S&P 500 Sets New High as Rate and Inflation Expectations Anchor Investor Confidence
The Canadian Vanguard Stock Market Report – Wednesday December 24, 2025 Edition
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The Toronto Market
The S&P/TSX Composite Index declined by 58.97 points, or 0.18%, to close at 31,999.76, effectively reversing the prior session’s gains. The pullback was largely driven by weakness in gold and other precious metals, which paused following earlier advances. As a result, the Basic Materials sector underperformed, weighing on the broader index. Given the TSX’s heavy exposure to resource and precious metals companies, sector softness translated directly into overall market weakness.
Today’s Toronto Market Statistics
On the TSX, advancing issues outnumbered declining issues by approximately three to two. Specifically, 1,045 stocks advanced while 736 declined, resulting in an advancer-to-decliner ratio of 1.42:1, with 165 issues finishing unchanged.
Market breadth remained constructive, though momentum eased compared with the prior session. A total of 178 securities recorded new 52-week highs, while 17 reached new 52-week lows. This compares with 294 new 52-week highs and 41 new 52-week lows reported yesterday.
Total trading volume on the TSX amounted to 162,109,670 shares, representing a 60% decline from the 407,729,007 shares traded in the previous session. The lower volume reflects Wednesday’s shortened trading session, as the market was open for only a half day, resulting in activity well below a typical full-session average.
Toronto Market Wrap-Up Report
The S&P/TSX Composite Index closed modestly lower on Wednesday, declining by 58.97 points, or 0.18%, to finish at 31,999.76. The pullback largely reflected weakness in gold and precious metals, which paused following recent advances. As a result, the Basic Materials sector, down 0.68%, was the primary laggard and a key drag on the broader index. Given the TSX’s heavy weighting toward resource and precious metals companies, sector softness translated directly into overall market weakness.
Sector performance was mixed during the session. Telecommunications Services, Consumer Discretionary, and Financials emerged as the top-performing sectors, while Technology and Energy declined modestly. Overall, the trading environment was characterized by selective declines and only modest gains across the Toronto market.
Market Breadth and Trading Activity
Despite the index-level decline, market breadth remained constructive. Advancing issues outnumbered decliners by approximately three to two, with 1,045 stocks advancing and 736 declining, producing an advancer-to-decliner ratio of 1.42:1. An additional 165 issues closed unchanged.
New 52-week highs totaled 178, while 17 securities registered new 52-week lows, a moderation from the prior session, which saw 294 new highs and 41 new lows. Total trading volume reached 162.1 million shares, down 60% from the previous session’s 407.7 million shares. The significantly lower volume reflected Wednesday’s shortened trading session, as the TSX was open for only a half day.
Precious Metals and Mining Stocks
Gold mining stocks were broadly lower during the session. Agnico Eagle Mines Ltd. (TSX: AEM) declined 0.27%, Franco-Nevada Corp. (TSX: FNV) fell 0.17%, Wheaton Precious Metals Corp. (TSX: WPM) dropped 1.12%, and Kinross Gold Corp. traded lower across both Canadian and U.S. exchanges. Kinross Gold Corp., like several Canadian companies, is listed on both the TSX and the NYSE. On Wednesday,
- At the TSX, Kinross (TSX: K) closed down 0.77%, finishing at $40.05 on volume of 2.0 million shares.
- On the NYSE, Kinross (NYSE: KGC) declined 0.58% to close at $29.28, with 2.7 million shares traded.
According to a company news release dated December 23, 2025, Kinross exercised its rights under the investor rights agreement dated October 23, 2024, to increase its ownership stake in Puma Exploration Inc. (TSXV: PUMA; OTCQB: PUMXF). Kinross raised its ownership from 9.1% to 14.8% on an undiluted basis, and to 17.4% on a partially diluted basis, by subscribing to 12.5 million units at $0.16 per unit for gross proceeds of $2.0 million. Following the transaction, Kinross holds 29,550,577 common shares and 6,250,000 warrants of Puma. Under the agreement, Kinross retains the right to participate in future equity financings to maintain or increase its ownership up to 19.9%.
Watchlist Highlight: Ivanhoe Mines Ltd.
