Investment update
Weekly insight into the marketplace.
November 10 to 14, 2025
Tech stocks took a hit
News over the weekend that U.S. lawmakers were making progress toward ending the government shutdown put investors in an optimistic mood to start the week. The major U.S. stock indexes made big gains on Monday, led by the Nasdaq, which shot up 2.3% — its largest single-day rally since May. Canada’s resource-focused TSX advanced 1.35% with support coming from the materials sector, as gold prices gained strength. On Tuesday, the broad-based Dow was the big winner, climbing 1.18% to a record closing high. The S&P 500 closed with a more modest 0.21% gain, and the tech-heavy Nasdaq slipped 0.25%, as losses for tech stocks counteracted gains across all other sectors. The TSX added 0.31% on the back of positive corporate earnings. These trends continued Wednesday, with the Dow rising 0.68% to close above the 48,000-point level for the first time. The S&P 500 was near flat, edging up 0.06%, while the Nasdaq dipped 0.26%. The TSX closed 1.38% higher on the back of the materials sector, with shares of Orla Mining surging 13.63% following its third-quarter earnings report. The tech slide accelerated on Thursday, and the Wall Street benchmarks all closed with steep losses. The Nasdaq dropped 2.29%, pulled down by shares of Broadcom, Nvidia, Palantir and Tesla. The S&P 500 and Dow each surrendered around 1.65%. The TSX tumbled 1.85% as shares of e-commerce giant Shopify traded lower. On Friday, the Nasdaq snapped its three-day losing streak, bouncing back 0.13% while the S&P 500 and Dow lost 0.05% and 0.65%, respectively. The TSX rose 0.24% led by gains from the energy sector following Canadian Prime Minister Mark Carney’s announcement of another batch of fast-tracked initiatives to boost Canada’s economy.
The U.S. government shutdown ended
The 43-day government shutdown – the longest in American history – came to an end Wednesday after a funding bill was finally passed by Congress and signed by U.S. President Donald Trump. The uncertainty created by the shutdown, in part due to a lack of economic data updates, had clouded the financial market outlook for weeks. At the centre of the impasse was an enhanced tax credit due to expire at the end of the year that lowers the cost of health coverage. Democrats wanted it extended in any new funding bill, but the Republicans refused. Ultimately, a deal was made when eight Democratic Senators broke ranks with their party after Republicans, who control Congress, promised to hold a vote by mid-December to extend health-care subsidies. The approved funding bill extends long-term spending to about 10% of the approximately U.S.$1.8 trillion provided to federal agencies, while the remainder is funded through January 30, 2026. It reverses the firing of federal workers by the Trump administration since the shutdown began, protects federal workers against further layoffs through January and guarantees they are paid.
Carney announced another round of “nation-building” projects
On Thursday, Prime Minister Carney announced the government will refer seven more major initiatives for fast-track approval by the Major Projects Office. These initiatives are in addition to five fast-tracked initiatives Carney announced in September. According to the government, these latest projects will collectively add over $100 billion to the economy and make Canada more self-sufficient in the face of protectionist U.S. policies. The initiatives named in this announcement include:
- Crawford Nickel project, Ontario
- Iqaluit hydro project, Nunavut
- Ksi Lisims liquefied natural gas project, British Columbia
- North Coast Transmission Line, B.C.
- Northwest Critical Conservation Corridor, B.C. and Yukon
- Nouveau Monde Graphite Phase 2 project, Quebec
- Sisson Mine, critical minerals, New Brunswick
”Many of Canada’s strengths — based on close trade ties with the U.S. — have become our vulnerabilities,” Carney said. ”With the world changing rapidly, Canada must change our economic strategy dramatically.” Carney described the projects as “transformational” and said they will help Canada realize its “full potential as an energy superpower” as the nation’s trade patterns evolve.
The stock and bond market*
| Index | Close | Week | YTD |
|---|---|---|---|
| S&P/TSX Composite | 30,326.46 | 1.38% | 22.64% |
| Dow Jones Industrial Avg. | 47,147.48 | 0.34% | 10.82% |
| S&P 500 Index | 6,734.11 | 0.08% | 14.49% |
| Nasdaq Composite | 22,900.59 | -0.45% | 18.59% |
| 10-yr Canadian Bond Yield | 3.22% | 0.05% | -0.01% |
| 10-yr U.S. Treasury Yield | 4.14% | 0.03% | -0.44% |
| WTI Crude Oil (US$/barrel) | 60.09 | 0.57% | -16.22% |
| Canadian Dollar | US$0.71 | 0.27% | 2.59% |
Prime Rate 4.45 % |
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*Weekly performance ending November 14, 2025. Sources: Morningstar Direct, Bank of Canada, U.S. Department of the Treasury and CME Group
Never try to time the market. No one can predict when the markets will rise or fall, or by how much. This makes timing the market a risky approach. Your investment strategy, from the outset, should be based on your goals, your risk tolerance and your time horizon – not the market’s. If you have questions, a Co-operators financial representative is always ready to help.
Federal Reserve meeting minutes (November 17): Given there’s been a lack of recent U.S. economic data due to the government shutdown, minutes from the Federal Reserve policy meetings earlier this month are likely to receive heightened attention when they are released on Wednesday.
Circle these dates
November 27: U.S. markets closed for Thanksgiving Day
December 9 to 10: U.S. Federal Reserve interest-rate decision
December 10: Bank of Canada interest-rate decision
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