Moderna Inc

Merck shares reached a fresh 52-week high yesterday, driven by investor confidence in its long-term growth prospects, pipeline progress, regulatory approvals, and recent acquisitions. The rally follows positive top-line data from the phase III INTerpath-001 study, which evaluated Merck and Moderna's personalized cancer therapy combo in high-risk melanoma patients, meeting its primary endpoint of recurrence-free survival and key secondary endpoint of distant metastasis-free survival. Merck's biggest revenue driver, Keytruda, recorded sales of $16.40 billion in the first half of 2026, up nearly 4.2% year over year, with its subcutaneous formulation Keytruda Qlex contributing $590 million. The company's newer products, including Winrevair, Capvaxive, and Welireg, have shown encouraging growth, and recent approvals include the RSV antibody Enflonsia, Idvynso, and Lipfendra. Merck also strengthened its pipeline through the 2025 acquisition of Verona Pharma and the 2026 buyouts of Cidara Therapeutics and Terns Pharmaceuticals, and it expects more than $70 billion of potential non-risk-adjusted commercial opportunity from its current pipeline by the mid-2030s, more than double the peak consensus sales estimate for Keytruda of $35 billion in 2028. Year to date, Merck shares have rallied 50.9%, outperforming the industry's 19.9% rise, though the stock trades at a premium with a forward P/E of 21.33 versus the industry's 19.44.

Overnight in the US market, mRNA vaccine maker Moderna saw its share price jump 14.36 percent, lifting vaccine sectors in both A-shares and Hong Kong stocks. On August 26, A-share CanSino Biologics hit the daily limit up, Wantai Biological Pharmacy also hit the daily limit up, while Zhifei Biological Products and Walvax Biotechnology rose more than 6 percent. In Hong Kong, CanSino Biologics surged more than 20 percent. Earlier, Moderna and Merck jointly announced that their personalised mRNA cancer vaccine met the primary endpoint in a Phase III clinical trial, making it the world's first personalised neoantigen therapy to deliver a positive result. Chinese companies such as CanSino Biologics have already announced plans to develop personalised mRNA tumour vaccines. However, the vaccine currently targets only melanoma, and its production cost is relatively high, so it is still some distance from being widely available to ordinary patients. Industry insiders estimate that its cost is lower than cell therapy but higher than ordinary antibody drugs, and China's mRNA cancer vaccine development remains in the early clinical stage.

Dick's Sporting Goods shares plunged more than 27% after the retailer reported revenue of $5.59 billion, below the $5.65 billion expected by analysts polled by LSEG, citing a challenging footwear market. Dynatrace rose 3% after Morgan Stanley upgraded it to overweight, while Shift4 Payments gained nearly 4% on a Wells Fargo upgrade to overweight. Moderna rallied 13% after Wolfe Research upgraded it to peer perform, and Marvell Technology jumped 5% after Susquehanna and Rosenblatt raised price targets. Advanced Micro Devices gained 5% after Raymond James upgraded it to strong buy with a $641 price target, and Kura Oncology climbed almost 10% after its CEO disclosed buying 100,000 shares. Navitas Semiconductor rose 5% after announcing a $232.8 million deal to acquire Claros.

Merck & Co., Inc. jumped 12.6% to a record $152.20 on August 19 after a pivotal melanoma trial validated intismeran autogene, the individualized mRNA cancer therapy developed with Moderna. In the 1,137-patient Phase 3 INTerpath-001 study, intismeran plus Keytruda produced statistically significant and clinically meaningful improvements in recurrence-free survival and distant-metastasis-free survival compared with Keytruda alone, with no new safety concerns. The result strengthens the case that Keytruda, which generated $31.68 billion in 2025 sales, can remain commercially relevant after its primary compound patent expires in December 2028. However, Merck and Moderna share development costs and profits equally, and the companies have not disclosed Phase 3 effect sizes or overall-survival data, leaving approval, pricing, and reimbursement unresolved.

