Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

TSX Today: Why Stocks Could Fall on Wednesday, June 22

Stock Markets Jun 22, 2022 08:15
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. TSX Today: Why Stocks Could Fall on Wednesday, June 22

Canadian equities continued to recover from last week’s big losses for a second consecutive session on Tuesday. The S&P/TSX Composite Index ended the day with a 74-point, or 0.4%, gain at 19,275.

An intraday minor bounce back in commodity prices, including crude oil and metals, took TSX energy and mining shares higher. Other key sectors like real estate, utilities, and consumer cyclicals also led the broader market rally. In addition, a much stronger than expected Canadian retail sales and the U.S. existing home sales data seemingly supported stock market gains.

Top TSX movers and active stocks Commodity-linked stocks like Vermilion Energy (TSX:VET), MEG Energy (TSX:MEG), Osisko Mining (TSX:OSK), and Secure Energy Services (TSX:SES) were the top-performing TSX stocks on June 21, as they inched up by at least 5% each.

In contrast, Bombardier (TSX:BBDb) (TSX:BBD.B) stock was the worst-performing TSX Composite component yesterday, as it fell by 5.4% to $24.01 per share, marking its second consecutive day of more than 5% losses. Its latest decline came after TD (TSX:TD) Securities slashed its target price on Bombardier stock from $69 to $62 per share. In another development, the Canadian business aircraft maker “offered its workers on a key jet program a new and final contract that would deliver pay hikes of up to 18.5% over five years,” Reuters reported citing a letter from the workers union.

Bausch Health (TSX:BHC) Companies, Nuvei (TSX:NVEI), and Converge Technology (TSX:CTS) Solutions were also among bottom-performing Canadian stocks Wednesday, as they slipped by more than 3% each.

Based on their daily trade volume, Suncor Energy (TSX:SU), Canadian Natural Resources (TSX:CNQ), Manulife Financial (TSX:MFC), and Barrick Gold (NYSE:GOLD) were the four most active stocks on the exchange.

TSX today Nearly all key Asian and European stock indexes fell sharply on Wednesday — led mainly by nearly 2.6% losses in Hong Kong’s Hang Seng. In addition, WTI crude oil futures were trading with about 5% losses this morning, while copper futures prices were hovering close to their lowest level since February 2021 with a 3.5% intraday decline. Given these negative signals from global stock indexes as well as from the commodities market, I expect TSX stocks to fall sharply at the open today.

Apart from domestic inflation numbers for May, Canadian investors may want to closely watch the U.S. Fed chair Jerome Powell’s testimony this morning. On the corporate events front, Stellarton-based food retail and real estate firm Empire Company is set to announce its latest quarterly results on June 22. Bay Street analysts expect its April quarter earnings to be around $0.69 per share.

The post TSX Today: Why Stocks Could Fall on Wednesday, June 22 appeared first on The Motley Fool Canada.

The Motley Fool has positions in and recommends Nuvei Corporation. The Motley Fool recommends CDN NATURAL RES and VERMILION ENERGY INC. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

This Article Was First Published on The Motley Fool

TSX Today: Why Stocks Could Fall on Wednesday, June 22
 

Related Articles

China, Australia Stocks Rattled by new COVID Lockdown
China, Australia Stocks Rattled by new COVID Lockdown By Investing.com - Aug 12, 2022

By Ambar Warrick  Investing.com-- Chinese and Australian stocks fell on Friday as a COVID-19 lockdown in commodities hub Yiwu rattled sentiment, while most other Asian stocks...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email