Here are the most important news, trends and analysis that investors need to start their trading day:
1. Dow to open lower after FDA pauses J&J Covid vaccine
Dow futures turned lower Tuesday after the FDA and CDC recommended a pause in the use of Johnson & Johnson's one-shot Covid vaccine. The federal health agencies said they're reviewing reports of six recipients who experienced rare and severe blood clotting issues. Dow stock J&J dropped 2.5% in premarket trading.
The Dow and S&P 500 started the week lower, breaking three-session winning streaks and falling from Friday's record high closes. The Nasdaq broke a two-session winning streak. The tech-heavy index, as of Monday's finish, was 1.7% from its February record close.
2. J&J says it's working with federal regulators
In a statement, J&J said there's "no clear causal relationship" between rare the blood-clotting events and its Covid vaccine. The U.S. drug giant also said it is working with regulators. All six cases occurred in women ages 18 to 48, with symptoms developing six to 13 days after they received the shot. The CDC will convene a meeting of the Advisory Committee on Immunization Practices on Wednesday to further review the cases, federal health regulators said Tuesday. The FDA is also investigating the cases.
3. Consumer prices come in stronger than expected
Treasury yields ticked higher Tuesday after the release of a key inflation report came in stronger than expected. The government said consumer prices rose 0.6%, with the ex-food and energy core rate up 0.3%. Year-over-year consumer prices were up 2.6%, the highest since August 2018, getting a boost by a strong economic recovery. The 10-year Treasury yield was trading around 1.68%.
4. Bitcoin hits new all-time high ahead of Coinbase debut
Bitcoin surged to a record of more than $63,000 on Tuesday, as investors awaited the highly anticipated stock market debut of cryptocurrency exchange Coinbase. Coinbase is set to go public on Wednesday through a direct listing that could value the company at as much as $100 billion — more than major trading venue operators like Intercontinental Exchange, owner of the New York Stock Exchange. Crypto investors are hailing the company's stock market debut as a major milestone for the industry after years of skepticism from Wall Street and regulators.
5. Grab agrees to deal to go public in world's largest SPAC merger
Southeast Asia's ride-hailing giant Grab is going public via a record-setting SPAC merger with Altimeter Growth Corp., valued at nearly $40 billion. Softbank-backed Grab will receive about $4.5 billion in cash, which includes $4 billion in a private investment in public equity arrangement. Grab, ranked No. 16 on last year's CNBC Disruptor 50 list, delivers an array of digital services such as transportation, food delivery, hotel bookings, online banking, mobile payments and insurance services from its app.
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