Dear Friends,
Tangents:
November 19, 1493: Puerto Rico Discovery Day.
November 19, 1863: Abraham Lincoln delivers the Gettysburg Address in just two minutes, creating one of history’s most memorable speeches about democracy and sacrifice.
November 19, 1990: The pop duo Milli Vanilli was stripped of its Grammy Award after it was revealed that neither performer sang on the group’s records. Go to article.
Peter Drucker, management guru, b. 1909.
Indira Gandhi, Indian politician, b.1917.
Ted Turner, media mogul, b.1938.
Meg Ryan, actress, b. 1961.
Jodie Foster, actress, b. 1962.
LeBron James begins season No. 23
The 40-year-old Lakers star added another record to his illustrious resumé — the longest career in NBA history.
Just how safe is that headgear?
The Helmet Lab at Virginia Tech measures and rates the effectiveness of all kinds of helmet types, from sports to construction. Learn about some of their latest tests.
Roblox safety update
Roblox CEO David Baszucki joined CNN to explain the company’s new age verification rules after lawsuits alleged the gaming platform fails to protect children from online predators. Watch the interview.
Painting fetches $236 million at auction
This rare Klimt painting became the most expensive work of modern art ever sold at auction. Learn what drove its record-setting price.
| ‘Sophisticated’ Bronze Age city unearthed in Kazakhstan ‘transforms our understanding of steppe societies’ |
Archaeologists in Kazakhstan have discovered the "City of Seven Ravines," a vast Bronze Age "proto-city" with metalworking, dwellings and a large building. Read More.
| Secretive SpaceX satellites operated by US government are shooting disruptive radio signals into space, astronomer accidentally discovers |
An amateur astronomer has accidentally uncovered a series of puzzling radio signals coming from SpaceX’s government-operated "Starshield" network. The signals overlap with protected frequencies and could disrupt other nearby spacecraft, experts warn. Read More.
| ‘From another world’: 3I/ATLAS photobombs a galaxy and shows off its multiple tails in stunning new image |
An incredible new image shows the multi-tailed alien comet 3I/ATLAS shooting past a distant galaxy in the night sky. The stunning scene is a reminder of the object’s perfectly natural interstellar origins, photographer Satoru Murata claims. Read More.
| New ‘Transformer’ humanoid robot can launch a shapeshifting drone off its back — watch it in action |
Developed at Caltech, a new robot is a humanoid that can launch an M4 drone, switching between different modes of motion, with wheels that can become rotors. Read More.
| ‘Perfectly preserved’ Neanderthal skull bones suggest their noses didn’t evolve to warm air |
An analysis of the only intact Neanderthal inner nose bones known to exist reveals that our ancient cousins’ enormous noses did not evolve to withstand harsh climates. Read More.
PHOTOS OF THE DAY
Nepal, Kathmandu
A monkey climbs up a tree. Nepal is home to four monkey species: the Rhesus macaque (red monkey), Assamese macaque (pahare monkey), and two types of langurs – Nepal langur and Tarai langur. According to the International Union for Conservation of Nature red list, the Assamese macaque and Tarai langur are endangered, while the Rhesus macaque and Nepal langur are classified as species of least concern
Photograph: Subaas Shrestha/NurPhoto/Shutterstock
Kiln Pit Hill, UK
Overnight snow covers a churchyard in Northumberland. Snow and ice warnings have come into force across the UK
Photograph: Owen Humphreys/PA
Chiba, Tokyo
People on the beach in Chiba, a suburb of Tokyo, as the sun sets over Mount Fuji
Photograph: Philip Fong/AFP/Getty Images
Market Closes for November 19th, 2025
| Market Index |
Close | Change |
| Dow Jones |
46138.77 | +47.03 |
| +0.10% | ||
| S&P 500 | 6642.16 | +24.84 |
| +0.38% | ||
| NASDAQ | 22564.23 | +131.38 |
| +0.59% | ||
| TSX | 30278.41 | +241.95 |
| +0.81% |
International Markets
| Market Index |
Close | Change |
| NIKKEI | 50478.13 | +1940.43 |
| +4.00% | ||
| HANG SENG |
25830.65 | -99.38 |
| -0.38% | ||
| SENSEX | 85186.47 | +513.45 |
| +0.61% | ||
| FTSE 100* | 9507.41 | -44.89 |
| -0.47% |
Bonds
| Bonds | % Yield | Previous % Yield |
| CND. 10 Year Bond |
3.256 | 3.251 |
| CND. 30 Year Bond |
3.707 | 3.700 |
| U.S. 10 Year Bond |
4.1425 | 4.1096 |
| U.S. 30 Year Bond |
4.7577 | 4.7309 |
| BOC Close | Today | Previous |
| Canadian $ | 0.7118 | 0.7148 |
| US $ |
1.4047 | 1.3989 |
| Euro Rate 1 Euro= |
Inverse | |
| Canadian $ | 1.6202 | 0.6171 |
| US $ |
1.1535 | 0.8668 |
Commodities
| Gold | Close | Previous |
| London Gold Fix |
4060.85 | 4072.50 |
| Oil | ||
| WTI Crude Future | 59.44 | 60.74 |
Market Commentary:
On this day in 1938, Robert Edward Turner was born. After taking over his family’s advertising business, Ted got into TV. He started in 1970 with a single independent UHF station in Atlanta. He launched CNN in 1980 to almost universal predictions of failure.
