Bay Street Likely To Open On Mixed Note; Fed Policy In Focus

(RTTNews) - Canadian shares are likely to open on a mixed note on Wednesday, with investors reacting to a slew of earnings updates from Canadian companies, and looking ahead to the Federal Reserve's rate decision later in the day.

In earnings news, Loblaw Companies Limited (L.TO) reported adjusted net earnings of $505 million for the first quarter of current fiscal, an increase of $46 million, or 10%, over the year-ago earnings.

Fortis Inc (FTS.TO) reported first quarter net earnings of $437 million, or $0.90 per common share, up from $350 million, or $0.74 per common share in 2022.

Ivanhoe Mines Ltd (IVN.TO) reported adjusted first-quarter EBITDA of $168 million, compared to $145 million for the same period last year.

The Canadian market ended notably lower on Tuesday, weighed down by losses in energy and financials shares. Worries about growth and rate hikes contributed to the weakness in the market.

The benchmark S&P/TSX Composite Index, which tumbled to 20,282.14 around late morning, losing more than 330 points in the process, ended down 207.54 points or 1.01% at 20,407.56.

Asian markets ended lower on Wednesday amidst an anxious wait to the Fed's decision. Concerns over banking sector stress spilled over from Wall Street, adding to the negative sentiment. Markets in China and Japan were closed for a holiday.

European stocks are up in positive territory on Wednesday amid speculation the Federal Reserve, which is expected to raise interest rates by 25 basis points later in the day, might soon signal a pause in its tightening cycle.

In commodities, West Texas Intermediate Crude oil futures are down $2.03 or nearly 2.82% at $69.63 a barrel.

Gold futures are up $1.10 or 0.05% at $2,024.40 an ounce, while Silver futures are down $0.074 or 0.29% at $25.545 an ounce.