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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.

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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
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
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
Wire

Piper Sandler Adjusts Price Target on Moderna to $167 From $77, Maintains Overweight Rating

Moderna (MRNA) has an average rating of hold and mean price target of $56.58, according to analysts polled by FactSet.Price: $154.89, Change: $+91.93, Percent Change: +146.01%

$MRNA
Research

BofA Securities Upgrades Moderna to Neutral From Underperform Following Intismeran 'Success', Raises Price Target to $170 From $40

Moderna (MRNA) has an average rating of hold and mean price target of $56.58, according to analysts polled by FactSet.Price: $156.15, Change: $+93.19, Percent Change: +148.01%

$MRNA
Wire

Top Midday Gainers

ZeroStack (ZSTK) said Wednesday it entered a $1 billion crypto contribution agreement that will add nearly 926 million MemeCore tokens to the company and also give MemeCore-linked investors a substantial equity stake in the company.Shares were up roughly 200% as intraday trading volume catapulted to over 20 million from a daily average of more than 18,300.Moderna (MRNA) and Merck (MRK) 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.Shares of Moderna rose about 141%, with intraday trading volume at over 148.9 million against a daily average of roughly 6.9 million.SKK Holdings (SKK) said its SKK Works unit secured six new contracts for horizontal directional drilling and utility works in Singapore.Shares increased about 20% as intraday trading volume soared to over 7.5 million from a daily average of roughly 21,400 shares.Price: $5.50, Change: $+3.65, Percent Change: +198.63%

$MRK$MRNA$SKK$ZSTK
Asia Markets

US Equity Indexes Rise as Bond Yields Ease After Treasury Raises Buyback Cap, Trump Pauses Canada Tariffs

US equity indexes rose after midday 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 President Donald Trump paused tariffs on certain Canadian goods in a late Tuesday Truth Social post.The Nasdaq Composite rose 0.2% to 26,343.5, and the S&P 500 gained 0.3% to 7,716.1. The Dow Jones Industrial Average increased 0.2% to 53,456.1. Health and materials led the gainers, while technology and industrials led the decliners.The yield on 30-year Treasuries fell 7 basis points to 5.215%, while the 10-year yield fell 3 basis points to 4.677%.Trump also said the proposed 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.Gold futures gained 3% to $4,553.5 per ounce, and silver futures rose 3% to $65.95.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.Excluding SPR inventories, commercial crude oil stocks rose by 4.4 million barrels compared with a 17.4-million-barrel gain in the week prior, and the 200,000-barrel increase expected in a survey compiled by Bloomberg.The US West Texas Intermediate crude oil contract rose 2.4% to $86.99 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 150%, and Merck (MRK) shares gained 11.5% 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 5.8% after the company posted higher-than-expected fiscal Q2 results and boosted 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
Update: Equities Rise Intraday Ahead of Fed Minutes
US Markets

Update: Equities Rise Intraday Ahead of Fed Minutes

(Updates with latest market prices and developments.)US benchmark equity indexes were higher intraday, supported by gains in the healthcare sector amid a big rally in Moderna (MRNA) shares, while traders awaited minutes of the Federal Reserve's last policy meeting.The S&P 500 was up 0.3% at 7,716.7 after midday Wednesday, while the Nasdaq Composite rose 0.2% to 26,341.6. The Dow Jones Industrial Average advanced 0.2% to 53,436.2. The indexes finished Tuesday trading lower for the third consecutive session.Among sectors, healthcare paced the gainers, while industrials led the laggards.Moderna shares were up 142%, 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 11%, the best performer on the Dow and among the top gainers on the S&P 500.Keysight Technologies (KEYS) was the worst performer on the S&P 500, down 6.3%. 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.In other corporate news, Target (TGT) lifted its full-year outlook as tariff refunds helped double the retailer's fiscal second-quarter earnings year over year. Its shares were up 5.8% intraday.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 2.9%.The Fed is scheduled to post minutes of its most recent policy meeting at 2 pm ET, which will be assessed for fresh insights on the central bank's monetary policy. At the meeting last month, policymakers left interest rates unchanged in a divided decision, with three regional presidents calling for policy tightening.Markets are currently pricing in a 63% 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 mixed intraday, with the two-year yield up 1.3 basis points at 4.19% while the 10-year yield fell 4.6 basis points to 4.7%.The Treasury Department said Wednesday that it will boost the size of its government debt repurchases to at least $4 billion per operation from $2 billion, effective Sept. 9. The buyback operation will focus on 10- to 30-year Treasuries.West Texas Intermediate crude oil was up 2.3% at $86.87 a barrel intraday, while Brent rose 1.7% to $92.59.The United Arab Emirates is halting all trade and financial transactions with Iran "until further notice" 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.Spot gold jumped 3.7% to $4,495.25 per troy ounce, while silver climbed 3% to $65.96 per ounce.

