Daily Markets Update: TSX Rebounds, Europe Hits a Record, Nvidia Shock Rattles Asia (Nov. 12)
Markets got their AI swagger back on Wednesday — and then Nvidia took some of it away overnight. A strong CoreWeave report lifted tech, pushed the S&P/TSX Composite higher and sent Europe to a record close, but reports that Nvidia’s board is weighing whether to remove CEO Jensen Huang rattled Asian chip stocks on Thursday and pointed U.S. futures lower.
- TSX: +0.67% to 36,411.72, recovering part of Tuesday’s hot-inflation drop.
- Wall Street: S&P 500 +1.31%, Nasdaq +1.60%, Dow +0.49% as CoreWeave revived the AI trade.
- Europe: STOXX 600 and Germany’s DAX both closed at records.
- Asia (Thursday): Taiex -2.63%, Nikkei -0.70% on Nvidia leadership worries.
- Gold slipped under US$4,000 on a firmer U.S. dollar; oil rebounded from two-month lows.
Canada: TSX Claws Back Tuesday’s Loss
The S&P/TSX Composite rose 241.27 points, or 0.67%, to 36,411.72, with technology, energy and industrial shares leading. Celestica jumped 8.38% and Kinaxis added 6.37% as the U.S. AI rally spilled north. Higher crude helped energy producers, while gold miners lagged as bullion fell. The index finished within about 0.1% of Monday’s 36,446.26 close, its highest in over two months, and roughly 1.5% below its Aug. 26 record of 36,957.63. Toronto stocks traded on Remembrance Day; bond markets were closed.
Canada
| Market | Level | Change | Note |
|---|---|---|---|
| S&P/TSX Composite | 36,411.72 | +0.67% | +241.27 pts; tech, energy, industrials led |
| Celestica | C$345.43 | +8.38% | Top TSX performer |
| Kinaxis | C$229.37 | +6.37% | AI-trade spillover |
| Canadian dollar | ≈70.2¢ US | — | ≈C$1.42 per US$; near 4-week lows |
Wall Street: CoreWeave Revives the AI Trade
U.S. stocks closed solidly higher after CoreWeave’s results beat guidance and the company laid out a path to adjusted profitability in the first half of 2028. Its shares surged roughly 25%, every member of the Philadelphia semiconductor index finished higher, and the Nasdaq erased its post-election losses. Nvidia itself gained 2.9% in regular trading — before the board news hit after the bell. U.S. stocks were open for Veterans Day, but the Treasury market was closed, so Tuesday’s levels (the 10-year near 5.00%) remain the last regular reference.
The backdrop is still hawkish. Tuesday’s October U.S. CPI rose 0.4% month over month against the 0.3% expected, with core up 0.3%, also above forecasts (no year-over-year rate was published). Futures pricing now puts the odds of a Fed hike on Dec. 9 at near-certain, roughly 87% for 25 basis points and 13% for 50.
United States
| Market | Level | Change | Note |
|---|---|---|---|
| Dow Jones | 52,486.49 | +0.49% | +254.60 pts |
| S&P 500 | 7,619.38 | +1.31% | +98.45 pts |
| Nasdaq Composite | 25,466.19 | +1.60% | +400.31 pts |
| Russell 2000 | 2,846.26 | +0.9% | Small caps joined in |
| Nasdaq-100 futures (Thu) | — | -0.8% | After Nvidia headlines |
| S&P 500 futures (Thu) | — | -0.4% | Dow futures ~flat |
Europe: Records on Siemens Energy and Tech
European shares notched a record close. Siemens Energy surged 10.8% after lifting its 2027 margin outlook and flagging a much bigger dividend, and tech and chip names rallied with CoreWeave. Societe Generale analysts cautioned the rally looks stretched and see limited upside by year-end. Sectors with little AI exposure, such as retail and food and beverage, lagged.
