Dow adds 372 points, Nasdaq 1.3% as Peloton soars 25%
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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 | 7400.96 | -11.88 | -0.16% |
| I:COMP | NASDAQ COMPOSITE INDEX | 26088.203342 | -185.92 | -0.71% |
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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 | 49760.56 | +56.09 | +0.11% |
| AMGN | AMGEN INC. | 336.29 | +6.70 | +2.03% |
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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. | 75.18 | +1.60 | +2.17% |
| BAC | BANK OF AMERICA CORP. | 50.78 | +0.23 | +0.45% |
| JPM | JPMORGAN CHASE & CO. | 304.88 | +4.88 | +1.63% |
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. | 336.29 | +6.70 | +2.03% |
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. | 5.39 | +0.08 | +1.51% |
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. | 265.82 | -3.17 | -1.18% |
| NKE | NIKE INC. | 42.35 | -0.04 | -0.09% |
| AAPL | APPLE INC. | 294.80 | +2.12 | +0.72% |
| DIS | THE WALT DISNEY CO. | 106.16 | +1.44 | +1.38% |
| SONY | SONY GROUP CORP. | 22.16 | +0.87 | +4.09% |
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. | 220.78 | +1.34 | +0.61% |
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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 | PROSHARES TRUST S&P 500 DYNAMIC BUFFER ETF | 44.28 | -0.01 | -0.03% |
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. | 25.87 | +0.06 | +0.23% |
| BNTX | BIONTECH SE | 93.66 | +0.32 | +0.34% |
And food chain Chipotle Mexican Grill will release earnings after the closing bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CMG | CHIPOTLE MEXICAN GRILL INC. | 32.67 | +0.75 | +2.35% |
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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