Dear Friends,
Tangents:
Carolann is away from the office for the The Delivering Alpha Conference. I will be writing the newsletter on her behalf.
On November 13, 1927: The Holland Tunnel, the first underwater tunnel connecting New York and New Jersey, officially opened to traffic. history.com
On November 13, 1940: Walt Disney’s “Fantasia” premiered in New York, introducing a groundbreaking blend of classical music and animation. britannica.com
On November 13, 1956: The Supreme Court struck down laws calling for racial segregation on public buses. Go to article
Patrick J. Buchanan (American political commentator & author), born 1938.
Whoopi Goldberg (American actress & TV host), born 1955.
Gerard Butler (Scottish actor), born 1969.
Naomi Campbell (British model), born 1970.
Anne-Marie (British singer), born 1991.
A previously unknown Indigenous population lived in central Argentina for nearly 8,500 years, a new genetic study finds.
Three astronauts remain stuck on China’s Tiangong space station after errant debris struck their return capsule last week. But their return vessel has already arrived, meaning a flight home will come sooner rather than later.
James Webb telescope may have found the universe’s first generation of stars
The James Webb Space Telescope may have discovered Population III stars; the universe’s first generation of stars. They may tell us more about how galaxies form.
New antivenom works against 17 dangerous African snake species, study suggests
Scientists have developed a nanobody-based antivenom that neutralizes toxins from most African cobras, mambas and the rinkhals, which could offer safer, scalable protection beyond existing snakebite treatments.
Researchers have documented the strange antics of two tropical spider species that build giant, arachnid-shaped decoys out of silk, plant matter and prey remains in their webs.
Mount Nemrut: Where colossal stone gods guard a 2,000-year-old mystery. Adıyaman, Turkey
Mount Nemrut rises more than 2,000 meters over Adıyaman province, its slopes fading from olive groves into bare rock. From a distance, it looks like any other peak in the eastern Taurus range — until the colossal heads come into view.
Taylor Swift drops ‘Eras Tour’ doc trailer, with ‘mysterious forces at play’
The “Eras Tour” has ended, yet Swifties can still be in that era. On Thursday Taylor Swift dropped the trailer for her forthcoming Disney+ docuseries “The End of an Era.”
Ancient eggshells shed new light on crocodiles that hunted prey from trees
Scientists say they have unearthed Australia’s oldest known crocodile eggshells, a discovery that could shed light on ancient reptiles that may have hunted prey by dropping on them from trees.
PHOTOS OF THE DAY
Jambiani, Zanzibar
A sponge farmer from Zanzibar’s Sponge Farmers’ Cooperative, a women-led organisation, tends to her crops along the coast
Photograph: Marco Longari/AFP/Getty Images
Bern, Switzerland
Kuba Maziarczyk, super jury member and Polish cheese maker smells a piece of cheese during the 37th edition of the World Cheese Awards. An international jury assesses various aspects of the cheeses, such as the appearance of the rind and paste, as well as the aroma and texture of the cheese
Photograph: Gabriel Monnet/AFP/Getty Images
Mexico City, Mexico
Acrobats perform in OVO, Cirque du Soleil’s latest show
Photograph: Marco Ugarte/AP
Market Closes for November 13th, 2025
| Market Index |
Close | Change |
| Dow Jones |
47457.22 | -797.60 |
| -1.65% | ||
| S&P 500 | 6737.49 | -113.43 |
| -1.66% | ||
| NASDAQ | 22870.36 | -536.10 |
| -2.29% | ||
| TSX | 30253.64 | -573.95 |
| -1.86% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 51281.83 | +218.52 |
| +0.43% | ||
| HANG SENG |
27073.03 | +150.30 |
| +0.56% | ||
| SENSEX | 84478.67 | +12.16 |
| +0.01% | ||
| FTSE 100* | 9807.68 | -103.74 |
| -1.05% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.184 | 3.146 |
| CND. 30 Year Bond |
3.622 | 3.585 |
| U.S. 10 Year Bond |
4.1192 | 4.0693 |
| U.S. 30 Year Bond |
4.7123 | 4.6646 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7124 | 0.7137 |
| US $ |
1.4036 | 1.4011 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 1.6318 | 0.6127 |
| US $ |
1.1626 | 0.8601 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4136.75 | 4123.30 |
| Oil | ||
| WTI Crude Future | 58.69 | 58.49 |
Market Commentary:
On this day in 1929, America’s stock market hit its low for the year. The carnage in individual stocks was far worse than the Dow: AT&T closed down 35% from Sept. 3; General Electric ended the day down 58% from its pre-crash high; Westinghouse closed down by two-thirds from its peak.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite fell 1.9% at 30,253.64 in Toronto.
