Bay Street Set To End On Firm Note

(RTTNews) - Canadian shares are likely to open on a strong note on Monday, tracking gains in global markets and higher oil prices. The Trump Administration's decision to exempt certain consumer electronics products from reciprocal tariffs is likely to significantly aid sentiment.

In company news, Metro Inc. (MRU.TO) announced that unionized workers at the Varennes distribution center, part of its subsidiary, The Jean Coutu Group (PJC) Inc., have voted in favor of their new collective agreement. The company noted that the new 5-year collective agreement will enable the company to remain competitive in the current environment.

Data on new motor vehicles sales and wholesales, both for the month of February, are due at 8:30 AM ET.

The Canadian market closed on an upbeat note on Friday, with stocks holding firm right through the day's session after a strong start. The rebound on Bay Street came as concerns about rising trade tensions between the U.S. and China were partly offset by comments from White House press secretary Karoline Leavitt saying President Donald Trump is "optimistic" about reaching a trade deal with China.

However, two senior White House officials told CNN that the U.S. will not reach out to China first and that Chinese President Xi Jinping must request a call with Trump.

The benchmark S&P/TSX Composite Index moved higher early in the session and climbed even more firmly into positive territory as the day progressed before closing up 572.93 points or 2.5% at 23,587.80. The index gained 1.7% for the week due largely to the spike on Wednesday and Friday.

Asian stocks advanced on Monday, with technology stocks leading the surge after the Trump administration decided to exempt certain consumer electronics from its so-called reciprocal tariffs.

However, both President Trump and U.S. Commerce Secretary Howard Lutnick clarified that phones, computers and popular consumer electronics will come under separate tariffs, along with semiconductors, that may be imposed in a month or so.

European stocks are up firmly in positive territory after a solid start, reacting to the temporary tariff exemption from reciprocal tariffs on certain consumer electronics.

In commodities trading, West Texas International Crude oil futures are up $0.56 or 0.91% at $62.06 a barrel.

Gold futures are down $5.10 or 0.16% at $3,239.50 an ounce, while Silver futures are gaining $0.315 or 0.99% at $32.225 an ounce.