Dear Friends,
Tangents:
Carolann is away from the office attending the World Business Forum New York 2025. I will be writing the newsletter on her behalf.
November 5,1872 : Women’s rights activist Susan B. Anthony cast her vote in a U.S. presidential election, even though women were not yet legally allowed to vote. It became a milestone in the women’s suffrage movement. History.com
November 5,1912: Woodrow Wilson was elected as the 28th President of the United States — an important event in U.S. political history. JagranJosh.com
November 5,1935: Parker Brothers launched Monopoly, the board game that went on to become one of the most popular family games in the world. Go to article
Bryan Adams, Canadian singer-songwriter, born 1959
Tilda Swinton, British (Scottish) actress, born 1960
Sam Rockwell, American actor, born 1968
‘Interstellar visitor’ 3I/ATLAS may have just changed color — for the third time
Recent observations of the interstellar object 3I/ATLAS show that it has developed a faint blueish hue, hinting at a potential color change. This is the third time experts have seen the comet’s coloring shift since it was discovered.
Sink or swim? What will human migration look like as climate change impacts take hold
In this excerpt from "Sink or Swim," author Susannah Fisher explores the future of human migration, and what that will look like based on the difficult choices we make in the coming years.
Researchers have found 6-million-year-old ice in the Allan Hills region of Antarctica and say the oldest-of-its-kind sample offers an unprecedented view into Earth’s ancient climate.
In this adapted excerpt from "How to Change a Memory," author and neuroscientist Steve Ramirez recounts the events that led him and his colleagues to discover memories could be artificially controlled in rodents by zapping their brains with lasers.
A giant colonial spiderweb in a sulfuric cave on the border between Greece and Albania may be the largest ever found — and it was built by spiders we didn’t know liked the company of others.
Heroic’ actions of train employee and driver saved many lives in England stabbing attack, police say
London. There were just 11 minutes between the moment British police received an emergency call about a stabbing on a train heading to London and the moment the suspect was arrested.
PHOTOS OF THE DAY
Rio de Janeiro, Brazil
Prince William looks at the view of Sugarloaf Mountain from the Christ the Redeemer statue
Photograph: Victoria Jones/Shutterstock
Frankfurt, Germany
A plane flies over the city at sunrise
Photograph: Kirill Kudryavtsev/AFP/Getty Images
Sydney, Australia
A Beaver supermoon rises over North Bondi
Photograph: Hollie Adams/Reuters
Market Closes for November 05th, 2025
| Market Index |
Close | Change |
| Dow Jones |
47311.00 | +225.76 |
| +0.48% | ||
| S&P 500 | 6796.29 | +24.74 |
| +0.37% | ||
| NASDAQ | 23499.80 | +151.16 |
| +0.65% | ||
| TSX | 30103.48 | +325.66 |
| +1.09% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 50212.27 | -1284.93 |
| -2.50% | ||
| HANG SENG |
25935.41 | -16.99 |
| -0.07% | ||
| SENSEX | 83459.15 | -519.34 |
| -0.62% | ||
| FTSE 100* | 9777.08 | +62.12 |
| +0.64% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.166 | 3.125 |
| CND. 30 Year Bond |
3.619 | 3.574 |
| U.S. 10 Year Bond |
4.1591 | 4.0793 |
| U.S. 30 Year Bond |
4.7378 | 4.6598 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7088 | 0.7090 |
| US $ |
1.4107 | 1.4103 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 1.6214 | 0.6167 |
| US $ |
1.1492 | 0.8701 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
3951.10 | 4025.25 |
| Oil | ||
| WTI Crude Future | 59.60 | 60.56 |
Market Commentary:
On this day in 1999, U.S. District Court Judge Thomas Penfield Jackson found that Microsoft was a monopoly, and the Justice Department initiated plans to break it up. The following trading day the stock fell as much as 8.5%. Less than two years later, a federal appeals court overturned much of Judge Jackson’s ruling.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 1.1% at 30,103.48 in Toronto.
The move was the biggest since rising 1.7% on Oct.
14 and follows the previous session’s decrease of 1.6%.
Shopify Inc. contributed the most to the index gain, increasing 1.5%.
