Dear Friends,
Tangents: Happy Monday.
November 24, 1859: Charles Darwin publishes “On the Origin of Species,” introducing the theory of evolution and fundamentally changing our understanding of life.
On Nov. 24, 1963, Jack Ruby shot and mortally wounded Lee Harvey Oswald, the accused assassin of President Kennedy. Go to article.
November 24, 1972: Lou Reed’s “Walk on the Wild Side” is released.
November 14,1998: America Online acquired once-dominant internet browser Netscape Communications for roughly $4.2 billion.
Benedict de Spinoza, philosopher, b. 1632.
Henri Toulouse-Lautrec, artist, b. 1864.
| A looming ‘insect apocalypse’ could endanger global food supplies. Can we stop it before it’s too late? |
Insect populations are in steep decline, which could endanger the food supply. But there are things we can do to reverse the trend. Read More.
| Mysterious galaxy trapped in ‘the void’ keeps churning out stars without fuel. Scientists are stumped. |
Researchers are puzzled as to how the dwarf galaxy NGC 6789 continues to make new stars, despite being stuck in the gas-famished Local Void. Read More.
| Scientists find rare tusked whale alive at sea for the first time — and shoot it with a crossbow |
Researchers have identified ginkgo-toothed beaked whales alive at sea for the first time after years of searching, and in doing so solved the mystery of an odd echolocation pulse
in the North Pacific. Read More.
Built from a single erbium atom, a hybrid quantum bit encodes data magnetically and beams it through fiber-optic wavelengths. Read More.
Leading AI models from OpenAI, Meta, Anthropic and Google described subjective, self-aware experiences when settings tied to deception and roleplay were turned down. Read More. Donald Glover says he had a stroke |
Off-the-grid parenting
It’s what many parents hope for: raising their kids among nature, away from screens and modern distractions. That was the self-described idyllic life of one family — until the courts intervened and removed the children.
A chance to fly — at the box office
“Wicked: For Good” captured box office magic, earning $150 million during its opening weekend in the US, far outpacing its predecessor film.
Caught on camera
Researchers set up a camera to try to find who or what was damaging their crab trap. What they captured on video is something animal behavior scientists say they’ve never seen before.
PHOTOS OF THE DAY
Dubai, UAE
Runners take part in the Dubai Run 2025
Photograph: Fadel Senna/AFP/Getty Images
Wolong, China
A staff member at a conservation centre dresses in a panda costume to give food to a giant panda
Photograph: Xinhua/Shutterstock
Zhoucheng, China
Tie-dyers untie knots in fabrics in a village that is home to more than 200 families engaged in the tie-dying business
Photograph: Xinhua/Shutterstock
Market Closes for November 24th, 2025
| Market Index |
Close | Change |
| Dow Jones |
46448.27 | +202.86 |
| +0.44% | ||
| S&P 500 | 6705.12 | +102.13 |
| +1.55% | ||
| NASDAQ | 22872.01 | +598.93 |
| +2.69% | ||
| TSX | 30604.35 | +443.70 |
| +1.47% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 48625.88 | -1198.06 |
| -2.40% | ||
| HANG SENG |
25716.50 | +496.48 |
| +1.97% | ||
| SENSEX | 84900.71 | -331.21 |
| -0.39% | ||
| FTSE 100* | 9534.91 | -4.80 |
| -0.05% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.170 | 3.195 |
| CND. 30 Year Bond |
3.631 | 3.659 |
| U.S. 10 Year Bond |
4.0248 | 4.0633 |
| U.S. 30 Year Bond |
4.6697 | 4.7120 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7088 | 0.7091 |
| US $ |
1.4107 | 1.4101 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 1.6253 | 0.6152 |
| US $ |
1.1521 | 0.8679 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4072.85 | 4072.85 |
| Oil | ||
| WTI Crude Future | 58.31 |
Market Commentary:
Let us accept truth, even when it surprises us and alters our views. –George Sand, 1804-1876.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the second day, climbing 1.5%, or 443.7 to 30,604.35 in Toronto.
The move was the biggest since rising 1.7% on Oct. 14.
Today, materials stocks led the market higher, as 7 of 11 sectors gained; 139 of 212 shares rose, while 69 fell.
