Morning Minutes

Cryptocurrencies, Vaccines and Airlines In Focus



US index futures are mixed this morning with Dow futures down 0.3% and NASDAQ futures up 0.1%. The main corporate event in the US today is the news that the FDA has recommended a pause in using the Johnson & Johnson COVID vaccine after rare blood clots were reported in 6 people out of 6.8 million vaccinations given so far. Johnson & Johnson shares are down 2.2% in premarket trading this morning, weighing on the Dow, while shares of vaccine competitor Moderna are up 6.8%.

In Canada today, the airline sector is attracting attention after Air Canada agreed to a $5.8B bailout package with the federal government that includes loans and an equity stake.  This deal enables the airline to pay refunds to passengers whose non-refundable tickets were cancelled by COVID shutdowns, maintain employment, and continue providing regional services.

In economic news, US inflation picked up in March on the headline number (2.6% vs street 2.5% and previous 1.7%), but the Excluding Food & Energy component showed slower price growth outside of the traditionally volatile commodity driven areas (1.6% vs street 1.5% and previous 1.3%). The US treasury note yield held steady near 1.67% on this news.

Cryptocurrencies are soaring with the Coinbase cryptocurrency exchange set to make its trading debut today through a direct listing. Bitcoin for example, is up 5.1% so far today. .

Tomorrow, US earnings season kicks off with results from Goldman Sachs, JPMorgan Chase and Wells Fargo.

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Colin Cieszynski, Chief Market Strategist

Colin Cieszynski, CFA, CMT
Chief Market Strategist
+1 (647) 282-4428

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