Merck and Moderna announced positive topline Phase 3 results for their individualized cancer vaccine intismeran autogene in resected melanoma, beating Keytruda alone on recurrence-free survival, though no specific efficacy numbers have been released yet. The news lifted several biotech names, with BioNTech surging 21.6% on read-across excitement and Illumina rising 15.6% to $223.22 because its NovaSeq X sequencers are required for every individualized neoantigen dose manufactured. Pacific Biosciences gained 5.8% to $1.28, Repligen traded at $181.62 after reporting second-quarter revenue of $204 million with 13% organic growth, and Danaher saw mid-teens bioprocessing order growth in the second quarter. Leerink Partners analyst Daina Graybosch called the market reaction overly optimistic but still raised her 2032 intismeran forecast to $1.4 billion, while Morningstar projects $16.8 billion by 2035.

Moderna and Merck announced that their individualized mRNA neoantigen therapy paired with Keytruda hit its primary endpoint in the Phase 3 INTerpath-001 melanoma trial, triggering a nearly 177% rally in Moderna, a gain of over 12% for Merck, and a jump of more than 4% in the SPDR S&P Biotech ETF to its highest level since February 2021. The trial win lifted gene-editing and AI drug discovery names broadly, with Prime Medicine, Intellia, CRISPR Therapeutics, Editas Medicine, and Beam Therapeutics rallying alongside the sector, and the iShares Genomics Immunology and Healthcare ETF jumping 13.53% in a single session on 2.8 times average volume. Analysts have turned more constructive on biotech ETFs, citing valuation, technical momentum, and M&A potential, with Bank of America's Research Investment Committee noting biotech has generated returns of roughly 10% or more since June and is being flagged as a diversification play away from crowded technology positioning. Potential targets for M&A include Revolution Medicines, IDEAYA Biosciences, Arcus Biosciences, and Iovance Biotherapeutics, while risks include macro shocks and the structural volatility of small-cap clinical-stage names.

Moderna and Merck announced that their personalized mRNA cancer therapy intismeran autogene, combined with Keytruda, met its primary endpoint of recurrence-free survival in a late-stage melanoma study. The INTerpath-001 trial also met the secondary goal of distant metastasis-free survival in patients with high-risk Stage IIB-IV melanoma after surgery. The companies are testing intismeran in nine additional phase II and III studies across lung, bladder, and kidney cancers. Moderna sees the result as validation of its mRNA platform beyond infectious-disease vaccines, though it still faces competition from BioNTech and others, and its stock trades at a premium with a Zacks Rank of 3, or Hold.

Merck and Moderna announced that their Phase 3 INTerpath-001 trial of the personalized mRNA cancer vaccine Intismeran, combined with Keytruda, met its primary endpoints of recurrence-free survival and distant metastasis-free survival in patients with completely resected stage IIB-IV melanoma. The trial enrolled 1,137 patients, and the companies called it the first positive Phase 3 result for an individualized mRNA cancer therapy. Merck shares jumped about 12.5%, adding roughly $43 billion in market value, as investors saw the result as validation of the technology and a potential answer to the looming patent cliff for Keytruda in 2028. Goldman Sachs raised its price target to $160 from $140, while UBS, Bank of America, and JPMorgan also lifted targets, though RBC downgraded the stock to Sector Perform. The companies plan to present full data and file with regulators, with additional readouts in kidney, bladder, and lung cancers expected in 2026 and 2027.

GeoVax Labs highlighted positive Phase 3 results from Moderna and Merck's intismeran autogene plus KEYTRUDA combination in resected high-risk melanoma, calling it clinical validation for its planned Gedeptin plus KEYTRUDA study. The INTerpath-001 trial met its primary endpoint of recurrence-free survival and a key secondary endpoint of distant metastasis-free survival, showing statistically significant and clinically meaningful improvements over KEYTRUDA alone. GeoVax believes the success reinforces the broader paradigm of combining checkpoint inhibition with therapies that generate or enhance anti-tumor immune responses, directly supporting its Gedeptin development strategy. Gedeptin uses a gene-directed enzyme prodrug therapy to destroy tumors locally and prime the tumor microenvironment, and published preclinical research showed enhanced anti-tumor immune responses when combined with anti-PD-1 therapy. GeoVax is preparing the next phase of Gedeptin clinical development in combination with KEYTRUDA for head and neck squamous cell carcinoma.

