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US STOCKS-Futures slip as U.S. calls for pause in J&J's single-dose COVID-19 vaccine

Published 04/13/2021, 08:11 PM
Updated 04/13/2021, 08:20 PM
© Reuters.
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(For a Reuters live blog on U.S., UK and European stock
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* J&J falls after health agencies' recommendation
* Big bank earnings to kick off from Wednesday
* Futures: Dow down 0.33%, S&P dips 0.24%, Nasdaq off 0.04%

(Adds comment, details; updates prices)
By Medha Singh and Shivani Kumaresan
April 13 (Reuters) - U.S. stock index futures fell on
Tuesday as U.S. federal health agencies recommended pausing the
use of Johnson & Johnson's single-dose COVID-19 vaccine, while
investors awaited a reading on a key inflation report.
The call for pause in vaccine distribution comes after six
recipients developed a rare disorder involving blood clots.
J&J's shares shed 2.8% premarket, with the U.S. Centers for
Disease Control and Prevention set to hold a meeting on
Wednesday to review the cases. Cruise operators, airlines and hotel chains, which are
poised to benefit from an economic reopening driven by vaccine
distributions, dropped.
Carnival Corp CCL.N , Royal Caribbean Cruises Ltd RCL.N ,
American Airlines AAL.O , United Airlines UAL.O and Marriott
International Inc MAR.O shed between 1.8% and 3.4%.
"We don't think it's a major hiccup at this time," said Ryan
Detrick, senior market strategist at LPL Financial in Charlotte,
North Carolina.
"We need more time to study it. Its impact on reopening is
minimal at the point. We still have two other vaccines."
Shares of rival U.S. vaccine makers Pfizer Inc PFE.N and
Moderna Inc MRNA.O rose 1.6% and about 6%.
Focus now turns to the Labor Department's data that is
expected to show U.S. consumer prices rose 0.5% in March from
0.4% in February. The report is due at 8:30 a.m. ET (1230 GMT).
At 07:52 a.m. ET, Dow E-minis 1YMcv1 were down 112 points,
or 0.33%, S&P 500 E-minis EScv1 were down 10 points, or 0.24%.
Nasdaq 100 E-minis NQcv1 were down 5 points, or 0.04%
A steady retreat in bond yields since the start of this
month on expectations that a spike in inflation this year would
be transitory has revived demand for high-growth tech stocks and
sent the S&P 500 and the Dow to record highs.
Investors are also marking time ahead of the start of the
first-quarter earnings season, with results from Goldman Sachs
GS.N , JPMorgan JPM.N and Wells Fargo WFC.N on deck on
Wednesday.
Analysts expect earnings for S&P 500 firms to jump 25% from
a year ago, driven by strength in consumer discretionary and
financial companies, according to Refinitiv IBES data.
Among stocks, U.S.-listed shares of e-commerce firm JD.com
JD.O and search giant Baidu BIDU.O fell 2.7% and 2%
respectively as China's market regulator warned internet
companies to stop using any banned practices. Cryptocurrency and blockchain-related firms including Riot
Blockchain RIOT.O and Marathon Digital Holdings MARA.O
jumped 8.3% and 7.5% as bitcoin prices BTC=BTSP soared 5%, a
day ahead of listing of Coinbase, the largest U.S.
cryptocurrency exchange.

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