Dear Friends,
Tangents:
October 22, 1797: The first recorded parachute jump is made by André-Jacques Garnerin from a balloon over Paris, pioneering parachuting.
On Oct. 22, 1962, President John F. Kennedy announced an air and naval blockade of Cuba, following the discovery of Soviet missile bases on the island. Go to article
Franz Liszt, composer, b. 1811.
Timothy Leary, LSD advocate, b. 1920.
Catherine Deneuve, b. 1942.
Deepak Chopra, physician, b. 1946.
Iceland was one of the few mosquito-free nations. That just changed
Mosquitoes have made an unwelcome icelanding … This marks the country’s first confirmed finding of the insects in the wild.
World’s most polluted city
Around 20 million people in New Delhi woke up today breathing the most polluted air of any major city in the world, a day after celebrations for the Diwali festival.
140:
That’s how many people were aboard a United Airlines flight last week when a mysterious object cracked a cockpit window mid-flight, forcing an emergency landing. An investigation is underway, but the object is believed to be a weather balloon operated by a private company to collect atmospheric data.
| ‘Illegal’ metal detectorist found a huge hoard of Roman treasure in Germany — and kept it hidden for 8 years |
A man found a Roman-era hoard in Germany dating to around 2,000 years ago, but he took eight years to tell authorities about it. Read More.
| New study reveals why time seems to move faster the older we get |
A new study hints that age-related changes in our brains may explain why time feels like it’s slipping away faster with every passing year. Read More.
| New eye implants combined with augmented-reality glasses help blind people read again in small trial |
Of the 38 patients with age-related macular degeneration, 80% were able to read again after having the eye implant and using the glasses. Read More.
| Unitree’s H2 robot poses, pirouettes and pulls off deft karate moves with eerily lifelike movement |
Chinese robotics startup Unitree has shown off its latest humanoid robot, the H2 “Destiny Awakening” — and it’s eerily lifelike. Read More.
| Scientists discover first direct evidence that slivers of ‘proto-Earth’ may survive today |
In a first, researchers have discovered fragments of Earth’s precursor that contain distinctive chemical fingerprints in ancient rocks from Greenland, Canada and Hawaii. Read More.
| James Webb telescope finds that galaxies in the early universe were much more chaotic than we thought |
Using the James Webb Space Telescope, scientists have charted billions of years of galactic evolution, finding that galaxies near the dawn of time were much more chaotic than they are today. Read More.
PHOTOS OF THE DAY
Fujikawaguchiko, Japan
Tourists take pictures as cloud-clad Mount Fuji is seen in the background from Oishi park in Yamanashi prefecturePhotograph: Philip Fong/AFP/Getty Images
Ji’an, China
A farmer dries moso bamboo sticks at a bamboo product processing factory Jiangxi province
Photograph: VCG/Getty Images
Kyiv, Ukraine
A woman poses as her daughter plays with a huge pumpkin during the festival “Hello, pumpkin” amid Russian invasion in Ukraine. Visitors of the festival could visit a pumpkin museum with descriptions of pumpkin varieties and recipes for cooking with them, and food courts with pumpkin dishes, drinks and desserts, including pumpkin ale, lattes, brownies and pumpkin bunsPhotograph: Sergei Supinsky/AFP/Getty Images
Market Closes for October 22nd , 2025
| Market Index |
Close | Change |
| Dow Jones |
46590.41 | -334.33 |
| -0.71% | ||
| S&P 500 | 6699.40 | -35.95 |
| -0.53% | ||
| NASDAQ | 22740.40 | -213.27 |
| -0.93% | ||
| TSX | 29982.98 | +94.16 |
| +0.31% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 49307.72 | -8.27 |
| -0.02% | ||
| HANG SENG |
25781.77 | -245.78 |
| -0.94% | ||
| SENSEX | 84426.34 | +62.97 |
| +0.07% | ||
| FTSE 100* | 9515.00 | +88.01 |
| +0.93% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.062 | 3.081 |
| CND. 30 Year Bond |
3.554 | 3.561 |
| U.S. 10 Year Bond |
3.9493 | 3.9627 |
| U.S. 30 Year Bond |
4.5306 | 4.5428 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7146 | 0.7131 |
| US $ |
1.3993 | 1.4023 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 1.6260 | 0.6150 |
| US $ |
1.1613 | 0.8611 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4169.60 | 4294.35 |
| Oil | ||
| WTI Crude Future | 59.27 | 57.82 |
Market Commentary:
Without sell offs, there are no rallies. –Al Frank, 1930-2002.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.3% at 29,982.98 in Toronto.
The move follows the previous session’s decrease of 1.7%.
