Bay Street Likely To Track Earnings, U.S. Economic Data For Direction

(RTTNews) - Quarterly earnings and U.S. economic data are likely to set the trend for Canadian shares on Thursday. After three successive days of declines, some bargain hunting is likely in several frontline stocks.

Worries about economic slowdown and uncertainty about U.S. interest rate hikes may continue to hurt sentiment.

In earnings news, Rogers Communications Inc. (RCI.A.TO) reported adjusted net income of C$ 679 million for the quarter ended September 30, 2023, compared with C$ 436 million in the corresponding quarter last year.

Canadian Tire Corporation Ltd. (CTC.TO) reported third-quarter net loss of $27.8 million as against net income of $225 million in the year-ago quarter.

Quebecor Inc (QBR.A.TO) reported third-quarter net income of $209.1 million, compared to $178.4 million a year ago.

Endeavour Mining Plc (EDV.TO) reported net earnings of $60 million, or $0.24 per share, for the third quarter of the current financial year, compared to $86 million, or $0.34 per share in the third quarter of the previous year.

Cascades Inc (CAS.TO) reported a net income of $34 million for the third quarter of this financial year, as against a net loss of $2 million in the year-ago quarter.

AutoCanada Inc (ACQ.TO) reported third-quarter net income of $22.8 million, compared to $32.9 million in the prior year.

The Canadian market ended on a negative note on Wednesday, extending losses to a third straight session, as energy and materials stocks tumbled once again due to weak commodity prices amid persisting worries about global economic slowdown.

Uncertainty about the Federal Reserve's interest rate path weighed as well on the market.

The benchmark S&P/TSX Composite Index ended with a loss of 45.38 points or 0.23% at 19,530.21. The index scaled a low of 19,479.39 and a high of 19,646.03 intraday.

Asian stocks ended mostly higher on Thursday despite uncertainty surrounding the Federal Reserve's rate hike path and signs of intensifying downward pressures on prices in China.

European stocks are up in positive territory with some upbeat earnings updates from the region aiding sentiment.

In commodities, West Texas Intermediate Crude oil futures are up $0.32 or 0.42% at $75.65 a barrel.

Gold futures are down $5.60 or 0.28% at $1,952.20 an ounce, while Silver futures are lower by $0.138 or 0.61% at $22.590 an ounce.