Market Recap Nov 12: Agnico Eagle (AEM) Stock Down 4%, Gold Under $3,900
Agnico Eagle fell 4.06% to C$254.28 on Thursday, the largest decline among the TSX names we track, as gold dropped 2.97% to US$3,881.60 (COMEX December contract). The move was sector-wide rather than company-specific: what changed was the gold price, on a repriced US Federal Reserve.
Where the session finished
The S&P/TSX Composite closed at 36,137.19, down 0.75%, leaving it up 1.45% so far in November, a down day inside a positive month. The S&P 500 fell 0.35% to 7,592.40 and the Nasdaq Composite 0.39% to 25,366.09.
The Fed repriced, and what it means in Canada
Markets now fully price a US rate hike at the Federal Reserve’s December meeting and have begun pricing the chance of a half-point move. FXStreet reported Fed Governor Christopher Waller saying a 50 basis point hike (a basis point is one hundredth of a percentage point) could be needed if October core CPI came in “around 0.3% or higher”. It rose 0.3% against a 0.2% forecast, and headline CPI rose 0.4% against 0.3%. FXStreet also reported Cleveland Fed President Beth Hammack saying policy needs to become “restrictive”. The US Dollar Index reached about 103.10, its highest since April 2025.
The Bank of Canada is being repriced in the same direction. Its policy rate stands at 2.50%, effective October 29 after a hike from 2.25%, according to the Bank of Canada’s key interest rate. One-month CORRA futures on the Montreal Exchange put the market’s call for the December 9 decision at another hike, 55% odds of a 25 basis point move, 13.82 basis points priced in. With both central banks being repriced the same way, broad US dollar strength left the loonie almost untouched at 0.7014, down 0.06%. Canadian benchmark yields, as of Tuesday November 10, were 3.25% at two years, 3.46% at five and 3.72% at ten, with the two-year up 12 basis points that day.
What a repriced Fed does to gold
Gold pays nothing. When the market expects higher policy rates for longer, the yield an investor gives up to hold bullion rises, and a stronger US dollar makes the same ounce cost more in every other currency. Both push the price down. The same logic reaches other assets that pay nothing: Bitcoin fell 3.31% to US$71,479.53. Miners are leveraged to the metal because their costs do not fall with it, and the gold equity proxy fell further on Thursday than the metal did. Margin absorbs the move, which is what our list of Canadian gold stocks ranked on margin is built on. Barrick fell 3.07%, Kinross Gold 3.37% and Wheaton Precious Metals 2.69%. These names ran for five sessions into our Monday piece on the Canadian gold rebound, and gave ground on Thursday.
Nvidia’s chief executive resigned
Jensen Huang resigned after 33 years, following the board investigation into his conduct, with chief financial officer Colette Kress taking over as interim CEO. CNN reported the resignation, as did NBC News and ABC News. Nvidia fell 4.34% to US$166.19. It reports on Tuesday, under a chief executive of less than a week’s standing.
Elsewhere, AMD rose 5.86%, the largest gain among the US names we track, and Celestica rose 4.77% to C$361.92, the largest gain among the TSX names we track. Celestica’s standing story is the October 27 guidance putting 2027 revenue at US$40 billion, roughly double its 2026 outlook.
Oil and energy
Crude rose after CNBC and Bloomberg reported that President Trump posted on Truth Social that the United States does not need a deal with Iran and that Washington controls the strait. WTI came in at US$88.76, up 2.66% from Wednesday’s US$86.46 (NYMEX WTI, December contract, settlement-window price from Yahoo Finance trade data). Energy was the best performer of our eight sector proxies at 0.82%, and Cenovus Energy rose 1.73% to C$41.21.
The sector read
Gold and materials anchored the bottom, while energy, technology and staples finished higher. Beyond gold, Teck Resources, a copper and coal producer, fell 3.84% and the uranium producer Cameco 3.31%.
| Sector proxy | Nov 12 move |
|---|---|
| Energy (XEG) | +0.82% |
| Technology (XIT) | +0.80% |
| Consumer staples (XST) | +0.42% |
| Utilities (XUT) | -0.27% |
| Financials (XFN) | -0.57% |
| Real estate (XRE) | -0.58% |
| Materials (XMA) | -3.17% |
| Gold (XGD) | -3.84% |
iShares sector ETF proxies, session of November 12, 2026. Not the official sector indices.
What comes next
Statistics Canada releases September manufacturing sales and wholesale trade on Friday November 13 at 8:30 a.m. ET. October CPI follows on Monday November 16 at 8:30 a.m. ET, the last inflation print before the Bank of Canada’s December 9 decision. Nvidia reports on Tuesday November 17 at 4:20 p.m. ET, the first results delivered under interim leadership.
Disclaimer: The content on bestcanadianstocks.ca is for informational and entertainment purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions. Market and stock data as of the November 12, 2026 close.
