U.S. Stocks Open Higher; Nasdaq Gains 0.3%, MRNA Surges 90%, Marvell Rises over 10%, SK Hynix Climbs 5%

Tiger Newspress08-19 21:32

U.S. stocks jumped on Wednesday as Treasury yields fell after the Treasury Department announced an increased buyback operation for longer-term debt. The Nasdaq Composite Index rose 0.3%.

Yields on the long end of the Treasury curve plummeted after the Treasury Department said Wednesday that it’s going to at least double the size of its government debt repurchases. The upscaled buyback is aimed at the 10- to 20- year as well as the 20- to 30-year parts of the market.

Moderna, Inc. was a major winner of the day, as shares popped more than 90% after the company’s and Merck’s experimental cancer vaccine showed success in a late-stage trial. Merck shares jumped more than 7%, supporting the Dow.

Shares of Marvell Technology also gained more than 10% after the company announced an agreement with Google related to its tensor processing units and issued the company a warrant to buy as much as almost 59 million shares of its common stock.

SK hynix rose 5%, as it approved a $28‑billion share‑repurchase and cancellation program to boost shareholder returns.

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