TSX Today: What to Watch for in Stocks on Tuesday, June 2

After climbing for two consecutive months, Canadian stocks started June on a mixed note with investors continuing to assess geopolitical developments in the Middle East. As renewed concerns around the U.S.-Iran conflict and uncertainty over the future of negotiations kept energy markets in focus, the S&P/TSX Composite Index slipped by 34 points, or 0.1%, for the day to settle at 34,735.

Despite strong gains in technology, energy, and industrial stocks, weakness in some key sectors like financials and utilities pressured the TSX benchmark.

Top TSX Composite movers and active stocks

Equinox Gold, Orla Mining, G Mining Ventures, and CCL Industries fell by more than 6% each, making them the worst-performing TSX stocks for the day.

On the brighter side, Parex Resources (TSX:PXT) was among the day’s top gainers on the Toronto Stock Exchange, as its shares surged by more than 10% to $26.52 apiece. This rally in PXT stock came after the Calgary-based oil and gas firm completed its previously announced US$500 million acquisition of Frontera Energy’s Colombian upstream assets.

This deal added 37,000 barrels of oil equivalent per day (boe/d) of production and made Parex the largest independent oil and gas producer focused on Colombia. Investors also appeared encouraged by the transaction’s potential to drive operational synergies, strengthen Parex’s long-term growth prospects, and support its upgraded second-half 2026 production guidance of 82,000 to 91,000 boe/d.

Celestica, BlackBerry, and Thomson Reuters also rallied by at least 8.6% each, making them among the session’s top-performing TSX stocks.

Based on their daily trade volume, Suncor Energy, Canadian Natural Resources, Manulife Financial, BlackBerry, and Enbridge were the five most active stocks on the exchange.

TSX today

After rising sharply in the previous session, crude oil prices trended lower in early trading on Tuesday, but metals prices maintained their upward momentum. These mixed signals from the commodity market could keep the resource-heavy TSX index nearly flat at the open today.

Meanwhile, investors are likely to keep a close watch on developments in the Middle East after reports of fresh Israeli strikes in southern Lebanon raised concerns about a broader regional escalation. The latest headlines come as uncertainty persists around the future of U.S.-Iran negotiations, a key factor influencing energy markets in recent weeks.

While no major domestic economic releases are due, Canadian investors may want to keep an eye on the latest U.S. job openings data this morning for additional clues about the strength of the labour market and the Federal Reserve’s policy outlook.

Market movers on the TSX today

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