ANL 31.55 Increased By ▲ 0.05 (0.16%)
ASC 20.80 Increased By ▲ 1.00 (5.05%)
ASL 24.00 Increased By ▲ 0.04 (0.17%)
BOP 8.17 Decreased By ▼ -0.10 (-1.21%)
BYCO 10.24 Decreased By ▼ -0.18 (-1.73%)
FCCL 22.60 Decreased By ▼ -0.13 (-0.57%)
FFBL 27.20 Increased By ▲ 0.10 (0.37%)
FFL 21.20 Increased By ▲ 0.80 (3.92%)
FNEL 9.18 Increased By ▲ 0.40 (4.56%)
GGGL 28.03 Decreased By ▼ -0.07 (-0.25%)
GGL 46.75 Increased By ▲ 0.20 (0.43%)
HUMNL 7.55 Increased By ▲ 0.20 (2.72%)
JSCL 22.93 Increased By ▲ 0.28 (1.24%)
KAPCO 40.10 Increased By ▲ 0.18 (0.45%)
KEL 3.94 Decreased By ▼ -0.04 (-1.01%)
MDTL 3.81 Increased By ▲ 0.06 (1.6%)
MLCF 45.10 Decreased By ▼ -0.65 (-1.42%)
NETSOL 167.35 Increased By ▲ 1.29 (0.78%)
PACE 8.03 Decreased By ▼ -0.12 (-1.47%)
PAEL 34.87 Increased By ▲ 0.42 (1.22%)
PIBTL 11.35 Decreased By ▼ -0.10 (-0.87%)
POWER 9.35 Decreased By ▼ -0.01 (-0.11%)
PRL 24.13 Increased By ▲ 0.24 (1%)
PTC 11.75 Decreased By ▼ -0.05 (-0.42%)
SILK 1.83 No Change ▼ 0.00 (0%)
SNGP 51.18 Decreased By ▼ -5.07 (-9.01%)
TELE 15.57 Increased By ▲ 0.82 (5.56%)
TRG 168.06 Increased By ▲ 0.80 (0.48%)
UNITY 43.84 Decreased By ▼ -0.36 (-0.81%)
WTL 3.82 Increased By ▲ 0.26 (7.3%)
BR100 5,176 Decreased By ▼ -28.35 (-0.54%)
BR30 26,711 Decreased By ▼ -45.55 (-0.17%)
KSE100 47,673 Decreased By ▼ -120.39 (-0.25%)
KSE30 19,107 Decreased By ▼ -54.37 (-0.28%)

Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
23,048
3224hr
Pakistan Cases
1,008,446
3,75224hr
7.51% positivity
Sindh
367,092
Punjab
353,238
Balochistan
29,571
Islamabad
85,780
KPK
141,925
Markets

Global stocks mostly shrug off J&J vaccine woes

  • Optimism nevertheless appeared intact among traders as bitcoin zoomed to a record high above $63,000 ahead of Wednesday's trading launch of the Coinbase cryptocurrency exchange.
14 Apr 2021

NEW YORK: Stocks largely shrugged off surprise problems with the Johnson & Johnson coronavirus vaccine rollout, while bitcoin powered to a record on Tuesday on the eve of a key IPO.

London finished the day close to flat despite news of Britain's rebounding economic growth and recovering EU exports in February, but Frankfurt and Paris both pushed upwards in the face of bumps in the road.

On Wall Street, the S&P 500 edged to a fresh record and the Nasdaq rallied, while the Dow fell modestly.

Shares of US airlines and other sectors tied to the economic recovery initially plunged, but later clawed back some of their losses.

Delta Air Lines ended down 1.2 percent while Expedia lost 0.5 percent.

The J&J problem "isn't great news, obviously, but it's nothing people need to go crazy over," said JJ Kinahan of TD Ameritrade. "We had good momentum with vaccinations heading into summer, and this might slow the momentum, but the other two vaccines are still working well."

US health authorities recommended pausing the J&J Covid-19 shot over blood clot fears.

The company quickly announced it would delay its European rollout, in a setback for global immunization campaigns.

US authorities said the decision was made "out of an abundance of caution" over a disorder that appears similar to that observed in rare cases of blood clots in people who received the AstraZeneca vaccine in Europe.

But the S&P 500's closing record showed investors took the news in stride.

"There were some concerns the JNJ mishap would contribute to vaccine hesitancy and possibly slow down vaccination/reopening efforts, but the market didn't overreact to the news," Briefing.com said after the US market closed.

Fears of Fed hitting brakes

The day started with the Labor Department reporting US consumer price inflation rose to 2.6 percent in the 12 months to March.

Analyst Fawad Razaqzada of Think Markets said "the key question is whether growth optimism will be replaced by inflationary concerns and taper tantrums," referring to market upset if the Federal Reserve signals an end to easy-money policy.

Although central bankers have repeatedly pledged not to change tack until inflation has been elevated for some time and unemployment has fallen, "if we do now see more signs of the US economy heating up, then there could be a noticeable change in tone from the Fed," Razaqzada said.

Optimism nevertheless appeared intact among traders as bitcoin zoomed to a record high above $63,000 ahead of Wednesday's trading launch of the Coinbase cryptocurrency exchange.

"A good debut for Coinbase in Nasdaq will mark the first official juncture between the traditional financial avenue and the alternative crypto path," said Swissquote analyst Ipek Ozkardeskaya.

"As such, a successful addition to Nasdaq should act as endorsement of cryptocurrencies by traditional investors."