US stocks: US market regains ground as bond yields ease; healthcare stocks rally
Moderna more than doubled after a late-stage cancer therapy trial with Merck cut melanoma recurrence risk, while the S&P 500 healthcare sector hit a record high.
- The Dow Jones Industrial Average and Nasdaq Composite rebounded on Wednesday after a steep tech selloff, as easing government bond yields boosted risk appetite and markets assessed positive corporate updates.
- Concerns over ballooning government debt and rising inflation pushed global bond yields to multi-decade highs on Tuesday, hitting risk assets. Robert Pavlik, senior portfolio manager at Dakota Wealth, noted that rising interest rates reduce forward earnings expectations.
- Moderna shares more than doubled after its personalized mRNA cancer therapy developed with Merck cut melanoma recurrence risk in late-stage trials. Estee Lauder jumped more than 16.7% after forecasting higher annual profit, while Target rose 5%.
- Traders await Federal Reserve minutes later today to gauge the central bank's policy outlook. Sam Stovall, chief investment strategist at CFRA Research, noted the bond market will enforce discipline if the Fed does not act.
- Odds of a rate hike as soon as September decreased significantly following last week's tame inflation data. Elevated oil prices continue contributing to inflation concerns, complicating the Federal Reserve's policy calculus.
20 Articles
20 Articles
The New York stock market rebounded for the first time in three trading days as long-term Treasury yields stabilized following the U.S. Treasury Department's expanded bond buyback program. Moderna's stock price surged after announcing clinical trial results for a cancer treatment, while Marvell Technologies signed a supply contract for AI semiconductors with Google. However, the gains in the stock market were limited due to the Federal Reserve's…
The US Treasury reacts with countermeasures to the rising bond yields - with success: The yields of the government bonds give up and investors give up their buying restraint on shares. Moderna papers go through the ceiling according to reports of progress in cancer therapy.
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Wall Street Edges Higher as Treasury Yields Retreat and Moderna Fuels Healthcare Rally
U.S. stocks finished modestly higher Wednesday as falling Treasury yields eased pressure on risk assets and a surge in Moderna shares pushed the healthcare sector ... The post Wall Street Edges Higher as Treasury Yields Retreat and Moderna Fuels Healthcare Rally first appeared on [your]NEWS.
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