Bay Street Likely To Open With Negative Bias

(RTTNews) - Canadian shares may open with a negative bias on Tuesday, weighed down by lower crude oil and metal prices. The market is likely to move in a tight band for much of the day's session as investors await key economic data.

Hudbay Minerals Inc (HBM.TO) reported a net loss of $16.6 million for the first quarter of 2025, compared to net earnings of $59.4 million in the first quarter 2024.

Hut 8 Corp (HUT.TO) reported a net loss of $71.9 million, including losses on digital assets fair value adjustment of $71.8 million for the three months ended June 30, 2024, compared to a loss of $1.7 million for the three months ended June 30, 2023.

Organigram Holdings Inc., (OGI.TO) reported net income of $2.8 million for the third quarter of its current financial year, compared to a loss of $213.5 million in prior-year period.

The Canadian market ended on a positive note on Monday as firm oil and metal prices triggered strong buying in energy and materials sectors.

The mood in the market remained somewhat cautious with investors awaiting some key U.S. and Canadian economic data for directional cues.

The benchmark S&P/TSX Composite Index ended up 87.63 points or 0.39% at 22,398.93. The index touched a low of 22,322.76 and a high of 22,452.70.

Asian stocks moved in a tight range before ending on a mixed note Tuesday as investors awaited a slew of key U.S. economic data this week for additional clues on the Fed's rate trajectory.

Japanese markets ended notably higher in catch-up trade after a long holiday weekend.

European stocks are down in negative territory, paring early gains, as investors await key economic data, including inflation reports from the U.S. and U.K., for directional cues.

In commodities, West Texas International Crude oil futures are down $0.38 or 0.47% at $79.68 a barrel.

Gold futures are down marginally at $2,503.60 an ounce, while Silver futures are lower by $0.168 or 0.6% at $27.840 an ounce.