AUGUST 19, 2026
Shares of Moderna skyrocketed more than 175% to easily pace the S&P 500, and those of Merck rose 13% to lead the Dow, after they announced positive results from a late-stage trial of an experimental mRNA-based cancer vaccine. Credit: Michael Nagle / Bloomberg via Getty Images
Major U.S. stock indexes closed higher Wednesday following three consecutive days of declines, and bond yields fell, after the Treasury Department announced it would double its buyback of longer-term notes to increase liquidity.
The benchmark S&P 500, blue-chip Dow Jones Industrial Average, and tech-focused Nasdaq Composite advanced roughly 0.2% apiece.
Bond yields sank after the Treasury Department said it would “at least double” its buyback of longer-term notes, effective Sept. 9 through Nov. 4. The 10-year Treasury yield, which influences interest rates on a variety of consumer loans including mortgages, was at 4.65% at 4 p.m. ET, down six basis points from Tuesday’s close. Yesterday, it briefly touched above 4.75%, its highest level since January 2025. The 30-year yield, which hit its highest level since 2007 yesterday, fell nine basis points to below 5.20%. Bond yields rise as prices fall.
“The size of the buyback itself isn’t meaningful enough to make a big difference in yields and today’s rally is likely a result of offside positioning,” Lawrence Gillum, Chief Fixed Income Strategist for LPL Financial, said in written commentary. “So this is more of a band-aid than a panacea … but it is a reminder that the Treasury Department is paying attention and will do whatever it can to keep yields from getting too high too quickly.”
Meanwhile, traders digested the release of the minutes from the July Federal Reserve meeting, at which three of the Federal Open Market Committee’s 12 members voted for a quarter-point rate hike to restrain inflation. The minutes said that “many participants assessed that policy tightening would likely be necessary if inflation did not decline.”
Shares of Moderna (MRNA) skyrocketed more than 175% to easily pace the S&P 500, and those of Merck (MRK) rose 13% to lead the Dow, after they announced positive results from a late-stage trial of an experimental mRNA-based cancer vaccine. Led by the duo, health stocks led S&P 500 sector gains.
On a big day of retail earnings, shares of TJX Cos. (TJX) declined 4% and Lowe’s (LOW) and Target (TGT) rose about 2.5% and 4.5%, respectively, after they reported quarterly results. In other post-earnings moves, La-Z-Boy (LZB) tumbled 17%, Estée Lauder Cos. (EL) surged 16%, and Analog Devices (ADI) was less than 1% lower
All of the Magnificent Seven mega-cap tech firms except Nvidia (NVDA) closed higher after ending mostly lower yesterday. Tesla (TSLA) led gains at more than 4%.
Crude oil prices rose slightly further amid stalled talks to reopen the Strait of Hormuz. WTI futures, the U.S. benchmark, advanced 0.9% to $85.70 a barrel, while Brent futures, the international benchmark, gained 0.6% to $91.65.
Bitcoin traded at around $68,300, up sharply from overnight lows around $64,100. The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, declined 0.7% to 98.95. Gold futures rose 2.7% to $4,540 an ounce.
AUGUST 19, 2026 AT 07:11 PM GMT
Health Care Paces S&P 500 Sector Gains, Led by Moderna
Even if you removed Moderna, the S&P 500 Health Care Sector would be having a, well, healthy day.
Health Care is easily the top-performing S&P 500 sector of the 11 tracked by the benchmark index, up roughly 3.7%.
Shares of Moderna (MRNA) are skyrocketing more than 140% to easily pace the S&P 500, and those of Merck (MRK) are up 13%, after they announced positive results from a late-stage trial of an experimental mRNA-based cancer vaccine.
Moderna shares are up 140% today. Credit: Graham Hughes / Bloomberg via Getty Images
Another 10 stocks in the sector are up 4% or more, with Danaher (DHR) gaining 6% and Revvity (RVTY) rising 5%.
Seven of the 11 sectors are in the green with less than an hour to go in the session, and the S&P 500 is up 0.3% overall.
AUGUST 19, 2026 AT 06:39 PM GMT
Pandemic Inflation Took Away 7% of Your Wages, And You Never Got Them Back
Americans keep saying inflation gutted their paychecks even though pay has outrun prices since 2020—and new research says they aren’t imagining it.
Two facts about the U.S. economy, when taken together, have puzzled economists. By most measures, the typical paycheck buys more than it did in 2020, with wages rising faster than inflation. Yet many Americans remain upset about inflation and are unusually pessimistic about the economy and their own finances, despite being better off on paper.
