Bay Street Likely To Open On Mixed Note

(RTTNews) - It's likely to be a mixed start for Canadian stocks on Tuesday with investors tracking commodity prices and continuing to weigh the near to medium term impact of the ongoing tensions in the Middle East due to the U.S.-Israeli war on Iran.

While weak oil prices may weigh on energy stocks, a recovery in precious metals prices is likely to trigger some buying in the materials sector.

Oil prices tumbled today. West Texas Intermediate crude oil futures, which fell to $84.43 a barrel, recovered some ground and were at $90.22 a little while ago, down nearly 5% from previous close.

Gold futures advanced to $5,204.00 an ounce before paring some gains, easing to $5,176.00, up nearly 1.5%. Silver futures are up $3.697 or about 4.4% at $88.220 an ounce.

The Canadian market ended on a positive note on Monday as stocks rebounded from early lows, after U.S. President Donald Trump hinted at the end of the war in the Middle East.

The benchmark S&P/TSX Composite Index, which plunged by as much as 2.2% in early trading, recovered as the day progressed before settling at 33,189.32 up by 105.60 points or 0.32%.

Asian stocks closed on a firm note on Tuesday as concerns over the U.S.-Iran conflict eased following comments by U.S. President Donald Trump that the war was "very much complete".

Trump's remarks coupled with reports suggesting Washington may soften sanctions on Russian energy injected a burst of optimism, sending bond prices tumbling and crude oil prices plunging by nearly 10% at the start of Asian trading.

The major European markets are up sharply today, with stocks from across several sectors rebounding from recent fall. A sharp drop in oil prices and U.S. President Donald Trump's comments that the war in the Middle East could end soon helped lift sentiment.