ATS Corp. had the largest increase, rising 10.5%.
Today, 163 of 213 shares rose, while 48 fell; 10 of 11 sectors were higher, led by materials stocks.
Insights
* In the past year, the index had a similar or greater gain 15 times. The next day, it advanced eight times for an average 0.8% and declined seven times for an average 1.4%
* This year, the index rose 22%, heading for the best year in at least 10 years
* The index advanced 23% in the past 52 weeks. The MSCI AC Americas Index gained 18% in the same period
* The S&P/TSX Composite is 2.3% below its 52-week high on Oct. 15, 2025 and 35.4% above its low on April 7, 2025
* The S&P/TSX Composite is little changed in the past 5 days and fell 1.2% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.3 on a trailing basis and 18.7 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$4.75t
* 30-day price volatility rose to 13.71% compared with 13.33% in the previous session and the average of 11.03% over the past month
Index Points
Materials | 125.0372| 2.7| 42/8
Information Technology | 69.8267| 2.2| 9/0
Energy | 55.5591| 1.2| 32/6
Financials | 28.3093| 0.3| 15/9
Consumer Staples | 19.2433| 1.9| 8/2
Consumer Discretionary | 10.6544| 1.1| 6/3
Industrials | 7.9832| 0.2| 20/9
Utilities | 4.6349| 0.4| 10/4
Real Estate | 3.2061| 0.7| 14/5
Health Care | 1.2351| 1.5| 4/0
Communication Services | -0.0407| 0.0| 3/2
Shopify | 29.0100| 1.5| 11.7| 50.7
Suncor | 21.3800| 4.5| 146.6| 13.4
Agnico Eagle Mines | Ltd | 19.9700| 2.6| 6.2| 100.4
First Majestic | -3.9490| -7.6| 27.5| 90.5
SSR Mining | -4.3530| -10.1| 15.6| 173.8
Cameco | -6.7270| -1.6| -21.7| 81.9
ATS Corp | 10.5| 2.2650| 235.8| -4.9
Iamgold | 8.9| 5.5090| 9.4| 126.4
Kelt Exploration | 8.2| 0.6470| 149.8| 5.4
Cargojet | -13.9| -1.1770| 524.5| -35.9
SSR Mining | -10.1| -4.3530| 15.6| 173.8
First Majestic| -7.6| -3.9490| 27.5| 90.5
(MT Newswires)
The Toronto Stock Exchange on Wednesday recovered much of the near 500 points lost in the prior session as market focus switched from yesterday’s federal budget event, to now also being on U.S. Supreme Court hearings on tariffs implemented by the Trump administration.
The resources-heavy S&P/TSX Composite Index closed up 325.66 points, or 1.1%. at 30,103.48.
Most sectors were higher, with Energy and Base Metals prominent, both rising more than 2%.
Info Tech gained near 3%.
While Tuesday’s fiscal update on the Canadian economy did, as feared, include a deficit that is billions of dollars higher than forecast a year earlier, it also delivered a plan for major infrastructure and industrial investments to drive economic growth and make the nation more self-sufficient.
Market watchers are still digesting the details around the related documentation, trying to calculate if the federal government’s new strategy will be passed in Parliament, and if it can be a winning one.
The Liberal minority government needs two more votes from opposition parties to pass its budget, even after Nova Scotia MP Chris d’Entremont, just before the publication of the fiscal update, moved across the aisle to the Liberal caucus from the main opposition Conservatives.
CBC News is reporting on other rumors about possible defections.
Wednesday afternoon The Conference Board of Canada published its analysis of the budget, in which it said: "Canada’s 2025 budget signals a shift from program spending to long-term investments, with a focus on boosting private investment and securing the country’s economic potential."
It added: "While middle-class tax cuts aim to ease affordability, most measures won’t put extra cash in Canadians’ pockets. Ottawa is betting on deficit-financed growth to jumpstart investment. But will this strategy pay off over the next five years?"
Meantime, President Trump’s global tariffs "appeared to be on shaky ground" after Supreme Court justices expressed skepticism during a hearing on Wednesday about his authority to impose sweeping measures on countries around the world, The Wall Street Journal is reporting Wednesday.
