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BioNTech Terminates Phase 2 Colorectal Cancer Clinical Trial; Shares Fall
US Markets

BioNTech Terminates Phase 2 Colorectal Cancer Clinical Trial; Shares Fall

BioNTech (BNTX) shares slumped Friday after the company said it is terminating a mid-stage clinical trial of an experimental treatment of colorectal cancer, following a new recommendation from the study's independent data safety monitoring board.The German drugmaker was studying autogene cevumeran, an investigational mRNA-based cancer immunotherapy product, as an adjuvant therapy for patients suffering from resected stage II or stage III colorectal cancer in a phase 2 trial. BioNTech was jointly developing the candidate with Genentech, a member of the Roche Group.The decision to terminate the trial came after its safety board recommended discontinuing patient treatment and ending the study, according to BioNTech. The independent board, which also oversees the trial's integrity, identified a "numerical imbalance" in overall survival between treatment arms in patients and indicated further continuation was not expected to change the efficacy outcome, the company said Friday."While this outcome is not what we had envisioned for mRNA as a monotherapy in colorectal cancer, it provides scientific insight into the challenges of treating immunotherapy-insensitive tumor types with immune-suppressive microenvironments and will help inform the further development of investigational mRNA cancer immunotherapies," BioNTech Co-Founder and Chief Medical Officer Ozlem Tureci said in a statement.BioNTech's Nasdaq-listed shares fell 7.8% in afternoon trade. The stock has gained 8% in value so far this year.In October, the trial crossed its futility boundary, but the safety board had identified that the trial's data wasn't adequately "mature" to make reliable conclusions regarding its efficacy and there was insufficient follow-up time to evaluate its primary endpoint. BioNTech decided to continue the study at the time with no objection from the board.The company said Friday intends to continue a separate phase 2 study evaluating autogene cevumeran in combination with checkpoint inhibition and chemotherapy for adjuvant pancreatic ductal adenocarcinoma, the most common and aggressive type of pancreatic cancer.Earlier this month, Moderna (MRNA) and Merck (MRK) said a late-stage trial of an experimental skin cancer treatment yielded positive topline results.On Thursday, BioNTech and Pfizer (PFE) said the US Food and Drug Administration approved the supplemental biologics license application for their 2026-2027 COVID-19 vaccine targeting the XFG variant.Price: $103.14, Change: $-8.26, Percent Change: -7.41%

$BNTX$MRK$MRNA$PFE
Equities

S&P 500 Posts First Weekly Loss Since July Amid US Warning to Iran

The Standard & Poor's 500 index fell 1.4% this week, its first weekly loss in a month, as US President Donald Trump issued an "economic D-Day" warning to Iran.The S&P 500 ended Friday's session at 7,674.37. This is the first time the market benchmark has posted a weekly decline since the five days that ended on July 24. The index has gained 2.5% in August and 12% in 2026.Trump threatened the "most crushing economic operation" on Iran, while also warning of consequences for countries that support or conduct business with Iran. Iran's foreign minister responded by saying the campaign was bound to fail.Also this week, the US Treasury decided to boost repurchases of long-dated government debt to $4 billion per operation from September.Utilities had the largest percentage loss this week, falling 3.6%, followed by a 3.4% drop in industrials and a 3.2% decline in technology. Communication services, financials and consumer staples shed at least 1% each while real estate and consumer discretionary also edged lower.NRG Energy (NRG) and Vistra (VST) were the hardest-hit stocks in the utilities sector, falling 10% and 8%, respectively.Airline stocks United Airline (UAL) and Southwest Airlines (LUV) were among the top decliners in industrials, sliding 9.7% and 8.8%, respectively.In the technology sector, shares of CrowdStrike (CRWD) fell 12%.The company faces high expectations heading into Q2 results and the annual Fal.Con conference, BofA Securities said in a note to clients. Investors may need a meaningful net new annual recurring revenue beat to justify elevated expectations, the report said. Also, CrowdStrike's global chief technology officer, Elia Zaitsev, stepped down to launch an early-stage venture capital fund focused on cybersecurity.On the upside, health care climbed 4.3%, followed by a 2.5% increase in energy and a 2.3% gain in materials.Moderna was the best performer in health care as well as the overall S&P 500, more than doubling on the week as the company and Merck said a late-stage trial of an experimental skin cancer treatment they are jointly developing yielded positive topline results. Merck's shares rose 12%.Economic data next week will include the July Personal Consumption Expenditures (PCE) index and the second estimate of Q2 gross domestic product. Other data will include July consumer spending, new home sales, durable goods and wholesale inventories.

