Bay Street Likely To Track Earnings, U.S. Economic Data For Direction

RTTNews | 567 days ago

(RTTNews) - Quarterly earnings and U.S. economic data are likely to set the trend for Canadian shares on Thursday. After three successive days of declines, some bargain hunting is likely in several frontline stocks.

Worries about economic slowdown and uncertainty about U.S. interest rate hikes may continue to hurt sentiment.

In earnings news, Rogers Communications Inc. (RCI.A.TO) reported adjusted net income of C$ 679 million for the quarter ended September 30, 2023, compared with C$ 436 million in the corresponding quarter last year.

Canadian Tire Corporation Ltd. (CTC.TO) reported third-quarter net loss of $27.8 million as against net income of $225 million in the year-ago quarter.

Quebecor Inc (QBR.A.TO) reported third-quarter net income of $209.1 million, compared to $178.4 million a year ago.

Endeavour Mining Plc (EDV.TO) reported net earnings of $60 million, or $0.24 per share, for the third quarter of the current financial year, compared to $86 million, or $0.34 per share in the third quarter of the previous year.

Cascades Inc (CAS.TO) reported a net income of $34 million for the third quarter of this financial year, as against a net loss of $2 million in the year-ago quarter.

AutoCanada Inc (ACQ.TO) reported third-quarter net income of $22.8 million, compared to $32.9 million in the prior year.

The Canadian market ended on a negative note on Wednesday, extending losses to a third straight session, as energy and materials stocks tumbled once again due to weak commodity prices amid persisting worries about global economic slowdown.

Uncertainty about the Federal Reserve's interest rate path weighed as well on the market.

The benchmark S&P/TSX Composite Index ended with a loss of 45.38 points or 0.23% at 19,530.21. The index scaled a low of 19,479.39 and a high of 19,646.03 intraday.

Asian stocks ended mostly higher on Thursday despite uncertainty surrounding the Federal Reserve's rate hike path and signs of intensifying downward pressures on prices in China.

European stocks are up in positive territory with some upbeat earnings updates from the region aiding sentiment.

In commodities, West Texas Intermediate Crude oil futures are up $0.32 or 0.42% at $75.65 a barrel.

Gold futures are down $5.60 or 0.28% at $1,952.20 an ounce, while Silver futures are lower by $0.138 or 0.61% at $22.590 an ounce.

U.S. Economic Shrinks Slightly Less Than Previously Estimated In Q1

A report released by the Commerce Department on Thursday showed the U.S. economy shrank by slightly less than previously estimated in the first quarter of 2025. The Commerce Department said real gross domestic product edged down by a revised 0.2 percent in the first quarter compared to the previously reported 0.3 percent dip. Economists had expected the modest decrease to be unrevised.

RTTNews | 2h 56min ago

U.S. Weekly Jobless Claims Climb More Than Expected To 240,000

First-time claims for U.S. unemployment benefits rose by more than expected in the week ended May 24th, according to a report released by the Labor Department on Thursday. The report said initial jobless claims climbed to 240,000, an increase of 14,000 from the previous week's revised level of 226,000. Economists had expected jobless claims to inch up to 230,000.

RTTNews | 2h 59min ago

Hormel Foods Recalls 256K Pounds Of Canned Beef Stew Product

Hormel Foods Corp. is recalling around 256,185 pounds of canned beef stew product that may be contaminated with foreign material, specifically wood, according to the U.S. Department of Agriculture's Food Safety and Inspection Service or FSIS. The Tucker, Georgia-based branded food major's recall involves 20-oz. metal cans containing "Dinty Moore BEEF STEW" with "BEST BY FEB 2028".

RTTNews | 3h 33min ago

UK Vehicle Manufacturing Logs Weakest Start To Year Since 2009: SMMT

UK automotive manufacturing registered its weakest start to a year since 2009, the Society of Motor Manufacturers & Traders, or SMMT, said Thursday. Car and commercial vehicle production decreased 15.8 percent on a yearly basis to 59,203 units in April. Auto production fell to the lowest level for the month since 1952, excluding 2020 when the first Covid lockdown effectively saw manufacturing c

RTTNews | 4h 1min ago

Bay Street Looks Set To Start On Firm Note

Canadian shares look headed for a firm start on Thursday, with encouraging earnings by Royal Bank of Canada and Canadian Imperial Bank of Commerce, and a U.S. court ruling against U.S. President Donald Trump's sweeping tariff moves set to lift sentiment.

RTTNews | 4h 16min ago