The move was the biggest since falling 3% on April 10 and follows the previous session’s increase of 1.4%.
Today, information technology stocks led the market lower, as 9 of 11 sectors lost; 169 of 213 shares fell, while 43 rose.
Shopify Inc. contributed the most to the index decline, decreasing 6.2%. Northland Power Inc. had the largest drop, falling 27.2%.
Insights
* In the past year, the index had a similar or greater loss four times. The next day, it declined three times for an average 2.2% and advanced 2.5% once
* This year, the index rose 22%, heading for the best year in at least 10 years
* So far this week, the index rose 1.1%, heading for the biggest advance since the week ended Oct. 3
* The index advanced 21% in the past 52 weeks. The MSCI AC Americas Index gained 13% in the same period
* The S&P/TSX Composite is 2% below its 52-week high on Nov. 12, 2025 and 36.1% above its low on April 7, 2025
* The S&P/TSX Composite is up 1.3% in the past 5 days and rose 1.3% 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 18.9 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$4.9t
* 30-day price volatility rose to 16.00% compared with 14.89% in the previous session and the average of 12.78% over the past month
Index Points
Information Technology| -176.6903| -5.7| 1/8
Financials | -158.3303| -1.6| 3/21
Materials | -110.1408| -2.1| 9/41
Energy | -62.7455| -1.3| 5/33
Industrials | -48.2159| -1.4| 4/25
Utilities | -16.8206| -1.5| 5/9
Real Estate | -6.1768| -1.3| 3/16
Consumer Staples | -3.3209| -0.3| 5/6
Health Care | -2.6545| -3.1| 0/4
Communication Services| 4.8522| 0.8| 5/0
Consumer Discretionary| 6.2958| 0.6| 3/6
Shopify | -116.1000| -6.2| 39.3| 34.6
Brookfield Corp | -64.7100| -6.5| 140.6| 11.5
Celestica | -46.2200| -12.3| 30.6| 209.6
AtkinsRealis | 4.1270| 4.0| 131.6| 20.9
Restaurant Brands | 4.3090| 1.9| 72.2| 5.5
Dollarama | 5.4300| 1.5| 25.9| 38.3
Linamar | 5.3| 1.0820| 234.5| 40.0
AtkinsRealis | 4.0| 4.1270| 131.6| 20.9
Baytex Energy | 3.5| 0.7010| 173.4| 18.9
Northland Power | -27.2| -12.4900| 1,294.4| 1.9
Celestica | -12.3| -46.2200| 30.6| 209.6
Bird Construction | -7.9| -0.8520| 425.5| -2.0
(MT Newswires)
The Toronto Stock Exchange on Thursday retreated from yesterday’s record close, with investors spooked by strong selling of tech stocks on the Nasdaq Exchanged amid fears that expectations around AI advances are too high, and ahead of a deluge of overdue and key U.S. economic data need by the Federal Reserve to decide its next steps along the interest rate path.
The S&P/TSX Composite Index closed down 573.94 points, or 1.9%, to 30,253.64, having set its first record close for a month on Wednesday at 30,827.58, as sentiment dimmed by the 2.3% drop in the Nasdaq Composite, while the S&P 500 closed down 1.7%.
