Stocks Rise as Investors Flock to Beaten-Down Tech

U.S. consumer confidence fell sharply in August

Deputy Editor
Aug 29, 2023 at 12:02 PM
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Investors are continuing to buy the dip on tech stocks today, as the end to a rough month on Wall Street draws closer. Both the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) are up triple digits as the market looks to extend yesterday's gains. On the data front, the U.S. consumer confidence index sank to 106.1 in August, while the two-year Treasury yield is sharply lower after U.S. job openings for July hit a 28-year low.

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

  • Lower revenue outlook can't shake Best Buy stock.
  • Analyst: Oracle stock is a "buy" amid AI tailwinds.
  • Plus, call traders chime in on GSAT's new CEO; BIG blasts off after earnings; and VFS finally cools off. 

MMC Aug29

Options bulls are eyeing Globalstar Inc (NYSE:GSAT) today, after news that former Qualcomm (QCOM) chief, Paul Jacobs, has been appointed as CEO. So far, 21,000 calls have been exchanged -- 11 times the intraday average -- in comparison to 4,657 puts. The September 1.50 call is the most active, with new positions being bought to open there. At last check, GSAT was up 24.5% at $1.31, and nearing its year-to-date breakeven. 

Near the top of the New York Stock Exchange (NYSE) today, Big Lots Inc (NYSE:BIG) is up 27.6% at $8.01 at last glance. The discount retailer shared smaller-than-expected second-quarter losses per share alongside a revenue beat. Since the start of the year, the equity is down 45%, however. 

BIG Aug29

Meanwhile, VinFast Auto Ltd (NASDAQ:VFS) has finally turned lower after six straight days of gains, down 33.1% at $55.09 at last check. Just over the last month, VFS added 391.3%, and is now the world's third-most valuable automaker, behind Tesla (TSLA) and Toyota Motor (TM). In the previous session, the security hit a fresh record high of $93.


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