According to a new paper by researchers at the University of Chicago and the payroll provider ADP, the loss of buying power is not merely a “vibecession” or a psychological phenomenon but is very real. As of December 2025, inflation-adjusted wages were 7% lower than if wage and inflation trends had followed their trajectory between 2017 and 2019 on the eve of the pandemic, according to the working paper, published this week by the National Bureau of Economic Research.
Credit: Investopedia / Elizabeth Guevara
“Americans’ enduring discontent with inflation reflects the lasting real wage losses generated during the inflationary episode,” the researchers wrote.
–Diccon Hyatt
AUGUST 19, 2026 AT 06:04 PM GMT
Bitcoin Jumps Above $68,000 For The First Time Since June
Bitcoin’s flying.
The price of the leading cryptocurrency is up more than 5% in the last 24 hours, breaking above $68,000 to levels it hadn’t seen since early June.
Today’s action is a reprieve for investors who have watched the price of bitcoin halve from its October peak of over $126,000, then move sideways for much of the year.
Such a jump might have been expected around regulatory progress, though the development long seen as the likely source of such headlines–the Clarity Act–hasn’t delivered, with Congress on its annual August recess. (The Securities and Exchange Commission did yesterday propose new rules that would allow industry startups to raise capital through token offerings.)
Bitcoin hit some of its highest levels since June today. Credit: Dan Kitwood / Getty Images
Some crypto watchers think Wednesday’s move was downstream of the Treasury Department’s decision to double its rate of long-term U.S. government debt repurchases to at least $4 billion from $2 billion currently.
Government bond buybacks could help stabilize markets—it soothed investors after yesterday’s bond market scare—and boost appetites for risk assets like bitcoin.
–Crystal Kim
AUGUST 19, 2026 AT 05:34 PM GMT
Warning About ‘Low Water’ in Europe Dings Viking Holdings Stock
Viking Holdings posted stronger-than-expected second-quarter results, but a warning from the cruise company’s executives on their earnings call about “low water” in Europe, including the Danube and Rhine rivers, is weighing on shares Wednesday.
Viking (VIK) stock is down 4% this afternoon after CEO Leah Talactac said on the call that “the historically low water levels this year, combined with conditions that have deteriorated week by week, have impacted guests on some of our itineraries this season,” according to an AlphaSense transcript.
In Q2, Viking reported adjusted earnings of $1.31 per share on revenue that increased more than 16% year-over-year to $2.19 bilion. Analysts surveyed by Visible Alpha had anticipated $1.26 per share and $2.15 billion, respectively.
However, CFO Linh Banh added that “it is important to note that the prolonged low water conditions we are experiencing across some of our European rivers are not yet reflected in our financial results.”
Despite today’s decline, Viking Holdings shares have added nearly a third of their value since the start of the year.
Despite today’s decline, Viking Holdings stock is up by nearly a third this year. Credit: Jim West / UCG / Universal Images Group via Getty Images
AUGUST 19, 2026 AT 05:00 PM GMT
La-Z-Boy Stock Plunges on Unexpected Loss, Sales Decline
La-Z-Boy stockholders may just want to sleep off today.
Shares of La-Z-Boy are sinking 18% Wednesday, a day after the furniture maker reported an unexpected fiscal 2027 first-quarter net loss and year-over-year sales decline.
The Monroe, Mich.-based company reported a loss of $0.06 per share on net sales that fell 3% to $475.7 million. Analysts polled by Visible Alpha had expected a profit of $0.49 per share and net sales of $501.5 million. On an adjusted basis, La-Z-Boy earned $0.43 per share, but it still came in below estimates.
“As we navigate an uneven consumer environment, we are focused on driving our own near-term momentum while continuing to invest for long-term value creation,” CEO Melinda Whittington said.
With today’s sharp decline, La-Z-Boy shares moved into negative territory for the year.
Credit: TradingView
AUGUST 19, 2026 AT 04:19 PM GMT
The Treasury Just Stepped in to Support Long-Term Bonds. Here’s What to Know
A rough week for bond markets calmed on Wednesday after the U.S. Treasury Department announced a band-aid for a risky surge in long-term borrowing costs.
The yield on the 30-year U.S. Treasury bond hit its highest level since 2007 on Tuesday, threatening to make homebuying and business lending more expensive. Stock markets also fell on Tuesday over those concerns.
One reason behind those moves was that the Treasury had been finding slightly fewer buyers for its 30-year bonds. To make them more attractive to investors, the Treasury started paying higher interest on its bonds, offering yields above 5% for the federal government to borrow over 30 years.