In the US market, the flow of funds from AI-related stocks to pharmaceutical stocks has strengthened, and shares of biopharmaceutical maker Moderna, which announced positive clinical trial results for a skin cancer vaccine, surged 2.3 times compared with the previous weekend. Merck, a major pharmaceutical company co-developing the cancer vaccine with Moderna, also rose 12.3 percent, with pharmaceutical stocks taking over the market's lead from AI stocks. Last week, stock prices fell sharply, led by AI stocks, due to concerns over rising global long-term interest rates and massive corporate bond issuance by AI companies. This week, Nvidia's earnings are scheduled for the 27th, and Federal Reserve Chair Warsh's speech at the Jackson Hole conference is scheduled for the 28th. Nvidia is expected to post rapid growth in both revenue and profit for the May-July 2026 quarter, nearly doubling year over year, but its stock price has continued to fall after earnings releases due to concerns over circular transactions involving massive loans to customers.

Moderna nearly doubled in value on Wednesday after its messenger-RNA-based cancer vaccine, developed with Merck, succeeded in a late-stage trial for melanoma patients. The Phase 3 INTerpath-001 trial met its primary endpoint of recurrence-free survival and a secondary endpoint of distant metastasis-free survival versus Merck's Keytruda alone. William Blair upgraded Moderna to Outperform from Market Perform, and CEO Stephane Bancel said the personalized shot could be approved as early as 2027. Separately, Aurora Cannabis confirmed Curaleaf Holdings has commenced an unsolicited takeover bid for all outstanding shares at implied consideration of $4 per share, comprising 0.3463 Curaleaf shares and $0.75 in cash. Eli Lilly also inked a collaboration with privately held Amplitude Therapeutics to develop trans-amplifying RNA vaccine candidates for infectious diseases, while Twist Bioscience jumped more than 15% after Anthropic selected it as an independent evaluator for AI-designed protein binders.

Moderna delivered one of the largest single-session moves for an S&P 500 company, closing 177% higher at $174.38 on Wednesday after reporting positive late-stage data for its personalized cancer vaccine. The stock pulled back over 23% on Thursday before adding more than 10% so far on Friday, leaving it on course for a gain of around 135% over the week. The Phase 3 trial evaluated Moderna's intismeran alongside Merck's Keytruda in advanced skin cancer, and met its primary goal of recurrence-free survival, with a key secondary endpoint on distant metastasis-free survival also met and no new safety signal reported. Crypto-exposed equities rallied hard this week after bitcoin surged on the U.S. Treasury's decision to at least double the size of its long-dated bond buyback operations, alongside supportive comments on the sector from President Donald Trump. The Treasury raised the maximum per-operation size from $2 billion to at least $4 billion for the 10-to-20-year and 20-to-30-year sectors, effective Sept. 9 through Nov. 4. Bitcoin is currently above $77,000, having hit a high of $79,461 earlier in Friday's session. As a result, Strategy has risen 25.9% over the week, with Marathon Digital up 22.5%, Coinbase 23.1% higher, Circle up 16.3%, Galaxy Digital 12.3% higher and Robinhood up 9.7%. The same Treasury announcement also lifted metals producers, with the dollar weakening and precious metal prices moving higher. Agnico Eagle leads the group so far on Friday with an 18.4% gain over the week, followed by Barrick at 15%, Freeport-McMoRan up 14% and Newmont 13.3% higher. The dollar has declined, with spot gold gaining more than 2% on Friday and over 6% in the past week. Estée Lauder jumped more than 16% on Wednesday and is set to finish the week up around 15.9% after fourth-quarter results came in ahead of expectations. Sales rose 6%, beating consensus of 4%, while adjusted earnings of $0.39 per share topped the $0.32 expected. Management pointed to share gains in mainland China and growth across all product categories except hair care, alongside continued progress on cost-cutting through its One ELC initiative and Profit Recovery and Growth Plan. Canaccord analyst Susan Anderson raised her price target for the stock to $90 from $85, maintaining a Hold rating following the release. Walmart is the week's notable loser, sinking 9.2% on Thursday and down a further 0.9% so far on Friday after second-quarter results that beat on the headline numbers but disappointed on the metric that mattered most. Comparable sales at Walmart-only U.S. stores excluding gas grew 2.6%, well short of the 3.67% consensus and the slowest U.S. sales growth in six years. Mizuho analyst David Bellinger described the outcome as a worst-case scenario, calling it a very messy print and one of the biggest misses in years from the retailer.

