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 4158.24 +100.40 +2.47%
I:COMP NASDAQ COMPOSITE INDEX 12131.131075 +390.48 +3.33%

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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 33212.96 +575.77 +1.76%
AMGN AMGEN INC. 255.26 +2.21 +0.87%

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. 45.89 +0.29 +0.64%
BAC BANK OF AMERICA CORP. 37.02 +0.32 +0.87%
JPM JPMORGAN CHASE & CO. 131.27 +1.83 +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. 255.26 +2.21 +0.87%

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. 14.51 +0.61 +4.39%

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. 2,302.93 +81.38 +3.66%
NKE NIKE INC. 115.99 +3.05 +2.70%
AAPL APPLE INC. 149.64 +5.86 +4.08%
DIS THE WALT DISNEY CO. 109.32 +3.71 +3.51%
SONY SONY GROUP CORP. 92.26 +1.72 +1.90%

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. 188.11 +9.60 +5.38%

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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 META PLATFORMS INC. 195.13 +3.50 +1.83%

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. 53.91 -0.08 -0.15%
BNTX BIONTECH SE 166.96 +8.81 +5.57%

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

Ticker Security Last Change Change %
CMG CHIPOTLE MEXICAN GRILL INC. 1,402.42 +61.51 +4.59%

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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