Bay Street Likely To Open Slightly Higher

(RTTNews) - Canadian stocks look headed for a positive start Tuesday morning, tracking higher commodity prices. Geopolitical news, and Canadian PMI data will also be in focus.

West Texas Intermediate Crude oil futures are up $0.23 or 0.4% at $58.55 a barrel.

Gold futures are gaining $23.00 or 0.52% at $4,474.50 an ounce, and Silver futures are up $1.733 or 2.25% at $78.390 an ounce. Copper futures are up $0.0415 or 0.67% at $6.0170 per pound.

S&P Global's reading on Canadian manufacturing and services sector activity in the month of December will be out at 9:30 AM ET.

Canadian stocks posted sharp gains on Monday, thanks to a fine performance by materials stocks as the crisis in Venezuela triggered safe-haven buying in precious metals.

The benchmark S&P/TSX Composite Index traded firmly positive throughout the session before settling at 32,219.95, up by 336.58 points or 1.06%.

U.S. troops barged into Venezuela on Saturday, penetrated the fortress of Venezuela's President Nicolas Maduro in and captured him and his wife in a swift operation.

U.S. President Donald Trump stated that the U.S. will be "running" Venezuela until the regime is passed judicially into safer hands. Trump confirmed that the U.S. will now administer the oil reserves in Venezuela for the time being and added that big U.S. oil giants will have access to Venezuelan oil from now.

Asian stocks extended a global record run on Tuesday as investors overlooked geopolitical tensions and looked ahead to the release of key U.S. economic data for direction.

A report showed U.S. manufacturing activity shrank in December by the most since 2024, boosting bets for more policy easing by the Federal Reserve.

European stocks are broadly higher today with investors digesting regional PMI data and inflation reports, and looking ahead to the crucial U.S. jobs data, due later in the week.