NEW YORK: The S&P 500 and the Nasdaq rose on Tuesday as investors flocked to the perceived safety of technology-related stocks as the US pause in the rollout of Johnson & Johnson’s COVID-19 vaccine sparked fears of a delay in a broader economic rebound.
The drugmaker’s shares fell 2.2% to a one-month low as US federal health agencies recommended pausing the use of its COVID-19 vaccine after six women developed rare blood clots, dealing a fresh setback to efforts to tackle the pandemic.
Technology and consumer discretionary sectors, which house high-flying technology names that tend to outperform during times of economic uncertainty, rose 0.6% and 0.4%, respectively.
Shares of rival US vaccine makers Pfizer Inc and Moderna Inc rose 0.6% and 7.1%.
At 10:24 a.m. ET, the Dow Jones Industrial Average was down 109.87 points, or 0.33%, at 33,635.53, the S&P 500 was up 3.60 points, or 0.09%, at 4,131.59, and the Nasdaq Composite was up 81 points, or 0.58%, at 13,931.