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.
SIA Wealth Market Outlook Webinar Tuesday April 13, 2:00 pm EDT
Join SIA Wealth Management for an update on True Tacticaltm investing, insights into the recent performance of SIA Wealth Management portfolios and market insights from SIA Wealth Founder and CEO Jeremy Fehr. Webinar audio will be available through computer VoIP or dial in using your phone.