Looks like the buy-on-dips crowd hasn’t run out of money yet!
Each of the 11 major S&P 500 sector indexes rose on the session, with nine showing gains of more than 1% on Monday. Industrials and consumer discretionary were the top performers, rising more than 3% each.
Markets were in rally mode even as Nvidia, the second-most valuable company in the world, tumbled 4.2% and closed at its lowest level since April 7. Investors questioned CEO Huang’s future at the AI chipmaker after an internal investigation into whether a foreign intelligence effort had targeted him.
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The S&P recorded its biggest daily percentage gain since April 8, while the Nasdaq marked its biggest daily advance since July 30.The Dow Jones Industrial Average rose 1,104.02 points, or 2.15%, to 52,389.75, the S&P 500 gained 173.08 points, or 2.35%, to 7,549.94 and the Nasdaq Composite gained 673.71 points, or 2.74%, to 25,253.14.
The New York Fed published the October Survey of Consumer Expectations:
October Survey: Inflation Expectations Unchanged at Short-, Medium-, and Longer-Term Horizons; Labor Market Expectations Mixed
- Median inflation expectations were unchanged at the one-, three-, and five-year-ahead horizons at 3.9 percent, 3.3 percent, and 3.0 percent, respectively.
- Mean unemployment expectations—or the mean probability that the U.S. unemployment rate will be higher one year from now—increased by 1.4 percentage points (ppt) to 45.3 percent, the highest reading since April 2020. The increase was driven by those without a college degree.
- The mean perceived probability of losing one’s job in the next twelve months increased by 0.4 ppt to 13.9 percent, remaining below its 12-month trailing average of 14.3 percent. The mean probability of leaving one’s job voluntarily in the next twelve months decreased by 0.5 percentage point to 19.4 percent, remaining above the series’ 12-month trailing average of 18.4 percent.
- The mean perceived probability of finding a job if one’s current job was lost increased by 0.4 ppt to 46.5 percent, the highest level since November 2025.
| 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 | 0.1367 % | 2,760.3 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.1367 % | 5,198.1 |
| Floater | 5.61 % | 5.70 % | 44,809 | 14.33 | 1 | 0.1367 % | 2,995.7 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1331 % | 3,611.1 |
| SplitShare | 4.91 % | 5.38 % | 52,404 | 3.25 | 6 | -0.1331 % | 4,312.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1331 % | 3,364.7 |
| Perpetual-Premium | 5.72 % | -6.24 % | 43,348 | 0.08 | 1 | 0.7552 % | 3,068.3 |
| Perpetual-Discount | 5.72 % | 5.81 % | 43,282 | 14.17 | 33 | 0.1030 % | 3,292.7 |
| FixedReset Disc | 5.71 % | 6.14 % | 88,262 | 13.49 | 22 | -0.1637 % | 3,349.6 |
| Insurance Straight | 5.63 % | 5.76 % | 53,668 | 14.24 | 20 | 0.4040 % | 3,197.3 |
| FloatingReset | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1637 % | 4,089.9 |
| FixedReset Prem | 6.00 % | 5.37 % | 69,712 | 2.28 | 28 | -0.0757 % | 2,609.5 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1637 % | 3,423.9 |
| FixedReset Ins Non | 5.67 % | 5.64 % | 46,296 | 14.13 | 13 | -0.5135 % | 3,215.5 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BN.PF.G | FixedReset Disc | -6.61 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-09 Maturity Price : 22.48 Evaluated at bid price : 23.18 Bid-YTW : 6.62 % |
| MFC.PR.F | FixedReset Ins Non | -5.41 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-09 Maturity Price : 20.10 Evaluated at bid price : 20.10 Bid-YTW : 6.00 % |
| POW.PR.G | Perpetual-Discount | -1.64 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-09 Maturity Price : 23.69 Evaluated at bid price : 24.00 Bid-YTW : 5.89 % |
| PWF.PR.P | FixedReset Disc | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-09 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 5.85 % |
| MFC.PR.N | FixedReset Ins Non | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-09 Maturity Price : 23.11 Evaluated at bid price : 24.42 Bid-YTW : 5.72 % |
| GWO.PR.P | Insurance Straight | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-09 Maturity Price : 23.17 Evaluated at bid price : 23.47 Bid-YTW : 5.82 % |
| GWO.PR.I | Insurance Straight | 1.10 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-09 Maturity Price : 20.24 Evaluated at bid price : 20.24 Bid-YTW : 5.64 % |
| SLF.PR.C | Insurance Straight | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-09 Maturity Price : 20.61 Evaluated at bid price : 20.61 Bid-YTW : 5.47 % |
| BN.PR.T | FixedReset Disc | 4.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-09 Maturity Price : 22.50 Evaluated at bid price : 23.45 Bid-YTW : 6.03 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CU.PR.J | Perpetual-Discount | 52,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2056-11-09 Maturity Price : 21.62 Evaluated at bid price : 21.62 Bid-YTW : 5.51 % |
| BN.PF.N | FixedReset Disc | 32,000 | YTW SCENARIO Maturity Type : Call Maturity Date : 2032-01-01 Maturity Price : 25.00 Evaluated at bid price : 25.00 Bid-YTW : 5.50 % |
| TD.PF.I | FixedReset Prem | 26,600 | YTW SCENARIO Maturity Type : Call Maturity Date : 2027-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.60 Bid-YTW : 3.96 % |
| NA.PR.G | FixedReset Prem | 17,100 | YTW SCENARIO Maturity Type : Call Maturity Date : 2028-11-16 Maturity Price : 25.00 Evaluated at bid price : 25.86 Bid-YTW : 5.21 % |
| 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 |
| MFC.PR.F | FixedReset Ins Non | Quote: 20.10 – 21.40 Spot Rate : 1.3000 Average : 0.8504 YTW SCENARIO |
| PWF.PR.S | Perpetual-Discount | Quote: 20.66 – 21.80 Spot Rate : 1.1400 Average : 0.7089 YTW SCENARIO |
| PWF.PR.F | Perpetual-Discount | Quote: 22.71 – 23.65 Spot Rate : 0.9400 Average : 0.5502 YTW SCENARIO |
| BN.PF.G | FixedReset Disc | Quote: 23.18 – 24.97 Spot Rate : 1.7900 Average : 1.4248 YTW SCENARIO |
| POW.PR.G | Perpetual-Discount | Quote: 24.00 – 24.86 Spot Rate : 0.8600 Average : 0.5006 YTW SCENARIO |
| BN.PF.J | FixedReset Prem | Quote: 25.40 – 26.19 Spot Rate : 0.7900 Average : 0.4858 YTW SCENARIO |