Among sectors, the biggest loser was Info Tech, down 5.6%.
Gainers included the Battery Metals Index up 3.8% and Telecom up near 0.7%.
Wednesday’s record close in Canada came on investor enthusiasm around the federal government’s unveiling of recommended ‘nation building’ projects that will be sent to the newly created Major Projects Office for the fast tracking of infrastructure approvals seen as crucial to the national interest.
CBC News noted Prime Minister Mark Carney was in northern B.C. today to announce the latest slew of nation-building projects to be sent to the newly created Major Projects Office in an effort to fast-track infrastructure approvals.
Carney’s list includes three projects focused on critical mineral extraction, one for exporting liquefied natural gas (LNG) a power-transmission project in northern British Columbia and a hydroelectric project in Nunavut..
Of commodities, gold traded lower late afternoon Thursday despite a weaker dollar as momentum buying for the metal slowed following the reopening of the U.S. government.
Gold for December delivery was down $31.60 to US$4.182.00 per ounce.
But West Texas Intermediate crude oil edged higher despite fresh warnings of an over-supplied market as a report showed a larger than expected rise in U.S. inventories last week.
WTI crude oil for December delivery closed up $0.20 to settle at US$58.69 per barrel, while January Brent crude was last seen up $0.24 to US$62.95.
US
By Rita Nazareth, Isabelle Lee, Denitsa Tsekova and Vildana Hajric
(Bloomberg) — Heavy selling resumed on Wall Street, halting a weeklong respite spurred by the US government reopening, as hawkish statements from Federal Reserve officials ahead of a deluge of economic data spurred traders to dump risky assets from tech stocks to crypto.
With optimism about the shutdown’s resolution priced in, concern about valuations emerged, prompting a selloff in high- flying tech giants.
Under the surface, some market observers pointed to a rotation into more defensive names.
It was the third time in two weeks the S&P 500 fell more than 1%.
Bitcoin sank below $100,000 and is down over 20% since early October.
President Donald Trump signed legislation to end the longest closure in US history, but it could still take a while for the federal bureaucracy to fully restart.
The October jobs report will skip the unemployment rate, US top economic adviser Kevin Hassett told Fox News’ America’s Newsroom.
As Fed officials signaled caution about future rate cuts, market-implied odds of a December reduction fell below 50%.
In separate statements, Fed Bank of St. Louis President Alberto Musalem said officials should move cautiously on rates with inflation running above target, while Cleveland counterpart Beth Hammack noted policy should remain “somewhat restrictive.”
Minneapolis Fed President Neel Kashkari said he didn’t support the last cut and is undecided in December.
Chair Jerome Powell said last month that a reduction is “not a foregone conclusion,” with the decision to be premised on incoming information.
Some traders may be concerned that the omission of key data due to the shutdown may bolster arguments for officials to stand pat.
“It’s an expensive market and expensive markets need lower rates to help justify today’s elevated valuations,” said Matt Maley at Miller Tabak + Co.
“So, the idea that this could change quickly with so much data coming out all at once, this uncertainty is raising some fear in the marketplace.”
The S&P 500 lost 1.7%.
The Nasdaq 100 slid 2.1%.
Measures of both megacaps and smaller firms each tumbled almost 3%.
Wall Street’s closely watched gauge of stock volatility hit 20.
Treasury 10-year yields rose five basis points to 4.12%.
The dollar fell.
With the flow of releases resuming only gradually, traders are left with continued data void, which means price action could be driven more by sentiment and positioning than by hard data, according to Fawad Razaqzada at Forex.com.
“The question now is whether the market’s recent exuberance has run its course,” he said.
“After a stellar rally since April, technology shares look increasingly overvalued and overstretched, with sentiment tempered by a lack of fresh catalysts and a lull in economic data.”
Over the past few sessions, Razaqzada said that a noticeable rotation has occurred in stocks, with traders moving out of high-growth names and back into defensive and value- oriented sectors.
