Stocks Higher Midday Amid Hope for Positive Inflation News

Tech is rallying once again

Deputy Editor
Mar 7, 2024 at 12:03 PM
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Stocks are higher across the board this afternoon, as investors remain hopeful that positive overseas inflation updates would be mirrored by the upcoming Fed speech. The tech selloff is reversing as well, with Nvidia (NVDA) helping pave the way higher as it adds to a more than 11% weekly gain. 

All on track for a second-consecutive win, the Dow Jones Industrial Average (DJI) and Nasdaq Composite Index (IXIC) sport triple-digit leads, while the broader-market S&P 500 Index (SPX) and the small-cap Russell 2000 Index (RUT) are also in the black.

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

  • Jefferies sees huge upside for this sluggish EV stock.
  • Apparel stock a popular post-earnings pick for options bulls.
  • Plus, another rising chip stock; a new cloud unit; and HPK's post-earnings dip.

Midday Market Stats March 72024

As Nvidia rallies, its sector peer Intel Corp (NASDAQ:INTC) is enjoying some tailwinds as well. The semiconductor stock was last seen 2.5% higher at $45.63, and seeing increased bullish attention in the options pits. More than 209,000 calls have already crossed the tape -- double the intraday average volume -- while the most activity is taking place at the weekly 3/8 46-strike call. While shares of the chipmaker are down 9.3% in 2024, they're still up more than 75.5% over the last 12 months.

INTC Chart March 72024

Lytus Technologies Holdings Ptv Ltd (NASDAQ:LYT) is leading the Nasdaq's gainers, boasting a 600% lead to trade at $17.24, at last check. Shares of the tech firm are soaring after it launched Lytus Cloud, a suite of cloud infrastructure services that will help the company enter the $326 billion data center market. LYT is now up 160% year-to-date.

Oil giant HPK (NASDAQ:HPK) is one of the Nasdaq's worst performing stocks, after missing fourth-quarter earnings and revenue estimates. This was followed up by a bear note from Gerdes Energy Research, which cut its rating to "sell" from "buy" and its price target to $8. Year over year, HPK is down 47.4%.

 

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