Bay Street Likely To Open On Subdued Note

(RTTNews) - Canadian shares are likely to open on a subdued note Monday morning with investors looking for directional clues. Trading volumes are likely to be thin as the U.S. market is closed today for Martin Luther King, Jr. Day holiday.

The focus will be on Donald Trump's swearing-in as President of the U.S., and his speech. Some of Trump's major policy announcements could thrust businesses into considerable uncertainty.

The Canadian market ended notably higher on Friday, extending gains to a fourth straight session, amid renewed optimism about the outlook for U.S. interest rates following the inflation data released over the past few days.

The S&P/TSX Composite Index, which remained firmly positive right through the day's session, jumped 221.72 points or 0.9% to 25,067.92.

Asian stocks closed mostly higher on Monday, tracking Friday's gains on Wall Street amid interest-rate cut optimism. However, gains were limited due to a holiday in the U.S. and amid caution ahead of U.S. President-elect Donald Trump's inauguration later in the day.

European stocks are drifting down a bit after seeing a slight upside early on in the session. The mood remains cautious with investors awaiting Trump's inauguration.

In commodities, West Texas Intermediate Crude oil futures are up $0.22 or 0.28% at $78.10 a barrel.

Gold futures are down slightly at $2,748.40 an ounce, while Silver futures are lower by $0.066 or 0.21% at $31.075 an ounce.