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 | 35768.06 | +305.28 | +0.86% |
| SP500 | S&P 500 | 4587.18 | +65.64 | +1.45% |
| I:COMP | NASDAQ COMPOSITE INDEX | 14490.372942 | +295.92 | +2.08% |
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 | META PLATFORMS INC. | 232.00 | +11.82 | +5.37% |
| MSFT | MICROSOFT CORP. | 311.21 | +6.65 | +2.18% |
| NVDA | NVIDIA CORP. | 267.05 | +15.97 | +6.36% |
| MSFT | MICROSOFT CORP. | 311.21 | +6.65 | +2.18% |
| INTC | INTEL CORP. | 49.91 | +1.10 | +2.25% |
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. | 38.77 | +1.50 | +4.02% |
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. | 104.77 | -6.03 | -5.44% |
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. | 1,609.91 | +147.76 | +10.11% |
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. | 44.00 | +2.80 | +6.80% |
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. | 201.37 | +1.05 | +0.52% |
| HON | HONEYWELL INTERNATIONAL INC. | 196.62 | +2.06 | +1.06% |
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. | 147.27 | +4.72 | +3.31% |
| UBER | UBER TECHNOLOGIES INC. | 40.16 | +1.82 | +4.75% |
| MGM | MGM RESORTS INTERNATIONAL | 48.52 | +1.32 | +2.80% |
| MAT | MATTEL INC. | 22.75 | +0.84 | +3.83% |
GET FOX BUSINESS ON THE GO BY CLICKING HERE
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.
CLICK HERE TO READ MORE ON FOX BUSINESS
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.