Dow Jones futures were little changed overnight, along with S&P 500 futures and Nasdaq futures. The stock market rally on Wednesday extended its bounce from Monday’s lows, with the Nasdaq reclaiming a key moving average and many leading stocks making compelling moves.
X
Tesla (TSLA) jumped as Elon Musk said he’s “sold enough” shares, though TSLA stock remains below key levels. Fortinet (FTNT) and Freeport McMoRan (FCX) are above early entries, while Automatic Data Processing (ADP) is right at various aggressive buy points. Google parent Alphabet (GOOGL) moved back above its 50-day line, on the cusp of various buy points. Meanwhile, fertilizer maker Nutrien (NTR) cleared a base while medical outsourcing firm Icon (ICLR) blasted out of a consolidation.
Tesla, Google, Icon and NTR stock are on IBD Leaderboard. Google stock is on SwingTrader. Google and FTNT stock are IBD Long-Term Leaders. ICLR stock is on the IBD 50.
Dow Jones Futures Today
Dow Jones futures were about flat vs. fair value. S&P 500 futures edged higher and Nasdaq 100 futures were little changed.
Remember that overnight action in Dow futures and elsewhere doesn’t necessarily translate into actual trading in the next regular stock market session.
Join IBD experts as they analyze actionable stocks in the stock market rally on IBD Live
Coronavirus News
Coronavirus cases worldwide reached 277.46 million. Covid-19 deaths topped 5.39 million.
Coronavirus cases in the U.S. have hit 52.49 million, with deaths above 832,000.
The FDA approved the Pfizer (PFE) antiviral Paxlovid, shown to cut hospitalization by 89% in high-risk Covid patients. A Merck (MRK) Covid pill, which is less effective, also got approval.
Stock Market Rally
The stock market rally advanced and closed around highs for a second straight session.
The Dow Jones Industrial Average rose 0.7% in Wednesday’s stock market trading. The S&P 500 index climbed 1%, with TSLA stock the benchmark index’s top performer. The Nasdaq composite popped 1.2%. The small-cap Russell 2000 climbed 0.9%.
The 10-year Treasury yield fell 3 basis points to 1.46% after big gains over the prior two sessions. Crude oil prices popped 2.3% to $72.76 a barrel.
Among the best ETFs, the Innovator IBD 50 ETF (FFTY) rebounded 1.9%, while the Innovator IBD Breakout Opportunities ETF (BOUT) climbed 1.4%. The iShares Expanded Tech-Software Sector ETF (IGV) edged up 0.6%, with FTNT stock an IGV holding. The VanEck Vectors Semiconductor ETF (SMH) advanced 1.2%.
SPDR S&P Metals & Mining ETF (XME) picked up 1.5%, with FCX stock a notable component. The Global X U.S. Infrastructure Development ETF (PAVE) was up 0.65%. U.S. Global Jets ETF (JETS) ascended 0.7%. SPDR S&P Homebuilders ETF (XHB) bounced 1.5%. The Energy Select SPDR ETF (XLE) added 0.6% and the Financial Select SPDR ETF (XLF) 0.03%. The Health Care Select Sector SPDR Fund (XLV) inched up…
Read More: Market Rally Extends Rebound As Nasdaq Faces Test; Tesla, Google Lead 7