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

The Canadian stock market fell sharply on Tuesday as fears of growing conflict in the Middle East took a toll on investor sentiment, which started during the weekend with the U.S., Israel, and Iran exchanging strikes that signaled a broader escalation in the region. Investors moved away from risk assets as reports of military activity and retaliatory attacks raised concerns about potential disruptions to global energy supplies. A day after closing at a fresh all-time high, the S&P/TSX Composite Index dived by 756 points, or 2.2%, yesterday to 33,785 — marking its biggest single-day percentage decline in over two weeks.

Despite strength in some technology stocks, heavy losses in most other key market sectors, including mining, financials, and consumer cyclicals, pressured the TSX benchmark.

Top TSX Composite movers and active stocks

Shares of Pet Valu Holdings (TSX:PET) plunged by nearly 11% to $25.19 apiece, making it the worst-performing TSX stock for the day. This selloff in PET stock came after the Markham-based pet food retailer reported its fourth-quarter and fiscal 2025 results alongside a softer revenue outlook for 2026. While the company’s revenue rose 10.6% year over year to $326.4 million last quarter, its gross margin slipped to 33% from 34% amid pricing and promotional investments.

Pet Valu guided for fiscal 2026 revenue growth of just 2% to 4% on a 52-week comparable basis, with flat to only slight expansion in adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) margin. The cautious top-line outlook and softer profitability metrics weighed on sentiment, driving PET shares sharply lower.

New Gold, Energy Fuels, and NovaGold Resources were also among the day’s bottom performers on the Toronto Stock Exchange, with each falling by over 10%.

In contrast, Paramount Resources, Thomson Reuters, Constellation Software, and Strathcona Resources climbed by at least 3.9% each, making them the session’s top-performing TSX stocks.

Based on their daily trade volume, Canadian Natural Resources, Cenovus Energy, Barrick Mining, Enbridge, and B2Gold were the five most active stocks on the exchange.

TSX today

Commodity prices across the board were largely bullish in early trading on Wednesday, which could support the recovery in TSX energy and mining stocks at the open today.

However, developments related to the escalating Middle East conflict will likely remain the dominant factor shaping investor sentiment. Markets will be sensitive to any fresh headlines regarding military actions, diplomatic efforts, or potential disruptions to global energy supply routes.

While no major domestic economic releases are due, Canadian investors will keep an eye on the latest employment change, non-manufacturing purchasing managers’ index (PMI), and crude oil inventories data from the United States this morning.

As the fourth-quarter earnings season continues, several TSX-listed companies, including Tourmaline Oil, Vermilion Energy, Athabasca Oil, Baytex Energy, Kinaxis, Linamar, Capital Power, MDA Space, and George Weston, will release their earnings reports today.

Market movers on the TSX today

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  More reading

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  Fool contributor Jitendra Parashar has positions in Canadian Natural Resources, Enbridge, Kinaxis, and MDA Space. The Motley Fool recommends B2Gold, Canadian Natural Resources, Capital Power, Constellation Software, Enbridge, Kinaxis, Linamar, MDA Space, Pet Valu, Thomson Reuters, Tourmaline Oil, and Vermilion Energy. The Motley Fool has a disclosure policy.