U.S. equities showed divergent performance on Wednesday as biotech news drove sharp moves, with Moderna’s stock surging after a collaborative study with Merck & Co. demonstrated positive results for a melanoma vaccine.
Moderna’s shares more than doubled in early trading following the announcement of a successful Phase 2b trial evaluating the combination of its mRNA-4157/V940 vaccine with Merck’s Keytruda in patients with resected high-risk melanoma. The study met its primary endpoint of recurrence-free survival, with a 44% reduction in risk compared to Keytruda alone. Merck & Co.’s shares also advanced to record highs amid the biotech rally.
Major U.S. stock indexes posted mixed results. The Dow Jones Industrial Average gained 0.39% to close at 53,552.07 points, supported by strength in blue-chip industrials. The Nasdaq 100, heavily weighted toward technology, declined 0.23% to 29,423.34, extending pressure on high-growth tech names. The broader S&P 500 rose 0.38% to 7,721.14, reflecting a rotation into value-oriented segments.
Market sentiment received limited support from a U.S. Treasury announcement to expand bond buybacks, a move aimed at curbing long-end yield increases that had unsettled investors the prior session. The yield on 30-year U.S. Treasuries fell sharply in response, easing concerns over sustained upward pressure on borrowing costs.
