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Moderna (MRNA) has an average rating of hold and mean price target of $56.58, according to analysts polled by FactSet.Price: $141.02, Change: $+78.06, Percent Change: +123.98%
(Updates to include the stock movement in the headline and the first paragraph.)Moderna (MRNA) shares climbed 98% and Merck (MRK) shares gained 9% in Wednesday trading after the companies said a late-stage 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.The combination demonstrated statistically significant and clinically meaningful improvements in both recurrence-free survival and distant metastasis-free survival compared with Keytruda alone, the companies said.The trial will continue to evaluate other secondary endpoints, such as overall survival, the companies said.Safety profiles of intismeran and Keytruda were consistent with previously reported results, with no new safety signals, the companies said.Price: $145.76, Change: $+10.59, Percent Change: +7.83%
Healthcare stocks were rising Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) up 1.6% and the iShares Biotechnology ETF (IBB) 3.2% higher.Moderna (MRNA) shares surged more than 92%, and Merck (MRK) was up 8% after the companies said that a late-stage trial of intismeran autogene in combination with Keytruda met its primary endpoint of recurrence-free survival as well as a key secondary endpoint of distant metastasis-free survival in patients with completely resected stage IIB-IV melanoma.Ideaya Biosciences (IDYA) stock was 1.3% higher after the company said it has entered into a clinical collaboration with Genentech to evaluate a combination therapy for pancreatic cancer.Sight Sciences (SGHT) shares rose over 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.
The broad market exchange-traded fund SPDR S&P 500 ETF Trust (SPY) was up 0.4%, and the actively traded Invesco QQQ Trust (QQQ) was 0.4% higher in Wednesday's premarket activity as investors await the Fed's minutes for clues on interest rates.US stock futures were mixed, with S&P 500 Index futures up 0.03%, Dow Jones Industrial Average futures advancing 0.1%, and Nasdaq futures retreating 0.2% before the start of regular trading.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.Weekly petroleum stocks data are due to be released at 10:30 am ET.The minutes from the most recent Federal Open Market Committee meeting will be released at 2 pm ET.In premarket action, bitcoin was down by 0.3%. Among cryptocurrency ETFs, the cryptocurrency fund ProShares Bitcoin Strategy ETF (BITO) was 0.1% lower, Ether ETF (EETH) retreated 0.3%, and Bitcoin & Ether Market Cap Weight ETF (BETH) was flat.Power Play:Health CareThe State Street Health Care Select Sector SPDR ETF (XLV) advanced 1.5%, the Vanguard Health Care Index Fund (VHT) was up 0.1%, while the iShares US Healthcare ETF (IYH) gained 0.03%. The iShares Biotechnology ETF (IBB) was 3.2% higher.Moderna (MRNA) shares were up more than 92%, and Merck (MRK) was up 8% after the companies said that a late-stage trial of intismeran autogene in combination with Keytruda met its primary endpoint of recurrence-free survival as well as a key secondary endpoint of distant metastasis-free survival in patients with completely resected stage IIB-IV melanoma.Winners and Losers:TechnologyThe State Street Technology Select Sector SPDR ETF (XLK) advanced 0.6%, the iShares US Technology ETF (IYW) was 0.1% higher, and the iShares Expanded Tech Sector ETF (IGM) was up 0.04%. Among semiconductor ETFs, the State Street SPDR S&P Semiconductor ETF (XSD) gained 0.9%, while the iShares Semiconductor ETF (SOXX) rose by 1.5%.WhiteFiber (WYFI) shares were 23% lower after the company said