Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian stocks are seen opening on a mixed note on Tuesday as investors are likely to stay cautious, reacting to reports about the attacks on two commercial vessels in the Strait of Hormuz, and a mixed trend in the commodities market.

On the economic front, Canadian trade data for the month of May is due at 8:30 AM ET.

The Ivey Purchasing Managers Index reading for the month of June is due at 10 AM ET.

Canadian stocks ticked lower on Monday as investors analyzed the domestic Purchasing Managers' Index indicating a shrinkage in the services sector, surveys on business outlook and consumer expectations, and the U.S. nonfarm payrolls data.

After opening below yesterday's close, today the benchmark S&P/TSX Composite Index soon lost the momentum and traded negatively throughout the rest of the session before settling at 35,212.32, down by 62.52 points (or 0.18%).

Asian stocks declined on Tuesday as investors rotated out of AI chip stocks on doubts over the sustainability of the AI boom.

As rising capital expenditures and competition become synonymous with rising semiconductor demand, investors are questioning the sustainability of record earnings.

Investors also awaited the U.S. Federal Reserve's meeting minutes and the start of the second-quarter U.S. earning season this week to gauge the outlook for consumer demand.

European stocks are turning in a mixed performance in cautious trade amid renewed concerns about tensions in the Middle East after Iran reportedly attached two commercial vessels in the Strait of Hormuz.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.50 or 0.73% at $69.05 a barrel.

Gold futures are down $15.50 or 0.37% at $4,152.00 an ounce, while Silver futures are down $1.000 or 1.6% at $61330 an ounce.