(Reuters) - Futures tied to Canada's main stock index dropped on Monday, mirroring its Wall Street counterparts, as a strong U.S. jobs report lessened the chances of rate cuts this year by the Federal Reserve.

March futures on the S&P/TSX index were down 0.63% at 6.25 a.m. ET (1125 GMT). Toronto's composite index tumbled 1.2% on Friday as rising bond yields weighed on equities.

An unexpected acceleration in U.S. job growth in December ignited fears that the Fed will keep rates elevated this year. As of now, traders are not fully pricing in even one rate cut in 2025.

U.S. stock index futures were also down on Monday. [.N]

Canadian investors have been on edge as they wonder whether U.S. President-elect Donald Trump, set to take office on January 20, would stick with his plans of a 25% tariff on Ottawa.

Later in the week, the key U.S. inflation data on Wednesday could move the market as it could further clarify the Fed's policy outlook.

Among commodities, oil rose for a third successive session on Monday, driven by wider U.S. sanctions on Russian oil and the expected effects on exports to top buyers India and China. [GOL/]

Gold prices eased, while copper prices edged higher. [GOL/] [MET/L]

In corporate news, renewable fuel producer Tidewater Renewables on Friday announced the sale of its interest in the Rimrock Renewables natural gas partnership.

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($1 = 1.4432 Canadian dollars)

(Reporting by Nikhil Sharma; Editing by Sahal Muhammed)