it priced an upsized $270 million convertible senior notes offering.ConsumerThe State Street Consumer Staples Select Sector SPDR ETF (XLP) was up 0.5%, the Vanguard Consumer Staples Index Fund ETF Shares (VDC) was flat, and the iShares US Consumer Staples ETF (IYK) was down 1%. The State Street Consumer Discretionary Select Sector SPDR ETF (XLY) gained 0.1%. The VanEck Retail ETF (RTH) was inactive, while the State Street SPDR S&P Retail ETF (XRT) was 0.2% lower.Estee Lauder (EL) shares were up more than 12% pre-bell after the company reported higher fiscal Q4 adjusted earnings and revenue.IndustrialThe State Street Industrial Select Sector SPDR ETF (XLI) advanced 0.5%, the Vanguard Industrials Index Fund (VIS) was up 0.2%, and the iShares US Industrials ETF (IYJ) was inactive.ZIM Integrated Shipping Services (ZIM) stock was down more than 3% before the opening bell after the company reported lower-than-expected Q2 revenue.EnergyThe iShares US Energy ETF (IYE) gained 0.1%, while the State Street Energy Select Sector SPDR ETF (XLE) was up by 0.4%.Energy Fuels' (UUUU) stock was up more than 1% after the company said that terbium oxide produced at the White Mesa Mill in Utah has been qualified for commercial use by one of Japan's largest rare earth permanent magnet manufacturers.FinancialThe State Street Financial Select Sector SPDR ETF (XLF) advanced 0.5%. Direxion Daily Financial Bull 3X Shares (FAS) was up 1.7%, while its bearish counterpart, Direxion Daily Financial Bear 3X Shares (FAZ), was 1.8% lower.BlackRock (BLK) shares were down 1% after the Financial Times reported that the company's private credit division HPS Investment Partners and Oaktree Capital are among the creditors that seized control of production equipment supplier MBS Group last week, after the latter defaulted on its debt.CommoditiesFront-month US West Texas Intermediate crude oil retreated by 0.1% to $84.87 per barrel on the New York Mercantile Exchange. Natural gas was up 2.8% at $2.85 per 1 million British Thermal Units. The United States Oil Fund (USO) increased 0.1%, while the United States Natural Gas Fund (UNG) was 1.6% higher.Gold futures for November were up by 1.2% at $4,473.70 an ounce on the Comex. Silver futures gained 1.5% to $64.97 an ounce. SPDR Gold Shares (GLD) advanced by 2.2%, and the iShares Silver Trust (SLV) was 2.1% higher.
Healthcare stocks were rising premarket Wednesday, with the State Street Health Care Select Sector SPDR ETF (XLV) up 1.6% and the iShares Biotechnology ETF (IBB) 3.2% higher.Merck (MRK) and Moderna (MRNA) said a late-stage trial of intismeran autogene in combination with Keytruda met its primary endpoint of recurrence-free survival as well as a key secondary endpoint of distant metastasis-free survival in patients with completely resected stage IIB-IV melanoma. Merck shares were up more than 7% and Moderna stock was rising past 94% pre-bell.
Moderna (MRNA) has an average rating of hold and mean price target of $53.79, according to analysts polled by FactSet.
(Updates with economic data, recent oil price movement, world markets' overview and corporate stock movements.)US equity futures were mostly flat pre-bell Wednesday as traders awaited the Federal Reserve's policy-setting meeting minutes for further insights on the central bank's rate outlook.Dow Jones Industrial Average futures were 0.2% higher, S&P 500 futures were up 0.1%, and Nasdaq futures were 0.1% lower.The minutes of the Federal Reserve meeting held July 28-29 are scheduled to be released 2 pm ET.President Donald Trump said late Tuesday that the US is not in any current or scheduled talks with Iran. In a post on Truth Social, Trump also reiterated that the Strait of Hormuz is "open and operating," with all mines having been removed or detonated.The UAE has halted trade with Iran after accusing Iran of firing two ballistics missiles towards its territory, which fell into the sea. Iran has denied the allegations, according to multiple reports.Traders digested the latest round of earnings, with Analog Devices (ADI) reporting higher fiscal Q3 adjusted earnings and revenue.Oil prices were lower, with front-month global benchmark North Sea Brent crude down 0.2% at $90.84 per barrel and US West Texas Intermediate crude 0.3% lower at $83.84 per barrel.The Atlanta Fed Business Inflation Expectations survey for August is expected at 10 am ET.In other world markets, Japan's Nikkei closed 3.2% lower, Hong Kong's Hang Seng ended 0.1% higher, and China's Shanghai Composite finished 2.4% lower. Meanwhile, the UK's FTSE 100 was down 0.1%, and Germany's DAX index was 0.2% lower in Europe's early afternoon session.In equities, Merck (MRK) and Moderna (MRNA) shares rose 6.8% and 93%, respectively, after the two companies said that a late-stage trial of intismeran autogene in combination with Keytruda met its primary endpoint of recurrence-free survival, as well as a key secondary endpoint of distant metastasis-free survival, in patients with completely resected stage IIB-IV melanoma. SK Hynix (SKHY) stock was up 5.9%% after the company said it will buy back and cancel 40 trillion South Korean won ($28.69 billion) of treasury shares as part of efforts to boost shareholder returns.On the losing side, Lowe's (LOW) shares fell 1.3% after the company reported fiscal Q2 net sales that fell short of analysts' consensus. TJX Companies (TJX) stock was down 4.3% after the company issued lower-than-expected fiscal Q3 diluted EPS guidance. Nebius Group (NBIS) shares dropped 4.9% after the company said it intends to offer $4.5 billion of convertible senior notes in a private offering to qualified institutional buyers.
Moderna (MRNA) is facing several vaccine headwinds in the near to medium term, particularly for its COVID and respiratory syncytial virus vaccines, RBC Capital Markets said in a note emailed Monday.The company's Q2 results were "relatively unconventional," RBC said, noting that product revenue was generally in line with expectations. Moderna reported a Q2 net loss of $1.97 per diluted share, narrowing from a loss of $2.13 a year earlier, as revenue increased to $145 million from $142 million.Among the highlights of the quarter is Moderna's norovirus vaccine missing the phase 3 interim, RBC said. The company did not issue material updates on individualized neoantigen therapy but a phase 3 study in melanoma remains on track, with potential interim readout within the year, the brokerage added.Meanwhile, the Aug. 5 target action date for Moderna's flu vaccine approaches and is likely to get approved, RBC said.RBC kept its sector perform rating on Moderna, with a $45 per share price target.Price: $56.57, Change: $+1.75, Percent Change: +3.19%
Healthcare stocks were mixed premarket Friday, with the State Street Health Care Select Sector SPDR ETF (XLV) declining by 0.7% and the iShares Biotechnology ETF (IBB) 0.3% higher.Novo Nordisk (NVO) shares were down more than 7% after the company said its ziltivekimab drug candidate did not reduce major adverse cardiovascular events in people with atherosclerotic cardiovascular disease, chronic kidney disease and inflammation compared with placebo in a phase 3 trial.AbbVie (ABBV) stock was down more than 3% after the company cut its guidance for 2026 adjusted earnings per share.Moderna (MRNA) shares were up more than 3% after the company posted a narrower Q2 net loss as revenue increased during the period.
