WALL STREET RISES AS YIELDS RETREAT AND MODERNA SURGES

Developing story: Index levels, Treasury yields, oil prices, Fed minutes and company-specific stock moves may change through the trading session.

U.S. stocks rose Wednesday morning after Treasury yields retreated from multi-decade highs, easing pressure on equities after a sharp technology selloff. Reuters reported that the Dow, S&P 500 and Nasdaq were all higher shortly after the open, with healthcare leading the benchmark index and investors awaiting Federal Reserve meeting minutes.

The rebound was helped by the U.S. Treasury Department’s decision to double some long-dated bond buyback operations, which pushed the 30-year Treasury yield down from its highest level since 2007. Lower long-term yields can support stocks by reducing financing costs and the discount rate applied to future corporate earnings.

Healthcare led the rally. Moderna shares more than doubled after the company’s personalized mRNA cancer therapy developed with Merck cut the risk of melanoma recurrence and spread in a late-stage trial, Reuters reported. Merck also jumped, lifting the Dow, while Novavax and U.S.-listed BioNTech shares rose as investors moved into biotech and vaccine names.

Technology was more mixed. Marvell Technology surged after issuing Alphabet’s Google a warrant to buy a stake worth about $12.18 billion, Reuters reported. Broadcom declined after the deal, weighing on the Philadelphia SE Semiconductor Index. The split showed that AI and custom-chip demand remain powerful, but investors are increasingly selective after heavy valuation gains.

The broader market is still carrying Tuesday’s damage. Heavyweight technology shares had come under sharp pressure as bond yields rose on worries about government debt, inflation and geopolitics. Those concerns have not disappeared, but the yield retreat gave traders room to rebuild risk positions.

Middle East risk remains present. Brent crude stayed near three-week highs as Trump said no talks were underway with Iran and Tehran insisted the Strait of Hormuz remained shut. Higher oil prices can support energy shares but also threaten consumer confidence and inflation expectations.

Retail earnings added another consumer signal. Target rose after raising its annual sales forecast, while Lowe’s gained despite trimming its annual sales-growth outlook. Walmart’s upcoming results are expected to provide another read on whether U.S. households are absorbing higher fuel, food and borrowing costs.

What is confirmed is that Wall Street rose as long-term yields retreated and healthcare stocks surged on Moderna’s trial data. What remains unresolved is whether the rebound can hold if oil prices rise further, Fed minutes sound more hawkish or investors resume selling high-valuation technology stocks.

Fact-check date: August 19, 2026. Article type: News. Sources: Reuters; U.S. Department of the Treasury; Moderna; Merck. Developing note: Index levels, Treasury yields, oil prices, Fed minutes and company-specific stock moves may change through the trading session.