The tech sector is finally on the mend
Stocks are on the rise to start the week, with the tech sector extending its rebound. The Dow Jones Industrial Average (DJI) has pared a triple-digit gain from this morning, but is still heading toward a third-straight win, while both the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are also higher midday. Tailwinds today are coming from a Wall Street Journal report over the weekend that indicated the Federal Reserve was undecided and possibly less urgent in hiking interest rates later this month and for the rest of the year.
Continue reading for more on today's market, including:
- Meet the biotech stock scaling the Nasdaq.
- Keep an eye on Oracle stock tomorrow.
- Plus, ROKU bulls emerge; Qualcomm re-ups with Apple; and RTX gaps lower.
Roku Inc (NASDAQ:ROKU) stock is seeing an influx of options activity today. At last check, the equity is 4.6% higher to trade at $87.32, and over 40,000 calls have already exchanged hands, volume that's double the average intraday amount. The September 90 call is the most popular, with new positions being bought to open. The streaming stock is up 113.7% in 2023.
Qualcomm, Inc. (NASDAQ:QCOM) stock is 3.4% higher to trade at $109.75 at last check. The chipmaker signed a new deal with Apple (AAPL) to supply 5G chips until 2026. In response, Wells Fargo hiked its price target to $100 from $95. Year-to-date, Qualcomm stock is now facing off with its year-to-date breakeven level.
RTX Corp (NYSE:RTX) is near the bottom of the New York Stock Exchange (NYSE) today, last seen down 6.8% to trade at $77.79. The defense company, formerly known as Raytheon Technologies, announced 600-700 engines would be removed for quality checks, a cost estimated to be between $3 and $3.5 billion. RTX is down over 22% in 2023 and is trading at its lowest level since 2021.