The benchmark US stock measures were tracking in the green before the open Friday as Amazon's (AMZN) better-than-expected quarterly results improved sentiment around the artificial intelligence trade.The S&P 500 rose 0.4%, the Dow Jones Industrial Average increased 0.5% and the Nasdaq gained 1.1% in premarket activity. The indexes finished the previous trading session up, with the Nasdaq snapping a six-day losing streak and recording its biggest single-day percentage gain since June 15.Shares of Amazon rose 13% pre-bell after the e-commerce giant reported second-quarter earnings above Wall Street's estimates amid a 37% jump in its Amazon Web Services cloud computing business."Amazon's (second-quarter) print was exactly what bulls wanted," RBC Capital Markets said in an emailed client note on Friday. "AWS's accelerating 37% growth beat the bogey, the backlog meaningfully accelerated and AWS's margin flow-through would suggest AI may not be the (return on investment) depressant it's been made out to be."Apple (AAPL) fell 7.1% early Friday as the company missed market estimates for iPad and services revenue in its fiscal third quarter. The tech giant recently increased prices for MacBooks and iPads amid surging memory and storage chip costs.Meta Platforms (META) rose 1.9% while Microsoft (MSFT) was down 0.5% following a 16% jump at the close of Thursday trading. Social media platform Reddit (RDDT) fell 9.3% following its latest quarterly results.Government data on Thursday showed that the US personal consumption expenditure price index decreased 0.1% month over month in June, marking the first decline since April 2020. A separate report showed that US economic growth slowed more than expected in the second quarter, though consumer spending seemed to shrug off intensifying price measures.Treasury yields were trending higher in premarket action, with the two-year rate increasing 2.7 basis points to 4.26% and the 10-year rate adding 0.6 basis points to 4.67%.Iran's army said Friday that it launched strikes on strategic US assets and military bases in Kuwait and Bahrain, following Washington's attack against Iran earlier in the week, CNBC reported, citing state media.Saudi Arabia on Thursday reportedly proposed to form a naval alliance to protect key shipping routes in the Red Sea and Strait of Hormuz, with Iran and its Houthi allies in Yemen continuing to attack vessels amid the ongoing conflict with the US. About 40 countries attended a meeting to discuss strengthening maritime cooperation, the Saudi Defense Ministry reportedly said.West Texas Intermediate crude oil was up 0.4% at $83.93 a barrel before the opening bell, while Brent advanced 0.7% to $89.53.Oil giants ExxonMobil (XOM) and Chevron (CVX) report their latest financial results before the bell, along with AbbVie (ABBV), Colgate-Palmolive (CL), Moderna (MRNA), Magna International (MGA) and AutoNation (AN).Friday's economic calendar has the Chicago purchasing managers' index for July at 9:45 am ET, followed by the final University of Michigan consumer sentiment report for the same month at 10 am. The weekly Baker Hughes oil-and-gas rig count is out at 1 pm.Gold declined 1.2% to $4,113 per troy ounce, while bitcoin shed 1.6% to $63,713.
Healthcare stocks were mixed in early trading Monday, with the State Street Health Care Select Sector SPDR ETF (XLV) down by 0.2% and the iShares Biotechnology ETF (IBB) 1.4% lower.Moderna (MRNA) shares fell 1.2%, extending the 10.8% loss in the previous session. Jefferies lifted its price target on the company to $60 from $53, while maintaining a hold rating.Madrigal Pharmaceuticals (MDGL) traded down 0.5% after a 4.2% fall at the end of Friday's session. The company said that the US Patent and Trademark Office has issued three new patents covering resmetirom, strengthening its intellectual property portfolio for Rezdiffra.InMode (INMD) stock was down more than 1% after rising 1.8% at the prior close. The company reported preliminary Q2 revenue of $95.2 million to $95.4 million.
(Updates with index/price moves and company/geopolitical news from the first paragraph.)US equity indexes rose amid a broad-based rally as crude oil extended declines after Washington replaced air strikes on Iran with diplomatic engagements.The Nasdaq Composite edged up 0.3% to 26,281.61, with the Dow Jones Industrial Average up 0.3% to 52,637.01 and the S&P 500 higher by 0.4% to 7,575.39 on Friday. All but one sector, healthcare, rose. Materials led the gainers.The CBOE Volatility Index, also known as the fear gauge, dropped 5.1% to 15.03.Talks between the US and Iran over a permanent peace deal are continuing, Bloomberg reported, citing an American official. The US is still committed to finding a diplomatic solution with Iran, the official told Bloomberg on Thursday. The official described the ongoing discussions as technical talks.Iran had asked to continue talks, and the US agreed, but the June ceasefire is "over," President Donald Trump said in a Truth Social post."The US has said that progress on the MoU is 'performance-based', and therefore, as long as Iran moves forward with a certain behaviour such as allowing the right of passage through the Strait of Hormuz, the US will move forward with what was promised to Iran," Al Jazeera, a Middle Eastern broadcaster, reported Friday, citing Dania Thafer, executive director at Gulf International Forum.At least 15 commercial vessels transited the Strait of Hormuz in the past 24 hours, CNN reported, citing MarineTraffic data.The front-month global benchmark North Sea Brent slipped 0.4% to $76.02 a barrel, while the US West Texas Intermediate retreated 0.7% to $71.56 a barrel, extending declines from Thursday.Most US Treasury yields rose, with the 10-year up 1.8 basis points to 4.56% and the two-year climbing 4.6 basis points to 4.21% as investors watched geopolitical developments and awaited the consumer price index data for June next week, as the June 16-17 meeting of the Federal Open Market Committee showed widespread disagreement among participants in relation to inflationary pressures.In precious metal markets, gold futures fell 0.5% to $4,119.4, and silver futures declined 1% to $60.16.In company news, SK Hynix (SKHY, SKHYV) jumped 13% after listing its American depositary receipts on Nasdaq, with trading volume exceeding 105.8 million.Shares of Meta Platforms (META) jumped almost 6%, the top gainer on the S&P 500 and the Nasdaq, after a Bloomberg report cited Chief Executive Mark Zuckerberg as saying the company is considering renting out some of its artificial intelligence compute as demand for AI infrastructure surges.Moderna (MRNA) was the worst performer on the S&P 500, down nearly 11%.
