Dow Jones Futures Rally As House Clears Way For $1 Trillion Infrastructure Bill; Salesforce Earnings On Tap

Dow Jones futures were slightly higher, while S&P 500 futures and Nasdaq 100 futures traded lower early Wednesday, as the House cleared the way for a late September vote on a roughly $1 trillion infrastructure bill.


Among the Dow Jones leaders, Apple (AAPL) gained 0.2% premarket Wednesday, while Microsoft (MSFT) moved up 0.2% in today’s stock market. Home Depot (HD) remains below a new buy point after a recent breakout attempt.

After the close Wednesday, Dow Jones software leader Salesforce (CRM) will report its quarterly earnings results.

Electric vehicle giant Tesla (TSLA) looked to snap a three-day win streak, falling 0.2% premarket Wednesday. The EV leader is back in buy range.

Among the top stocks to buy and watch, Airbnb (ABNB), Mercado Libre (MELI) and Nvidia (NVDA) are in or near new buy zones.

Airbnb, Microsoft and Tesla are IBD Leaderboard stocks. Nvidia is an IBD SwingTrader stock. Nvidia was featured in this week’s Stocks Near A Buy Zone column. Airbnb was Tuesday’s IBD Stock Of The Day.

Dow Jones Futures Today: House Clears Way For Vote

Ahead of the stock market open Wednesday, Dow Jones futures rallied less than 0.1% vs. fair value, while S&P 500 futures inched lower. Nasdaq 100 futures were slightly lower vs. fair value. Remember that trading in Dow Jones futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.

Late Tuesday, the House passed a measure approving a $3.5 trillion budget blueprint with a 220-212 vote.

Tuesday’s passage of the budget framework opens a process, known as reconciliation, allowing Democrats to pass a broad package of healthcare, education and climate provisions in the Senate without GOP support, so long as all 50 senators in the Democratic caucus back it. The Senate passed the same budget blueprint earlier this month.

The House will now vote on the $1 trillion infrastructure bill by Sept. 27. The Senate passed the infrastructure bill on Aug. 10.

Among exchange-traded funds, the Innovator IBD 50 (FFTY) was flat premarket Wednesday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) moved down less than 0.1% early Wednesday. Meanwhile, the SPDR S&P 500 ETF (SPY) was unchanged.

Stock Market Rally Continues

The three major stock indexes — the Dow Jones industrials, Nasdaq and S&P 500 — looked to continue their rebounds from the 50-day support level with modest gains Wednesday morning. The Nasdaq and S&P 500 looked to extend their win streaks to five sessions. The Nasdaq and S&P 500 hit record highs Wednesday.

Tuesday’s Big Picture commented, “The Nasdaq composite, on the other hand, reached the 15,000 milestone for the first time, gaining 0.5%. A test of the 50-day moving average just four days ago proved critical. And so far the action, at least pricewise, indicates that institutional investors on the whole remain net accumulators. Volume cooled 2% vs. Monday.”

For more stock market commentary, check out IBD’s The Big Picture.

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Dow Jones Stocks To Buy And Watch: Home Depot

Dow Jones leader Home Depot is trying to break out past a cup-with-handle’s 333.55 entry, but currently sits below the buy point, according to IBD MarketSmith chart analysis. The 5% buy area goes up to 350.23.

Shares were up 0.1% premarket Wednesday.

Dow Jones Earnings: Salesforce

Late Wednesday, Dow Jones software leader Salesforce will report its quarterly earnings results. Analysts expect the company to earn 92 cents per share on sales of $6.2 billion.

CRM stock is trading about 10% from its 52-week high.

Stocks To Buy And Watch: Airbnb, Mercado Libre, Nvidia

IBD Leaderboard stock Airbnb surged past a 152.86 buy point during Tuesday’s 10% advance. The 5% buy zone goes up to 160.50, so shares are already extended. Shares dipped about 1% in premarket trade Wednesday.

Airbnb was Tuesday’s IBD Stock Of The Day.

Mercado Libre traded unchanged premarket Wednesday, as it looks to add to Tuesday’s 2.5% gain. The stock is just 2% away from a cup with handle‘s 1,899.43 buy point. MELI stock is also above a 1,755.05 buy point created by the Aug. 5 gap-up on earnings.

IBD SwingTrader stock Nvidia is back in buy range past a 208.85 buy point in a flat base, according to IBD MarketSmith chart analysis. Shares broke out Monday, advancing 5.5% in heavy volume. The stock is at the top of 5% buy area that runs up to 219.29. On Friday, the stock climbed above an early entry at 207.43.

Nvidia shares lost 0.3% premarket Wednesday.

The IBD Stock Checkup shows NVDA stock holds a perfect 99 IBD Composite Rating. The IBD Composite Rating identifies stocks with a blend of strong fundamental and technical characteristics.

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Tesla Stock

Tesla stock lost 0.2% premarket Wednesday, on pace to snap a three-day win streak. On Monday, shares bullishly regained their 700.10 aggressive buy point deep inside a correction after last week’s weakness and are back in buy range. Meanwhile, a deep, large base continues to take shape.

On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.

Dow Jones Leaders: Apple, Microsoft

Among the top Dow Jones stocks, Apple shares were up 0.2% premarket Wednesday after Tuesday’s slight loss snapped a three-day win streak. Apple stock is back above a 148 trend line entry and in buy range. The stock hit an all-time high on Aug. 18 at 151.68 before reversing lower.

Software giant Microsoft gained 0.2% premarket Wednesday, and is just off Friday’s new highs. Microsoft is about 15% above a cup base’s 263.29 buy point.

Be sure to follow Scott Lehtonen on Twitter at @IBD_SLehtonen for more on growth stocks and the Dow Jones Industrial Average.


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