“Is this a sign that risk appetite is fading, or merely the sort of rotation one expects in a healthy bull market? Time will tell,” he said.
“But it’s worth noting that insider selling within the tech space has picked up lately, which rarely bodes well. Traders would do well to stay alert.”
With earnings season largely behind us, investors see this as a “good profit-taking opportunity,” noted Michael O’Rourke at Jones Trading.
“It’s just a normal market rotation away from what’s been working,” said Chris Grisanti at MAI Capital Management.
“It’s probably healthy, though boy, it’s painful in the short term.”
Grisanti says he’s “not a buyer on weakness yet,” but has the “usual suspects” on his screen for “nibbling” if we go lower.
“Emphasis here on the fundamentals which remain strong, even though the market is expensive,” he said.
“Equities had an amazing run since April (without a breather) and it is possible that we are just seeing the pullback many were expecting in October – delayed by the government shutdown,” said Paul Ticu at Calamos Investments.
Ticu says he’d use any market weakness to “build long-term strategic exposures.”
Investors are taking some profits in megacap tech after an extended AI driven run and reallocating toward more reasonably valued sectors including industrials, financials, energy and healthcare, according to David Miller at Catalyst Funds.
At the same time, higher-quality cyclicals are catching a bid as investors position for a slower but steady economic environment where earnings visibility matters more than hyper- growth narratives, he added.
“A rotation out of tech is arguably the healthiest development we’ve seen all year,” Miller said.
“What we’re seeing now is constructive: investors are rediscovering the parts of the market that have been overshadowed by the AI narrative. That broadening gives the rally better footing.”
The tech rally off 2025 lows has pushed the group to relative valuation extremes, with the sector reaching more than one standard deviation above recent norms, according to Michael Casper and Nathaniel Welnhofer at Bloomberg Intelligence.
“A blistering revenue surge, not speculation, has fueled the run, but with premiums this stretched, fundamentals will need to keep sprinting just to stay in place, they concluded.
Growth and AI megacaps have done most of the heavy lifting in recent months, and a broadening of participation is healthy for a sustainable rally, noted Mark Malek at Siebert Financial.
“The question now is whether this discrepancy in performance marks the beginning of a secular rotation, or if it’s simply the market being the market,” he said.
“We do not think we are in an AI bubble yet, largely because when capacity is turned on, every bit of it is backlogged and oversubscribed,” said Carol Schleif at BMO Private Wealth.
“The spending on it has so far been largely orderly and it’s still early in the AI story.”
While some market participants are worried about the increasingly debt financed nature of the spending, she noted that balance sheets across the hyperscalers are largely under- levered, with some room to increase their funding sources, which may include equity or even cash.
The slide in tech is making Nvidia Corp.’s earnings next week more important than ever, according to veteran Wall Street strategist Louis Navellier.
A robust outlook by Chief Executive Officer Jensen Huang is key to a strong year-end for the stock market, he said.
“We expect markets to grind higher – though likely with continued volatility,” Schleif said.
“The gears of the government should be working again soon, and while that is a relief for markets and the economy, there is still plenty of uncertainty, particularly around the missed inflation and jobs data and how these fronts have been faring.”
While the data blackout has made the Fed’s job difficult, she still expects officials to cut interest rates next month.
Market odds of another Fed rate cut in December have dropped from a near-certainty before the last Fed meeting.
To Don Rissmiller at Strategas, this matters because there has been a worrying package of US data recently, but there’s been lack of official government reports to validate the extent of this weakness.
“The US shutdown has ended, but there will be lingering disruptions for several months,” he said.
“It’s understandable that monetary policymakers want to move prudently – but this leaves open the possibility that US labor market conditions weaken further in the fourth quarter.”
Stubbornly high inflation and continued weakness in the labor market are driving a growing divide among Fed officials on the best path ahead for interest rates.
“We would shift to a December skip/January cut if we thought a one meeting delay for more data offers a plausible way to resolve these stark differences, but we do not think it does,” said Krishna Guha at Evercore.
