Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note Tuesday morning, tracking global stocks and commodity prices. Activity is likely to remain stock specific with investors reacting to quarterly earnings updates.

Data from Statistics Canada showed building permits in Canada increased 11.5% in September from -6.3% in August.

Shopify Inc. (SHOP.TO) reported third-quarter revenue of US$2.16 billion, up from $1.71 billion a year earlier. The company said it expects fourth-quarter revenue to grow "at a mid-to-high-twenties percentage rate on a year-over-year basis."

Cronos Group Inc. (CRON.TO) reported third-quarter net income of US$7,324 million, as against a loss of US$1,590 million in the year-ago quarter.

After opening slightly up and rising further Monday morning, the Canadian market turned a bit sluggish and then kept paring gains as the day progressed before finally settling with a marginal gain.

Donald Trump's win in the U.S. presidential election continued to aid sentiment and contributed to market's early gains. However, with a slew of key economic data due this week, the mood turned cautious.

The benchmark S&P/TSX Composite Index closed up 29.88 points or 0.12% at 24,789.28, well off the day's high of 24,901.51, but still recorded a new closing high.

Asian stocks slipped into the red on Tuesday, with Chinese and Hong Kong markets leading losses, as investors await U.S. President-elect Trump's stance on the economy, immigration, foreign policy and more.

European stocks are notably lower as reports that Donald Trump will appoint Michael Waltz as his national security adviser and Marco Rubio as secretary of state, indicate hardline positions on China, Iran and Venezuela.

In commodities, West Texas Intermediate Crude oil futures are up $0.60 or 0.88% at $68.66 a barrel.

Gold futures are down $2.80 or 0.11% at $2,614.90 an ounce, while Silver futures are up $0.047 ot 0.15% at $30.660 an ounce.