Shares of Moderna, Inc. and Merck skyrocketed after their joint personalized cancer vaccine demonstrated positive results in a late-stage trial. Moderna shares soared an eye-popping 150%, while Merck climbed 12% on the news.
Pilgrims Pride shares rallied 15% after JBS, which holds more than 80% of the chicken producer, made a bid to acquire the remaining outstanding stock. The move put Pilgrim's Pride on pace for its best trading session since Aug. 13, 2021, when shares jumped 21%.
Gold miners experienced a broad surge after the Treasury Department announced plans to sharply increase government debt repurchases, sending yields lower and boosting gold prices. The VanEck Gold Miners ETF (GDX) jumped 9%, heading toward its best day since Nov. 4, 2022, when it advanced 10%. Coeur and Hecla led the charge, each posting gains of more than 13%.
The Treasury's announcement also provided a lift to real estate and homebuilder stocks. CoStar and Alexandria Real Estate Equities both rose more than 6%, Toll Brothers gained 7.1%, and D.R. Horton climbed 5.4%.
Marvell Technology advanced more than 7% after revealing it had granted Google permission to purchase a $12 billion stake in the company as part of a deal to develop custom chips for the Alphabet subsidiary.
Coinbase Global, Inc. shares surged 11% as bitcoin prices popped more than 5% to approximately $68,000. Robinhood advanced over 6%, while bitcoin miners Riot Platforms and Mara Holdings gained 3% and 7%, respectively.
Lowe's shares traded more than 3% higher as Treasury yields fell. The stock had been lower earlier in the session after the home improvement retailer revised its full-year sales and earnings outlook to the bottom end of its prior guidance. Second-quarter revenue also missed expectations, with the company citing pressure in home improvement spending.
Target gained 5% following better-than-expected second-quarter revenues and an upward revision to its full-year guidance. Results were bolstered by a $752 million boost to net earnings, or $1.65 per share, stemming from tariff refunds.
La-Z-Boy tumbled 16%. Fiscal first-quarter adjusted earnings came in at 43 cents per share, down 9% from the year-ago period, while adjusted operating income dropped 20% year over year to $18.7 million. The company guided current-quarter revenue between $500 million and $520 million, falling short of the FactSet consensus of $536.8 million.
Mercury slid more than 6%. The defense and aerospace electronics maker projected fiscal 2027 revenue of approximately $1.1 billion, versus the FactSet consensus estimate of $1.05 billion. Fourth-quarter adjusted earnings of 37 cents missed the FactSet consensus call by one cent.
Estee Lauder rose more than 16% after reporting fiscal fourth-quarter adjusted earnings and revenue that beat FactSet consensus estimates. The beauty care company also forecast fiscal 2027 earnings of $3.10 to $3.35 per share, roughly in line with FactSet's range of $2.95 to $3.42.
