Investment update
Weekly insight into the marketplace.
October 6 to 10, 2025
Stock markets retreated
The TSX rose 0.20% to close at a record level on Monday, led by gains from the mining sector. Gold prices continued to climb on increased demand for safe havens amid U.S. economic uncertainties. Tech stocks helped the Nasdaq and the S&P 500 extend their record runs, advancing 0.67% and 0.38%, respectively, after OpenAI and Advanced Micro Devices announced a multibillion-dollar deal to build AI data centres. The Dow didn’t fare as well, falling 0.1% on the day. Sentiment sagged on Tuesday, as the U.S. government shutdown continued and AI-enthusiasm waned. The Nasdaq led losses for the major U.S. stock indexes, with a 0.71% pullback. The TSX retreated 0.59%, with shares of auto parts manufacturers hurting performance after a meeting between Canadian Prime Minister Mark Carney and U.S. President Trump failed to produce a trade deal. Wednesday saw the Nasdaq and S&P 500 bounce back into record territory, propelled by results from Nvidia. The tech giant’s stock price shot up after its CEO stated that the company has continued to see a substantial rise in demand for its computing chips. Meanwhile, the TSX rose 0.50% on the back of gold prices that set a record price of $US4,000 per ounce. On Thursday, all the major North American stock indexes closed modestly lower, and gold prices eased. U.S. stock markets fell on Friday, erasing nearly US$2 trillion in market value, following a social media post by President Trump in which he threatened “a massive increase of tariffs on Chinese products coming into the United States of America.” The Nasdaq plunged 3.56%, the S&P 500 fell 2.71% and the Dow shed 1.90%. The TSX pulled back 1.10%, reflecting the cautious mood on Wall Street.
Canadian and U.S. leaders talked trade
Prime Minister Carney visited Washington on Tuesday for face-to-face talks with President Trump. While Carney didn’t leave the White House with a tariff-relief deal, Canada-U.S. Trade Minister Dominic LeBlanc said that the leaders had agreed to work quickly to reach an agreement that will bring greater certainty to the steel, aluminum and energy sectors. LeBlanc explained this would be the first step toward establishing other sector-specific deals to remove U.S. tariffs from lumber and auto parts. “We concluded what I think was a successful, positive, substantive conversation with President Trump on trade issues,” he said. According to reports of what was discussed, Carney raised the possibility of reviving the Keystone XL pipeline, a project that was shelved by the Obama and Biden administrations, but would have the full support of President Trump. Carney also drove home to the President that, “We [Canada] are the largest foreign investor in the United States, half a trillion in the last five years alone, probably $1 trillion in the next five years — if we get the agreement we expect to get.” In response to opposition criticism over his approach, the Prime Minister told Parliament on Wednesday, “As we speak, our team is negotiating. This is not just words. We will get a deal.”
Canada’s unemployment rate steadied
According to Statistics Canada data released on Friday, Canada’s economy added 60,000 jobs in September, and the unemployment rate held steady at 7.1%. Economists were expecting a more modest increase of 5,000 positions after the labour market shed 100,000 over the previous two months. A decline in the number of part-time positions available last month was more than offset by the addition of 106,000 full-time jobs. The manufacturing industry, which has been the hardest hit by U.S. tariffs, grew for the first time since January and led all sectors with the addition of 28,000 jobs last month. The September data marks the Bank of Canada’s last major employment update before its next interest-rate decision on October 29.
The stock and bond market*
| Index | Close | Week | YTD |
|---|---|---|---|
| S&P/TSX Composite | 29,850.89 | -2.04% | 20.72% |
| Dow Jones Industrial Avg. | 45,479.60 | -2.73% | 6.90% |
| S&P 500 Index | 6,552.51 | -2.43% | 11.41% |
| Nasdaq Composite | 22,204.43 | -2.53% | 14.98% |
| 10-yr Canadian Bond Yield | 3.18% | -0.01% | -0.05% |
| 10-yr U.S. Treasury Yield | 4.05% | -0.08% | -0.53% |
| WTI Crude Oil (US$/barrel) | 59.49 | -2.28% | -17.05% |
| Canadian Dollar | US$0.71 | -0.33% | 2.78% |
Prime Rate 4.70 % |
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*Weekly performance ending October 10, 2025. Sources: Morningstar Direct, Bank of Canada, U.S. Department of the Treasury and CME Group
Many factors influence the market. The best defence against market uncertainty is having – and sticking to – an investment strategy that’s geared toward your individual goals and objectives. If you have questions or decide it’s time to review your plan, our financial representatives are here to help.
U.S. economic data delays: The ongoing U.S. government shutdown has already postponed the release of September’s employment data. This week’s consumer price index update, due on Wednesday, is also expected to be delayed.
Circle these dates
October 29: Bank of Canada and U.S. Federal Reserve interest-rate announcements
November 27: U.S. markets closed for Thanksgiving Day
The commentary in this report is based on current market conditions and market media sources available to the public and may change without prior warning at any time. The forecasts provided herein are not guarantees of future performance and include risks, uncertainty and assumptions. While Co-operators Life Insurance Company (“Co-operators”) believes these assumptions are reasonable, there is no guarantee they will be confirmed. This report is not a guarantee of future investment performance, nor should undue reliance be placed on this report. This report is provided as a general source of information for a specific point in time and should not be considered solicitation to buy or sell any investment. Nothing contained in this report constitutes investment, legal, tax or other advice. The content in this report should not be relied upon in making an investment or other decision, and individuals should obtain relevant and specific professional advice and read the terms and conditions contained in the relevant offering documents carefully before any investment decision is made. Co-operators is not responsible for any loss or damage as a result of reliance on the information contained in this report. Co-operators makes no representations or warranties as to the information contained herein and does not guarantee its accuracy, timeliness, completeness or usefulness. Co-operators is committed to protecting the privacy, confidentiality, accuracy and security of the personal information it collects, uses, retains and discloses in the course of conducting business. Please visit cooperators.ca/privacy for more information. Co-operators® is a registered trademark of Co-operators Group Limited and is used with permission. Investing in your future. Together.TM is a trademark of Co-operators Group Limited. If you are a client who has received this, and you have questions or want to discuss your investments, please contact your Financial Advisor.
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