TSX Today: What to Watch for in Stocks on Tuesday, May 5

Canadian stocks started the new week on a negative note as renewed Middle East conflict after fresh U.S. and Iranian strikes in the Strait of Hormuz rattled global markets, driving oil and gas prices higher. The S&P/TSX Composite Index plunged by 252 points, or 0.7%, to settle at 33,639 — marking its second straight daily decline.

Despite continued buying in technology and energy stocks, steep losses in many other key sectors like mining, industrials, and consumer cyclicals weighed on the TSX benchmark.

Top TSX Composite movers and active stocks

Gildan Activewear, TFI International, AbraSilver Resource, and Aritzia were the worst-performing TSX stocks for the day, with each diving by at least 4.7%.

On the brighter side, Bird Construction (TSX:BDT) climbed by 5.6% to $54.53 per share, making it the day’s top-performing TSX stock. This rally in BDT stock came after the Etobicoke-based construction and engineering firm announced a strategic partnership with Marten Falls First Nation.

The partnership will form Piinahzii LP, a majority Indigenous-owned entity focused on community infrastructure projects in Marten Falls Traditional Territory. It will also support local training, employment, and subcontracting opportunities. BDT stock rose as investors welcomed the long-term infrastructure partnership and its potential to create new project opportunities for Bird. Notably, BDT stock has jumped over 90% so far in 2026.

Aecon Group, BlackBerry, and Kelt Exploration were also among the session’s top gainers on the Toronto Stock Exchange, with each inching up by at least 2.6%.

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

TSX today

After falling sharply in the last session, gold and silver prices remained under pressure in early Tuesday trading, but oil prices remained elevated amid ongoing tensions in the Middle East. For TSX investors, this divergence could continue to drive sector-specific moves, with energy stocks seeing support while mining stocks are expected to lag at the open today.

While no major domestic economic releases are due, Canadian investors may want to keep a close eye on the latest job openings, new home sales, and services PMI (purchasing managers’ index) data from the U.S. this morning.

As the first-quarter corporate earnings season heats up further, several TSX-listed companies, including Suncor Energy, Curaleaf, iA Financial, Intact Financial, Triple Flag Precious Metals, First Capital REIT, Pan American Silver, Russel Metals, Boardwalk REIT, DPM Metals, IAMGOLD, SSR Mining, Dream Industrial REIT, Topaz Energy, Sienna Senior Living, Shopify, Thomson Reuters, Cameco, International Petroleum, and Colliers International, will report their latest results today. These earnings will be closely watched for insights into how companies are navigating a volatile commodity environment, which could set the tone for near-term TSX direction.

Market movers on the TSX today

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  More reading

  • The Canadian Stocks I’d Focus on for Growth Potential in 2026
  • Canada’s Infrastructure Boom: 3 TSX Stocks I’d Buy Now
  • 3 Canadian Stocks With the Potential to Triple in Value Within 5 Years
  • 2 Canadian Stocks That Deserve a Spot on Every Investor’s Watch List
  • 3 Stocks for Canada’s Infrastructure Spending Boom

  Fool contributor Jitendra Parashar has positions in Aritzia, BlackBerry, Canadian Natural Resources, Enbridge, Shopify, and Sienna Senior Living. The Motley Fool has positions in and recommends Aritzia, Colliers International Group, and Shopify. The Motley Fool recommends Cameco, Canadian Natural Resources, Dream Industrial Real Estate Investment Trust, Enbridge, First Capital Real Estate Investment Trust, Intact Financial, International Petroleum, Russel Metals, TFI International, Thomson Reuters, and Topaz Energy. The Motley Fool has a disclosure policy.