Bay Street Seen Opening On Cautious Note
(RTTNews) - Canadian stocks may open on a mixed note on Monday with investors likely to stay cautious ahead of implementation of levies imposed by U.S. President Donald Trump, and a slew of earnings announcements due this week. Weak oil prices may weigh a bit.
Metal stocks may move higher thanks to higher gold and silver prices and limit market's downside, if any.
Bombardier Inc. will be in focus after Barclays raised the stock's target price sharply to C$ 120 from C$ 90.
Target prices for Aecon Group, Canadian Tire Corporation and MDA Space have also been significantly raised by analysts.
The Canadian market ended notably lower on Friday as investors began to gauge the effect of new tariffs imposed by the US President on Canada, which are set to take effect in a week.
The benchmark S&P/TSX Composite Index settled at 27,020.43, down by 239.35 points or 0.88%.
Asian stocks ended mixed on Monday as soft U.S. jobs data stirred concerns over the impact of new tariffs on the world's largest economy but fueled bets on a Federal Reserve rate cut in September.
The major European markets are up firmly in positive territory today with investors going in for some bargain hunting after last week's declines.
In commodities, West Texas Intermediate Crude oil futures are down $1.25 or 1.84% at $66.08 a barrel.
Gold futures are gaining $12.70 or 0.36% at $3,412.50 an ounce, while Silver futures are up $0.261 or 0.71% at $37.190 an ounce.
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