TSX Today: What to Watch for in Stocks on Wednesday, November 26

After notching a new all-time high, the TSX could find early support from firm metals today, but U.S. inflation and growth data may test rate cut hopes.

Jitendra Parashar

Author Bio Jitendra Parashar is a financial journalist who has been writing for The Motley Fool Canada since June 2020. With more than 13 years of experience in financial journalism, equity research, and market analysis, he helps investors understand market developments and identify long-term investment opportunities. Before joining The Motley Fool Canada, Jitendra spent several years at Market Realist covering U.S. equities, major economic developments, and developments in the automotive and technology industries. He also worked in commodity and currency research at brokerage firms, gaining insight into how economic trends, central bank decisions, and geopolitical events influence financial markets. Jitendra writes for beginner investors, dividend seekers, and Canadians looking to build wealth over the long term. He also contributes to the daily TSX Today series, explaining key Canadian market developments and highlighting news investors should watch. Based in India, Jitendra follows Canadian and U.S. markets closely. Outside of work, he enjoys travelling in the Himalayas, street and nature photography, and exploring programming and artificial intelligence. Education MBA in Finance and International Business Bachelor's degree in Journalism Areas of Expertise Canadian and U.S. financial markets, long-term equity investing, dividend investing, macroeconomic and geopolitical trends, automotive stocks, emerging technologies, and artificial intelligence. Social Media Profiles LinkedIn Muck Rack Favorite Investment Quote “Simplicity is the master key to financial success.” — John C. Bogle

Published November 26, 2025 9:00 am EST

Despite mixed commodity prices, the rally in Canadian stocks extended for the third consecutive session on Tuesday as largely weaker-than-expected U.S. retail sales, consumer confidence, and wholesale inflation readings boosted investors’ confidence that more interest rate cuts may arrive sooner than previously expected. The S&P/TSX Composite Index advanced by 296 points, or 1%, to settle at 30,901 — notching a fresh all-time high and stretching its year-to-date run to 25%.

While all key market sectors ended the day in green territory, the TSX rally was mainly led by handsome gains in consumer discretionary, industrials, and financial stocks.

Top TSX Composite movers and active stocks

NovaGold Resources (TSX: NG) was one of the top-performing TSX stocks for the day, as it surged by nearly 6% to $13.02 per share. The gold miner’s rally came after it released impressive high-grade drilling results from its Donlin Gold project, with standout intercepts as high as 26.22 grams per ton.

On top of that, NovaGold received a major boost from the Alaska Supreme Court, which upheld key permits, including water rights and the lease for a planned pipeline. Its Donlin Gold project was also accepted into a U.S. federal permitting program that may improve transparency and speed. Investors cheered these updates, which apparently clear the way for NovaGold’s next stage of mine development at one of the world’s most promising gold deposits. So far in 2025, NG stock has jumped over 170%.

BRP, Denison Mines, and Alimentation Couche-Tard also rose by at least 4.9% each, making them among the day’s top gainers on the Toronto Stock Exchange.

In contrast, Kelt Exploration, Parex Resources, BlackBerry, and Tamarack Valley Energy ranked as the session’s worst-performing TSX stocks, as they slid by at least 3.4% each.

Based on their daily trade volume, Canadian Natural Resources, Cenovus Energy, Enbridge, B2Gold, and Telus were the five most active stocks on the exchange.

TSX today

Metal prices across the board jumped in early trading on Wednesday, which could lift TSX mining stocks at the open today.

While no major domestic economic releases are due, Canadian investors will remain busy watching key economic data from the United States this morning, including quarterly GDP (gross domestic product), monthly PCE (personal consumption expenditures), and new home sales.

On the one hand, positive surprises — especially a cooler PCE reading — could reinforce market optimism around a sooner-than-expected rate cut path, giving further fuel to the TSX’s record-setting rally. On the other hand, the combination of strong economic activity and persistent inflation in today’s data could challenge the market’s dovish outlook and prompt a pullback in equities on both sides of the border.