In anticipation of a positive opening on Bay Street this Tuesday—marking the last trading session of 2024—Canadian and U.S. futures appear higher, and commodity prices maintain relative stability. However, the market's upward potential may be constrained by ongoing concerns regarding interest rate forecasts and the potential for tariff actions by incoming U.S. President Donald Trump.
On Monday, despite managing to rebound slightly from initial declines, the Canadian market ended significantly lower, particularly impacted by downturns in the materials, technology, and consumer sectors. The key S&P/TSX Composite Index dropped by 175.81 points, or 0.71%, closing at 24,620.59, which was above the day's low of 24,491.51.
In Asia, stock markets closed on a weak note during a session characterized by light trading due to holiday observances. With Japan and South Korea on break, and South Korean markets closed for the New Year's Eve holiday, trading volumes remained subdued. Several markets, including those in Australia, New Zealand, Singapore, and Hong Kong, concluded transactions early in observance of the New Year celebration.
Conversely, European markets are seeing a broad increase, albeit in a rather subdued session leading up to the New Year holiday, with most regional markets planning to close early today.
On the commodities front, West Texas Intermediate crude oil futures have risen by $0.23, or 0.32%, reaching $71.22 per barrel. Meanwhile, gold futures are also on the rise, gaining $4.60, or 0.18%, to settle at $2,622.70 an ounce.
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