Stocks rose Friday as Wall Street got over the worst of its bond yield worries. Investor attention next week will be on Federal Reserve Chairman Kevin Warsh's comments at the Jackson Hole Economic Policy Symposium.
Moderna surged 19% and was the best-performing stock in the S&P 500 while Merck rose 3.4%. Moderna shares sank 24% on Thursday as they gave up some of their nearly 180% gain from the previous session. Moderna earlier this week reported positive trial results for a personalized cancer vaccine co-developed with Merck.
Online trading platform Robinhood advanced 15% and was the second-best performer in the S&P 500. Crypto exchange Coinbase gained 10% and Bitcoin investor Strategy rose 8%. The crypto stocks have surged this week thanks to President Donald Trump call for Congress to pass the Clarity Act.
Tesla gained 5.3%. The electric-vehicle maker announced a launch event for its all-electric semi truck for Europe. The vehicle will be unveiled at the IAA Transportation truck show in Germany, which starts in mid-September.
SpaceX added 1.6% to $136.20. DZ Bank analyst Markus Leistner launched coverage of Elon Musk's rocket and artificial-intelligence company with a Sell rating and $100 price target. That price target represents 25% downside from the closing price of $134 on Thursday.
Marvell Technology fell 6% and was the worst-performing stock in the S&P 500. Shares of the chip designer were still on pace to end the week up more than 6%. Marvell on Wednesday announced it issued Alphabet-owned Google a warrant to purchase to 58.97 million shares of common stock, or to build a stake worth $12.19 billion.
Alibaba fell more than 7% after ending the previous session up 1.26%. The Chinese internet company on Thursday reported earnings that fell short of expectations even as AI revenue soared. Shares were down for much of the session Thursday but ended in the green.
BJ's Wholesale Club gained 4%. The company reported better-than-expected second-quarter earnings as membership fee income increased nearly 10%. The retailer also hiked full-year profit guidance.
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