Canadian stocks edged higher on Friday, with the S&P/TSX Composite Index settling at 35,274.84, up 308.17 points or 0.88%, as softer-than-expected U.S. nonfarm payrolls data cooled Federal Reserve rate hike concerns. The materials sector led gains, surging 2.44%, driven by gold-linked metal stocks after the jobs report showed the U.S. economy added only 57,000 jobs in June, far below forecasts of 110,000. The Memorandum of Understanding signed between the U.S. and Iran on June 17 paved way for a 60-day ceasefire and the immediate reopening of the Strait of Hormuz, with shipping traffic gradually picking up. U.S. markets remain closed today in observance of the Independence Day Holiday as July 4 falls on a Saturday this year, hence the U.S. nonfarm payrolls data was released yesterday, which revealed the weak job growth. Investors now see a 78.10% chance the Fed holds rates at 3.50% to 3.75% at its July 28-29 meeting, according to the CME Group's FedWatch Tool. Other gaining sectors included healthcare, industrials, IT, consumer discretionary, and energy, while consumer staples was the only major sector to decline.