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* J&J shares reached a one-month low
* Technology companies increase rates
* Large bank deposits to start from Wednesday
* Cryptographic shares take precedence over Coinbase IPO (updates at market close)
April 13 (Reuters) – The S&P 500 closed another record on Tuesday and the Nasdaq Composite Index jumped as investors dismissed concerns about stopping the launch of Johnson & Johnson’s COVID-19 vaccine and strong US inflation.
The pharmacist’s actions reached a minimum of one month before recovering some of his losses, as calls to stop the use of the COVID-19 vaccine after six women developed rare blood clots gave a new reverse efforts to combat the pandemic.
The news came when U.S. data showed that the consumer price index (CPI) in March peaked in more than 8-1 / 2 years, initiating what most economists expect to be a brief period of higher inflation.
U.S. futures initially fell on J&J news, but reduced losses after CPI data. Strong demand for U.S. Treasury issuance at lunch further worsened yields, highlighting investors ’lack of concern about any impending interest rate hikes.
In contrast, the high-flying tech names that thrived during coronavirus-induced closures last year attracted renewed purchases that boosted Apple Inc., Microsoft Corp. and Amazon.com Inc.
The broader technology sector also rose, as did the NYSE FANG + TM index for a record 12th consecutive session.
The S&P 500 closed at record highs on Wednesday, Thursday and Friday last week.
“The real balance sheet is the arrest of the J&J vaccine, although it can also be set aside as a minor setback. While this may cause some short-term volatility, investors have been quite firm in their faith. in a full economic recovery, “said Mike Loewengart, managing director of E * TRADE Financial’s investment strategy.
Unofficially, the Dow Jones Industrial Average fell 65.96 points, or 0.2%, to 33,679.44, the S&P 500 gained 13.67 points, or 0.33%, to 4,141.66 and the Nasdaq Composite added 146.10 points, or 1.05%, to 13,996.10.
Highlighting investors ’bewildered attitudes was the volatility index, which intraday fell below the 14-month minimum closing success on Friday.
“This year, 20 had proved to be a bit superficial, but what we’ve seen since the beginning of this month is that the VIX broke that level and established its bargaining status among mid-teens, which stands out for the one broader risk environment as we enter the earnings season, ”said Greg Boutle, U.S. head of equity and derivatives strategy at BNP Paribas.
The first quarter earnings season begins in earnest on Wednesday, with the first reports expected from Goldman Sachs, JPMorgan and Wells Fargo.
Analysts expect the profits of the S&P 500 companies to have jumped 25% over the previous year, driven by the strength of consumer financial and discretionary companies, according to data from Refinitiv IBES.
Companies related to cryptocurrencies and blockchain, such as Riot Blockchain and Marathon Digital Holdings, won as bitcoin prices soared, one day ahead of the Coinbase list, the largest cryptocurrency exchange in the U.S. (Report by David French in New York and Medha Singh in Bengaluru; Edited by Sagarika Jaisinghani, Arun Koyyur, Maju Samuel and Richard Chang)