Markets Extend Rally as Dow Leads Broad-Based Advance

The Canadian Vanguard Stock Market Report – Tuesday November 25, 2025 Edition

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The Toronto Market

The S&P/TSX Composite Index gained 296.30 points (+0.97%), closing at 30,900.65 and extending the upward trend that began on Friday—now marking three consecutive sessions of gains. Trading volume was lower today, following very high volume yesterday, and the rally saw broad-based sector participation across the market.

                                                                                                                                                                                   

Toronto Market Statistics

At the TSX, advancing issues outnumbered decliners by roughly three to one. There were 1,572 advancers and 510 decliners, resulting in an advancer-to-decliner ratio of 3.08:1, while 120 issues remained unchanged.

The exchange recorded 66 new 52-week highs and 24 new 52-week lows, compared with 41 new highs and 64 new lows yesterday—showing a notable shift toward positive momentum.

Total trading volume reached 445,488,817 shares, representing a 35% decline from the 687,133,359 shares traded yesterday.

Toronto Market Wrap-Up Report

The TSX Index extended its winning streak to three consecutive sessions, hovering just below the 31,000 level. For context, the index hit its year-to-date closing low of 22,506.90 on April 8, underscoring the strength of the current rebound.

Market breadth was broadly positive, with all sectors finishing higher. The top-performing group was Consumer Discretionary, up 2.26%, while Telecommunications Services registered the smallest gain at 0.02%. Retail-related sectors led the market, reflecting notable strength in consumer-focused stocks.

Cameco Corp. (TSX: CCO), the nuclear fuels leader, climbed 4.74% (+$5.57) to close at $123.18, with 1.2 million shares traded—recovering after recent softness.
Celestica Inc. (TSX: CLS) continued its momentum from yesterday, rising 1.87% (+$8.52) to $462.57 on 467,978 shares traded.
Within retail, Aritzia Inc. (TSX: ATZ) remains a standout. The stock has now posted four consecutive gains, closing at $109.14 with 383,000 shares traded—making it a compelling name to keep on your watchlist.

     

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The US Markets

The US markets are on a roll. All major North American equity indexes advanced on Tuesday, extending Monday’s strong performance and marking another day of broad-market strength.

The Dow Jones Industrial Average surged 664.18 points (+1.43%) to close at 47,112.45.
The S&P 500 added 60.76 points (+0.91%), finishing at 6,765.88.
The Nasdaq Composite gained 153.59 points (+0.67%) to end the day at 23,025.59.

The standout performer was the Russell 2000, which climbed 51.70 points (+2.14%) to close at 2,465.98. Small-caps led today’s rally, reflecting their heightened sensitivity to interest-rate expectations. Market sentiment tilted toward the possibility of one more interest rate cut before year-end, fueling strong upside momentum in the index.

While the Nasdaq’s 0.67% advance was noticeably softer than Monday’s 2.69% surge, all major indexes are now riding a three-session winning streak, underscoring sustained bullish momentum across the board.

     

Today’s U.S. Market Statistics

New York Stock Exchange (NYSE): Market breadth was strongly positive, with 3,472 advancers versus 857 decliners and 330 unchanged issues—an advancer-to-decliner ratio of 4.05:1, or roughly four advancers for every decliner. The NYSE recorded 181 new 52-week highs and 45 new lows, compared with 116 highs and 76 lows yesterday.
Total trading volume reached 5,125,849,930 shares, an 18% decline from the 6,250,037,978 shares traded yesterday.

NASDAQ: Advancing stocks continued to outpace decliners, with 3,441 advancers and 1,292 decliners, resulting in an advancer-to-decliner ratio of 2.66:1—approximately five advancers for every two decliners. Another 275 issues were unchanged.
The NASDAQ recorded 195 new 52-week highs and 104 new lows, compared with 153 highs and 151 lows yesterday.
Total trading volume totaled 8,745,458,037 shares, down 9% from the 9,584,979,969 shares traded yesterday.

Market Wrap-Up Report

U.S. equity indexes notched their third consecutive day of gains, with the Dow Jones Industrial Average leading the market’s advance. Notably, NVIDIA traded lower, yet the Nasdaq still finished higher, demonstrating resilience even without support from one of its largest components.

However, trading volume declined, falling roughly 8% on the Nasdaq and 17% on the NYSE—a development that warrants caution as rallies on weakening volume can signal waning conviction.

Today’s market sentiment was driven largely by weaker-than-expected retail sales data and ADP’s report showing payroll declines. These indicators suggest the economy may not be as strong as previously assumed, prompting traders to increase bets on a possible Federal Reserve interest-rate cut at the December meeting.
If the Fed does not cut, markets could see a repeat of last Thursday’s sell-off. If the Fed does cut, indexes could hold recent gains or push higher.

Google (GOOGL) and Broadcom Inc. (AVGO) continued to climb. GOOGL is now extended, fueled by news that Google will supply AI chips to Meta Platforms (META)—chips that are designed by Broadcom.
In an interesting twist, Nvidia has stated that its GPUs remain “a generation ahead” of Google’s AI chips.

• NVIDIA (NVDA) fell 2.59% (-$4.73) to close at $177.82 with 320M shares traded.

• Broadcom (AVGO) rose 1.87% (+$7.07) to $385.03 on 33M shares.

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(c) This article is published by The Canadian Vanguard on November 25, 2025