Moderna's shares surged by 120% and Merck's by 10% after their personalized cancer vaccine showed promising results in a late-stage trial. Pilgrim's Pride rallied 15% as JBS, its majority owner, made a bid for the remaining shares, marking its best performance since August 2021.
Gold miners benefited from a Treasury Department announcement that lowered yields, with the VanEck Gold Miners ETF (GDX) rising 9%. Real estate and homebuilders also saw gains, with CoStar and Alexandria Real Estate Equities up over 6%. Marvell Technology's stock increased by more than 7% after allowing Google to acquire a $12 billion stake for custom chip development.
Coinbase shares rose 11% alongside a 5% increase in bitcoin prices, while Lowe's gained over 3% despite a mixed earnings outlook. Target's stock climbed 5% after reporting better-than-expected revenues and raising its full-year guidance, aided by tariff refunds.
Conversely, La-Z-Boy's shares fell 16% due to disappointing earnings and revenue forecasts, and Mercury Systems dropped over 6% after missing earnings expectations. Estee Lauder's stock rose more than 16% after beating earnings and revenue estimates for its fiscal fourth quarter