Bay Street Seen Opening On Positive Note

(RTTNews) - Canadian shares look headed for a positive start Thursday morning, tracking higher commodity prices, and amid continued optimism about an interest rate cut by the Federal Reserve in September.

Northland Power Inc. (NPI.TO) reported a net income of $262 million for the second quarter, up sharply compared to net income of $ 22 million in the year-ago quarter.

Wesdome Gold Mines Ltd., (WDO.TO) said its net income increased to $29.1 million, or $0.19 per share, in the second-quarter, an increase of $34.1 million from the corresponding quarter in 2023 and $18.4 million from the first quarter of 2024.

Stantec Inc. (STN.TO) announced that it has been selected by the Los Angeles Department of Water & Power for a five-year master services agreement to upgrade, expand, and modernize the electrical infrastructure in greater Los Angeles.

On the economic front, data on Canadian new motor vehicles sales and wholesale sales for the month of June are due at 8:30 AM ET.

The Canadian market ended higher on Wednesday as soft U.S. consumer price inflation data reinforced expectations of a rate cut by the Federal Reserve next month.

The benchmark S&P/TSX Composite Index, which briefly slipped into negative territory in early trades, ended the day with a gain of 141.83 points or 0.63% at 22,760.01.

Asian stocks ended higher, tracking overnight Wall Street gains as more signs of cooling inflation in the U.S. fueled bets of a Federal Reserve rate cut in September. Also, a mixed set of economic activity data from China boosted hopes for more stimulus.

European stocks are slightly higher amid rising optimism the Federal Reserve will start cutting interest rates in September.

In commodities, West Texas Intermediate Crude oil futures are up 0.80 or 1.04% at $77.78 a barrel.

Gold futures are gaining $21.80 or 0.88% at $2,501.30 an ounce, while Silver futures are up $1.011 or 3.7% at $28.350 an ounce.