Bay Street Likely To Open On Positive Note

(RTTNews) - The Canadian market likely to open higher on Thursday, with technology stocks set to spearhead the move up north, tracking U.S. tech sector after Nvidia's upbeat earnings updates.

Nvidia's bottom line in the first-quarter totaled $14.88 billion, or $5.98 per share. This compares with $2.04 billion, or $0.82 per share, in last year's first quarter.

Energy stocks may move higher, tracking oil's gains. Weak metal prices may weigh on materials shares and limit market's upside.

In Canadian earnings news, Toronto-Dominion Bank (TD.TO) reported adjusted net income of $3,789 million for the second quarter, compared with $3,707 million in the year-ago quarter.

On the economic front, a report on new housing prices is due at 8:30 AM ET.

The Canadian market ended lower on Wednesday as energy and materials shares reeled under selling pressure as oil and metal prices fell. Concerns about the outlook for interest rates weighed as well on sentiment.

Data showing an unexpected increase in U.S. crude inventories in the week ended May 17th weighed on oil prices, and gold prices fell on concerns the Fed will keep interest rates higher for longer than earlier thought.

The minutes of the Federal Reserve's latest policy meeting showed policymakers expect to maintain interest rates at current levels longer than previously thought.

The benchmark S&P/TSX Composite Index ended with a loss of 121.40 points or 0.54% at 22,346.76. The index, which opened modestly lower at 22,434.12, dropped to a low of 22,283.49 in late afternoon trades.

Asian stocks ended Thursday's session mixed as rate worries lingered and China announced immediate military drills around Taiwan, marking a concerning escalation in the tensions between Taiwan and China, which has long claimed sovereignty over the island.

Hawkish minutes from the Federal Reserve's last policy meeting boosted the dollar, which hovered near a one-week high following its best day this month against major peers.

European stocks are broadly higher Thursday afternoon with investors digesting the minutes of the Federal Reserve's latest policy meeting, and regional economic data.

In commodities, West Texas Intermediate Crude oil futures are up $0.57 or 0.73% at $78.14 a barrel.

Gold futures are down $23.00 or 0.96% at $2,369.90 an ounce, while Silver futures are lower by $0.616 or 1.96% at $30.880 an ounce.