Dow JonesNasdaq CompositeS&P 500$CRWD$LUV$MRK$MRNA$NRG$UAL$VST
Asia Markets

US Equity Indexes Lower This Week as Trump Threatens Major Economic War on Iran

*US equity indexes were lower this week after President Donald Trump warned of severe economic sanctions against Iran and any country that offers a lifeline to the Middle East nation.* The S&P 500 hovered around 7,672.5 on Friday versus 7,785.76 a week ago. The Nasdaq Composite stood at about 26,159.7, compared with 26,729.16 a week earlier, and the Dow Jones Industrial Average was lower at 53,207.2, versus 53,732.41 at the end of last week.* Trump warned of extreme economic actions against Iran and any country that supports or conducts business with the Middle East nation after the deadline to reach a permanent peace deal expired. Iran's Foreign Minister Seyed Abbas Araghchi dismissed Trump's warning in an X post, describing it as a diversion from America's challenges of "unprecedented debt & surging interest costs."*Bond yields continued to rise despite the Treasury Department ramping up repurchases of long-dated government debt, and Secretary Scott Bessent stated that the repurchases could exceed $4 billion per operation, CNBC reported Thursday, citing an interview with the official.*Most Federal Open Market Committee participants agreed to maintain the federal funds rate at 3.50% to 3.75%. While FOMC participants acknowledged that inflation remained elevated, most expected it to decline over the remainder of the year as the effects of tariffs and earlier energy price hikes fade. They also observed that economic activity continued to expand at a robust pace while labor market conditions appeared stable.*President Donald Trump also paused tariffs on certain Canadian goods, according to a Truth Social post. He also said the Keystone XL Pipeline, which was canceled in 2021, may be revived. The tariff play comes ahead of negotiations for the US-Mexico-Canada Trade Agreement.*The August flash reading of manufacturing conditions from S&P Global declined to 53.2 from 53.9 in July, compared with expectations for no change in a survey compiled by Bloomberg. The index for services conditions rose to a 20-month high reading of 56.8 in August from 54.6 in July, compared with expectations for a decrease to 54.*US mortgage applications fell by 0.4% in the week ended Aug. 14, with an increase in refinancing activity offset by declining home purchase applications, according to the Mortgage Bankers Association.*According to the Labor Department, US initial jobless claims declined to 206,000 in the week ended Aug. 15 from the upwardly revised 212,000 level in the week earlier, and lower than 210,000 expected in a survey of analysts compiled by Bloomberg.*In company news, Moderna (MRNA) shares climbed by over 100% this week, and Merck (MRK) shares gained over 11% after the companies said a trial of intismeran autogene combined with Keytruda met the primary endpoint of recurrence-free survival and a key secondary endpoint of distant metastasis-free survival in patients with completely resected stage IIB-IV melanoma.

Dow JonesNasdaq CompositeS&P 500$MRK$MRNA
Wire

Merck's Near-Term Catalysts Create Bull-Bear Debate, RBC Capital Markets Says

Merck's (MRK) near-term catalysts remain attractive, but execution risks are underestimated at its current valuation following the recent downgrade, RBC Capital Markets said in a note Friday.The brokerage said bullish investors expect stronger post-Keytruda growth, greater pipeline optionality and upside from catalysts including ESMO, TL1A and a potential Sac-TMT interim readout in Q4, with Sac-TMT seen to add "many billions" in revenue not currently reflected in its model.Merck's valuation appears stretched relative to historical levels, with high expectations for upcoming catalysts creating downside risk if results disappoint, while elevated pipeline expectations could limit the scope for future earnings upgrades, according to the note.The brokerage said Merck needs to demonstrate stronger commercial execution to support its longer-term growth outlook as it navigates a post-Keytruda loss-of-exclusivity period, with growth potentially remaining modest for several years and margins facing pressure.RBC Capital Markets has a sector perform rating on the stock, with a $150 price target.Shares of Merck were up 3.2% in Friday trading.Price: $153.73, Change: $+4.74, Percent Change: +3.18%

$MRK
Update: Equities Drop to Lowest in More Than 2 Weeks as Yields Rise
US Markets

