Dow Hits Another Record High as House Passes Funding Bill; Government Shutdown Nears End

The Canadian Vanguard Stock Market Report – Wednesday November 12, 2025 Edition

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The Toronto Market

The S&P/TSX Composite Index surged 418.33 points, or 1.38%, to finish at 30,827.58. The benchmark nearly matched Monday’s strong advance and has now logged gains in four straight sessions, including two with increases exceeding one percent.

                                                                                                                                                                                         

Today’s Market Statistics

Advancing issues outpaced decliners on the TSX today by roughly nine to five. In total, 1,293 stocks advanced while 736 declined, producing an advancer-to-decliner ratio of 1.75 to 1, with 135 issues unchanged.
The exchange recorded 297 new 52-week highs and 20 new lows, up from 189 new highs and nine new lows yesterday.
Trading activity was also brisk, with total volume rising 33% to 467.5 million shares, compared with 350.0 million in the previous session.

Toronto Market Wrap-Up Report

The Toronto market extended its winning streak Tuesday, with the S&P/TSX Composite Index climbing 1.38%, marking gains in each of the past four sessions. Market breadth was strong, as eight of the ten sectors advanced, with gains ranging from 3.15% to 0.53%. Trading volume was solid, underscoring broad investor participation.

Durable Consumer Goods & Services and Basic Materials led the gains, followed by Healthcare and Financials. Gold mining stocks were prominent among the day’s top performers, while Canada’s major banks also posted healthy advances. Canadian Imperial Bank of Commerce (TSX: CM) rose 1.47% ($1.77). Bank of Nova Scotia (TSX: BNS) gained 1.56%, and Toronto-Dominion Bank (TSX: TD) added 1.35%.

Bombardier Inc. (TSX: BBD.B) was again among the session’s strongest performers, surging 6.48% ($3.79) to $216.99 on 223,500 shares traded.

     

In the gold sector, Wheaton Precious Metals Corp. (TSX: WPM) advanced 3.56%, while Agnico Eagle Mines Ltd. (TSX: AEM) climbed 3.15%. Nutrien Ltd. (TSX: NTR) rose 1.29% ($1.07) on 1.4 million shares traded.

     

Retailers and consumer-focused companies were also well represented among the day’s top twenty gainers. George Weston Ltd., Loblaw Companies Ltd., Gildan Activewear Inc. (TSX: GIL), and Air Canada (TSX: AC) all finished the session higher, contributing to the TSX’s strong overall performance.

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The US Markets

The major U.S. markets closed mixed again today, mirroring Monday’s pattern. The Dow Jones Industrial Average advanced a solid 326.86 points, or 0.68%, to finish at 48,254.82, marking a new record high. The index crossed the 48,000-point threshold for the first time.
The S&P 500 edged up 4.31 points or 0.06% to 6,850.92, while the Nasdaq Composite slipped 61.84 points or 0.26% to 23,406.46.
The Russell 2000 declined 7.48 points, or 0.30%, closing at 2,450.80. The small-cap index opened sharply higher—about 22 points above Monday’s close—but reversed course by late morning to finish in negative territory. The Nasdaq followed a similar pattern, opening strong but retreating quickly to end in the red for a second straight session.

     

Today’s Market Statistics

New York Stock Exchange (NYSE):  Advancing issues narrowly outnumbered decliners on the NYSE. A total of 2,237 stocks advanced while 2,016 declined, resulting in an advancer-to-decliner ratio of 1.11 to 1, or roughly one to one, with 361 issues unchanged.
The exchange reported 391 new 52-week highs and 86 new lows, compared with 349 highs and 86 lows recorded in the previous session.
Total trading volume reached 5.36 billion shares, about 5% higher than 5.08 billion shares traded yesterday.

