Bay Street Seen Opening Higher

(RTTNews) - Canadian stocks are likely to open higher Friday morning, after climbing to a record high in the previous session amid hopes of a larger interest rate cut by the Federal Reserve next week after recent data on U.S. core consumer price index and producer price index.

On the Canadian economic front, final data on Canadian wholesale sales for the month of July is due at 8:30 AM ET.

A report Canadian industries' capacity utilization for the second quarter is also due at 8:30 AM ET. Canadian industries operated at 78.5% of their production capacity in the first quarter of 2024, little changed from a revised 78.6% in the previous period.

In earnings news, Roots Corporation (ROOT.TO) reported a net loss of $5.2 million for the second quarter of its current financial year, compared to net loss of $5.3 million in the year-ago quarter.

The Canadian market rose to a record high on Thursday, with stocks from the materials sector hogging the limelight as metal prices climbed higher. Easing concerns about U.S. inflation and rising prospects of a few interest rate cuts by the Federal Reserve contributed to the market's rise.

The benchmark S&P/TSX Composite Index ended with a gain of 263.97 points or 1.14% at 23,475.14, a new closing high. The index touched a new high of 23,483.11.

Asian stocks ended on a mixed note on Friday ahead of a widely expected interest-rate cut by the U.S. Federal Reserve next week.

European stocks are modestly higher as bond yields eased amid bets of an interest-rate cut by the Fed next week.

France's inflation eased more than estimated in August, while Eurozone industrial production dropped 0.3% in July.

Elsewhere, a Bank of England survey showed British public's expectations for inflation over the coming year dropped to its lowest in three years.

In commodities, West Texas Intermediate Crude oil futures are up $0.81 or 1.17% at $69.78 a barrel.

Gold futures are gaining $14.20 or 0.55% at $2,594.80 an ounce, while Silver futures are up $0.293 or 0.97% at $30.400 an ounce.