The Phillip World Innovation Fund, or PWIN, and the Phillip World Innovation Retirement Mutual Fund, or PWINRMF, have received a positive boost from the global rise in healthcare stocks, one of the three core investment themes the funds emphasize, alongside information technology, semiconductors, AI and data centers, and clean energy infrastructure. The S&P 500 Healthcare Index has risen 10.8% since the outbreak of conflict in the Middle East, calculated from the closing price on March 2, 2026, compared with the closing price on August 19, 2026, according to Bloomberg data. A specific positive factor came from late-stage trial results in patients with melanoma skin cancer, indicating that the use of Moderna's mRNA vaccine in combination with Merck's Keytruda produced positive outcomes. This sent Moderna's share price soaring by as much as 176% and lifted Merck's shares by 12% on August 19 alone. Other healthcare stocks such as Eli Lilly, Novartis, and Pfizer also saw significant gains.

Treasury Secretary Bessent's doubled liquidity support buybacks reignited the debasement trade this week, sending gold back above 4,500 and triggering a massive crypto short squeeze that propelled Bitcoin up about 15% and Ethereum up 25%, according to Michael Reinking, Senior Market Strategist at the NYSE. Escalating Iran tensions pushed ICE Brent into the low 90s after a 60-day ceasefire expired, while equity markets drifted lower with the S&P 500 down about 1.5% as retail earnings disappointed broadly and healthcare surged nearly 4% on landmark cancer trial results from Merck and Moderna. Looking ahead, next week's PCE print, Nvidia earnings, and Fed Chair Warsh's first Jackson Hole speech are the marquee events to watch.

Moderna co-founder Robert Langer has re-entered the billionaires club with a net worth of roughly $1.7 billion after promising cancer vaccine trial results sent the company's stock soaring. The surge followed Wednesday's announcement that Moderna and Merck's mRNA cancer vaccine hit its goals in a Phase 3 trial targeting melanoma, which sent Moderna's stock up more than 100% and pushed the value of Langer's roughly 3% stake past the billion-dollar threshold. This marks the second time Langer has achieved ten-figure wealth, having first entered the club in November 2020 when Moderna shares surged on Phase 3 results for its COVID-19 vaccine, with Forbes peaking his net worth at $4.9 billion in 2021 before it plunged. Langer, 77, had seen his stake fall to about $343 million when Moderna shares hit a low of $29.81 in early January, but he has long urged young workers to prioritize meaningful work over money and job security.

Moderna and Merck reported promising results in their melanoma vaccine trial, sending the stocks soaring. BD8 Capital Partners CEO and CIO Barbara Doran said the news highlights technological breakthroughs and could bring attention to the broader healthcare sector, noting Moderna and Merck have eight other trials ongoing. Yahoo Finance Markets and Data Editor Jared Blikre noted Moderna is up 127% over two days despite a 17% pullback, and that biotech has been breaking out for several months with the large-cap healthcare sector at record highs.

