Moderna's cancer vaccine results have given investors renewed confidence in the company's future beyond COVID vaccines. In partnership with Merck, Moderna's personalized mRNA treatment in a Phase 3 melanoma trial reduced the risk of the cancer returning or spreading when combined with Keytruda, which met two major endpoints determining potential efficacy.

The results sent Moderna shares soaring more than 170% Wednesday, adding roughly $30 billion to its market value. The move reflects investor optimism that mRNA technology could become a major cancer treatment platform, with Moderna and Merck testing the treatment across additional cancers.

• The Phase 3 trial enrolled 1,137 melanoma patients and showed statistically significant improvements in recurrence free and distant metastasis free survival.

• Moderna's personalized mRNA treatment, Intismeran, is designed around mutations specific to each patient's tumor and is given alongside Keytruda.

• Intismeran is being tested in Phase 3 studies for melanoma and non-small cell lung cancer, with additional trials underway.

Moderna's results represent a major test of whether mRNA technology can move beyond viral infections and become a broader cancer treatment platform. The stock rallied showing investors are already pricing in that possibility, but the larger opportunity will depend on regulatory approval, commercial execution, and whether similar results can be replicated across other cancers.

HOOD (+13.2%): Robinhood ticked up in conjunction with Bitcoin as well as future sentiment around IPO activity.

COIN (+25.8%): Coinbase rallied as cryptocurrency optimism was renewed following a meeting of cryptocurrency executives at the White House.

TEM (+39.6%): A successful cancer vaccine trial from Merck and Moderna gave investors more confidence in Tempus' data licensing model.

WMT (-10.3%): Walmart shares plunged after its weakest U.S. sales growth in six years raised concerns about consumers spending.

DELL (-10.0%): Dell and other AI hardware stocks were hit hard over reduced risk appetite as investors rotated away from the sector.

META (-6.7%): Meta fell after four states sued and brought the tech giant to court over allegedly designing addictive features to harm children.

The 10-year Treasury yield climbed back above 4.70% this week as investors continued to demand higher returns on longer term government debt as the country's interest payment continues to climb. The move came shortly after the U.S. Treasury announced it would double its longer-term bond buybacks from $2 billion to at least $4 billion per operation, a move intended to improve liquidity and ease pressure in the bond market.

The initial announcement briefly pushed yields lower, but that relief quickly faded as investors remained concerned about inflation, government borrowing, and the massive supply of Treasury debt. The rebound in yields shows that Treasury buybacks can provide temporary support, but they do not address the broader forces pushing borrowing costs higher.