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Consumers are growing more downbeat about the economy at the worst possible time – the holidays. More consumers are losing sleep about finding work, according to a Conference Board report in which the Consumer Confidence Index sank nearly 7 points in November to a reading of 88.7, one of its lowest levels of 2025, signaling a clear loss of momentum in sentiment heading into year-end.
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Wedbush’s Dan Ives has unveiled a list of the leading tech stocks to own in the current AI era. These include Microsoft (Nasdaq: MSFT), Palantir (Nasdaq: PLTR), Nvidia, AMD (Nasdaq: AMD), Tesla (Nasdaq: TSLA), Apple (Nasdaq: AAPL), Meta, Alphabet, CrowdStrike (Nasdaq: CRWD) and Palo Alto Networks (Nasdaq: PANW).
This article will be updated throughout the day, so check back often for more daily updates.
After yesterday’s comeback rally, technology stocks are pulling back today as they battle it out for the AI crown. The Nasdaq Composite is giving up ground as it increasingly appears to be headed for a negative November. Meanwhile, the S&P 500 is also behind while the Dow Jones Industrial Average is edging higher.
Nvidia (Nasdaq: NVDA) stock is taking it on the chin today, falling 6.3% on some heightened competition. With Google’s Gemini release turning heads, Meta platforms (Nasdaq: META) is reportedly considering pivoting to Alphabet (Nasdaq: GOOGL) for AI chips in the future, taking share away from market leader Nvidia. Nevertheless, with 90% market share, Nvidia continues to control the biggest piece of the AI pie.
A changing of the guard at the Federal Reserve could be in the cards for the holidays. U.S. Treasury Secretary Scott Bessent is making the media rounds, reportedly declaring that President Trump could name a replacement for Fed Chairman Jerome Powell before year-end. Meanwhile, Powell’s peers have been advocating for an interest rate cut in December.
In a worrying sign for the holiday shopping season, consumers are pinching their pennies amid persistently elevated borrowing costs and prices. Retail sales climbed a softer than anticipated 0.2% in September vs. the prior month, failing to meet economist expectations. Meanwhile, volatile wholesale prices increased by 0.3% in the same period, as economists predicted.
Here’s a look at where things stand as of morning trading:
Dow Jones Industrial Average: 46,714.24 Up 255.97 (+0.55)
Nasdaq Composite: 22,754.40 Down 120.32 (-0.56%)
S&P 500: 6,698.88 Down 6.48 (-0.10%)
Market Movers
Advanced Micro Devices (Nasdaq: AMD) is sinking 8.6% on the day in sympathy with sector peer Nvidia.
Micron Technology (Nasdaq: MU) is losing 2% while SanDisk (Nasdaq: SNDK) is falling 3% despite Wall Street firm Morgan Stanley raising price targets on both stocks amid sector supply shortages.
Apple (Nasdaq: AAPL) is gaining 1.1% on the day as its market capitalization quietly creeps up to $4.12 trillion, nearing that of Nvidia.
Alibaba (NYSE: BABA) stock is down slightly on the heels of its Q2 results.
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