of sessions combined. The TSX Composite Index fell to 21,077 — down 0.4%, or 85 points, for the day. Despite strengthening commodity prices, a selloff in the technology sector — ahead of the Bank of Canada’s interest rate decision — took the main Canadian stock index lower.

While the Canadian central bank held the interest rate at 0.25%, it expressed concerns about the impact of elevated inflation and the global supply chain disruptions on the economy.

Top TSX movers and active stocks

On December 8, the tech sector selloff was mainly led by Nuvei (TSX:NVEI)(NASDAQ:NVEI) stock. The stock crashed by more than 55% in intraday trading after Spruce Point released a short report criticizing Nuvei and its management. However, NVEI stock considerably bounced back from its lows later to end the day with 40.4% losses at $70.12 per share.

The shares of Real Matters and Enghouse Systems also slipped by 5.5% each in the last session, making them some of the worst-performing TSX stocks.

On the positive side, Lithium Americas, Vermilion Energy, OrganiGram Holdings, and MEG Energy were some of the top-performing Canadian stocks yesterday. While Lithium America stock rose by more than 5%, the other three stocks inched up by at least 3.5% each.

Based on their daily trading volume, B2Gold, Canadian Natural Resources, Suncor Energy, and Enbridge were the most active stocks on the main Canadian market benchmark in the last session.

TSX today

I expect TSX stocks to open slightly lower today due to an intraday weakness across the commodities market, including crude oil, gold, and copper prices. Oil prices continued to inch up yesterday, despite slightly higher than expected U.S. crude oil stockpiles data. However, they are declining early this morning, which could keep Canadian energy stocks under pressure in Thursday’s trading session.

While no major domestic economic releases are due today, investors could keep an eye on the U.S. weekly jobless claims data this morning. On the corporate events side, Empire Company will release its latest quarterly results before the market opens today. The company is expected to report a 6% year-over-year rise in its Q2 revenue to $7.4 billion. According to analysts’ estimates, it could post around $0.61 per share in adjusted earnings — nearly 1.3% higher from a year ago.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

The Motley Fool owns and recommends Enghouse Systems Ltd. and Nuvei Corporation. The Motley Fool recommends CDN NATURAL RES, Enbridge, OrganiGram Holdings, Real Matters Inc, and VERMILION ENERGY INC. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Tech Stocks

investment research
Tech Stocks

Is OpenText Stock a Buy, Sell, or Hold for 2025?

Is OpenText stock poised for a 2025 comeback? AI ambitions, a 3.8% yield, and cash flow power make it a…

Read more »

The virtual button with the letters AI in a circle hovering above a keyboard, about to be clicked by a cursor.
Tech Stocks

Emerging Canadian AI Companies With Big Potential

These tech stocks are paving the way to an AI-filled future, but still offer enough growth ahead for a strong…

Read more »

Young Boy with Jet Pack Dreams of Flying
Tech Stocks

Is Constellation Software Stock a Buy, Sell, or Hold for 2025?

CSU stock has long been a strong option for high growth, high value stocks. But are there now too many…

Read more »

An investor uses a tablet
Tech Stocks

Canadian Tech Stocks to Buy Now for Future Gains

Not all tech stocks are created equal. In fact, these three are valuable options every investor should consider.

Read more »

dividend growth for passive income
Tech Stocks

2 Rapidly Growing Canadian Tech Stocks With Lots More Potential

Celestica (TSX:CLS) and Constellation Software (TSX:CSU) are Canadian tech darlings worth watching in the new year.

Read more »

BCE stock
Tech Stocks

10% Yield: Is BCE Stock a Good Buy?

The yield is bigger than it's ever been in the company's history. That might not be a good thing.

Read more »

Happy shoppers look at a cellphone.
Tech Stocks

So You Own Shopify Stock: Is it Still a Good Investment?

Shopify (TSX:SHOP) stock has had a run, but there's still room to the upside.

Read more »

A person uses and AI chat bot
Tech Stocks

AI Where No One’s Looking: Seize Growth in These Canadian Stocks Before the Market Catches Up

Beyond flashy headlines about generative AI, these two Canadian AI stocks could deliver strong returns for investors who are willing…

Read more »