Alibaba shares fell about 4.5% in premarket trading after adjusted earnings missed expectations despite stronger-than-expected revenue and accelerating cloud growth. Revenue rose 9% to RMB268.95B, while non-GAAP net income fell 38% to RMB20.72B, below the RMB25.58B consensus. Walmart traded 7.26% lower as U.S. comparable sales rose 2.6%, missing the 3.7% consensus estimate, while adjusted operating income increased 8.1%. Moderna shares were on watch after surging 176.97% Wednesday to $174.38, the largest one-day gain by any S&P 500 stock this century, following positive late-stage results for its personalized mRNA cancer vaccine developed with Merck. Shopify was on watch after Rosenblatt initiated coverage with a Buy rating, with analyst Scott Devitt calling Shopify a dominant e-commerce software provider and viewing it as an AI winner.

Several companies made notable premarket moves on Thursday. Walmart dropped 6% after its U.S. comparable sales grew 2.6%, missing the 3.5% FactSet estimate, and its earnings guidance fell short. Crypto stocks rose as Bitcoin and ether surged on President Trump's push for crypto-friendly legislation, with Coinbase up nearly 7% and Strategy jumping 10%. Alibaba fell 3.4% after reporting a 75% drop in quarterly profit due to higher AI spending. Moderna shed 7% a day after soaring 177% on positive late-stage cancer vaccine trial results. Advance Auto Parts tumbled nearly 15% after revenue of $1 billion missed the $2.04 billion LSEG estimate. Coty slipped 14.5% after a larger-than-expected quarterly loss and a warning that fiscal 2027 will be a transition year. Wolfspeed fell 10% after quarterly revenue of $149.6 million missed the $150 million FactSet consensus. NetEase slipped nearly 4% after its quarterly earnings missed analyst estimates.

Moderna shares surged 177% after its cancer vaccine, developed with Merck, showed positive late-stage trial results. Marvell Technology shares rose 9.9% after announcing a new agreement with Alphabet to develop custom AI chips. Target shares rose 4.3% after reporting second-quarter 2026 earnings of $2.46 per share, beating the Zacks Consensus Estimate of $2.3 per share. Lowe's shares rose 2% after reporting second-quarter 2026 earnings of $4.4 per share, beating the Zacks Consensus Estimate of $4.22 per share.

Moderna's stock surged 176.9% to $174.38 on August 19, 2026, lifting its market capitalization to roughly $69.6 billion and strengthening its acquisition currency. The company still guides to a year-end 2026 cash and investments balance of between $4.7 billion and $5.2 billion, plus an undrawn $0.9 billion credit facility, and the $950 million Arbutus/Genevant settlement is largely resolved. CEO Stéphane Bancel said Moderna is preparing for "the growth stage of a company coming ahead of us," though management has not signaled M&A intent. Potential targets include Immatics, with a $1.3 billion market cap and an existing collaboration; Arbutus Biopharma, at $957.6 million, whose acquisition would extinguish $1.3 billion in contingent LNP patent exposure; Intellia Therapeutics, at $1.9 billion, with Phase 3 lonvo-z showing an 87% reduction in hereditary angioedema attacks; and Editas Medicine, at $442.3 million, offering cardiometabolic pipeline access.

Moderna shares pulled back sharply on Thursday, giving up a small chunk of Wednesday's record-breaking rally after the stock rocketed as much as 177% on data showing its personalized cancer vaccine, developed with Merck, slowed the spread and recurrence of melanoma. The pullback came a day after intismeran, the personalized mRNA vaccine partnered with Merck's blockbuster immunotherapy Keytruda, hit its main goal in a late-stage trial by extending the time before melanoma returned in high-risk patients who had already undergone surgery. Bank of America analyst Alec Stranahan upgraded Moderna to Neutral from Underperform, more than quadrupling his price objective to $170 from $40, calling the readout a watershed moment for Moderna. Separately, RBC Capital Markets downgraded Merck shares to Sector Perform from Outperform, citing unprecedented valuation for a company facing a significant loss of exclusivity in two years, while Morgan Stanley upgraded Merck to Overweight and hiked its price target to $179 from $116.

