Why Peloton Stock Lost Ground Friday

Peloton Interactive Inc PTON shares were trading lower Friday after President Donald Trump announced "Opening Up America Again" guidelines.

The plan presented by the White House Thursday to states said that gyms should be able to reopen in the first phase if they adhere to strict physical distancing and sanitation protcols. 

Peloton is seen as a stay-at-home stock during the pandemic as people seek different ways to get a workout in while gyms are closed.

A report that said Gilead’s GILD drug remdesivir showed effective early results in coronavirus patients also drove market optimism Friday. 

Peloton shares were down 7.87% at $33.49 at the close Friday. The stock has a 52-week high of $38.08 and a 52-week low of $17.70.

Photo courtesy of Peloton.