Bay Street Likely To See Some Wild Swings At Open

(RTTNews) - With a slew of Canadian earnings updates, Canadian GDP data and U.S. inflation readings in focus, Bay Street is likely to see a somewhat volatile start on Thursday.

Data on Canadian fourth-quarter GDP is due at 8:30 AM ET. The Canadian GDP contracted by 1.1% in annualized terms in the third quarter of 2023, its first contraction since the second quarter of 2021.

A report from the Canadian Federation of Independent Business showed CFIB's Business Barometer in Canada rose by 6.1 points to 54.9 in February, from 48.8 in January. The index reflects 12-month forward expectations for business performance in the country.

In earnings news, Toronto-Dominion Bank (TD.TO) reported net income of C$2.82 billion or C$1.55 per share for the first quarter, higher than C$1.58 billion or C$0.82 per share in the same quarter a year ago.

Canadian Imperial Bank of Commerce (CM.TO) reported first-quarter profit of $1.73 billion or $1.77 per diluted share, up from $433 million of $0.39 per diluted share in the first quarter of the previous year.

Crescent Point Energy Corp. (CPG.TO) reported net income of C$951.2 million or C$1.70 per share for the fourth quarter, compared with net loss of C$498.1 million or C$0.90 per share in the same quarter a year ago.

Canadian Utilities Limited (CU.TO) reported adjusted earnings of $192 million ($0.71 per share) for the first quarter, compared to $180 million ($0.66 per share) in the fourth quarter of 2022.

Canadian Natural Resources Inc (CNQ.TO) reported net earnings of $2.63 billion for the quarter ended December 31, 2023, compared to net earnings of $2.34 billion in the year-ago quarter.

Stella-Jones Inc (SJ.TO) reported fourth-quarter net income of $56 million, compared to $36 million in the year-ago quarter.

ATCO Ltd. (ACO.X.TO) reported adjusted earnings of $127 million for the fourth quarter, compared to $110 million a year ago.

The Canadian market ended modestly lower on Wednesday with investors digesting earnings updates and awaiting the data on Canadian GDP and manufacturing activity due later in the week.

The benchmark S&P/TSX Composite Index ended the day's session at 21,243.77 with a loss of 75.13 points or 0.35%.

Asian stocks ended mixed on Thursday as investors awaited the Federal Reserve's preferred inflation gauge later in the day as the data will help identify the path forward for U.S. interest rates.

European stocks are slightly higher after data showed Spanish inflation cooled sharply in February. French inflation eased as well, coming in at the weakest level since September 2021.

In commodities, West Texas Intermediate Crude oil futures are up $0.23 or 0.3% at $78.77 a barrel.

Gold futures are down $5.00 or 0.24% at $2,037.70 an ounce, while Silver futures are lower by $0.066 or 0.29% at $22.570 an ounce.