TORONTO – Canada’s main stock index finished higher on Tuesday, due partly to recent strength in corporate earnings reports and seasonal trends, while U.S. markets posted mixed results.
Philip Petursson, chief investment strategist at IG Wealth Management, said the gains on Canada’s benchmark index were broad-based, with most sectors in positive territory. He added that markets have reacted positively to recent earnings from TSX-listed companies.
“The TSX has generated decent earnings growth, and I would say earnings have surprised to the upside with nine per cent growth. Revenue is flattish at one per cent. As we look forward, the earnings momentum is expected to continue into 2026,” he said.
The S&P/TSX composite index was up 92.62 points at 30,409.25.
Petursson noted gains on the TSX have come amid a continuing trend of outperformance among non-U.S. stocks.
“Perhaps this started with the tariffs (when) investors were starting to look elsewhere, but it continues, and I think this is a positive sign. It’s a healthy sign for the markets that it’s not all U.S. all the time,” he said.
Petursson added that seasonal trends have also taken hold in the market, with November and December being historically strong months.
“When you look at the strength that we saw in September and October, that tends to lead into November and December, and that momentum continues. That’s one of the positives on the technical side (that) I think the market is looking forward to,” he said.
On U.S. indexes, Petursson said that the outsized impact of Nvidia was distorting the gains.
“A lot of the individual sectors are up … What’s dragging it down is the largest position on the S&P 500,” Petursson said.
Nvidia sank three per cent per cent after SoftBank, a Japanese technology giant that had been a major investor, said it had sold its entire stake last month for US$5.83 billion. Because Nvidia is so large — worth close to US$5 trillion — it was the heaviest weight on the S&P 500 on Tuesday and checked gains made elsewhere in the market.
Investors also continued to digest the potential opening of the U.S. government, with the Senate passing legislation Monday to reopen the government, bringing the longest shutdown in history closer to an end.
Petursson noted that investors were primarily concerned about the uncertainty it was causing.
“The longer it goes on, the greater the uncertainty in terms of the ramifications of the shutdown, the secondary and tertiary impacts.
He added that a reopening would remove that uncertainty from the market, but most of the market reaction took place on Monday.
In New York, the Dow Jones industrial average was up 559.33 points at 47,927.96. The S&P 500 index was up 14.18 points at 6,846.61, while the Nasdaq composite was down 58.87 points at 23,468.30.
The Canadian dollar traded for 71.37 cents US, according to XE.com, compared with 71.33 cents US on Monday.
The December crude oil contract was up 91 cents US at US$61.04 per barrel. The December gold contract was down US$5.70 at US$4,116.30 an ounce.
This report by The Canadian Press was first published Nov. 11, 2025.
— With files from The Associated Press.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
