Nasdaq jumps 2%, Dow up 305 points in tech-led rally
Disney and Uber earnings are due after bell
U.S. stocks turned in a strong rally to close higher across the board led by large cap technology names.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
I:DJI | DOW JONES AVERAGES | 42234.63 | -118.12 | -0.28% |
SP500 | S&P 500 | 5735.34 | -15.73 | -0.27% |
I:COMP | NASDAQ COMPOSITE INDEX | 18077.028392 | -60.82 | -0.34% |
The Dow Jones Industrial Average tacked on over 300 points or 0.8%, while the S&P 500 and Nasdaq Composite rose by 1.5% and 2%, respectively.
Large-cap tech, including Facebook, Microsoft and Nvidia, helped drive tech, as did Microsoft and Intel.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
FB | NO DATA AVAILABLE | - | - | - |
MSFT | MICROSOFT CORP. | 416.06 | -0.48 | -0.12% |
NVDA | NVIDIA CORP. | 124.92 | +2.07 | +1.68% |
MSFT | MICROSOFT CORP. | 416.06 | -0.48 | -0.12% |
INTC | INTEL CORP. | 22.59 | +0.33 | +1.48% |
Peloton remained in focus after announcing 2,800 job cuts amid a restructuring that cost CEO John Foley his job. On Wednesday, Foley handed the reins over to Barry McCarthy as he moves to the role of executive chair. Shares rose 4% on the day.
PELOTON REMOVES CEO JOHN FOLEY, SLASHES SALES OUTLOOK, JOB CUTS PLANNED
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
PTON | PELOTON INTERACTIVE INC. | 4.65 | -0.05 | -1.06% |
In earnings, CVS in focus after COVID-19 vaccines and the return of customers to stores to pick up prescriptions helped profits jump 33% to nearly $1.3 billion in the final quarter of 2021.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
CVS | CVS HEALTH CORP. | 64.59 | +1.67 | +2.65% |
But the drugstore chain and pharmacy benefit manager did not raise the 2022 forecast it laid out in December, and shares slid.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
CMG | CHIPOTLE MEXICAN GRILL INC. | 57.11 | +0.41 | +0.72% |
Chipotle shares rose after profits and sales were stronger than expected plus the Mexican food chain is planning to open more stores in smaller towns.
Lyft also reported a 70% jump in revenue but delivered a cautious outlook.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
LYFT | LYFT INC. | 12.47 | -0.10 | -0.76% |
Toyota's profit slipped nearly 6% last quarter, the Japanese automaker said Wednesday, highlighting the headwinds automakers are facing in a computer chips crunch caused by the coronavirus pandemic.
TOYOTA MOTOR’S THIRD-QUARTER NET PROFIT FALLS 5.6% AS PARTS SHORTAGE HURTS SALES
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
TM | TOYOTA MOTOR CORP. | 180.02 | +3.85 | +2.19% |
HON | HONEYWELL INTERNATIONAL INC. | 203.78 | +0.90 | +0.44% |
Honda’s profit dropped 32% in the last quarter as rising material costs and a shortage of computer chips hurt the Japanese automaker.
After the bell, media giant Disney and Uber will report, as well as MGM Resorts and Mattel.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
DIS | THE WALT DISNEY CO. | 95.15 | +1.52 | +1.62% |
UBER | UBER TECHNOLOGIES INC. | 75.37 | +1.09 | +1.47% |
MGM | MGM RESORTS INTERNATIONAL | 40.43 | +0.76 | +1.92% |
MAT | MATTEL INC. | 19.26 | +0.29 | +1.53% |
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Investors are also looking ahead to U.S. inflation data out Thursday for signs of how quickly the Fed might pull back record-low interest rates and other stimulus to try to cool surging prices.
Bitcoin moved above the $44 level.
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In energy markets, benchmark U.S. crude slipped to $89.66 per barrel.
FOX Business' Ken Martin and The Associated Press contributed to this report.