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Moderna, Wayfair, Peloton Interactive, and More

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Key Takeaways

  • U.S. equities were higher at midday as the markets weighed Fed Chair Powell’s comments about the future of interest rates.
  • Moderna’s net loss narrowed and sales of its COVID-19 vaccine were higher than expected.
  • Peloton Interactive announced another restructuring, and CEO Barry McCarthy stepped down.

U.S. equities gained at midday as the markets reacted to Federal Reserve Chair Jerome Powell’s comments about the possibility of rate cuts this year. The Dow, S&P 500, and Nasdaq all rose.

Moderna (MRNA) shares advanced after the vaccine maker reported a narrower-than-anticipated loss after reining in costs and sales of its COVID-19 shot were higher than forecasts.

Shares of freight transportation provider C.H. Robinson Worldwide (CHRW) jumped after it beat profit and sales estimates on increased prices and strong volumes for its ocean services and truckload segments. The company reported quarterly results after markets closed on Wednesday.

Better-than-expected first quarter results boosted shares of Wayfair (W). The online home furnishings retailer’s loss narrowed compared to the same period last year as layoffs helped manage some of its cost burden.

Etsy (ETSY) shares sank a day after it reported earnings as the online crafts marketplace issued a warning about weaker consumer discretionary spending, and how that will negatively impact its business.

Shares of Qorvo (QRVO) slid as the supplier of radio frequency chips gave much lower-than-expected guidance on slowing cellphone demand.

Peloton Interactive (PTON) shares plunged to a record low as the exercise company announced another restructuring and CEO Barry McCarthy resigned. 

Oil and gold futures fell. The yield on the 10-year Treasury note was little changed. The U.S. dollar climbed versus the euro and pound, but lost ground to the yen. Most major cryptocurrencies traded higher.


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