NASDAQ: On the NASDAQ, decliners slightly outnumbered advancers, also by roughly one to one. There were 2,471 decliners and 2,239 advancers, yielding a decliner-to-advancer ratio of 1.10 to 1, with 282 issues unchanged.
The exchange registered 208 new 52-week highs and 133 new lows, compared with 178 highs and 143 lows in the previous session.
Total trading volume amounted to 8.97 billion shares, a 12% increase from 7.99 billion shares traded yesterday.

U.S. Market Wrap-Up Report

U.S. equities extended their November rebound on Wednesday, buoyed by strong third-quarter corporate earnings and growing optimism over an imminent end to the federal government shutdown. The Dow Jones Industrial Average notched another record close, climbing for the second straight session and crossing the 48,000-point mark for the first time ever.

Advanced Micro Devices (NASDAQ: AMD) was among the session’s standout performers, surging 8% after investors cheered the company’s bullish outlook for AI data centers and strong chip sales guidance. While enthusiasm around AI growth remains robust, some investors continue to express caution over stretched valuations across the sector.

       

AMD’s peers saw mixed performances: NVIDIA Corp. (NASDAQ: NVDA) edged up 0.3% to $193.80, Intel Corp. (NASDAQ: INTC) was unchanged, and Applied Materials Inc. (NASDAQ: AMAT) advanced 0.9% to $230.73.

Among the major sectors, Basic Materials led gains with a 1.20% increase, followed by Healthcare (+1.09%) and Financials (+0.80%). Technology underperformed as investors rotated into more defensive sectors such as Healthcare, while Energy lagged behind the broader market.

The big banks enjoyed a solid session. Goldman Sachs Group Inc. (NYSE: GS) climbed 3.55% ($28.74) on 16.8 million shares traded, and JPMorgan Chase & Co. (NYSE: JPM) added 1.55% ($4.89) with 10.6 million shares traded.

     

However, the rotation out of technology wasn’t universal. The selling pressure was concentrated among data center service providers, while chip manufacturers generally held firm. Oracle Corp. (NYSE: ORCL) slipped 3.9% and remains down 33.1% from its September peak. CoreWeave (CRWV) fell 3.35%, and Nebius (NBIS) dropped 7.7%, bringing their weekly declines to 17.9% and 15.2%, respectively — despite Nebius having more than tripled in 2025. Palantir Technologies (NYSE: PLTR) lost 3.6%, dipping below a buy point and nearing its 50-day moving average.

After the closing bell, Cisco Systems Inc. (NASDAQ: CSCO) reported strong fiscal first-quarter earnings, sending its shares up 8% in after-hours trading. The company’s results and full-year outlook both exceeded Wall Street expectations, with management citing robust AI-related demand as a key growth driver. Cisco’s stock had already gained 2.8% ahead of the report.

     

Overall, while the market’s tone remains constructive — especially with the Dow hitting record highs for two consecutive sessions — traders are urged to stay nimble amid persistent bouts of volatility. Should the government funding bill be finalized and the shutdown officially averted, markets could see further upside momentum heading into year-end.

Commodities  

Oil Price:  US crude oil prices fell 4% to $58.40 today on OPEC 2026 over supply concerns. US Oil price was at $58.42 per barrel, as of the time (11:30 pm EDT, Wednesday) of this post update.

Gold price is down -$1.20, or -0.02%, at $4,214.90, while silver price is up $1.20, or 0.04%, at $54.07 per ounce as of the time of this post update.

Bitcoin (BTC-USD) is at $101,859.00, up 0.23% as of the time of this post update.

10 –year Treasury Yield:  Treasury yields were down before the market open today. The 10-year yield fell four basis points.  The 10-year yield is at 4.088%, as of the time (11:30 pm EDT, Wednesday) of this post update.

After-hours action:  Stock Futures ticked up Wednesday especially after President Trump signed the bill ending the shutdown. Dow Futures is up 106.00 points or 0.22% vs. fair value. S&P 500 futures is up 11.00 points or 0.17% at 6,887.00 and Nasdaq 100 futures is up 68.75 points or 0.27% at 25,693.15 as of the time (11:30pm EDT, Wednesday) 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 12, 2025.