Bay Street Likely To Open On Mixed Note

(RTTNews) - Subdued commodity markets and European stocks point to a mixed start for Canadian shares on Wednesday. The focus will be on the release of the minutes of the Federal Reserve's most recent monetary policy meeting, due later in the day.

Gildan Activewear Inc. (GIL.TO) reported adjusted net earnings of $129.2 million for the fourth quarter ended December 31, 2023, compared with adjusted net earnings of $117.2 million in the year-ago quarter. Adjusted net income for the full year was $452.6 million, compared to $574.7 million in the previous year.

Sprott Inc. (SII.TO) reported fourth quarter net income of $9.7 million ($0.38 per share), up 32% from $7.3 million ($0.29 per share) for the quarter ended December 31, 2022. On a full-year basis, net income was $41.8 million ($1.66 per share), up 137% from $17.6 million ($0.70 per share) for the year ended December 31, 2022.

On the economic front, a report on new housing prices in Canada for the month of January is due at 8:30 AM ET.

The Canadian market ended modestly lower on Tuesday after showing a lack of direction early on in the session. The benchmark S&P/TSX Composite Index slipped 38.08 points or 0.2% to 21,217.53, giving back ground after inching up to its best closing level in well over a year last Friday.

Technology stocks followed the U.S. peers lower ahead of the release of quarterly results from Nvidia (NVDA) after the close of trading on Wednesday.

Asian stocks ended mixed on Wednesday, with mainland Chinese and Hong Kong markets rallying after authorities announced more steps to revive investor confidence.

Markets elsewhere across Asia ended on a subdued note ahead of Nvidia's quarter earnings and the Fed meeting minutes release.

European stocks are turning in a mixed performance with investors reacting to some disappointing earnings updates, and looking ahead to the Federal Reserve's minutes of the latest monetary policy meeting.

In commodities, West Texas Intermediate Crude oil futures are down $0.37 or 0.47% at $76.67 a barrel.

Gold futures are down slightly at $2,039.10 an ounce, while Silver futures are lower by $0.031 or 0.13% at $23.105 an ounce.