Update: Equities Drop to Lowest in More Than 2 Weeks as Yields Rise

(Updates with market moves at the end of the day, and other changes, if any.)US equity indexes dropped to their lowest levels in more than two weeks on Thursday as bond yields rose despite the Treasury Department's intervention in the bond market.The Dow Jones Industrial Average fell 1.3% to 52,759.21, its lowest close since July 31. The Nasdaq Composite shed 1% to 26,067.17, while the S&P 500 lost 0.9% to 7,641.16 -- both logging their lowest finish since Aug. 3.Except energy and real estate, all sectors ended in the red, led by consumer staples and healthcare.US Treasury yields were higher, with the 10-year yield up 4.9 basis points at 4.7% and the two-year yield rising 0.6 basis point to 4.19%. The 30-year rate advanced 5.5 basis points to 5.25%.The Treasury Department said Wednesday it will at least double the size of its buybacks for longer-dated Treasuries, to $4 billion per operation. The announcement eased pressure on long-term yields that day.Treasury Secretary Scott Bessent told CNBC on Thursday that the buybacks could be worth more than $4 billion per issue."The $4 billion size of the buybacks is vanishingly small relative to the size of the US treasury market but is a loud symbolic signal that the Treasury does not want higher yields," Saxo Bank said in a report Thursday. "Shaping the yield curve and buying treasuries is normally a policy area for the (Federal Reserve), so it sets up an interesting tension with Fed Chair Kevin Warsh, who will speak at next week's Fed symposium at Jackson Hole, Wyoming."US government debt surpassed $40 trillion for the first time, multiple outlets reported Wednesday, citing Treasury Department data.West Texas Intermediate crude oil climbed 2.3% to $87.83 a barrel in Thursday late-afternoon trade, while Brent rose 2.1% to $93.51.US President Donald Trump on Wednesday threatened "economic warfare" against Iran, announcing economic consequences for countries that seek to provide any form of support to Tehran.A 60-day ceasefire between the two countries expired Monday.In corporate news, Walmart (WMT) shares slumped 9.2%, the worst performer on the Dow and the second-biggest fall on the S&P 500, after the retail giant issued third-quarter earnings guidance below analysts' expectations.Nordson (NDSN) jumped 8%, the best performer on the S&P 500, after lifting its fiscal 2026 outlook.Deere's (DE) shares advanced 6.9%, the third-biggest gain on the S&P 500, after the company raised the lower ends of its net income and cash flow guidance ranges, citing a strong fourth-quarter order book.Shares of Moderna (MRNA) slid about 24%, the steepest drop on the S&P 500, following a 177% jump at the close of the previous trading session. The drugmaker and Merck (MRK) announced positive topline results from a late-stage trial of an experimental skin cancer treatment on Wednesday.Spot gold ticked up 0.2% to $4,523 per troy ounce, while silver rose 3.8% to $69.09 per ounce.

Dow JonesNasdaq CompositeS&P 500$DE$MRK$MRNA$NDSN$WMT
Asia Markets

US Equity Indexes Fall After Trump Warns of Severe Economic Actions Against Iran, Driving Up Oil Prices, Bond Yields

US equity indexes fell on Thursday as bond yields and oil prices surged after President Donald Trump warned of severe economic sanctions against Iran, and any country that offers a lifeline to the Middle-East nation.Iran's Foreign Minister Seyed Abbas Araghchi dismissed Trump's warning in an X post, calling it a diversion from America's challenges of "unprecedented debt & surging interest costs."Bond yields continued to rise despite Treasury Secretary Scott Bessent stating that the buyback of long-dated government debt, announced yesterday, could exceed $4 billion per operation, CNBC reported Thursday, citing an interview with the official.The Nasdaq Composite fell 1% to 26,067.1, and the S&P 500 declined 0.8% to 7,641.6. The Dow Jones Industrial Average shed 1.3% to 52,762.3. Energy and real estate sectors led the gainers, while consumer staples and health led the decliners.The yield on 30-year Treasuries rose 5.4 basis points to 5.248%, while the 10-year yield gained 4.9 basis points to 4.702%.Gold futures gained 0.9% to $4,587.4 per ounce, and silver futures rose 3.9% to $68.43.In economic news, the Conference Board's measure of leading indicators rose by 0.2% in July, a larger gain than the 0.1% increase expected in a survey compiled by Bloomberg, and following a 0.1% decrease in June.The Conference Board highlighted that economic growth is expected to be driven by investments in AI, while consumer spending could slump due to the higher cost of living.The Philadelphia Federal Reserve's monthly manufacturing index rose to 47.4 in August, compared with 41.4 in July and an anticipated decrease to 24.1 according to a survey compiled by Bloomberg.According to the Labor Department, US initial jobless claims declined to 206,000 in the week ended Aug. 15 from the upwardly revised 212,000 level in the week earlier, and lower than 210,000 expected in a survey of analysts compiled by Bloomberg.US natural gas stocks rose by 16 billion cubic feet in the week ended Aug. 14, higher than the 15 billion gain expected in a survey compiled by Bloomberg and following an increase of 36 billion cubic feet in the week prior.The US West Texas Intermediate crude oil contract rose 2.7% to $88.15 per barrel.In company news, SpaceX (SPCX) shares fell 4% on Thursday after around 319 million early-investor shares of the company became eligible to trade today. The company also approached Cognition AI for a potential acquisition, but there are currently no active deal talks between them, Bloomberg reported late Wednesday, citing people familiar with the matter.Walmart (WMT) shares fell 9.1% on Thursday after its fiscal 2027 adjusted EPS guidance missed analyst expectations. The company reported fiscal Q2 adjusted earnings of $0.81 per share, up from $0.68 a year earlier and above the FactSet estimate of $0.74. Revenue was $187.94 billion, up from $177.40 billion a year ago and above the FactSet estimate of $186.62 billion. For fiscal 2027, Walmart expects adjusted EPS of $2.80 to $2.87, up from $2.75 to $2.85 earlier, but below the FactSet estimate of $2.90.Moderna (MRNA) shares fell 23.5% following a 177% jump at the close of the previous trading session. The drugmaker and Merck (MRK) announced positive topline results from a late-stage trial of an experimental skin cancer treatment on Wednesday.

