Bay Street Likely To Open Lower On Weak Commodity Prices

(RTTNews) - The Canadian market is likely to open with a negative bias Monday morning, tracking weak crude oil and metal prices. U.S. futures are higher, reacting to Donald Trump's decision to nominate hedge fund manager Scott Bessent as U.S. Treasury Secretary.

Oil and bullion prices are down on reports Israel and Hezbollah are on the cusp of a ceasefire deal.

Preliminary data on Canadian manufacturing sales for the month of October is due at 8:30 AM ET.

The Canadian market closed modestly higher on Friday, lifted by gains in industrials and energy stocks. Positive reaction to the nation's retails data and the recent announcement of a mini stimulus package contributed to the upside.

The benchmark S&P/TSX Composite Index, which advanced to a new all-time high of 25,478.37, settled at 25,444.28 with a gain of 53.60 points or 0.21%.

Asian stocks closed broadly higher on Monday after U.S. President-elect Donald Trump chose wealthy hedge fund manager Scott Bessent to be his Treasury Secretary. Bessent's reputation for stability and his past advocacy for gradual economic policies have calmed market nerves.

European stocks are turning in a mixed performance after having climbed to two-week highs earlier in the session. The nomination of Scott Bessent to lead the U.S. Treasury Department in the Trump administration, and expectations of rate cut by ECB after the central bank chief economist Phillip Lane's dovish remarks aid sentiment.

In commodities, West Texas Intermediate Crude oil futures are down $0.16 or 0.22% at $71.08 a barrel.

Gold futures are down $30.30 or 1.11% at $2,681.90 an ounce, while Silver futures are down $0.513 or 1.65% at $30.825 an ounce.