(Updates with market moves at the end of the day and weekly index changes.)US equities rose Friday, rebounding at the end of a mixed week on Wall Street, while oil prices slipped as President Donald Trump confirmed talks with Iran.The S&P 500 rose 0.4% to 7,575.4. The Dow Jones Industrial Average and the Nasdaq Composite added 0.3% each to close at 52,637 and 26,281.6, respectively. Health care was the sole laggard among sectors, while materials led gainers.The Nasdaq and the S&P 500 logged their second consecutive weekly gains, advancing 1.7% and 1.2%, respectively. The Dow edged down 0.5% from last week after a run of four weekly wins.West Texas Intermediate crude oil was down 0.7% at $71.60 per barrel in Friday late-afternoon trade, while Brent ticked down 0.3% to $76.06.US crude futures were on track for their first weekly advance following four consecutive weekly declines. Brent prices were headed for their second straight weekly rise.Trump said Friday that the US agreed to continue negotiations with Iran, although he reiterated that their ceasefire is over.Hostilities between the two countries resumed in recent days, weeks after they reached an interim agreement to end their war.Qatari negotiators travelled to Iran, seeking to de-escalate the situation in a trip that was planned in coordination with the US, CNN reported Friday, citing a diplomat with knowledge of the visit."With oil prices softening following the mid-week spike, traders appear to view the latest tensions as a challenge to the ceasefire rather than a complete breakdown," Saxo Bank said in a report Friday. "Traffic through the Strait of Hormuz remains low, with no large commodity-laden vessels seen transiting."The International Energy Agency on Friday projected a smaller decline in global oil demand in 2026 amid signs of a rebound in consumption as crude flows improve.US Treasury yields were higher, with the two-year rate up 4.6 basis points at 4.21% and the 10-year rate rising 2.2 basis points to 4.56%.In company news, SK Hynix (SKHY, SKHYV) American depositary shares surged 13% in their Nasdaq debut on Friday. The stock opened traded at $170 and rose to as high as $177. The South Korean memory semiconductor company priced its initial public offering of 177.9 million ADS at $149 apiece.Meta Platforms (META) jumped 6%, the top gainer on the S&P 500. The Facebook parent is aiming to start the production of artificial intelligence chips from September, Reuters reported Thursday, citing an internal memo.Moderna (MRNA) was the worst performer on the S&P 500, down nearly 11%.Gold slipped 0.7% to $4,110.60 per troy ounce, while silver lost 1% to $60.17 per ounce.
