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||34382.13||+360.68||+1.06%|
|JNJ||JOHNSON & JOHNSON||170.19||+0.35||+0.21%|
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.
|I:COMP||NASDAQ COMPOSITE INDEX||13429.978403||+304.99||+2.32%|
"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.
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.||22.40||+1.19||+5.61%|
|MAR||MARRIOTT INTERNATIONAL, INC.||143.29||+4.02||+2.89%|
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.||96.58||+1.29||+1.35%|
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.||246.29||+5.49||+2.28%|
|SQ||SQUARE INC COM||207.85||+10.57||+5.36%|
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.||368.57||+9.63||+2.68%|
|WFC||WELLS FARGO & CO.||47.00||+0.57||+1.23%|
|JPM||JPMORGAN CHASE & CO.||164.12||+2.61||+1.62%|
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%.