On August 20, the chemical pharmaceutical concept rose 4.21% intraday, with JenKem Technology, Lummy Pharmaceutical, Youcare Pharmaceutical and other constituent stocks leading gains. In news, overnight US stock Moderna shares surged nearly 180%, as Merck and Moderna announced the first Phase III clinical trial of their jointly developed mRNA personalized cancer vaccine intismeran autogene achieved preliminary positive results. A China Merchants Securities research report noted that in 2026, the chemical pharmaceutical industry is in a gear-shift period of concentrated clearing of legacy risks and accelerated realization of innovation achievements. Leading companies, relying on technology platform upgrades, have entered late-stage clinical and early commercialization phases. It recommends focusing on differentiated leaders with complex formulation platforms and global business development capabilities.

The pharmaceutical sector led the market higher, with the Ping An STAR 50 ETF trading actively. Moderna's personalized mRNA cancer vaccine, used in combination with Merck's Keytruda, achieved preliminary positive results in a Phase III trial, sending Moderna's shares up nearly 180 percent in overnight U.S. trading. As of 10:42 a.m. on August 20, 2026, the Shanghai STAR 50 Index tracked by the Ping An STAR 50 ETF was down 0.22 percent. Among its constituents, APT Medical led gains with a rise of 17.48 percent, Bestechnic rose 4.66 percent, and SmartSens gained 4.06 percent, while National Silicon Industry Group led the declines. Zhongtai Securities believes that commercialization scale-up and global value realization for innovative drug companies remain the core focus, with clinical data and business development deals serving as important catalysts in the second half of the year. As international conferences such as WCLC and ESMO approach, the market rally is expected to extend from fundamental validation to clinical data. The top ten weighted stocks in the Shanghai STAR 50 Index account for 58.41 percent of the index, including Cambricon, Advanced Micro-Fabrication Equipment, Hygon Information Technology, SMIC, Montage Technology, Piotech, Yuanjie Technology, Hwatsing Technology, Hua Hong Semiconductor, and Biwin Storage.

Moderna and Merck announced preliminary positive results from the Phase III clinical trial of their mRNA personalized cancer vaccine, intismeran autogene, igniting the A-share pharmaceutical sector. On the morning of August 20, multiple vaccine stocks including Baike Biotech, Walvax Biotechnology, CanSino Biologics, Kanghua Biologics, Laimei Pharmaceutical, and Novoprotein hit the 20% daily limit, while Hong Kong-listed CanSino Biologics and Everest Medicines surged over 50% intraday. The vaccine, combined with Keytruda, was used as adjuvant therapy in more than 1,100 high-risk melanoma patients after complete surgical resection, achieving key endpoints of recurrence-free survival and reduced risk of distant metastasis. Following the announcement, Moderna's stock price soared nearly 180%, while Merck's rose over 12%.

Crude oil prices closed at their highest level in nearly four weeks after the United Arab Emirates suspended all transactions with Iran. West Texas Intermediate crude for September delivery closed at 85.83 dollars per barrel, up 1.1 percent, while Brent for October delivery closed at 91.62 dollars, up 0.7 percent. U.S. public debt surged past 40 trillion dollars for the first time amid fiscal crisis concerns. Treasury Secretary Scott Bessent announced an increase in buyback amounts for 10- to 30-year bonds of at least twofold, from 2 billion dollars to 4 billion dollars per operation, starting September 9 through November 4, 2026. Minutes from the Federal Reserve's July meeting signaled a possible rate hike if inflation does not slow, with the FOMC voting 9 to 3 to hold rates steady. China opened trading of offshore government bond futures for the first time through Hong Kong Exchanges and Clearing on August 3. Sources said a temporary U.S.-Canada trade deal may reduce steel and aluminum tariffs to 25 percent and auto tariffs to 15 percent. North Korea denied direct contact between Kim Jong Un and Donald Trump. SK Hynix announced a share buyback worth 4 trillion won, up to 24 million shares, between August 20 and November 19, and raised its shareholder return target to more than 50 percent of cumulative free cash flow for 2025 to 2027. Moderna shares surged 177 percent to a record high after its mRNA cancer treatment with Merck reduced the risk of melanoma recurrence in a final-stage trial, causing short sellers to lose about 5.5 billion dollars.

