Equities Extend Gains, Finishing a Rough Market Week Higher
The Canadian Vanguard Stock Market Report – Weekend, December 5 – 7, 2025 Edition
. The Stock Market Report is updated regularly during the weekend
The Toronto Market – Friday, December 5, 2025
The S&P/TSX Composite Index fell 166.17 points (−0.53%), closing at 31,311.41. The TSX declined in Friday’s session following two consecutive days of gains
The Market Statistics
At the TSX, declining issues (decliners) outnumbered advancing issues (advancers) by approximately two to one. Specifically, there were 1,391 decliners and 739 advancers, producing a real decliner-to-advancer ratio of 1.88 to 1, with 129 issues unchanged.
There were 187 new 52-Week highs and 15 new 52-Week lows, compared with 143 new 52-Week Highs and 12 new 52-Week Lows recorded on Thursday.
The total trading volume on the TSX reached 424,233,000 shares, down 7% from 457,747,783 shares traded on Thursday.
Toronto Market Wrap-Up Report
The Toronto market faced a challenging session on Friday. Consumer Discretionary (+0.23%) and Financials (+0.10%) were the top-performing sectors, though their gains were modest. Technology and Basic Materials were the weakest sectors of the day.
TD Bank posted a solid advance, rising 1.76%, making it the strongest performer among the Big Six Canadian banks on Friday. Despite this gain, the stock did not meet the criteria for a technical breakout, primarily due to insufficient volume. Trading volume came in at 3.8 million shares, well below the 50-day average of 6.7 million.
Both Bank of Montreal (BMO) and Bank of Nova Scotia (BNS) also outperformed the broader market, with BNS up 0.95% and BMO up 0.80%.
A stock worth monitoring is Dollarama Inc. (TSX: DOL). Meanwhile, Shopify Inc. (TSX: SHOP) ended the week at the same price level it held a week earlier. The stock experienced a steep drop on Monday due to infrastructure issues but recovered steadily throughout the week, supported by strong Black Friday–Cyber Monday results. Whether this upward momentum will extend into next week remains to be seen. Friday’s trading volume came in at 1.0 million shares, compared with its 50-day average of 1.6 million.
The TSX continues to be heavily influenced by resource and infrastructure companies, which shape much of the market’s overall direction.
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The US Markets – Friday
The Market Indexes
The major U.S. market indexes finished Friday’s session higher. The Dow Jones Industrial Average gained 104.05 points (0.22%), closing at 47,954.99. The S&P 500 rose 13.28 points (0.19%) to end the day at 6,870.40, while the Nasdaq Composite advanced 72.99 points (0.31%), finishing at 23,578.13.
In contrast, the Russell 2000 declined 9.67 points (−0.19%) to close at 2,521.48, making it the weakest performer among the major indexes. Several small-cap stocks posted losses, reflecting a tougher trading environment for the segment on Friday.
Friday’s U.S. Market Statistics
New York Stock Exchange (NYSE): Market breadth weakened on the NYSE, with 1,456 decliners versus 1,287 advancers, reflecting a decliner-to-advancer ratio of 1.13:1. While the imbalance is mild, it signals a modest shift toward risk aversion to start the week. The 108 unchanged issues also point to a market lacking strong conviction in either direction.
Leadership narrowed sharply: the NYSE recorded 134 new 52-week highs, a steep drop from 351 on Friday. This contraction in new highs suggests waning momentum among outperforming stocks. Meanwhile, 33 new lows, down from 62, indicate that downside pressure was less intense — a mixed signal showing consolidation rather than broad deterioration.
Trading volume increased 1% to 5.03 billion shares, up from 4.97 billion on Friday. While not a major spike, the uptick in volume accompanying weaker breadth can sometimes signal early rotation or hesitation among institutional investors.
NASDAQ: Breadth was also negative on the NASDAQ, where 2,641 decliners outpaced 2,154 advancers, roughly six decliners for every five advancers. The advancer-to-decliner ratio of 1.22:1 reveals a market still participating in the broader rally but lacking uniform support across sectors — a common feature of late-stage momentum phases.
New highs improved modestly, rising to 232 from 211 on Friday, while new lows also increased slightly from 65 to 67. This widening range of both new highs and new lows suggests a more polarized market: strong names continue pushing higher, but weaker names are still breaking down. Such bifurcation is typical when investors begin differentiating sharply between growth prospects and valuation risk.
NASDAQ volume jumped 10% to 8.44 billion shares, up from 7.69 billion on Thursday. The heavier trading activity, paired with mixed breadth, may indicate elevated short-term volatility as traders position around macro catalysts or upcoming earnings.
U.S. Market Wrap-Up Report
The major U.S. indexes ended a volatile and difficult week with modest gains, despite broad sector-level weakness. Only Healthcare, Consumer Discretionary, and Financials managed to post weekly advances, underscoring the narrow leadership that has defined market action in recent sessions.
Financials displayed relative strength, led by Goldman Sachs, which gained 1.98% ($16.63) on Friday—making it the top performer among major bank stocks for the week. Visa also delivered a solid performance, rising 1.22% ($4.00) and contributing to the resilience within payment and credit networks.
On the downside, Utilities was the weakest-performing sector this week, reflecting continued rotation away from defensives amid shifting rate expectations. Among individual laggards, SoFi Technologies (SOFI) tumbled 6.2% on Friday after announcing a $1.5 billion common stock offering Thursday after the bell. The offering, earmarked for general corporate purposes, triggered heavy selling pressure typical of post-dilution recalibrations.
Key Market Catalysts in the Week Ahead
Markets face several high-impact events that could drive volatility and shift risk positioning:
U.S. Inflation Report: Scheduled for release ahead of the FOMC meeting, the inflation reading will heavily influence forward rate expectations and the tone of monetary policy.
FOMC Meeting Two-Day Meeting with Decision Wednesday: The Federal Reserve will conclude its December meeting with a rate decision. Consensus expectation: a 25 bps rate cut.
As usual, Fed Chair Jerome Powell’s post-meeting commentary may prove more market-moving than the decision itself, particularly with respect to forward guidance and balance-sheet language.
Earnings Calendar: Several major companies will report this week, potentially affecting sector flows and sentiment. These include Oracle Corp (ORCL), Adobe Inc. (ADBE), Broadcom Inc. (AVGO) and Costco Wholesale (COST).
Costco and Broadcom are set to report late Thursday, with AVGO results arriving after the bell.
Broadcom’s adjusted EPS is projected to rise 31% to $1.87, with revenue expected to jump 24% to $17.5 billion.
Toll Brothers (TOL) will report Monday after the close. Homebuilders have recently begun rebounding from their lows, suggesting the early stages of leadership broadening in the market’s internal structure.
Company Highlights
Broadcom (AVGO):
Broadcom’s software operations continue to scale rapidly following its $61 billion acquisition of VMware in 2023. Revenue in the infrastructure software segment—which includes VMware’s virtualization business—surged 43% to $6.79 billion in the third quarter.
AVGO shares rose 2.42% ($9.21) on Friday, closing at $390.24, with a heavy 24.8 million shares traded, suggesting strong institutional participation.
Costco (COST):
Costco reported 8.1% growth in November sales, reaching $23.6 billion. U.S. same-store sales climbed 6%, while e-commerce surged 16.6%, signaling robust multi-channel momentum.
Despite the positive results, COST shares have been in a sharp downtrend since early June and declined nearly 3% on Thursday in heavy volume, indicating persistent distribution pressure ahead of earnings.
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(c) This article is published by The Canadian Vanguard on December 6, 2025
