Futures of US stocks faltered on Tuesday as investors tried to measure the impact of a halt in the deployment of Johnson & Johnson vaccines and rising inflation.
Futures tied to the S&P 500 faltered between gains and losses. Monday’s broad market index stood near the recent record high. Futures on the Nasdaq-100, a heavy technology, rose 0.5%.
Health authorities recommended a pause in the use of the Johnson & Johnson vaccine following reports of blood clotting. The Food and Drug Administration and the Centers for Disease Control and Prevention review data on six reported cases of coagulation.
“It means the pace at which the herd’s immunity is being reached is slowing down and more time will be needed for the economy to reopen,” said Sebastien Galy, macro strategist at Nordea Asset Management.
New data also showed that U.S. consumer prices rose sharply in March as the economic recovery picked up momentum, in part reflecting high gasoline prices. The Department of Labor reported that the consumer price index jumped 2.6% in the year ending March.