Moderna shares surged 144% after its personalized mRNA cancer vaccine, developed with Merck, met key goals in a late-stage trial. The treatment, Intismeran, reduced the risk of melanoma recurrence and prevented tumors from spreading when combined with Merck's Keytruda, compared with Keytruda alone. This marks the first successful late-stage trial for an mRNA cancer vaccine, validating Moderna's platform beyond COVID-19. JPMorgan analysts told Reuters the vaccine's launch is crucial to Moderna's return to profitability. Moderna is up 409% since the beginning of the year, and at $157.08 per share, it has set a new 52-week high.

Amgen shares surged roughly 3.5% to $440.08 Wednesday morning as healthcare stocks ripped to a record high, powered by fresh excitement around Merck and Moderna's melanoma breakthrough and a market rotation away from battered semiconductor names. The biotech heavyweight behind Repatha, Enbrel and MariTide reported second-quarter revenue up 10% to $10.1 billion, product sales up 9%, and GAAP earnings up 65% to $4.37 per share. Twenty-two medicines delivered double-digit sales growth, seventeen products are running above $1 billion in annualized sales, and six key growth products surged 26% to generate nearly 70% of product revenue. The stock now trades at a roughly 19% premium to its $365.04 GF Value, putting pressure on execution amid Prolia declines and Tavneos uncertainty, but investors are looking past those cracks to accelerating earnings, multiple blockbuster franchises, defensive healthcare demand, and MariTide's potential in obesity.

A personalized vaccine developed by Moderna Inc. and Merck & Co. reduced the recurrence of melanoma in a large, late-stage trial. The result raises expectations for treating the deadliest form of skin cancer and demonstrates the promise of the embattled mRNA technology. Bloomberg's Sam Fazeli joins to discuss.

The US Treasury surprised markets by announcing it would at least double sovereign bond buybacks to push down 30-year yields, sending stocks higher and the dollar sharply lower. Wall Street indices jumped on the news before giving up some gains, while European stocks closed broadly lower after tech-led selling in Asia. Oil prices continued to rise as President Trump said he would not extend a 60-day truce with Iran, dimming hopes for reopening the Strait of Hormuz. UK inflation jumped to 2.9 percent in July, and South Korea's Kospi tumbled 5.8 percent. Moderna shares more than doubled after positive results for a skin cancer vaccine developed with Merck.

The U.S. Treasury announced plans to double liquidity support buyback operations on longer-end securities, sending bond yields notably lower and lifting market indexes ahead of the open. The current buyback position of $2 billion per operation will now become $4 billion, with the 30-year bond dropping below 5.3%, the 10-year beneath 4.7%, and the 2-year under 4.2%. Moderna shares surged 95% after its intismeran vaccine met primary goals in Phase 3 testing for preventing cancer in melanoma patients, while partner Merck rose 7%. Target reported beats on both top and bottom lines with earnings of $2.46 per share on revenues of $26.54 billion, but shares fell 1% despite raised guidance. Lowe's posted mixed results with earnings of $4.40 per share beating estimates while revenues of $25.96 billion missed, and TJX Companies outperformed with earnings of $1.22 per share but fell 3.3% on a weaker outlook. Estee Lauder shares jumped 12% after fiscal Q4 earnings of $0.39 per share beat the $0.32 anticipated on revenues of $3.63 billion.

Moderna shares surged by a record 101 percent, the stock's biggest intraday gain on record, after the biotech said a personalized cancer vaccine combined with partner Merck & Co.'s Keytruda helped cut the recurrence of melanoma in a large, late-stage trial. The study also met a key secondary goal of showing the shot could help prevent tumors from spreading to new areas of the body, the companies said in a statement Wednesday. Estee Lauder rallied after the beauty company's adjusted earnings per share and sales metrics topped consensus expectations for the fourth quarter, with the midpoint of fiscal 2027 organic sales and adjusted EPS guidance ranges above Street views. La-Z-Boy tumbled at the open after the furniture maker's forecast sales for the second quarter missed the average analyst estimate.

