Bay Street Seen Opening On Cautious Note; BoC, Fed Rate Decisions Eyed

(RTTNews) - The Canadian market is likely to open on a cautious note on Wednesday, with investors awaiting monetary policy announcements from the Bank of Canada and the Federal Reserve. Weak commodity prices may weigh on resources stocks.

The Bank of Canada, scheduled to announce its rate decision this morning, is widely expected to lower interest rate by 25 basis points. The Fed, which is slated to release its monetary policy later in the day, is expected to cut rate as well.

The post meeting comments from both the central banks are eyed as well for clues about future interest rate moves.

In corporate news, Cannabis company Canopy Growth Corp. (WEED.TO) announced Wednesday that Tom Stewart has been appointed Chief Financial Officer, effective immediately. He is a seasoned finance executive with over 20 years of experience in public company environments. His appointment supports the continued execution of Canopy Growth's fiscal year 2026 strategy, the company said.

The Canadian market close weak on Tuesday as cautious investors refrained from major bets ahead of the interest rate decisions by the Bank of Canada as well as the US Federal Reserve, although data from both nations support lowering rates.

The benchmark S&P/TSX Composite Index settled at 29,315.23, down by 115.79 points, or 0.39%.

Asian markets ended mixed on Wednesday ahead of the Federal Reserve interest rate decision.

Major European markets are somewhat subdued with investors treading cautiously, digesting regional economic data, and looking ahead to Fed rate decision.

In commodities trading, West Texas Intermediate crude oil futures are down $063 or 0.98% at $63.89 a barrel.

Gold futures are down $25.80 or 0.68% at $3,699.30 an ounce, while Silver futures are down $1.137 or 2.65% at $41.780 an ounce.