Key facts
- U.S. stock indexes recovered on Wednesday after a prior tech selloff.
- Easing government bond yields provided support for the market.
- Moderna's stock price more than doubled following positive cancer therapy trial results.
- The S&P 500 healthcare sector achieved a record high due to Moderna's performance.
U.S. stock indexes experienced a rebound on Wednesday, recovering from a previous tech-driven selloff. The market's recovery was bolstered by a decrease in government bond yields and positive corporate developments, notably from Moderna. The biotechnology company's shares saw a significant surge, more than doubling in value, after announcing promising results from its cancer therapy trials. This positive news had a direct impact on the S&P 500 healthcare sector, pushing it to a record high. Technology stocks limited overall market gains, with Broadcom experiencing a decline after Marvell Technologies issued Alphabet's Google a warrant to purchase a stake.