(Updates with market moves at the end of the day and latest developments.)The Dow Jones Industrial Average logged its sharpest single-day decline in four weeks in a mixed session on Wednesday, as oil prices rallied after President Donald Trump warned of additional attacks on Iran.The Dow fell 1.1% to 52,348.4, its biggest percentage fall since June 10. The S&P 500 declined 0.3% to 7,482.7, while the Nasdaq Composite edged up 0.2% to 25,870.7. Barring energy and technology, all sectors were in the red led by materials.West Texas Intermediate crude oil was up 5.1% at $74.01 per barrel in Wednesday late-afternoon trade, while Brent jumped 5.8% to $78.46.During a North Atlantic Treaty Organization summit in Turkey on Wednesday, Trump said the memorandum of understanding signed with Iran last month to end the war in the Middle East was "over."The US struck Iran on Tuesday after Tehran attacked three tankers that crossed the Strait of Hormuz. Iran's Islamic Revolutionary Guard Corps hit US military targets across Bahrain and Kuwait in retaliation to Washington's attacks, CNN reported.Trump warned of more attacks on Iran."We hit them very hard last night," Trump said in Turkey. "We'll probably hit them hard again tonight."A peace deal between the US and Iran is a key risk to watch in the second half of 2026 as energy prices may determine inflation expectations, Oxford Economics Chief Global Economist Ryan Sweet said in remarks emailed to."If the peace deal breaks, and it's too early to tell, it won't just raise oil prices; it would also increase pressure on (artificial intelligence) supply chains in Asia, force central banks to be hawkish, tighten financial conditions, and could shift the outcome of the US midterms," Sweet said. "The cascade runs fast."US Treasury yields were higher, with the two-year rate increasing 4.4 basis points to 4.21% and the 10-year rate adding 4.2 basis points to 4.57%.Federal Reserve officials held diverging views last month on the appropriate path of interest rates, minutes from the central bank's June policy meeting showed Wednesday. At that meeting, the Federal Open Market Committee unanimously decided to maintain the policy rate steady for the fourth consecutive time."The June minutes put the focus on an uncertain balance of risks," TD Economics said in a report. "Participants agreed on holding rates steady in June, but not on whether the next move is more likely to be up or down, making future meetings more 'live' and dependent on incoming data."The International Monetary Fund lowered global economic growth expectations for 2026 as the impact of the Middle East war will likely counter a boost from rising artificial intelligence adoption.In company news, Apple (AAPL) said Wednesday that Broadcom (AVGO) will produce chips to be used in the iPhone maker' products in a deal likely worth more than $30 billion. Shares of Apple rose 0.9%, among the biggest gainers on the Dow, while Broadcom advanced 4.8%.Nvidia (NVDA) shares advanced 3.7%, the best performer on the Dow.Alibaba Group (BABA), ByteDance, and DeepSeek could receive permission from China to purchase a limited volume of Nvidia H200 chips to offset a shortage due to increasing demand for artificial intelligence chips, The Information reported Wednesday, citing sources with knowledge of the matter.Moderna (MRNA) slumped 7.5%, the second-worst performer on the S&P 500.Major US biopharmaceutical companies' performance in the second half of the year is likely to be driven largely by fundamentals as the focus shifts away from economic factors, Morgan Stanley said in a note.Gold shed 1.7% to $4,087.30 per troy ounce, while silver lost 4.2% to $58.75 per ounce.
US equity indexes closed mixed Wednesday after President Donald Trump warned of more strikes on Iran, though he said it wouldn't amount to a full-scale war, softening earlier comments suggesting the ceasefire with Tehran "is over."* Trump threatened Wednesday to unleash additional military strikes against Iran after saying Tehran's attacks on commercial ships signaled the end of the ceasefire, the Associated Press reported. He later said the most recent exchange of fire did not herald a return to full-scale war.* According to minutes released from Kevin Warsh's first meeting as Federal Reserve chairman in mid-June, policymakers are sharply divided on the future path of interest rates. Some anticipate that cooling inflation may allow cuts, while others warn that persistent price pressures might spur increases.* August West Texas Intermediate crude oil rose $3.78 to settle at $74.22 per barrel, while September Brent crude, the global benchmark, was last seen up $4.55 at $78.71.* Alibaba (BABA), ByteDance, and DeepSeek may receive permission from China to buy a limited volume of Nvidia (NVDA) H200 chips to offset a shortage of AI chips, The Information reported. Nvidia shares rose 3.7%, the biggest gain on the Dow Jones Industrial Average.* Major US biopharmaceutical companies' H2 performance is likely to be driven largely by fundamentals as the focus shifts away from economic factors, Morgan Stanley said. Moderna's (MRNA) shares slumped 7.5%, the second-biggest drop on the S&P 500.
