Bay Street Seen Opening With Negative Bias

(RTTNews) - Canadian shares are likely to open with a negative bias on Tuesday, tracking weak crude oil and bullion prices.

The focus will be on Federal Reserve Chair Jerome Powell's testimony before the Senate Banking Committee.

BlackBerry Ltd. (BB.TO) said it expects preliminary fourth-quarter total company revenue to be around $151 million, and fiscal 2023 revenue to be around $656 million.

In the fourth quarter, the company projects IoT revenue to be approximately $53 million, Cybersecurity revenue of around $88 million, and Licensing and Other revenue of approximately $10 million.

For fiscal 2023, IoT business unit revenue is expected to be around $206 million, representing 16% year over year growth and in line with outlook previously provided.

The Canadian market ended on a weak note on Monday. The mood was cautious with investors looking ahead to the testimony by the Federal Reserve Chair Jerome Powell and the crucial jobs data due later in the week, for clues on interest rates.

The benchmark S&P/TSX Composite Index ended with a loss of 66.78 points or 0.32% at 20,514.80, after scaling a low of 20,498.47 and a high of 20,615.50 intraday.

Asian stocks ended mixed on Tuesday, as the dollar treaded water and bond yields eased amid bets that Fed Chair Jerome Powell will sound less hawkish during a two-day testimony before Congress.

Chinese and Hong Kong markets ended sharply lower after China's new foreign minister Qin Gang warned of a potential conflict with the U.S. if Washington does not soften its rhetoric against China.

European stocks are up slightly in cautious trade as investors look for more clues on the outlook for U.S. interest rate hikes.

In commodities trading, West Texas Intermediate Crude oil futures are down $0.62 or 0.77% at $79.84 a barrel.

Gold futures are down $8.60 or 0.46% at $1,846.00 an ounce, while Silver futures are lower by $0.160 or 0.72% at $20.975 an ounce.