Dow Jones Futures: Tesla Model S Plaid Deliveries Start In First Gear; S&P 500 Hits High; Google, RH In Buy Zones – Investor’s Business Daily
Dow Jones futures rose slightly Friday morning, along with S&P 500 futures and Nasdaq futures. The stock market rally on Thursday shrugged off a hot inflation report, with the S&P 500 index hitting a record high and Treasury yields fresh lows.
A bipartisan group of senators announced an infrastructure deal late, but will party leaders back it? Tesla CEO Elon Musk held a low-key, no-surprise Model S Plaid event Thursday night, announcing that deliveries will start with a slow ramp up. Tesla stock rose slightly early Friday after reclaiming a key level Thursday.
In Thursday’s session, several stocks broke out or flashed buy signals, including RH (RH), Signet Jewelers (SIG), Zscaler (ZS), CrowdStrike (CRWD), Google parent Alphabet (GOOGL) and Adobe (ADBE).
Meme stocks sold off Thursday, including GameStop (GME), AMC Entertainment (AMC), Clover Health (CLOV), Bed Bath & Beyond (BBBY) and Workhorse Group (WKHS).
Some bounced back somewhat, including GME stock and AMC.
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Homebuilders fell sharply, including Century Communities (CCS), LGI Homes (LGIH) and D.R. Horton (DHI). That continues their weak performance despite sliding Treasury yields.
Several hot stocks sold off as share offerings priced, after the sale plans knocked them earlier this week. Those include Celsius (CELH), PLBY Group (PLBY) and Rev Group (REVG). All three lost 15% or more. CELH stock has a clearly failed breakout while PLBY stock wiped out an early entry. REVG stock broke below the low of a base.
Adobe and Google stock are on IBD Leaderboard and Long-Term Leaders. Google, CELH stock and CRWD stock are on IBD 50.
Bipartisan Infrastructure Deal?
A bipartisan group of 10 senators — five from each party — say they’ve reached a “tentative understanding” on an infrastructure spending deal without explicit tax increases. The package reportedly includes $579 billion in additional spending. Including baseline outlays, spending would be $974 billion over five years or $1.2 …….