Overnight U.S. stocks ended higher, breaking a three-session losing streak. The biggest highlight was Moderna (MRNA): its personalized mRNA cancer vaccine, co-developed with Merck (MRK), met the primary endpoint in its Phase 3 melanoma trial, reducing the risk of recurrence or death by 49% and the risk of distant metastasis by 59%. The stock surged nearly 177% in a single day. Spurred by this, the Nasdaq Biotechnology Index rose about 6.4%, Merck gained more than 12%, and the pharmaceutical sector became the market’s new focus. The Ministry of Finance expanded long-term bond repurchase operations to push down yields, easing the bond market’s drag on equities. For information purposes only and does not constitute investment advice.