Bay Street Likely To Open On Weak Note

(RTTNews) - Weak Canadian and U.S. futures, and lower commodity prices point to a weak start for Canadian stocks on Tuesday.

Fears of rate hikes by the Federal Reserve and a few other major central banks may also render the mood cautious, forcing investors to refrain from indulging in significant buying.

West Texas Intermediate Crude oil futures are down $0.50 or 0.68% at 73.36 a barrel.

Gold futures are down $68.90 or 1.64% at $4,133.80 an ounce, while Silver futures are lower by $3.773 or 5.75% at $61.810 an ounce.

The Canadian market closed modestly higher on Monday, snapping a three-day losing streak, as investors weighed the progress in U.S.-Iran peace talks amid conflicting reports on the reopening of the Strait of Hormuz.

Hot Canadian inflation data and fears of possible interest rate hikes by the Federal Reserve and a few other central banks limited market's upside

The benchmark S&P/TSX Composite Index ended with a gain of 144.84 points or 0.42% at 35,002.18.

Asian markets closed weak on Tuesday amidst renewed concerns over valuations in the technology sector and increasing skepticism over spending in AI infrastructure. The tech sell-off on Wall Street on Monday, and fears of rate hikes by the US central bank also hurt sentiment.

The major European markets are down in negative territory today, weighed down by weak regional PMI data, and fears of interest rate hikes by the Fed and a few other major central banks.