Bay Street Likely To Open On Positive Note

(RTTNews) - The Canadian market is likely to open on a firm note Monday morning with energy stocks finding support on rising crude oil prices. With U.S. presidential election happening on Tuesday and the Federal Reserve's monetary policy announcement due on Wednesday, the mood in the market is likely to be a bit cautious.

Investors will also be closely following the developments in the Middle East.

The Canadian market ended modestly higher on Friday, lifted by strong gains in technology and consumer discretionary sectors. Upbeat earnings updates from big name U.S. companies Intel and Amazon contributed significantly to the firm undertone on Bay Street.

Investors also digested the latest batch of Canadian and U.S. economic data, and looked ahead to next week's U.S. presidential election and the Federal Reserve's monetary policy announcement.

The benchmark S&P/TSX Composite Index climbed to 24,365.11 by late morning, but pared a substantial portion of its gains as the day progressed and eventually closed up 98.29 points or 0.41% at 24,255.16. The index recorded a weekly loss of 0.85%.

Asian stocks moved higher in thin trade on Monday, with Japanese markets closed for Culture Day holiday. Regional gains were impressive despite persisting Middle East tensions and anxiety ahead of this week's U.S. presidential election and the Federal Reserve's interest-rate decision.

China's Shanghai Composite index rallied 1.17% as investors looked ahead to a meeting of China's National People's Congress that is expected to unveil a new fiscal stimulus package focused on stabilizing the economy through local government debt swaps and injections of capital into banks.

European stocks are broadly higher Monday afternoon after struggling for direction earlier in the session. Investors, looking ahead to the presidential election in U.S., and the Federal Reserve's monetary policy announcement, are largely making stock specific moves, reacting to corporate earnings updates.

In commodities, West Texas Intermediate Crude oil futures are up $2.15 or 3.1% at $71.64 a barrel.

Gold futures are up marginally at $2,750.20 an ounce, while Silver futures are gaining $0.234 or 0.71% at $32.915 an ounce.