Europe (Wednesday close)
| Market | Level | Change | Note |
|---|---|---|---|
| STOXX Europe 600 | 663.05 | +0.72% | Record close |
| Germany DAX | 26,662.77 | +1.20% | Record; Siemens Energy +10.8% |
| France CAC 40 | 8,332.87 | +0.66% | |
| UK FTSE 100 | 10,835.47 | +0.78% | Energy and miners helped |
| Italy FTSE MIB | 51,946.54 | +0.37% | |
| Euro STOXX 50 | 6,393.39 | +1.04% |
Asia (Thursday): Nvidia Shock Hits Chip Stocks
Asian markets opened calmly, then slid as chip stocks gave up gains. Nvidia fell roughly 7% to 9% after hours on reports its board was weighing whether to remove Huang amid a controversy over his personal conduct. No board decision had been announced by the time Asian markets closed, and Nvidia was down about 7% in premarket trading Thursday. Taiwan took the biggest hit.
Asia (Thursday close)
| Market | Level | Change | Note |
|---|---|---|---|
| Japan Nikkei 225 | 60,819.36 | -0.70% | Advantest, SoftBank weighed |
| South Korea Kospi | 5,342.73 | -0.61% | Gave up early gains |
| Taiwan Taiex | 43,091.87 | -2.63% | TSMC -2.3%, Quanta -6.5% |
| Hong Kong Hang Seng | ≈24,009 | -1.3% | |
| Shanghai Composite | 3,655.83 | -0.7% |
Oil, Gold and the Loonie
Oil rebounded modestly on Wednesday after Tuesday’s two-month lows: Brent settled up US$1.27 at US$92.76 and WTI gained 49 cents to US$86.53. Iran’s security chief said no enriched nuclear material will leave the country, and tanker incidents in the Strait of Hormuz kept supply worries alive. Even so, Brent is still down about 21% in November. Early Thursday, crude slipped about 1.2% on Iran and Ukraine peace-talk headlines.
Gold fell under US$4,000 an ounce for the first time in months as the U.S. dollar index climbed toward 102.90, near its highest since April 2025, and rate-hike bets firmed. Bullion is now roughly 29% below its Jan. 29 record of US$5,594.82. The loonie stayed near the four-week lows it hit on Tuesday, around 70.2 to 70.5 U.S. cents, or about C$1.42 per U.S. dollar.
Commodities and currency
| Market | Level | Change | Note |
|---|---|---|---|
| WTI crude (Wed settle) | US$86.53 | +0.57% | Thu early: about -1.2% |
| Brent crude (Wed settle) | US$92.76 | +1.39% | Rebound from 2-month lows |
| Gold (spot, late Wed) | ≈US$3,983 | -1.21% | First time under US$4,000 in months |
| Silver (spot, late Wed) | ≈US$51.56 | +0.29% | |
| U.S. dollar index | ≈102.90 | +0.7% | Near highest since April 2025 |
- Mortgages: A near-certain Fed hike keeps U.S. yields around 5%, and Canadian fixed rates tend to follow bond yields. Don’t count on fixed-rate relief soon. Markets price a Bank of Canada hike on Dec. 9 at below 50%.
- The loonie: At about C$1.42, a US$1,000 purchase costs roughly C$1,420 before fees. That matters for U.S. travel, online orders and USD-priced subscriptions.
- Gold: If your TFSA or RRSP holds gold ETFs or miners, expect a bumpy ride. Bullion is down roughly 29% from January’s record.
- Gas prices: Crude is down about 21% in November, and pump prices usually follow with a lag, though that isn’t guaranteed.
- Tech concentration: Nvidia headlines can swing U.S. and Canadian tech and the index funds that hold them. It’s worth knowing how much of your portfolio rides on a handful of AI names.
What to Watch
- Today (Thu): Nvidia board news and premarket trading; U.S. weekly jobless claims (8:30 a.m. ET); UK GDP (7:00 GMT).
- Friday: U.S. October producer price index (8:30 a.m. ET), the next test of Fed expectations.
- Monday, Nov. 16: Canada’s October CPI, plus the Bank of Canada’s summary of deliberations on its Oct. 28 hike.
- Tuesday, Nov. 17: Nvidia’s quarterly results.
- December: U.S. and Canadian jobs (Dec. 4), then the Fed and Bank of Canada decisions (Dec. 9).
Figures compiled from closing data reported by Reuters, AP, CNBC, Investing.com, Kitco and Yahoo Finance; the loonie and some Asian figures are approximate. Market data can be revised. This is general information, not financial advice. Consider speaking with a licensed advisor before making investment decisions.
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