Bay Street May Open Slightly Higher; Powell's Testimony In Focus
2024-07-03
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(fxcue news) - Canadian stocks are likely to open higher Tuesday morning on slightly firm metal prices. With the focus on Fed Chair Jerome Powell's congressional testimony, and upcoming U.S. earnings season, the mood is likely to remain a bit cautious.
Powell's testimony on Tuesday and Wednesday is likely to provide more clues on the likely direction of rates ahead of a policy meeting later this month.
Top U.S. banks JPMorgan, Citigroup and Wells Fargo are due to report their quarterly results on Friday.
The Canadian market ended higher on Monday, lifted by gains in real estate, healthcare, consumer discretionary and consumer staples sectors.
The benchmark S&P/TSX Composite Index, which dropped to 21,997.58 around noon, ended the session with a gain of 67.10 points or 0.3% at 22,126.13, slightly off the day's high of 22,133.61.
Asian stocks closed broadly higher on Tuesday after Wall Street equities inched higher to close at record peaks overnight ahead of the Federal Reserve Chair's testimony and key U.S. consumer and producer price inflation figures due this week.
European stocks are down in negative territory with investors reacting to a slew of disappointing corporate updates and looking ahead to a crucial testimony from Fed Chair Jerome Powell before a congressional panel for additional clues on the rate trajectory.
Traders also await comments from European Central Bank board (ECB) member Piero Cipollone for further direction.
In commodities, West Texas Intermediate Crude oil futures are down $0.42 or 0.5% at $81.91 a barrel.
Gold futures are gaining $3.60 or 0.15% at $2,367.10 an ounce, while Silver futures are up $0.417 or 1.35% at $31.330 an ounce.
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