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 6009.94 +22.57 +0.38%
I:COMP NASDAQ COMPOSITE INDEX 19120.531002 +65.70 +0.34%

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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 44766.52 +29.95 +0.07%
AMGN AMGEN INC. 273.88 -20.12 -6.84%

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. 76.90 +0.94 +1.24%
BAC BANK OF AMERICA CORP. 47.50 +0.50 +1.06%
JPM JPMORGAN CHASE & CO. 250.29 +1.74 +0.70%

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. 273.88 -20.12 -6.84%

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. 9.81 +0.23 +2.40%

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. 201.45 +4.33 +2.20%
NKE NIKE INC. 79.26 +1.86 +2.40%
AAPL APPLE INC. 232.87 +3.00 +1.31%
DIS THE WALT DISNEY CO. 116.00 +0.35 +0.30%
SONY SONY GROUP CORP. 19.42 +0.36 +1.89%

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. 136.02 -5.93 -4.18%

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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. 26.17 +0.52 +2.03%
BNTX BIONTECH SE 119.20 -1.56 -1.29%

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

Ticker Security Last Change Change %
CMG CHIPOTLE MEXICAN GRILL INC. 62.00 -0.01 -0.02%

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. 

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