Stock futures jump by 136 points as Tesla gives record Q1 deliveries

Futures on the Dow Jones Industrial Average jumped 136 points. S&P 500 futures rose 0.4% and Nasdaq 100 futures edged up 0.2% in overnight trading on Sunday amidst Friday’s strong March jobs report and record Tesla (TSLA) deliveries.

The market is expected to open on bullish sentiment on Monday buoyant by the news of Tesla reporting record first-quarter deliveries of 184,000. Analysts had expected Tesla deliveries of 168,000. That’s more than double a year earlier, and 2% above Q4’s 180,570.

Tesla produced 180,338 vehicles in Q1, all Model 3 or Model Y vehicles. Tesla deliveries were almost entirely Model 3 and Model Y vehicles, selling 2,020 Model S sedans and Model X SUVs.

Tesla Model Y sales were launched in China in January. Model Y sales reportedly were strong in the U.S.

The next big Tesla growth expansions will come with the Berlin and Austin plants later this year. The Berlin plant will introduce the Model Y to Europe as well as cheaper Model 3 there but could come at the expense of Fremont Model 3 production. The Austin plant is due to make the Model Y, Cybertruck and Semi, though the latter two may not be produced in volume until 2022, awaiting battery improvements.

The Biden infrastructure plan calls for expanded EV credits and a big expansion of charging stations. Tesla, which has hit the cap on federal tax credits, could be a big winner from that.

Meanwhile, Tesla’s China rivals Nio (NIO) and Xpeng (XPEV)  had reported strong March deliveries on Thursday. Li Auto (LI) on Friday reported March deliveries of 4,900 vehicles, up 239%, with Q1 deliveries up 333% to 12,579.

Nio stock rose 1.7% on Thursday while Xpeng advanced 1.2% and Li Auto 1%.

Google parent Alphabet (GOOGL), Microsoft (MSFT), Apple (AAPL) iPhone supplier Qorvo (QRVO), and Diamondback Energy (FANG) all were showing signs of moving in the positive territory last week.

Google stock and Microsoft reflect bullish action among tech titans as Qorvo stock is the latest chip player to go big. Diamondback stock is one of many oil plays looking strong as crude oil prices trend higher.

Last week’s strength came after President Biden introduced his multi-trillion-dollar infrastructure bill, which focuses on rebuilding roads, bridges, and airports, expanding broadband access and boosting electric vehicle use, and updating the country’s electric grid.

On the COVID front, 4.1 million coronavirus vaccine doses were given, a new record on Saturday. The seven-day average has topped 3 million. Increasingly, states are dropping or will soon drop restrictions on which adults can get the vaccine.