Dear Friends,
Tangents:
November 24, 1783: General George Washingon rides into New York City with 800 soldiers as the British evacuate.
November 25, 1895: John B. Meyenberg of St. Louis patents evaporated milk, given the world a shelf-stable dairy staple that quietly reshaped everything from home cooking to global food supply.
November 25, 1973: Greek President George Papadopoulos was ousted in a bloodless military coup. Go to article
The true New Yorker secretly believes that people living anywhere else have to be, in some sense, kidding. –John Updike, 1932-2009.
Joe DiMaggio, baseball player, b. 1914.
| Neanderthals cannibalized ‘outsider’ women and children 45,000 years ago at cave in Belgium |
Fragmented Neanderthal bones discovered in a cave in Belgium show that one group cannibalized the women and children of another group. Read More.
| Ancient Egyptian pharaoh moved another ruler’s body and stole his tomb, hundreds of funerary figurines suggest |
Archaeologists have discovered 225 shabtis — figurines meant to work for the deceased in the afterlife — in a pharaoh’s tomb. Read More.
| A decade-long chimp war ended in a baby boom for the victors, scientists discover |
A deadly conflict between rival groups of chimpanzees in Uganda led to comprehensive victory and a bounty of territory and food — does it show why humans go to war? Read More.
| Scientists say they’ve eliminated a major AI bottleneck — now they can process calculations ‘at the speed of light’ |
A new architecture replaces traditional bottlenecks with a passive, single-shot light-speed operation that could become the foundational hardware for AGI, scientists argue. Read More.
Beloved tortoise dies at 141
A Galápagos tortoise named Gramma, the oldest resident of the San Diego Zoo, has died. She was estimated to be about 141 years old.
Video: Old Navy’s multi-million-dollar holiday pajamas
In an unpredictable holiday shopping season, Old Navy is counting on its booming holiday pajamas to drive sales.
PHOTOS OF THE DAY
Ayodhya, India
The Sriram temple in Uttar Pradesh during a ceremony marking the formal completion of its construction
Photograph: Press Informaton Bureau Handout/EPA
New York, US
Saks Fifth Avenue unveils its holiday light show and window display
Photograph: Evan Agostini/Invision/AP
Harbin, China
An excavator moves stored ice for use in the construction of frozen landscapes at the Ice and Snow World show. The event is part of a winter festival that includes cross-country skiing
Photograph: VCG/Getty Images
Market Closes for November 25th, 2025
| Market Index |
Close | Change |
| Dow Jones |
47112.45 | +664.18 |
| +1.43% | ||
| S&P 500 | 6765.88 | +60.76 |
| +0.91% | ||
| NASDAQ | 23025.59 | +153.58 |
| +0.67% | ||
| TSX | 30900.65 | +296.30 |
| +0.97% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 49117.60 | +458.08 |
| +0.94% | ||
| HANG SENG |
25894.55 | +178.05 |
| +0.69% | ||
| SENSEX | 84587.01 | -313.70 |
| -0.37% | ||
| FTSE 100* | 9609.53 | +74.62 |
| +0.78% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.148 | 3.170 |
| CND. 30 Year Bond |
3.609 | 3.631 |
| U.S. 10 Year Bond |
4.0018 | 4.0248 |
| U.S. 30 Year Bond |
4.6492 | 4.6697 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7091 | 0.7088 |
| US $ |
1.4102 | 1.4107 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 1.6308 | 0.6131 |
| US $ |
1.1565 | 0.8646 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4082.05 | 4072.85 |
| Oil | ||
| WTI Crude Future | 58.15 | 59.00 |
Market Commentary:
On this day in 1835, Andrew Carnegie was born in Scotland. Carnegie came to the U.S. when he was 13 and went on to forge the steel industry that made America’s railroads, bridges and cars possible. By 1901 he was the world’s richest man.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose for the third day, climbing 1%, or 296.3 to 30,900.65 in Toronto.
Today, financials stocks led the market higher, as all sectors gained; 157 of 212 shares rose, while 52 fell.
Royal Bank of Canada contributed the most to the index gain, increasing 1.6%.
BRP Inc. had the largest increase, rising 8.0%.
