Markets

Bay Street Seen Opening Mixed

(RTTNews) - Canadian shares are likely to open mixed on Tuesday with investors looking for direction.

While crude oil futures have rebounded a bit after sharp losses in the previous session, bullion prices are weak. Rising worries about growth amid spikes in coronavirus cases across the world will continue to weigh on the market.

The market closed sharply lower on Monday, weighed down by worries about surging coronavirus cases and concerns about economic growth. The benchmark S&P/TSX Composite Index ended with a loss of 224.53 points or 1.38% at 16,079.55.

Teck Resources Limited (TCK_A.TO) reported third quarter adjusted earnings per share of C$0.24 compared to C$0.69, a year ago. Adjusted EBITDA declined to C$638 million from C$1.06 billion, while revenues dropped to C$2.29 billion from C$3.03 billion.

Asian markets ended mostly lower on Tuesday as record spikes in coronavirus infections in the U.S., Russia and France and fading hopes for U.S. stimulus rendered the mood bearish.

European stocks are recovering from early lows although the mood remains cautious due to the continued surge in new coronavirus cases across the continent and rising worries about economic growth.

In commodities, West Texas Intermediate crude oil futures for December are up $0.33 or 0.86% at $38.89 a barrel.

Gold futures are down $1.60 or 0.08% at $1,904.10 an ounce, while Silver futures are rising $0.080 or 0.33% at $24.500 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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