Equities Retreat three Days in a row

The Canadian Vanguard Stock Market Report – Thursday, September 25, 2025 Edition

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The Toronto Market

The TSX Composite Index declined -24.97 points, or -0.08%, closing the session at 29,756.95. The index closed well off the session’s low.

                                                                                                                                                           

Today’s Market Statistics:  The issues that declined (Decliners) outnumbered those that gained (Advancers). There were roughly two Decliners for every Advancer, or a more exact ratio of 1.80-to-1.0. In real numbers, there were 1,289 Decliners to 714 Advancers while 148 stocks remained Unchanged.

Today, there were 99 new 52-Week Highs and 24 new 52-Week Lows. There were 199 new 52-Week Highs and 15 new 52-Week Lows yesterday.

The total volume of shares traded at the TSX today was 468,860,346, or 6% lower than the volume of 498,253,727 shares traded yesterday.

Market Wrap-Up Report

Today’s market session was broadly negative, with the TSX Index opening in the red and staying there for nearly the entire trading day—except for a brief six-minute period in the afternoon when it briefly edged above the previous session’s close. Despite being down as much as 200 points earlier in the session, the index managed to recover somewhat, closing within -0.8% of its previous close.

Gold miner stocks saw some gains today, although far fewer than earlier this week or last. Healthcare and Technology were the weakest sectors, while Basic Materials led the day, driven in part by strength in gold and silver, which are key components of the sector.

The Financials sector continued to underperform, but there were some bright spots. Bank of Montreal (BMO) gained 1.13%, while TD Bank outpaced its peers with a 1.26% gain, making it the top performer among the major Canadian banks.

While the overall session leaned bearish with most stocks declining, Suncor Energy Inc. (TSX: SU) posted a solid gain of nearly 1% (up $0.58) to close at $59.57, trading 8.1 million shares.

A standout performer today among non-penny stocks (those priced at $15 or more) was Cameco Corp (TSX: CCO). CCO shares rose 3.47% to close at $119, with 1.6 million shares traded.

📈 Don’t miss this weekend’s edition of The Canadian Vanguard—publishing in two days—for an in-depth look at how best to approach your position in CCO stock.

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The US Markets

All major indexes declined for a second consecutive session on Thursday, extending the market’s recent pullback. Dow Industrial Average declined -173.96 points or -0.38%, to close the session at 45,947.32. The S&P 500 index declined -33.25 points or -0.50% and closed the session at 6,604.72. The Nasdaq Composite declined -113.16 points or -0.50%, and closed the session at 22,384.70.

The Russell 2000, which tracks small-cap stocks, was the worst performer, declining 23.94 points (-0.98%) to close at 2,411.04. Small-cap stocks have now underperformed for two straight sessions, highlighting growing investor caution in risk-sensitive areas of the market.

Today’s Market Statistics:  At the NYSE, the issues that declined (Decliners) outnumbered the issues that gained (Advancers). There were roughly five Decliners for every two Advancers, or a more exact ratio of 2.62-to-1.0. In actual numbers, there were 2,734 Decliners to 1,044 Advancers with 336 Unchanged.

Today, there were 110 new 52-Week Highs and 109 new 52-Week Lows. There were 187 new 52-Week Highs and 60 new 52-Week Lows yesterday. The market today was much more negative compared to yesterday.

The total volume of stocks traded today at the NYSE was 5,956,200,493, or 7% higher than the total volume of 5,566,998,820 shares traded yesterday.

On the NASDAQ, the Decliners outnumbered the Advancers. There were three Decliners for every Advancer, or an exact ratio of 3.00-to-1.0. In actual numbers, there were 3,502 Decliners to 1,166 Advancers with 260 Unchanged.

Today, there were 93 new 52-Week Highs and 125 new 52-Week Lows. There were 164 new 52-Week Highs and 77 new 52-Week Lows yesterday.

The total volume of shares traded at the NASDAQ today was 10,264,808,600, or 7.4% higher than the total volume of 9,555,937,336 shares traded yesterday.

Market Roundup Report  

All the indexes ended the session in the red today, just like yesterday. However, today was even more bearish. The Decliners totally outnumbered the Advancers both at the NYSE and at NASDAQ. Precious Metals & Minerals was one of the top five industries today, but Basic Materials sector only gained 0.2%. Gold was not that prominent today, although some gold miners gained. Technology sector declined -0.40% and Financials declined by -0.38%. Only two of the eleven major sectors ended today’s session with a gain.

The rally is not dead, but it is time for caution when it comes to new buys. The markets have now declined for three consecutive sessions, but the declines so far could be categorized as an orderly routine pullback. We are certainly NOT is a correction, at least not yet. Today, Dow declined -0.38%, S&P 500 declined -0.5% and NASDAQ declined -0.5%. Volume of shares traded was down yesterday compared to the previous session. Today, the volume of shares traded is up compared to the volume traded yesterday, but the figures are in the range of a six to eight percent increase. There is no evidence of panic selling. The rally is very much alive. It may be reaching “middle age” but is certainly still full of energy.   Some rotation, out of big technology stocks, is taking place, but even that has not been consistent.

Some stocks had become significantly extended, and we’re now seeing natural pullbacks as part of a healthy, self-correcting process. The overall market remains stable. If there’s a notable shift in market sentiment, we’ll be sure to report it.

In the meantime, happy investing!

Oil Price:  The US Oil price is at $65.13 per barrel, as of the time (12:30 am ET, Friday) of this post update.

Gold eased a bit today as the US dollar rose. Gold was at $3,773.60 per troy ounce, while Silver was up at $45.32 per ounce as of the time of this post update.

10–year Treasury Yield:  The 10-year yield is at 4.187%, as of the time (12:30 am ET, Friday) of this post update.

After-hours action

Stock Futures are little changed Thursday evening as investors await the key inflation report due Friday morning. Dow Futures was up 64.00 points or 0.13% vs. fair value. S&P 500 futures was up 9.25 points or 0.16% at 6704.00, and Nasdaq 100 futures was up 14.50 points or 0.06% as of the time (12:30 pm ET, Friday) of this post update. Readers are reminded that the figures in the After-hours section are published for use as a guide on possible trends only. The figures are constantly changing, so their use is limited. It, at best, tells readers what the market was up to while they were resting during the night. The following day’s market session may bear no resemblance to the After-hours report data.

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NOTICE TO READERS 

Our readers are strongly advised to conduct their research into individual stocks before making a purchase decision. In addition, investors are advised that past stock performance is no guarantee of future price appreciation. Any recommendation is not a guarantee of any particular stock’s future prices, and The Canadian Vanguard accepts no responsibility or liability for investors’ or readers’ purchases.

The Canadian Vanguard’s Stock Market  Reports, https://www.thecanadianvanguard.com/category/stock-markets/ are composed by senior Financial Industry and Information Technology professionals. We deliberately neither engage nor deploy AI tools to produce these reports.

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(c) This article is published by The Canadian Vanguard on September 25, 2025.