Dear Friends,
Tangents: Happy Friday Eve.
Carolann is away from the office attending the World Business Forum New York 2025. I will be writing the newsletter on her behalf.
In November 6,1947, the television program Meet the Press, the longest-running news program in the U.S., aired for the first time. The Fact Site
In November 6,1971, Project Cannikin, the largest underground hydrogen bomb test by the United States, was carried out on Amchitka Island, Alaska. Nationalinterest.org
In November 6,1999, a referendum was held in Australia on whether the country should become a republic — an event outside of the US. Australian Electoral Commission
In November 6,1861, James Naismith, the inventor of basketball, was born in Ontario, Canada. Go to article
Adolphe Sax, inventor of the saxophone, born 1814
Suleiman the Magnificent, Ottoman Sultan, born 1494
Sally Field, American actress, born 1946
Three Chinese astronauts stranded in space after debris hits their return capsule
Three Chinese taikonauts — Wang Jie, Chen Zhongrui and Chen Dong — will be extending their stay aboard China’s Tiangong space station after their return capsule was struck by a presumed piece of orbital debris on Wednesday.
A roughly 3,000-year-old site in Mexico was built in the shape of a cosmogram that stretches for miles, a new study suggests.
New photos show that the recently discovered comet C/2025 K1 (ATLAS) developed a surprising golden glow after reaching its closest point to the sun. Until now, the comet has gone under the radar, largely thanks to the more famous interstellar comet 3I/ATLAS.
James Webb telescope makes first 3D map of an alien planet’s atmosphere
Astronomers using the James Webb Space Telescope have made the first 3D map of an alien planet’s atmosphere, revealing extreme temperature swings on the exoplanet WASP-18b.
Aging and inflammation may not go hand in hand, study suggests
Declining immune responsiveness with age may be driven by changes in immune cells — not by inflammation, as previously thought.
Canadian court dismisses farm’s attempt to save ostrich flock despite efforts by RFK Jr
Canada’s Supreme Court declined to hear an appeal on the proposed culling of a British Columbia ostrich herd,in a case that has attracted the attention of US Health Secretary Robert F. Kennedy Jr. and his “Make America Healthy Again” movement.
You’ll never guess the Louvre’s onetime CCTV password.
A French court released a report Thursday slamming the leadership of the Louvre for its focus on headline-grabbing purchases and renovation projects over maintaining the security of on of the world’s largest museums.
PHOTOS OF THE DAY
Varanasi, India
Thousands of devotees throng the ghats of the Ganges to watch a prayer ceremony during the Dev Deepavali festival, when the steps leading to the river glow with brightly lit earthen lamps
Photograph: Rajesh Kumar Singh/AP
Berlin, Germany
Greenpeace activists project the message ‘Act now’ on to the Berlin TV Tower, before the Cop30 climate conference in Brazil
Photograph: Lisi Niesner/Reuters
Guangzhou, China
He Xiaopeng, co-founder and chair of the Chinese electric vehicle maker Xpeng, launches the company’s Iron humanoid robot during the AI Day press conference at its headquarters in Guangdong province
Photograph: Jade Gao/AFP/Getty Images
Market Closes for November 06th, 2025
| Market Index |
Close | Change |
| Dow Jones |
46912.30 | -398.70 |
| -0.84% | ||
| S&P 500 | 6720.32 | -75.97 |
| -1.12% | ||
| NASDAQ | 23053.99 | -445.81 |
| -1.90% | ||
| TSX | 29868.59 | -234.89 |
| -0.78% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 50883.68 | +671.41 |
| +1.34% | ||
| HANG SENG |
26485.90 | +550.49 |
| +2.12% | ||
| SENSEX | 83311.01 | -148.14 |
| -0.18% | ||
| FTSE 100* | 9735.78 | -41.30 |
| -0.42% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.104 | 3.166 |
| CND. 30 Year Bond |
3.561 | 3.619 |
| U.S. 10 Year Bond |
4.0831 | 4.1591 |
| U.S. 30 Year Bond |
4.6801 | 4.7378 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7084 | 0.7088 |
| US $ |
1.4115 | 1.4107 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 1.6302 | 0.6133 |
| US $ |
1.1548 | 0.8658 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
3968.20 | 3951.10 |
| Oil | ||
| WTI Crude Future | 59.43 | 59.60 |
Market Commentary:
On this day in 1851, Charles Henry Dow was born. After working as a reporter, he co-founded Dow, Jones & Co., the owner of this newspaper, in 1882. He also devised the Dow Jones Industrial Average in 1896.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 0.8% at 29,868.59 in Toronto.
