Investment update

Weekly insight into the marketplace.

November 17 to November 21, 2025

Markets fell on tech earnings and jobs numbers

The major U.S. stock indexes closed sharply lower on Monday, as investors braced for a week that included bellwether tech earnings from Nvidia and delayed U.S. employment data. The Nasdaq declined 0.8%, the S&P 500 fell 0.9% and the blue-chip Dow shed 1.2%. All three indexes traded below their 50-day moving averages. Canada’s TSX also fell 0.8% to a 10-day low. Markets fell steeply again on Tuesday, weighed down by shares of Nvidia, which fell 2.8% and pushed its monthly losses into the 10% correction territory. The S&P 500 declined 0.8%, the Dow slipped 1.1% and the Nasdaq sank 1.2%. The Canadian tech sector hampered the TSX on Tuesday after Celestica lost 3.5%. This contributed to the index ending the day 0.1% lower. Wednesday saw a mid-week rebound with all four North American benchmarks turning positive, as optimism returned ahead of Nvidia’s after-hours report. But this momentum faded quickly. Thursday’s U.S. jobs report – released after a seven-week delay caused by the government shutdown – added to the week’s uncertain atmosphere. According to the Department of Labor, U.S. employers added 119,000 jobs in September, more than double the 50,000 analysts were expecting. But the report also included revisions that showed the economy actually lost 4,000 jobs in August instead of gaining 22,000 as originally reported. The Dow ended the day 0.8% lower, the TSX lost 1.2%, the S&P 500 fell 1.6% and the Nasdaq plunged 2.2%. The major indexes regained some ground on Friday after a U.S. Federal Reserve official showed public support for an interest rate cut in December, but the rally fell short and all four benchmarks closed with a weekly loss.

Canadian inflation cooled in October

From a big picture perspective, the outlook for headline inflation was positive in October. Statistics Canada reported the Consumer Price Index (CPI) slowed to 2.2% on a year-over-year basis, down from 2.4% in September. The decline was driven by cheaper gas prices, which fell 9.4% in October (versus September’s 4.1%), and lower grocery costs, with food purchased at stores dipping to 3.4% (from 4% last month). On the other hand, upside pressure on the annual figures came from cell phone services, which rose 7.7% (the first increase in two and a half years), and home and auto insurance, up 6.8% and 7.3% respectively. Core inflation, which removes the more volatile food and energy prices, rose to 2.7% in October – on par with September. A closer look at food inflation, though, revealed rates continued to outpace growth against the overall CPI. Regionally, inflation was highest in Quebec, followed by Manitoba and Nova Scotia, though overall inflation slowed in seven provinces. The Bank of Canada signaled last month that it’s unlikely to cut rates again at its next meeting, with the October CPI data largely supporting that stance.

Earnings reports came into focus

Chipmaker Nvidia released its eagerly awaited Q3 earnings report after Wednesday’s closing bell. The AI-powerhouse posted revenue of US$57.01 billion, beating the US$55.2 billion that economists expected. The result eclipsed the company’s US$35.1 billion in earnings from the same period last year. For the fourth quarter, Nvidia is projecting revenue north of US$65 billion. In other news, Nvidia announced that it plans to partner with Brookfield Asset Management on a US$10-billion AI infrastructure fund. Major U.S. retailers Home Depot, Lowes, Target and Walmart also reported earnings last week. Home Depot topped expectations with revenue of US$41.35 billion (versus the projected US$41 billion). Lowe’s narrowly missed its US$20.82 billion in expected revenue, pulling in US$20.81 billion, but the company also increased its yearly revenue forecast to US$86 billion, up from US$85.5 billion. Target came in lower than projected with revenue of US$25.27 billion (versus US$25.32 billion) and its net sales fell 1.5% from the same period last year. Retail giant Walmart beat expectations with US$179.5 billion in quarterly revenue and raised its financial outlook as the company continued to benefit from price-sensitive shoppers.