The WSJ noted the Trump administration’s top lawyer faced sharp questioning during arguments in one of the most consequential economic and political cases to come before the court in decades.
It noted lawyers representing the tariff challengers were also pressed by some justices on what kind of limitations courts could impose on core presidential powers.
The nine justices are weighing whether the president lawfully invoked his authority under the International Emergency Economic Powers Act to levy the global tariffs without Congress’s approval, as well as a set of tariffs on Canada, China and Mexico related to fentanyl, the WSJ noted.
In looking at what’s at stake, The WSJ said if the court overturns the tariffs, the Trump administration has warned it will need to repay tens of billions of dollars it has already collected.
It will also undercut a core legal justification for a large chunk of Trump’s tariffs and potentially remove leverage in trade talks.
The report said while a decision isn’t expected immediately, questioning during the hearing suggested that the tariffs may not survive the challenge, which would force the Trump administration to rely on other authorities to deploy levies on a similar scale.
Of commodities, gold traded higher late afternoon on Wednesday, even with the dollar continuing to strengthen, as the metal continues to trade within a tight range.
Gold for December delivery was up US$34.70 to $3,995.20 per ounce.
But West Texas Intermediate crude oil closed lower for a second session as a report showed an unexpected surge in U.S. oil inventories, keeping over-supply concerns top of mind for traders.
WTI crude oil for December delivery closed down $0.96 to settle at US$59.60 per barrel, while January Brent was down $0.88 to $63.56.
US
By Rita Nazareth
(Bloomberg) — At a time when every dip in stocks is perceived as an opportunity, buyers emerged after a brief pullback led by some of the biggest winners of the artificial- intelligence boom.
Bitcoin rallied.
Bonds fell.
While Wall Street didn’t see a buying stampede, equities were able to bounce following a slide that underscored worries over how stretched the market has become and how sensitive it is to unfavorable news.
Chipmakers, which bore the brunt of the recent selling, jumped on Wednesday.
“For investors with cash on the sidelines, the recent market pullback seems like a good time to buy, especially for investors with a longer time horizon,” said Robert Edwards at Edwards Asset Management.
“Earnings are crushing it and growing faster than revenues, and that often leads to multiple expansion.”
Bonds slid as data showed US services activity expanded at the fastest pace in eight months.
Federal Reserve Governor Stephen Miran said a report underscoring a rise in employment at companies was “a welcome surprise,” but reiterated rates need to be lower.
Treasury officials, unveiling their plans for financing the US government deficit over the November-to-January period, said they’d begun “to preliminarily consider future increases,” even as they continue to anticipate no changes to note and bond auction sizes “for at least the next several quarters.”
More than 300 shares in the S&P 500 rose, with the gauge closing just shy of 6,800.
A gauge of semiconductors jumped 3%.
The Russell 2000 added 1.5%.
In late hours, Qualcomm Inc. gave a bullish forecast, though a tax change took a toll on profit last quarter.
The yield on 10-year Treasuries climbed seven basis points to 4.16%.
Bitcoin gained about 3.5%.
The dollar wavered.
Calm prevailed Wednesday, following a slide that knocked down several of the world’s biggest technology companies.
Concerns about a narrowing cohort of stocks driving equity gains have become louder, while a pivot in Fed commentary has put a dent in optimism over rate cuts.
Technical indicators are increasingly flagging reasons for caution just as Wall Street chief executives warn about frothy valuations.
“Traders looking for fresh reasons to justify the lofty valuations that have carried markets this far were not finding too many compelling reasons. but they don’t want to sell either,” said Fawad Razaqzada at Forex.com.
With dip-buying being a major theme in equity markets, the downside has been limited after each pullback, he noted.
The recent equity drop looked healthy after a strong rally, but stocks are still set for a solid year-end as easing signals from the Fed, strong AI momentum and contained geopolitical risks support sentiment, according to Barclays Plc strategists led by Emmanuel Cau.
They expect dips to be bought as positioning is high but not extreme, systematic funds have already de-risked, dry powder remains elevated despite retail flows, seasonality is typically positive and buybacks have resumed.