Shopify Inc. contributed the most to the index gain, increasing 5.2%.
Celestica Inc. had the largest increase, rising 15.0%.
Insights
* In the past year, the index had a similar or greater gain four times. The next day, it advanced three times for an average 1.1% and declined 3% once
* This year, the index rose 24%, heading for the best year in at least 10 years
* This month, the index rose 1.1%
* The index advanced 20% in the past 52 weeks. The MSCI AC Americas Index gained 12% in the same period
* The S&P/TSX Composite is 0.8% below its 52-week high on Nov. 12, 2025 and 37.7% above its low on April 7, 2025
* The S&P/TSX Composite is up 1.8% in the past 5 days and rose 0.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 21.6 on a trailing basis and 19 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 fell to 15.63% compared with 15.82% in the previous session and the average of 14.27% over the past month
Index Points
Materials | 250.0668| 5.1| 44/6
Information Technology | 154.1194| 5.2| 6/3
Financials | 50.7832| 0.5| 16/8
Energy | 12.2259| 0.3| 26/9
Consumer Discretionary | 3.3776| 0.3| 7/2
Utilities | 3.2972| 0.3| 8/5
Health Care | 0.7452| 0.9| 4/0
Real Estate | -3.4624| -0.7| 4/15
Communication Services | -3.9833| -0.6| 2/3
Industrials | -6.4511| -0.2| 20/9
Consumer Staples | -17.0058| -1.6| 2/9
Shopify | 92.7400| 5.2| 69.4| 43.2
Barrick Mining | 52.5200| 8.5| 145.4| 150.9
Celestica | 47.5400| 15.0| 26.2| 242.3
Canadian Natural | Resources | -9.2090| -1.3| 160.1| 4.7
Canadian National | -11.7800| -2.3| 213.5| -12.3
Enbridge | -12.5100| -1.2| 40.9| 9.5
MT Newswires:
The Toronto Stock Exchange closed sharply higher on Monday adding close to 700 points over the past two sessions, buoyed by higher commodities today, but Rosenberg Research is cautioning investors about potential volatility over a holiday-shortened week in the United States and an AI boom that "masks weakness elsewhere".
The S&P/TSX Composite Index closed up 443.70 points, or 1.5%, to 30,604.35, adding to the 254 points gained Friday.
However, even after the gains the index is still more than 200 points below a record close of 30,827.58 struck on Nov.12.
Most sectors were higher, led by Info Tech, up 5.5%, and Base Metals, up near 3%.
In contrast, Industrials and Telecoms reported modest losses.
Of commodities, gold traded higher late afternoon Monday on recovering hopes the Federal Reserve will cut interest rates at next month’s meeting of the central bank’s policy committee.
Gold for February delivery was up $50.60 to US$4,166.60 per ounce.
Also, oil traded higher following three losing sessions as traders regained their appetite for risk following last week’s brief market stutter on concerns tech stocks were due for a correction.
West Texas Intermediate oil for January delivery closed up $0.78 to US$58.84 per barrel, while January Brent oil closed up $0.81 to US$63.37.
But highlighting reason for caution among investors, Rosenberg Research in its ‘Breakfast with Dave’ note, noted trading activity typically is light over the U.S. Thanksgiving holiday week.
It noted with markets closed on Thursday for the holiday and then only open until 1:00 p.m. ET on Friday, "this means the recent wide gyrations in this increasingly volatile market are very likely to persist".
The research did note we get key U.S. data on Tuesday (retail sales, PPI, consumer confidence, and pending home sales) and a slate of retail sector reports on how the holiday shopping season is playing out.
In the same note Rosenberg Research said the AI boom "masks weakness elsewhere".
Strip out all the AI and related business spending so far this year, and the rest of the capex space has posted a 3% annualized volume decline, it added.
The research also noted while AI use is widespread, it is not yet boosting profits.
In keeping with the KPMG survey of Canadian businesses that it highlighted last week, a McKinsey study that in the United States, 80% of firms state they have deployed A.I. technologies, but get this: 80% commented that these new technologies had "no significant bottom-line impact.
US
By Rhea Rao
(Bloomberg) — Technology stocks propelled an advance in global equities as traders kicked off a data-packed week more optimistic that the Federal Reserve will cut interest rates in December.
