End of Government Shutdown Accompanied by Significant Market Decline

The Canadian Vanguard Stock Market Report – Thursday November 13, 2025 Edition

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The Toronto Market

The S&P/TSX Composite Index dropped 573.94 points (-1.86%) to close at 30,253.64. The decline effectively erased yesterday’s 1.38% gain as well as the advance from the previous session, creating a full round trip of the recent upswing.

                                                                                                                                                                                               

Toronto’s Market Statistics Today:  At the TSX, declining issues (decliners) outnumbered advancing issues (advancers) by approximately four to one. Specifically, there were 1,708 decliners and 410 advancers, producing a real decliner-to-advancer ratio of 4.16 to 1, with 105 issues unchanged.

There were 168 new 52-Week highs and 41 new 52-Week lows, compared with 189 new 52-Week Highs and 9 new 52-Week Lows recorded yesterday.

The total trading volume on the TSX reached 539,685,067 shares, up 54% from 349,987,115 shares traded yesterday. The total volume of shares traded on Tuesday was 459,458,620.

Toronto Market Wrap-Up Report

The TSX continued its pullback today, closing at 30,253.64, well above the 22,227.74 level recorded one year ago but sharply lower on the day. Trading volume surged, rising 54% from yesterday—an unusually heavy session that adds weight to today’s decline. Wednesday’s volume had been only slightly higher than the day before, and while yesterday’s advance did not qualify as a gap-up, today’s sharp sell-off warrants caution in the near term.

Sector Performance

The Technology sector was the day’s major laggard, dropping 4.62%.
Celestica Inc. (CLS)—a top performer in the TSX this year—fell 12.8% (-$57.47) to close at $410.71, with 962.4k shares traded. Despite the steep decline, the stock appears to be undergoing a healthy pullback within a broader uptrend, though the timing of any rebound may depend on how the overall Toronto market stabilizes.

Notable Gainers

Broad selling pressure across North American markets meant very few TSX stocks finished in positive territory. Among the exceptions:

• Dollarama (DOL) gained 1.47% (+$2.81) on 627.9k shares.

• AtkinsRéalis Group Inc. (ATRL) advanced 4.02%, supported in part by investor optimism around anticipated infrastructure-related government initiatives and recent budget discussions. Should these projects move forward, ATRL could be a worthwhile addition to a watchlist.

• Pan American Silver Corp. (PAAS) also posted gains and may be a smaller-cap name worth monitoring.

       

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The US Markets

Today was a decisive red-letter day for markets, with all major U.S. indexes closing sharply lower.

The Dow Jones Industrial Average fell 797.60 points (-1.65%) to finish at 47,457.22, giving back a sizeable portion of recent gains. The S&P 500 dropped 113.43 points (-1.66%) to close at 6,737.49. The Nasdaq Composite declined 536.10 points (-2.29%) to end the session at 22,870.36.

Small caps were hit even harder. The Russell 2000 slid 67.81 points (-2.77%) to 2,382.98, marking one of the weakest performances of the day. The index opened below yesterday’s close and continued to decline steadily throughout the session, underscoring pronounced weakness in small-cap stocks.

       

U.S. Market Statistics Today

New York Stock Exchange (NYSE):  Advancing issues outnumbered declining issues on the NYSE. There were 3,477 advancers, 901 decliners, and 336 unchanged, producing an advancer-to-decliner ratio of 3.86 to 1—nearly four advancing stocks for every decliner.

The exchange recorded 189 new 52-week highs and 171 new lows, compared with 391 new highs and 86 new lows yesterday, indicating a substantial pullback in new highs and a rise in new lows.

Total NYSE trading volume reached 5,578,397,559 shares, which is 4% higher than yesterday’s 5,359,945,439 shares.

NASDAQ:  At the NASDAQ, declining issues clearly dominated advancing ones. There were 3,805 decliners, 949 advancers, and 237 unchanged, resulting in a 4-to-1 decliner-to-advancer ratio.

The exchange posted 108 new 52-week highs and 286 new lows, compared with 208 new highs and 133 new lows yesterday. This is an indication of a sharp deterioration in market breadth.

Total NASDAQ trading volume totaled 11,715,640,446 shares, a 30% increase from yesterday’s 8,967,745,516 shares. The combination of a declining index and a surge in trading volume is generally considered short-term bearish, reflecting intensified selling pressure.

U.S. Market Wrap-Up Report

Stocks sold off sharply today as the end of the long U.S. government shutdown failed to provide the lift many investors had hoped for. In addition, the odds of a December rate cut fell back, contrary to earlier market expectations, adding further pressure to equities.

Sector Rotation and Market Breadth

The rotation out of Technology continued for a second consecutive session, with the sector once again near the bottom of the performance rankings. While this trend may prove short-lived, it remains a defining feature of the current market environment.

Investors sought safety in Telecommunication Services, which outperformed on a volatile day. At the opposite end of the spectrum, Financials, Technology, and Consumer Discretionary were the weakest performers.

Index Performance

All major indexes endured significant declines. Although the Nasdaq saw a modest lift during the final two hours of trading, it still closed only slightly above the intraday low, underscoring persistent selling pressure.

Commodities and Other Sectors

Energy (-0.07%) and Healthcare (-0.38%) followed Telecommunications near the top of today’s sector performance list. Notably, some of the capital rotating out of Technology appears to be finding its way into Healthcare, which is benefiting from defensive inflows.

 Oil Price:    US Oil price was at $59.62 per barrel, as of the time (11:30 pm EDT, Thursday) of this post update.

Gold price continued to climb, retracing levels seen before the recent pullback.

Gold price is down -$22.80, or -0.53%, at $4,172.50, while silver price is also down -$0.55, or 1.03%, at $52.62 per ounce as of the time of this post update.

Bitcoin (BTC-USD) is at $96,974.00, down -1.49% as of the time of this post update.

10 –year Treasury Yield:   The 10-year yield is at 4.129%, as of the time (11:30 pm EDT, Thursday) of this post update.

After-hours action:  Stock Futures ticked lower Thursday. Stocks were down sharply during the regular market session. Dow Futures is down -69.00 points or -0.13% vs. fair value. S&P 500 futures is down -17.25 points or -0.26% at 6,742.00 and Nasdaq 100 futures is down -127.50 points or -0.51% at 24,962.75 as of the time (12:30am EDT, Friday) of this post update.

Note: The markets’ performance during the regular market session often bear 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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(c) This article is published by The Canadian Vanguard on November 13, 2025.