Bay Street Likely To Open On Subdued Note

(RTTNews) - Canadian shares are likely to open somewhat subdued on Thursday as weak commodity prices may outweigh optimism over the progress in U.S. debt ceiling talks.

Positive lead from Europe, and higher U.S. futures may aid sentiment and lift the market up a bit.

Canada Goose Holdings Inc. (GOOS.TO) reported net loss of C$ 3.1 million for the fourth quarter of fiscal 2023, compared with net loss of C$9.1 million a year ago. For the first quarter of fiscal 2024, the company anticipates revenue of C$70 million - C$80 million.

Lightspeed Commerce Inc. (LSPD.TO) reported fourth quarter FY23 net loss of $74.5 million, as compared to a net loss of $114.5 million in the year-ago quarter.

On the economic front, Canada's new housing price index reading is due at 8:30 AM ET.

The Canadian market ended modestly higher on Wednesday thanks to strong gains in healthcare and energy sectors. Concerns about inflation and interest rates limited market's upside.

The benchmark S&P/TSX Composite Index, which opened at 20,282.85, soon dropped to 20,158.69, but recovered gradually to eventually end the day's session at 20,296.43, with a gain of 54.36 points or 0.27%.

Asian stocks advanced on Thursday after U.S. President Joe Biden and House Speaker Kevin McCarthy underscored their determination to reach a debt ceiling deal soon. This helped ease fears of a potential U.S. debt default as a June 1 deadline looms.

European stocks are up firmly in positive territory today amid easing fears of a potential U.S. debt default. Concerns have eased as U.S. President Joe Biden and House Speaker Kevin McCarthy have underscored their determination to reach a deal soon.

In commodities, West Texas Intermediate Crude oil futures are down $0.14 or 0.19% at $72.69 a barrel.

Gold futures are down $7.90 or 0.4% at $1,977.00 an ounce, while Silver futures are lower by $0.217 or 0.91% at $23.680 an ounce.