Bay Street Likely To Open On Flat To Negative Note

(RTTNews) - Canadian shares are likely to open on a flat to negative note Tuesday morning with investors assessing the potential impact of new tariffs imposed by the Trump administration on steel and aluminum imports.

The 25% tariffs on steel and aluminum imports take effect on March 4, according to a White House official.

Investors also await the congressional testimony by Fed Chair Jerome Powell later in the day. Powell's testimony is eyed for his views on tariffs, inflation, and possible clues about the central bank's future moves with regard to interest rates.

Rogers Communications Inc. ( RCI.B.TO) announced that it has priced a U.S. public offering of two series of US dollar denominated fixed-to-fixed rate subordinated notes with an aggregate principal amount of US$2.1 billion.

Toronto-Dominion Bank (TD.TO) announced that it has agreed to sell its entire equity investment in The Charles Schwab Corporation (SCHW), a financial service provider. With this, the bank will sell 165.443 million shares through a registered offering at $79.25 per share.

Organigram Holdings Inc. (OGI.TO) reported net loss of $22.96 million for the first quarter, higher than $15.75 million loss in the same quarter a year ago, primarily impacted by higher fair value loss recognized related to top-up-rights of British American Tobacco (BAT).

Cineplex Inc (CGX.TO) reported fourth-quarter net income of $3.3 million, an increase of $12.3 million relative to the prior year net loss of $9.0 million.

On the economic front, data on Canadian building permits for the month of December is due at 8:30 AM ET.

Despite U.S. President Donald Trump's fresh tariff threats, the Canadian market stayed positive on Monday and closed on a strong note, as higher commodity prices and expectations of more monetary easing by a few central banks helped underpin sentiment.

The benchmark S&P/TSX Composite Index settled with a gain of 215.95 points or 0.85% at 25,658.86. The index scaled a low of 25,562.84 and a high of 25,720.63 intraday.

Asian stocks ended mixed in thin trade on Tuesday, with Japanese markets closed for a public holiday. Chinese and Hong Kong stocks underperformed amid U.S. trade policy shifts and deflation concerns as retaliatory Chinese duties on U.S. energy and some goods came into effect on Monday. European stocks are mostly subdued in cautious trade, with U.S. President Donald Trump's tariff announcement on metals and an upcoming semi-annual monetary policy testimony from Federal Reserve Chair Jerome Powell in focus.

In commodities, West Texas Intermediate Crude oil futures are up $0.99 or 1.37% at $73.31 a barrel.

Gold futures are down $8.20 or 0.28% at $2,926.90 an ounce, while Silver futures are lower by $0.356 or 1.1% at $32.135 an ounce.