A rickshaw driver waits for passengers in a market area in the old quarters of New Delhi, India.
AFP via Getty ImagesStocks fell Monday even after encouraging comments on Johnson & Johnson’s vaccine from Dr. Anthony Fauci.
At the close, the Dow Jones Industrial Average fell 123 points, or 0.4%, while the S&P 500 declined 0.5%, and the Nasdaq Composite dropped 1%.
Over the weekend, Fauci said Johnson & Johnson’s (ticker: JNJ) vaccine could be ready to resume use this Friday following the Food and Drug Administration’s pause due to rare blood clots. The sooner, the better as Covid-19 cases were rising around the world.
Indian stocks slumped on Monday, as the coronavirus situation there worsens.
The S&P BSE Sensex index fell nearly 2%, taking losses to nearly 9% since a Feb. 16 peak. New Delhi was put into a week-long lockdown as India reported its highest daily coronavirus infection toll since the Covid-19 pandemic started.
The global coronavirus tally reached a weekly record of 5.2 million, Bloomberg News reported, citing Johns Hopkins University data.
But other markets rose following the S&P 500 finishing Friday at its 23rd record close of 2021, led by a 0.5% gain for the Hang Seng in Hong Kong.
“U.S. economic data is hinting at a strong recovery and the earnings season is likely to give markets another major boost—despite the already high expectations,” said Milan Cutkovic, market analyst at Axi.
Some observers pointed to Bitcoin’s 7.8% decline since Friday as a sign that the market was heading for a risk-off day. Coinbase (COIN), which went public through a direct listing last week, has slipped 2.6%
Shares of Herman Miller (MLHR) fell 8.7% after it said it would acquire Knoll(KNL) in a deal worth $1.8 billion. Knoll rose 35.2%.
GameStop (GME) shares rose 6.3% after CEO George Sherman said he would step down in July.
Harley-Davidson (HOG) shares were up 9.7% after the company reported a profit of $1.68 a share on sales of $1.4 billion, topping estimates for earnings of 90 cents a share on revenue of $1.3 billion.
Textron (TXT) shares were rising 0.9% after Credit Suisse upgraded the stock to Outperform from Neutral.
First Solar (FSLR) shares rose 0.1% after Citigroup upgraded the stock to Buy from Neutral.
Coca-Cola (KO) stock climbed 0.6% after the company reported a profit of 55 cents a share on sales of $9 billion, topping estimates for earnings of 50 cents a share on revenue of $8.6 billion.
Write to Teresa Rivas at teresa.rivas@barrons.com and Jacob Sonenshine at jacob.sonenshine@barrons.com
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April 20, 2021 at 03:32AM
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Why Is the Stock Market Down Today? Virus Cases Rise, Bitcoin Takes a Dive. - Barron's
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