Bay Street Likely To Open On Subdued Note

(RTTNews) - Canadian shares may open on a subdued note Monday morning, weighed down by weak crude oil and gold prices, and a lack of positive cues from Asian and European markets.

Investors will be looking ahead to the minutes of the Federal Reserve's most recent meeting, and Fed Chair Jerome Powell's speech at the Jackson Hole Symposium this week for more clarity about the U.S. central bank's interest rate moves.

The Canadian market ended slightly up on Friday, moving up for a seventh straight session, with gains in the materials sector contributing to the positive close.

Easing concerns about U.S. economic growth and continued optimism about interest rate cuts from the Federal Reserve helped underpin sentiment.

The benchmark S&P/TSX Composite Index ended up by 21.89 points or 0.1% at 23,054.61. The index moved in a tight band between 22,984.44 and 23,070.60. The index gained about 3.3% in the week.

Asian stocks turned in a mixed performance on Monday, as investors awaited cues from the FOMC meeting minutes along with speeches by Fed Chair Jerome Powell and other Fed speakers this week for additional clues on the interest rate trajectory.

The dollar began the week on a weak note after a couple of Fed officials said its time to adjust borrowing costs. Oil and gold prices fell slightly in Asian trading, as the U.S. pushed for a deal between Israel and Hamas to end the war in Gaza, calling it "maybe the last opportunity to get the hostages home."

After four successive days of gains, European stocks are somewhat subdued today despite holding slightly above the flat line.

In commodities, West Texas Intermediate crude oil futures are down $0.68 or 0.89% at $75.97 a barrel.

Gold futures are down $5.10 or 0.21% at $2,532.70 an ounce, while Silver futures are gaining $0.221 or 0.77% at $29.070 an ounce.