February 3, 2023

Here are the top news, trends, and analysis that investors need to get their trading day started:

1. Dow opens after FDA has suspended J&J Covid vaccine

Trader on the New York Stock Exchange.

Source: NYSEa

The Dow futures fell Tuesday after the FDA and CDC recommended a break in using Johnson & Johnson’s one-off Covid vaccine. Federal health officials said they were looking at reports from six recipients who experienced rare and severe blood clotting problems. Dow stock J&J fell 3% in premarket trading.

The Dow and S&P 500 started the week lower, breaking three winning streaks and falling from Friday’s record high. The Nasdaq broke a winning streak in two sessions. At the end of Monday, the tech-heavy index was 1.7% below the record close of February.

2. J&J says it works with federal regulators

A box of Janssen COVID-19 vaccine doses from Johnson & Johnson is pictured in Grubbs Pharmacy on Capitol Hill on Monday April 12, 2021.

Tom Williams | CQ Appeal, Inc. | Getty Images

In a statement, J&J said there was “no clear causal link” between rare blood clotting events and its Covid vaccine. The US drug giant also said it was working with regulators. All six cases occurred in women between the ages of 18 and 48, with symptoms developing six to 13 days after receiving the shot. The CDC will hold a meeting of the Advisory Committee on Vaccination Practices on Wednesday to further study the cases, federal health officials said on Tuesday. The FDA is also investigating the cases.

3. Consumer prices are falling more than expected

During the coronavirus outbreak in West Nyack, New York on March 14, 2020, a line of shoppers wait to enter the BJ wholesale club market in the Palisades Center mall.

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Government bond yields rose on Tuesday after a major inflation report came out stronger than expected. The government said consumer prices rose 0.6% while the core rate excluding food and energy rose 0.3%. Consumer prices rose 2.6% year over year, their highest level since August 2018, and were boosted by a strong economic recovery. The 10 year Treasury yield was 1.68%.

4. Bitcoin hits new all-time highs ahead of Coinbase debut

Bitcoin hit a new record high of more than $ 63,000 on Tuesday as investors awaited the highly anticipated debut of the Coinbase cryptocurrency exchange. Coinbase will go public on Wednesday via a direct listing that could value the company at up to $ 100 billion – more than major operators of trading venues like Intercontinental Exchange, owners of the New York Stock Exchange. Crypto investors are hailing the company’s public debut as a major milestone for the industry after years of skepticism from Wall Street and regulators.

5. Grab agrees to go public in the world’s largest SPAC merger

Southeast Asia’s hail giant Grab goes through record breaking SPAC merger with Altimeter Growth Corp. worth nearly $ 40 billion on the stock market. Softbank-backed Grab will receive approximately $ 4.5 billion in cash, including $ 4 billion for a private investment in a public equity arrangement. Grab, ranked 16th on last year’s CNBC Disruptor 50 list, offers a range of digital services including transportation, grocery delivery, hotel bookings, online banking, mobile payments, and insurance services through its app.

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