Stocks ended mixed on Friday as investors looked ahead to Nvidia’s quarterly results next week and worried that the Federal Reserve may hold off on cutting U.S. interest rates in December.
The market partly recovered after a selloff early in the session that dragged all three major Wall Street indexes as well as Canada’s main index down more than 1%.
Investors in recent days have fretted about the pace of rate cuts and pricey valuations of heavyweight artificial intelligence stocks that have fueled much of the U.S. stock market’s gains in recent years.
Nvidia, Palantir and Microsoft each gained more than 1%.
Expectations the Fed will cut rates at its December policy meeting have faded in recent days amid signs of persistent inflation, caused in part by U.S. President Donald Trump’s global tariffs. The probability of a 25-basis-point rate cut in December has fallen to under 50% from 67% last week, according to CME Group’s FedWatch tool.
Kansas City Fed President Jeffrey Schmid said on Friday his concerns about “too hot” inflation go well beyond the narrow effects of tariffs, signaling that he could dissent again at the Fed’s December meeting should policymakers opt to cut short-term borrowing costs. He was one of two dissenters in the Fed’s October decision to lower the policy rate by a quarter of a percentage point.
…
The S&P 500 fell 0.05% to end at 6,734.11 points.The Nasdaq gained 0.13% to 22,900.59 points, while the Dow Jones Industrial Average declined 0.65% to 47,147.48 points.
The S&P/TSX composite index ended up 72.82 points, or 0.2%, at 30,326.46. For the week, the index was up 1.4%. It touched on Wednesday a record closing high at 30,827.58.
The TXPR Price Index was down 0.44% on the day.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3059 % | 2,411.6 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3059 % | 4,572.8 |
| Floater | 5.97 % | 6.24 % | 58,358 | 13.52 | 3 | -0.3059 % | 2,635.3 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0392 % | 3,686.6 |
| SplitShare | 4.74 % | 4.53 % | 67,461 | 3.24 | 5 | 0.0392 % | 4,402.6 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0392 % | 3,435.1 |
| Perpetual-Premium | 5.67 % | 1.20 % | 76,791 | 0.09 | 7 | -0.1074 % | 3,092.6 |
| Perpetual-Discount | 5.51 % | 5.61 % | 48,424 | 14.47 | 25 | -0.9229 % | 3,393.3 |
| FixedReset Disc | 5.79 % | 5.95 % | 112,569 | 13.67 | 30 | -0.2258 % | 3,088.8 |
| Insurance Straight | 5.44 % | 5.55 % | 59,543 | 14.52 | 21 | -0.0413 % | 3,340.3 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2258 % | 3,674.5 |
| FixedReset Prem | 5.88 % | 4.94 % | 108,837 | 2.32 | 21 | 0.0259 % | 2,634.4 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.2258 % | 3,157.4 |
| FixedReset Ins Non | 5.17 % | 5.36 % | 63,874 | 14.44 | 15 | 0.1841 % | 3,100.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CU.PR.J | Perpetual-Discount | -9.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 19.70 Evaluated at bid price : 19.70 Bid-YTW : 6.05 % |
| GWO.PR.I | Insurance Straight | -3.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 5.57 % |
| CCS.PR.C | Insurance Straight | -2.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 22.55 Evaluated at bid price : 22.81 Bid-YTW : 5.55 % |
| ENB.PR.P | FixedReset Disc | -1.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 6.34 % |
| ENB.PF.A | FixedReset Disc | -1.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 21.73 Evaluated at bid price : 22.06 Bid-YTW : 6.25 % |
| ELF.PR.H | Perpetual-Discount | -1.42 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 24.00 Evaluated at bid price : 24.25 Bid-YTW : 5.73 % |
| PWF.PR.Z | Perpetual-Discount | -1.29 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 22.60 Evaluated at bid price : 22.88 Bid-YTW : 5.67 % |
| MFC.PR.M | FixedReset Ins Non | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 23.00 Evaluated at bid price : 24.35 Bid-YTW : 5.41 % |
| BN.PF.C | Perpetual-Discount | -1.21 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 21.14 Evaluated at bid price : 21.14 Bid-YTW : 5.83 % |
| PWF.PR.A | Floater | -1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 13.76 Evaluated at bid price : 13.76 Bid-YTW : 5.70 % |
