Nasdaq jumps 2%, Dow up 305 points in tech-led rally – Fox Business

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. 104.79 -6.04 -5.45%

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. 1,608.74 +148.39 +10.16%

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. 147.23 +4.75 +3.33%
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%

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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.

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