Bay Street Likely To Open On Cautious Note

(RTTNews) - The Canadian market is likely to open on a cautious note on Wednesday with investors awaiting the release of the minutes from the Federal Reserve's most recent monetary policy meeting. Any significant move up or down looks unlikely and trading may remain a bit lackluster for much of the day's session.

Sandstorm Gold Ltd., (SSL.TO) announced after trading hours on Tuesday that its fourth-quarter revenue rose by 6.5% to US$ 47.4 million, compared to the year-ago quarter.

Alimentation Couche-Tard Inc (ATD.TO) may see action following a rating upgrade to "Outperform" by National Bank of Canada.

Scotiabank has raised George Weston (WN.TO)'s price target to C$ 240 from C$ 218.

The Canadian market closed weak on Tuesday, extending losses from previous session, amid political uncertainty in Canada after Prime Minister Justin Trudeau announced his resignation. A sell-off in the technology sector contributed to the weak close.

The benchmark S&P/TSX Composite Index ended with a loss of 69.90 points or 0.28% at 24,929.89. The index, which climbed to 25,197.00 in early trades, dropped to a low of 24,863.85 in the final hour.

Asian stocks ended mixed on Wednesday as upbeat U.S. economic data released overnight led investors to scale back Fed rate cut bets.

Fed Bank of Atlanta President Raphael Bostic said on Tuesday that officials should be cautious with policy decisions, given uneven progress on lowering inflation.

European stocks are slightly higher in cautious trade with investors digesting the latest batch of economic data from the region, and awaiting crucial reports, including U.S. non-farm payroll data due later in the week.

In commodities, West Texas Intermediate Crude oil futures are up $0.25 or 0.34% at $74.50 a barrel.

Gold futures are down $3.40 or 0.13% at $2,662.00 an ounce, while Silver futures are down marginally at $30.670 an ounce.