Bay Street Likely To Open On Strong Note

(RTTNews) - Canadian shares look headed for a firm start Monday morning amid rising optimism about a peace deal between the United States and Iran. Oil's sharp drop has helped ease concerns about inflation and growth.

TSX futures shot up over 1%. The Dow futures are up 0.9%, the S&P futures have gained nearly 1% and the Nasdaq futures have jumped 1.4%.

Trump said on Saturday that an agreement with Iran has been "largely negotiated" and details will be announced soon. However, later on Sunday, Trump told his representatives not to rush into any deal with Iran.

A U.S. official reportedly said that both the sides have in principle agreed to reopen the Strait of Hormuz and that Tehran has agreed to dispose highly enriched uranium.

Israeli Prime Minister Benjamin Netanyahu posted on X that any final agreement would require dismantling Iran's nuclear enrichment facilities and removing enriched nuclear material from its territory.

Iran's President Masoud Pezeshkian on Sunday said that Tehran is "ready to reassure the world that we are not seeking nuclear weapons."

On the economic front, preliminary data on Canadian wholesale sales for the month of April is due at 8:30 AM ET.

Canadian stocks closed higher on Friday, extending the gains from the two previous sessions as investors watched the efforts on securing a U.S.-Iran peace deal against a warning by the International Energy Agency of crude oil shortages in a few months if the Strait of Hormuz remains blocked.

The benchmark S&P/TSX Composite Index lost momentum early but gained ground to trade positive throughout the rest of the session before settling at 34,471.36, up by 61.87 points or 0.18%.

Asian stocks moved up on Monday as hopes for a U.S.-Iran peace deal sent oil prices sharply lower and eased inflationary concerns.

Hopes for a potential deal to end a nearly three-month-long Iran war grew after reports suggested that the U.S. and Iran are working toward a deal to extend their fragile ceasefire by 60 days and reopen the Strait of Hormuz. Despite signs of progress in talks, the two s...

European stocks are up with strong gains amid rising hopes for a U.S.-Iran peace deal. Germany's DAX is up 1.56% and France's CAC 40 is gaining 1.76%. The UK market is closed today for Bank Holiday.

In commodities, West Texas Intermediate crude oil futures are down $5.90 or 6.1% at $90.68 a barrel.

Gold futures are up $34.60 or 0.76% at $4,557.80 an ounce, while Silver futures are up $1.891 or 2.48% at $78.090 an ounce.