Podcast
Tech Stocks, Lower Rates and Staying Level-Headed
Will Simpson and Greg Wise
November 1, 2025.
Taking stock of what’s been driving the markets this week and the importance of staying level-headed.
After some strong global markets the last couple of weeks, the returns this week were a bit more mixed. The TSX moved lower by 0.5% and the US markets moved higher from 0.5% to 2.5%. Strong returns out of the US come from some solid earnings reports in the tech sector and what seems to be an already-forgotten rate cut. Japan’s Nikkei hit record highs this week (+5.5% CAD) due to renewed optimism surrounding Japan-US trade, specifically around rare earths.
Both the Bank of Canada and the Fed cut rates by 25 bps this week, a move that was widely priced in. What’s less clear is the road ahead. Policymakers sounded pretty measured, reminding everyone this isn’t a rush to the bottom, and future cuts will depend on how the data evolves. Let’s hope the government shutdown ends soon so we can actually see that data!
What a week of baseball! I think I’ve finally recovered from that 18-inning marathon. I feel like I’ve aged about five years and seriously questioned my choices around bedtime discipline. But here we are! It was a tough one last night, but we have Game 7 tonight; it’s all lining up perfectly for a thrilling game. Let’s hope we can get it done. Go Jays!
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