(Updates with latest market prices and developments.)US stocks were lower intraday after President Donald Trump threatened additional attacks on Iran, sending oil prices sharply higher.The Dow Jones Industrial Average was down 1.2% at 52,311.4 after midday Wednesday, while the S&P 500 shed 0.4% to 7,473.7. The Nasdaq Composite edged down 0.1% to 25,784.6. Barring energy and technology, all sectors were in the red led by materials.West Texas Intermediate crude oil was up 5.9% at $74.59 per barrel intraday, while Brent jumped 6.5% to $78.99.During a North Atlantic Treaty Organization summit in Turkey on Wednesday, Trump said the memorandum of understanding signed with Iran last month to end the war in the Middle East was "over."The US struck Iran on Tuesday after Tehran attacked three tankers that crossed the Strait of Hormuz. Iran's Islamic Revolutionary Guard Corps hit US military targets across Bahrain and Kuwait in retaliation to Washington's attacks, CNN reported.Trump warned of more attacks on Iran."We hit them very hard last night," Trump said in Turkey. "We'll probably hit them hard again tonight.""The escalation threatens fragile negotiations aimed at securing a permanent peace, with both sides accusing the other of violating the ceasefire," Saxo Bank said in a report Wednesday. "Brent has moved back above $76, potentially triggering further short covering among hedge funds."US Treasury yields were higher intraday, with the two-year rate increasing 6.7 basis points to 4.23% and the 10-year rate adding 5.8 basis points to 4.59%.The Federal Reserve is scheduled to publish minutes of its June policy meeting at 2 pm ET, to be assessed for fresh insights on the central bank's monetary policy. At the meeting, policymakers kept their benchmark lending rate steady for a fourth consecutive time.The International Monetary Fund lowered global economic growth expectations for 2026 as the impact of the Middle East war will likely counter a boost from rising artificial intelligence adoption.In company news, Apple (AAPL) said Wednesday that Broadcom (AVGO) will produce chips to be used in the iPhone maker' products in a deal likely worth more than $30 billion. Shares of Apple were up 0.5%, among the biggest gainers on the Dow, while Broadcom advanced 5.9%, the second-best performer on the S&P 500.Moderna (MRNA) slumped 6.2%, the worst performer on the S&P 500.Major US biopharmaceutical companies' performance in the second half of the year is likely to be driven largely by fundamentals as the focus shifts away from economic factors, Morgan Stanley said in a note.Gold shed 2.5% to $4,066.8 per troy ounce, while silver lost 5% to $58.26 per ounce.
