So, equities had a day and a half!
Stocks had their worst day in nearly two years as investors’ concerns about weaknesses in the A.I. industry re-emerged after Democratic midterm victories raised the prospect of tighter regulation.
The S&P 500 fell 4.4 percent on Thursday, marking the most severe drop for the index since April 2025, when President Trump unveiled sweeping global tariffs.
The tech-heavy Nasdaq Composite dropped 5.5 percent, putting the index into correction, defined as a drop of 10 percent or more from its recent peak. The Philadelphia Semiconductor Index, a benchmark for the industry, tumbled over 12 percent. That index has fallen over 30 percent since the beginning of October and is almost 40 percent below its peak in June.
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And as stocks tumbled, the 10-year Treasury note, seen as a haven during periods of market stress, rallied, meaning its yield fell, dropping to 4.83 percent, its lowest since September.
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Qualcomm, a large chipmaker, sank 9.5 percent on Thursday after the company dialed down its earnings forecast; it said high demand for chips was raising its own costs faster than it has been able to raise prices. The sharp stock move reflected broader concerns that supply bottlenecks created by the rush to build A.I. infrastructure could slow the industry’s growth, which means slowing the time it takes for investors to realize profits on their A.I. bets.
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Shares of Elon Musk’s Tesla and SpaceX fell sharply for a second day.
I was pleased to see that Trump Media & Technology Group Corp, DJT, set a new 52-week low today of 3.80, closing at 4.02. I regard this issue as a corruption index – the only reason to buy it is to curry favour.
Five year Canadas ended the day at 3.37%, down about 5bp.
| 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 | 0.0683 % | 2,762.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0683 % | 5,201.7 |
| Floater | 5.61 % | 5.69 % | 45,838 | 14.35 | 1 | 0.0683 % | 2,997.8 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0863 % | 3,619.8 |
| SplitShare | 4.90 % | 5.37 % | 54,314 | 3.26 | 6 | -0.0863 % | 4,322.8 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0863 % | 3,372.8 |
| Perpetual-Premium | 5.84 % | 5.90 % | 43,665 | 14.03 | 1 | -1.3121 % | 3,004.2 |
| Perpetual-Discount | 5.76 % | 5.84 % | 43,927 | 14.13 | 33 | -0.5456 % | 3,271.6 |
| FixedReset Disc | 5.69 % | 6.22 % | 89,072 | 13.36 | 22 | 1.7159 % | 3,359.9 |
| Insurance Straight | 5.66 % | 5.76 % | 55,915 | 14.21 | 20 | 0.5172 % | 3,185.3 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.7159 % | 4,102.4 |
| FixedReset Prem | 6.00 % | 5.18 % | 73,422 | 1.99 | 28 | -0.0617 % | 2,610.0 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 1.7159 % | 3,434.5 |
| FixedReset Ins Non | 5.65 % | 5.72 % | 47,664 | 14.01 | 13 | -0.2023 % | 3,223.8 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| CU.PR.G | Perpetual-Discount | -9.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-05 Maturity Price : 18.71 Evaluated at bid price : 18.71 Bid-YTW : 6.03 % |
| GWO.PR.R | Insurance Straight | -3.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-05 Maturity Price : 20.35 Evaluated at bid price : 20.35 Bid-YTW : 5.98 % |
| CU.PR.K | Perpetual-Discount | -2.88 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-05 Maturity Price : 23.29 Evaluated at bid price : 23.60 Bid-YTW : 5.93 % |
| GWO.PR.N | FixedReset Ins Non | -2.47 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-05 Maturity Price : 19.75 Evaluated at bid price : 19.75 Bid-YTW : 5.91 % |
| POW.PR.B | Perpetual-Discount | -1.49 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-05 Maturity Price : 22.82 Evaluated at bid price : 23.10 Bid-YTW : 5.84 % |
| POW.PR.C | Perpetual-Premium | -1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-05 Maturity Price : 24.57 Evaluated at bid price : 24.82 Bid-YTW : 5.90 % |
| MFC.PR.B | Insurance Straight | 1.19 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-05 Maturity Price : 21.34 Evaluated at bid price : 21.34 Bid-YTW : 5.53 % |
| GWO.PR.P | Insurance Straight | 1.51 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-05 Maturity Price : 23.30 Evaluated at bid price : 23.58 Bid-YTW : 5.79 % |
| IFC.PR.A | FixedReset Ins Non | 2.08 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-05 Maturity Price : 22.57 Evaluated at bid price : 23.05 Bid-YTW : 5.67 % |
| ENB.PF.C | FixedReset Disc | 2.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-05 Maturity Price : 22.76 Evaluated at bid price : 23.65 Bid-YTW : 6.41 % |
| BN.PR.X | FixedReset Disc | 3.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-05 Maturity Price : 21.39 Evaluated at bid price : 21.39 Bid-YTW : 6.23 % |
| GWO.PR.S | Insurance Straight | 6.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-05 Maturity Price : 22.55 Evaluated at bid price : 22.80 Bid-YTW : 5.82 % |
| CU.PR.D | Perpetual-Discount | 7.23 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-05 Maturity Price : 22.10 Evaluated at bid price : 22.32 Bid-YTW : 5.49 % |
| BN.PF.G | FixedReset Disc | 40.06 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2030-07-01 Maturity Price : 25.00 Evaluated at bid price : 24.79 Bid-YTW : 6.13 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| BN.PF.N | FixedReset Disc | 80,200 | YTW SCENARIO Maturity Type : Call Maturity Date : 2032-01-01 Maturity Price : 25.00 Evaluated at bid price : 24.93 Bid-YTW : 5.55 % |
| BN.PR.R | FixedReset Disc | 60,100 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-05 Maturity Price : 22.32 Evaluated at bid price : 23.05 Bid-YTW : 6.22 % |
| PVS.PR.N | SplitShare | 13,600 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2033-09-29 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 5.37 % |
| There were 0 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.G | Perpetual-Discount | Quote: 18.71 – 20.79 Spot Rate : 2.0800 Average : 1.2407 YTW SCENARIO |
| ENB.PF.E | FixedReset Disc | Quote: 23.90 – 24.90 Spot Rate : 1.0000 Average : 0.5712 YTW SCENARIO |
| PWF.PR.T | FixedReset Prem | Quote: 25.00 – 25.99 Spot Rate : 0.9900 Average : 0.6231 YTW SCENARIO |
| GWO.PR.R | Insurance Straight | Quote: 20.35 – 21.34 Spot Rate : 0.9900 Average : 0.7832 YTW SCENARIO |
| SLF.PR.C | Insurance Straight | Quote: 20.59 – 21.15 Spot Rate : 0.5600 Average : 0.3702 YTW SCENARIO |
| PWF.PR.P | FixedReset Disc | Quote: 20.99 – 21.80 Spot Rate : 0.8100 Average : 0.6405 YTW SCENARIO |