Dow JonesNasdaq CompositeS&P 500$MRK$MRNA$SPCX$WMT
Sectors

Sector Update: Healthcare Stocks Fall Late Afternoon

Healthcare stocks declined late Thursday afternoon, with the NYSE Healthcare Index decreasing 0.9% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 1.4%.The iShares Biotechnology ETF (IBB) fell 2.4%.In corporate news, Merck's (MRK) strong momentum continues, driven by better-than-expected cancer vaccine data, but valuation now fully reflects the upside, RBC Capital Markets said in a note. RBC downgraded Merck to sector perform from outperform, and raised its price target to $150 from $142. Merck shares were down 1.9%.Moderna (MRNA) shares fell past 24% following a 177% jump at the close of the previous trading session. The drugmaker and Merck announced positive topline results from a late-stage trial of an experimental skin cancer treatment on Wednesday.Maravai LifeSciences (MRVI) stock rallied alongside a sector-wide rise in mRNA and oncology-focused biotech stocks. Maravai shares jumped 14%.Vivos Therapeutics (VVOS) said Thursday it has opened a new facility in Henderson, Nevada, to meet growing demand for sleep apnea testing and treatment. Vivos shares added 0.8%.

$MRK$MRNA$MRVI$VVOS
Sectors

Sector Update: Healthcare

Healthcare stocks declined late Thursday afternoon, with the NYSE Healthcare Index decreasing 0.9% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 1.4%.The iShares Biotechnology ETF (IBB) fell 2.4%.In corporate news, Moderna (MRNA) shares fell 22% following a 177% jump at the close of the previous trading session. The drugmaker and Merck (MRK) announced positive topline results from a late-stage trial of an experimental skin cancer treatment on Wednesday.

$MRK$MRNA
Update: Equities Fall Intraday as Yields Rise Despite Treasury Buyback Plan
US Markets

Update: Equities Fall Intraday as Yields Rise Despite Treasury Buyback Plan

(Updates with latest market prices and developments.)US benchmark equity indexes fell intraday as bond yields rose, a day after the Treasury Department announced an accelerated debt buyback program.The Nasdaq Composite and the Dow Jones Industrial Average were down 0.9% each after midday Thursday, at 26,104.1 and 52,973.6, respectively. The S&P 500 lost 0.5% to 7,668.6. The indexes ended Wednesday in the green following a three-day slump.Most sectors were in the red intraday Thursday, led by consumer discretionary, while energy gained the most.US Treasury yields were higher, with the 10-year yield up 4.9 basis points at 4.7% and the two-year yield rising 1.5 basis points to 4.19%. The 30-year rate advanced 4.7 basis points to 5.24%.The Treasury Department said Wednesday it will at least double the size of its buybacks for longer-dated Treasuries, to $4 billion per operation. The announcement eased pressure on long-term yields on Wednesday.Treasury Secretary Scott Bessent told CNBC on Thursday that the buybacks could be worth more than $4 billion per issue."The $4 billion size of the buybacks is vanishingly small relative to the size of the US treasury market but is a loud symbolic signal that the Treasury does not want higher yields," Saxo Bank said in a report Thursday. "Shaping the yield curve and buying treasuries is normally a policy area for the (Federal Reserve), so it sets up an interesting tension with Fed Chair Kevin Warsh, who will speak at next week's Fed symposium at Jackson Hole, Wyoming."US government debt surpassed $40 trillion for the first time, multiple outlets reported Wednesday, citing Treasury Department data.West Texas Intermediate crude oil climbed 2.3% to $87.80 a barrel, while Brent rose 1.8% to $93.31. The benchmarks were on track for their fifth straight day of gains.US President Donald Trump on Wednesday threatened "economic warfare" against Iran, announcing economic consequences for countries that seek to provide any form of support to Tehran.A 60-day ceasefire between the two countries expired Monday.In corporate news, Walmart (WMT) shares fell 8.7% intraday, the worst performer on the Dow and the second-biggest fall on the S&P 500, after the retail giant issued third-quarter earnings guidance below analysts' expectations.Deere's (DE) shares jumped 8%, the biggest gain on the S&P 500, after the company raised the lower ends of its net income and cash flow guidance ranges, citing a strong fourth-quarter order book.Nordson (NDSN) climbed 7.1%, the third-best performer on the S&P 500, after lifting its fiscal 2026 outlook.Shares of Moderna (MRNA) slid 25%, the steepest drop on the S&P 500, following a 177% jump at the close of the previous trading session. The drugmaker and Merck (MRK) announced positive topline results from a late-stage trial of an experimental skin cancer treatment on Wednesday.Spot gold ticked down 0.2% to $4,508.62 per troy ounce, while silver rose 3.7% to $69.04 per ounce.