Insights
* This year, the index rose 25%, heading for the best year in at least 10 years
* This month, the index rose 2.1%
* The index advanced 22% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is at its 52-week high and 39% above its low on April 7, 2025
* The S&P/TSX Composite is up 2.9% in the past 5 days and rose 1.8% in the past 30 days
* S&P/TSX Composite is trading at a price-to-earnings ratio of 20.6 on a trailing basis and 19.2 times estimated earnings of its members for the coming year
* The index’s dividend yield is 2.3% on a trailing 12-month basis
* S&P/TSX Composite’s members have a total market capitalization of C$4.86t
* 30-day price volatility rose to 15.65% compared with 15.63% in the previous session and the average of 14.41% over the past month
Index Points
Financials | 110.7414| 1.1| 22/2
Industrials | 52.5370| 1.6| 25/4
Information Technology | 37.8323| 1.2| 8/1
Consumer Staples | 31.4889| 3.0| 10/1
Consumer Discretionary | 22.4717| 2.2| 9/0
Materials | 19.7057| 0.4| 40/10
Energy | 13.1074| 0.3| 14/23
Utilities | 4.7417| 0.4| 9/5
Real Estate | 2.8380| 0.6| 15/3
Health Care | 0.8081| 1.0| 3/0
Communication Services | 0.0347| 0.0| 2/3
RBC | 32.7600| 1.6| -15.9| 23.9
Shopify | 24.3400| 1.3| 8.3| 45.1
Brookfield Corp | 19.7700| 2.1| -14.7| 17.9
Cenovus | -6.3140| -2.5| 93.5| 12.7
TD Bank | -8.0410| -0.6| -28.8| 51.6
Barrick Mining | -8.9530| -1.3| -40.0| 147.6
US
By Rheaa Rao
(Bloomberg) — US stocks ended Tuesday’s session higher, with traders reloading wagers on an interest-rate cut next month while the latest AI advances drove Big Tech valuations.
The S&P 500 rose 0.9% after swinging between modest gains and losses earlier.
The Nasdaq 100, after declining as much as 1.3%, wrapped up the day 0.6% higher.
Economic data out of the US on Tuesday further cemented bets that the Federal Reserve will lower rates in December.
That optimism had pushed stocks higher even on Monday.
The US 10-year Treasury yield fell, lingering around 4% after White House National Economic Council Director Kevin Hassett emerged as the front-runner to serve as the next Fed chair.
The dollar remained lower.
Bitcoin dropped below $88,000.
Among individual stock movers, Alphabet Inc. came off session highs that had driven the search giant closer to a $4 trillion valuation, after The Information reported that Meta Platforms Inc. is in talks to use Google’s AI chips.
Shares of Nvidia Corp., Advanced Micro Devices Inc. and Oracle Corp. remained lower.
“Nvidia is the biggest position in my portfolio, and I am not worried at all by a 3% dip,” said Fares Hendi, global fund manager at Prevoir Asset Management in Paris.
“It’s healthy that in a functioning market economy Google goes into this market, it just shows its vast potential.”
Tech stocks like Apple Inc., Meta Platforms Inc. and Amazon.com Inc. rose.
Gains in the health-care sector also buoyed the S&P 500.
Delayed data that released earlier showed that US retail sales rose modestly in September while US wholesale inflation picked up, reflecting higher energy and food costs.
US consumer confidence in November slid by the most in seven months because of anxiety about jobs and the economy.
Private payrolls data for the four-week period ending Nov. 8 pointed to a moderating labor market.
The latest US economic reports are important to traders given the lack of fresh data before the Fed’s December meeting.
Money markets are now pricing in about an 80% chance of a Fed rate cut in December.
After fluctuating in recent weeks, the odds for further easing have steadily climbed following recent dovish remarks from some policymakers.
What Bloomberg Strategists Say…
“The combination of weak private payrolls and subdued retail sales figures was enough to push traders to lean into a December rate cut once more.
They’re now showing the strongest conviction in a reduction since policymakers last gathered in October.
The revival in rate-cut bets certainly comes at an opportune time for risk assets as they attempt to recover from last week’s turmoil and bodes well for a year-end rally barring any major economic shocks.”
— Kristine Aquino, Managing Editor, Markets Live.
In commodity markets, oil fell as signs of progress in peace talks between Ukraine and Russia buoyed expectations that Moscow’s supply will stay online.
Some of the main moves in markets:
Stocks
* The S&P 500 rose 0.9% as of 4:04 p.m. New York time
* The Nasdaq 100 rose 0.6%
* The Dow Jones Industrial Average rose 1.4%
* The MSCI World Index rose 0.9%
Currencies
* The Bloomberg Dollar Spot Index fell 0.3%
* The euro rose 0.4% to $1.1566
* The British pound rose 0.5% to $1.3165
* The Japanese yen rose 0.5% to 156.09 per dollar
Cryptocurrencies
* Bitcoin fell 1.7% to $87,254.31
* Ether fell 1.1% to $2,925.69
Bonds
* The yield on 10-year Treasuries declined two basis points to 4.00%
* Germany’s 10-year yield declined two basis points to 2.67%
* Britain’s 10-year yield declined four basis points to 4.49%
Commodities
* West Texas Intermediate crude fell 1.5% to $57.94 a barrel
* Spot gold fell 0.2% to $4,128.59 an ounce
This story was produced with the assistance of Bloomberg Automation.
–With assistance from James Hirai, Julien Ponthus, Lynn Thomasson and Andre Janse van Vuuren.
Have a lovely evening.
Be magnificent!
As ever,
Carolann
In a government of laws, the existence of the government will be imperiled if it fails to observe the law scrupulously.
Our government is the potent, the omnipotent teacher. For good or ill, it teaches the whole people by its example.
If government becomes a lawbreaker it breeds contempt for law: it invites every man to become a law unto himself.
It invites anarchy. -Justice Louis Brandeis, 1856-1941.
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