By Shreyashi Sanyal

(Reuters] – U.S. Stock Index Futures edged up Monday after big industrial firms received support from the passage of a 1 trillion dollar infrastructure bill. Tesla (NASDAQ;) however, fell due to Chief Executive Elon Musk’s plan for selling about a tenth his stake.

Caterpillar After Congress passed a delayed infratructure bill that President Joe Biden called a “once-in-a-generation” investment, Inc (NYSE;), Boeing (NYSE.:) Co and 3M Co saw a rise of 0.5% to 3% during premarket trading.

Producers and steel also benefitted. Nucor Corp (NYSE) is up 2.6%, and United States Steel Corp (NYSE) has added 4.9%.

Joshua Mahony from IG’s senior market analyst stated that Joe Biden was on the verge of signing off a $1 Trillion infrastructure package.

The stock of most mega-cap tech and communications companies was trading higher. Tesla Inc, however, fell 5.3%. Musk posted on Saturday that he will sell 10% of Tesla Inc’s stock if the users of social media approve the offer. Nearly 57.9% voted “Yes”.

Russ Mould (investment director at AJ Bell) stated that the majority voted to allow him to go. This effectively indicates that he intends to dump stocks on the markets.

Investors might look at the situation, and possibly try to sell the stock before the buyer does. If they like the stock still, then the price could be lower.

Wall Street’s main indexes set new records during the last week. They were supported by a strong earnings season, solid October jobs data, and an update about Wall Street. Pfizer Inc (NYSE) has developed a new experimental medication to combat COVID-19.

Investors also ignored last week’s Federal Reserve decision to begin reducing monthly bond purchases, which were intended to provide support for the economy during the COVID-19 Pandemic.

According to Refinitiv IBES, nearly 90% of companies reported their quarterly results. Earnings are forecast to have increased 41.5% over the previous year, and this is according to the company.

At 6:48 AM. ET was up 72 points (or 0.2%), were up 4.25 point(0.09%) and up 7.75 point(0.05%).

On Monday six Federal Reserve officers will give speeches. Investors are likely to focus on Richard Clarida, Vice Chair. Through the week, key inflation readings will also be available.