TSX Today: Why Canadian Stocks Could Fall on Tuesday, July 18

Canada’s latest inflation report and retail sales data from the U.S. market could give further direction to TSX stocks today.

| More on:
tsx today

Canadian stocks started the new week on a bearish note, as China’s lower-than-expected gross domestic product growth in the second quarter and high unemployment among youth kept investors on their toes. The S&P/TSX Composite Index slid by 35 points, or 0.2%, on Monday to settle at 20,227 after rallying by 2.2% in the previous week.

Despite a rally in some healthcare stocks, weakness in most other market sectors, including energy, utilities, and consumer cyclicals, dragged the TSX index down, as investors awaited key economic reports due later this week.

Top TSX Composite movers and active stocks

Parex Resources, Athabasca Oil, Cogeco Communications, and Spin Master were among the worst-performing TSX stocks yesterday, as they dived by at least 3% each.

On the flip side, Bausch Health Companies (TSX:BHC) jumped 9.8% in the last session to $12.26 per share, making it the top-performing TSX stock for the day. While there was no company-specific news, this rally in BHC stock came a couple of sessions after the Canadian healthcare giant informed investors that it would announce its second-quarter financial results and provide a business update on August 3. With this, BHC stock now trades with 44.2% year-to-date gains.

Endeavour Silver and Nuvei were also among the top gainers on the Toronto Stock Exchange, as they inched up by at least 3.7% each.

Shares of Prairiesky Royalty (TSX:PSK) rose 1.8% to $25.53 per share before it announced its June quarter results after the market closing bell. During the quarter, the Calgary-headquartered royalty firm posted a 40.7% year-over-year decline in its total revenue to $117.4 million. Also, Prairiesky’s adjusted quarterly earnings of $0.20 per share missed Street analysts’ estimates of $0.24 per share. Given these weak financial results, PSK stock may witness negative movement in the coming sessions.

Based on their daily trade volume, Enbridge, TC Energy, TD Bank, and Suncor Energy were the most active TSX stocks on July 17.

TSX today

Crude oil and metals prices across the board were largely mixed early Tuesday morning, pointing to a flat open for the commodity-heavy TSX index today.

Besides important retail sales data from the United States, Canadian investors may want to closely monitor the domestic consumer inflation report this morning, which could give further direction to stocks.

Market movers on the TSX today

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 has positions in and recommends Nuvei and Spin Master. The Motley Fool recommends Cogeco Communications, Enbridge, and Parex Resources. The Motley Fool has a disclosure policy. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

More on Stocks for Beginners

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 »

hand stacks coins
Dividend Stocks

3 Ultra-High-Yield Dividend Stocks You Can Buy and Hold for a Decade

These three high-yield dividend stocks still have some work to do, but each are in steady areas that are only…

Read more »

Asset Management
Stocks for Beginners

TFSA: 4 Canadian Stocks to Buy and Hold Forever

Thinking about what to buy with the new TFSA contribution space in 2025? These four Canadian stocks are worth holding…

Read more »

concept of real estate evaluation
Stocks for Beginners

2 No-Brainer Real Estate Stocks to Buy Right Now for Less Than $1,000

These two real estate sector-focused stocks have the potential to deliver strong returns on your investments in the coming years.

Read more »

engineer at wind farm
Energy Stocks

Invest $20,000 in This Dividend Stock for $100 in Monthly Passive Income

This dividend stock has it all – a strong outlook, monthly income, and even more to consider buying today.

Read more »

stocks climbing green bull market
Stocks for Beginners

3 TSX Stocks Soaring Higher With No Signs of Slowing

Don't ignore stocks just because they look like they're at a high price. Instead, see exactly why they've driven so…

Read more »

Middle aged man drinks coffee
Dividend Stocks

Here’s the Average TFSA Balance at Age 35 in Canada

At age 35, it might not seem like you need to be thinking about your future cash flow. But ideally,…

Read more »