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 | 7354.02 | -3.47 | -0.05% |
| I:COMP | NASDAQ COMPOSITE INDEX | 25297.617712 | -60.99 | -0.24% |
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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 | 51876.11 | -44.51 | -0.09% |
| AMGN | AMGEN INC. | 358.33 | +5.51 | +1.56% |
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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. | 83.86 | -0.88 | -1.04% |
| BAC | BANK OF AMERICA CORP. | 57.88 | -0.31 | -0.53% |
| JPM | JPMORGAN CHASE & CO. | 329.05 | -6.07 | -1.81% |
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. | 358.33 | +5.51 | +1.56% |
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. | 5.72 | +0.01 | +0.18% |
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. | 232.69 | +5.68 | +2.50% |
| NKE | NIKE INC. | 40.75 | -0.15 | -0.37% |
| AAPL | APPLE INC. | 283.78 | +8.63 | +3.14% |
| DIS | THE WALT DISNEY CO. | 98.79 | +0.74 | +0.75% |
| SONY | SONY GROUP CORP. | 19.71 | +0.39 | +2.02% |
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. | 192.53 | -3.21 | -1.64% |
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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 | 43.91 | -0.09 | -0.21% |
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. | 24.29 | +0.62 | +2.62% |
| BNTX | BIONTECH SE | 91.22 | +1.22 | +1.36% |
And food chain Chipotle Mexican Grill will release earnings after the closing bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CMG | CHIPOTLE MEXICAN GRILL INC. | 33.34 | +1.06 | +3.28% |
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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