Finance

The U.S. Treasury Department announced plans to more than double its repurchases of longer-term 10-, 20-, and 30-year notes starting next month. This intervention was designed to enhance market liquidity and cool down long-term borrowing costs, which had recently spiked to near 20-year highs due to persistent inflation and ballooning government debt deficits. The dynamic triggered a swift pullback in the 10-year Treasury yield down to 4.64%.

Stronger-than-expected quarterly corporate profit reports provided fundamental support to the equities market. Major retailers and consumer companies, including Target and Lowe's, posted upbeat financial results that boosted investor confidence. Target shares climbed 4.3% while homebuilder Toll Brothers advanced 4%, helping to neutralize lingering downward pressure in other sectors.

Shares of biotechnology firm Moderna surged by nearly 177% in a historic single-session rally, pacing the gains for the broader S&P 500 healthcare sector. The massive upward move came after the company announced positive clinical trial data alongside partner Merck. The late-stage trial revealed that their personalized mRNA cancer therapy significantly reduced the risk of melanoma recurrence and spread.