U.S. stocks rebounded off the worst levels in over a year and following three days of heavy selling. Investors are also awaiting more details on President Biden’s plan to tackle inflation due mid-morning.
|I:DJI||DOW JONES AVERAGES||32468.05||+222.35||+0.69%|
|I:COMP||NASDAQ COMPOSITE INDEX||11852.047672||+228.80||+1.97%|
The S&P 500 is back above the 4,000 after falling below the key level for the first time since April of 2021.
In earnings, Peloton shares tumbled after posting a quarterly loss, a sign the turnaround under new CEO Barry McCarthy is proving to be more challenging.
|PTON||PELOTON INTERACTIVE INC.||12.19||-1.95||-13.77%|
AMC shares rose after posting a smaller than expected loss of $0.52 cents and revenue of $785.7 million – both exceeding estimates.
|AMC||AMC ENTERTAINMENT HOLDINGS INC||12.52||-1.24||-9.01%|
In the afternoon attention will turn to integrated oil and gas firm Occidental Petroleum, video game maker Electronic Arts, cryptocurrency exchange Coinbase Global and high-end hotel and casino operator Wynn Resorts among others.
|OXY||OCCIDENTAL PETROLEUM CORP.||57.84||-7.10||-10.93%|
|EA||ELECTRONIC ARTS INC.||112.04||-3.25||-2.82%|
|COIN||COINBASE GLOBAL INC.||83.51||-20.23||-19.50%|
|WYNN||WYNN RESORTS LTD.||61.33||-4.97||-7.50%|
Oil prices were little changed, as gas prices, per AAA, hit an all-time high of $4.37 per gallon.
The Associated Press contributed to this report.