Rising Oil, Precious Metals Prices Point To Positive Start For Canadian Stocks
(RTTNews) - The Canadian market is likely to open higher on Wednesday as energy and materials stocks look headed for more upside, tracking higher oil and bullion prices.
Tech stocks may face pressure with Anthropic's new legal tools for its Cowork product prompting investors worldwide to cut exposure to traditional IT services.
Gold futures are up $116.00 or 2.35% at $5,051.00 an ounce. Silver futures are gaining $6.649 or 7.98% at $89.950 an ounce, while Copper futures are down $0.0810 or 1.33% at $6.0055 per pound.
West Texas Intermediate Crude oil futures are up $0.23 or 0.34% at $63.44 a barrel.
On the economic front, Canadian manufaturing and services sectors PMI readings are due at 9:30 AM ET.
In earnings news, Brookfield Asset Management reported net earnings of US$767 million or 47 cents per share in the fourth quarter, up from US$649 million or 40 cents per share in the corresponding quarter of the previous year.
Bay Street closed on a firm note on Tuesday as a recovery in gold and crude oil lifted mining and energy shares. Weak technology stocks limited the market's upside.
The benchmark S&P/TSX Composite Index settled with a gain of 204.72 points or 0.64% at 32,388.60 after a volatile session.
Asian stocks ended mixed on Wednesday as software stocks followed their U.S. peers lower on fears over artificial intelligence affecting future business growth.
European stocks are broadly higher with investors reacting to regional PMI readings and the latest batch of earnings updates.
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