(RTTNews) - Canadian stocks are likely to open on a positive note on Monday as materials stocks may move higher on firm precious metals prices.
On the economic front, PMI reading on Canadian services sector activity for the month of June is due at 9:30 AM ET.
In commodities, West Texas Intermediate Crude oil futures are down $0.25 or nearly 0.4% at $68.44 a barrel.
Gold futures are up $41.80 or 1% at $4,167.50 an ounce, while Silver futures are gaining $1.496 or 2.45% at $62.560 an ounce.
Bay Street closed on a firm note on Friday, extending gains to a third straight session, after U.S. nonfarm payrolls data cooled U.S. Federal Reserve rate hike concerns. Higher precious metals prices lifted materials stocks, contributing notably to market's rise.
The benchmark S&P/TSX Composite Index ended with a gain of 308.17 points or 0.88% at 35,274.84.
Asian stocks ended mixed on Monday as investors waited for the corporate earnings season to unfold amid concerns over high valuations in AI-linked companies.
Oil prices dropped as millions of barrels of oil continued to flow through the Strait of Hormuz and OPEC+ members backed another modest rise in collective quotas for next month.
European stocks are turning in a mixed performance with investors reacting to the latest batch of regional economic data and digesting some corporate news.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
