U.S. stock indexes were set for a subdued session on Wednesday, with pre-market indicators pointing to modest gains for the Dow Jones Industrial Average and declines for the Nasdaq 100. IG estimated the Dow at 53,410 points, up slightly, while the Nasdaq 100 was projected at 29,456, down moderately ahead of the open.
Moderna’s shares surged nearly 100% in pre-market trading to $122, marking the highest level since July 2024. The rally followed positive results from a joint study with Merck & Co on the personalized cancer vaccine Intismeran Autogene, which, when combined with Merck’s Keytruda, reduced melanoma recurrence rates more effectively than Keytruda alone. The companies described the findings as a significant milestone for mRNA-based therapies.
Merck’s stock also advanced 8% in pre-market trading to $146, while BioNTech’s shares rose nearly 16%. The gains reflected investor optimism around the potential of mRNA technology in oncology.
In contrast, Lowe’s shares fell 3.7% in pre-market trading after the retailer trimmed its full-year revenue outlook, missing market expectations. The downgrade weighed on shares of rival Target as well.
Analog Devices bucked the trend, with its stock up about 1% in pre-market trading. Goldman Sachs maintained a positive outlook on the chipmaker, citing solid quarterly results and a strong forward guidance.
The mixed pre-market movements underscored a day of limited broader index volatility, with biotech developments driving the most notable stock-specific moves.