Dow JonesNasdaq CompositeS&P 500$DE$MRK$MRNA$NDSN$WMT
Sectors

Sector Update: Healthcare Stocks Fall Thursday Afternoon

Healthcare stocks declined Thursday afternoon, with the NYSE Healthcare Index decreasing 0.7% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 1.1%.The iShares Biotechnology ETF (IBB) fell 2.7%.In corporate news, Merck's (MRK) strong momentum continues, driven by better-than-expected cancer vaccine data, but valuation now fully reflects the upside, RBC Capital Markets said in a note. RBC downgraded Merck to sector perform from outperform, and raised its price target to $150 from $142. Merck shares were down 0.5%.Abbott Laboratories (ABT) signed a multiyear collaboration deal with Avricore Health's HealthTab unit for the supply and distribution of its point-of-care testing products through the HealthTab platform in the UK, Avricore Health said. Abbott shares were down 0.1%.OSR Health (OSRH) shares were down past 25%, a day after the company said it received a notice from Nasdaq that its shares would be delisted from the stock exchange on Aug. 26 for failing to regain compliance with the minimum $1 bid price requirement.

$ABT$MRK$OSRH
Sectors

Sector Update: Healthcare

Healthcare stocks declined Thursday afternoon, with the NYSE Healthcare Index decreasing 0.4% and the State Street Health Care Select Sector SPDR ETF (XLV) shedding 0.8%.The iShares Biotechnology ETF (IBB) fell 2.5%.In corporate news, Merck's (MRK) strong momentum continues, driven by better-than-expected cancer vaccine data, but valuation now fully reflects the upside, RBC Capital Markets said in a note Thursday. RBC downgraded Merck to sector perform from outperform and raised its price target to $150 from $142. Merck shares were down 0.4%.

$MRK
Wire

Merck's Momentum Remains Strong But Valuation Limits Further Upside, RBC Says

Merck's (MRK) strong momentum continues, driven by better-than-expected cancer vaccine data, but valuation now fully reflects the upside, RBC Capital Markets said in a note Thursday.The analysts said that, at $150, Merck is trading at a historically high valuation despite facing a major loss of exclusivity in two years and only modest near-term growth. Further upside would require its pipeline to outperform already-high expectations, limiting the risk/reward at current levels.The analysts said they remain positive on near-term catalysts, especially Sac-TMT data at ESMO and TL1A trial results in ulcerative colitis and hidradenitis suppurativa. "However, expectations are high, and the pipeline benefits from a halo effect. Any material disappointment could trigger a disproportionate negative reaction," the firm said.The analysts said that beyond the upcoming Q3 readouts, further upside would likely require more business development activity, faster growth outside Keytruda, or positive early-stage pipeline results, all of which they believe are largely priced.RBC downgraded Merck to sector perform from outperform and raised its price target to $150 from $142.Price: $152.02, Change: $-0.18, Percent Change: -0.12%

$MRK
Commodities

Exchange-Traded Funds Lower, Equity Futures Mixed Pre-Bell Thursday Amid Renewed Inflation Concerns

