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Bay Street May Open On Subdued Note; U.S. Inflation Data In Focus
(RTTNews) - Futures indicate a somewhat subdued start for the Canadian market on Tuesday. However, U.S. consumer price inflation data is likely to make an impact on stocks as the inflation numbers from the world's largest economy could give some clues about the Federal Reserve's policy moves.
Higher commodity prices could trigger some buying in materials and energy sectors.
Power Corporation of Canada, Northland Power, Peyto Exploration, and Freehold Royalties are scheduled to announce their quarterly earnings updates today.
The Canadian market ended on a firm note on Monday despite giving up a substantial portion of early gains. The benchmark S&P/TSX Composite Index closed up 174.44 points or 0.69% at 25,532.18.
Technology, healthcare, consumer discretionary, energy and industrials stocks moved higher, while materials stocks fell.
Asian stocks turned in a mixed performance on Tuesday, as initial euphoria over the U.S.-China trade deal faded and investors lowered their bets of Federal Reserve rate cuts this year.
Uncertainty lingered and there was apprehension over whether anything durable would come out of the trade talks after a 90-day tariff suspension.
European stocks are marginally up today with investors largely making cautious moves, digesting earnings updates and awaiting U.S. inflation data.
In commodities trading, West Texas Intermediate Crude oil futures are up $0.46 or 0.74% at $62.41 a barrel.
Gold futures are gaining $29.20 or 0.9% at $3,257.20 an ounce, while Silver futures are up $0.596 or 1.84% at $33.220 an ounce.
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