Bay Street Likely To Open Slightly Higher

(RTTNews) - Modestly higher futures point to a slightly positive start for the Canadian market on Wednesday. However, uncertainty about further interest rate cuts by the Fed this year, and worries about valuations may render the mood cautious and limit market's upside.

The Canadian market closed modestly lower on Tuesday despite the benchmark S&P/TSX Composite Index moving past the 30,000 mark to a new record high in early trades. The index ended the session with a loss of 143.35 points or 0.48% at 29,815.63.

Asian stocks ended mixed on Wednesday after several Federal Reserve officials, including Fed Chair Jerome Powell reiterated caution over further policy easing.

China's Shanghai Composite index closed notably higher, buoyed by gains in tech stocks amid renewed enthusiasm for artificial intelligence and semiconductors.

The major European markets are showing weakness today amid uncertainty about Fed rate cuts, and on Powell's comments that equity valuations are a bit higher.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.25 or 0.39% at $63.66 a barrel.

Gold futures are down $15.30 or 0.4% at $3,800.40 an ounce, while Silver futures are down $0.263 or 0.57% at $44.345 an ounce.