Bay Street May Open Slightly Higher

(RTTNews) - The Canadian market may move up a bit Monday morning as energy stocks are likely to find support thanks to rising oil prices. Worries about Middle East tensions and continued uncertainty about U.S. and Iran striking a peace deal could limit market's upside.

West Texas Intermediate Crude oil futures are up $3.07 or 3.5% at $90.43 a barrel.

Gold futures are down $58.80 or 1.28% at $4,534.30 an ounce, while Silver futures are down $0.130 or 0.17% at $75.745 an ounce.

On the economic front, S&P Global will release Canada's Manufacturing PMI score for the month of May at 9:30 AM ET.

Canadian stocks closed higher on Friday with investors welcoming the developments in U.S.-Iran negotiations to end the war. The benchmark S&P/TSX Composite Index settled with a gain of 240.87 points or 0.7% at 34,758.57.

Asian stocks ended mostly higher on Monday as expectations for continued demand for semiconductors and AI-related gear offset lingering uncertainty over a possible ceasefire extension in the Middle East.

In partnership with Microsoft, Nvidia today unveiled its long-rumored RTX Spark N1X ARM processor, set to revolutionize personal computing and challenge Intel and AMD's dominance.

European stocks are modestly higher in cautious trade with investors closely following the developments on the Middle East front and reacting to regional PMI data.