Infrastructure stocks on watch after bill passes Congress. Four under-the-hood ways to play it
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A long-awaited infrastructure bill passed the House over the weekend and is now headed to President Joe Biden for his signature. That package, with more than a $1 trillion price tag, includes new funding for projects from bridges and roads to broadband and utilities. The PAVE infrastructure ETF fell back Tuesday, easing after rallying on Monday. It has also outperformed the S&P 500 this year, climbing more than 35%. Ari Wald, head of technical analysis at Oppenheimer, says it has more room to run. "I think that the infrastructure ETF is a great way to gain exposure," Wald told CNBC's "Trading Nation" on Monday. "We're bullish on that industry because it is indeed reclaiming its leadership. You can see that in the relative ratio of the PAVE ETF versus the S&P 500. Rising line indicates it's outperforming versus its benchmark."

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Wald highlights diversified motion and control parts manufacturer Parker-Hannifin as one stock at the top of his watch list. "Parker-Hannifin ... jumped last week post-earnings, that strength marking a breakaway from six months of consolidation. I think that is a breakout to buy in. That one goes higher," he said.

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