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Markets dip despite FDA endorsement of J&J single-shot vaccine

Markets dip despite FDA endorsement of J&J single-shot vaccine
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Stock markets opened slightly lower Wednesday, despite news from the Food and Drug Administration that an analysis shows the Johnson & Johnson COVID-19 vaccine to be safe and effective, likely clearing the way for an emergency use authorization when the FDA advisory committee meets Friday.

The Dow Jones Industrial Average opened down 36 points, or 0.1 percent, and the S&P 500 opened down 5 points, or 0.2 percent.

If approved, Johnson & Johnson's single-dose vaccine is expected to ease the logistical burden on distribution. Unlike the Pfizer and Moderna vaccines, it does not require a follow-up shot and can be stored at normal refrigeration levels.

The Johnson & Johnson vaccine is also less effective at preventing infection than the two-dose alternatives, though it remains highly effective at preventing severe disease and death after a month.

The company said it has 4 million doses ready to go once approved.