From TheStreet's "Dow Futures Gain As Big Tech Earnings, Stimulus Bets Attract Bulls: Meme Stocks Extend Slump" posted early Wednesday:
U.S. equity futures extended gains for a third consecutive session Wednesday, while a key gauge of market volatility tumbled, as the Reddit-fueled retail trading frenzy continues to fade while stimulus prospects and corporate earnings underpin a bullish outlook for stocks.
Oil prices also reached for new multi-month highs in overnight trading, even as the dollar rose to its highest levels since early December, as investors bet that Democratic lawmakers in the Senate will collectively pass President Joe Biden's $1.9 trillion stimulus package over Republican objections.
The injection would buttress what has been an undoubtedly solid earnings season, with more than 80% of reporting S&P 500 companies topping Street earnings estimates, highlighted by blockbuster profits from big tech groups such as Amazon and Alphabet last night and Apple and Facebook last week.
Reports of a crackdown on speculative trading in the retail market, which captured attention on Wall Street last week as stocks like GameStop (GME) - Get Report and AMC Entertainment (AMC) - Get Report added billions to their market value amid a wave of Reddit-fueled interest, also boosted sentiment.
My take: The arc of the market is long, but it bends toward fundamentals.