Bay Street Seen Opening On Firm Note On Rising Commodity Prices

(RTTNews) - Canadian shares look headed fora firm start Monday morning, tracking rising metal and oil prices. Geopolitical news remain in focus as well. With crucial economic data, including jobs data from Canada and the U.S. due this week, the mood may remain a bit cautious at times.

Fed Chair Jerome Powell's term ends in May, with four people on President Trump's short list to replace him. Traders currently expect two Fed rate cuts this year, despite the Fed projecting only one.

Philadelphia Fed President Anna Paulson said on Saturday that some modest adjustments to the funds rate would likely be appropriate later in the year depending on the economic performance.

Metal prices have moved up sharply on safe-haven demand following the capture of Venezuelan President Nicolas Maduro by the U.S. over the weekend.

Gold futures are up $91.60 points or 2.1% at $4,421.20 an ounce, while Silver futures are gaining $4.135 or 5.82% at $75.150 an ounce. Copper futures are up $0.2305 or 4.05% at $5.9220 per pound.

West Texas Intermediate Crude oil futures are up $0.56 or 0.98% at $57.88 a barrel.

Canadian stocks showed a lack of direction over the course of the first trading day of 2026 on Friday before eventually ending the day mostly higher.

The benchmark S&P/TSX Composite Index climbed 170.61 points or 0.5% to 31,883.37, snapping a four-day losing streak.

Asian stocks closed higher on Monday despite rising geopolitical tensions and concerns over sluggish demand in China. Investors also shrugged off U.S.-Venezuela tensions and shifted focus to upcoming U.S. economic data that could influence Federal Reserve policy.

European stocks are broadly higher today with investors tracking positive global cues, and following the developments on the geopolitical front, including U.S.-Venezuela tensions.