“Some consolidation should not come as a surprise,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
“While political uncertainty and shifting investor sentiment could inject further volatility into the market, we continue to believe that the fundamentals supporting the rally remain intact.”
She noted that high valuations do not necessarily signal an imminent correction.
Instead, declines are more likely when profit growth disappoints, with forward returns more correlated with changes in earnings expectations over the next 12 months.
In addition, the tech sector’s core metrics remain robust.
“The 12-month forward price-to-earnings ratios for today’s tech giants are far lower than those at the peak of the dotcom bubble,” she said.
“Leading companies continue to report stronger-than-expected demand for AI compute and services, while maintaining robust cash positions and balance sheets.”
The key lesson of the last 25 years is that valuations are a function of investor confidence in the stability of the global financial system, predictable economic and corporate earnings growth, and the value of human ingenuity, according to Nicholas Colas at DataTrek Research.
“While it has recently become fashionable to call a top in US equity valuations, history says it takes a macro catalyst to change investor perceptions,” he said.
“We remain positive on US large caps because we do not see a clear and present danger to the current bullish setup for domestic equities.”
Meantime, Apollo Global Management Inc. President Jim Zelter warned that the rush of capital into AI and data centers is fueling high valuations and increasing risk for investors.
“Whenever you see massive impulse and infusion of capital into a sector” such as AI “you have to think about debt and equity returns on invested capital,” Zelter said Wednesday on Bloomberg TV, in response to a question about whether it’s necessary to hedge exposure to data centers.
The flip side is that profits have been solid, with Deutsche Bank AG strategists led by Binky Chadha this week saying earnings growth in US stocks has “broadened across several dimensions” — allaying concern that it was concentrated in just a handful of big-tech companies.
“Earnings season has been spectacular, the Fed is still likely in a cutting phase, and most money managers are trailing their benchmarks,” said Ryan Detrick at Carson Group.
“There are many reasons to expect a strong year-end chase, but we might need a little more choppy action in November first.”
Earnings momentum looks set to continue, and the key question now is the sustainability of the US consumer, that’s going to determine whether this momentum can carry through into next year, according to George Maris at Principal Asset Management.
“A lot of the strength we’re seeing in markets is being fueled by secular growth in technology, particularly in AI,” he said.
“Earnings today are increasingly driven by advanced tech, which has created a very different market dynamic than in past cycles.
We’re in a place we haven’t been very often, where innovation and profitability are intersecting in a powerful way.”
Corporate Highlights:
* Arm Holdings Plc, which provides the most widely used technology in computing processors, gave a bullish revenue forecast, helped by increasing interest in designing chips to run AI data centers.
* Snap Inc. announced a $400 million partnership with Perplexity AI Inc. to distribute the firm’s AI search engine to Snapchat users globally, according to a statement Wednesday.
* Lyft Inc. projected earnings this quarter that fell short of Wall Street’s expectations, signaling that its efforts to expand globally and maintain customer loyalty may limit profits.
* Lucid Group Inc. posted a worse-than-expected third-quarter loss as it grapples with sluggish production of its Gravity SUV and a challenging trade environment.
* DoorDash Inc., the largest food delivery service in the US, said it will invest “several hundred million” more next year toward new initiatives and beefing up internal tools after posting better-than-expected orders for the third quarter.
* Duolingo Inc. raised its revenue guidance for the year as users pay more to chat with AI bots to learn a new language.
* Advanced Micro Devices Inc., the main contender to Nvidia Corp. in the AI chip market, climbed on solid earnings even as its outlook failed to impress some investors.
* Super Micro Computer Inc. sank after it missed reduced estimates for first-quarter sales and profit and gave a disappointing earnings forecast for the current period, reinforcing concerns about its ability to capitalize on demand for AI equipment.
* Pinterest Inc. slumped after issuing a weak revenue forecast, a sign that the search platform’s advertising business may not be growing as quickly as expected despite the upcoming holiday shopping season.
* Apple Inc. is planning to pay about $1 billion a year for an ultrapowerful 1.2 trillion parameter artificial intelligence model developed by Alphabet Inc.’s Google that would help run its long-promised overhaul of the Siri voice assistant, according to people with knowledge of the matter.
