Bay Street Likely To Open Higher On Firm Commodity Prices

(RTTNews) - The Canadian market is likely to open on a positive note Monday morning, tracking firm precious metals and crude oil prices. Higher bond yields might render the mood a bit cautious and limit market's upside.

West Texas Intermediate Crude oil futures are up $0.25 or 0.39% at $63.80 a barrel.

Gold futures are gaining $35.30 or 0.71% at $5,015.10 an ounce, and Silver futures are rising $2.165 or 2.8% at $79.060 an ounce.

The Canadian market closed sharply higher on Friday, lifted by strong gains in the materials, energy and technology sectors. Healthcare, industrials and consumer discretionary stocks too ended mostly higher.

The benchmark S&P/TSX Composite Index ended with a gain of 476.38 points or 1.49% at 32,470.98.

Asian stocks surged on Monday as technology stocks recovered from last week's rout on AI-linked jitters and Japanese Prime Minister Sanae Takaichi's coalition swept to a historic election win on Sunday, clearing the way for more spending and tax cuts.

A weaker dollar lifted precious metals, with gold surging above $5,000 an ounce ahead of key U.S. economic data due this week, including reports on jobs, inflation and consumer spending.

European stocks are turning in a mixed performance with investors awaiting some crucial U.S. economic data for clues about the Federal Reserve's policy moves.