Bay Street Seen Opening On Slightly Volatile Note

(RTTNews) - Lower U.S. and Canadian stock futures, and rising commodity prices point to a slightly volatile start for the Canadian market on Thursday.

US GDP data is likely to make an impact on price movements. Investors will be reacting to a slew of earnings announcements from Canadian companies, and looking ahead to Canadian GDP data, due on Friday.

In company news, the Board of Directors of Canadian Pacific Railway Limited (CP.TO) Wednesday declared a quarterly dividend of $0.19 per share on the outstanding Common Shares.

TC Energy Corporation (TRP.TO) today announced that its Board of Directors declared a quarterly dividend of $0.90 per common share for the quarter ending Sep. 30, 2022, on the Company's outstanding common shares.

Cenovus Energy (CVE.TO) reported second-quarter net earnings of $2.43 billion, compared to $1.63 billion in the year-ago quarter.

Fortis Inc. (FTS.TO) reported adjusted net earnings of $0.57 per common share for the second quarter of the current financial year, up from $0.55 in the second quarter of 2021.

Whitecap Resources (WCP.TO) reported net income of $380.7 million for the quarter ended June 30, 2022, compared with $18.56 million in the year-ago quarter.

ATCO Ltd. (ACO.X.TO) today announced second quarter 2022 adjusted earnings of $92 million ($0.81 per share), compared with $80 million ($0.70 per share) in the second quarter of 2021.

The Canadian market ended on a firm note on Wednesday, tracking U.S. stocks, after Fed Chair Jerome Powell said he does not think the U.S. is currently in a recession and added that the central bank will likely slow rate increases at some point.

Fairly good earnings updates from Google parent Alphabet, and software giant Microsoft lifted Nasdaq today, and triggered some strong buying in the tech space in the Canadian market as well.

The benchmark S&P/TSX Composite Index ended with a gain of 281.88 points or 1.49% at 19,254.56, after touching a high of 19,315.46.

Asian stocks advanced on Thursday after the U.S. Federal Reserve announced a 75 basis point rate hike, as widely expected, and indicated that it may be appropriate to slow the pace of increases going forward. The Fed said policy will be set meeting-by-meeting amid signs of an economic slowdown.

European stocks are turning in a mixed performance with investors reacting to a slew of earnings updates and less-hawkish-than-feared messaging from Fed Chair Jerome Powell.

In commodities trading, West Texas Intermediate Crude oil futures are up $2.36 or 2.43% at $99.62 a barrel.

Gold futures are gaining $18.70 or 1.1% at $1,737.70 an ounce, while Silver futures are up $0.745 or 4.01% at $19.345 an ounce.