Bay Street Likely To Open On Weak Note
(RTTNews) - Weak Canadian and U.S. futures and lower crude oil prices point to a negative open on Bay Street Thursday morning.
Concerns about outlook for interest rates and mixed earnings updates from big U.S. companies may weigh as well.
Fed Bank of New York President John Williams said that inflation is still too high and the central bank will use all its monetary policy tools to restore price stability.
The Canadian market ended slightly down on Wednesday, snapping an 8-day winning streak, as materials and energy stocks drifted lower on weak commodity prices.
The benchmark S&P/TSX Composite Index, which once again moved in a tight range, ended lower by 3.85 points or 0.02% at 20,680.83.
Asian stocks ended Thursday's session on a lackluster note, as investors digested another set of mixed earnings reports from big U.S. companies and sought clarity on whether the Federal Reserve would pause after a widely expected 25-bps rate hike in May.
European stocks are weak with investors digesting mixed corporate earnings from top U.S. companies and fretting about the economic outlook.
Survey results out of France showed the country's manufacturing confidence index dropped to 101.0 in April from 104 in the previous month. The expected score was 103.
In commodities trading, West Texas Intermediate Crude oil futures are down $1.15 or 1.45% at $78.01 a barrel.
Gold futures are gaining $6.30 or 0.31% at $2,013.60 an ounce, while Silver futures are up $0.029 or 0.11% at $25.400 an ounce.
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