Wall Street mixed amid new vaccine worries, tech outperformance

12:30pm: Tesla stock picks up speed

The Dow was down 152 points, 0.5%, to 33,594. The Nasdaq fared better, gaining 81 points, 0/6%, to 13, 931, and the S&P 500 added 5 points, 0.1%, to 4,133.

“Rising US inflation has served to dampen sentiment, as tech outperforms other sectors,” IG Senior Market Analyst Joshua Mohny wrote. “Meanwhile, all-too-familiar blood clot problems appear to be plaguing the single-dose jab from Johnson & Johnson.”

JNJ stock lost more than 2% to $158.26.

On the Nasdaq, Tesla Inc (NASDAQ:TSLA) led the way as shares improved nearly 6% to $742.93. 

9:50am: Proactive North America headlines:

Mawson Gold Limited (TSE:MAW) (OTCPINK:MWSNF) (FRA:MXR) posts strong results from Rajapalot drilling, including new discovery at The Hut prospect

DGTL Inc (CVE:DGTL) (OTCQB:DGTHF) (FRA:A2QB0L) inks JV with Loop for AI platform serving major league sports, entertainment and gaming brands

New Pacific Metals Corp (TSE:NUAG) (OTCMKTS:NUPMF) (FRA:3N7A) acquires 98% stake in the Carangas silver project in Oruro Department, Bolivia

Empower Clinics Inc (CSE:CBDT) (FRA:8EC) (OTCQB:EPWCF) adds Kai Medical Lab President Yoshi Tyler to board of directors

ImagineAR Inc (CSE:IP) (OTCQB:OTCQB) (FRA:GMS1) selected by two E-Sports & Gaming teams on the final Hype Sports Innovation Draft Day

KULR Technology Group Inc (OTCQB:KULR) moves to new and larger facility in San Diego to accommodate continued growth

HighGold Mining Inc (CVE:HIGH) (OTCQX:HGGOF) to mobilize for 2021 drilling at Johnson Tract project, Alaska in May

Nextech AR Solutions Corp (OTCQB:NEXCF) (NEO:NTAR) (CSE:NTAR) chosen as official digital exerience platform for UK hybrid event through Mash Media partnership

Versus Systems Inc (NASDAQ:VS) (CSE:VS) (FRA:BMVB) to allow prizing in India’s booming mobile, entertainment and gaming market

Talon Metals Corp (TSE:TLO) (OTCMKTS:TLOFF) (FRA:TAO) reveals blockbuster intersection of over 2.3% nickel from its ongoing Tamarack drill program

ElectraMeccanica Vehicles Corp (NASDAQ:SOLO) appoints Kevin Pavlov as its new chief operating officer (COO) with effect from May 1, 2021

Forian Inc (NASDAQ:FORA) enters securities purchase agreement with select group of institutional and accredited investors to raise gross proceeds of $12M

GoviEx Uranium Inc (CVE:GXU) (OTCQB:GVXXF) (FRA:7GU) refocuses resources and geotechnical drilling at Madaouela Uranium project in Niger

Trillion Energy International Inc (CSE:TCF) (OTCMKTS:TCFF) (FRA:3P2N) kicks off work program to expand SASB license area in the Black Sea

Safe-T Group Ltd (NASDAQ:SFET) (TASE:SFET) and Thales now offer Zero Trust Solution to help organizations control and secure remote access to applications

9:40am: Mixed start

The main indices on Wall Street got off to a mixed start on Tuesday morning as the news concerning blood clots and the Johnson & Johnson COVID-19 vaccine rippled across markets.

Shortly after the opening bell, the Dow Jones Industrial Average was down 0.29% at 33,648 while the S&P 500 was mostly flat at 4,127 and the Nasdaq rose 0.51% to 13,920.

Markets may also be a little skittish due to faster than expected US inflation for March as stimulus measures and an easing of lockdown measures juiced the American economy.

8:00am: Wall Street to head lower

After relative calm, Wall Street futures are pointing to an opening fall after reports of blood clotting associated with the Johnson & Johnson (NYSE:JNJ) vaccine.

The US Food & Drug Administration has called for a pause in the use of the J&J vaccine.

So the Dow Jones Industrial Average is expected to open 111 points or 0.33% lower while the S&P 500 is set for a 0.27% or 10 point fall and the Nasdaq Composite is likely to dip 0.06%.

Before the vaccine news, analysts had been anticipating the latest US inflation figures and the US markets were expected to open higher.

Sophie Griffiths, market analyst at Oanda, said: “US futures are pointing to a muted but mildly positive open as investors focus on the CPI release due. Inflation expectations have become a key driver for the markets over recent months as optimism surrounding a strong US economic recovery grows. While the Fed has stuck unwaveringly to its dovish hymn sheet, insisting any rise in inflation is expected to be short term, markets are still focusing firmly on when any monetary policy tightening could begin…

“Expectations are for an increase of 0.5% month-on-month and 2.5% on an annual basis, up from 1.7% in February. A strong-than-forecast number could lift [US Treasury] yields, boosting the US dollar.”

Chris Beauchamp at IG said: “[Federal Reserve chair Jerome] Powell and co have done a good job of keeping expectations in check recently regarding inflation and rate rises, but a stronger CPI figure might well render these efforts worthless. The market appears determined to hunt down any sign that inflation is taking hold in a more permanent fashion, and after the PPI surprise last week investors are not going to let themselves be taken by surprise.”

Four things to watch for on Tuesday:

• The earnings diary will see results from industrial and construction supply firm Fastenal Co (NASDAQ:FAST) and video software group SeaChange International Inc (NASDAQ:SEAC)
• Meanwhile, American Airlines Group Inc (NASDAQ:AAL) will also be in focus after its first quarter losses were worse than markets had expected
• Bitcoin is also grabbing the headlines once again after it broker fresh records, reaching an all-time high of around US$62,923 in earlier trading
• In the macro diary, US inflation data will be the key announcement, while there may also be interest in speeches from various Fed representatives

Story by ProactiveInvestors