Traders work on the floor of the New York Stock Exchange on Wednesday, Aug. 19. Wall Street staged a rebound after the Treasury said it plans to boost buybacks of longer-dated bonds. Credit: Michael Nagle / Bloomberg via Getty Images
But the Treasury on Wednesday announced a bigger buyer in the market: itself.
Through an existing program that officials say will grow “by at least double,” the Treasury is buying back some longer-term securities ranging between 10 years and 30 years.
–Polo Rocha
AUGUST 19, 2026 AT 03:35 PM GMT
Here’s How Much Traders Expect Walmart Stock to Move After Earnings
Walmart is due to report earnings Thursday morning, with traders anticipating a big move from the retailer’s stock following the results.
Current options pricing suggests traders see Walmart (WMT) stock swinging up to 4.5% in either direction by the end of the week. A move of that size from the stock’s recent level around $117 could send the shares as high as $122, their highest point since mid-June, or drag them below $112.
Walmart shares are up about 5% since the start of the year, but nearly 14% off their May highs. The shares have trended lower since Walmart’s last report in May amid worries about inflation pressuring spending by American consumers.
Walmart shares have gained about 5% since the start of the year. Credit: Marcin Golba / NurPhoto / Getty Images
JPMorgan analysts recently wrote that they believe expectations for Walmart’s report “have and will continue to come down,” potentially setting the retailer up to report better results that Wall Street has feared. UBS analysts said they see the stock’s recent pullback and the lowered expectations for Walmart’s results as creating “one of the more attractive setups Walmart investors have seen in some time.”
–Aaron McDade
AUGUST 19, 2026 AT 03:03 PM GMT
Costco Is Getting Into Medicare
Costco has sold its members gas, vacations and caskets—now it wants to sell them Medicare Advantage plans.
The warehouse club and SCAN Health Plan, a California-based nonprofit insurer with about 460,000 members, announced Tuesday they’ll launch Costco-branded Medicare plans, the retailer’s first partnership with a Medicare insurer.
The rollout starts small: Medicare Advantage products in two states and a Medicare supplement plan in a third, in markets covering about 5 million Medicare enrollees. The companies won’t name the states or the timing until the federal Medicare agency signs off.
The plans will be sold inside Costco (COST) warehouses as well as through insurance agents and websites, though federal rules bar bundling them with a membership. SCAN CEO Sachin Jain said the products will tie into Costco’s pharmacy, vision, hearing, over-the-counter and food offerings.
Costco is framing the launch as a pilot: the retailer said it plans to learn from the first markets before going wider. Credit: Julia Dorian / Getty Images
The move puts Costco’s brand into a Medicare market that’s worth more than $600 billion a year to insurers and covers 5 million enrollees, just as rising costs and new billing rules squeeze the Medicare Advantage business and is increasing costs for consumers.
Costco is framing the launch as a pilot: the retailer said it plans to learn from the first markets before going wider.
–Peter Gratton
AUGUST 19, 2026 AT 02:58 PM GMT
Estée Lauder Shares Surge After Strong Results
Estée Lauder reported better-than-expected results for its fiscal fourth quarter. Investors are buying shares in response.
Shares of The Estée Lauder Cos. (EL) are surging 16% in late-morning trading after the cosmetics firm posted adjusted earnings of $0.39 per share on net sales that rose 6% year-over-year to $3.63 billion. Analysts surveyed by Visible Alpha had expected $0.32 per share and $3.56 billion, respectively.
“For fiscal 2027, we are affirming our confidence to accelerate organic sales growth,” CEO Stéphane de La Faverie said. “In addition, we are raising our outlook for an even stronger adjusted operating margin, as we double down on our strengths to further diversify growth across product categories and geographies, including accelerating growth in North America.”
Despite today’s gains, Estée Lauder shares remain down 6% since the start of the year.
Despite today’s gains, Estee Lauder shares remain in negative territory for 2026. Credit: Cheng Xin / Getty Images
AUGUST 19, 2026 AT 12:51 PM GMT
SK Hynix Stock Jumps on $29 Billion Buyback Plan
SK Hynix (SKHY) shares are rallying this morning after the South Korean memory chip giant announced an accelerated stock buyback plan.
The company said this morning that it plans to buy back about 24.07 million of its shares, worth 40 trillion South Korean won ($28.79 billion), over the next three months.
SK Hynix said its board has also approved a plan to consider adding special dividends to boost the company’s returns to shareholders to meet its target of returning at least 50% of its free cash flow to shareholders. SK Hynix had about 69 trillion won in net cash as of the end of the second quarter, per Wednesday’s release.
SK Hynix’s U.S.-listed shares, which began trading last month, were up nearly 4% recently after dropping 9% yesterday.
