Stock Market Today, Aug. 19: Stocks Edge Higher, Ending 3-Day Losing Streak
The Dow Jones Industrial Average (DJINDICES:^DJI) rose 0.22% to 53,463, the S&P 500 (SNPINDEX:^GSPC) gained 0.21% to 7,708, and the Nasdaq Composite (NASDAQINDEX:^IXIC) edged 0.16% higher to 26,331 as the major indexes halted a three-day slide following an easing of bond market pressure.
Today's biggest moves
Moderna (NASDAQ:MRNA) shares more than doubled and Merck (NYSE:MRK) gained ground after the partners announced positive late-stage trial results for a personalized mRNA cancer vaccine.
Meanwhile, Sandisk (NASDAQ:SNDK) fell 9% amid broader chip sector weakness, and Viking Holdings (NYSE:VIK) dropped 4% after warning that low river levels in Europe could disrupt cruise operations.
What this means for investors
Despite the U.S. national debt surpassing $40 trillion today, markets inched higher after a three-day decline. The star of the show today was Moderna, which "announced positive Phase 3 data from a trial pairing its intismeran autogene with Merck's KEYTRUDA melanoma treatment." MRNA stock soared 177% on the news as the market prices in the potential for intismeran to work in other cancer trials and for Moderna to create other individualized neoantigen therapies. Merck's shares also rose 13% today on the news.
Elsewhere, Target (NYSE:TGT) reported better-than-expected Q2 earnings, with sales up 5.3%, and same-store sales rising 3.8%. The retailer said most business segments delivered growth, outside of apparel and home furnishings and decor. At a time when the Fed minutes showed support for a potential interest rate increase if inflation doesn't cool, the positive retail data is good news for the broader market to see.
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Josh Kohn-Lindquist has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Merck, Moderna, Target, and Viking. The Motley Fool has a disclosure policy.
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