Canadian shares are likely to open flat or marginally up Thursday morning, tracking mixed trend in global markets.
Also, with no significantly positive triggers to warrant strong buying, investors may choose to take some profits after an eight-session winning streak.
Expectations of additional stimulus from Joe Biden administration and dovish comments from the Federal Reserve Chairman Jerome Powell about the central bank's policies are also expected to support the market.
Powell stated Wednesday that the central bank's accommodative policies still need to stay in place for a considerable time, saying the employment picture is a "long way" from where it needs to be.
The Canadian market ended on a positive note on Wednesday, extending recent gains. The benchmark S&P/TSX Composite Index, which hit a fresh record high of 18,527.88 at the start, ended with a gain of 49.16 points or 0.27% at 18,457.78.
Bombardier (BBD_B.TO) reported net loss of US$423 million or US$0.18 per share for the fourth quarter, compared with US$1.77 billion or US$0.74 per share in the previous year. Revenues for the fourth-quarter declined to $2.34 billion from $2.41 billion in the prior year.
The company expects revenues for fiscal year 2021 to grow organically and projects revenues from business aircraft activities in 2021 to be better than 2020 based on a gradual economic recovery scenario.
Brookfield Asset Management Inc. (BAM_A.TO) reported fourth-quarter net income of $1.82 billion or $0.40 per share, compared to net income of $1.64 billion or $0.50 per share in the year-ago period.
Asian stocks ended mixed amid thin holiday trades on Thursday. Markets in South Korea, Taiwan and China are closed for the Lunar New Year holidays. The Japanese markets were also shuttered in observance of National Foundation Day.
U.S. stimulus hopes offered some support after a Labor Department report showed tame consumer price inflation in January and Federal Reserve Chair Jerome Powell said that the U.S. is still "very far" from a strong labor market.
European stocks are turning in a mixed performance in largely cautious moves by investors amid a slew of earnings reports.
In commodities, West Texas Intermediate Crude oil futures are down $0.51 or 0.85% at $58.17 a barrel, sliding on profit taking after eight successive days of gains.
Gold futures are down slightly at $1,842.20 an ounce, while Silver futures are rising $0.072 or 0.27% at $27.150 an ounce.
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