4:20pm: Stocks break three-day slide
Wall Street finally found its footing on Wednesday, with all three major indexes snapping a three-session losing streak as a rally in bonds eased pressure on equities. The Dow Jones Industrial Average gained 120 points, or 0.2%, to 53,463, while the S&P 500 rose 16 points, or 0.2%, to 7,708. The Nasdaq added 41 points, or 0.2%, to 26,331.
A Treasury intervention in the bond market helped pull yields lower, giving stocks some breathing room after recent sessions were dominated by concerns over rising borrowing costs.
Healthcare stocks also got a boost, with Moderna surging a whopping 176% and lifting the broader sector.
Investors now turn to a busy earnings slate on Thursday, with Walmart, Alibaba and Deere & Co among the companies set to report.
3:30pm: Proactive news headlines
- VivoPower PLC (NASDAQ:VIVO, FRA:51J) has fully retired its $28.8 million shareholder debt owed to AWN Holdings through a combination of a $16.5 million debt conversion and $12.3 million cash repayment, strengthening its balance sheet ahead of a planned AI data centre buildout in Norway.
- Grey Matters Health (CSE:GREY, OTCQB:AGNPD, FRA:AGW0) has signed an agreement with ProScan Reading Services to provide radiologist interpretations for brain PET scans at its planned NovaScan Neuroimaging Clinic in Florida.
- American Resources Corp (NASDAQ:AREC) said its minority-owned ReElement Technologies has secured an air permit for all planned production lines at its Indiana rare earths processing facility, clearing a key hurdle ahead of commissioning and commercial production.
- Scancell Holdings PLC (AIM:SCLP, OTC:SCNLF, FRA:SCP) has received UK regulatory approval to launch a Phase III trial of its lead cancer immunotherapy iSCIB1+ in patients with advanced melanoma.
2:30pm: Market movers
- Moderna Inc (NASDAQ:MRNA, XETRA:0QF) and Merck & Co Inc (NYSE:MRK, XETRA:6MK) said their personalized mRNA cancer vaccine intismeran, combined with Keytruda, reduced melanoma recurrence and spread in a successful Phase 3 trial, sending Moderna shares sharply higher.
- Marvell Technology Inc (NASDAQ:MRVL) has expanded its partnership with Google by issuing the company a warrant to buy up to 58.97 million Marvell shares for about US$12.2 billion at the exercise price.
- Estee Lauder Companies Inc (NYSE:EL, XETRA:ELAA) shares surged after the beauty company beat fourth-quarter estimates and raised its fiscal 2027 profit margin outlook following stronger revenue and earnings growth.
- Grey Matters Health (CSE:GREY, OTCQB:AGNPD, FRA:AGW0) has signed an agreement with ProScan Reading Services to provide radiologist interpretations for brain PET scans at its planned NovaScan Neuroimaging Clinic in Florida.
- American Resources Corp (NASDAQ:AREC) said its minority-owned ReElement Technologies has secured an air permit for all planned production lines at its Indiana rare earths processing facility, clearing a key hurdle ahead of commissioning and commercial production.
- Lowe's Companies Inc (NYSE:LOW) cut its full-year sales and profit outlook as discretionary home-improvement spending remained weak, despite the retailer exceeding Wall Street expectations for its second quarter.
12:55pm: Moderna soars on melanoma vaccine
Moderna shares surged 150% Wednesday morning, while Merck & Co. gained 10.3% after the companies said their personalized mRNA cancer vaccine, intismeran, combined with Keytruda, slowed melanoma recurrence and spread in a Phase 3 trial.
The INTerpath-001 study, which involved 1,137 patients with Stage IIB-IV melanoma following surgery, met its primary endpoint of recurrence-free survival and also improved distant metastasis-free survival versus Keytruda alone, prompting the trial to be stopped early after a positive interim analysis.
The results could mark the first randomized late-stage validation of a personalized neoantigen cancer vaccine.
11:20am: Treasury yields fall
US Treasury yields fell sharply after the US government expanded long-dated bond buybacks, easing pressure on a market recently strained by rising borrowing costs and weak investor demand, says IG’s Axel Rudolph.
“Following yesterday's surge in yields the US Treasury calmed investors by announcing plans to expand purchases of long-dated debt which eased liquidity concerns and signalled officials are prepared to step in to stabilise markets when borrowing costs rise too far, too fast," Rudolph noted.
"On the back of this stock indices stemmed this week's falls."
10:00am: Moderna surges
Wall Street is showing signs of relief on Wednesday, with the Dow Jones and S&P 500 moving higher as a rally in government bonds eases pressure on equities.
Just following the opening bell, the Dow rose 0.5% to 53,589, while the S&P 500 added 0.3% to 7,716. The Nasdaq, meanwhile, slipped 0.2% to 26,250 as investors continued to reassess elevated artificial intelligence and technology valuations following three straight losing sessions.
A sharp pullback in long-term Treasury yields is giving markets some breathing room. The US Treasury said it would at least double its liquidity-support buybacks of longer-dated nominal coupon securities, helping push the 30-year yield lower after it had climbed to a 19-year high in the previous session.
Trade tensions are also easing after President Donald Trump said he was pausing 50% tariffs on Canadian goods for three days, citing progress toward a potential deal between the two countries.
Corporate news is adding to the market action. Moderna surged alongside Merck after the companies reported positive interim late-stage results for an individualized mRNA cancer vaccine used with Keytruda in patients with resected melanoma.
Elsewhere, Target edged higher after raising its annual sales outlook, while Lowe's came under pressure after forecasting flat comparable sales for the year as consumers remain cautious about discretionary home-improvement spending.
Ding, dong.
And good morning. Wall Street is limping toward the midpoint of a rough week, and Wednesday is not offering much of a hand up.
Futures for the Dow and S&P 500 are loitering around the flat line, while the Nasdaq-100 is nudging slightly higher. Nobody looks in a hurry to buy.
The mood soured overnight in Asia, where Japan's Nikkei shed 3%, and South Korea's KOSPI tumbled 5%. Rising bond yields, firmer oil and Tuesday's tech sell-off are all doing their bit to keep the bulls at bay.
The one flash of drama came from Donald Trump, who took to Truth Social late on Tuesday to pause his threatened 50% tariffs on Canadian goods for three days, declaring in customary capitals that the two countries have "a DEAL!"
The levies, due at midnight, were never going to move the economic needle much, but they set the tone for looming talks over the USMCA trade pact.
There is proper substance ahead too. Minutes from the Fed's July meeting land later, offering a peek at the inflation debate inside the room.
And the American shopper takes centre stage, with results from Target, Lowe's and TJX. Target is already out, and it beat again, lifting its outlook as a price-cutting revamp keeps winning back customers.