Canadian Stocks Likely To Open On Mixed Note; GDP Data, Earnings In Focus

(RTTNews) - Canadian shares are likely to open on a mixed note on Wednesday with investors looking ahead to earnings updates from big name U.S. tech companies, including Microsoft and Meta Platforms. Canadian GDP data is also likely to make a significant impact on investor sentiment.

Weak commodity prices may weigh on resources stocks.

Preliminary data on Canada's GDP for the month of March, and final data for the month of February, are due at 8:30 AM ET.

In Canadian earnings news, Loblaw Companies (L.TO) reported adjusted net earnings of $570 million for first-quarter of 2025, an increase of $33 million, or 6.1%, compared to the year-ago quarter.

CGI Inc. (GIB.A.TO) reported adjusted net earnings of $480.7 million for fiscal 2025 second-quarter, up 4.6% year-over-year, for a margin of 11.9%.

Canadian stocks ended modestly higher on Tuesday after showing a lack of direction early in the session. The strength that emerged on Bay Street came as stocks south of the border advanced following positive developments on the trade front, with U.S. Commerce Secretary Howard Lutnick telling CNBC the Trump administration had reached its first trade deal.

The benchmark S&P/TSX Composite Index ended the day up 75.89 points or 0.3% at 24,874.48, gaining for the fifth time in the past six sessions.

Asian stocks closed mixed on Wednesday after a slew of U.S. companies suspended or tweaked their full year guidance and regional factory activity data disappointed.

European stocks are broadly higher amid expectations of a potential trade deal with the United States.

Media reports suggested that China had quietly compiled a list of U.S.-made goods exempt from its 125 percent tariffs - seeking to ease trade tensions without public concessions.

U.S. President Donald Trump said he believes the U.S. will have a deal with India on trade.

The White House has also had "substantial talks" with Japan, and "the contours of a deal" with South Korea could be coming together, Treasury Secretary Scott Bessent said.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.31 or 0.51% at $60.11 a barrel.

Gold futures are down $48.70 or 1.46% at $3,284.90 an ounce, while Silver futures are down $1.147 or 3.4% at $32.430 an ounce.