The move follows the previous session’s increase of 1.1%.
Today, information technology stocks led the market lower, as 9 of 11 sectors lost; 127 of 213 shares fell, while 84 rose.
Shopify Inc. contributed the most to the index decline, decreasing 4.5%.
Goeasy Ltd. had the largest drop, falling 17.0%.
Insights
* This year, the index rose 21%, heading for the best year since 2021
* So far this week, the index fell 1.3%
* The index advanced 21% in the past 52 weeks. The MSCI AC Americas Index gained 14% in the same period
* The S&P/TSX Composite is 3% below its 52-week high on Oct. 15, 2025 and 34.4% above its low on April 7, 2025
* The S&P/TSX Composite is down 1% in the past 5 days and fell 2.2% 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$4.8t
* 30-day price volatility rose to 13.93% compared with 13.71% in the previous session and the average of 11.16% over the past month
Index Points
Information Technology| -137.4694| -4.2| 2/7
Industrials | -69.2843| -2.1| 1/28
Financials | -25.9804| -0.3| 7/17
Consumer Staples | -10.4452| -1.0| 0/11
Energy | -10.3672| -0.2| 23/14
Health Care | -2.1211| -2.5| 1/3
Real Estate | -1.8883| -0.4| 9/10
Consumer Discretionary| -0.8150| -0.1| 2/7
Utilities | -0.2904| 0.0| 11/3
Communication Services| 6.9545| 1.1| 4/1
Materials | 16.8023| 0.4| 24/26
Shopify | -87.8900| -4.5| 14.3| 44.0
Constellation | Software | -24.8100| -5.0| 89.5| -23.7
Cameco | -21.2500| -5.2| 12.5| 72.5
Nutrien | 7.7280| 3.0| 31.1| 22.1
Lundin Mining | 8.5580| 8.0| 41.3| 98.1
Suncor | 9.3310| 1.9| 63.8| 15.5
Lightspeed | Commerce | 15.9| 2.2620| 227.2| -13.4
Vermilion Energy | 8.4| 0.9370| 147.6| -17.1
Lundin Mining | 8.0| 8.5580| 41.3| 98.1
Goeasy | -17.0| -2.4110| 856.4| -19.5
Curaleaf | -14.2| -1.9240| 24.6| 53.6
TransAlta | -11.2| -4.9250| 240.2| 3.9
(MT Newswires)
The Toronto Stock Exchange on Thursday recorded its second big loss in three days as investors continue to digest the details of Tuesday’s federal budget and any news that comes out on the cost of tariffs imposed by the United States on the Canadian economy, for clues on the outlook for the Canadian economy.
The S&P/TSX Composite Index closed down 234.89 points, or 0.8%, to 29,868.6.
On Tuesday the index lost near 500 points and recovered about 325 points of that sum yesterday.
Sectors were mixed, with Info tech down near 3.9%, Health Care down 3.7%, and Industrials down 2%.
The Battery Metals Index was up 2.25%.
Earlier this week, the federal budget outlined a $2 billion, five-year plan for a "critical minerals sovereign fund" that sees the government open up mining and position this country as a major global supplier through equity investments, loan guarantees and offtake agreements.
The government will add more critical minerals to its exploration tax credit list.
In fresh commentary on this week’s budget, The Canadian Press noted the government promises to enable $1 trillion in total investment, which it says could raise future gross domestic product and purchasing power for Canadians.
But it cites Rachel Samson, vice-president of research at the Institute for Research on Public Policy, saying it remains to be seen how the plan will be executed.
