Market Recap: December 12, 2025
Riding Bulls
For the week ending Friday Dec 12
Canada’s TSX hit a record high this morning before giving some back. Still up about 1/3 % for the week. Mining giants led the charge, while tech lagged post-earnings jitters. The November jobs report showed unemployment falling to 6.5%, surprising on the upside. U.S. stocks posted modest gains last week, with the Nasdaq up 0.9%, Russell 2000 rising 0.8%, and the S&P 500 gaining around 0.35%—all fuelled by anticipation of a potential Fed rate cut in mid-December which did happen Wednesday. The jobs report showed a surprise decline in private payrolls—down 32,000 in November, the steepest drop since early 2023. Core inflation cooled slightly to a 2.8% annual pace, easing pressure on the Fed. Oil prices slumped to 57.66. Gold was up $50 to $4,280 gaining after the Fed rate cut. And Bitcoin was flat currently sitting at $92,641.
We are seeing some market rational to more defensive names with valuation concerns and geopolitical tensions rising.
Stay bullish, stay curious and watch for stampedes.
David B Caseley, CIM
Portfolio Manager
Caseley Wealth Management
David Caseley : 780-414-2574
David Reavie : 780-414-2532
david.caseley@raymondjames.ca
www.ridingbulls.ca
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