Bay Street Likely To Open On Cautious Note

The Canadian market is likely to stay a bit sluggish in early trades Friday morning with investors reacting to data on GDP, producer prices and raw materials prices.

Weak crude oil prices are likely to weigh on energy stocks. Cues from Asia are weak amid continued spikes in coronavirus cases in the region, while European markets are struggling for direction.

The Canadian market failed to hold early gains and ended weak on Thursday. The benchmark S&P/TSX Composite Index, which hit a fresh record high at 19,439.82 in early trades, ended the day with a loss of 101.03 points or 0.52% at 19,255.92, more than 30 points off the session's low.

Restaurant Brands International Inc. (QSR.TO) reported first-quarter net income of US$179 million or 58 cents per diluted share for the quarter ended March 31, compared with a profit of US$144 million or 48 cents per diluted share in the corresponding quarter last year.

Asian stocks ended weak on Friday, as mixed regional data and fears of a fresh surge in coronavirus infection rates in the region, particularly in India and Japan, overshadowed signs that the U.S. economic recovery has picked up speed.

European stocks are turning in a mixed performance in cautious trade with investors digesting a raft of earnings reports and mixed GDP data from the region.

In commodities, West Texas Intermediate Crude oil futures are down $1.56 or 2.4% at $63.45 a barrel.

Gold futures are down marginally at $1,767.90 an ounce, while Silver futures are lower by $0.047 or 0.19% at $26.006 an ounce.

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