S&P/TSX composite up on mining strength, U.S. market mixed

Trader Vincent Vincent Napolitano, surrounded by holiday decorations, works on the floor of the New York Stock Exchange, Thursday, Dec. 11, 2025. (AP Photo/Richard Drew)

Strength in mining stocks helped lift Canada’s main stock index Thursday as metal prices rose, while U.S. stock markets were mixed, with the tech-heavy Nasdaq pulling back as AI valuation concerns persisted.

The S&P/TSX composite index closed up 169.88 points at 31,660.73, helped also by rising industrial and financial stocks.

Mining stocks showed the most notable gain, with the base metals index up almost two per cent as the February gold contract rose US$88.30 at US$4,313.00 an ounce while silver and copper also climbed.

Higher commodity prices helped First Majestic Silver Corp. climb 6.9 per cent, Kinross Gold Corp. was up 4.5 per cent, and Agnico Eagle Mines Ltd. was up 3.7 per cent.

In New York, the Dow Jones industrial average was up 646.26 points at 48,704.01. The S&P 500 index was up 14.32 points at 6,901.00, while the Nasdaq composite was down 60.30 points at 23,593.86.

The gains in commodities and indexes like the Dow Jones and Russell 2000 index, and the Nasdaq’s drop, came as worries continue about AI stock prices, said Geoff Phipps, portfolio manager at Picton Mahoney Asset Management.

“We’ve seen a bit of a broadening, a bit of a rotation into cyclicals,” he said.

Concerns about the dominance of AI stocks in the markets gains have been growing for months, while shifts in earnings expectations have helped push money elsewhere, said Phipps.

“We’ve actually seen forward earnings revisions stop accelerating from the group and the rest of the index catch up a little bit.”

Instead, trends are supporting areas like cyclicals and consumer discretionary, he said.

The trends include increased monetary support, after the U.S. Federal Reserve lowered its key interest rate by a quarter point Wednesday, while the Bank of Canada held after dropping rates in September and October.

The fiscal stimulus seen across major economies should be a boost next year, said Phipps.

“There are a lot of compelling reasons to expect the global economy to improve in 2026.”

As far as Canadian discretionaries, Dollarama Inc. announced a third-quarter profit of $321.7 million, up from $275.8 million a year earlier. The company’s stock still closed down 1.5 per cent Thursday.

Energy stocks also pulled back, with the index down 0.7 per cent, as the January crude oil contract fell 86 cents at US$57.60 per barrel.

The Canadian dollar traded for 72.60 cents US compared with 72.28 cents US on Wednesday.

Ian Bickis, The Canadian Press.

This report by The Canadian Press was first published Dec. 11, 2025.