Major US biopharmaceutical companies' performance in the second half of the year is likely to be driven largely by fundamentals, as the focus shifts away from economic factors, Morgan Stanley said in a note e-mailed Wednesday.The investment firm revised its price targets for several biopharma stocks it covers ahead of the latest earnings season."The macro has been a key driver of large-cap biopharma performance over the first half of the year," the brokerage said in a note to clients. "Looking into the second half, we expect fundamentals to be more of a driver. We prefer stocks with upside from product cycles and/or pipeline catalysts."Morgan Stanley raised its price target for Eli Lilly (LLY) to $1,347 from $1,344. It expects second-quarter earnings per share of $9.06 for the pharmaceutical giant, compared with Wall Street's estimate of $8.80. The firm projects revenue of $20.78 billion, while the Street is looking for $20.47 billion.The firm expects Johnson & Johnson (JNJ) to deliver a second-quarter beat, with EPS projected at $2.90 and sales at $25.46 billion. Morgan Stanley raised its price target on the stock to $284 from $283.Pfizer's (PFE) second-quarter EPS is seen at $0.69, while the Street is looking for $0.68, according to the note. Revenue is projected at $14.29 billion, while the Street is eyeing $14.44 billion.Moderna's (MRNA) new price target is $39, up from $33 previously. The drugmaker is expected to report a second-quarter loss of $1.85 a share on revenue of $172 million versus the Street's views for a $2.06 loss and sales of $102 million, according to Morgan Stanley.The price target for the Abbvie (ABBV) stock moved to $279 from $278, with Morgan Stanley expecting the company's second-quarter revenue to be ahead of consensus and guidance at $16.88 billion, while EPS is seen at $3.71 versus the Street's forecast of $3.76.Morgan Stanley lowered its price target for Gilead Sciences (GILD) to $166 from $168. The brokerage is projecting a second-quarter loss per share at $7.34, while the Street is looking for a $7.31 loss. Revenue is expected at $7.36 billion, below the $7.41 billion consensus, according to the note.Price: $1228.54, Change: $-7.02, Percent Change: -0.57%
Biopharma sector's performance in H2 is expected to be driven more by company fundamentals rather than macroeconomic factors, Morgan Stanley said in a note Tuesday.As of July 6, the NYSE Arca Pharmaceutical Index has gained 11% and the Nasdaq Biotechnology Index has added 18%, compared with a 10% gain for the S&P 500 Index, with recent stock performance driven more by changes in valuation multiples than by earnings estimate revisions, the investment bank said.Morgan Stanley said its US Equity Strategy team expects the sector to benefit from broader market leadership. Biotech remains one of the most rate-sensitive sectors, and historically, the sector has delivered nearly 20% annualized returns during falling-rate environments, according to the note.In addition, merger and acquisition activity remains healthy, with several $5 billion to $10 billion deals recently announced, including AbbVie (ABBV) purchasing Apogee (APGE), and Vertex Pharmaceuticals (VRTX) buying Crinetics Pharmaceuticals (CRNX), the investment bank said.Morgan Stanley adjusted its price targets on Biogen (BIIB) to $222 from $224, Amgen (AMGN) to $333 from $340, Gilead Sciences (GILD) to $166 from $168, AbbVie to $279 from $278, Moderna (MRNA) to $39 from $33, BioNTech (BNTX) to $119 from $126, Regeneron Pharmaceuticals (REGN) to $730 from $788, Johnson & Johnson (JNJ) to $284 from $283, and Eli Lilly (LLY) to $1,347 from $1,344.Shares of Biogen, Amgen, Gilead, AbbVie, Moderna, BioNTech, Regeneron, Johnson & Johnson, and Eli Lilly were down 2%, 0.1%, 0.8%, 0.4%, 7%, 1.9%, 1.9%, 0.4%, and 0.5% respectively, in Wednesday trading.Price: $201.67, Change: $-4.03, Percent Change: -1.96%
US equity indexes were lower on Friday amid a sell-off in technology stocks and despite a decline in crude oil prices following the Israel-Lebanon framework agreement.* Among stocks with a market capitalization of over $200 billion, 16 out of the 20 worst-performing stocks were technology firms.* The University of Michigan consumer sentiment index was revised up to 49.5 for June from 48.9 in the preliminary estimate, below expectations of 50.0 in a Bloomberg-compiled poll. The print was also above the final 44.8 in May.* August West Texas Intermediate crude oil fell $2.34 to settle at $69.58 per barrel, while August Brent crude, the global benchmark, was last seen down $3.05 at $72.21.* Moderna (MRNA) shares rose nearly 12%, the top gainer on the S&P 500, after the company said it plans to launch clinical development of in vivo CAR-T candidate mRNA-6007 in 2027. Multiple analysts also raised their price targets for the company.* Onsemi (ON) shares were down roughly 24%, the worst performer on the S&P 500, after the chipmaker agreed to acquire semiconductor company Synaptics (SYNA) in a deal valued at about $7 billion.
Moderna (MRNA) has an average rating of hold and mean price target of $48.25, according to analysts polled by FactSet.Price: $63.24, Change: $+3.49, Percent Change: +5.83%
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