Bay Street Likely To Open On Subdued Note

(RTTNews) - Canadian shares are likely to open on a subdued note Tuesday morning with investors looking for directional clues. Data on U.S. producer price inflation may provide some clues about the outlook for interest rates. The focus will also be on U.S. consumer price inflation data and Fed Chair Jerome Powell's speech due later in the week.

In Canadian earnings news, Hydro One Ltd. (H.TO) reported first-quarter net income of $293 million, compared to $282 million in the year-ago quarter.

Keyera Corporation (KEY.TO) reported first-quarter net earnings of $70.9 million, compared to $137.8 million a year ago.

Hudbay Minerals Inc (HBM.TO) reported net earnings $18.5 million for the first quarter, compared to net earnings of$33.5 million in the fourth quarter of 2023.

On the economic front, Data on new motor vehicles sales in Canada during the month of March is due at 8:30 AM ET. Final report on Canadian wholesale sales for the month of March is also due at 8:30 AM ET.

The Canadian market ended marginally down on Monday, weighed down by losses in materials and technology stocks. The benchmark S&P/TSX Composite Index, which climbed to 22,370.68 in early trades, ended the day's session at 22,259.17, losing 49.76 points or 0.22%.

Asian stocks ended narrowly mixed in muted trading on Tuesday as caution prevailed ahead of the release of U.S. inflation data that might influence the outlook for rates.

European stocks are turning in a mixed performance with investors digesting the latest batch of economic data from the region and awaiting key inflation data from the U.S.

In commodities, West Texas Intermediate Crude oil futures are down $0.22 or 0.28% at $78.90 a barrel.

Gold futures are up $6.50 or 0.28% at $2,349.50 an ounce, while Silver futures are gaining $0.152 or 0.53% at $28.595 an ounce.