U.S. equity markets finished mixed Tuesday after the U.S. Food and Drug Administration recommended Johnson & Johnson’s COVID-19 vaccine be paused amid blood-clotting concerns and consumer prices rose at the fastest pace in over eight years.
|I:DJI||DOW JONES AVERAGES||31097.26||+321.83||+1.05%|
|JNJ||JOHNSON & JOHNSON||179.52||+2.01||+1.13%|
The Dow Jones Industrial Average fell 68 points, or 0.2%, as a decline in Johnson & Johnson shares weighed. The S&P 500 and the Nasdaq Composite, meanwhile, rose 0.33% and 1.05%, respectively.
FDA PAUSES J&J COVID-19 VACCINE: WHAT TO KNOW
|I:COMP||NASDAQ COMPOSITE INDEX||11127.845123||+99.11||+0.90%|
"We are recommending a pause in the use of this vaccine out of an abundance of caution," the FDA tweeted. The recommendation comes after a rare and severe blood clot was discovered in six recipients. More than 6.8 million doses of the vaccine have been administered.
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Travel stocks, including American Airlines Group Inc., Carnival Corp. and Marriott International Inc. were mixed amid concerns a pause in the administration of Johnson & Johnson’s single-shot vaccine would stunt the reopening of the economy.
|AAL||AMERICAN AIRLINES GROUP INC.||13.13||+0.45||+3.55%|
|MAR||MARRIOTT INTERNATIONAL INC.||139.18||+3.17||+2.33%|
As traders sold reopening names, they put money to work in stay-at-home plays like Peloton Interactive Inc. and Zoom Video Communications Inc.
|PTON||PELOTON INTERACTIVE INC.||9.13||-0.05||-0.54%|
Elsewhere, shares of PayPal Holdings Inc. and Square Inc. gained for a 10th straight session ahead of the much-anticipated stock-market debut of Coinbase Inc. The cryptocurrency exchange operator will hold a direct listing on the Nasdaq on Wednesday with shares trading under the ticker COIN.
|PYPL||PAYPAL HOLDINGS INC.||71.40||+1.56||+2.23%|
In earnings, construction equipment maker Fastenal Co. reported profit and sales that missed Wall Street estimates.
Goldman Sachs Group Inc., JPMorgan Chase & Co. and Wells Fargo & Co. will report their quarterly results ahead of Wednesday’s opening bell.
|GS||THE GOLDMAN SACHS GROUP INC.||299.23||+2.21||+0.74%|
|WFC||WELLS FARGO & CO.||39.92||+0.75||+1.91%|
|JPM||JPMORGAN CHASE & CO.||114.05||+1.44||+1.28%|
Economic data out Tuesday showed consumer prices rose 0.6% month over month in March, making for the fastest increase since August 2012. Prices increased 2.6% annually. The readings were hotter than the 0.5% and 2.5% increases that economists were expecting.
In commodities, West Texas Intermediate crude oil climbed 48 cents to $60.18 per barrel and gold rallied $15 to $1,746.20 an ounce.
Overseas markets were mostly higher.
France’s CAC 40 led the advance in Europe, trading up 0.36% while Germany’s DAX 30 and Britain’s FTSE 100 added 0.13% and 0.02%, respectively.
In Asia, Japan’s Nikkei 225 rose 0.72%, Hong Kong’s Hang Seng edged up 0.15% and China’s Shanghai Composite index lost 0.48%.