Stock Market Rally Flashes Several Buys, Including Microsoft,

On Sep 16, 2021

Dow Jones futures edged lower Wednesday night, along with S&P 500 futures and Nasdaq futures. The stock market rally rebounded modestly Wednesday from key levels, snapping a Nasdaq losing streak and ending, for now, a series of weak closes in the major indexes.

Energy stocks and steelmakers were big winners Wednesday, with Devon Energy (DVN) and Arcelor Mittal (MT) flashing buy signals. But it was a broad-based advance. Palantir Technologies (PLTR), Microsoft (MSFT) and Copart (CPRT) also offered buying opportunities.

Microsoft and Devon stock are on IBD Leaderboard. Copart, Arcelor Mittal and PLTR stock are on SwingTrader. Microsoft stock and Copart are IBD Long-Term Leaders. CPRT stock was Wednesday’s Stock Of The Day.

The video embedded in this story analyzed the bullish market action and reviewed Devon Energy, Copart and MT stock.

Dow Jones Futures Today

Dow Jones futures fell slightly vs. fair value. S&P 500 futures dipped and Nasdaq 100 futures lost 0.1%.

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

Stock Market Rally

The stock market rally started off Wednesday mixed to slightly lower, but slowly gained steam.

The Dow Jones Industrial Average rose 0.7% in Wednesday’s stock market trading. The S&P 500 index popped 0.85%. The Nasdaq composite gained 0.8%. The small-cap Russell 2000 popped 1.1%.

Crude oil futures rose sharply amid declining U.S. inventories and Gulf of Mexico production that remains sharply reduced since Hurricane Ida. Copper prices also rallied.

Among the best ETFs, the Innovator IBD 50 ETF (FFTY) climbed 1.5%, while the Innovator IBD Breakout Opportunities ETF (BOUT) advanced 1.3%. The iShares Expanded Tech-Software Sector ETF (IGV) climbed 1%. MSFT stock is a top IGV holding. The VanEck Vectors Semiconductor ETF (SMH) nudged up 0.35%.

SPDR S&P Metals & Mining ETF (XME) popped 3.3% and Global X U.S. Infrastructure Development ETF (PAVE) rose 1.5%. U.S. Global Jets ETF (JETS) ascended 0.5%. SPDR S&P Homebuilders ETF (XHB) climbed 0.8%. The Energy Select SPDR ETF (XLE) leapt 3.7%, with DVN stock a holding. The Financial Select SPDR ETF (XLF) gained nearly 1%.

Reflecting more-speculative story stocks, ARK Innovation ETF (ARKK) rose 0.8% and ARK Genomics ETF (ARKG) 0.5%. Highly valued growth stocks have been lagging even as growth names broadly are doing well.

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Arcelor Mittal Stock

MT stock jumped 6.4% to 34.38, rebounding above its 50-day line and breaking a short downtrend, offering early entries. Mittal stock also reclaimed an old 34.06 buy point, though it’s unclear if investors should give that much weight.

Like many other steelmakers, MT stock ran up in late July to early August, then fell back, giving up much of its gains.

On Wednesday, Steel Dynamics (STLD) guided up on…