Bay Street Seen Opening On Mixed Note

(RTTNews) - Canadian stocks are likely to open on a mixed note on Tuesday.

Despite some uncertainty about the U.S. and China signing a trade deal anytime soon, markets in Europe surged higher Tuesday with investors reacting to earnings reports and other corporate news.

The mood is likely to stay cautious due to falling crude oil prices, but the market is likely to find good support at lower levels in case of a steep slide, as a trade deal between the U.S. and China is not unlikely.

On Monday, the benchmark S&P/TSX Composite Index ended down 3.36 points, or 0.02%, at 17,025.11, snapping a long 11-session winning streak.

In company news, George Weston Ltd. (WN.TO) reported a profit of $69 million, or 44 cents per diluted share for the third quarter, compared with a profit of $51 million, or 40 cents per share in the year-ago quarter.

Canadian National Railway (CNR.TO) will be in focus as more than 3,200 Canadian National Railway conductors, trainpersons and yard workers are likely to go on strike just after midnight tonight in a job action that would affect freight services if a deal isn't reached with the company.

Asian markets ended mostly higher and markets in Europe have moved up smartly.

In commodities, crude oil futures for December are down $0.70, or 1.2%, at $56.37 a barrel.

Gold futures for December are declining $3.70, or 0.25%, at $1,468.20 an ounce.

Silver futures for December are up $0.070, or 0.4%, at $17.070 an ounce, while Copper futures for December are gaining $0.1100, or 0.4%, at $2.6310 per pound.

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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