FX.co ★ Bay Street Likely To Open On Mixed Note

Canadian stocks appear to be heading for an uncertain start on Monday morning. This outlook stems from factors such as the fluctuating prices of commodities and quarterly financial reports from both American and Canadian corporations. As the Federal Reserve is slated to make an announcement regarding monetary policy on Wednesday, investors are likely to stray on the side of caution.

For instance, cargo transportation company Cargojet recently reported adjusted revenues of $31 million, or $1.86 per share, for the first quarter. These figures present a substantial increase compared to the $16.8 million, or $0.97 per share, recorded this time last year.

Additionally, Alimentation Couche-Tard, a multinational operator of convenience stores, announced the renewal of its share buyback program. Approved by the Toronto Stock Exchange, Couche-Tard can repurchase a maximum of 78,083,521 Common Shares, equating to 10% of the company's public float as of April 18, 2024. If fully completed at the current share price, this program would represent an estimated investment of around $4.3 billion USD or $5.9 billion CAD.

On Friday, the Canadian market concluded the day with modest gains, primarily due to the success of materials stocks and the increasing value of gold, which is currently seen as a safe investment.

Investors also responded favorably to positive earnings reports from leading American companies, such as Alphabet and Microsoft. Additionally, investors analyzed data from the U.S. personal consumption expenditure, which revealed a larger than anticipated rise in annual customer price growth.

The S&P/TSX Composite Index, a benchmark for Canadian equity, ended with an increase of 83.86 points or 0.38%, closing at 21,969.24, a 0.5% rise on the week.

Meanwhile, Asian stocks finished higher on Monday, even though Japanese markets remain closed for a holiday. Investors eagerly anticipate the Federal Reserve's policy meeting on Wednesday, where the bank is expected to address the current inflation rates.

European stocks presented a mixed performance. When comparing the major markets, the U.K. outperforms its counterparts. Its real estate sector has seen particular success due to a seven-month increase in house sales, spurred by a heightened demand for smaller homes.

Lastly, when it comes to commodities, West Texas Intermediate Crude oil futures experienced a slight dip, priced at $83.83 per barrel. Gold futures, on the other hand, increased by $1.50, reaching $2,348.70 an ounce, while Silver futures rose by $0.088 or 0.32%, priced at $27.340 an ounce.