Tech Soars While Dow Struggles Amid J&J Vaccine Issues

U.S. markets are split this morning as tech stocks make gains and the Dow struggles following a pause of Johnson & Johnson’s COVID vaccine from U.S. health agencies.

The Dow is currently down 122 points to 33,623 (-0.36%) while the S&P holds steady, up 5 and a half points to 4,133 (+0.13%). The Nasdaq is currently up 92 points to 13,941 (+0.66%) as FAANG stocks average around a 1% gain. Tesla is leading the pack, up 3.5% in this morning’s market.

Outside of tech, markets are mostly red after the U.S. Food and Drug Administration (FDA) and the Center for Disease Control (CDC) have recommended a pause for usage of Johnson & Johnson’s COVID vaccine. The pause was called for after reports of 6 individuals contracting rare blood disorders two weeks after vaccination.

The pause of Johnson & Johnson’s vaccine has raised questions about U.S. efforts vaccinate all adults by May, as supplies of vaccines will now be further depleted should health organizations heed the FDA and CDC recommendation. 

Crytocurrency sees another day of stellar gains, with Bitcoin (BTCUSD) up above $62,000 in value (+5.04%) and Ethereum (ETHUSD) up $106 to $2,244 (+4.89%). Crypto markets have remained volatile, but have posted mostly gains in the past week and a half as traditional markets struggle.

European markets are mostly flat this morning, with the Stoxx 600 posting a gain of 0.45 points to 435 (+0.1%). London’s FTSE 100 dropped 1.64 points to 6,887 (-0.03) while the DAX saw a modest gain of 43 points to 15,258 (+0.29%).

Asian markets reversed their day of losses yesterday and are posting mostly in the green. The Shanghai Composite is the only outlier, down 13 points to 3,396 (-0.48%). Hong Kong’s Hang Sang (HSI) is up 43 points to 28,497 (+0.15%) and Japan’s Nikkei rose 212 points to 29,751 (+0.72%).

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