Canadian stocks are expected to have a subdued opening on Thursday morning, with global stock markets showing little in the way of positive catalysts and mixed trends in the commodities markets.
In Canadian corporate earnings, ATS Corporation (ATS.TO) reported a notable increase in fourth-quarter net income, reaching $48.5 million compared to $29.6 million in the same period last year.
Lightspeed Commerce Inc. (LSPD.TO) reported a fourth-quarter net loss of $32.5 million, or $0.21 per share. This is a significant improvement compared to the previous year's net loss of $74.5 million, or $0.49 per share.
After experiencing losses over the past three sessions, the Canadian market saw a modest uptick on Wednesday, driven by gains in the utilities and technology sectors.
A Labor Department report indicating a smaller-than-expected increase in U.S. consumer prices for April helped alleviate concerns regarding interest rate prospects, boosting investor sentiment. Additionally, the market absorbed various other economic data from the U.S. and Canada, alongside corporate earnings updates.
The benchmark S&P/TSX Composite Index, which initially declined after a positive start, managed to recover and stayed above the flat line, concluding the session with a gain of 41.42 points, or 0.19%, at 22,284.76. The index reached an early high of 22,334.69 before falling to 22,214.61 and subsequently recovering.
Asian stocks experienced a rally on Thursday, following record closes for Wall Street's three major indexes, fueled by optimism that inflation is trending in the right direction and expectations of two interest rate cuts by the U.S. Federal Reserve in 2024.
Conversely, European stocks remain subdued as investors opt for caution.
In the commodities markets, West Texas Intermediate Crude oil futures have risen by $0.13, or 0.18%, to $78.76 per barrel. Gold futures have declined by $6.50, or 0.28%, to $2,388.40 per ounce, while Silver futures are gaining $0.146, or 0.49%, at $29.875 per ounce.