Another Canadian mining company worth monitoring is Ivanhoe Mines Ltd. (TSX: IVN). Shares declined 1.76% on Wednesday, closing at $15.65 on volume of approximately 1.1 million shares. Ivanhoe provides diversified exposure to copper, zinc, nickel, palladium, platinum, rhodium, and other metals that are increasingly important in the global energy transition. Copper prices have remained strong for much of the year, supporting investor interest in the sector.
Ivanhoe’s core projects, all located in Africa, include:
- Expansion of the Kamoa-Kakula Copper Complex (DRC)
- Ramp-up of the Kipushi zinc-copper-germanium-silver mine (DRC)
- Development of the Platreef PGM-Nickel-Copper project (South Africa)
Investor Note
Investors are encouraged to review company filings and visit corporate websites for additional information. As always, conducting independent research beyond market commentary is essential before making any investment decisions. We welcome your feedback and appreciate your continued engagement. Happy Investing!
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The US Markets
Wednesday saw a broadly positive session across major U.S. indexes, with the Dow Jones Industrial Average leading the gains and reaching a record high.
- Dow Jones Industrial Average: +288.75 points (+0.60%), closing at 48,731.16
- S&P 500: +22.26 points (+0.32%), closing at 6,932.05
- Nasdaq Composite: +51.46 points (+0.22%), closing at 23,613.31
- Russell 2000: +6.96 points (+0.27%), closing at 2,548.08
The Dow’s leadership reflects continued investor confidence in large-cap and cyclical sectors, supported by a favorable macro backdrop including moderate inflation signals and stable economic data. Small-cap stocks, represented by the Russell 2000, extended Tuesday’s gains, though at a more modest pace compared to the blue-chip heavyweights.
Overall, Wednesday’s session underscored a risk-on sentiment across U.S. equities, with broad market participation and major indexes climbing to new highs amid constructive macro conditions.
Wednesday’s U.S. Market Statistics
NYSE: At the New York Stock Exchange saw advancers significantly outpace decliners, signaling broad participation across sectors:
- Advancers: 2,882
- Decliners: 1,216
- Unchanged: 416
- Advancer-to-Decliner Ratio: 2.37:1 (roughly 5 advancers for every 2 decliners)
Market strength was reinforced by 301 new 52-week highs versus 62 new lows, up from yesterday’s 124 highs and 47 lows.
Total trading volume reached 1.89 billion shares, down 52% from Tuesday’s 3.93 billion, reflecting Wednesday’s shortened half-day session.
NASDAQ: At the NASDAQ, advancing stocks outnumbered decliners, indicating ongoing investor confidence:
- Advancers: 2,889
- Decliners: 1,685
- Unchanged: 373
- Advancer-to-Decliner Ratio: 1.71:1 (approximately 8 advancers for every 5 decliners)
The exchange posted 148 new 52-week highs and 174 new lows, compared with 167 highs and 215 lows yesterday.
Total trading volume was 4.03 billion shares, down 48% from Tuesday, again reflecting the half-day session rather than diminished investor activity.
Investor Takeaway
Despite a shorter trading day, market breadth was solid across both NYSE and NASDAQ, with advancing issues strongly outpacing decliners and a meaningful number of new 52-week highs. The reduced trading volume reflects the half-day session rather than market weakness, suggesting continued investor engagement and confidence.
Commodities and Bonds
Oil Price: U.S. crude oil futures rose slightly today. Crude Oil is at $58.45 per barrel, as of the time (12:30 am EDT, Friday) of this post update.
Gold price is up $42.70, or 0.94%, at $4,545.10 per troy ounce, while silver price is also up $3.36, or 4.67%, at $75.02 per ounce as of the time of this post update.
Bitcoin (BTC-USD) was trading up $1,199.76 or 1.34% at $88,993.58 as of the time of this post update.
10 –year Treasury Yield: The 10-year Treasury yield is little changed. The 10-year yield is at 4.153%, as of the time (11:30 pm EDT, Thursday) of this post update.
After-hours action: Stock Futures are mixed but slightly down late Thursday evening. Dow Futures is down -14.00 points or -0.03% vs. fair value. S&P 500 futures is down -2.00 points or -0.03% at 6,980.00 and Nasdaq 100 futures is down -7.50 points or -0.02% at 25,872.25 as of the time (12:30am EDT, Friday) 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 24, 2025
