TSX Today: What to Watch for in Stocks on Wednesday, February 4

A sharp bounce back in commodity prices and continued buying in defensive sectors helped Canadian stocks recover for the second consecutive session on Tuesday even though the selloff in tech stocks kept a lid on broader market gains. The S&P/TSX Composite Index advanced 205 points, or 0.6%, to settle at 32,327, extending its year-to-date gains to over 2%.

Although shares of technology and real estate companies remained under pressure, strength in materials, energy, and consumer staples provided the TSX index with a solid footing.

Top TSX Composite movers and active stocks

Energy Fuels, Taseko Mines, Ivanhoe Mines, and Hudbay Minerals were the top-performing TSX stocks for the day, with each climbing by at least 8.6%.

Skeena Resources (TSX:SKE) also climbed 6% to $42.21 per share following news that it had completed the permitting process for its flagship Eskay Creek gold-silver project in British Columbia.

The final green light for Skeena’s project came with the receipt of the Environmental Management Act permit, jointly approved by the Tahltan Central Government. This milestone clears the path for commercial development, with mining operations expected to restart by the second quarter of 2027.

On the flip side, shares of Thomson Reuters (TSX:TRI) dived nearly 16% to $125.41 apiece, making it the day’s worst-performing TSX stock. The recent selloff in TRI stock started after Anthropic unveiled a new artificial intelligence (AI) legal assistant tool capable of automating functions like contract review, compliance workflows, and legal briefings.

This launch sparked widespread investor concerns that such advanced technologies could threaten the business models of data-driven professional service firms. So far in 2026, TRI stock has plunged nearly 31%.

Altus Group, Shopify, and Descartes Systems were also among the bottom performers on the Toronto Stock Exchange, with each diving by at least 9%.

Based on their daily trade volume, Energy Fuels, Taseko Mines, Ivanhoe Mines, Hudbay Minerals, and Lithium Americas were the five most active stocks on the exchange.

TSX today

Gold and silver prices continued to climb in early morning trading on Wednesday, but crude oil and base metals were showing signs of weakness after Tuesday’s sharp rebound. These mixed commodity signals could lead to a choppy open for the resource-heavy TSX today as investors weigh sector-specific trends against broader economic developments.

While no major domestic economic releases are due, Canadian investors will closely monitor the important nonfarm employment change and services purchasing managers’ index (PMI) data from the U.S. this morning. These U.S. indicators could provide further insight into the health of the world’s largest economy and influence market sentiment across North American equity markets.

On the corporate events side, the TSX-listed companies ATS, FirstService, and Brookfield Asset Management will announce their latest quarterly results today, which could keep these stocks in the spotlight throughout the session.

Market movers on the TSX today

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  More reading

  • Here’s the Average Canadian TFSA and RRSP at Age 35
  • 1 Ideal TSX Dividend Stock, Down 44%, to Buy and Hold for a Lifetime
  • 3 Canadian Stocks to Consider Adding to Your TFSA in 2026
  • Top Canadian Stocks to Buy With $10,000 in 2026
  • Here’s the Average Canadian TFSA at Age 50

  Fool contributor Jitendra Parashar has positions in Shopify. The Motley Fool has positions in and recommends Altus Group and Shopify. The Motley Fool recommends ATS Corp., Brookfield Asset Management, Descartes Systems Group, and FirstService. The Motley Fool has a disclosure policy.