Canadian Stocks Likely To Open Higher
(RTTNews) - Higher Canadian and U.S, futures, and fairly steady commodity prices point to a positive start on Bay Street on Tuesday, the final trading session of 2024.
Worries about the outlook for interest rates, and concerns over tariff threats by U.S. President-elect Donald Trump may limit market's upside.
Despite recovering from early lows, the Canadian market closed notably lower on Monday, hurt by losses in materials, technology and consumer sectors.
The benchmark S&P/TSX Composite Index ended down 175.81 points or 0.71% at 24,620.59, well off the day's low of 24,491.51.
Asian stocks closed weak in thin holiday trade on Tuesday. Volumes were light amid holidays in Japan and South Korea. South Korea was closed for New Year's Eve holiday, while Japanese markets remain closed from Tuesday through Jan. 6. Markets in Australia, New Zealand, Singapore and Hong Kong all closed early on New Year's Eve.
European stocks are broadly higher in a somewhat muted session ahead of the New Year Holiday. Most of the markets in the region will close early today.
In commodities, West Texas Intermediate Crude oil futures are up $0.23 or 0.32% at $71.22 a barrel.
Gold futures are gaining $4.60 or 0.18% at $2,622.70 an ounce.
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