U.S. Markets Extend Rally with Mixed Performance; Small-Caps Lag Behind
The Canadian Vanguard Stock Market Report – Tuesday, October 28, 2025 Edition
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The Toronto Market
The S&P/TSX Composite climbed 143.92 points, or 0.48%, to close the session at 30,419.68. The index joined the other major North American indexes to end the session with a gain. Yesterday’s TSX index’s decline now stands as the only decline in the last six market sessions.
Today’s Market Statistics: The issues that declined (Decliners) outnumbered those that gained (Advancers) but there was roughly one Decliner for every Advancer. In actual numbers, there were 1,079 Decliners to 989 Advancers, an exact Decliner to Advancer ratio of 1.09-to-1.0., while 167 stocks remained Unchanged.
There were 427 new 52-week highs and 24 new 52-week lows, compared with 467 new highs and 23 new lows recorded yesterday.
Total trading volume on the TSX reached 416,021,815 shares, down 5% from 442,144,309 shares traded yesterday.
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The US Markets
The major U.S. stock indexes extended their current rally and posted additional gains today. The Dow Jones Industrial Average rose 161.78 points (0.34%) to close at 47,706.37, further solidifying its position above the 47,000 level. The S&P 500 gained 15.73 points (0.23%), finishing the session at 6,890.89, while the Nasdaq Composite advanced 190.04 points (0.80%) to close at 23,827.49.
In contrast, the Russell 2000 declined 13.78 points (−0.55%) to end at 2,506.65, as small-cap stocks underperformed the broader market.
Today’s Market Statistics
New York Stock Exchange (NYSE): Decliners outnumbered Advancers on the NYSE today, with roughly six Decliners for every five Advancers. In actual figures, there were 2,407 Decliners versus 1,832 Advancers, resulting in a Decliners-to-Advancers ratio of 1.31-to-1.0, with 369 issues unchanged.
There were 613 new 52-week highs and 102 new 52-week lows, compared with 659 new highs and 69 new lows recorded yesterday.
Total trading volume reached 5,778,405,635 shares, about 7% higher than yesterday’s volume of 5,366,658,576 shares.
NASDAQ Stock Market: On the NASDAQ, Decliners also outpaced Advancers, with approximately three Decliners for every two Advancers. Specifically, there were 2,862 Decliners and 1,868 Advancers, for a Decliners-to-Advancers ratio of 1.53-to-1.0, with 270 issues unchanged.
The exchange recorded 344 new 52-week highs and 113 new 52-week lows, compared with 454 new highs and 85 new lows yesterday.
Total trading volume on the NASDAQ was 10,985,114,212 shares, which was roughly in line with yesterday’s 11,086,721,735 shares traded.
Market Wrap-Up Report
U.S. stocks advanced broadly again today as investors awaited the Federal Reserve’s decision on interest rates, expected tomorrow afternoon. Market participants are pricing in nearly a 100% probability that the Fed will cut rates at the conclusion of its meeting. Volume was down slightly on the NASDAQ but up 6% on the NYSE. The market performance today has broad support even from institutional investors.
Basic Materials led the market, followed by Technology, while Financials, Industrials, and Energy ended the session in the red.
Gold prices declined modestly, yet several gold mining stocks managed to post gains. The increases, however, were moderate, with no major standout performers among the group. The Precious Metals and Minerals industry ranked among the top five industries today in both the U.S. and Toronto markets.
Cameco Corp (TSX: CCO / NYSE: CCJ): A key contributor to the strength of the Precious Metals and Minerals group was Cameco Corp, one of the world’s largest producers of uranium and related services for nuclear power generation.
With the ongoing expansion of data centers and rising demand for reliable, low-emission energy, nuclear power remains a critical component of the global energy mix. As long as this trend continues, Cameco’s products and services are expected to remain in strong demand.
Cameco’s Canadian-listed shares (CCO) surged 22.86% (C$27.72) to close at C$148.98, with 3.2 million shares traded. On the U.S. market, CCJ shares advanced 23.24% (US$20.29) to close at US$106.91, with 24 million shares changing hands.
Nvidia Corp (NASDAQ: NVDA): Another stock drawing attention today was Nvidia Corp (NVDA), which crossed the $200 mark and closed above it for the first time in recent months. The stock has gained for four consecutive sessions and was up 4.98% (US$9.54) today, with an exceptionally high 298 million shares traded.
Although Nvidia’s performance earlier this year was relatively subdued, recent momentum suggests sentiment may be shifting. The company has also made notable strategic investments, including in Intel Corp (INTC).
Should the Trump administration successfully finalize a mutually beneficial trade deal with China, NVDA shares could see significant additional upside. For now, the stock is one to keep on your watchlist.
Looking Ahead
All eyes are on the Federal Reserve’s announcement tomorrow, as investors anticipate further monetary easing. A confirmed rate cut could provide additional momentum to equity markets, particularly in technology and growth-oriented sectors, while a surprise hold may trigger short-term volatility.
Oil Price: US Oil price was at $60.04 per barrel, as of the time (11:30 pm ET, Tuesday) of this post update.
Gold price was down today. Gold price is at $3,968.40, down -0.37% while silver price is up at $47.41 per ounce as of the time of this post update.
Bitcoin (BTC-USD) is at $113,034.00, down -0.78% as of the time of this post update.
10 –year Treasury Yield: The 10-year yield is at 3.983%, as of the time (11:30 pm ET, Tuesday) of this post update.
After-hours action: Stock Futures are mixed Tuesday evening. Dow Futures is down -40.00.00 points or -0.08% vs. fair value. S&P 500 futures is up 13.50 points or 0.19% at 6939.50 and Nasdaq 100 futures is up 85.75 points or 0.33% at 26,250.00 as of the time (11:30pm ET, Tuesday) of this post update.
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(c) This article is published by The Canadian Vanguard on October 28, 2025.