The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was down 0.5% and the actively traded Invesco QQQ Trust (QQQ) retreated 0.6% in Thursday's premarket activity as rising bond yields and a jump in oil prices renewed inflation concerns.US stock futures were mixed, with S&P 500 Index futures down 0.03%, Dow Jones Industrial Average futures slipping 0.1%, and Nasdaq futures gaining 0.1% before the start of regular trading.In premarket activity, bitcoin was up by 4.9%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 4.8% higher, Ether ETF (EETH) advanced 8.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) gained 3.8%.US initial jobless claims fell to a level of 206,000 in the employment survey week ended Aug. 15 from an upwardly revised 212,000 level in the previous week, compared with expectations for a level of 210,000 in survey of analysts compiled by Bloomberg as of 7:30 am ET.The Philadelphia Federal Reserve's monthly manufacturing index rose to 47.4 in August after advancing to 41.4 in July, compared with expectations for a decrease to a reading of 24.8 in a survey compiled by Bloomberg.Leading indicators data for July will be released at 10 am ET, followed by weekly natural gas stocks at 10:30 am ET.St. Louis Fed President Alberto Musalem is scheduled to speak Thursday.Power Play:FinancialThe State Street Financial Select Sector SPDR ETF (XLF) retreated 0.3%. Direxion Daily Financial Bull 3X Shares (FAS) was down 0.7%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 0.8% higher.Strategy (MSTR) stock was up more than 10%, Coinbase Global (COIN) shares were up more than 6%, and Circle Internet Group (CRCL) was up 4% as Bitcoin rose above $71,000, continuing its advance from the previous day.Winners and Losers:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) retreated 0.4%, the Vanguard Health Care Index Fund (VHT) was down 0.6%, while the iShares US Healthcare ETF (IYH) gained 0.9%. The iShares Biotechnology ETF (IBB) was 0.9% lower.Moderna (MRNA) shares were down 7% following a 177% rise at the prior close as a late-stage trial for a skin cancer treatment being developed in partnership with Merck (MRK) yielded positive topline results. Merck was 1% lower after a 13% rise at Wednesday's close.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was down 1.2%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was 1.1% lower, and the iShares US Consumer Staples ETF (IYK) retreated 0.04%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) lost 1%. The VanEck Retail ETF (RTH) declined 1.5%, while the State Street SPDR S&P Retail ETF (XRT) fell 1.4%.Walmart (WMT) shares were down more than 6% pre-bell after the company's fiscal Q3 guidance trailed analyst expectations.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) retreated 0.7%, the iShares US Technology ETF (IYW) was 0.1% lower, and the iShares Expanded Tech Sector ETF (IGM) was down 0.7%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) retreated 1.1%, while the iShares Semiconductor ETF (SOXX) fell more than 1%.Palo Alto Networks (PANW) shares were down more than 2% in premarket activity after a 3.8% fall at the prior close. The company and NTT DATA said they have signed a multiyear alliance targeting $1 billion in joint business by the end of 2029 to support organizations' adoption of artificial intelligence and modernization of cybersecurity.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) retreated 0.5%, the Vanguard Industrials Index Fund (VIS) was down 0.1%, and the iShares US Industrials ETF (IYJ) was inactive.Navios Maritime Partners (NMM) stock was up more than 1% before the opening bell after the company reported higher Q2 adjusted earnings and revenue.EnergyThe iShares US Energy ETF (IYE) gained 0.5%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 1%.ExxonMobil (XOM) stock was up more than 1% before market open. Bloomberg reported, citing a company presentation, that ExxonMobil warned that Kazakhstan's Tengiz oil field is nearing peak production and that output will fall sharply over the coming decade.CommoditiesFront-month US West Texas Intermediate crude oil rose by 3.7% to $89 per barrel on the New York Mercantile Exchange. Natural gas was down 2% at $2.76 per 1 million British Thermal Units. The United States Oil Fund (USO) increased 3.5%, while the United States Natural Gas Fund (UNG) was 0.6% lower.Gold futures for November were down by 0.7% at $4,514.70 an ounce on the Comex. Silver futures gained 0.7% to reach $67.03 an ounce. SPDR Gold Shares (GLD) declined 1%, and the iShares Silver Trust (SLV) was 0.1% lower.

Dow JonesNasdaq CompositeS&P 500$BETH$BITO$COIN$CRCL$EEM$EETH$EXI$FAS$FAZ$GLD$IBB$IGM$IGV$IPK$IVV$IWM$IYE$IYH$IYJ$IYK$IYW$MRK$MRNA$MSTR$NMM$PANW$PMR$QQQ$RTH$SLV$SOXX$SPY$UNG$USO$VDC$VHT$VIS$WMT$XLE$XLF$XLI$XLK$XLP$XLV$XLY$XOM$XRT$XSD
Research

RBC Downgrades Merck & Co. to Sector Perform From Outperform, Adjusts PT to $150 From $142

Merck & Co. (MRK) has an average rating of overweight and mean price target of $145.24, according to analysts polled by FactSet.

$MRK
Research

Morgan Stanley Upgrades Merck & Co. to Overweight From Equalweight, Adjusts PT to $179 From $116

Merck & Co. (MRK) has an average rating of overweight and mean price target of $145.24, according to analysts polled by FactSet.

$MRK
Update: Equities Snap 3-Day Losing Streak as Traders Parse July Fed Minutes
US Markets