Waste Connections Inc. contributed the most to the index gain, increasing 2.5%.
Energy Fuels Inc/Canada had the largest increase, rising 9.7%.
Today, 138 of 213 shares rose, while 74 fell; 9 of 11 sectors were higher, led by energy stocks.
Insights
* This year, the index rose 21%, heading for the best year since 2021
* This month, the index was little changed
* The index advanced 21% in the past 52 weeks. The MSCI AC Americas Index gained 15% in the same period
* The S&P/TSX Composite is 2.7% below its 52-week high on Oct. 15, 2025 and 34.9% above its low on April 7, 2025
* The S&P/TSX Composite is down 2.1% in the past 5 days and was little changed in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.2 on a trailing basis and 18.6 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.4% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.78t
* 30-day price volatility fell to 12.69% compared with 12.71% in the previous session and the average of 8.37% over the past month
Index Points
Energy | 54.7308| 1.2| 37/2
Industrials | 17.7489| 0.5| 13/16
Consumer Staples | 7.1547| 0.7| 11/0
Financials | 6.8153| 0.1| 11/13
Communication Services | 3.8990| 0.6| 5/0
Materials | 3.6588| 0.1| 25/24
Real Estate | 3.3113| 0.7| 16/3
Utilities | 1.8208| 0.2| 10/4
Consumer Discretionary | 1.4254| 0.1| 4/5
Health Care | -0.3525| -0.4| 3/1
Information Technology | -6.0635| -0.2| 3/6
Waste Connections | 11.1600| 2.5| 124.4| 1.1
Suncor | 9.8320| 2.2| 19.7| 6.5
Canadian Natural | Resources | 7.8810| 1.3| -27.3| -4.3
Scotiabank | -4.7740| -0.6| -18.7| 16.2
Franco-Nevada | -6.4210| -1.8| 29.1| 57.0
Shopify | -11.9400| -0.6| 7.1| 48.1
Energy Fuels | 9.7| 4.5280| 11.5| 329.5
Canada Packers| 5.4| 0.0900| -46.6|n/a
CES Energy | 5.0| 0.6730| 31.4| -7.4
US
By Rita Nazareth
(Bloomberg) — Volatility resurfaced on Wall Street in a session that saw stocks falling alongside gold and cryptocurrencies.
News reports saying the Trump administration is weighing restrictions on software exports to China added to recent anxiety around trade.
Following a torrid rally, calls for a breather have emerged.
The Nasdaq 100 lost 1% after a tepid outlook from Texas Instruments Inc. and a post-earnings slump in Netflix Inc.
In late hours, Tesla Inc. slipped as earnings missed estimates.
Traders also kept a close eye on geopolitical developments, with Treasury Secretary Scott Bessent saying the US will ratchet up Russia sanctions.
Wednesday was another session in which assets favored by retail momentum traders bore the worst losses, among them precious metals, crypto and companies in the artificial- intelligence space. Indexes used by quant investors to track the theme in the equity market, such as the Bloomberg US Pure Momentum Portfolio, have fallen sharply in recent days.
The last week has seen a significant cooling in enthusiasm for areas of the market that since the start of August had gone “parabolic,” according to Bespoke Investment Group.
“It appears that, at least temporarily, the music has stopped, and the party has ended for the most-speculative names,” the Bespoke strategists said.
“No one knows when the music will pick back up again, but usually, the higher they go, the harder they fall.”
The S&P 500 closed slightly below 6,700.
Netflix sank 10%.
Texas Instruments dropped 5.6%.
Beyond Meat Inc. whipsawed, echoing the meme-stock frenzy that periodically roil the market.
The Russell 2000 of small caps lost 1.5%.
The yield on 10-year Treasuries was little changed at 3.96%.
A $13 billion US sale of 20-year bonds was strong.
Bitcoin lost 2.7%.
The dollar wavered.
Gold fell as much as 2.9% before paring losses.
Oil climbed.
With valuations stretched, “investors are looking for exceptional fundamentals to justify these lofty prices,” said Fiona Cincotta at City Index.
At a time when the equity rally has slowed, the flip side is that the proportion of companies beating earnings expectations this quarter is the highest since 2021.
Most S&P 500 firms typically top expectations, but this season stands out considering that analysts had set the bar higher.
US companies should continue to deliver superior earnings growth supported by a robust AI investment cycle, ongoing deficit spending and a still-resilient consumer, JPMorgan Chase & Co.’s Dubravko Lakos-Bujas says.
To Thomas Lee at Fundstrat Global Advisors, the post- earnings slide in names like Netflix and Texas Instruments “is not thesis changing.”
