TSX Today: What to Watch for in Stocks on Wednesday, December 17

Canadian equities continued to fall for the third consecutive session on Tuesday as largely stronger-than-expected U.S. retail sales and non-farm payrolls numbers raised doubts about the timing of future interest rate cuts. These concerns, coupled with weaker commodity prices, drove the S&P/TSX Composite Index down by 220 points, or 0.7%, to 31,264 — marking its biggest single-day percentage decline in over 10 sessions.

Even though recent optimism surrounding U.S. cannabis policy changes — fueled by reports of a possible executive order — lifted stocks in the healthcare sector, it wasn’t enough to offset broader market weakness. Shares of major energy and mining companies dragged the TSX index lower, as falling crude oil and base metals prices weighed heavily.

Top TSX Composite movers and active stocks

Imperial Oil (TSX:IMO) dived by 5.2% to $117.32 per share, making it the worst-performing TSX stock for the day. The decline came after the company issued its 2026 guidance, which, while reaffirming capital spending guidance of $2 to $2.2 billion, seemed to underwhelm investors looking for more aggressive growth targets.

For 2026, Imperial’s production is forecast to range between 441,000 and 460,000 barrels of oil equivalent per day, with several planned turnarounds expected to impact output and costs. On a year-to-date basis, however, IMO stock is still up 32%.

International Petroleum, Peyto Exploration & Development, and Parex Resources were also among the bottom performers on the Toronto Stock Exchange, with each slipping by at least 5%.

On the brighter side, NFI Group (TSX:NFI) jumped over 12% to $14.46 per share after the company announced a major settlement agreement with XALT Energy related to its previously disclosed battery recall. The deal is expected to recover up to 80% of NFI’s $229 million provision through a mix of cash payments, equipment, and intellectual property.

The resolution could not only help offset NFI’s recall costs but also strengthen its zero-emission platform and future battery supply chain, boosting investor confidence in the company’s financial stability and long-term growth prospects.

Curaleaf Holdings and Gildan Activewear also climbed by at least 5.5% each, making them among the session’s top-performing TSX stocks.

Based on their daily trade volume, Canadian Natural Resources, Cenovus Energy, Telus, Pembina Pipeline, and Ivanhoe Mines were the five most active stocks on the exchange.

TSX today

Commodity prices across the board inched up in early trading on Wednesday, pointing to a slightly higher opening for the resource-heavy main TSX index today.

While no major domestic economic releases are due, stocks may still remain volatile as investors await the upcoming U.S. inflation data scheduled to be released later in the week. Market participants are looking for confirmation that price pressures continue to ease, which could strengthen expectations of more rate cuts in early 2026.

Market movers on the TSX today

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  Fool contributor Jitendra Parashar has positions in Canadian Natural Resources and Pembina Pipeline. The Motley Fool recommends Canadian Natural Resources, International Petroleum, NFI Group, Parex Resources, Pembina Pipeline, and TELUS. The Motley Fool has a disclosure policy.