TSX Today: What to Watch for in Stocks on Wednesday, May 6

Canadian equities trended lower for the third consecutive session on Tuesday as escalating Middle East tensions intensified after Iran launched missile and drone attacks on the UAE, while also targeting ships near the Strait of Hormuz. The S&P/TSX Composite Index slipped by 72 points, or 0.2%, to 33,567 — posting its eighth daily decline out of the previous nine days.

An intraday sharp recovery in gold and copper prices helped mining stocks climb, and consumer and financial shares also performed well, but steep declines in tech stocks dragged on the broader TSX index.

Top TSX Composite movers and active stocks

Shopify (TSX:SHOP) tanked by nearly 16% to $146.28 per share, making it the worst-performing TSX stock of the day and weighing heavily on the tech sector. This selloff in SHOP stock came after the Ottawa-based e-commerce platform giant issued second-quarter guidance that appeared to disappoint investors despite reporting strong first-quarter results.

While Shopify’s revenue jumped by 34% year over year in the first quarter and gross merchandise volume exceeded US$100 billion, investors seemed concerned about its outlook for second-quarter revenue growth in the “high-20s percentage range” and continued elevated spending levels. Notably, Shopify also reported a net loss of US$581 million in the March quarter due to losses on equity investments, which may have further pressured sentiment around Shopify stock.

Keyera, Gibson Energy, and AbraSilver Resource were also among the day’s bottom performers on the Toronto Stock Exchange, with each falling by at least 5.7%.

In contrast, ATS, Curaleaf Holdings, Ero Copper, and Parex Resources climbed by at least 4.9% each, making them the session’s top-performing TSX stocks.

Based on trading volume, ARC Resources, Enbridge, Suncor Energy, Manulife Financial, and Whitecap Resources led activity on the TSX during the session.

TSX today

West Texas Intermediate (WTI) crude oil futures prices slipped below US$99 per barrel in early morning trading on Wednesday, while gold, silver, and copper prices rose sharply, which could lift TSX mining shares at the open today.

This divergence in commodity prices comes as investors assess geopolitical signals, including the U.S. decision to pause its ship-escort mission in the Strait of Hormuz to support ongoing negotiations with Iran. While attacks on the UAE and threats to shipping persist, the move could increase the chances of a U.S.-Iran deal that could stabilize a critical energy corridor.

In addition to the domestic purchasing managers’ index data, Canadian investors may want to keep an eye on the monthly U.S. non-farm employment change figures this morning.

More importantly, with the first-quarter TSX earnings season gaining pace, several companies, including Great-West Lifeco, Nutrien, Kinaxis, Lundin Gold, Lundin Mining, SmartCentres REIT, Energy Fuels, Fortuna Mining, Killam Apartment REIT, Crombie REIT, Sun Life Financial, 5N Plus, TransAlta, Stella-Jones, Fortis, Restaurant Brands International, Canadian Utilities, Atco, Sprott, and Loblaw Companies, will announce their results today. These reports will be closely watched as investors look for updates on input costs, demand trends, and forward guidance as companies continue to face volatile commodity prices and geopolitical uncertainty.

Market movers on the TSX today

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  More reading

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  • 3 Canadian Stocks That Look Undervalued and Worth Buying Right Now
  • The TFSA Balance You’ll Probably Need to Retire Well in Canada

  Fool contributor Jitendra Parashar has positions in Enbridge, Kinaxis, and Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends ATS Corp., Enbridge, Fortis, Gibson Energy, Keyera, Kinaxis, Nutrien, Parex Resources, Restaurant Brands International, SmartCentres Real Estate Investment Trust, Stella-Jones, and Whitecap Resources. The Motley Fool has a disclosure policy.