Bay Street Is Seen Opening Higher, But Weak Commodity Prices May Hurt

(RTTNews) - Canadian stocks may open on a slightly positive note Thursday morning amid easing geopolitical tensions. Technology stocks may climb higher thanks to strong quarterly earnings update from chipmaker TSMC.

Positive progress in Canada-China trade talks may also aid sentiment.

Weak commodity prices might hurt energy and materials stocks and render the mood cautious.

West Texas Intermediate Crude oil futures are down $2.68 or 4.32% at $59.34 a barrel.

Gold futures are down $19.70 or 0.42% at $4,616.00 an ounce, while Silver futures are lower by $1.070 or 1.17% at $90.315 an ounce.

On the economic front, data on Canadian manufacturing sales and wholesale sales for the month of November are due at 8:30 AM ET.

U.S. import prices data, jobless claims report and the Empire State reading of business conditions in the U.S. are also due at 8:30 AM ET.

The Canadian market closed marginally up on Wednesday as traders analyzed the prospects of a U.S-Iran military confrontation. In addition, crude oil prices rose for the fifth straight session, lifting energy stocks.

The benchmark S&P/TSX Composite Index closed up by 46.11 points or 0.14% at 32,916.47.

Asian stocks ended mixed on Thursday after technology and bank stocks led Wall Street's major indexes into a second day of declines overnight.

European stocks are turning in a mixed performance with investors reacting to corporate news and following the developments on the geopolitical front.