As per Bpaynews, U.S. consumer confidence fell to 88.7 in November, while U.S. equities extended their rally driven by rate-cut expectations and AI momentum. The S&P 500 advanced as traders rotated into large-cap tech and select cyclicals amid a dovish Fed outlook. Crypto miners surged up to 20% on momentum flows, while Bitcoin dipped to around $87,000. Nvidia and AMD declined after reports that Google and Meta are accelerating in-house AI chip development, raising concerns about long-term revenue risks. Gold continued its six-month rally, rising to about $4,100/oz, as investors sought duration hedges. Tesla shares rose despite a 48.5% drop in European sales, with the market focusing on autonomy and FSD potential.
U.S. Consumer Confidence Drops to 88.7 in November as Equities Rally on AI and Rate-Cut Bets
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