Bay Street Seen Opening Higher Again

(RTTNews) - Canadian shares are likely to extend recent gains on Tuesday following U.S. President Donald Trump's decision to wait till July 9th to implement the 50% tariffs he had threatened to impose on imports from the European Union.

Weak crude oil and metal prices may weigh on energy and materials stocks and limit market's upside.

In earnings news, Bank of Nova Scotia (BNS.TO) reported second-quarter net income of $2.03 billion, compared to $2.09 billion during the same period a year ago. The bank's adjusted net income was $2.07 billion, compared to $2.10 billion a year ago.

On the economic front, data from Statistics Canada showed wholesale Sales in Canada decreased to -0.9% in April from 0.2% in March of 2025.

The Canadian market ended on a bright note on Monday as trade tensions eased following the U.S. President Donald Trump deciding to delay the implementation of 50% tariffs on EU goods till July 9th, following a call from European Union Commission President Ursula von der Leyen.

The benchmark S&P/TSX Composite Index ended the session with a gain of 193.18 points or 0.75% at 26,073.13, a new closing high, after scaling a record intraday high at 26,123.23. Technology, real estate, industrials and consumer discretionary stocks were the prominent gainers.

Asian stocks ended mixed on Tuesday after a lackluster performance, as investors awaited new tariff updates and assessed the impact of U.S. President's policies on global growth.

European stocks are up firmly today amid easing U.S.-EU trade tensions following the pause in implementation of 50% tariffs on EU goods.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.35 or 0.57% at $61.18 a barrel.

Gold futures are down $0.73.40 or 2.17% at $3,292.60 an ounce, while Silver futures are down $0.519 or 1.54% at $33.090 an ounce.