Dow adds 372 points, Nasdaq 1.3% as Peloton soars 25%

Peloton CEO John Foley has been removed amid cycling giant's turmoil

U.S. stocks picked up momentum during afternoon trading as investors weighed a shake-up at Peloton as well as a new batch of corporate earnings.

Ticker Security Last Change Change %
SP500 S&P 500 5712.69 -16.11 -0.28%
I:COMP NASDAQ COMPOSITE INDEX 18179.984429 -59.93 -0.33%

META THREATENS TO SHUT DOWN FACEBOOK, INSTAGRAM IN EUROPE WITHOUT DATA DEAL

The S&P 500 and Nasdaq Composite curbed losses and rose by 0.8% and 1.3%, respectively, while the Dow Jones Industrial Average rose over 370 points or 1.06% led by Amgen after the biotech giant announced a $6 billion share buyback. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 41794.6 -257.59 -0.61%
AMGN AMGEN INC. 316.91 -2.31 -0.72%

10-YEAR TREASURY HITS 1.95% - NEW 52-WEEK HIGH 

Financials rose as the 10-year Treasury rose to 1.95%, a new 52-week high. 

Ticker Security Last Change Change %
WFC WELLS FARGO & CO. 63.70 -0.98 -1.52%
BAC BANK OF AMERICA CORP. 41.33 -0.43 -1.03%
JPM JPMORGAN CHASE & CO. 219.79 -3.14 -1.41%

In shake-up news, Peloton sidelined CEO John Foley amid the company's turmoil. The stock curbed losses ending with a gain of over 26%. 

Ticker Security Last Change Change %
AMGN AMGEN INC. 316.91 -2.31 -0.72%

He will move to the role of executive chair, replaced by Barry McCarthy. The company also slashed its revenue outlook to $3.8 billion from as much as $4.8 billion. Additionally, the cycling giant will cut 2,800 jobs.  

Ticker Security Last Change Change %
PTON PELOTON INTERACTIVE INC. 7.51 +0.26 +3.59%

In recent days, speculation swirled that the company is a takeover target, with as many as five possible suitors, including Amazon, Nike, Apple, Disney and Sony, according to multiple reports. 

Ticker Security Last Change Change %
AMZN AMAZON.COM INC. 195.78 -2.15 -1.09%
NKE NIKE INC. 77.19 -0.87 -1.11%
AAPL APPLE INC. 222.01 -0.90 -0.40%
DIS THE WALT DISNEY CO. 95.79 -0.02 -0.02%
SONY SONY GROUP CORP. 17.74 +0.01 +0.06%

In other deal news, Nvidia and SoftBank's ARM called off their record $80 billion merger, citing "significant regulatory challenges," according to Nvidia. 

Ticker Security Last Change Change %
NVDA NVIDIA CORP. 136.05 +0.65 +0.48%

NVIDIA, SOFTBANK CALL OFF BLOCKBUSTER ARM DEAL

Facebook was also on the radar after board member Peter Thiel announced he plans to step down. 

Ticker Security Last Change Change %
FB NO DATA AVAILABLE - - -

In earnings news, Pfizer shares slipped after it forecast sales from its COVID-19 vaccine will be around $32 billion, slightly below estimates. 

Ticker Security Last Change Change %
PFE PFIZER INC. 27.76 -0.33 -1.17%
BNTX BIONTECH SE 108.97 -2.51 -2.25%

And food chain Chipotle Mexican Grill will release earnings after the closing bell. 

Ticker Security Last Change Change %
CMG CHIPOTLE MEXICAN GRILL INC. 56.38 -2.21 -3.77%

On the economic front, Thursday's report on consumer prices will be closely watched as those are expected to tick up to 7.3% vs. 7% from December. 

In commodities, oil closed down over 2% to $89.36 per barrel. 

In cryptocurrencies, Bitcoin hovered above the $40,000 level. 

CLICK HERE TO READ MORE ON FOX BUSINESS