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 | 6368.85 | -108.31 | -1.67% |
| I:COMP | NASDAQ COMPOSITE INDEX | 20948.356621 | -459.72 | -2.15% |
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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 | 45166.64 | -793.47 | -1.73% |
| AMGN | AMGEN INC. | 348.77 | -4.39 | -1.24% |
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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. | 77.19 | -1.83 | -2.32% |
| BAC | BANK OF AMERICA CORP. | 46.97 | -1.27 | -2.63% |
| JPM | JPMORGAN CHASE & CO. | 282.84 | -8.82 | -3.02% |
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. | 348.77 | -4.39 | -1.24% |
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. | 4.43 | +0.36 | +8.85% |
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. | 199.34 | -8.20 | -3.95% |
| NKE | NIKE INC. | 51.37 | -0.70 | -1.34% |
| AAPL | APPLE INC. | 248.80 | -4.09 | -1.62% |
| DIS | THE WALT DISNEY CO. | 92.42 | -2.33 | -2.46% |
| SONY | SONY GROUP CORP. | 19.91 | -0.12 | -0.60% |
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. | 167.52 | -3.72 | -2.17% |
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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 | 42.00 | -0.05 | -0.12% |
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. | 27.04 | -0.53 | -1.92% |
| BNTX | BIONTECH SE | 85.68 | -1.78 | -2.04% |
And food chain Chipotle Mexican Grill will release earnings after the closing bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CMG | CHIPOTLE MEXICAN GRILL INC. | 30.86 | -1.31 | -4.07% |
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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