Canada
By Bloomberg Automation
(Bloomberg) — The S&P/TSX Composite rose 0.8% at 30,278.41 in Toronto.
The move follows the previous session’s decrease of 0.1%.
Shopify Inc. contributed the most to the index gain, increasing 4.6%.
MDA Space Ltd. had the largest increase, rising 5.5%.
Today, 140 of 212 shares rose, while 69 fell; 7 of 11 sectors were higher, led by information technology stocks.
Insights
* This year, the index rose 22%, heading for the best year in at least 10 years
* 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 1.9% below its 52-week high on Nov. 12, 2025 and 36.2% above its low on April 7, 2025
* The S&P/TSX Composite is down 1.8% in the past 5 days and rose 0.6% 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 18.8 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$4.78t
* 30-day price volatility rose to 15.91% compared with 15.79% in the previous session and the average of 13.73% over the past month
Index Points
Information Technology | 91.6437| 3.2| 6/2
Materials | 66.2858| 1.3| 42/8
Energy | 48.6992| 1.0| 30/7
Industrials | 27.3441| 0.8| 23/6
Financials | 6.5679| 0.1| 11/13
Consumer Staples | 3.7305| 0.4| 8/3
Real Estate | 0.1734| 0.0| 7/11
Consumer Discretionary | -0.4595| 0.0| 3/6
Utilities | -0.5704| -0.1| 7/7
Health Care | -0.7068| -0.9| 0/4
Communication Services | -0.7606| -0.1| 3/2
Shopify | 77.2000| 4.6| 21.2| 34.2
Celestica | 16.5300| 4.9| -13.2| 231.5
Cameco | 14.5300| 4.1| -1.7| 64.1
Constellation | Software | -5.1140| -1.1| -0.7| -28.0
Scotiabank | -6.6940| -0.8| -36.6| 21.8
CIBC | -11.7100| -1.5| 40.7| 30.0
MT Newswires:
The Toronto Stock Exchange on Wednesday recovered some of its recent losses of late on some bargain buying and amid optimism Prime Minister Mark Carney’s trip to the United Arab Emirates will see him seal ties in areas like artificial intelligence, count in terms of boosting Canada’s economic diversification.
The S&P/TSX Composite Index closed 241.95 points, or 0.8%, at 30,278.41.
But it is well down from a record close of 30,827.58 struck just last Wednesday, before North American markets started to get all jittery about the possibility of a market correction and market watchers started to raise concerns about the high valuations on tech stocks.
Where the market goes from here may depend on Nvidia (NVDA) earnings due after trade today, as they could shine a light on whether Big Tech is fueling an AI boom or bubble.
Meanwhile, sectors were largely mixed, with both Base Metals and Info Tech up near 2.4%.
The Battery Metals Index was the biggest loser, down more than 2%.
In company news, Brookfield Asset Management (BAM.TO) was up more than 2% as it launched a US$100 billion global AI Infrastructure program in partnership with NVIDIA and the Kuwait Investment Authority (KIA).
Touching down in Abu Dhabi today, Carney became the first sitting Canadian prime minister since 1983 to visit the U.A.E. and there is an expectation that his trip will drum up investment from Emirati sovereign wealth funds, to help diversify this nation’s economy in response to an ongoing U.S. trade war.
It’s not just the federal government that sees diversification and innovation as key to maintaining future growth, either.
Calgary Economic Development (CED) at a 2026 Economic Outlook event said it is advancing targeted programs to support local companies diversify trade relationships.
The organization is expanding its trade services programming with market-specific supports to help local companies take advantage of international agreements and diversify beyond the United States to markets within Europe, Asia and the UAE.
RBC Economics published an ‘Insight’ note today that said services can drive greater Canadian export diversification.