“We are not necessarily concerned about stocks selling off, short-term,” he said.
He listed the primary rationale for a strong final 10 weeks of 2025: corporate earnings are solid, Fed is dovish, AI visibility remains strong and there’s fourth-quarter positive seasonality.
“We continue to be constructive and expect the S&P 500 to reach at least 7,000 by year-end and that is the base case, with the possibility that we could see an even better 7,500,” Lee said.
The companies’ financial results — and all the “confident” commentary — mark a turnaround from recent quarters when CEOs pulled their year-ahead forecasts and used their conference calls to highlight uncertainty around trade, tariffs and consumer behavior.
The strategy over the last 10 months or so has been to dampen investor expectations and hope lower financial estimates would be easier to reach or beat if any of their worst-case economic scenarios came to fruition.
With the season now well underway, results are looking promising, according to Oppenheimer Asset Management Chief Investment Strategist John Stoltzfus.
The fact that big US companies are beating expectations and guidance despite ongoing risks suggests there is “enough resilience to provide stocks with a ticket to ride,” Stoltzfus said this week.
“Markets are taking another breather today, as investors weigh earnings coming in,” said Dan Wantrobski at Janney Montgomery Scott.
“We are still looking for a correction in the magnitude of 5% to 10% in stocks for the remainder of the year, although we note that the major benchmarks continue to respect the rising 50-day moving average as support.”
Wantrobski recommends watching that level on a closing basis for the remainder of this week. Holding at or above it will keep the short-term uptrend intact, he said.
“We are likely to see ongoing choppy waters for this trading environment over the next few days, albeit with the overall uptrend intact underneath the noise,” Wantrobski concluded.
As we venture deeper into the third-quarter reporting season, with the busiest weeks for earnings this week and next, the S&P 500 is exiting the peak of the buyback blackout window, noted Ryan Grabinski at Strategas.
“There’s certainly a wall of worry to climb,” he said.
“However, all else equal, the corporate bid reasserting itself over the coming weeks should be a tailwind for risk more broadly.”
Beyond corporate earnings, though, US-based traders are focused on a few “good news” narratives that have also supported the positivity about risk assets and US stocks, according to Thierry Wizman at Macquarie Group.
“These ‘good news’ themes are: (1) that the Fed will ease again on Oct. 29 and continue to signal more easing despite ‘sticky’ US inflation; and (2) that the US-China negotiations will lead to a reconciliation that prevents even higher tariffs between the two countries,” he said.
It’s been two weeks since the S&P 500’s last notched all- time highs. In a defensive push, real estate and consumer staples have rallied. Commodity-related sectors, financial and tech shares have lagged behind.
Bank of America Corp. clients returned to selling US equities last week after buying the dip the week prior, according to strategist Jill Carey Hall.
Institutional clients led the selling, she said.
Tech and financials stocks saw the biggest outflows. Despite sales of single shares, clients bought equity exchange-traded funds across styles/sizes.
“Despite the stock market’s deterioration in breadth, we view near-term consolidations or pullbacks as healthy and necessary following the market’s strong five-month advance,” said Craig Johnson at Piper Sandler.
“Macro tailwinds, including lower energy prices and bond yields, should continue to set up opportunities to “buy the dips” once support is confirmed.”
In other markets, traders continued to keep a close eye on the performance of precious metals.
Gold held losses in a choppy session, a day after suffering the worst rout in years amid concerns its rally had run too far, too fast.
For all the wild market swings in bullion and silver, another market remained relatively listless.
Dollar trading has become unusually subdued, with one measure showing it’s the quietest in more than a decade as a US government shutdown coincides with political tensions abroad, adding complexity to currency risk.
Meantime, the Federal Reserve is no longer receiving data on private-sector employment from an independent provider, adding to policymakers’ lack of timely information on the economy amid the ongoing federal government shutdown.
Payroll services firm ADP Research stopped providing the data, which covers about 20% of the US private labor force, after an Aug.
28 speech by Fed Governor Christopher Waller that referenced the statistics, according to a person familiar with the situation.
Corporate Highlights:
* Tesla Inc. is recalling thousands of recently built vehicles over an issue that can cause a sudden loss of battery power, increasing the risk of a crash.
* Alphabet Inc.’s Google ran an algorithm on its “Willow” quantum-computing chip that can be repeated on similar platforms and outperform classical supercomputers, a breakthrough it said clears a path for useful applications of quantum technology within five years.
* AT&T Inc. reported revenue that fell slightly short of analysts’ estimates in the third quarter, resulting from a heavy promotional campaign to woo new customers amid a fiercely competitive mobile phone market.
