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Bay Street Likely To Open Higher

Canadian shares are set to open on a positive note Tuesday morning, tracking higher commodity prices and firm European stocks.

The market will be reacting to updates from the Capitol Hill on the Federal Reserve Chairman's confirmation hearing. The hearing is scheduled to start at 10 AM ET.

Powell's views on inflation will be the main focus at the hearing. Members of the Senate Banking Committee are likely to challenge Powell on the timing of the central bank's first interest rate hike and prod him over whether it should have acted faster to rein in surging inflation.

Organigram Holdings (OGI.TO) announced that its net revenue increased 57% to $30.4 million in the first quarter of fiscal 2022, from $19.3 million in the year-ago quarter.

After opening modestly lower, the Canadian market fell sharply Monday morning, but kept paring losses as the session progressed and eventually ended the day just marginally down.

Worries about rapidly surging coronavirus cases across the world, and uncertainty about interest rate hikes weighed down the market earlier in the day. The benchmark S&P/TSX Composite Index, which tumbled to 20,790.89, closed with a loss of 12.13 points or 0.06% at 21,072.32.

Asian stocks ended broadly lower on Tuesday amid continuing worries about the Omicron coronavirus and an earlier-than-expected U.S. interest rate hike.

European stocks are up firmly in positive territory, rebounding after three straight days of losses, as Treasury yields pulled back from two-year highs ahead of Fed Chair Powell's testimony and U.S. inflation data.

In commodities, West Texas Intermediate Crude oil futures are up $0.91 or 1.2% at $79.14 a barrel.

Gold futures are gaining $9.00 or 0.5% at $1,807.80 an ounce, while Silver futures are up $0.163 or 0.73% at $22.625 an ounce.

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