The bank noted discussions about tariffs so far have focused primarily on the impact on Canada’s goods exports, but it said services represent an "increasingly critical (and underappreciated)" component of the country’s trade profile.
Services, RBC noted, have emerged as a growing share of total Canadian exports and have accounted for most of real export growth over the past decade.
It also noted Canada has shifted into a services trade surplus in recent years, driven by strong gains in commercial services, bolstered by the rapid rise of digital service delivery, and travel-related exports.
RBC said: "Several structural advantages include the ability to access more diverse markets more easily, fewer geographic constraints, and greater resilience to economic volatility.
An expansion of services exports offers a key opportunity for Canada to further economic diversification as goods continue to face trade-related headwinds.
"However," the bank added, "some gains in services trade may be partly contingent on maintaining stable goods trade relationships going forward."
The bank’s note comes as provinces took steps to ease internal trade barriers.
The Canadian Federation of Independent Business applauded today’s announcement that all Canadian jurisdictions have signed a mutual recognition agreement for goods.
It urged the governments to keep the momentum going, saying the next phase should include expanding the mutual recognition agreement to services, food products, and alcohol, which still face significant internal trade barriers.
Of commodities, gold traded higher late afternoon Wednesday following three losing sessions on haven buying.
Gold for December delivery was last seen up $6.80 to US$4,073.30 per ounce.
But West Texas Intermediate oil settled lower even after a report showed a higher-than-expected drop in U.S. inventories last week, on concerns the market is over supplied amid rising production.
WTI crude oil for December delivery closed $1.30 to settle at US$59.44 per barrel, while January Brent crude was last seen down $1.42 to US$63.47.
US
By Rita Nazareth
(Bloomberg) — Wall Street traders drove stocks higher ahead of earnings from Nvidia Corp., whose bar has been raised amid questions on whether its revenues will justify the billions in the run-up to results from the giant chipmaker, the S&P 500 halted a four-day slide.
The dollar rose, with traders nearly pricing out a rate cut next month as the Bureau of Labor Statistics won’t publish an October job report but will incorporate the payrolls figures into the November data due after the Federal Reserve’s final meeting of 2025. Bitcoin sank below $90,000.
Worries over everything from the Fed’s policy path and the durability of the AI trade have contributed to a recent equity rout.
With investors increasingly skittish about tech spending, how Nvidia’s results are interpreted will be key.
“How investors digest this wave of upcoming data will help determine whether the recent selloff has legs or is simply a pause in an ongoing upward trend,” said Mark Hackett at Nationwide.
“Betting against the bulls and the buy-the-dip instinct have not been winning strategies over the past three years.”
Meantime, many Fed officials said it would likely be appropriate to keep rates steady for the remainder of 2025, according to minutes of the October meeting.
The document came out on the eve of the September jobs report.
“Uncertainty is running high because of the lost data and the unclear impact of tariffs,” said David Russell at TradeStation.
“There’s no consensus at the Fed with policymakers flying blind, but these minutes lean hawkish overall.”
The S&P 500 rose to around 6,642.
Nvidia jumped almost 3%.
Alphabet Inc. rallied on positive reviews for its new Gemini AI model.
The yield on 10-year Treasuries rose two basis points to 4.13%.
Oil sank after a US government report showed rising inventories of fuel and other refined products, easing supply concerns.
To Andrew Tyler, head of global market intelligence at JPMorgan Chase & Co., the recent rout in equities represents a “technical washout” that may have already ended.
“Given that there have not been any changes to the fundamental story, nor does our investment hypothesis rely on the Fed easing, we are dip-buyers,” Tyler wrote in a note to clients on Wednesday.
Bob Diamond, the former chief executive officer of Barclays Plc who now runs investment firm Atlas Merchant Capital, said turmoil in global markets in recent days resembles a “healthy correction” as investors grapple with how to assess elements of technological change.
“We would characterize the November pullback in stocks as a breather, as the market is settling into a more realistic view of the world,” said David Trainer at New Constructs.
Trainer also noted that Nvidia’s earnings report is important for the broader stock market especially right now that investors worry about a bubble in AI-related names.
“We continue to believe that concerns over an AI bubble bursting are overblown at least for now,” said Chris Senyek at Wolfe Research.
“We remain buyers of AI-related stocks on share- price weakness.”
Analysts expect Nvidia to show more than 50% growth in both net income and revenue in its fiscal third quarter.
“There is no doubt that fundamental demand is strong – how could it not be, with more than $1.5 trillion in AI deals announced in the past couple of months?” said Mike O’Rourke at JonesTrading.
