Nov 24 (Reuters) - Canada's main stock index rose on Monday, helped by gains in materials and technology stocks, as investors weighed growing odds of an imminent U.S. Federal Reserve interest rate cut.
At 10:12 a.m. ET, Toronto's S&P/TSX composite index (.GSPTSE), was up 0.6% at 30,344.55 points. The index had fallen 0.5% the prior week following a global selloff in AI and technology stocks over concerns of stretched valuations and ambitious spending.
Shares rebounded on Friday after Fed policymaker John Williams said interest rates could fall "in the near term," boosting expectations for a rate cut at the Fed's December meeting.
Information technology stocks (.SPTTTK), rose 2.2% on Monday after declining over 2% in the previous week.
Investors now await key economic indicators set for release later in the week, including Friday's third-quarter Canadian GDP figures.
The week also marks the beginning of the holiday shopping season in the U.S., starting with Thanksgiving on Thursday and extending through the retail bonanzas of Black Friday and Cyber Monday.
"This is seasonally one of the strongest week for equities in the U.S. and there's a correlation to Canada," said Matt Skipp, president of SW8 Asset Management.
"You've had a pretty big price correction into this week. So I'm expecting a stronger week."
The sub-index of gold miners (.SPTTGD), gained 3.5% as the yellow metal rose on increased expectations of a Fed rate cut and a weak dollar.
But energy stocks (.SPTTEN), fell 0.3%, tracking lower oil prices on prospects of a Ukraine peace deal that could ease sanctions on major producer Russia.
In corporate news, Barrick Mining (ABX.TO), shares jumped 5.9% after Reuters reported, citing people familiar with the matter, that the company and Mali's government reached a verbal agreement in principle to settle a dispute over the Loulo-Gounkoto gold mining complex.
Reporting by Avinash P in Bengaluru; Editing by Sahal Muhammed
