Bay Street Likely To Open On Firm Note

(RTTNews) - The Canadian market is likely to open with a strong positive gap on Monday, tracking gains in global markets amid easing tariff concerns following China and the U.S. striking a deal over the weekend.

Following negotiations in Switzerland over the weekend, the U.S. and China struck a deal to suspend tariffs for 90 days and slash rates going forward.

As per the announcement by the two countries, the U.S. tariffs on Chinese goods will fall to 30% from 145% while Chinese duties on U.S. imports will fall to 10% from 125%.

Gold stocks may reel under pressure as gold prices are down sharply. Energy stocks are likely to surge higher, lifted by rising crude oil prices.

Constellation Software, Finning International, Trican Well Service and Exchange Income are slated to report their quarterly earnings today.

On Friday, Canadian stocks moved modestly higher over the course of the trading session, extending the upward trend seen over the past few sessions. The continued strength on Bay Street came amid optimism about a potential U.S.-China trade deal ahead of Treasury Secretary Scott Bessent's talks with Chinese officials in Switzerland this weekend.

The benchmark S&P/TSX Composite Index climbed 103.68 points or 0.4% to 25,357.74, closing higher for the fourth straight day and reaching its best closing level in well over two months.

Asian stocks closed higher on Monday, cheering the progress in U.S. - China trade talks.

European markets are up firmly in positive territory today, reacting to positive news about U.S-China trade progress.

Following negotiations in Switzerland over the weekend, the U.S. and China struck a deal to suspend tariffs for 90 days and slash rates going forward.

In commodities, West Texas Intermediate Crude oil futures are up $1.95 or 3.2% at $62.97 a barrel.

Gold futures are down $117.70 or 3.51% at $3,226.30 an ounce, while Silver futures are lower by $0.519 or 1.59% at $32.395 an ounce.