Equity Markets Rebound Strengthens With Dow Jones Now Leading the Indexes
The Canadian Vanguard Stock Market Report – Wednesday December 3, 2025 Edition
.
The Toronto Market
The S&P/TSX Composite Index rose 111.26 points (0.36%) to close at 31,160.54. After two consecutive down sessions, the TSX reversed course, recovering roughly 40% of the cumulative decline from those days. Trading volume increased, indicating that the day’s advance was supported by stronger participation. The index had already finished yesterday well off its lows, and that positive momentum carried through into today’s session. There was a noticeably different tone in the market—this time, the move had clear momentum behind it.
Toronto Market Statistics
Market breadth was notably positive on the TSX, with advancing issues outpacing decliners by roughly two to one. A total of 1,373 securities advanced compared with 683 that declined, resulting in an advancer-to-decliner ratio of 2.01:1; an additional 148 issues were unchanged.
New 52-week highs increased meaningfully, rising to 143 from 116 in the previous session, while new 52-week lows declined to 12 from 20. This improvement in the highs-to-lows profile indicates strengthening underlying momentum and broader participation across the market.
Total trading volume reached 449,624,065 shares, representing a 4.5% increase from the 430,223,846 shares traded yesterday. The uptick in volume reinforces the day’s constructive breadth and suggests firmer conviction behind the market’s upward movement.
Toronto Market Wrap-Up Report
Market performance was broadly positive, with gains distributed across most sectors. Healthcare, Industrials, and Technology led the market, finishing as the top three performing sectors, respectively. In total, seven sectors ended the session in positive territory. Financials were essentially flat, advancing only 0.02% following yesterday’s strong performance. Basic Materials posted a modest gain of 0.40%.
Royal Bank of Canada (TSX: RY) advanced 1.12% ($2.43), reaching a new 52-week high. The bank continues to exhibit strong price momentum, extending a steady upward trend that began on November 14. RY offers a quarterly dividend with a yield of approximately 2.82%. While the technical setup remains constructive, caution is warranted, as no sustained rally is without eventual consolidation.
Shopify Inc. (TSX: SHOP) continued its rebound from yesterday’s session, rising 1.72% ($3.77) on trading volume of 1.3 million shares. The stock’s improving momentum suggests renewed investor interest following recent volatility.
Nutrien Ltd. (TSX: NTR) also remains a name to watch, given its strategic position in the agricultural and fertilizer markets. On the resources side, Ivanhoe Mines (TSX: IVN) stood out as the top-performing stock on the TSX today, reflecting strong interest in the mining sector and firm demand for metals-related equities.
.
The US Markets
All major U.S. equity indexes advanced today. The Dow Jones Industrial Average posted a strong gain of 408.44 points, or 0.86%, closing at 47,882.90. The S&P 500 recorded a more moderate increase of 20.35 points (0.30%) to finish at 6,849.72, while the Nasdaq Composite rose 40.42 points (0.17%) to end the session at 23,454.09.
The Russell 2000 Index was the clear outperformer, surging 47.15 points, or 1.91%, to close at 2,512.14. The small-cap benchmark opened with a notable gap higher and maintained its leadership throughout the session. The sector’s outperformance was largely driven by shifting interest-rate expectations, as markets continue to price in a high probability of rate cuts at the Federal Reserve’s upcoming meeting. Small-cap firms, which tend to be more sensitive to financing costs, stand to benefit disproportionately from lower interest rates.
Overall, the Russell 2000 led the day’s performance, followed by the Dow Jones Industrial Average, while the broader and tech-heavy indexes posted comparatively modest gains.
U.S. Market Statistics
New York Stock Exchange (NYSE): Market breadth on the NYSE leaned decisively positive, with 1,981 advancers versus 788 decliners and 82 unchanged issues. The resulting 2.51:1 advancer-to-decliner ratio indicates a clear upward bias, though not an overwhelmingly aggressive one.
The leadership in new highs moderated meaningfully. The exchange recorded 123 new 52-week highs—well below yesterday’s 192—suggesting some rotation beneath the surface even as overall breadth improved. New lows fell to 18 from 53, reinforcing that downside pressure continues to ease.
Total volume came in at 4.88 billion shares, essentially stable compared with yesterday’s 4.68 billion. That steady turnover points to consistent participation rather than volume-driven momentum.
NASDAQ: The NASDAQ delivered stronger breadth dynamics, with 3,508 advancers versus 1,249 decliners and 273 unchanged. The 2.80:1 ratio reflects a broad-based bid and a more assertive risk-on tilt compared with the NYSE.
The highs/lows profile showed a marked improvement: 193 new 52-week highs—double yesterday’s count—signal renewed upward momentum across growth- and tech-heavy segments. New lows fell to 118 from 137, suggesting diminishing selling pressure in weaker names.
Volume rose 4.8% to 8.20 billion shares, adding weight to the positive breadth and indicating growing investor conviction rather than a mechanical bounce.
U.S. Market Wrap-Up Report
U.S. equity markets closed broadly higher, supported by increased volume, signaling a positive session with underlying momentum. The advance was broad-based, though sector performance highlighted a rotation in investor preferences.
Energy led the market, rising 1.82%, followed by Financials, which gained 1.01%. Basic Materials also posted solid gains. Technology, which advanced only 0.01%, lagged alongside Utilities and Telecommunications Services, reflecting a shift in risk appetite away from traditional growth and tech plays toward cyclical and small-cap exposure.
At the individual stock level, small- and mid-cap names led the charge:
- AnaptysBio Inc. (ANAB) surged 6.99% ($2.86) to close at $43.76 on 599,000 shares traded.
- Rigel Pharmaceuticals Inc. (RIGL) climbed 6.30% ($2.80) to $47.21, with 473,000 shares changing hands.
Among large-cap stocks, gains were more modest. Celestica Inc. (CLS) rose 1.35%, Alphabet Inc. Class A (GOOGL) advanced 1.21%, while some names slipped: Eli Lilly (LLY) fell 1.2% to $1,033.56, and Agnico Eagle Mines Ltd. (AEM) edged down 0.35% to $169.18.
Overall, the session demonstrates a risk-tolerant market that favors small- and mid-cap cyclicals over technology and growth, with volume supporting the upward momentum.
NOTICE TO READERS
- The Canadian Vanguard is all about empowering you to build, control and grow your wealth all by yourself. Put your destiny in your own hands. There is definitely no magic in engineering and there is certainly no magic in managing finances or wealth. You need to know what to do and commit to doing what is needed. When you are ready to be independent click Contact Us.
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 the data for these reports.
Stocks In The News/ Stocks To Watch and Market Strategy will soon be available only to Paying Subscribers. You need assistance with the reports, simply send us an email. However, payment of a fee may be involved, depending on the appropriate solution or the tools required to generate the solution.
(c) This article is published by The Canadian Vanguard on December 3, 2025
