‘Mornings with Maria’ panel discusses where to allocate capital in a rising rate environment.
U.S. stocks picked up momentum 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 | 4521.54 | +37.67 | +0.84% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14194.454609 | +178.79 | +1.28% |
META THREATENS TO SHUT DOWN FACEBOOK, INSTAGRAM IN EUROPE WITHOUT DATA DEAL
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 | 35462.78 | +371.65 | +1.06% |
| AMGN | AMGEN INC. | 241.01 | +17.48 | +7.82% |
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. | 58.74 | +1.39 | +2.42% |
| BAC | BANK OF AMERICA CORP. | 49.38 | +0.84 | +1.72% |
| JPM | JPMORGAN CHASE & CO. | 155.93 | +2.85 | +1.86% |
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. | 241.01 | +17.48 | +7.82% |
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. | 37.27 | +7.52 | +25.28% |
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. | 3,228.27 | +69.56 | +2.20% |
| NKE | NIKE INC. | 143.53 | -1.62 | -1.12% |
| AAPL | APPLE INC. | 174.83 | +3.17 | +1.85% |
| DIS | THE WALT DISNEY CO. | 142.55 | +0.10 | +0.07% |
| SONY | SONY GROUP CORP. | 109.80 | +0.02 | +0.02% |
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. | 251.08 | +3.80 | +1.54% |
NVIDIA, SOFTBANK CALL OFF BLOCKBUSTER ARM DEAL
Facebook also on the radar after board member Peter Thiel announced he plans to step down.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FB | META PLATFORMS INC. | 220.18 | -4.73 | -2.10% |
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. | 51.70 | -1.56 | -2.93% |
| BNTX | BIONTECH SE | 159.60 | -13.21 | -7.64% |
and food chain Chipotle Mexican Grill will will release earnings after the closing bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CMG | CHIPOTLE MEXICAN GRILL INC. | 1,461.54 | +8.51 | +0.59% |
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.
