Dow to open lower after FDA pauses J&J Covid vaccine


BY THE NUMBERS

Dow futures turned lower Tuesday after the FDA and CDC beneficial a pause in using Johnson & Johnson‘s one-shot Covid vaccine. The federal well being companies stated they’re reviewing reviews of six recipients who skilled uncommon and extreme blood clotting points. Dow inventory J&J dropped 2.5% in premarket buying and selling. (CNBC)

The Dow and S&P 500 started the week lower, breaking three-session profitable streaks and falling from Friday’s document excessive closes. The Nasdaq broke a two-session profitable streak. The tech-heavy index, as of Monday’s end, was 1.7% from its February document shut. (CNBC)

IN THE NEWS TODAY

In a statement, J&J stated there’s “no clear causal relationship” between uncommon the blood-clotting occasions and its Covid vaccine. The U.S. drug big additionally stated it’s working with regulators. All six circumstances occurred in girls ages 18 to 48, with signs growing six to 13 days after they obtained the shot. (CNBC)

Treasury yields ticked lower Tuesday after the discharge of a key inflation report got here in stronger than expected. The authorities stated shopper costs rose 0.6%, with the ex-food and power core fee up 0.3%. Year-over-year shopper costs have been up 2.6%, the best since August 2018, getting a lift by a powerful financial restoration. (CNBC)

Bitcoin surged to a record of greater than $63,000 on Tuesday, as buyers awaited the extremely anticipated inventory market debut of cryptocurrency change Coinbase. Coinbase is ready to go public on Wednesday by a direct itemizing that might worth the corporate at as a lot as $100 billion. (CNBC)

Southeast Asia’s ride-hailing big Grab is going public through a record-setting SPAC merger with Altimeter Growth Corp., valued at practically $40 billion. Softbank-backed Grab will obtain about $4.5 billion in money, which incorporates $4 billion in a personal funding in public fairness association. (CNBC)

STOCKS TO WATCH

FedEx (FDX): Shares of the transport firm rose in premarket buying and selling about KeyBanc Capital Markets upgraded FedEx to “overweight.” The Wall Street agency additionally set a $350 per share value goal on FedEx. KeyBanc stated FedEx can nonetheless develop quantity even with the return to in-person procuring.

JetBlue (JBLU), Spirit Airlines (SAVE): Shares of the airways popped in premarket buying and selling after Susquehanna Financial Group upgraded JetBlue and Spirit Airlines to “positive.” “With a recovery in U.S. domestic air travel underway, we want to own the low-cost carriers,” the agency’s analyst advised purchasers.

Booking Holdings (BKNG): The journey firm gained in premarket buying and selling after Jefferies upgraded Booking to “buy” from “hold” on a rebound in international journey. The first additionally hiked its 12-month value goal to $2,800 per share from $2,300 per share.

3M (MMM): Shares of the manufacturing big edged lower within the premarket after Deutsche Bank added a “catalyst call” promote on 3M. The Wall Street agency stated the inventory has curiously outperformed in latest weeks regardless of Deutsche Bank’s expectation for a miss on upcoming earnings.

NortonLifeLock (NLOK): The safety firm dipped in premarket buying and selling after Bank of America initiated the inventory with an “underperform” score and a $19 per share value goal. “Last year’s Covid-related spike in demand may unwind in the next few quarters and the company may return to negative trends in churn and subscriber additions, negatively impacting the revenue growth,” the agency stated.

Honeywell (HON): Shares of Honeywell rose in premarket commerce after Deutsche Bank put a catalyst name “buy” score on the inventory. The agency stated buyers are unenthusiastic about Honeywell, regardless of a restoration taking maintain.

Bristol-Myers Squibb (BMY): Shares of the pharmaceutical firm rose within the premarket about Truist upgraded Bristol-Myers Squibb to “buy” from “hold” with a $74 per share value goal. The Wall Street agency stated it likes Bristol-Myers Squibb’s drug pipeline.