Indexes Down and Precious Metals Remain Down; Caution Time for Investors

The Canadian Vanguard Stock Market Report – Wednesday, October 22, 2025 Edition

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The Toronto Market

The S&P/TSX Composite Index gained 94.16 points, or 0.32%, to close at 29,982.98. The advance occurred despite minimal contribution from gold and silver mining stocks, as high-end specialty minerals were notably absent from today’s top gainers.

                                                                                                                                                                

Today’s Market Statistics 

Decliners outnumbered Advancers, with six Decliners for every five Advancers — a ratio of 1.21 to 1. In total, there were 1,094 Decliners, 904 Advancers, and 171 Unchanged issues.

There were 94 new 52-week highs and 29 new 52-week lows, compared with 136 new highs and 19 new lows recorded yesterday.

Total trading volume on the TSX reached 470,785,126 shares, up 9.4% from 430,344,374 shares traded yesterday — nearly a 10% increase in overall activity.

Market Wrap-Up Report

The S&P/TSX Composite Index reversed course and finished higher today after yesterday’s sharp decline. Gold prices slipped in a long-anticipated pullback, following a steady climb in recent weeks. Eight of ten sectors on the TSX ended the session with gains. Energy led the market, while Financials and Technology lagged as the session’s weakest performers.

Precious metals retreated for a second consecutive session on Tuesday and Wednesday, though the decline appears temporary. Investors are advised to monitor the sector closely for signs of stabilization and potential re-entry opportunities once the pullback runs its course.

Within the Technology sector, Celestica Inc. (CLS) stood out with notable gains. Royal Bank of Canada (RBC) raised its financial estimates for the company ahead of its upcoming Investor Day next Monday, citing strong momentum in AI-driven demand. RBC expects Celestica to report third-quarter results above consensus and to raise its 2025 guidance. The bank reiterated its Outperform rating and increased its price target for the stock to US$315 from US$225.

Celestica’s growth prospects remain supported by major customers — including Google, Meta, Amazon, and OpenAI — all of which have recently announced significant capital expenditure expansions that are expected to boost Celestica’s revenue from existing programs.

While the TSX posted a gain today, the rebound follows two sessions of steep losses. Key sectors remain under pressure, making this a prudent time to reaffirm and adhere to risk management strategies. Investors should remain selective and alert to ongoing sector volatility.

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The US Markets

Major U.S. indexes finished lower today. The Dow Jones Industrial Average fell 334.33 points, or 0.70%, to close at 46,590.41, retreating after reaching a record high yesterday. The S&P 500 index declined 35.95 points, or 0.53%, to end at 6,699.40. The Nasdaq Composite index lost 213.27 points, or 0.93%, finishing at 22,740.40 and marking the steepest drop among the large-cap indexes.

The Russell 2000 index slid 36.13 points, or 1.45%, to close at 2,451.55, making it the day’s worst-performing index as small-cap stocks came under heavy pressure.

Today’s Market Statistics

 New York Stock Exchange (NYSE): Decliners outnumbered Advancers, with a ratio of 1.47 to 1 — about three Decliners for every two Advancers. In total, there were 2,542 Decliners, 1,727 Advancers, and 374 Unchanged issues.

There were 142 new 52-week highs and 63 new 52-week lows, compared with 302 new highs and 47 new lows recorded yesterday.

Total trading volume on the NYSE reached 5,813,916,391 shares, up 10% from 5,292,586,852 shares traded yesterday.

NASDAQ: Decliners also led on the NASDAQ, with nine Decliners for every four Advancers, or a ratio of 2.4 to 1. The day ended with 3,323 Decliners, 1,386 Advancers, and 292 Unchanged issues.

Market Wrap-Up Report

The U.S. markets retreated broadly, led by weakness in small-cap and technology stocks. Only three of the major sectors in the US markets gained today as the market sold off, a development that some analysts attributed to profit-taking. Others blamed the trade war between the US and China, as the US administration was considering imposing tariffs on products that contained software made in the US and being exported to China, software related exports to China.

Shares in Netflix (NFLX) sank 9.56% after the streaming company issued disappointing earnings late Tuesday. GE Vernova Inc. (GEV) fell 1.6% following the earnings report, while Capital One gained 1.5% and Intuitive Surgical Inc. (ISRG) rallied 13.8%. Tesla Inc. (TSLA) stock fell after hours, after the company released its earnings report, Wednesday evening. Capital One (COF) gained 1.53% while Intuitive Surgical (ISRG) rallied 13.80%.

Investors are encouraged to maintain disciplined risk management and monitor sector-specific developments closely in the days ahead, given that volatility is still rising.

Oil Price:  U.S. crude oil futures rose 2.2% earlier in the day on the news that India could cut Russian oil purchases and U.S. plans to buy more oil for its strategic reserve.  US Oil price is up 3.56% at $60.51 per barrel, as of the time (12:30 am ET, Thursday) of this post update.

Gold price is up $54.50 or 1.34% at $4,118.00, while silver price is up $0.87 or 1.81% at $48.54 per ounce as of the time of this post update.

Bitcoin (BTC-USD) is down 1.12% at $109,251.00, as of the time of this post update.

10 –year Treasury Yield:  The 10-year yield is at 3.98%, as of the time (12:30 am ET, Thursday) of this post update.

After-hours action: Stock Futures are mixed this evening market session. Dow Futures is down -49.00 points or -0.10% vs. fair value. S&P 500 futures is up 8.75 points or 0.13% at 6745.75 and Nasdaq 100 futures is up 51.75 points or 0.20% at 25,089.25 as of the time (12:30am ET, Thursday) of this post update.

The markets’ performance during the regular market session often bears little or no semblance to the futures readings the previous evening. Please use as data applicable at the time of capture only.

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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 data for these reports.

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(c) This article is published by The Canadian Vanguard on October 22, 2025.