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

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Adviser Investments CIO Jim Lowell argues investors don’t want to purchase ETFs and suggests buying ‘inside basket’ in a ‘selective manner.’

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.	1,608.74	+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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