Stocks rise as Facebook and tech take lead

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U.S. stocks are set to open higher as investors digest a fresh round of positive earnings and as Peloton welcomes new CEO Barry McCarthy. 

TickerSecurityLastChangeChange %
I:DJIDOW JONES AVERAGES35462.78+371.65+1.06%
SP500S&P 5004521.54+37.67+0.84%
I:COMPNASDAQ COMPOSITE INDEX14194.454609+178.79+1.28%

The major futures indexes suggest a gain of 0.6%, extending gains from Tuesday's session.

Large-cap tech, including Facebook, took the lead ahead of the opening bell after several days of declines. Nvidia also rose.  

TickerSecurityLastChangeChange %
FBMETA PLATFORMS INC.220.18-4.73-2.10%
NVDANVIDIA CORP.251.08+3.80+1.54%

Peloton remains in focus after announcing 2,800 job cuts amid a restructuring that cost CEO John Foley his job. On Wednesday, Foley will hand the reins over to McCarthy as he moves to the role of executive chair. On Tuesday, the stock saw the biggest single-day percentage gain on record. 

PELOTON REMOVES CEO JOHN FOLEY, SLASHES SALES OUTLOOK, JOB CUTS PLANNED

TickerSecurityLastChangeChange %
PTONPELOTON INTERACTIVE INC.37.27+7.52+25.28%

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.

TickerSecurityLastChangeChange %
CVSCVS HEALTH CORP.110.83+1.42+1.30%

But the drugstore chain and pharmacy benefit manager did not raise the 2022 forecast it laid out in December, and shares slid Wednesday.

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

TickerSecurityLastChangeChange %
TMTOYOTA MOTOR CORP.200.32+3.08+1.56%
HONHONEYWELL INTERNATIONAL INC.194.56+2.08+1.08%

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. 

TickerSecurityLastChangeChange %
DISTHE WALT DISNEY CO.142.48-0.03-0.02%
UBERUBER TECHNOLOGIES INC.38.34+0.80+2.13%
MGMMGM RESORTS INTERNATIONAL47.20+1.59+3.49%
MATMATTEL INC.21.91+0.45+2.10%

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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 traded around $43,000.

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In energy markets, benchmark U.S. crude slipped to the $88-per-barrel level. 

FOX Business' Ken Martin and The Associated Press contributed to this report.

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