Update: Equities Snap 3-Day Losing Streak as Traders Parse July Fed Minutes

(Updates with market moves at the end of the day, and other changes, if any.)Wall Street's main stock indexes rebounded Wednesday after a three-day slump, boosted by gains in the healthcare sector, while investors assessed the minutes of the Federal Reserve's July policy meeting.The S&P 500 and the Dow Jones Industrial Average climbed 0.2% each to 7,707.98 and 53,463.05, respectively. The Nasdaq Composite also gained 0.2%, closing at 26,331.09. Among sectors, healthcare topped the gainers, while industrials led the laggards.Moderna (MRNA) shares surged 177%, the biggest gain on the S&P 500, as a late-stage trial for a skin cancer treatment being developed in partnership with Merck (MRK) yielded positive topline results. Merck jumped nearly 13%, the best performer on the Dow and among the top gainers on the S&P 500.Fed officials acknowledged the need for an interest rate hike if inflation does not ease, minutes from the central bank's July meeting showed Wednesday. At the meeting last month, policymakers left interest rates unchanged in a divided decision, with three regional presidents calling for a hike of 25 basis points."The minutes suggest that other (non-voting) participants are on the same page. And that there is a palpable hawkish sentiment brewing in the committee," BMO said in a note. "But it will take inflation misbehaving to stir this sentiment further. Until then, the Fed will be holding indefinitely."Markets are currently pricing in a 67% probability that the Fed will keep its benchmark rate steady in September, with the remaining odds in favor of a 25-basis-point hike, according to the CME FedWatch tool.Treasury yields were lower, with the 10-year yield down 6.5 basis points at 4.64% and the two-year yield falling 0.8 basis point to 4.17%.The Treasury Department said Wednesday that it will boost the size of its government debt repurchases, in what Jefferies Chief US Economist Thomas Simons described as a "surprise" move.The expanded buyback operation, which will focus on 10- to 30-year Treasuries, comes as the 30-year real yields recently broke through 3% for the first time in 24 years, Simons said."It looks like this move will probably help to keep a lid on long-end yields for the near-term," he said.West Texas Intermediate crude oil advanced 0.9% to $85.66 a barrel in Wednesday late-afternoon trade, while Brent rose 0.4% to $91.39.The United Arab Emirates suspended economic ties with Iran amid "regional escalations that undermine regional and international peace and security," UAE Foreign Ministry spokeswoman Afra Al Hameli said on X. The UAE is Iran's second-largest commercial partner, according to a CNN report."Oil prices extended gains for a fourth consecutive session on Wednesday as uncertainty over a resolution to the US-Iran conflict continued to support risk premiums," ING Bank said.In other corporate news, Keysight Technologies (KEYS) slumped 6.3%, among the notable laggards on the S&P 500. Late Tuesday, the electronics test and measurement equipment manufacturer provided a fiscal fourth-quarter earnings outlook above Wall Street's estimates and reported better-than-expected third-quarter results.Target (TGT) lifted its full-year outlook as tariff refunds helped double the retailer's fiscal second-quarter earnings year over year. Its shares jumped 4.3%.TJX (TJX) issued a fiscal third-quarter comparable store sales forecast that fell short of the Street expectations, but raised its full-year earnings outlook. The stock fell 4.2%.Spot gold jumped 4.1% to $4,510.40 per troy ounce, while silver climbed 3.8% to $66.48 per ounce.

Dow JonesNasdaq CompositeS&P 500$KEYS$MRK$MRNA$TGT$TJX
Asia Markets

US Equity Indexes Rise After Most FOMC Participants Support Rate Hold, Treasury Boosts Buybacks

US equity indexes rose on Wednesday after most Federal Open Market Committee participants agreed to maintain the federal funds rate at 3.50% to 3.75%, and the US Treasury said it would ramp up buybacks of long-dated government debt to at least $4 billion per operation in September.The Nasdaq Composite rose 0.1% to 26,331.09, and the S&P 500 gained 0.2% to 7,707.98. The Dow Jones Industrial Average increased 0.2% to 53,463.05. Health and consumer discretionary led the gainers, while industrials and technology sectors led the decliners.The yield on 30-year Treasuries fell 10.1 basis points to 5.18%, while the 10-year yield fell 6.7 basis points to 4.64%.Gold futures gained 3.3% to $4,566.6 per ounce, and silver futures rose 3.8% to $66.475.While FOMC participants acknowledged that inflation remained elevated, most of them expected it to simmer over the remainder of the year as the effects of tariffs and earlier energy price hikes fade. They also observed that economic activity continued to expand at a solid pace while labor market conditions appeared stable.President Donald Trump also paused tariffs on certain Canadian goods in a Truth Social post. He also said the Keystone XL Pipeline, which was canceled in 2021, may be revived. The tariff play comes ahead of negotiations for the US-Mexico-Canada Trade Agreement.In economic news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 900,000 barrels in the week ended Aug. 14, following an increase of 11.3 million barrels in the prior week.The US West Texas Intermediate crude oil contract rose 0.8% to $85.63 per barrel.US mortgage applications fell by 0.4% in the week ended Aug. 14, with an increase in refinancing activity offset by declining home purchase applications, according to the Mortgage Bankers Association."In addition to the economic uncertainty, affordability difficulties have reemerged as a reason for homebuyers to delay purchase decisions given the impact of higher mortgage rates on monthly mortgage payments," said MBA deputy chief economist Joel Kan.In company news, Moderna (MRNA) shares climbed 177%, and Merck (MRK) shares gained 12.6% after the companies said a trial of intismeran autogene combined with Keytruda met the primary endpoint of recurrence-free survival and a key secondary endpoint of distant metastasis-free survival in patients with completely resected stage IIB-IV melanoma.Target (TGT) shares rose 4.3% after the company posted higher-than-expected fiscal Q2 results and lifted its 2026 guidance. The company reported fiscal Q2 adjusted earnings of $4.11 per diluted share, up from $2.05 a year earlier and above FactSet consensus of $2.34. Fiscal Q2 net sales were $26.54 billion, up from $25.21 billion a year ago and above the FactSet consensus of $26.13 billion. For fiscal 2026, the company lifted its adjusted EPS guidance to between $9.90 and $10.90 from $7.50 to $8.50 earlier, compared with FactSet estimates of $8.52.

