Bay Street Likely To Open On Cautious Note

(RTTNews) - The Canadian stock market is likely to open on a mixed note Tuesday with a few frontline stocks finding some support after four successive days of losses.

However, the mood is likely to remain cautious with investors looking for direction.

Worries about rising coronavirus cases and fears over fresh lockdown restrictions in several parts across the world are likely to weigh on stocks.

A slight rebound in crude oil prices may trigger some buying in the energy space.

Markets will be looking ahead to speeches by Fed Chair Jerome Powell and U.S. Treasury Secretary Steven Mnuchin at a Congressional panel.

The benchmark S&P/TSX Composite Index ended down 217.20 points or 1.34% at 15.981.77 after plunging to a low of 15,763.05.

Bausch Health Companies Inc. (BHC.TO) and Salix Pharmaceuticals, together with Salix's licensor Alfasigma SpA, have agreed to resolve outstanding intellectual property disputes with Sun Pharmaceutical Industries Ltd., regarding XIFAXAN® (rifaximin) 200 mg and 550 mg tablets. The Salix Parties will grant Sun a non-exclusive license effective Jan. 1, 2028 to its intellectual property relating to XIFAXAN 200 mg and 550 mg tablets in the United States.

Asian stocks fell broadly on Tuesday as rising coronavirus cases and delays in fresh U.S. stimulus stoked worries that the quick economic recovery from the pandemic will be hampered.

Speculation about further lockdown measures in Europe and reports that several global banks were involved in money laundering to the tune of $2 trillion between 1999 and 2017 also weighed on markets.

European stocks are in positive territory despite staying somewhat sluggish amid cautious moves by investors.

In commodities, West Texas Intermediate crude oil futures are up marginally at $39.35 a barrel, after rising to a high of $39.94 earlier this morning.

Gold futures for December are flat at $1,910.10 an ounce. Silver futures are down $0.247 or about 1% at $24.140 an ounce.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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