| CIU.PR.A | Perpetual-Discount | -1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 20.76 Evaluated at bid price : 20.76 Bid-YTW : 5.56 % |
| CU.PR.G | Perpetual-Discount | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 20.55 Evaluated at bid price : 20.55 Bid-YTW : 5.50 % |
| PWF.PR.F | Perpetual-Discount | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 23.25 Evaluated at bid price : 23.55 Bid-YTW : 5.61 % |
| GWO.PR.G | Insurance Straight | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 23.33 Evaluated at bid price : 23.62 Bid-YTW : 5.57 % |
| PWF.PR.O | Perpetual-Premium | -1.06 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2025-12-14 Maturity Price : 25.00 Evaluated at bid price : 25.15 Bid-YTW : 1.20 % |
| BN.PF.D | Perpetual-Discount | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 21.47 Evaluated at bid price : 21.73 Bid-YTW : 5.71 % |
| IFC.PR.G | FixedReset Ins Non | 1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 23.57 Evaluated at bid price : 25.35 Bid-YTW : 5.36 % |
| FTS.PR.K | FixedReset Disc | 1.27 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 22.45 Evaluated at bid price : 23.08 Bid-YTW : 5.46 % |
| ENB.PR.H | FixedReset Disc | 1.37 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 22.27 Evaluated at bid price : 22.70 Bid-YTW : 5.64 % |
| ENB.PR.F | FixedReset Disc | 1.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.39 % |
| IFC.PR.C | FixedReset Ins Non | 1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 23.36 Evaluated at bid price : 23.95 Bid-YTW : 5.60 % |
| ENB.PF.E | FixedReset Disc | 1.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 21.66 Evaluated at bid price : 22.00 Bid-YTW : 6.18 % |
| ENB.PR.N | FixedReset Disc | 1.74 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 22.97 Evaluated at bid price : 24.00 Bid-YTW : 5.89 % |
| ENB.PR.D | FixedReset Disc | 1.94 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 6.19 % |
| BN.PF.B | FixedReset Disc | 2.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 22.68 Evaluated at bid price : 23.50 Bid-YTW : 5.99 % |
| PWF.PR.P | FixedReset Disc | 5.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 18.50 Evaluated at bid price : 18.50 Bid-YTW : 5.93 % |
| SLF.PR.E | Insurance Straight | 9.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 21.56 Evaluated at bid price : 21.82 Bid-YTW : 5.21 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BIP.PR.E | FixedReset Prem | 150,500 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 23.65 Evaluated at bid price : 25.46 Bid-YTW : 5.82 % |
| IFC.PR.M | Perpetual-Premium | 82,430 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 24.51 Evaluated at bid price : 24.90 Bid-YTW : 5.54 % |
| CU.PR.F | Perpetual-Discount | 64,330 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 20.81 Evaluated at bid price : 20.81 Bid-YTW : 5.43 % |
| GWO.PR.Y | Insurance Straight | 47,918 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 21.02 Evaluated at bid price : 21.02 Bid-YTW : 5.43 % |
| GWO.PR.S | Insurance Straight | 45,765 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 23.85 Evaluated at bid price : 24.10 Bid-YTW : 5.52 % |
| FTS.PR.H | FixedReset Disc | 40,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2055-11-14 Maturity Price : 18.80 Evaluated at bid price : 18.80 Bid-YTW : 5.74 % |
| There were 12 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| See TMX DataLinx: ‘Last’ != ‘Close’ and the posts linked therein for an idea of why these quotes are so horrible. | ||
| Issue | Index | Quote Data and Yield Notes |
| CU.PR.J | Perpetual-Discount | Quote: 19.70 – 22.01 Spot Rate : 2.3100 Average : 1.6142 YTW SCENARIO |
| GWO.PR.I | Insurance Straight | Quote: 20.50 – 21.62 Spot Rate : 1.1200 Average : 0.7134 YTW SCENARIO |
| CCS.PR.C | Insurance Straight | Quote: 22.81 – 23.65 Spot Rate : 0.8400 Average : 0.5537 YTW SCENARIO |
| ENB.PR.P | FixedReset Disc | Quote: 21.50 – 22.25 Spot Rate : 0.7500 Average : 0.4759 YTW SCENARIO |
| ENB.PF.A | FixedReset Disc | Quote: 22.06 – 22.74 Spot Rate : 0.6800 Average : 0.4374 YTW SCENARIO |
| CU.PR.C | FixedReset Disc | Quote: 23.35 – 24.90 Spot Rate : 1.5500 Average : 1.3199 YTW SCENARIO |