U.S. stock futures dropped in a sudden move after the U.S. Food and Drug Administration said it’s recommending a pause in the Johnson & Johnson COVID-19 vaccine after reported cases of blood clotting.
Futures for the Dow Jones Industrials stumbled 119 points, or 0.3%, to 33,512.
Futures for the S&P 500 faded 11.25 points, or 0.3%, to 4,109.25.
Futures for the NASDAQ Composite index fell 8.75 points, or 0.1%, to 13,800.
J&J shares fell 3% in pre-market trading.
There have been six reported cases of a rare and severe type of blood clot after receiving the J&J vaccine, the FDA said. More than 6.8 million doses of the J&J vaccine have been administered in the U.S. The agency is calling for a pause in the vaccine until Centers for Disease Control and Prevention concludes its investigation into these cases.
Shares that stand to be hurt the most if the rapid vaccine rollout in the U.S. slows also fell in premarket trading. Carnival Corp shares pulled back 2%. American Airlines also lost more than 2%.
Shares of Moderna jumped 7% in pre-market trading following the J&J news.
Stock futures were mostly flat early Tuesday morning before the J&J news, first reported by the New York Times, came out. Investors are waiting for a highly anticipated inflation report set for release before Tuesday’s opening bell on Wall Street.
The March reading for the consumer price index is scheduled to be released at 8:30 a.m. ET. Economists polled by Dow Jones are projecting the headline index to rise by 0.5% month-over-month and 2.5% year-over-year.
The market has been calm over the past week as Wall Street settled into a lull ahead of the first-quarter earnings season. Corporate news is set to pick up later in the week, with JPMorgan Chase, Goldman Sachs and Delta Air Lines among the companies set to report quarterly results.
Overseas, in Japan, the Nikkei 225 gained 0.7% Tuesday, while in Hong Kong, the Hang Seng index forged ahead 0.2%.
Oil prices gained 32 cents to $60.02 U.S. a barrel.
Gold prices took on three dollars to $1,729.70 U.S.