Stocks Moving Higher as Tech Rebounds

The Dow was last seen up triple digits

Managing Editor
Aug 28, 2023 at 11:52 AM
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Stocks are confidently higher to start the week, as the tech sector continues its recent resurgence. Investors for the most part have moved on from Friday's Fed fatigue, with the Dow Jones Industrial Average (DJI) up triple digits, and the Nasdaq Composite Index (IXIC) on track for its fifth win in the last six sessions. As Wall Street starts to gather itself amid a choppy month, the Cboe Volatility Index (VIX) is inching higher.

Continue reading for more on today's market, including: 

  • Why 3M stock is back at triple digits.
  • 2 China stocks on the mend today.
  • Plus, another China stock to watch; BSX breaks out; and Nvidia stock cools off.

MMC Stats Aug 28

Making moves in the options pits today is Futu Holdings Ltd (NASDAQ:FUTU). The China fintech stock is up 8% to trade at $55.15, after the government loosened stock trading policies. At last check, 14,000 calls have changed hands, volume that's triple times the average intraday amount. Most popular is the weekly 9/1 55-strike call. The equity is up 39.5% in 2023. 

One of the best performers on the S&P 500 Index (SPX) today is Boston Scientific Corporation (NYSE:BSX). BSX was last seen up 5% at $53.29, gapping higher after the drugmaker's heart disease treatment met its main goal. The shares have staged a tidy bounce off their 160-day moving average, a trendline that contained this quarter's 1.7% pullback. 

BSX Stock Chart MMC

Nvidia Corp (NASDAQ:NVDA) is sitting out the broader tech sector rally today, last seen down 0.2% at $459.65. NVDA is taking a breather for the second-straight day after a blowout earnings reportbrought it above the $500 level last week. Year-to-date, the chip stock is up 213.2%.  

 

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