Dow adds 372 points, Nasdaq 1.3% as Peloton soars 25%
Peloton CEO John Foley has been removed amid cycling giant's turmoil
'Mornings with Maria' panel discusses where to allocate capital in a rising rate environment.
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% |
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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 | 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% |
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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. | 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.