Canadian stocks will look to extend their recent winning streak on Tuesday, but early signals are mixed amid some concerns about corporate earnings results. Commodities have rallied of late, pushing the resource-heavy Canadian market to yesterday's three-month closing high after four straight days of gains.
On Monday, the S&P/TSX Composite Index rose 98.50 points or 1.07% to 9,285.62. This marks the highest close for the index since January 6.
Energy stocks may get a boost this morning as the price of crude snapped back above the $50 mark after falling sharply on Monday.
Financials will also be in focus after Goldman Sachs said that first quarter profit rose from last year, helped by strong revenue growth in its fixed income, currency and commodities businesses. The company also said it has commenced a $5 billion public offering of its common stock, which along with additional resources, may be used to repay TARP funds.
Looking at the tech sector, the world's biggest chipmaker Intel Corp. (INTC) is scheduled to release first-quarter results after market close today, analysts are expecting earnings of $0.02 per share on revenues of $6.98 billion for the quarter.
Miners could continue their recent rally after the price of copper jumped almost 8 percent on Monday amid signs of increased demand from China.
In Canada, Vasogen Inc. (VAS.TO: News ) reported a first quarter net loss of C$1.9 million or C$0.09 per share, compared to a net loss of C$5.3 million or C$0.24 per common share in the last year quarter.
For comments and feedback: contact email@example.com