Bay Street Likely To Open On Positive Note

(RTTNews) - Higher Canadian and U.S. futures and steady commodity prices point to a positive start for the Canadian market on Thursday.

Investors will also react to a slew of earnings announcements from Canadian companies. U.S. GDP data is likely to make an impact.

In earnings news, business jet manufacturer Bombardier Inc. (BBD_B.TO) reported a profit of $302 million or $2.98 per share in the first quarter, compared with a loss of $287 million or $3.09 per share in the same quarter a year ago.

Canadian Utilities Limited (CU.TO) announced first quarter 2023 adjusted earnings of $217 million ($0.81 per share), compared to $219 million ($0.81 per share) in the first quarter of 2022.

ATCO Ltd. (ACO.X.TO) reported first quarter 2023 adjusted earnings of $137 million ($1.21 per share), compared to $134 million ($1.17 per share) in the first quarter of 2022.

Mullen Group Ltd. (MTL.TO) reported a net income of $31.7 million for the first quarter of the current fiscal, compared with net income of $19.5 million a year ago.

In economic news, Canada's CFIB Business Barometer long-term optimism index increased to a ten-month high of 55.7 in April of 2023 from 55.3 in the previous month, the Canadian Federaion of Independent Business said in its report.

The Canadian market ended weak on Wednesday, losing for the third consecutive day, as concerns about interest rate hikes and a potential recession in the U.S. offset some stronger than expected earnings from U.S. tech majors.

The benchmark S&P/TSX Composite Index ended with a loss of 73.15 points or 0.36% at 20,366.72, after scaling a low of 20,324.48 and a high of 20,501.53 intraday.

Asian stocks ended higher on Thursday as a string of strong tech earnings offset lingering concerns about the U.S. banking sector.

European stocks are exhibiting a mixed trend with investors digesting a slew of earnings results and looking ahead to the release of U.S. GDP data due later in the day for direction.

In commodities, West Texas Intermediate Crude oil futures are up $0.30 or 0.4% at $74.60 a barrel.

Gold futures are gaining $9.80 or 0.5% at $2,005.80 an ounce, while Silver futures are up $0.179 or 0.72% at $25.055 an ounce.