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 | 6796.86 | -143.15 | -2.06% |
| I:COMP | NASDAQ COMPOSITE INDEX | 22954.322403 | -561.07 | -2.39% |
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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 | 48488.59 | -870.74 | -1.76% |
| AMGN | AMGEN INC. | 331.00 | +0.59 | +0.18% |
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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. | 86.66 | -1.72 | -1.95% |
| BAC | BANK OF AMERICA CORP. | 52.10 | -0.86 | -1.62% |
| JPM | JPMORGAN CHASE & CO. | 302.79 | -9.62 | -3.08% |
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. | 331.00 | +0.59 | +0.18% |
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. | 5.86 | -0.47 | -7.42% |
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. | 231.00 | -8.12 | -3.40% |
| NKE | NIKE INC. | 63.63 | -0.75 | -1.16% |
| AAPL | APPLE INC. | 246.70 | -8.82 | -3.45% |
| DIS | THE WALT DISNEY CO. | 110.34 | -0.86 | -0.77% |
| SONY | SONY GROUP CORP. | 23.72 | -0.33 | -1.37% |
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. | 178.07 | -8.04 | -4.32% |
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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 | 42.03 | -0.47 | -1.12% |
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. | 25.52 | -0.13 | -0.51% |
| BNTX | BIONTECH SE | 105.56 | -3.44 | -3.16% |
And food chain Chipotle Mexican Grill will release earnings after the closing bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CMG | CHIPOTLE MEXICAN GRILL INC. | 38.99 | -0.97 | -2.43% |
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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