TSX Today: What to look for in stocks on Tuesday, December 2

After hitting a new all-time high last session, Canadian stocks started the new month on a negative note as investors turned cautious ahead of key economic data, bank earnings and central bank decisions. The S&P/TSX composite index gave up 281 points, or 0.9%, to close at 31,102, snapping a six-session winning streak.

The pullback was broad-based, with technology, real estate and financial stocks leading the declines as market participants appeared to take a risk-off approach.

However, despite the dip, the TSX benchmark continues to rise 25.8% this year.

Top TSX Composite movers and active stocks

Celestica, Shopify, BombardierAnd Endeavor Silver each fell at least 4.2%, making them the worst-performing TSX stocks of the day.

On the plus side, the shares of Bausch Health Companies (TSX:BHC) rose more than 11% to $9.88 per share, narrowing its year-to-date decline to 15%. This rally in BHC shares came after the healthcare giant’s aesthetic arm, Solta Medical, acquired its long-time Chinese distribution partner, the Shibo Group.

The deal gives Bausch a direct line to customers in one of the world’s fastest growing beauty markets. The company expects this move to help accelerate revenue and market share growth by improving service and responsiveness in China. Investors appeared to welcome the acquisition as a strategic step toward unlocking growth in a high-demand market.

Curaleaf, NutrientsAnd Aecon group were also among the day’s biggest gainers on the Toronto Stock Exchange, rising at least 3.5% each.

Based on their daily trading volume Canadian natural resources, Suncor Energy, Telus, EnbridgeAnd Cenovus energy were the five most active stocks on the stock exchange.

TSX today

After several days of gains, metal prices witnessed a pullback in early trading on Tuesday, while crude oil prices were mixed. Given these mixed commodity signals, the TSX could remain muted in the open market today.

While no major domestic economic data is on the horizon, Canadian investors will be keeping a close eye on U.S. job openings this morning, hoping they signal a cooling in the labor market — a development that could bolster the case for earlier rate cuts.

More importantly, Canadian bank revenues are starting to roll out today Bank of Nova Scotia expects to announce results. Bay Street expects earnings of $1.84 per share for the October quarter, on revenue of $9.4 billion.

Market movements on the TSX today