Bay Street Might Open Lower

(RTTNews) - Canadian stock Index might open lower on Tuesday. S&P/TSX had finished 111.79 points or 0.49 percent high Monday.

Despite the ceasefire announcement, it was alleged that Israel violated the agreement and struck a radar in Iran. U.S. President accused Israel and Iran of violating and said he is "not happy" with either.

Gold Futures are down 63.50 points or 1.87 percent, while Silver futures is declining 0.83 percent. Crude Oil futures are sliding 4.25 percent.

The U.S. dollar weakened against other major currencies in the European session on Tuesday.

In the Corporate sector, Continental said its Automotive group sector, which is due to begin operating as the independent listed company AUMOVIO in September, announced its objectives and strategy as part of its Capital Market Day.

U.S. Fed Reserve Chair Jerome Powell announced that the central bank is likely to remain on hold.

"For the time being, we are well positioned to wait to learn more about the likely course of the economy before considering any adjustments to our policy stance," Powell said.

Powell stressed that the Fed's obligation is to keep longer-term inflation expectations well anchored and to prevent a one-time increase in prices from becoming an ongoing inflation problem.

The Fed's next monetary policy meeting is scheduled for July 29-30, with CME Group's FedWatch Tool currently indicating an 83.5 percent chance the central bank will leave rates unchanged

On the U.S. economic front, the Consumer Confidence for June is expected at 10.00 am ET. The consensus is 99.0, while in the prior month, it was 98.0.

The Richmond Fed Manufacturing Index for June will be revealed at 10.00 am ET. The consensus was minus 7, while it was minus 9 in the prior month.

The Money Supply for May will be released at 1.00 pm ET. In the prior week, M2 level was $21,862.5 billion.

Cleveland Fed President Beth Hammack will speak on monetary policy before the Barclays-CEPR Monetary Policy Forum 2025 at 10.15 am ET.

Fed Chair Jerome Powell will deliver semi-annual monetary policy report testimony before the House Financial Services Committee at 10.00 am ET.

Boston Fed President Susan Collins will speak before the "State of the Nation's Housing 2025" event hosted by the Federal Reserve Bank of Boston at 2.05 pm ET.

Federal Reserve Board Governor Michael Barr gives welcome remarks before a virtual "Fed Listens" event hosted by the Federal Reserve Bank of Kansas City, Omaha Branch.