"The question is, will the private sector respond to these initiatives and will they invest? (Is it) enough to overcome some of the barriers they face, such as economic uncertainty (and) trade uncertainty? Have they calibrated these incentives to be enough to push businesses over the edge towards investment?" she said.
On the impact of U.S. tariffs on Canada, Scotiabank, in its latest Global Auto Report, noted Canadian auto sales slowed in October to 1.81-million units, down 2.8% month over month, at a seasonally adjusted annualized rate (SAAR) according to Omdia, formerly Wards Automotive.
Meanwhile, auto sales in non-seasonally adjusted terms were 151,000 for October, down by 3.4% year-over-year.
Annual growth in vehicle sales continues to ease through the second half of the year, after a strong start to 2025, at least some of which is likely due to demand that was pulled forward in the spring by consumers looking to front-run any potential tariff distortions to price and supply, the bank said.
Meanwhile, Scotia noted, this week’s federal budget mentioned next steps on electric vehicles will be shared following the 60-day review of the Electric Vehicle Availability Standard (EVAS) policy, which was announced in September when the government removed the 2026 target of 20% sales being zero emission vehicles.
The budget did not mention bringing back the iZEV program which ran out of funding at the beginning of this year.
Scotia said the outlook for Canadian light vehicle sales, which it is in the process of revising, is 1.89 million in 2025 and 1.84 million in 2026.
"The automotive sales rate is expected to remain soft through the end of 2025, compared to the spring, as softer labour markets pose headwinds to consumer spending growth" it added.
Of commodities, gold edged lower late afternoon Thursday even as the dollar fell off a six-month high and treasury yields retreated.
Gold for December delivery was last seen down US$4.50 to US$3,988.40 per ounce.
But West Texas Intermediate oil closed lower for a third day following a report from the Energy Information Agency showing an outsized rise in U.S. inventories last week.
WTI crude oil for December delivery closed down $0.0.17 to settle $59.43 per barrel, while January Brent oil was last seen down US$0.38 to US$63.36.
US
By Rita Nazareth
(Bloomberg) — Volatility lashed Wall Street, with strong evidence of a cooling labor market pushing high-valuation tech stocks and crypto to big losses while bonds rallied on bets the Federal Reserve will cut rates.
Equities sold off for the second time in three days and 10- year yields tumbled the most in about a month following Challenger, Gray & Christmas Inc. data showing the largest October job cuts in more than 20 years.
The Nasdaq 100 slumped 1.9%, and a closely watched volatility index briefly topped 20.
While bets on Fed easing have powered the bull market alongside the artificial-intelligence boom, concerns over valuations have surfaced.
Technical indicators are flagging reasons for caution while worries about a narrowing cohort of stocks driving gains have become louder.
If anything, the slide in equities appears to be taking some “froth” out of the market, according to Chris Murphy at Susquehanna International Group LLP.
“Risk off again,” said Fawad Razaqzada at Forex.com.
“It goes to show it is not always about rate-cut bets, and reality is starting to bite. Frankly, the market needed this reality check. After months of AI-fueled exuberance, traders are rediscovering that fundamentals still matter.”
Investors also kept a close eye on policymakers speaking Thursday.
Fed Bank of Cleveland President Beth Hammack said inflation is a bigger risk than job weakness.
Her Chicago counterpart Austan Goolsbee told CNBC that a lack of inflation data during the shutdown makes him uneasy about rate cuts.
Governor Michael Barr said officials still have work to do on inflation and must ensure the labor market is solid.
The S&P 500 fell 1.1%.
Nvidia Corp. and Tesla Inc. led losses in megacaps.
The UBS US AI Winners Index tumbled nearly 3%.
The yield on 10-year Treasuries slid seven basis points to 4.09%.
Money markets are now implying a better than 60% chance of a Fed cut next month.
A dollar gauge dropped 0.3%.
Bitcoin sank about 3%.
“We are sticking to our view that the Fed will deliver a follow-up 25 basis-point cut in December because restrictive Fed policy can worsen the already fragile employment backdrop,” said Elias Haddad at Brown Brothers Harriman & Co.
