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Reopening Trade Wanes as J&J Snafu Lifts Stay-at-Home Stocks

  • Investors rotate out of cruise, airlines shares amid concerns
  • Competing vaccine makers Pfizer, Moderna among outperformers
Updated on

Investors flocked back to stay-at-home companies while selling travel shares after U.S. regulators recommended a pause in the use of Johnson & Johnson’s Covid-19 shot amid concerns about blood clots.

J&J extended its monthly rout, while Pfizer Inc., BioNTech SE and Moderna Inc. rose as traders favored competing firms with vaccines that haven’t been tied to similar safety risks. Cruise operator Royal Caribbean Cruises Ltd. dipped. American Airlines Group Inc. also slid on a wider-than-estimated loss for the first quarter -- a stark reminder of the pain that airlines have experienced during the pandemic.