“One never knows when the stock market has peaked until after the fact. Nonetheless, we believe it is important to assert that stocks will turn lower long before the headlines turn negative.”
“In today’s world, Nvidia is the bluest of the blue chips – which is what makes it a bellwether – but we have already witnessed more speculative AI names succumb to market doubts about the quality of their backlogs and their ability to execute on projected timetables,” he said.
There is little question that they are going to report very good numbers and provide excellent guidance, but the real issue will be how the stock reacts to these announcements, according to Matt Maley at Miller Tabak.
“We have seen quite a few instances recently where a stock has reported excellent earnings/guidance recently only to be followed by some ugly declines in response to those numbers,” he said.
Maley notes that one thing that Nvidia has going for it is that it has sold off going into its earnings report.
“Since Nvidia has seen a pullback recently, the odds are lower that we’ll get a ‘sell the news’ reaction to a great report,” he added.
“That said, the stock has declined each of the past five times they have reported, no matter how the stock was acting going into the report.”
We have seen various times where Nvidia came into earnings near its highs, gave a positive outlook, but failed to rally because that outlook was already priced in, noted Steve Sosnick at Interactive Brokers.
“Today we come into earnings with some concerns, meaning that the stock has a lower psychological bar to clear,” he said.
“Nvidia’s earnings arrive at a moment when concerns about a tech bubble are starting to build again,” said Jim Reid at Deutsche Bank.
He analyzed Nvidia’s performance across the 11 earnings releases since ChatGPT launched just under three years ago.
Over that period, Nvidia has risen more than tenfold, Reid said.
Yet, perhaps surprisingly, the stock’s average performance on the day after and the week after earnings has actually been slightly lower than its overall trajectory.
“The main takeaway: Nvidia’s extraordinary rally over the past three years hasn’t been driven by earnings-day reactions,” Reid said.
“Most of the gains have occurred in the stretches between earnings, rather than around the announcements themselves.”
“Nvidia earnings are the litmus test for the AI trade, which has helped power stocks across the year,” said Fiona Cincotta at City Index.
“Any disappointment from Nvidia could spark a fresh leg lower for stocks, particularly AI and tech.”
With Nvidia, it has usually been a case of not if they beat earnings, but by how much as the company has exceeded both top and bottom-line expectations for 11 straight quarters, according to Adam Turnquist at LPL Financial.
“Investors will be listening for any new insight into the company’s data center revenue forecast after CEO Jensen Huang revealed the chipmaker has $500 billion in combined orders for 2025 and 2026,” Turnquist said.
How they plan to meet this growing demand via their supply chain, how margins are holding up, guidance on its recent partnership plans with OpenAI, and the launch of its next generation Rubin platform will be additional areas of focus when they report, the LPL strategist noted.
In terms of expectations, the options market is pricing in around a 6.9% one-day post-earnings price move (absolute basis), he added.
“Nvidia is an amazing company, but its stock is just too expensive,” said Trainer at New Constructs.
“While Nvidia is super profitable company with monstrously large free cash flows, it’s difficult to justify any further upside from current levels.”
Trainer noted that Nvidia produced $60 billion in free cash flow over the past 12 months, and to justify its current stock price, it would need to produce $2.1 trillion in annual cash flows within 10-years.
“That’s a very tall order, especially considering that other companies are trying hard to take market share away from Nvidia,” he said.
Trainer also remarked that there is too much money chasing too few stocks, and many AI stocks are “priced for perfection” and then some.
“Despite the recent pullback in tech stocks, we expect AI- driven innovation to propel global stock markets higher,” said Ulrike Hoffmann-Burchardi at UBS Global Wealth Management.
“Ongoing investments in AI, the strong financial health of today’s leading tech firms, and both the potential and growing evidence of returns on investments give us confidence in the next leg of the global equity rally in the months ahead.”
Corporate Highlights:
* Adobe Inc. has agreed to buy the marketing software company Semrush Holdings Inc. for $1.9 billion, marking its first takeover announcement since the failed $20 billion acquisition of Figma Inc. in 2022.
* Tesla Inc. has been cleared to offer ride-hailing services in Arizona, one of the states where the carmaker eventually aims to operate a robotaxi business.
** Elon Musk said his xAI artificial intelligence startup plans to develop a 500 megawatt data center in Saudi Arabia with the kingdom’s state-backed AI venture Humain that will rely on chips from Nvidia Corp.
* Brookfield Asset Management Ltd. is targeting $10 billion of fund commitments for a global artificial-intelligence infrastructure program in partnership with Nvidia Corp. and the Kuwait Investment Authority.
