Bay Street Likely To Open Weak

(RTTNews) - The Canadian stock market is likely to open with a negative bias on Monday, weighed down by Middle East concerns due to failed peace talks.

After U.S. President Donald Trump rejected Iran's latest proposal to end the conflict, Iran said it would continue using both "the weapon of diplomacy" and military resistance whenever it considers necessary to protect national interests.

Iranian Foreign Ministry spokesperson Esmaeil Baqaei said the U.S. has committed a breach of trust in every diplomatic process it has participated in over the past 20 years.

Trican Well Service, Cronos Group and Exchange Income are scheduled to announce their quarterly results today.

Franco Nevada Corp., Constellation Software, Power Corporation of Canada, George Weston, Finning International, Parex Resources and Peyto Exploration & Development Corp. are slated to report their earnings on Tuesday.

The Canadian market ended notably higher on Friday on reports Iran was reviewing the U.S. peace proposal to end the war and reopen the Strait of Hormuz. Investors also digested monthly jobs data from U.S. and Canada.

The benchmark S&P/TSX Composite Index traded firmly positive throughout the session before settling at 34,077.76, up by 221.14 points or 0.65%.

Asian stocks closed mixed on Monday as strong gains in AI-related stocks in Seoul offset investor concerns over escalating U.S.- Iran tensions and prolonged disruption in the Strait of Hormuz. Iran has rejected a U.S. proposal for renewed peace talks.

The major European markets are a bit subdued amid concerns about Middle East tensions, and higher crude oil prices.

West Texas Intermediate crude oil futures are up $2.45 or 2.57% at $97.87 a barrel.

Gold futures are down $30.30 points or 0.65% at $4,696.40 an ounce, while Silver futures are up $2.345 or 2.9% at $83.210 an ounce.