Bay Street Likely To Open On Positive Note; Energy, Tech Stocks May Move Up
(RTTNews) - Canadian stocks may open slightly higher on Monday following Iran and the U.S. agreeing to halt hostilities in the Middle East and agreeing to hold a fresh round of talks to resolve their disputes over shipping routes and transit fees.
Energy stocks may find some support as oil prices climbed higher. Technology stocks look set to post gains as well, following gains in artificial intelligence-linked stocks in premarket trading today.
The Canadian market closed higher on Friday, extending gains from the previous session, despite growing concerns over the uncertainty on the tripartite trade talks.
The benchmark S&P/TSX Composite Index settled at 34,980.00, up by 129.79 points or 0.37%.
Asian stocks ended higher on Monday even as investors kept taking profits on high-flying semiconductor and artificial intelligence-related stocks due to worries about potentially higher interest rates by the end of the year.
The major European markets are somewhat subdued today with investors assessing U.S.-Iran news, and also focusing on the Sintra Forum.
In commodities, West Texas Intermediate Crude oil futures are up $0.63 or 0.87% at $69.86 a barrel.
Gold futures are down $33.00 or 0.81% at $4,063.30 an ounce, while Silver futures are down $0.479 or 0.8% at $58.745 an ounce.
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