“We think a skip creates more problems for Powell than it solves, which is why we still end up favoring a ‘hawkish cut’.”
Of course, greater clarity on the performance of the underlying real economy could also bolster the case for a quarter-point move if the new information reveals further softening in the labor market and relatively benign inflation – both of which are active debates, to be sure, according to Ian Lyngen, Vail Hartman and Delaney Choi at BMO Capital Markets.
“Despite the fact that investors have long awaited the resumption of dataflow, the upcoming reports will still likely be met with some skepticism given the data-collection delays and timetable shifts,” they said.
In addition, the reopening of the US government doesn’t mean the flow of economic data will be restored straight away, according to Thomas Ryan at Capital Economics.
“Survey-based data not collected in October during the funding lapse will take weeks to gather, process and quality check.
Publishing missing field-collected data, like consumer prices, is probably an impossible task,” he said.
When it comes to November data, things might take a while, according to Chris Fasciano at Commonwealth Financial Network.
There will be a limited data collection period once government employees return to work.
Thanksgiving week will also complicate these efforts, he said.
“This uncertainty complicates things for the Fed, which wasn’t necessarily united after its meeting last month about the potential for another interest rate cut in December,” he added.
For investors, the message is clear — stay nimble, said Seema Shah at Principal Asset Management.
“In an environment where information is scarce and cross- currents risk evolving into rip tides, reactions can be magnified, and portfolio flexibility matters more than bold conviction,” she noted.
Corporate Highlights:
* US airlines are kicking off an unprecedented effort to shake off the travel chaos caused by the government shutdown and reboot their networks in time for the busy Thanksgiving holiday travel period.
* Boeing Co. factory workers in the St. Louis area voted to accept the company’s latest five-year contract offer, ending the longest strike at the planemaker since 1948.
* Cisco Systems Inc., the network-equipment giant, boosted its 2026 forecast, showing progress in its effort to capture more artificial intelligence spending.
* Apple Inc. introduced a new program Thursday that lets the iPhone maker collect revenue from mini apps and games within larger “super apps,” an attempt to capitalize on a growing trend among software developers.
* Tencent Holdings Ltd. has struck a deal with Apple. that will see the iPhone maker handle payments and take a 15% cut of purchases in WeChat mini games and apps, resolving a high- profile dispute that’s dogged the world’s largest smartphone arena.
** Tencent posted a faster-than-anticipated 15% rise in revenue, sustaining the steady growth that’s helped the social media leader attract investors despite eschewing splashy investments in AI infrastructure.
* Alibaba Group Holding Ltd. is preparing an overhaul of its main mobile AI app in coming months to help it more closely resemble OpenAI’s ChatGPT, a key step in a broader effort to catch rivals and eventually earn money off individual users.
* Baidu Inc. released the latest iteration of its flagship AI models, trying to keep up in the highly competitive Chinese artificial intelligence arena.
* Google is under investigation by European Union antitrust watchdogs over concerns it unfairly demotes some news results in a probe that risks adding to its €9.5 billion ($11 billion) EU fines tally and worsening fraught relations with the Trump administration.
* Verizon Communications Inc. is discussing plans to announce job cuts across the company next week, according to people familiar with the wireless carrier’s plans, a major step in a transformation led by new Chief Executive Officer Dan Schulman.
* Walt Disney Co. reported sales that fell short of Wall Street estimates and said a slate of big-budget films, including a new Avatar picture, will weigh on results for the first quarter of its new fiscal year.
* Pfizer Inc. is looking to sell its remaining stake in Covid-19 vaccine partner BioNTech SE, a remnant from one of the pandemic’s most lucrative collaborations.
* A group of First Brands Group creditors is demanding new, independent advisers for company units that issued nearly $2.5 billion in off-balance-sheet debt, claiming conflicts of interest threaten to disrupt the sprawling insolvency case of auto parts maker.
