Moderna shares surge as U.S. stock market indexes close modestly higher following government bond support
Moderna shares rocketed over 100% before the bell on Wednesday after the company announced positive results from a late-stage trial of a personalized mRNA cancer vaccine developed with Merck. This news boosted the healthcare sector, which hit a record high, while the S&P 500, Nasdaq Composite, and Dow Jones Industrial Average all ended the day with modest gains. The market's positive movement followed a period of high bond yields. However, the U.S. Treasury announced it would double the size of liquidity support buyback operations for longer-dated bonds. This government action helped stabilize the market and boosted risk appetite. Meanwhile, the administration announced that it would pause a 50% tariff on certain Canadian goods for three days to finalize documents. In other news, President Trump said no talks were taking place with Iran and insisted the Strait of Hormuz was open. Retailers Target and Lowe's reported strong performance, with Target raising its annual sales forecast. Marvell Technologies shares climbed as it announced a partnership with Google to develop custom chips.