(fxcue news) - The Canadian market, which will be back in action after an extended weekend, is likely to open with a slightly negative bias Tuesday morning. Higher crude oil prices will likely trigger some buying in the energy sector and limit market's downside. The S&P Global Canada Manufacturing PMI dipped to 49.3 in May 2024, from 49.4 in April, pointing to the thirteenth consecutive month of contraction in Canadian factory activity, contrasting sharply with the anticipated expansion at 50.2. The focus will be on Fed Chair Jerome Powell's speech at an European Central Bank event. Investors also await the Jobs Opening and Labor Turnover Survey (JOLTS) for the month of May, due at 10 AM ET. Later in the week, the Labor Department's closely watched monthly jobs report is due. The data, due on Friday, is expected to show a slowdown in the pace of job growth in the month of June. The report could impact the outlook for interest rates. On the political front, the U.S. Supreme Court's ruling that former President Donald Trump is entitled to immunity from federal prosecution for official actions he took while in office, has stoked speculation about the possibility of another Trump presidency. On the Canadian economic front, a report on Canada's manufacturing activity in the month of June is due at 9:30 AM ET. In corporate news, Northland Power Inc (NPI.TO) closed the sale of La Lucha to Cometa Energia over the weekend. La Lucha, a 130-megawatt solar facility in Durango, Mexico, began commercial operations a year ago. Bombardier (BBD.B.TO) said it has reached an an agreement to settle the lawsuit titled Antara Capital Master Fund LP, Corbin ERISA Opportunity Fund Ltd. and Corbin Opportunity Fund, L.P. v. Bombardier Inc., et al. The Canadian market pared early gains and ended weak on Friday, as bond yields rebounded. The benchmark S&P/TSX Composite Index ended down 66.37 points or 0.3% at 21,875.79. However, the index gained about 1.5% last week. Asian stocks ended mixed on Tuesday as investors pondered what the U.S. Supreme Court's immunity decision meant for former President Donald Trump. Chinese and Hong Kong markets advanced after data showed the downturn in China's residential real estate sector slowed further in June. European stocks are down firmly in negative territory, weighed down by a rise in U.S. Treasury yields after the U.S. Supreme Court ruled that former President Donald Trump is entitled to immunity from federal prosecution for official actions he took while in office. In commodities, West Texas Intermediate Crude oil futures are up $0.59 or 0.71% at $83.97 a barrel. Gold futures are down $7.70 or 0.33% at $2,331.20 an ounce, while Silver futures are down slightly at $29.605 an ounce.