TSX Today: What to Watch for in Stocks on Thursday, July 16

The TSX climbed to a fresh record high on Wednesday after the Bank of Canada struck an optimistic tone on the economy, while investors will watch commodity prices, U.S. economic data, and geopolitical developments today for fresh direction. The post TSX Today: What to Watch for in Stocks on Thursday, July 16 appeared first on The Motley Fool Canada .

Canadian stocks continued their upward momentum on Wednesday, marking a second straight day of gains after the Bank of Canada (BoC) maintained its benchmark interest rate at 2.25% and said the economic recovery remains intact despite increased global uncertainty. Prospects of economic recovery, coupled with cooler-than-expected U.S. wholesale inflation data, drove the S&P/TSX Composite Index up by 96 points, or 0.3%, to a fresh all-time high of 35,416. On the one hand, weaker commodity prices drove shares of mining and energy companies lower, with technology stocks also ending the session in negative territory.

On the other hand, strong gains in other key market sectors , such as financials, consumer cyclicals, and real estate, more than offset those losses, helping the TSX benchmark extend its record-setting run. The BoC held rates unchanged, but highlighted economic improvements In its latest policy statement, the Canadian central bank left the overnight rate unchanged for the sixth consecutive meeting, citing improving domestic economic conditions while acknowledging that uncertainty remains elevated due to the conflict in the Middle East and U.S. trade policy. The BoC also said Canada’s economy is showing signs of broader-based growth after a soft period, with consumer spending strengthening, exports recovering, and business investment expected to improve, supported in part by the oil and gas sector.

Top TSX Composite movers and active stocks Bird Construction ( TSX:BDT ) jumped by 13.4% to $77.18 per share, making it the top-performing TSX stock for the day. This rally in BDT stock came a day after the Etobicoke-headquartered construction company announced nearly $1 billion in new project awards and agreements across Canada. Notably, Birdâ€TMs newly secured work spans the nuclear, civil, marine, mining infrastructure, industrial, industrial maintenance, and buildings sectors, including a preferred negotiating position for a multi-year nuclear contract, a major mine infrastructure project in Québec, and a new liquefied petroleum gas rail loading facility in Alberta.

Investors welcomed the news, which reflected the companyâ€TMs strengthening backlog and improving long-term revenue visibility. EQB , Aecon , and Colliers International were also among the dayâ€TMs top gainers on the Toronto Stock Exchange , as they surged by at least 5.8%. However, Altius Minerals , Trekor Metals , Energy Fuels , and 5N Plus slipped by at least 4% each, making them the sessionâ€TMs worst-performing TSX stocks.

Based on their daily trade volume, Canadian Natural Resources , TD Bank , Telus , BlackBerry , and BCE were the five most active stocks on the exchange. TSX today Commodity prices, including oil, gold, and silver, trended lower in early trading on Thursday, which could pressure the TSX index at the open today. While no major domestic economic releases are due, Canadian investors will keep an eye on the latest monthly retail sales, manufacturing, and weekly jobless claims data from the U.S. this morning.

In addition, developments in the U.S.-Iran conflict will remain on investors’ radar after Washington launched another wave of strikes on Iranian military targets and Tehran responded with attacks on U.S. military facilities in the region. Iran also reiterated that the Strait of Hormuz remains a “red line,” keeping concerns about disruptions to global oil shipments in focus despite softer crude prices in early trading. Any fresh geopolitical headlines could influence commodity markets and drive volatility in TSX energy stocks throughout the session.

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More reading 3 Growth Stocks Worth Adding to a TFSA This Summer 3 Canadian Stocks That Could Thrive in the Infrastructure Boom 2 Monthly Dividend Stocks Iâ€TMd Buy for Steady Cash Flow 5 Canadian Stocks I’d Feel Good About Holding for the Next 10 Years The Canadian Companies Thriving Despite Trade Tensions Fool contributor Jitendra Parashar has positions in Bce, BlackBerry, Canadian Natural Resources, and Toronto-Dominion Bank. The Motley Fool has positions in and recommends Colliers International Group.

The Motley Fool recommends Altius Minerals, Canadian Natural Resources, EQB, and TELUS. The Motley Fool has a disclosure policy .