* Uber Technologies Inc. is expanding the availability of its reserved rides option to include popular ski destinations, part of a larger effort to lure wealthy consumers toward more premium services.
* Unionized Starbucks Corp. baristas are launching a wave of walkouts Thursday; a work stoppage they say could grow to become their biggest strike to date.
* Brookfield Corp.’s earnings rose in the third quarter as the Canadian money manager forges ahead with plans to evolve into an investment-led insurer.
* Burberry Group Plc’s sales rose as the UK fashion brand saw demand improve in the region that includes China, an indication its turnaround bid under Chief Executive Officer Joshua Schulman is starting to work.
* Rolls-Royce Holdings Plc reiterated its full-year profit guidance as strong demand for jet engines bolsters the British manufacturer’s order book.
* Deutsche Telekom AG said it would raise dividends for 2025 after third-quarter profit rose from a year earlier, bolstered by a record number of new users of home fiber lines in Germany.
* Allianz SE, the German insurer that owns bond manager Pacific Investment Management Co., raised its outlook for full-year profit after a strong performance in the first nine months of the year.
* Siemens AG expects adverse currency movements to weigh on its results as the engineering company cuts its stake in MRI maker Siemens Healthineers AG to focus on growth in software.
* Red Bull GmbH risks hefty European Union antitrust fines after regulators hit the energy drinks giant with a full-scale probe into allegations it flouted the bloc’s competition rules.
* Glencore Plc and Hillhouse Investment Management plan to invest in Chuangxin Industries Holdings Ltd.’s upcoming initial public offering in Hong Kong, people familiar with the matter said, signaling confidence in the Chinese aluminum smelter’s prospects as the metal’s price surges.
* Ubisoft Entertainment SA made the unusual decision to delay the publication of its first-half financial results on the day that they were due to be released. The company also requested that the trading of its shares be halted.
* Enel SpA raised its profit guidance for this year, after adjusted net income for the first nine months marginally beat analysts’ estimates with contributions from Spain and Latin America helping to offset hydro-power weakness in Italy.
* Repsol SA is considering a reverse merger of its upstream unitwith potential partners including US energy producer APA Corp., people with knowledge of the matter said, as it seeks ways to list the business in New York.
What Bloomberg Strategists say…
“The focus is quickly turning to a deluge of economic data that offers traders minimum visibility on the path forward for rates.
It seems they’re erring on the side of caution and leaning toward a pause next month as Fed policymakers parse signals from the delayed releases, which ultimately shapes up to be a short-term negative for equity markets.”
—Kristine Aquino, Managing Editor, Markets Live
Some of the main moves in markets:
Stocks
* The S&P 500 fell 1.7% as of 4 p.m. New York time
* The Nasdaq 100 fell 2.1%
* The Dow Jones Industrial Average fell 1.7%
* The MSCI World Index fell 1.3%
* Bloomberg Magnificent 7 Total Return Index fell 2.7%
* The Russell 2000 Index fell 2.8%
* S&P 500 Equal Weighted Index fell 1.2%
Currencies
* The Bloomberg Dollar Spot Index fell 0.2%
* The euro rose 0.3% to $1.1632
* The British pound rose 0.4% to $1.3187
* The Japanese yen rose 0.1% to 154.58 per dollar
Cryptocurrencies
* Bitcoin fell 3.3% to $98,559.7
* Ether fell 6.8% to $3,189.54
Bonds
* The yield on 10-year Treasuries advanced five basis points to 4.12%
* Germany’s 10-year yield advanced four basis points to 2.69%
* Britain’s 10-year yield advanced four basis points to 4.44%
* The yield on 2-year Treasuries advanced three basis points to 3.60%
* The yield on 30-year Treasuries advanced five basis points to 4.71%
Commodities
* West Texas Intermediate crude rose 0.3% to $58.67 a barrel
* Spot gold fell 0.3% to $4,181.13 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Shima
"I only hope that we don’t lose sight of one thing – that it was all started by a mouse." — Walt Disney
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