* Alphabet Inc.’s Google and cybersecurity company Wiz Inc. cleared a key hurdle to closing their $32 billion deal, with the US government saying it would wrap up its investigation of the acquisition.
* Google and Epic Games Inc., maker of the popular Fortnite game, reached a settlement in their five-year antitrust fight over how developers distribute and monetize apps on Android phones, according to a court filing.
* McDonald’s Corp. reported faster-than-expected US sales growth last quarter as diners prioritized cheap fast food and pulled back from more premium meals at fast-casual chains.
* Bank of America Corp., seeking to revive a stock that’s trailing its main US peers this year, laid out a slew of new financial targets — forecasting that earnings per share will rise at least 12% annually over the next several years.
* After a spate of US regional-bank mergers in recent months, even more are likely as the timeline for regulatory approvals quickens, KeyCorp Chief Executive Officer Chris Gorman said.
* Humana Inc. kept its full-year guidance unchanged despite reporting better-than-expected adjusted profit for the third quarter.
* Teva Pharmaceuticals Inc.’s sales of branded medications topped expectations, showing that its strategy to expand into that drug category is working.
* Bunge Global SA posted third-quarter earnings that beat expectations as it navigates uncertainty in exports and biofuels, while benefiting from its combination with Viterra.
* Rivian Automotive Inc. reported a smaller-than-expected loss in a sign of progress as the electric-vehicle maker cuts costs and staff ahead of plans to begin deliveries of a new midsize SUV next year.
* Unionized Starbucks baristas are preparing to go on strike next week and disrupt one of the coffee chain’s busiest days — aiming to secure a contract after years of sporadic and unsuccessful talks.
* Sonos Inc.’s new chief executive officer outlined a fresh product strategy after the audio brand reported better-than- expected quarterly revenue, the latest in the company’s effort to turn itself around following a disastrous app release last year.
* Novo Nordisk A/S trimmed its forecast for a fourth time this year on lagging sales of its blockbuster drugs Wegovy and Ozempic, underscoring the urgency facing its new chief executive.
* Staff at the US Federal Trade Commission said it appears Novo Nordisk’s proposed bid for Metsera Inc. “may violate the procedural provisions” of the law that requires a premerger review.
What Bloomberg strategists say…
“While some tech companies have valuations that are hard to justify, many of the biggest names in the sector are relatively inexpensive compared to their historical past. Amazon, Meta and even Nvidia trade cheaper than the average of the past decade
compared to earnings expectations.”
-Sebastian Boyd, Macro Strategist, Markets Live
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.4% as of 4 p.m. New York time
* The Nasdaq 100 rose 0.7%
* The Dow Jones Industrial Average rose 0.5%
* The MSCI World Index rose 0.2%
* Bloomberg Magnificent 7 Total Return Index rose 0.9%
* The Russell 2000 Index rose 1.5%
* Philadelphia Stock Exchange Semiconductor Index rose 3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1488
* The British pound rose 0.2% to $1.3049
* The Japanese yen fell 0.3% to 154.13 per dollar
Cryptocurrencies
* Bitcoin rose 3.4% to $103,711.51
* Ether rose 7.2% to $3,443.31
Bonds
* The yield on 10-year Treasuries advanced seven basis points to 4.16%
* Germany’s 10-year yield advanced two basis points to 2.67%
* Britain’s 10-year yield advanced four basis points to 4.46%
* The yield on 2-year Treasuries advanced six basis points to 3.63%
* The yield on 30-year Treasuries advanced seven basis points to 4.74%
Commodities
* West Texas Intermediate crude fell 1.6% to $59.62 a barrel
* Spot gold rose 1.3% to $3,984.60 an ounce
–With assistance from Andre Janse van Vuuren and Anand Krishnamoorthy.
Have a lovely evening.
Be magnificent!
As ever,
Shima
"If you’re not a risk-taker, you should get the hell out of business."– Ray A Kroc
Shima Zangeneh
Assistant to Carolann Steinhoff
Queensbury Securities Inc.
340A – 730 View Street
Victoria BC V8W 3Y7
Tel: 778-430-5851
Fax: 778-430-5828