Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note Monday morning, with investors tracking earnings updates and commodity markets for direction. The mood is likely to remain cautious ahead of U.S. inflation data and Fed Chair Jerome Powell's speech, due later in the week.

Emera Incorporated (EMA.TO) reported first-quarter net income of $207 million, down $353 million compared to $560 million in the first-quarter of 2023.

Premium Brands Holdings Corporation (PBH.TO) reported adjusted earnings of $24 million for the first-quarter of the current financial year, compared to $28.6 million a year ago.

On the economic front, data on Canadian building permits for the month of March is due at 8:30 AM ET.

The Canadian market ended on a weak note on Friday, despite opening on a firm note and holding in positive territory till late morning. Investors largely made their moves, reacting to quarterly earnings reports.

The benchmark S&P/TSX Composite Index, which climbed to a record intra-day high of 22,470.27 in early trades, ended the day with a loss of 66.90 points or 0.3% at 22,308.93, slightly off the session's low of 22,298.67. The index gained about 1.7% in the week.

Asian stocks ended lower on Monday after the release of weak lending and mixed inflation data from China. U.S. rate worries persisted, and Israel forces advanced deeper into Rafah despite warnings from the U.S. and Egypt, further weighing on sentiment.

In addition, media reports suggested that the Biden administration plans to raise tariffs on Chinese electric vehicle imports from 25% to 100%.

European stocks are slightly lower in lackluster trade with investors looking for direction ahead of key U.S. inflation data and Fed Chair Jerome Powell's speech due later in the week.

In commodities, West Texas Intermediate Crude oil futures are up $0.58 or 0.74% at $78.84 a barrel.

Gold futures are down $22.60 or 0.95% at $2,352.40 an ounce, while Silver futures are up $0.044 or 0.15% at $28.550 an ounce.