Bay Street Seen Opening Higher On Firm Commodities

(RTTNews) - Canadian shares are likely to open on a positive note Tuesday morning, tracking higher crude oil and metal prices. Investors will also be reacting to earnings news from a slew of top name U.S. companies, including Alphabet.

The focus will also be on Bank of Canada Governor Tiff Macklem's comments at the House of Commons Standing Committee on Finance later in the day.

After five successive days of losses, the Canadian market closed on a firm note on Monday thanks to strong gains in consumer discretionary, consumer staples, healthcare and financials sectors.

Several stocks from technology and industrials sectors also closed notably higher. Energy stocks fell as oil prices tumbled.

The benchmark S&P/TSX Composite Index ended up by 101.99 points or 0.42% at 24,565.66. The index touched a low of 24,406.42 and a high of 24,598.96.

Asian stocks closed mixed on Tuesday as investors looked ahead to a slew of U.S. economic data as well as tech megacap earnings for directional cues. Traders also remained apprehensive that a Donald Trump victory in the upcoming U.S. presidential election may slow global growth.

China's Shanghai Composite index fell 1.08 percent to 3,286.41 as caution set in ahead of next week's top leadership meeting that is expected to discuss stimulus measures. Investors also reacted to reports suggesting that the Biden administration has finalized restrictions on investments by U.S. individuals and companies into advanced technology in China.

European stocks are slightly higher on Tuesday with investors looking ahead to a slew of U.S. economic data as well as tech megacap earnings for directional clues.

In commodities, West Texas Intermediate crude oil futures are up $0.86 or 1.28% at $68.25 a barrel.

Gold futures are up $7.70 or 0.28% at $2,763.60 an ounce, while Silver futures are gaining $0.334 or 0.96% at $34.335 an ounce.

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