With the scarcity of data caused by the US government shutdown, investors have turned to private figures for the latest readings on the economy.
Companies announced 153,074 job cuts last month, almost triple the number during the same month last year and driven by the technology and warehousing sectors.
It’s the most for any October since 2003, when the advent of cellphones was similarly disruptive, said Andy Challenger, the company’s chief revenue officer.
Against the backdrop of a low-hire labor market, this bout of corporate job-cutting does represent a bigger labor risk than the 2022 tech layoffs, when these workers were quickly scooped up by other industries, according to Adam Schickling, senior economist at Vanguard.
“However, we ultimately expect that persistent labor supply constraints over the next three years will help offset the unemployment impact of cyclical and technological pressures,” he said.
Meantime, Revelio Labs data showed the US lost 9,100 nonfarm jobs in October after gaining 33,000 the month prior.
“If anything, the data reinforces the difficulty in making a case that hiring is re-accelerating,” said Vail Hartman at BMO Capital Markets.
“When combined with this morning’s Challenger data, we remain skeptical of the argument that the labor market is staging a re-acceleration into year-end.”
Don Rissmiller at Strategas says the US labor market is not collapsing, but it does not look robust to shocks either.
“While some FOMC members have been hesitant to commit to another fed funds rate cut at their December meeting, a wobbling labor market would likely force their hand,” he noted.
The US central bank lowered rates in October as a way to bolster the weakening labor market.
But inflation, which at 3% in September remained well above the Fed’s 2% target, has also raised concerns among some officials that it will take longer to come down than they thought.
Fed Chair Jerome Powell recently counseled against trying to predict whether another reduction was likely in 2025.
Despite his cautious rhetoric at the October policy meeting, Ulrike Hoffmann-Burchardi at UBS Global Wealth Management bets the US central bank will cut rates twice more by early 2026.
“Evidence of a cooling labor market will continue to mount, and recent inflation readings have not been sufficient to shift the Fed’s focus away from the weakening demand for workers,” she said.
“Further rate cuts should lead to a decline in Treasury yields.”
Hoffmann-Burchardi says quality fixed-income offers an appealing combination of income and the potential to perform well in the event of slowing economic activity and further rate cuts.
Income-based investors can also consider equity income or yield-generating structured strategies to improve cash returns, she noted.
“Today, we’re seeing a significant drop in interest rates,” said Louis Navellier at Navellier & Associates.
“Still well above the yields before the October Fed cut and may be more of a reaction to the volatility of the equity markets than a reassessment of the Fed’s posturing.”
Navellier said there’s still hope for a year-end rally in stocks once the government shutdown ends and the tariff situation is resolved.
“We are still two weeks from the very important Nvidia earnings, and strength there might be the catalyst to reaffirm the AI narrative,” he said.
“If that is followed by a December Fed cut, we may still go out on a high at year’s end.”
The Wall Street veteran also noted that corrections with these levels of gains are normal and to be expected, not something to panic over.
Strong flows from retail investors are likely to support stocks into year-end, according to JPMorgan Chase & Co. strategists.
The forecast is based on seasonal patterns observed in a study of equity fund flows over the past decade, the team led by Nikolaos Panigirtzoglou said in a note.
Outside of US election years, average flows tend to be higher in December and in the first quarter that follows, they found.
“Aside from the reality that pullbacks are inevitable even during the strongest trends, concerns of an ‘AI implosion’ remain overblown,” said Daniel Skelly, head of Morgan Stanley’s Wealth Management Market Research & Strategy Team.
“That’s not to say a larger downturn can’t happen, or that certain stocks haven’t gotten overbid. But the longer-term AI story is intact.”
Skelly notes that such story revolves around a well- financed core of large AI spenders backed by strong earnings and 30 years of proven leadership over multiple tech cycles, including the Internet, the mobile phone era, e-commerce, cloud computing, and now AI.
Meantime, OpenAI Chief Executive Officer Sam Altman pushed back at the idea that the company would seek federal guarantees to reduce the risk of its AI infrastructure spending spree, one day after a top executive at the ChatGPT maker suggested there may be a role for the government to help finance the technology.
