Bay Street Likely To Open With Negative Bias

(RTTNews) - The Canadian market is likely to open with a negative bias Tuesday morning, weighed down by weak European markets and subdued commodities.

Investors now await Federal Reserve Chair Jerome Powell's congressional testimonies this week for clues on the U.S. central bank's monetary policy outlook.

The Bank of England is scheduled to announce its monetary policy on Thursday.

With the Canadian earnings and economic calendars blank today, activity is likely to be somewhat lackluster once again.

The Canadian market ended modestly lower on Monday after moving in a very tight band in lackluster trade.

With the U.S. market closed for Juneteenth, and Federal Reserve Chair Jerome Powell's congressional testimonies and the Bank of England's monetary policy due later in the week, the mood in the Canadian market was very cautious.

The benchmark S&P/TSX Composite Index, which moved between 19,917.62 and 19,985.21, ended with a loss of 41.16 points or 0.21% at 19,934.21.

Asian stocks ended mixed on Tuesday as China growth concerns persisted and investors waited for further direction from Federal Reserve Chair Jerome Powell who will testify before Congress on Wednesday.

The dollar traded higher after a meeting between Chinese leader Xi Jinping and U.S. Secretary of State Antony Blinken yielded no signs of progress from either side on a range of bilateral issues. However, both sides indicated a willingness to cooperate.

European stocks are broadly lower as modest cuts in China's loan prime rates failed to inspire investors. Investors also await cues from Powell's testimonies and the Bank of England's interest-rate decision this week for clues on the monetary policy outlook.

In commodities, West Texas Intermediate Crude oil futures are down $0.10 or 0.14% at $71.68 a barrel.

Gold futures are down $8.80 or 0.44% at $1,962.40 an ounce, while Silver futures are lower by $0.231 or 0.95% at $23.895 an ounce.