BY THE NUMBERS
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. (CNBC)
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. (CNBC)
IN THE NEWS TODAY
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. (CNBC)
Treasury yields ticked lower 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. (CNBC)
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. (CNBC)
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. (CNBC)
STOCKS TO WATCH
FedEx (FDX): Shares of the shipping company rose in premarket trading about KeyBanc Capital Markets upgraded FedEx to "overweight." The Wall Street firm also set a $350 per share price target on FedEx. KeyBanc said FedEx can still grow volume even with the return to in-person shopping.
JetBlue (JBLU), Spirit Airlines (SAVE): Shares of the airlines popped in premarket trading after Susquehanna Financial Group upgraded JetBlue and Spirit Airlines to "positive." "With a recovery in U.S. domestic air travel underway, we want to own the low-cost carriers," the firm's analyst told clients.
Booking Holdings (BKNG): The travel company gained in premarket trading after Jefferies upgraded Booking to "buy" from "hold" on a rebound in global travel. The first also hiked its 12-month price target to $2,800 per share from $2,300 per share.
3M (MMM): Shares of the manufacturing giant edged lower in the premarket after Deutsche Bank added a "catalyst call" sell on 3M. The Wall Street firm said the stock has curiously outperformed in recent weeks despite Deutsche Bank's expectation for a miss on upcoming earnings.
NortonLifeLock (NLOK): The security company dipped in premarket trading after Bank of America initiated the stock with an "underperform" rating and a $19 per share price target. "Last year's Covid-related spike in demand may unwind in the next few quarters and the company may return to negative trends in churn and subscriber additions, negatively impacting the revenue growth," the firm said.
Honeywell (HON): Shares of Honeywell rose in premarket trade after Deutsche Bank put a catalyst call "buy" rating on the stock. The firm said investors are unenthusiastic about Honeywell, despite a recovery taking hold.
Bristol-Myers Squibb (BMY): Shares of the pharmaceutical company rose in the premarket about Truist upgraded Bristol-Myers Squibb to "buy" from "hold" with a $74 per share price target. The Wall Street firm said it likes Bristol-Myers Squibb's drug pipeline.