Dow JonesNasdaq CompositeS&P 500$KEYS$MRK$MRNA$TGT$TJX
Moderna, Merck Report Positive Phase 3 Trial Results of Melanoma Drug; Moderna Shares Jump Over 100%
US Markets

Moderna, Merck Report Positive Phase 3 Trial Results of Melanoma Drug; Moderna Shares Jump Over 100%

Moderna (MRNA) and Merck (MRK) said Wednesday a late-stage trial of an experimental skin cancer treatment yielded positive topline results, sending the companies' shares higher, with Moderna jumping more than 100%.The phase 3 trial evaluated the safety and efficacy of intismeran in combination with Merck's Keytruda, compared with Keytruda alone, in patients with high-risk resected cutaneous melanoma. The study enrolled 1,137 patients.The combination showed "statistically significant and clinically meaningful improvements" in recurrence-free survival and distant metastasis-free survival in certain melanoma patients who had not undergone prior treatment with systemic therapy, the companies said Wednesday.The trial met its primary endpoint of recurrence-free survival and a key secondary endpoint of distant metastasis-free survival. The results also marked the first positive phase 3 readout for an individualized neoantigen therapy and for an mRNA-based cancer therapy, as well as the first late-stage study to show a "clinically meaningful improvement" over Keytruda alone in the adjuvant setting for patients with resected melanoma, Moderna and Merck said. The companies are jointly developing the treatment.Moderna shares were up 148% in afternoon trade, while Merck jumped 11%."For many years, the idea of creating an mRNA treatment designed specifically for an individual patient's cancer was aspirational. We are now helping turn that vision into a reality," Moderna Chief Executive Stephane Bancel said. "Together with Merck, we have started to demonstrate the transformative potential of this technology to address critical unmet needs in the adjuvant melanoma setting."The trial showed that the safety profiles of intismeran and Keytruda were consistent with previously reported results from the combination, with "no new safety signals" seen, the companies said.In June, data from a phase 2b trial showed that the combination reduced the risk of recurrence or death by 49%, compared with Keytruda alone. That study also demonstrated a 59% reduction in the risk of the disease spreading to other parts of the body or death.The latest trial will continue to evaluate other secondary endpoints, such as overall survival, the companies said Wednesday."These first phase 3 findings for intismeran in combination with Keytruda as adjuvant therapy reinforce the promise of a more personalized approach to cancer treatment," said Merck Research Laboratories President Dean Li. "We believe individualized neoantigen therapies have the potential to redefine how patients with completely resected stage IIB-IV melanoma are treated."Price: $148.10, Change: $+85.14, Percent Change: +135.23%

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Sectors

Sector Update: Healthcare Stocks Gain Wednesday Afternoon

Healthcare stocks were higher Wednesday afternoon, with the NYSE Healthcare Index rising 2.2% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 2.7%.The iShares Biotechnology ETF (IBB) climbed 4.8%.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 146% and Merck (MRK) shares jumped past 11% 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.Sight Sciences (SGHT) shares jumped past 6% 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 1.6% 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.

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Asia Markets

Exchange-Traded Funds Higher as US Equities Gain After Midday

Broad Market IndicatorsBroad-market exchange-traded funds IWM and IVV were higher. Actively traded Invesco QQQ Trust (QQQ) gained 0.3%.US equity indexes rose after midday Wednesday as Moderna (MRNA) and Merck (MRK) surged on positive results from a late-stage trial of their melanoma vaccine, and the US Treasury said it would double the buybacks of long-dated government debt.EnergyIShares US Energy ETF (IYE) gained 0.5% and the State Street Energy Select Sector SPDR (XLE) rose about 0.3%.TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) shed 0.5%; iShares US Technology ETF (IYW) eased 0.2% and iShares Expanded Tech Sector ETF (IGM) also declined 0.3%.The State Street SPDR S&P Semiconductor (XSD) shed 1.7%, and iShares Semiconductor (SOXX) was down 1.6%.FinancialThe State Street Financial Select Sector SPDR (XLF) declined 0.1%. Direxion Daily Financial Bull 3X Shares (FAS) advanced 0.4%, and its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), declined 0.4%.CommoditiesCrude oil rose 2%, and the United States Oil Fund (USO) added 1.5%. Natural gas gained 1.8%, and the United States Natural Gas Fund (UNG) was up 1.4%.Gold on Comex increased 3.1%, and the State Street SPDR Gold Shares (GLD) was up 3.4%. Silver was 3.1% higher, and iShares Silver Trust (SLV) was up 3.6%.ConsumerThe State Street Consumer Staples Select Sector SPDR (XLP) was up 0.9%. The Vanguard Consumer Staples ETF (VDC) added 0.9%, and iShares Dow Jones US Consumer Goods (IYK) rose 0.3%.The State Street Consumer Discretionary Select Sector SPDR (XLY) was up 1.8%. VanEck Retail ETF (RTH) added 1.1%, and the State Street SPDR S&P Retail (XRT) rose 2%.HealthcareThe State Street Health Care Select Sector SPDR (XLV) added 2.6%. iShares US Healthcare (IYH) gained 2.8% and Vanguard Health Care ETF (VHT) was 2.5% higher. IShares Biotechnology ETF (IBB) climbed up 4.6%.IndustrialThe State Street Industrial Select Sector SPDR (XLI) shed 0.5%. Vanguard Industrials Index Fund (VIS) fell 0.5%, and iShares US Industrials (IYJ) was also down 0.2%.CryptocurrencyIn midday activity, bitcoin (BTC-USD) rose 6.4%. Among cryptocurrency ETFs, ProShares Bitcoin ETF (BITO) added 6.4%, ProShares Ether ETF (EETH) was up 9.6%, and ProShares Bitcoin & Ether Market Cap Weight ETF (BETH) was 7.3% higher.

