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J&J Drags on Dow, DJIA Underperforms

EQUITIES
  • Markets read concern into Johnson & Johnson's decision to delay and stall the rollout of their COVID-19 vaccine across Europe, with the US CDC also deciding to pause the jab's use domestically over blood-clotting concerns.
  • In response, the three main US indices slipped sharply alongside J&J shares, which fell as much as 3% and dragged on the Dow Jones Industrial Average, which traded lower against minor gains for the S&P 500 and NASDAQ. Utilities, consumer discretionary and tech outperformed, while financials and industrials lagged.
  • The e-mini S&P wholly erased the initial vaccine-induced dip, which was preceded by a new all time high, keeping the recent run of strength very much in tact. The index trades with month-to-date gains of close to 4%.
  • Earnings season kicks off materially Wednesday, with JPMorgan, Goldman Sachs and Wells Fargo all reporting.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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