One of last year’s popular pandemic stocks Peloton today dropped by as much 15% after a reported product related death.
The company announced that it was voluntarily recalling one of its main treadmills “Tread+”. After reports of several injuries, including the death of one user.
In a statement relating to the recall, the company’s CEO John Foley stated. “I want to be clear, Peloton made a mistake in our initial response to the Consumer Product Safety Commission’s request that we recall the Tread+. We should have engaged more productively with them from the outset. For that, I apologize”.
The company is also due to announce its Q1 earnings tomorrow, with many hoping for a rebound in its value.
S&P 500 rebounds as private payrolls gain
The S&P 500 rebounded on Wednesday as data released showed that ADP private payrolls had risen.
ADP’s National Employment Survey which is reported once a month highlighted that private payrolls had increased by 742,000 jobs in April.
Although slightly below the expected increase of 800,000, this was the largest rise in ADP figures since September of last year.
With many Americans already receiving the COVID-19 vaccine, the hospitality and leisure industries have begun ramping up activity, and as such over 237,000 jobs were added to these sectors last month.
Both the S&P 500 and Dow Jones were trading up more than 0.40% as of writing.
Dogecoin climbs close to 40%
The rise of Dogecoin continued Wednesday, as the once “meme” cryptocurrency surged by close to 40%
Dogecoin was trading 38% higher in today’s session, recording a new high of over 66 cents as a result.
Related: What is Cryptocurrency
Many believe that the rise was due to the highly anticipated interview of Elon Musk on popular U.S. TV show “Saturday Night Live”.
Musk labelled his pending appearance on the show as “Dogeday”, further endorsing the coin many now associate with him.
After falling to an intraday low of $52,895, Bitcoin also rebounded and currently sits at $57,961.
Quote of the day – “You have to identify your weaknesses and work to change. Keep a trading diary – write down your reasons for entering and exiting every trade. Look for repetitive patterns of success and failure.”– Alexander Elder
Senior Market Analyst