Bay Street Seen Opening On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note Tuesday morning, tracking commodity prices, and reports on U.S. consumer confidence and job openings. With the U.S. central bank set to announce its policy on Wednesday, and some crucial Canadian economic data due later in the week, the mood is likely to remain cautious.

The Federal Reserve's two-day monetary policy meeting gets underway today, and the central bank is widely expected to keep interest rate unchanged.

Final data for Canadian GDP in the month of November, and preliminary GDP reading for the month of December, are due on Wednesday. A report on Canadian manufacturing activity in the month of January is due out on Thursday.

Metro Inc. (MRU.TO) reported first-quarter net earnings of $228.5 million, down 1.1%, and adjusted net earnings of $235.0 million, down 1.1%, compared to net earnings and adjusted net earnings, in the corresponding quarter last year.

The Canadian market ended modestly higher on Monday, lifted by gains in technology and real estate stocks.

Healthcare, consumer discretionary and utilities shares were among the other gainers on a day when the mood was a bit cautious with investors awaiting a slew of crucial economic data from Canada and the U.S., and the monetary policy announcement from the Federal Reserve.

The benchmark S&P/TSX Composite Index ended with a gain of 74.78 points or 0.35% at 21,200.06, a new 52-week closing high. The index, which briefly fell into negative territory at the start, recovered and kept edging higher as the session progressed.

Asian stocks ended mixed on Tuesday, with markets in China and Hong Kong tumbling amid China's property sector woes. Rising tensions in the Middle East weighed as well on sentiment.

European stocks are up in positive territory despite data showing Germany's economy contracted in the final three months of last year. France's economy stagnated in the final quarter of 2023, while Italy and Spain saw their economies firming up by 0.2% and 0.6%, respectively.

In commodities, West Texas Intermediate Crude oil futures are down $0.44 or 0.59% at $76.34 a barrel.

Gold futures are up $9.00 or 0.44% at $2,034.40 an ounce, while Silver futures are down $0.11 or 0.05% at $23.240 an ounce.