RESULTS at a glance – 3Q25
Stocks in Canada, the US, and much of the developed world continued higher as the promise of AI continues to offset concerns of a tariff-related slowdown. With labour reports in the US pointing to weakness, yields have come down in anticipation of further rate cuts, with the Federal Reserve carrying out its first cut of the year in September. Oil and the Canadian dollar weakened in the quarter amid the turmoil while gold thrived, reaching a new all-time high.
| MARKETS | QTR-END 30-Jun-25 | YR-END 31-Dec-24 | CHANGE THIS YEAR |
| S&P/TSX Composite | 30.023 | 24,728 | 21.4% |
| S&P 500 | 6,688 | 5,882 | 13.7% |
| EAFE | 2,769 | 22,262 | 22.3% |
| GoC 10-Year | 3.19% | 3.22% | -3bps |
| US Gov 10-Year | 4.13% | 4.57% | -44bps |
| CAD$ / US$ | 0.719 | 0.695 | 3.5% |
| WTIC Oil | $62.37 | $71.72 | -13.0% |
| Gold | $3,806.60 | $2,610.90 | 45.8% |
Returns are based on price change only, and exclude dividends. Foreign indices are in USD.
Source: National Bank Financial, Monthly Market Performance as of September 30, 2025