Dow Jones Futures: As Trump Impeachment Vote Nears, Tesla Rebounds,

Dow Jones futures rose slightly late Tuesday, along with S&P 500 futures and Nasdaq futures, as the House nears a Trump impeachment vote. The major indexes had a quiet session Tuesday, but small caps, financials and growth names fared well, with IPOs soaring and several new stock breakouts, including Uber and GM stock.

X

Tesla (TSLA) rebounded Tuesday after snapping an 11-day winning streak on Monday. But Tesla stock is still showing signs of being near a climax top. Fuel-cell stocks Plug Power (PLUG), Ballard Power (BLDP) and FuelCell Energy (FCEL), which kept rising overnight, also are going vertical.

General Motors (GM), Ford (F) and Uber Technologies (UBER) all cleared buy points. So did housewares and furnishings retailer Williams-Sonoma (WSM).

Meanwhile, many recent IPOs were big winners, including DoorDash (DASH), Airbnb (ABNB) and Corsair Gaming (CRSR), all flashing various buy signals. FuboTV (FUBO) and China EV startups Xpeng (XPEV) and Li Auto (LI) rebounded powerfully from their 50-day lines.

Tech titans continue to struggle. Apple (AAPL) edged lower, trying to hold support levels in its handle. Microsoft (MSFT) and Google parent Alphabet (GOOGL) closed below key levels. Facebook (FB) and Netflix (NFLX) have broken below their 50-day lines and are moving toward their 200-day averages. Amazon.com (AMZN) didn’t fall but continues to lag.

But those megacap woes are keeping the stock market rally from overheating as many leading stocks get red hot.

Tesla, Microsoft and Apple stock are on IBD Leaderboard. GM and Uber stock are on SwingTrader. Microsoft stock is on IBD Long-Term Leaders. WSM stock is on the IBD 50.

Military Leaders Condemn ‘Sedition’; Trump Denies Wrongdoing

In a highly unusual measure, the Joint Chiefs of Staff released a letter Tuesday blasting the Jan. 6 “sedition and insurrection.” While not naming President Donald Trump, who continues to claim widespread election fraud, the commanders acknowledged Joe Biden’s presidential victory and made it clear the military would follow the constitutional transfer of power.

Earlier Tuesday, Trump denied any wrongdoing in his Jan. 6 speech urging action to supporters, many of whom soon stormed the Capitol building, leaving five dead and forcing lawmakers to flee. Meanwhile, Trump said a new impeachment effort is “causing tremendous anger.”

House Impeachment Vote Wednesday

The House may hold a Trump impeachment vote Wednesday. House lawmakers passed a measure Tuesday night asking Vice President Mike Pence and the cabinet to invoke the 25th amendment to remove Trump from office immediately. Pence told House Speaker Nancy Pelosi before the vote that will not do so. But Tuesday’s resolution may give an indication of how many Republicans back a Trump impeachment vote.

If Trump is impeached, a Senate trial would follow, but probably not for weeks after Trump leaves office on Jan. 20. If convicted, Trump would be barred from seeking federal office again.

Dow Jones Futures…