S&P500: Treasury Buyback Lifts US Stocks as Moderna Cancer Data Sparks Rally

US stocks opened higher after Treasury doubled long-dated bond buybacks to at least $4 billion, helping push the 30-year Treasury yield down nearly 9 basis points to 5.196% and easing pressure on growth equities. The S&P 500, Nasdaq, and Dow all gained as yields retreated from recent highs. Sector-specific catalysts also boosted sentiment: Moderna surged more than 80% after positive late-stage melanoma vaccine data with Merck, while Marvell rose on a Google-related AI chip deal. However, the article stresses that the broader market rally remains fragile ahead of FOMC minutes, with the S&P 500 still trying to recover this week’s losses and the minor trend still pointed lower despite the longer-term uptrend remaining intact.