Dow Jones futures were little changed Wednesday night, along with S&P 500 futures and Nasdaq futures, with Tesla earnings in focus. The stock market rally closed narrowly mixed on Wednesday, with the Dow Jones hitting an all-time high. Bitcoin soared to record levels Wednesday, but retreated overnight.
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Democrats reportedly may ditch a plan to raise tax rates on the wealthy, businesses or capital gains. That’s due to the continued opposition on tax-rate hikes from Sen. Krysten Sinema, D-Ariz. That could further complicate how to pay for the reconciliation spending package, which is already getting scaled back. Senate Democrats need all 50 members to agree on the same tax-and-spending plan.
Of course, it’s unclear what the final package will be. Other reports said some tax hikes are still on the table. But investors and analysts at the very least may ratchet down Democrat tax-hike expectations.
Tesla (TSLA), Lam Research (LRCX) and CSX (CSX) reported earnings late Wednesday.
Tesla stock fell slightly in extended trade despite beating earnings views. LRCX stock fell modestly on mixed results. CSX stock rose on strong earnings, after closing just above a buy point on Wednesday.
IBM (IBM) and Tenet Healthcare (THC) also reported late. IBM stock fell solidly on weak revenue. THC stock initially jumped on strong results, though Q4 EPS guidance was a little light.
Crocs (CROX), Nucor (NUE), Union Pacific (UNP) and Freeport-McMoRan (FCX) report early Thursday.
On Wednesday, UNP stock advanced 1%, approaching a buy point. Union Pacific edged lower in extended trade on CSX earnings.
CROX stock fell 4.5% on Wednesday, hitting resistance at the 50-day line. A move above that level on strong Crocs earnings could offer an early entry. NUE stock climbed 1.8%, nearing its 50-day line. FCX stock edged up 0.2%, pausing around a short-term resistance level.
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Bitcoin Price
The Bitcoin price rose 1% vs. 24 hours earlier to below $65,000 after hitting a record $66,974.77 intraday. The ProShares Bitcoin Strategy ETF (BITO), which tracks Bitcoin futures, rose 3.2% to 43.28 in its second day of trading. BITO options began Wednesday. Bitcoin-related stocks powered higher once again.
Tesla stock is on IBD Leaderboard.
Dow Jones Futures Today
Dow Jones futures were about even with fair value. S&P 500 futures were just below fair value. Nasdaq 100 futures fell about 0.1%. IBM stock is on the Dow, S&P 500 and Nasdaq. Tesla and LRCX stock are S&P 500 and Nasdaq giants.
The 10-year Treasury yield rose 3 basis points to 1.67% overnight.
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 closed narrowly mixed after several days of gains.
The Dow Jones Industrial Average rose 0.4%…
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