Peloton Drops 8.7% After Reporting Fall in Sales

Tech gains helped S&P 500 revere slide
By Newser Editors and Wire Services
Posted May 10, 2022 3:59 PM CDT
Tech Gains Reverse Early Slide on Wall St.
In this photo provided by the New York Stock Exchange, trader Thomas Ferrigno, left, and specialist Meric Greenbaum work on the floor, Tuesday, May 10, 2022.   (Courtney Crow/New York Stock Exchange via AP)

(Newser) – Stocks ended mixed on Wall Street Tuesday after a rally in technology companies helped reverse most of an early slide. The S&P 500 wound up 0.2% higher after giving up most of an early gain of 1.9%. It also traded in the red around midday. Big technology stocks, which have been swinging sharply both up and down recently, helped counter losses elsewhere in the market, the AP reports. The S&P 500 rose 9.81 points to 4,001.05. The Dow Jones Industrial Average fell 84.96 points, or 0.3%, to 32,160.74. The Nasdaq rose 114.42 points, or 1%, to 11,737.67.

Gains in communication and health care stocks also helped lift the market, outweighing declines in financial, real estate, and other sectors. Peloton tumbled 8.7% as the former pandemic darling of investors reported results that were much weaker than Wall Street was expecting. The company reported a quarterly loss and a steep decline in sales, CNBC reports. Food distributor Sysco rose 6.2% after beating analysts' forecasts. Migraine treatment developer Biohaven Pharmaceutical surged 69% after Pfizer said it will buy the company for $11.6 billion. Pfizer already owns a portion of the company.

Wall Street will get some more details on inflation later this week. The Labor Department on Wednesday will release its report on consumer prices for April. On Thursday, it will release its report on producer prices, or wholesale prices that impact businesses, for April. Russia's ongoing invasion of Ukraine has pushed already high oil and natural gas prices even higher, while putting more pressure on costs for key food commodities like wheat and corn. US crude oil prices fell 3.2% on Tuesday, but are up about 36% in 2022. Wheat prices are up more than 40% for the year.

(Read more stock market stories.)

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