–Aaron McDade
SK Hynix shares soared early Wednesday on a roughly $29 billion buyback plan. Credit: VCG / VCG via Getty Images
AUGUST 19, 2026 AT 12:31 PM GMT
It’s Relatively Easy to Keep a Job These Days. Finding One Is Another Story
You’ve probably heard that the low unemployment rate indicates the job market is remaining resilient to economic shocks from tariffs and the war in Iran. But a lesser-known statistic illuminates the more discouraging half of a labor market economists often describe as “low-hire, low-fire.”
The job-finding rate is a lesser-known economic statistic than the headline-grabbing unemployment rate. It measures the percentage of unemployed people who find work in a given month. In July, the job-finding rate was 24.2%, close to its 25-year average of 24%, but well below its recent peak of 32.7% in 2022 when workers were in high demand. Some economists consider the job-finding rate to be one of the “four horsemen” of the labor market, whose deterioration can signal trouble ahead for the broader economy.
Researchers at the Federal Reserve Bank of San Francisco broke down the job-finding rate by demographic groups and analyzed it among people who were not in the job market to begin with. Research advisor Marianna Kudlyak found that the decline in the job-finding rate among the unemployed since 2023 was “unusual” compared to historic patterns, given that the economy has been overall stable during that time.
College-educated workers already in the labor market are having a harder time finding jobs than in the past, according to a lesser-known statistic. Credit: Craig F. Walker / The Boston Globe via Getty Images
The analysis found that the decline was most severe for highly educated workers in their prime working years. To Kudlyak, that suggests the job market is behaving strangely, and not how it usually does when it’s on the brink of a recession.
Read the full article here.
AUGUST 19, 2026 AT 12:08 PM GMT
Moderna Stock Doubles Premarket After Positive Cancer Vaccine Trial Data
Moderna and Merck delivered positive news about their personalized cancer vaccine early Wednesday. Investors are buying shares in droves.
Shares of Moderna (MRNA) more than doubled before the opening bell, and those of Merck (MRK) rose 8%, after the pharma firms announced positive results from a late-stage trial of an experimental mRNA-based cancer vaccine.
The Phase 3 trial evaluated their mRNA-based individualized neoantigen therapy (INT) intismeran in combination with Merck’s Keytruda, or pembrolizumab, in patients with completely resected stage IIB-IV melanoma. The companies said the trial met its primary goal of recurrence-free survival (RFS) and a key secondary goal of distant metastasis-free survival (DMFS).
“Today’s results represent a landmark moment for adjuvant melanoma treatment,” said Professor Georgina Long, the study’s principal investigator and medical director of Melanoma Institute Australia, Chair of Melanoma Medical Oncology and Translational Research at the University of Sydney. “This is the first Phase 3 study to show that intismeran, a treatment designed based on the unique mutational ‘fingerprint’ of a patient’s own tumor, given in combination with pembrolizumab can reduce the risk of recurrence or death in patients with completely resected stage IIB-IV melanoma compared to Keytruda alone.”
The firms said the data will be shared with regulators, but did not specify when.
Entering Wednesday’s session, shares of Moderna and Merck were up a respective 114% and 28% since the start of the year.
Credit: TradingView
AUGUST 19, 2026 AT 11:48 AM GMT
Why Treasury Yields Are Surging—and What It Means for Your Money
The bond market is raising caution flags again, sending up borrowing costs for homebuyers, businesses and the federal government alike—and potentially stalling the stock market’s momentum.
The yield on the 30-year U.S. Treasury bond, which the government sells to investors to borrow over 30 years, shot up to nearly 5.34% Tuesday—its highest level since 2007.
There is no single factor driving up bond yields in recent days, analysts and investors say.
A television station broadcasts US Treasury Yield news on the floor of the New York Stock Exchange in New York, on Aug. 12, 2026. Credit: Michael Nagle / Bloomberg via Getty Images
The rise is global in nature: bond yields are also surging in Europe and Asia as governments grapple with rising debts. It reflects some worry over the Iran war, inflation and a Federal Reserve that’s more vague about its interest rate policies. And it’s partly due to indigestion, as the bond market struggles to keep up with a surge in corporate borrowing to build data centers.
–Polo Rocha
AUGUST 19, 2026 AT 11:00 AM GMT
Stock Futures Little Changed After Major Indexes Decline for 3rd Straight Day
Futures contracts tied to the Dow Jones Industrial Average were near flat.
Credit: TradingView
S&P 500 futures also were little changed.
Credit: TradingView
Nasdaq 100 futures ticked 0.1% lower.
Credit: TradingView
Courtesy: Investopedia