“We do not have or want government guarantees for Open AI data centers,” Altman wrote in a lengthy social media post on Thursday.
“Taxpayers should not bail out companies that make bad business decisions or otherwise lose in the market.”
Corporate Highlights:
* Qualcomm Inc., the largest maker of smartphone processors, became the latest chipmaker to deliver an upbeat forecast and still leave investors underwhelmed.
** Chief Executive Officer Cristiano Amon said the world is actually understating how big AI will get.
* Gambling’s reach is extending deeper into the investment ecosystem as Google strikes a deal to pipe prediction market data from Kalshi Inc. and Polymarket into its finance platform.
* A federal judge said he is withholding approval of Google’s antitrust settlement with Epic Games Inc. until he is satisfied the pact over mobile app distribution benefits consumers and boosts competition.
* Microsoft Corp. is pursuing a more powerful form of AI called “superintelligence” it hopes will be capable of making advances in areas like medicine and materials science.
* Huawei Technologies Co. added a thin new handset to its lineup, offering Chinese consumers a direct competitor to Apple Inc.’s iPhone Air.
* Boeing Co. will avoid a criminal charge over two fatal 737 Max crashes after a federal judge paved the way for a $1.1 billion settlement agreement, handing the embattled manufacturer a victory in a long-running legal battle.
** Boeing signed agreements to sell 40 jets to three Central Asian nations on the sidelines of a summit with President Donald Trump on Thursday that’s part of a broader US push to pull the region out of China’s orbit.
* Peloton Interactive Inc. shared a stronger-than-anticipated holiday quarter forecast, as it aims to reposition itself as a holistic wellness brand and regain profitability after its first hardware revamp in years.
** Earlier Thursday, the firm issued a voluntary recall on about 877,800 units of its high-end Bike+ model in the US and Canada following reports that some seat posts broke, causing riders to fall off.
* Airbnb Inc. issued a better-than-expected outlook for the holiday quarter, citing strong demand as US travelers used its recently launched “reserve now, pay later” feature to book trips in advance.
* Expedia Group Inc. raised its full-year gross bookings and revenue outlook, signaling that strong travel trends are continuing into the holiday quarter.
* Take-Two Interactive Software Inc. delayed the release of Grand Theft Auto VI again, pushing back the much-anticipated video game by six months to November 2026.
* DoorDash Inc., the US food-delivery app leader, plunged after saying it will spend more on investments next year to build new products and bolster internal tools, weighing on its earnings forecast.
* Lyft Inc. jumped after projecting an acceleration in bookings this quarter, easing concerns about the ridehailing company’s efforts to expand globally and maintain customer loyalty.
* Uber Technologies Inc. is in talks on a potential deal with Getir that would help the US company further expand its delivery operations in Turkey, according to people with knowledge of the matter.
* Walt Disney Co. signed a new multiyear deal to make DraftKings Inc. the official betting site and odds provider for its ESPN sports networks, replacing a venture it had with casino operator Penn Entertainment Inc.
* Warner Bros. Discovery Inc., the parent of HBO and CNN, reported third-quarter revenue that missed analysts’ expectations, providing a glimpse into the company’s businesses as it puts itself up for sale.
* SoftBank Group Corp. explored a potential takeover of US chipmaker Marvell Technology Inc. earlier this year, people familiar with the matter said, in what would have been the semiconductor industry’s largest-ever deal.
* Texas officials have asked a state court judge to temporarily block Kenvue Inc. from marketing Tylenol as safe for pregnant women, and from issuing a dividend, escalating the company’s legal woes just days after announcing a major merger with Kimberly-Clark Corp.
* Eli Lilly & Co. and Novo Nordisk A/S secured deals with the Trump administration to slash prices for their blockbuster weight-loss drugs like Zepbound and Wegovy in exchange for tariff relief and wider Medicare access.
** Novo Nordisk has again increased its offer for Metsera Inc. as its takeover battle with Pfizer Inc. for the obesity startup escalates.
