TSX Today: What to look for in stocks on Tuesday, November 4

Canadian stocks started the new month on a mixed note as investors continued to assess the latest round of corporate earnings, global trade developments and macroeconomic signals. The S&P/TSX composite index hovered around the flat line for most of Monday’s session, closing with a modest 14-point gain at 30,275.

Even as falling crude oil and base metals prices pressured mining and energy stocks, strength in other key sectors such as consumer discretionary, financials and utilities helped the TSX post a small gain to kick off trading in November.

Top TSX Composite movers and active stocks

Shares of Magna International (TSX:MG) rose 4.5% to $69.26 per share, after analysts from BMO, RBC, CIBCAnd JPMorgan have increased their price targets. These upward revisions came after Magna posted stronger-than-expected third-quarter earnings, driven by solid execution and rising global auto production.

In the latest quarter, the auto parts giant reported revenue of $10.5 billion, up 2% year over year, while adjusted earnings rose 4% to $1.33 per share, exceeding analyst expectations. Encouraged by the strong results, Magna also upgraded its full-year sales guidance, boosting investor confidence. MG shares are now trading up 15.3% year-to-date.

Aya gold and silver, Capital powerAnd Parex Resources were also among the day’s biggest gainers on the Toronto Stock Exchange, rising at least 3.6% each.

On the other hand, Energy fuels, Denison Mines, NexGen energyAnd Eternal sources each fell at least 5.4%, making them the worst-performing TSX stocks of the session.

Based on their daily trading volume B2Gold, Manulife financial, Canadian natural resources, EnbridgeAnd TD bank were the five most active stocks on the stock exchange.

TSX today

Commodity prices across the board, especially crude oil and copper, fell sharply in early morning trading, setting the stage for a weaker open for the commodity-rich TSX today.

While there are no major domestic economic releases in the pipeline, Canadian investors may want to keep an eye on the latest job openings from the United States this morning.

Additionally, the market will be keeping a close eye on corporate earnings on both sides of the border as third-quarter earnings season heats up. Several TSX listed companies including SSR Mining, Dream Industrial REIT, MEG energy, Promenade REIT, IAMGOLD, Financially intact, Suncor Energy, Cargo jet, Kinross Gold, iA Financial, Shopify, Fortis, Thomson Reuters, Colliers InternationalAnd Pet Valuewill release their latest quarterly earnings reports today. These reports can not only influence individual stock movements, but also reveal important trends in key sectors.

Market movements on the TSX today