Bay Street May Open On Positive Note

(RTTNews) - The Canadian market may open with a positive bias on Thursday with materials stocks finding some support thanks to higher precious metals prices. Oil's fall may hurt energy stocks. Investors will also be reacting to a slew of corporate earnings updates and Canadian GDP data.

Canadian GDP expanded by 0.2% in February 2026 from the previous month, matching estimates, according to the data released by Statistics Canada. Advance data show real GDP was essentially unchanged in March, with the economy expected to grow 0.4% in Q1 2026.

Bombardier Inc reported earnings per share of $1.81 for the first-quarter of its current financial year, compared with $0.61 in the previous quarter.

Gildan Activewear reported EPS of $0.43 in the first quarter, compared with $59 per share a year ago.

AltaGas's EPS for the first quarter came in at $1.33, up from $1.14 in the first quarter of the previous year.

A separate data from Statistics Canada showed wages in Canada increased 3.4% in February over the same month in the previous year.

Canadian stocks ended weak on Wednesday, extending the losses from two previous sessions amid the ongoing Strait of Hormuz closure while traders analyzed the interest rate decisions by the central banks of Canada and the U.S.

The benchmark S&P/TSX Composite Index traded firmly negative before settling at 33,318.39, down by 265.95 points or 0.79%.

Asian stocks ended mostly lower on Thursday as a sharp rise in oil prices on fears of a prolonged conflict in the Middle East overshadowed stronger-than-expected earnings from U.S. tech giants.

Sentiment was also shaped by the U.S. Federal Reserve's hawkish hold, as was widely expected, in the most divided FOMC vote since October 1992.

European markets are turning in a mixed performance with investors reacting to a slew of earnings updates and regional economic data. Worries about Middle East tensions continue to weigh on sentiment.

In commodities, West Texas Intermediate crude oil futures are down $1.47 or 1.4% at $105.41 a barrel.

Gold futures are up $79.20 or 1.2% at $4,640.70 an ounce, while Silver futures are gaining $1.772 or 2.46% at $73.860 an ounce.