Higher Commodity Prices, Bargain Hunting May Lift Canadian Stocks At Open

(RTTNews) - Canadian stocks may move higher Wednesday morning, tracking firm oil and metal prices. Some bargain hunting is also likely after a sell-off in the previous session pushed the market to a six-week low.

On the economic front, a report on Canadian services sector activity in the month of October is due this morning.

Investors will also be reacting to earnings announcements from Cameco, Ero Copper, Air Canada, Colliers International Group and SSR Mining.

Sun Life Financial, Great West Lifeco, Nutrien, CGI Inc., and B2Gold are scheduled to announce their earnings today.

The Canadian market closed sharply lower on Tuesday as investors' focus shifted to the federal budget amid fading hopes of another rate cut by the central bank.

The benchmark S&P/TSX Composite Index stayed weak right through the day's trading session and settled at 29,777.82, down by 497.24 points, or 1.64%.

Asian stocks closed weak on Wednesday, weighed down by some heavy selling in the tech sector on rising concerns over stretched valuations and AI bubble.

The major European markets are down in negative territory with investors mostly making cautious moves amid concerns about valuations, and uncertainty about global economic growth.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.35 or 0.58% at 60.91 a barrel.

Gold futures are gaining $12.50 or 0.32% at $3,973.00 an ounce, while Silver futures are up $0.214 or 0.45% at $47.505 an ounce.