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Sectors

Sector Update: Healthcare

Healthcare stocks were higher Wednesday afternoon, with the NYSE Healthcare Index rising 2.2% and the State Street Health Care Select Sector SPDR ETF (XLV) adding 2.7%.The iShares Biotechnology ETF (IBB) climbed 4.8%.In corporate news, Moderna (MRNA) shares surged 133% and Merck (MRK) shares jumped nearly 11% 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.

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Japan

US Equity Indexes Rise as Treasury Yields Ease on Buyback Ramp

US equity indexes rose on Wednesday after the Treasury said it would at least double the size of buybacks of long-dated government debt, driving long-term Treasury yields sharply lower from multi-year highs.The Nasdaq Composite rose 0.5% to 26,438.7, and the S&P 500 gained 0.5% to 7,735. The Dow Jones Industrial Average increased 0.3% to 53,536.9. Health and materials sectors led the gainers, while the industrials and utilities sectors led the decliners.The yield on 30-year Treasuries fell 7.9 basis points to 5.21%, while the 10-year yield fell 4.6 basis points to 4.66%.Gold futures gained 3.1% to $4,556.60 per ounce, and silver futures rose 3.2% to $66.06.In economic news, US crude oil stocks, including 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 week earlier.Excluding SPR inventories, commercial crude oil stocks rose by 4.4 million barrels compared with a 17.4-million-barrel gain in the week prior, and above the 200,000-barrel increase expected in a survey compiled by Bloomberg.The US West Texas Intermediate crude oil contract rose 2.1% to $86.74 per barrel.US Mortgage applications fell by 0.4% in the week ended Aug. 14, with an increase in refinancing activity offset by a decline in home purchase applications, according to Mortgage Bankers Association data released Wednesday.In company news, Moderna (MRNA) shares climbed 128%, and Merck (MRK) shares gained nearly 11% after the companies said a trial of intismeran autogene in combination 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.

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Wire

Top Midday Stories: Treasury Lifts Buyback Cap on Long-Dated Securities; Moderna, Merck Say Melanoma Vaccine Meets Primary Endpoint in Trial

All three major US stock indexes were up in late-morning trading Wednesday, after the Treasury Department said it was raising the cap on its buyback operations for longer-dated nominal coupon securities to at least $4 billion per operation from $2 billion, effective Sept. 9.In company news, Moderna (MRNA) and Merck (MRK) said Wednesday that a late-stage trial of intismeran autogene in combination with Keytruda met its primary endpoint of recurrence-free survival in patients with completely resected stage IIB-IV melanoma. The vaccine also met a key secondary endpoint of distant metastasis-free survival in patients, the companies said. Moderna shares were up 122.9% around midday, while Merck shares were up 11.1%.Marvell Technology (MRVL) issued a warrant to Alphabet's (GOOG, GOOGL) Google to buy up to a total of 59.0 million shares of its common stock at $206.58 per share as part of an expanded partnership agreement the two companies reached on July 29, Marvell said Wednesday in a regulatory filing. Marvell shares were up 8.2%, while Alphabet's Class C and Class A shares were up 0.1% and 0.2%, respectively.Target (TGT) reported fiscal Q2 adjusted earnings Wednesday of $4.11 per diluted share, up from $2.05 a year earlier and above the FactSet consensus analyst estimate 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, above the FactSet consensus of $8.52. The company said it expects full-year net sales growth around 5%, up a percentage point from its previous guidance. Target shares were up 5.7%.Nebius Group (NBIS) said Wednesday it plans to offer $4.50 billion of convertible senior notes in a private offering to qualified institutional buyers. The notes will be offered in two series: $2.75 billion aggregate original principal amount of convertible notes due 2030 and $1.75 billion aggregate original principal amount of convertible notes due 2034. Nebius shares were down 9.3%.Price: $141.15, Change: $+78.19, Percent Change: +124.18%

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