Moderna shares jumped 95% in pre-market trading after its intismeran vaccine met primary goals in Phase 3 testing for preventing cancer in melanoma patients whose tumors had been surgically removed, while partner Merck rose 7%. The U.S. Treasury said it will double liquidity support buyback operations on longer-end securities from $2 billion to $4 billion per operation, sending bond yields lower and market indexes higher. Target reported beats on both top and bottom lines with earnings of $2.46 per share on revenues of $26.54 billion, but shares fell 1% despite raised guidance. Lowe's posted mixed results with earnings of $4.40 per share beating estimates by 4.27% while revenues of $25.96 billion missed consensus by 0.68%. TJX Companies beat estimates with earnings of $1.22 per share on revenues of $15.18 billion but shares dropped 3.3% on a weaker outlook, and Estee Lauder surged 12% after fiscal fourth-quarter earnings of $0.39 per share on revenues of $3.63 billion beat expectations.

Moderna and Merck shares surged after their personalized cancer vaccine showed positive results in a late-stage trial, with Moderna skyrocketing 120% and Merck jumping 10%. Pilgrim's Pride rallied 15% after JBS, which owns more than 80% of the chicken producer, bid to acquire the remaining stock. Gold miners jumped after the Treasury Department announced sharply higher government debt repurchases, sending yields lower and boosting gold, with the VanEck Gold Miners ETF up 9% and Coeur and Hecla each gaining more than 13%. Marvell Technology rose more than 7% after giving Google permission to buy a $12 billion stake as part of a custom chip development deal. Coinbase surged 11% as bitcoin popped more than 5% to about $68,000, while Lowe's gained over 3% despite cutting its full-year outlook to the bottom end of prior guidance. Target added 5% after beating second-quarter revenue expectations and hiking full-year guidance, helped by a $752 million tariff refund boost. La-Z-Boy tanked 16% after fiscal first-quarter adjusted earnings fell 9% and current-quarter revenue guidance missed FactSet consensus, while Mercury Systems slid more than 6% on mixed results. Estee Lauder rose more than 16% after fiscal fourth-quarter adjusted earnings and revenue beat estimates.

Moderna shares surged 86.47% in premarket trading after the company reported successful results for a melanoma cancer vaccine developed with Merck, marking the first positive outcome in a late-stage trial for an mRNA cancer vaccine. Merck shares rose 6% premarket. The trial tested the vaccine alongside Merck's Keytruda in patients with completely resected stage IIB-IV melanoma, against Keytruda alone, which is the current standard of care. Each dose is built for the individual patient from the mutations found in their own tumor. Professor Georgina Long, the study's principal investigator and medical director of Melanoma Institute Australia, called the data a landmark moment for adjuvant melanoma treatment. The move takes Moderna to its highest level since 2024, though it remains worth less than a third of its 2021 peak.

Moderna shares surged 93% and Merck gained 7% after their cancer combination became the first personalized mRNA therapy to clear a Phase 3 trial. The Phase 3 INTerpath-001 trial tested Intismeran Autogene alongside Merck's immunotherapy Keytruda in patients with high-risk stage IIB-IV melanoma whose tumors had been completely removed by surgery, and the combination produced statistically significant and clinically meaningful improvements in recurrence-free survival and distant metastasis-free survival compared with Keytruda alone. Enrollment reached 1,137 patients, with two-thirds receiving Intismeran plus Keytruda and the remainder receiving Keytruda alone, and no new safety concerns emerged. The results reinforce the earlier Phase 2b Keynote-942 study, where at five years the combination reduced the risk of recurrence or death by 49% and the risk of distant metastasis or death by 59% versus Keytruda alone, and the companies are now exploring the approach across nine Phase 2 and Phase 3 trials covering melanoma, lung, bladder, kidney, pancreatic and gastric cancers. BioNTech, the other major mRNA cancer developer, rose just 1% while the broad XLV ETF gained only 2% as Moderna's win diluted across holdings.