Peloton Stocks Surge After Announcing TikTok Partnership
Peloton’s stock rose 6% in after-hours trading as the fitness company announced a partnership with TikTok. This collaboration will bring a new fitness hub to the social media app, featuring content created by Peloton instructors.
The news of the partnership has caused Peloton’s shares to surge, following a gain of nearly 14% during Thursday’s regular trading session. The company’s stock continued to rise after the close of the market.
In other news, stock futures opened slightly higher on Thursday evening. Futures linked to the S&P 500 and Nasdaq 100 gained 0.1%, with Dow Jones Industrial Average futures adding 53 points. Despite this, the three major averages are all on track for weekly losses.
The Dow is down -0.66% for the week, while the S&P 500 and Nasdaq are down -1.70% and -3.34% respectively. This marks a potential end to a nine-week win streak for all three averages.
This decline in the major averages is significant, with the S&P 500 experiencing its worst weekly performance since September 2023 and the Nasdaq suffering its fifth straight negative session. The market’s performance will be something to watch as the trading week comes to a close.