Red-Hot Tech Rally Boosts Major Benchmarks

Tech is rallying after falling over the last few weeks

Deputy Editor
Mar 18, 2024 at 12:04 PM
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Stocks are higher Monday afternoon, as Nvidia's rally helps the broader tech sector stage a comeback. As a result, the Nasdaq Composite (IXIC) is up more than 240 points, while the Dow Jones Industrial Average (DJI) also sports a triple-digit lead, and the S&P 500 Index (SPX) trades in the black. 

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

Midday Market Stats March 182024

Shares of apparel retailer Gap Inc (NYSE:GPS) are 5% higher at $24.78 at last check, continuing their post-earnings run higher. Including today's surge, GPS have won 11 of the last 12 sessions, and now stands nearly 155% higher over the last 12 months. Bullish options traders are still speculating, too, with 17,000 calls traded so far today, or double the average intraday volume. Most popular is the April 24 call, followed by the weekly 3/22 25-strike call that is seeing new positions opening.

Near the top of the New York Stock Exchange (NYSE) today is Nuscale Power Corp (NYSE:SMR). The shares were last seen 21.3% higher at $9.52, and earlier approached the $10 level after Romanian-based nuclear power producer Nuclearelectrica boosted the sector by saying it anticipates its planned small modular reactor (SMR) plant will have a preliminary final investment decision made in 2025. Year to date, Nuscale Power stock is 207% higher.

Shift4 Payments Inc (NYSE:FOUR) is 8.2% lower at last glance to trade near the bottom of the NYSE. This drop follows news that Shift4 Payments' CEO told staff that buyout bids failed to "sufficiently value" the company. However, FOUR has pulled into support at the 100-day moving average and remains up more than 20% over the last six months, indicating today's drop may be a good entry point for contrarian traders.

FOUR Chart 2 March 182024

 

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