12:17 PM EST, 01/06/2025 (MT Newswires) -- The Toronto Stock Exchange is up 85 points at midday with energy (+2%) the outsized gainer.

The S&P/TSX Composite Index went into today on the back of a hat trick of winning sessions, but also hasn't been helped today by mixed commodity prices.

Oil rose for a sixth-straight session early on Monday, climbing to a three-month high on expectations stimulus measures introduced by China last week will boost demand.

Gold prices fell even as the dollar moved sharply lower, with the precious metal for February delivery last seen down US$23.00 to US$2,631.70 per ounce.

Natural gas prices rose 10% as a winter storm pummels the Midwest and mid-Atlantic states and forecasts call for a cold January for most of the country.

Market watchers in Canada are looking at the implications of the decision by Prime Minister Justin Trudeau's decision to stand down ahead of a potential tariffs war with the United States.

BMO, in its morning note, said Trudeau's departure would add a layer of uncertainty to the economic and political landscape, at a time when Canada is already facing a slew of potential headwinds, including the possibility of a trade war with the U.S.

On the economic data front, BMO was already looking ahead for November's merchandise trade deficit on Tuesday. BMO expects it to widen to $1 billion from $0.9 billion in the prior month. Meantime, the bank said, December's jobs report on Friday will likely highlight a weakening labour market. BMO is expecting a modest 10,000 increase.

Meantime, CIBC said that over the holiday season there had been a "meaningful" repricing in the Canadian front-end. CIBC noted terminal expectations have fallen nearly 30bps, and markets now expect policy to 'rest' just below 2.75%, below the midpoint of the Bank's estimated neutral rate range. "But even with front-end levels now looking more consistent with our own expectation for the Bank, the distribution getting to that end-point looks unrealistic. For example, markets expect the Bank to reach this policy level by the middle of 2026, with no attendant curvature to speak of," it added.

In its weekly market insight, Edward Jones reports that, despite an underwhelming end, 2024 proved to be a stellar year for investors. The TSX gained 18% and the S&P 500 achieved its second consecutive year of 20%-plus performance for the first time since 1998. U.S. mega-cap tech led the way, but portfolios enjoyed solid gains across sectors, styles and market caps. Now that 2024's strong performance is in the rearview mirror, it's natural for investors to ask if the good times can continue.

"We think 2025 will bring a mix of headwinds and tailwinds along with some policy uncertainty around tariffs and interest rates. But ultimately, we believe stocks and bonds can build on 2024's gains, as the main drivers that propelled the stock market higher over the past 12 months appear poised to continue."

Edward Jones expects another year of healthy economic growth, rising corporate profits and a continued normalization of central bank policy, all of which can support the ongoing bull market.