The S&P 500 rose 1.5% and the tech-heavy Nasdaq 100 ended Monday’s session more than 2% higher.
While the former notched its best day in six weeks, the latter gained the most since May.
Bitcoin reversed an earlier drop.
The US 10-year Treasury yield declined to 4.03%.
Oil pushed higher as traders weighed the prospect of a Ukraine-Russia peace deal.
Federal Reserve Governor Christopher Waller fueled optimism on Monday after indicating support for a rate cut next month.
New York Fed President John Williams had a similar impact on the market on Friday after he said a near-term rate cut remains a possibility.
San Francisco Fed President Mary Daly also backs lowering rates in December, she said in an interview on Monday.
While the central bank’s December meeting is the next big milestone for markets, investors are relying on dated economic data due to delays caused by the US shutdown.
There’s room for different interpretations on how the economy is doing because of ambiguity in the data given the lag, James Egelhof, chief US economist at BNP Paribas, said on Bloomberg Television Monday.
“It’s a more disorderly process than what we’re accustomed to,” he said.
“At the same time, we think that Powell wants to keep cutting. He has the votes to do that.
We think the data is giving a little cover to him to deliver one last rate cut to protect the labor market from gradual deterioration.”
Money markets are pricing in a more than 70% chance of a Fed rate cut in December, after the odds fluctuated in recent weeks amid growing fissures among policymakers and the data blackout.
US stocks are gaining on Monday after a volatile week marked by concerns about lofty AI valuations and lack of clarity regarding the Fed’s path ahead.
UBS Securities’ trading desk now thinks the selloff in US stocks may have run its course, especially with expectations for the Fed lowering rates next month seemingly back on track.
“I believe the combination of a reset of the equity market and the increased odds of a rate cut in December has propelled stocks higher and put the year end melt-up back on the table, said Chris Murphy, Susquehanna International Group’s co-head of derivatives strategy.
Even so, Ed Yardeni, founder of Yardeni Research, says the S&P 500 won’t reach his year-end target of 7,000 points until next year because of investors taking profits in AI-related stocks.
His target for the index is one of the highest among Wall Street strategists.
What Bloomberg Strategists Say:
“US stocks enter the shortened Thanksgiving week in an oversold state, with recent volatility likely to fade and support a melt-up on broader participation.”
— Michael Ball, Macro Strategist, Markets Live
Ahead of Thanksgiving and Black Friday, September retail figures due Tuesday are expected to show a moderation as consumers remain squeezed by high prices.
Other data due this week include the producer price index and durable goods orders for September.
Jobless claims on Wednesday, covering the November survey week, will take on added importance as the Fed leans on alternative indicators in the absence of payroll figures.
“There are increasing signs that the economy remains sluggish, which will put additional emphasis on the retail sales release this week, although once more the data will be slightly historic,” said Richard Hunter, head of markets at Interactive Investor.
In geopolitical news, US President Donald Trump and Chinese President Xi Jinping on Monday held their first talks since agreeing to a tariff truce last month, discussing trade, Taiwan and Russia’s invasion of Ukraine.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 1.5% as of 4:04 p.m. New York time
* The Nasdaq 100 rose 2.6%
* The Dow Jones Industrial Average rose 0.4%
* The MSCI World Index rose 1.3%
Currencies
* The Bloomberg Dollar Spot Index was little changed
* The euro was little changed at $1.1522
* The British pound was little changed at $1.3110
* The Japanese yen fell 0.3% to 156.85 per dollar
Cryptocurrencies
* Bitcoin rose 1.2% to $88,996.43
* Ether rose 4.6% to $2,971.56
Bonds
* The yield on 10-year Treasuries declined three basis points to 4.03%
* Germany’s 10-year yield declined one basis point to 2.69%
* Britain’s 10-year yield was little changed at 4.54%
Commodities
* West Texas Intermediate crude rose 1.7% to $59.02 a barrel
* Spot gold rose 1.6% to $4,130.78 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from Andre Janse van Vuuren, Lynn Thomasson, Natalia Kniazhevich and Denitsa Tsekova.
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Habits are the compound interest of self-improvement; small choices add up. –James Clear, b.1986.
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
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