🚀 Moderna jumps 120%

Market Overview
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Year To Date Performances:

1. In a landmark milestone for personalized medicine, Moderna and Merck announced that their experimental, tailored mRNA cancer vaccine paired with the immunotherapy drug Keytruda met its primary goals in a late-stage Phase 3 trial. The combination significantly extended the time high-risk melanoma patients lived without their cancer returning after surgery and effectively reduced the risk of the disease spreading to distant parts of the body. The clinical breakthrough sent Moderna’s stock soaring over 120%, and Merck’s up more than 10%, validating a custom-targeted treatment framework that the drugmakers plan to discuss with regulatory authorities as they continue testing the vaccine against other solid tumours like lung, bladder, and kidney cancers.

2. Carvana shares are facing a double-digit weekly decline following news that federal prosecutors and the Securities and Exchange Commission are investigating billionaire investor Mark Walter over allegations of concealed financial relationships and misdirected insurance funds. The federal probe into Walter, who indirectly holds an 8% Class B stake in Carvana alongside a previously overlooked $1.5 million warrant relationship, has triggered intense market jitters over whether the fallout could force him to liquidate his holdings to raise cash. Coupled with concurrent director insider stock sales, the mounting scrutiny over Walter's extensive financial empire has sent the online used-car retailer's stock tumbling, renewing volatility for a company historically plagued by regulatory penalties and short-seller accusations.

3. In a direct move to stabilize volatile fixed income markets, the Treasury Department, led by Secretary Scott Bessent, announced it will at least double its maximum debt buybacks from $2 billion to $4 billion starting in September. The Treasury is specifically targeting 10- to 30-year maturities that have recently suffered from a lack of buyers. The aggressive intervention sent bond yields tumbling and boosted stock futures by injecting liquidity into long-duration Treasuries, though market experts caution the strategy offers only short-term liquidity relief rather than a true debt paydown or a solution to massive underlying government deficits.

   Headlines

   1. Marvell stock jumped 6% after announcing a deal to sell AI chips to Google.

   2. Trump has delayed tariffs on Canada after reaching a deal with Carney.