Nasdaq jumps 2%, Dow up 305 points in tech-led rally

Disney and Uber earnings are due after bell

U.S. stocks turned in a strong rally to close higher across the board led by large cap technology names. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 44782 -128.65 -0.29%
SP500 S&P 500 6047.15 +14.77 +0.24%
I:COMP NASDAQ COMPOSITE INDEX 19403.947849 +185.78 +0.97%

The Dow Jones Industrial Average tacked on over 300 points or 0.8%, while the S&P 500 and Nasdaq Composite rose by 1.5% and 2%, respectively. 

Large-cap tech, including Facebook, Microsoft and Nvidia, helped drive tech, as did Microsoft and Intel. 

Ticker Security Last Change Change %
FB NO DATA AVAILABLE - - -
MSFT MICROSOFT CORP. 423.46 +0.47 +0.11%
NVDA NVIDIA CORP. 138.74 +0.48 +0.35%
MSFT MICROSOFT CORP. 423.46 +0.47 +0.11%
INTC INTEL CORP. 24.05 +0.40 +1.69%

Peloton remained in focus after announcing 2,800 job cuts amid a restructuring that cost CEO John Foley his job. On Wednesday, Foley handed the reins over to Barry McCarthy as he moves to the role of executive chair. Shares rose 4% on the day. 

PELOTON REMOVES CEO JOHN FOLEY, SLASHES SALES OUTLOOK, JOB CUTS PLANNED

Ticker Security Last Change Change %
PTON PELOTON INTERACTIVE INC. 9.55 -0.79 -7.64%

In earnings, CVS in focus after COVID-19 vaccines and the return of customers to stores to pick up prescriptions helped profits jump 33% to nearly $1.3 billion in the final quarter of 2021.

Ticker Security Last Change Change %
CVS CVS HEALTH CORP. 59.08 -0.77 -1.29%

But the drugstore chain and pharmacy benefit manager did not raise the 2022 forecast it laid out in December, and shares slid. 

Ticker Security Last Change Change %
CMG CHIPOTLE MEXICAN GRILL INC. 61.74 -0.29 -0.47%

Chipotle shares rose after profits and sales were stronger than expected plus the Mexican food chain is planning to open more stores in smaller towns. 

Lyft also reported a 70% jump in revenue but delivered a cautious outlook. 

Ticker Security Last Change Change %
LYFT LYFT INC. 17.17 -0.19 -1.09%

Toyota's profit slipped nearly 6% last quarter, the Japanese automaker said Wednesday, highlighting the headwinds automakers are facing in a computer chips crunch caused by the coronavirus pandemic.

TOYOTA MOTOR’S THIRD-QUARTER NET PROFIT FALLS 5.6% AS PARTS SHORTAGE HURTS SALES

Ticker Security Last Change Change %
TM TOYOTA MOTOR CORP. 169.55 -0.13 -0.08%
HON HONEYWELL INTERNATIONAL INC. 231.11 +1.47 +0.64%

Honda’s profit dropped 32% in the last quarter as rising material costs and a shortage of computer chips hurt the Japanese automaker.

After the bell, media giant Disney and Uber will report, as well as MGM Resorts and Mattel. 

Ticker Security Last Change Change %
DIS THE WALT DISNEY CO. 117.47 -0.13 -0.11%
UBER UBER TECHNOLOGIES INC. 72.50 +0.54 +0.74%
MGM MGM RESORTS INTERNATIONAL 38.34 +0.97 +2.60%
MAT MATTEL INC. 19.02 +0.27 +1.44%

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Investors are also looking ahead to U.S. inflation data out Thursday for signs of how quickly the Fed might pull back record-low interest rates and other stimulus to try to cool surging prices. 

Bitcoin moved above the $44 level. 

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In energy markets, benchmark U.S. crude slipped to $89.66 per barrel. 

FOX Business' Ken Martin and The Associated Press contributed to this report.