Bay Street Likely To Open Higher

(RTTNews) - Canadian shares may open higher Tuesday morning, tracking firm crude oil and gold prices. However, with crucial economic data from the U.S., and earnings updates due this week, the mood is likely to remain cautious.

Dutch auto manufacturer Stellantis N.V. (STLA) Tuesday announced the launch of a virtual cockpit platform that will use the QNX Hypervisor from Canadian software company, BlackBerry Ltd. (BB.TO).

The platform will enable the delivery of infotainment tech to customers that is expected to be 100 times faster than previous processes.

New Gold Inc (NGD.TO) said its fourth quarter consolidated gold equivalent production was 105,082 ounces, representing a 7% increase over the prior-year period.

K92 Mining Inc (KNT.TO) announced that it generated 39,101 oz AuEq or 33,309 oz gold, 2,728,623 lbs copper and 56,502 oz silver in the fourth quarter. Sales during the quarter were 31,931 oz gold, 2,995,585 lbs copper and 61,712 oz silver.

On the economic front, data on Canada's trade balance for the month of November is due at 8:30 AM ET. Canadian building permits data for the month of November is also due.

The Canadian market shrugged off a weak start and ended modestly higher on Monday, led by strong gains in the technology sector with the surge in U.S. tech shares triggering some hectic buying.

Energy stocks fell, limiting the market's upside. Oil prices dropped sharply after Saudi Arabia cut prices, and data showed a jump in supply from members of the Organization of the Petroleum Exporting Countries.

The benchmark S&P/TSX Composite Index ended with a gain of 137.36 points or 0.66% at 21,074.91. The index dropped to 20,875.22 in early trades.

Asian stocks closed higher on Tuesday after a drop in Treasury yields helped spur a rally in technology stocks on Wall Street overnight. Regional gains, however, remained capped ahead of key U.S. inflation data ad bank earnings due this week.

European stocks are down in negative territory in cautious trade with investors reacting to data showing an unexpected drop in Germany's industrial production in November, and looking ahead to inflation data and earnings updates from the U.S.

In commodities, West Texas Intermediate Crude oil futures are up $1.71 or 2.39% at $72.48 a barrel.

Gold futures are gaining $7.10 or 0.35% at $2,040.60 an ounce, while Silver futures are up slightly at $23.320 an ounce.