U.S. Stocks Turning In Mixed Performance

U.S. stocks are turning in a mixed performance Tuesday with investors reacting to the data on consumer price inflation and news about the drug regulators recommending a pause to the rollout of Johnson & Johnson’s Covid-19 vaccine.

Investors are also looking ahead to the upcoming earnings announcements from big banks, and a slew of crucial economic data.

The major averages are exhibiting a mixed trend. The Dow was down 170.72 or 0.51 percent at 33,574.68. The S&P 500 was up 3.03 points or 0.07 percent at 4,131.06, while the Nasdaq was gaining 81.82 points or 0.59 percent at 13,931.82.

Data released by the Labor Department showed annual inflation rate in the U.S. jumped to 2.6 percent in March, from 1.7 percent in February. Economists had expected inflation rate to come in at 2.7 percent.

Core price inflation rose to 1.6 percent year-on-year in March, following a 1.3 percent advance in the previous month.

The Consumer Price Index rose 0.6 percent in March over the previous month, the most since 2012, due largely to the rise in gasoline prices.

The USFDA announced that it’s recommending a pause in J&J’s Covid-19 vaccine following reported cases of blood clotting. The regulator said there have been six reported cases of a rare and severe type of blood clot after receiving the J&J vaccine and that it is calling for a pause in the vaccine until Centers for Disease Control and Prevention concludes its investigation into these cases.

Shares of Johnson & Johnson shares dropped to a low of $156.53 before regaining some lost ground. Still, at $158.10, the stock is down by about 2.2% now.

Meanwhile, shares of Moderna Inc. are gaining significant ground in positive territory, rising more than 6 percent.

Tesla Inc, is up 5.7 percent, extending gains from previous session. Zoom Video, Altassian Corp, Apple, Paypal Holdings and NVIDIA are among the other major gainers in the Nasdaq index.

Airline stocks are mostly lower. American Airlines and United Airlines declined by more than 5 percent and 3.3 percent, respectively, before paring some losses.

Business News