* Moderna Inc. posted a narrower third-quarter loss than Wall Street expected, a sign that its cost-cutting measures are helping offset the decline of its Covid business.
* Krispy Kreme Inc. reported positive cash from operations in the third quarter for the first time in three quarters — and its highest since late 2022 — as the doughnut maker progressed with its turnaround plan following the end of its US McDonald’s partnership in June.
* ConocoPhillips raised its total spending plans for the Willow oil and natural gas project in Alaska to as much as $9 billion, citing inflation and other rising costs.
* Under Armour Inc. said sales might fall as much as 5% this fiscal year, a bigger decline than Wall Street estimated and raising concern that the sportswear company’s turnaround effort isn’t making enough progress.
* EchoStar Corp. reported a $16.5 billion impairment charge and agreed to sell more spectrum licenses to Elon Musk’s SpaceX for $2.6 billion as it works to unwind parts of its 5G wireless network.
* Celsius Holdings Inc. sank on concern near-term sales might be disrupted by a distribution channel change involving its newly acquired Alani Nu brand.
* Aquarian Holdings agreed to buy insurer and annuity provider Brighthouse Financial Inc. for $4.1 billion in cash.
* Snap Inc. surged after the company announced a $400 million partnership with Perplexity AI Inc. to incorporate its AI- powered search engine into Snapchat.
* First Brands Group lawyers said the company needs access to its roughly $600 million of remaining bankruptcy financing to keep the auto-parts firm from shutting down immediately.
* Charles Schwab Corp. agreed to buy Forge Global Holdings Inc., a marketplace for buying and selling shares of private companies, for about $660 million.
* CarMax Inc. sank after terminating its chief executive over lagging sales and a nosedive of the stock that halved the used- car retailer’s market value so far this year.
* Global Payments Inc. sold $6.2 billion bonds to help fund its acquisition of Worldpay Inc., joining a wave of borrowers that have helped propel global bond issuance to a record high.
* Tapestry Inc. raised its full-year outlook and reported quarterly earnings that beat expectations on the strength of its Coach brand — but the shares slumped, suggesting investors were looking for more.
* United Parks & Resorts Inc.’s third-quarter revenue missed estimates, as weather disruptions and softer discretionary spending weighed on attendance.
* Deutsche Boerse AG and Nasdaq Inc. risk hefty European Union fines after the bloc’s antitrust watchdog opened a full-scale investigation into a suspected cartel linked to listing, trading and clearing of derivatives.
What Bloomberg strategists say…
“With the US government shutdown now the longest in history, and official economic indicators delayed as a result, private information on jobs is gaining in importance.
And with the Fed focused on weakness in the labor market, the bond markets are uber-sensitive to the data.”
—Alyce Andres, Macro Strategist, Markets Live.
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.1% as of 4 p.m. New York time
* The Nasdaq 100 fell 1.9%
* The Dow Jones Industrial Average fell 0.8%
* The MSCI World Index fell 0.7%
* Bloomberg Magnificent 7 Total Return Index fell 2%
* The Russell 2000 Index fell 1.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.5% to $1.1548
* The British pound rose 0.7% to $1.3136
* The Japanese yen rose 0.7% to 153.04 per dollar
Cryptocurrencies
* Bitcoin fell 2.8% to $100,741.04
* Ether fell 4.1% to $3,299.62
Bonds
* The yield on 10-year Treasuries declined seven basis points to 4.09%
* Germany’s 10-year yield declined two basis points to 2.65%
* Britain’s 10-year yield declined three basis points to 4.43%
* The yield on 2-year Treasuries declined seven basis points to 3.56%
* The yield on 30-year Treasuries declined six basis points to 4.68%
Commodities
* West Texas Intermediate crude was little changed
* Spot gold was little changed
–With assistance from Denitsa Tsekova, Andre Janse van Vuuren and Anand Krishnamoorthy.
Have a lovely evening.
Be magnificent!
As ever,
Shima
""Money is a tool. You can’t wield a tool for show. It’s meant to make something, not make someone."– Olivier de Kersauson
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