The re-opening trade took a breather today as investors responded to the FDA recommendation of an immediate halt of Johnson & Johnson vaccinations.
Why it matters: Despite recent market highs and optimism around the economic recovery, investors are still most sensitive to the underlying health story of getting people vaccinated as quickly as possible.
On our radar:
Shares of "let's go outside" companies Dine Brands Global (Applebee's owner) and American Airlines moved lower by 2.9% and 1.5% respectively.
Meanwhile, "better stay inside longer" plays such as Zoom and Peloton saw their share prices up higher by more than 6.6% and 2.8% respectively.
J&J's stock price fell by more than 1%, helping to pull the Dow lower on the day.
What they're saying: Jason Ware, Chief Investment Officer of Albion Financial, tells Axios why the level of market reaction was measured.
"Investors are thinking about the J&J news primarily in two ways: 1) it's a very small number of folks who have experienced these clots out of [about 7 million] people who have received the vaccine; and 2) even if the pause goes on for a while, or worst case it's taken off the market, the U.S. will have more than enough doses of the highly effective and safe 'mRNA champions' – Pfizer and Moderna," Ware says.
Navin Jacob, a healthcare analyst at UBS, writes in a note: "The imperfect safety of [Johnson & Johnson] may ultimately be cleared by the regulators as worth the risk (given the severity of Covid-19) if the rates do not increase and a full vetting has occurred."
Consumer prices are rising again — in contrast to this time last year, when they were falling as America responded to the first wave of the pandemic.
Driving the news: Per this morning's data release of the Consumer Price Index for March, they're now 0.6% above where they were last month, 2.6% above where they were last year, and 2.3% above their level in February 2020.
Apple sent out invitations to the media on Tuesday for an April 20 event where it is likely to debut new hardware.
Why it matters: Apple has yet to introduce a number of products that have been long anticipated, including updates to the iPad as well as AirTags — small devices that can help keep tabs on physical objects.
Asset management giants BlackRock and Temasek have created a new investment entity to stake companies capable of scaling up the deployment of climate-friendly technologies.
Why it matters: Decarbonization Partners is the latest sign of how finance giants — under pressure from activists but also seeing a big market — are steering more capital into clean energy tech and companies.
Private equity investments in U.S. renewables hit a record $23.7 billion last year, per a new report on deals from American Investment Council, which is the industry's lobbying and advocacy arm.
Where it stands: "PE invests in renewable energy in two major ways: buying and expanding established power generators and increasing their production over the long term, and financing development costs for new renewable power companies," it states.
Former Vanity Fair editor Graydon Carter's new media venture, Air Mail, expects to employ 40 people by year's end, up from 30 today and 10 at launch in 2019, Axios has learned. It currently has over 75 editorial contributors.
Why it matters: While some have criticized the outlet as a nostalgic attempt to recreate print online, its strategy has helped the company seamlessly transition into new revenue streams like e-commerce, where brand authority is important.
DraftKings has hired Brian Angiolet, former senior vice president and chief business officer at Verizon, as the company’s first-ever chief media officer.
Details: Angiolet will lead a team responsible for evaluating potential media acquisitions and content efforts, sources tell Axios. The team will help vet future deals and content partnerships that the company will use to help drive customer referrals to its sportsbook.
In the run-up to the White House's virtual climate summit on April 22-23, environmental groups and now major corporations are presenting a united front in calling for at least a 50% cut in U.S. greenhouse gas emissions by 2030, when compared to 2005 levels.
Why it matters: The 2030 targets are needed since the world is on course to sail above the warming targets set in place by the Paris Climate Agreement, resulting in potentially catastrophic climate impacts. These include the loss of much of the world's coral reefs and melting of some of the planet's largest ice sheets.
The advertising industry, plagued last year by pandemic-driven budget cuts, is poised to return stronger than ever in 2021 and beyond, according to several new forecasts.
Be smart: The quick turnaround means that the ad market is recovering faster than it did following the 2008 recession.
Japan's government on Tuesday announced plans to release more than 1 million metric tons of contaminated water from the destroyed Fukushima nuclear plant into the Pacific Ocean following a treatment process.
Why it matters: While the Biden administration has said Japan appears to have met globally accepted nuclear safety standards, officials in South Korea, China and Taiwan, local residents, those in the fishing industry and green groups oppose the plans, due to begin in about two years, per the Guardian.
A federal judge approved a partial agreement between the U.S. Soccer Federation and the women's national team on unequal working conditions, per AP.
Why it matters: The approval clears the way for the U.S. Women's National Team (USWNT) to appeal a ruling last May against the world champions on equal pay returns.
