Equities Post Modest Gains; Record S&P 500 Masks Narrow Nasdaq-Led Advance
The Canadian Vanguard Stock Market Report – Tuesday December 23, 2025 Edition.
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The Toronto Market
The S&P/TSX Composite Index advanced 58.63 points, or 0.18%, to close at 32,058.73. Although the index recorded a positive session, the gain was more modest compared with yesterday’s increase of 244.33 points, or 0.77%. On a year-to-date basis, the TSX continues to outperform the other three major North American equity benchmarks that we track. The index remains well supported by strength in gold, resource, and energy sectors, which continue to lead market performance.
Today’s Toronto Market Statistics
On the TSX, advancing issues outnumbered declining issues by approximately five to two. Specifically, 1,248 securities advanced, while 797 declined, resulting in an advancer-to-decliner ratio of 1.56 to 1, with 165 issues unchanged.
Market breadth remained strong, with 294 securities recording new 52-week highs and 41 posting new 52-week lows. This compares with 326 new 52-week highs and 29 new 52-week lows in the prior session.
Total trading volume on the TSX amounted to 407,729,007 shares, representing a 16% decline from the 482,675,902 shares traded yesterday.
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The US Markets
Major U.S. equity indexes advanced today, led by the Nasdaq. The Dow Jones Industrial Average rose 79.73 points, or 0.16%, to close at 48,442.41. The S&P 500 gained 31.30 points, or 0.46%, ending the session at 6,909.79. The Nasdaq Composite outperformed, advancing 133.02 points, or 0.57%, to finish at 23,561.84.
In contrast, the Russell 2000 declined 17.66 points, or 0.69%, to close at 2,541.12. Small-cap stocks underperformed throughout the session, with the index trading in negative territory for the entire day. Despite several intraday recovery attempts, the Russell 2000 failed to regain its prior close, reflecting continued relative weakness in the small-cap segment.
Today’s U.S. Market Statistics
New York Stock Exchange (NYSE): Market breadth on the NYSE was negative, as declining issues outnumbered advancing issues. Specifically, 1,582 securities declined, while 1,141 advanced, with 116 issues unchanged. This resulted in a decliner-to-advancer ratio of 1.38 to 1, or approximately seven decliners for every five advancers.
The exchange recorded 124 new 52-week highs and 47 new 52-week lows, compared with 439 new highs and 72 new lows in the prior session.
Total NYSE trading volume reached 3,928,848,416 shares, representing a 16% decline from the 4,645,204,883 shares traded yesterday.
NASDAQ: Breadth on the NASDAQ was also negative, with declining stocks outpacing advancing stocks by roughly three to two. There were 2,932 decliners and 1,886 advancers, with 186 issues unchanged, resulting in a decliner-to-advancer ratio of 1.55 to 1.
The exchange posted 167 new 52-week highs and 215 new 52-week lows, compared with 197 new highs and 144 new lows recorded yesterday.
Total NASDAQ trading volume amounted to 7,744,386,143 shares, representing a 2.6% increase from yesterday’s volume of 7,545,168,340 shares.
Daily Market Wrap-Up Report
North American equity markets delivered a generally modest performance today, with headline index gains masking underlying weakness in market breadth. The S&P 500 closed at a new record high; however, advancing stocks failed to outnumber decliners across major U.S. exchanges, highlighting a narrow leadership environment. Large-cap stocks achieved incremental gains, while small-cap equities underperformed meaningfully.
Energy and Technology were the strongest-performing sectors, supported by select mega-cap technology names. Despite these gains, there were no outsized moves at the index level, and overall market participation remained limited.
Sector and Stock Highlights
Technology and Energy were the top-performing sectors, with gains concentrated in a small group of large-cap technology stocks. Nvidia Corp. (NVDA), Broadcom Inc. (AVGO), and Alphabet Inc. (GOOGL) collectively contributed enough upside momentum to keep the Nasdaq ahead of other major indexes.
- Nvidia Corp. (NVDA) gained 3.01%, or $5.52, closing at $189.21 on heavy volume of 174.9 million shares.
- Broadcom Inc. (AVGO) advanced 2.30%, or $7.87, to close at $349.32, with 28.2 million shares traded.
- Alphabet Inc. (GOOGL) rose 1.48%, providing additional support to the technology sector.
While AI-related stocks attempted a broader comeback, progress was mixed, as declining stocks continued to outnumber advancing stocks across major exchanges. Nvidia, in particular, has shown recent inconsistency; however, the stock’s chart does not appear technically damaged and remains a candidate for inclusion on investor watchlists.
Closing Perspective
In summary, today’s market action was characterized by record index levels, narrow leadership, and subdued participation. Large-cap stocks achieved modest gains, while small-cap equities bore the brunt of selling pressure. Investors should remain attentive to market breadth and sector leadership as indicators of the sustainability of the current advance.
Commodities and Bonds:
Oil Price: U.S. crude oil futures rose about 0.6% earlier in the day. Crude Oil was at $58.44 per barrel, as of the time (11:30 pm EDT, Tuesday) of this post update.
Gold price is up $9.20, or 0.21%, at $4,514.80 per troy ounce, while silver price is also down $0.8721, or 1.23%, at $72.01 per ounce as of the time of this post update.
Bitcoin (BTC-USD) was trading down -$927.30 or -1.03% at $86,927.35 as of the time of this post update.
10 –year Treasury Yield: The 10-year Treasury yield is little changed at 4.17% earlier in the day. The 10-year yield is at 4.159%, as of the time (11:30 pm EDT, Tuesday) of this post update.
After-hours action: Stock Futures are little changed Tuesday evening and overnight. Dow Futures is down -49.00 points or -0.10% vs. fair value. S&P 500 futures is down -6.50 points or -0.09% at 6,954.50 and Nasdaq 100 futures is down -16.50 points or -0.06% at 25,796.25 as of the time (11:30pm EDT, Tuesday) of this post update.
Reminder: Overnight futures often have little correlation to the following day’s regular trading session. All figures reflect market conditions at the time of capture only.
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(c) This article is published by The Canadian Vanguard on December 23, 2025
