Dow Jones futures tilted higher overnight, along with S&P 500 futures and Nasdaq futures. The stock market rally attempt had a quiet session Wednesday, with the major indexes holding on to the prior two sessions’ strong gains. Apple (AAPL) continued to lead, surging to record highs.
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But the market rally attempt still needs confirmation of institutional support. Look for a follow-through day in the coming sessions.
The Lithium & Battery Tech ETF (LIT) rebounded bullishly from its 50-day line Wednesday. The LIT ETF is a good way to play the lithium, battery and EV market. Its top holding is lithium miner Albemarle (ALB), but Tesla stock and China EV and battery giant BYD (BYDDF) also are notable components. Several Chinese battery makers that aren’t listed in the U.S. are in LIT, including Tesla (TSLA) supplier CATL. LIT is a good way to play the broad EV trend without trying to pick a specific winner.
Donald Trump SPAC stock Digital World Acquisition (DWAC) spiked 28% to 65.42 in Wednesday’s session. Trump Media & Technology Group and its planned Truth social media site are, for now, more of an idea than a going enterprise. DWAC stock shares a lot of qualities with so-called meme stocks such as GameStop (GME). But if you were to play DWAC stock, Wednesday offered a chance to do so on a technical basis. DWAC stock surged from its 21-day line and cleared short-term resistance in the heaviest volume since late October. But already DWAC stock looks extended.
The Trump stock fell modestly in extended trade.
Earnings After Hours
Meanwhile, GameStop, the original meme stock, reported a wider-than-expected Q3 loss after the close while revenue topped views. GME stock retreated modestly overnight. Shares fell 2.3% to 173.65 on Wednesday, below their 50-day and 200-day lines.
Also late Wednesday, Upscale home furniture retailer RH (RH) delivered better-than-expected earnings and raised guidance. RH stock shot up in extended trade, signaling a move back above its 50-day and 200-day lines.
Tesla stock is on IBD Leaderboard and the IBD 50. LIT is on SwingTrader.
Dow Jones Futures Today
Dow Jones futures rose 0.1% vs. fair value. S&P 500 futures and Nasdaq 100 futures climbed 0.1%.
The 10-year Treasury yield edged up 1 basis point to 1.52%.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
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Stock Market Rally
The stock market rally attempt didn’t have big swings, but closed near session highs.
The Dow Jones Industrial Average edged up 0.1% in Wednesday’s stock market trading. The S&P 500 index climbed 0.3%. The Nasdaq composite advanced 0.6%. The small-cap Russell 2000 popped 0.8%.
The 10-year Treasury yield rose 3 basis points to 1.51%.
Apple Stock
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Read More: Dow Jones Futures: As Market Rallies, Watch For This; Apple Nears