* Amazon.com Inc. lost a European Union court fight against regulators’ efforts to draw it under the scope of its digital content rulebook.
* Meta Platforms Inc. warned of significant difficulties identifying and removing underage users as it prepares to comply with Australia’s world-first social media ban for under-16s next month.
* Lowe’s Cos. reported profit that topped expectations on a pickup in online sales and growth in demand from professional contractors.
* Target Corp.’s lengthy slump persisted in the third quarter, underscoring the numerous obstacles the big-box retailer’s incoming chief executive officer faces — from intense competition to a weakening economy.
* TJX Cos. posted sales last quarter above estimates and raised its outlook, signaling that US shoppers are turning to cheaper options as the economy shows signs of stress.
* La-Z-Boy Inc., a home furniture retailer, reported both sales and adjusted earnings per share that beat Wall Street’s expectations.
* United Airlines Inc. shelved two municipal bond issues as the volatility hitting other asset classes makes a rare appearance in the state and local government debt market.
* Abbott Laboratories is nearing a potential acquisition of medical-testing company Exact Sciences Corp., in what would be its largest deal in nearly a decade, people familiar with the matter said.
* Constellation Energy Corp.’s plan to restart its shuttered Three Mile Island nuclear plant is getting $1 billion in backing from the US government as the Trump administration pushes to add more atomic power on the electric grid.
* Kraken has filed confidentially for a US IPO, laying the groundwork for the crypto exchange operator to go public as soon as next year.
* WH Smith Plc’s Chief Executive Officer Carl Cowling resigned, as an accounting error forced the British retailer to cut its profit outlook in North America for a second time.
* Porsche AG unveiled an electric version of its popular Cayenne sport utility vehicle, one of the models developed under an ambitious EV push that the luxury-car maker has since scrapped.
* Glencore Plc’s ferrochrome venture in South Africa will start cutting jobs at its last active smelter, blaming the government’s failure to provide cheaper energy to help it vie with fierce competition from Chinese facilities.
* Deutsche Lufthansa AG and IAG SA plan to submit expressions of interest in Portugal’s TAP SA in the coming days, according to people familiar with the matter, joining Air France-KLM in the bidding process for part of the state-owned carrier.
* Ubisoft Entertainment SA said that it will release its results for the fiscal first half before trading opens on Friday, after unexpectedly postponing their publication on the scheduled release day last week.
* Shares in Vivendi SE slumped on Wednesday after Le Monde reported that billionaire Vincent Bolloré’s eponymous holding company could escape having to pay anything to compensate minority shareholders over the recent split of the group.
* Moët Hennessy won a lawsuit against its former finance chief after LVMH’s drinks unit accused him of violating a non- disclosure agreement that he signed last year as part of his settlement when he was dismissed.
* Prada SpA is preparing to revamp Versace by putting Lorenzo Bertelli, the designated heir of the Italian billionaire family, at the helm of the fashion house it agreed to buy earlier this year.
What Bloomberg Strategists say…
“Markets remain in an AI-centric de-grossing; yet technicals, positioning, and sentiment indicate volatility is calming. That leaves the door more open for stocks to gain if Nvidia’s earnings calm AI capex angst.”
-Michael Ball, 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 0.6%
* The Dow Jones Industrial Average rose 0.1%
* The MSCI World Index was little changed
* Bloomberg Magnificent 7 Total Return Index rose 0.8%
* UBS US AI Winners Index rose 1.1%
* The Russell 2000 Index was little changed
* Nvidia rose 2.8%
Currencies
* The Bloomberg Dollar Spot Index rose 0.5%
* The euro fell 0.5% to $1.1526
* The British pound fell 0.7% to $1.3048
* The Japanese yen fell 1% to 157.01 per dollar
Cryptocurrencies
* Bitcoin fell 2.9% to $89,747.51
* Ether fell 4.6% to $2,955.92
Bonds
* The yield on 10-year Treasuries advanced two basis points to 4.13%
* Germany’s 10-year yield was little changed at 2.71%
* Britain’s 10-year yield advanced five basis points to 4.60%
* The yield on 2-year Treasuries advanced one basis point to 3.59%
* The yield on 30-year Treasuries advanced one basis point to 4.75%
Commodities
* West Texas Intermediate crude fell 2% to $59.54 a barrel
* Spot gold rose 0.1% to $4,073.31 an ounce
Have a lovely evening.
Be magnificent!
As ever,
Carolann
Discipline is choosing between what you want now and what you want most. –Augusta F. Kantra, b.1962.
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