Bay Street Likely To Open On Firm Note

(RTTNews) - Canadian stocks are likely to open on a positive note on Thursday, tracking gains in global markets following U.S. chipmaker NVIDIA reporting a sharp surge in third-quarter earnings, and raising its outlook for the fourth quarter.

Investors will also be focusing on U.S. and Canadian economic data for directional clues.

NVIDIA reported a 62% surge in revenue to $57 billion for the quarter ending October, driven by strong demand for its AI data-centre chips. Sales from that segment soared 66% to over $51 billion, reaffirming Nvidia's position as the backbone of the global AI infrastructure boom, said a BBC report.

The chipmaker expects fourth-quarter sales of around $65 billion, significantly above market estimates.

On the Canadian economic front, a report from the Canadian Federation of Independent Business showed Canada's CFIB Business Barometer long-term index, tracking 12-month forward expectaions for business performance, rose to 55.5 in November, from an upwardly revised 46.7 in October.

Canadian producer prices data and raw materials prices data are due at 8:30 AM ET.

Canadian stocks moved higher on Wednesday, lifted by gains in materials stocks as metal prices climbed up. Technology stocks too had a good outing.

The benchmark S&P/TSX Composite Index ended with a gain of 241.95 points or 0.81% at 30,278.41.

Asian stocks closed broadly higher on Thursday after Nvidia reported strong third quarter earnings, and raised its fourth quarter guidance.

The major European markets are up firmly in positive territory today amid easing concerns about valuations of AI-related stocks after Nvidia reported impressive third quarter results and raised its guidance for the fourth quarter.

In commodities, West Texas Intermediate Crude oil futures are up $0.55 or 0.91% at $59.99 a barrel.

Gold futures are down $21.40 or 0.52% at $4,061.40 an ounce, while Silver futures are down $0.284 or 0.56% at $50.570 an ounce.