Bay Street Likely To Open On Positive Note

(RTTNews) - Higher Canadian and U.S. futures and firm commodity prices point to a positive start on Bay Street Wednesday morning. Worries about Middle East tensions may weigh and limit market's upside.

There is still uncertainty about U.S.-Iran peace talks. U.S. President Donald Trump said he would extend the ceasefire until Tehran submits a "unified" proposal.

Iran dismissed Trump's ceasefire extension as "meaningless" and said the Strait of Hormuz will remain closed until the U.S. blockade on Iranian ports is lifted.

In Canadian earnings news, Rogers Communications Inc. (RCI.B.TO) reported net income of $550 million for the quarter ended March 31, 2026, compared with $280 million in the year-ago quarter. Adjusted net income for the latest quarter was $550 million, compared with $543 million a year ago.

Metro Inc. reported net earnings of $246.6 million for the second quarter of its current fiscal, up 12.1% and adjusted net earnings of $236.5 million, up 4.4% compared to a year ago.

In economic news, data from Statistics Canada showed the house price index in Canada decreased to -0.2% in March from 0.3% in February.

Canadian stocks tumbled on Tuesday as the delay in the scheduled peace talks between the U.S. and Iran triggered escalation concerns as the two-week ceasefire in the ongoing gulf war is set to end tomorrow night.

The benchmark S&P/TSX Composite Index settled at 33,808.30, down by 551.73 points or 1.61%.

Asian stocks ended mixed on Wednesday due to lingering uncertainty surrounding U.S.-Iran peace talks. Iran dismissed Trump's ceasefire extension as "meaningless" and said the Strait of Hormuz will remain closed until the U.S. blockade on Iranian ports is lifted.

European stocks are turning in a mixed performance in cautious trade as investors continue to focus on the developments on the geopolitical front.

In commodities, West Texas Intermediate Crude oil futures are up $1.27 or 1.42% at $90.94 a barrel.

Gold futures are gaining $48.10 or 1.03% at $4,767.70 an ounce, while Silver futures are up $1.297 or 1.7% at $77.785 an ounce.