Bay Street Likely To Open On Mixed Note

(RTTNews) - Canadian shares are likely to open on a mixed note on Monday. News about U.S. President Joe Biden and Congressional Republican McCarthy agreeing on a debt ceiling deal is likely to aid sentiment.

However, subdued commodities and European stocks, uncertainty about China's economic growth, and a holiday on Wall Street might render the mood cautious.

The Canadian market ended on a firm note on Friday, aided by strong gains in technology, consumer discretionary and financials sectors.

The benchmark S&P/TSX Composite Index ended with a gain of 146.23 points or 0.74% at 19,920.31. The index scaled a low of 19,832.78 and a high of 19,944.09 intraday. The index shed 2.1% in the week.

Asian stocks ended higher on Monday after U.S. President Joe Biden and congressional Republican McCarthy agreed on Saturday to avert an economically destabilizing default by suspending the $31.4 trillion debt ceiling until 2025.

The bipartisan agreement now has to clear a divided Congress before the United States runs out of money to pay its debts in early June.

European stocks have pared early gains and are slightly weak Monday afternoon. Stocks opened higher, buoyed by news about the U.S. lawmakers reaching a tentative debt limit deal on Saturday to avert a fast-approaching default in early June.

Trading volumes are light, with the U.S., U.K. and several European markets closed for holidays.

In commodities, West Texas Intermediate Crude oil futures are down $0.16 or 0.22% at $72.51 a barrel.

Gold futures are up marginally at $1,944.70 an ounce, while Silver futures are lower by $0.050 or 0.21% at $23.310 an ounce.