Dow adds 372 points, Nasdaq 1.3% as Peloton soars 25%
Peloton CEO John Foley has been removed amid cycling giant's turmoil
'Mornings with Maria' panel discusses where to allocate capital in a rising rate environment.
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 | 6801.15 | -138.86 | -2.00% |
| I:COMP | NASDAQ COMPOSITE INDEX | 22978.322872 | -537.06 | -2.28% |
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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 | 48469.41 | -889.92 | -1.80% |
| AMGN | AMGEN INC. | 330.41 | +0.38 | +0.12% |
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. | 88.38 | -0.58 | -0.65% |
| BAC | BANK OF AMERICA CORP. | 52.97 | +0.38 | +0.72% |
| JPM | JPMORGAN CHASE & CO. | 312.47 | +3.21 | +1.04% |
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. | 330.41 | +0.38 | +0.12% |
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. | 5.95 | -0.38 | -6.00% |
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. | 239.12 | +0.94 | +0.39% |
| NKE | NIKE INC. | 64.38 | -0.21 | -0.33% |
| AAPL | APPLE INC. | 255.53 | -2.68 | -1.04% |
| DIS | THE WALT DISNEY CO. | 111.20 | -2.21 | -1.95% |
| SONY | SONY GROUP CORP. | 23.64 | -0.42 | -1.77% |
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. | 179.41 | -6.70 | -3.60% |
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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 | 42.35 | -0.16 | -0.37% |
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. | 25.65 | -0.24 | -0.93% |
| BNTX | BIONTECH SE | 105.95 | -3.05 | -2.80% |
And food chain Chipotle Mexican Grill will release earnings after the closing bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CMG | CHIPOTLE MEXICAN GRILL INC. | 39.96 | -0.40 | -0.99% |
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.