Indexes Slide Again as Market Whipsaw Shows No Sign of Easing

The Canadian Vanguard Stock Market Report – Monday, November 17, 2025 Edition

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The Toronto Market

The S&P/TSX Composite Index declined 250.25 points (0.83%) to close at 30,076.21, signaling a loss of momentum in the recent rally. Over the past week, the index has alternated between gains and declines, and today’s session extended that pattern. However, the declines to this point continue to resemble normal bull-market pullbacks rather than signs of structural weakness.

The index failed to trade above the prior session’s close at any point during the day and reached an intraday loss of 1.18%, reinforcing the view that upside momentum is temporarily stalling while the market consolidates recent gains.

                                                                                                                                                                                     

Today’s Market Statistics

Declining issues on the TSX outpaced advancers by roughly three to one, with 1,525 decliners versus 563 advancers, for a decliner-to-advancer ratio of 2.71 to 1. Another 129 listings were unchanged.

The exchange posted 66 new 52-week highs and 55 new lows, compared with 45 highs and 67 lows on Friday.

Total trading volume came in at 520.3 million shares, down 3% from the 538.3 million shares traded at the end of last week.

Market Wrap-Up

The Toronto market experienced sector rotation today amid continued market whipsaws. Technology was the weakest-performing sector, while Retail led the gains. Telecommunications Services and Utilities, traditionally considered safe-haven sectors, finished as the second- and third-best performers, respectively. Basic Materials also lagged, finishing just ahead of Technology.

Despite the broader pullback, some individual stocks have held up well. Gold prices retreated today, reflecting a short-term pullback in the precious metals market. This period presents an opportunity for investors to identify emerging winners and update their watchlists, replacing stocks that may no longer be leading.

Notable performers include:

• Fairfax Financial Holdings (TSX: FFH) – has demonstrated resilience, though at $2,357.06 it may be considered expensive for some investors.

• Aritzia Inc. (TSX: ATZ) and Loblaw Companies Ltd (TSX: L) – both have held up well amid market volatility and could be candidates for consideration on watchlists.

Overall, the market environment calls for caution in trading. Investors are advised to have tested procedures in place for navigating pullbacks, ensuring disciplined entry and exit strategies while maintaining exposure to potential long-term opportunities.

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The US Markets

All major North American market indexes finished lower today. The Dow Jones Industrial Average fell 557.24 points (-1.18%), closing at 46,590.24. S&P 500 declined 61.70 points (-0.92%), ending the session at 6,672.41. Nasdaq Composite dropped 192.52 points (-0.84%), finishing at 22,708.07.

Russell 2000 slid 46.25 points (-1.94%) to close at 2,341.97, marking nearly a 2% decline as small-cap stocks underperformed.

         

Today’s U.S. Market Statistics — Analytical Summary

New York Stock Exchange (NYSE): Market breadth on the NYSE was decisively negative, with decliners outpacing advancers by a ratio of 4.03 to 1 (3,489 vs. 865). This breadth deterioration indicates broad-based selling pressure across the exchange. The 317 unchanged issues suggest limited pockets of stability amid the decline.

Momentum indicators also weakened. The NYSE recorded 90 new 52-week highs, but this was overshadowed by 248 new 52-week lows, a deterioration from Friday’s 43 highs and 122 lows.

The widening gap between highs and lows reinforces the presence of downward momentum and increased distribution.

Trading activity picked up, with total volume rising 4% to 5.30 billion shares versus Friday’s 5.10 billion. Elevated volume accompanying negative breadth typically signals more conviction behind the selling.

NASDAQ:  The NASDAQ also exhibited negative breadth, with 3,577 decliners versus 1,168 advancers, yielding a 3.06-to-1 decliner-to-advancer ratio. This imbalance reflects persistent weakness across growth and technology segments. The 265 unchanged issues highlight limited neutrality in an otherwise risk-off session.

New 52-week highs fell short relative to new lows today.  The exchange posted 97 new highs versus 404 new lows, compared with 72 highs and 359 lows on Friday. The continued expansion of new lows underscores deteriorating price action across mid- and small-cap technology names and speculative growth sectors.

Total NASDAQ trading volume declined 10% to 10.02 billion shares, compared with 11.15 billion on Friday. The lower volume suggests less capitulation than observed on the NYSE, but still aligns with a broad risk-reduction environment.

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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 November 17, 2025.