* Texas Instruments Inc., the biggest maker of analog chips, gave a lackluster forecast for the current period, adding to concerns that a semiconductor industry recovery is sputtering.
* Netflix Inc. said a tax dispute with Brazil cut into third- quarter earnings, marring results that otherwise fell in line with Wall Street estimates.
* Mattel Inc. reported third-quarter sales and earnings that missed analysts’ estimates as US retailers delayed orders due to uncertainty over tariff policies.
* Western Alliance Bancorp hasn’t found any more irregularities in its loan portfolio and doesn’t expect more surprises tied to the collapse of First Brands Group and a potential fraud at a commercial real estate investment firm.
* Capital One Financial Corp. reported a surge in third-quarter profit, beating Wall Street estimates, and the lender announced plans to repurchase as much as $16 billion of stock in the wake of its acquisition of Discover Financial Services.
* Reddit Inc. sued Perplexity AI Inc. and three other companies over alleged data scraping from the discussion site without permission, a sign of the growing demand and value of original data in the burgeoning AI industry.
* Carvana Co. raises “lots of red flags,” especially after the recent implosion of auto lender Tricolor Holdings, says famed short-seller Jim Chanos, who has singled out the online car retailer over the past several years.
* Lyft Inc. is piloting a program that offers some customers cash back on future rides, the latest effort to win over users from rival Uber Technologies Inc.
* Uber Technologies Inc. and Nebius Group NV are committing as much as $375 million to develop Avride, the Dutch cloud infrastructure company’s autonomous vehicle subsidiary.
* GE Vernova Inc. expects an increasing amount of its natural gas turbines to be snapped up by big tech firms building data centers.
* Hilton Worldwide Holdings Inc. boosted the lower-end of its full-year outlook for expanding its hotel network.
* Cryptocurrency exchange Kraken says revenue more than doubled in the third quarter, as the company gears up for a public listing in the US next year.
* Prediction market Kalshi is receiving funding offers from venture capital investors that would value the startup at more than $10 billion, according to people familiar with the matter — interest that comes just weeks after Kalshi announced a $300 million funding round at a $5 billion valuation.
* Barclays Plc has conducted a review of its entire loan portfolio after the British lender was stung by the chaotic collapse of Tricolor Holdings.
* Aberdeen Group Plc reported another quarter of net outflows as ongoing exits in its asset management unit offset a positive period for its Interactive Investor business.
* Gucci owner Kering SA reported a smaller-than-expected sales decline only weeks after new Chief Executive Officer Luca de Meo took the helm, with demand for the company’s luxury goods improving in North America.
* Hermès International SCA extended its run as the luxury industry’s strongest performer with another quarterly sales jump, even though the Birkin and Kelly bags maker’s key leather unit fell slightly short of expectations.
* Reckitt Benckiser Group Plc sales rose more than expected as the London-based consumer goods company reported strong growth in the region that includes China.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 0.5% as of 4 p.m. New York time
* The Nasdaq 100 fell 1%
* The Dow Jones Industrial Average fell 0.7%
* The MSCI World Index fell 0.4%
* Bloomberg Magnificent 7 Total Return Index fell 0.5%
* The Russell 2000 Index fell 1.5%
* Tesla fell 0.8%
* Netflix fell 10%
* Texas Instruments fell 5.6%
* Beyond Meat fell 0.9%
* Krispy Kreme rose 8.6%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1606
* The British pound fell 0.1% to $1.3356
* The Japanese yen was little changed at 151.99 per dollar
Cryptocurrencies
* Bitcoin fell 2.7% to $107,876.68
* Ether fell 3.8% to $3,806.53
Bonds
* The yield on 10-year Treasuries was little changed at 3.96%
* Germany’s 10-year yield advanced one basis point to 2.56%
* Britain’s 10-year yield declined six basis points to 4.42%
* The yield on 2-year Treasuries declined one basis point to 3.44%
* The yield on 30-year Treasuries was little changed at 4.54%
Commodities
* West Texas Intermediate crude rose 3.8% to $59.40 a barrel
* Spot gold fell 0.6% to $4,101.82 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
You learn to know a pilot in a storm. –Seneca, c. 4BCE-65 CE.
Carolann Steinhoff, B.Sc., CFP®, CIM, CIWM
Senior Investment Advisor
Queensbury Securities Inc.,
St. Andrew’s Square,
Suite 340A, 730 View St.,
Victoria, B.C. V8W 3Y7
Tel: 778.430.5808
(C): 250.881.0801 (Text Only)
Toll Free: 1.877.430.5895
Fax: 778.430.5828
www.carolannsteinhoff.com