Canadian stocks are expected to exhibit mixed results on Thursday as investors anticipate key jobs data from both the U.S. and Canada, scheduled for release on Friday. Energy and materials sectors might receive a boost due to an uptick in commodity prices.
Trading volume is anticipated to be somewhat light, given that U.S. markets are closed today in recognition of former U.S. President Jimmy Carter, who passed away in late December at the age of 100.
In corporate developments, Osisko Development has named David Rouleau as Vice President of Project Development. The company also announced that Eric Tremblay, its Chief Operating Officer, has resigned with immediate effect.
Meanwhile, Endeavour Silver Corp. (EDR.TO) has reported a reduction in gold and silver production for the fourth quarter, though the company experienced an increase in annual gold production. For the period ending December 31, 2024, gold production was recorded at 9,075 ounces, a decrease from the 9,608 ounces produced during the same quarter last year. However, full-year gold production rose to 39,047 ounces, compared to 37,858 ounces in 2023.
The Canadian market closed on a positive note Wednesday, buoyed by strong activity in the technology and materials sectors. However, weaknesses in healthcare, communications, and consumer discretionary sectors limited overall gains.
This upswing occurred despite reports of potential new tariffs from U.S. President-elect Donald Trump.
The S&P/TSX Composite Index concluded the session up by 121.79 points or 0.49%, ending at 25,051.68, just shy of the intra-day high of 25,061.55.
Asian markets closed generally lower on Thursday as investor sentiment was negatively affected by Trump's tariff threats, a strong U.S. dollar, and unpromising Chinese inflation data.
The U.S. dollar strengthened, supported by increasing Treasury yields amid predictions that Trump's fiscal and tariff policies could exacerbate inflation and sustain higher U.S. interest rates.
European markets are mostly in positive territory as investors analyze recent economic reports and anticipate the upcoming U.S. jobs data for insights into potential Federal Reserve interest rate decisions.
In commodities, West Texas Intermediate crude oil futures have risen by $0.15, or 0.2%, to $73.47 per barrel. Gold futures have advanced by $17.60, or 0.66%, to $2,690.00 per ounce, while silver futures have increased by $0.340, or 1.11%, to $31.030 per ounce.
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