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Futures Slide After US Suspends J&J Vaccine

After trading flat for much of the overnight session in anticipation of today’s key event, the CPI report (due out at 830am ET), US equity futures and European markets tumbled at precisely 7am after a report that the US will pause Johnson & Johnson vaccines amid health concerns, potentially dealing a blow to efforts to reopen the world’s largest economy.

Futures on the S&P 500 fell and reopening sensitive Russell 2000 contracts lost almost 1% after the New York Times reported and FDA confirmed that the US would will call for an immediate pause in use of Johnson & Johnson’s single-dose coronavirus vaccine  after six U.S. recipients developed a rare disorder involving blood clots. All the six recipients were women between the ages of 18 and 48. One woman died and a second woman in Nebraska has been hospitalized in critical condition, the NYT reported.

“This is a setback and it’s going to make people nervous,” Sebastien Page, amulti-asset strategist at T. Rowe Price, said in an interview on Bloomberg Television. “But the destination is Covid off. We’ve had 100 million doses already so in our portfolios we remain positioned for the recovery trade.”

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