Dow JonesNasdaq CompositeS&P 500$MRK$MRNA$TGT
Japan

US Equity Markets End Higher as US Treasury Plans Expanded Long-Bond Buybacks

US equity indexes ended higher Wednesday after the Treasury Department said it would increase buybacks of long-dated US government debt.* Moderna (MRNA) shares almost tripled, the top gainer on the S&P 500, and Merck (MRK) gained 13%, the biggest increase on the Dow, after the companies said a late-stage trial of an experimental skin cancer treatment yielded positive topline results* Nebius Group (NBIS) shares fell 9.9%, the biggest drop on the Nasdaq, after the company said it plans to offer $4.5 billion of convertible senior notes in a private offering.* September West Texas Intermediate crude oil rose $0.48 to settle at $85.42 per barrel, while October Brent crude, the global benchmark, was last seen up $0.27 at $91.29.* US crude oil stocks, including the Strategic Petroleum Reserve, fell by 900,000 barrels in the week ended Friday, following an increase of 11.3 million in the previous week. Excluding SPR inventories, commercial crude oil stocks rose by 4.4 million compared with the gain of 17.4 million the week prior, and the 200,000 increase expected in a survey compiled by Bloomberg.* US mortgage applications fell by 0.4% in the week ended Friday with an increase in refinancing activity offset by declining home purchase applications, according to the Mortgage Bankers Association.

Dow JonesNasdaq CompositeS&P 500$MRK$MRNA$NBIS
Sectors

Sector Update: Healthcare Stocks Gain Late Afternoon

Healthcare stocks were higher late Wednesday afternoon, with the NYSE Healthcare Index rising 3.1% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 3.6%.The iShares Biotechnology ETF (IBB) climbed 6.3%.In sector news, President Donald Trump said Wednesday he has nominated Heidi Overton as the US Food and Drug Administration Commissioner. "We need her leadership at the FDA now to ensure that the US remains the WORLD LEADER for Scientific Discovery and CURES," Trump said in a post on Truth Social.In corporate news, Moderna (MRNA) shares surged 167% and Merck (MRK) shares jumped past 12% after the companies said a trial of intismeran autogene plus Keytruda met the primary endpoint of recurrence-free survival and a key secondary endpoint of distant metastasis-free survival in people with completely resected stage IIB-IV melanoma.Twist Bioscience (TWST) shares jumped nearly 20% after the company said Anthropic selected it as an independent evaluator for a multi-arm protein design project using AI.Sight Sciences (SGHT) shares climbed past 3% after the company said that the US Food and Drug Administration has updated the TearCare System's indication to include improving meibomian gland function in adult patients with evaporative dry eye disease caused by meibomian gland dysfunction.Teva Pharmaceutical Industries (TEVA) shares rose 2.1% after its US affiliate Teva Pharmaceuticals said Wednesday the US Food and Drug Administration has accepted its new drug application for ecopipam to potentially treat children with Tourette syndrome.

$MRK$MRNA$SGHT$TEVA$TWST
Japan

US Equity Indexes Rise After Treasury Lifts Buyback Limit, Fed Minutes Show Most FOMC Participants Agreed to Hold Rates Steady at July Meeting

US equity indexes rose ahead of the close on Wednesday after the Treasury Department said it would increase buybacks of long-dated government debt to at least $4 billion per operation in September from $2 billion, and minutes of the July 28-29 meeting of the Federal Open Market Committee showed that most participants supported maintaining the federal funds rate at 3.50% to 3.75%.The Nasdaq Composite rose 0.2% to 26,351.9, the S&P 500 gained 0.3% to 7,716.6, and the Dow Jones Industrial Average increased 0.2% to 53,453.6. Healthcare and consumer discretionary led the gainers, while industrials and financials led the decliners.The yield on 30-year Treasuries fell 8.9 basis points to 5.196%, while the 10-year yield fell 5.3 basis points to 4.653%.Gold futures gained 3% to $4,557.1 per ounce, and silver futures rose 3.5% to $66.33.In economic news, US crude oil stocks, including those in the Strategic Petroleum Reserve, fell by 900,000 barrels in the week ended Aug. 14, following an increase of 11.3 million barrels in the prior week.The US West Texas Intermediate crude oil contract rose 0.8% to $85.65 per barrel.US mortgage applications fell by 0.4% in the week ended Aug. 14, with an increase in refinancing activity offset by declining home purchase applications, according to the Mortgage Bankers Association.In company news, Moderna (MRNA) shares climbed 169%, and Merck (MRK) shares gained 13% after the companies said a trial of intismeran autogene combined with Keytruda met the primary endpoint of recurrence-free survival and a key secondary endpoint of distant metastasis-free survival in patients with completely resected stage IIB-IV melanoma.

Dow JonesNasdaq CompositeS&P 500$MRK$MRNA

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