Treasury Yields Fall, US Stocks Rebound Amid Retail Earnings

US stocks bounced back on Wednesday as Treasury yields fell and investors assessed fresh retail earnings. The Dow Jones Industrial Average rose 100 points, while the S&P 500 and Nasdaq Composite gained 0.37% and 0.28%, respectively.

The decline in long-term Treasury yields followed the US Treasury Department's decision to double the size of its government debt buyback operations. This move will target debt in the 10- to 20-year and 20- to 30-year segments of the market, with the 30-year Treasury yield falling nearly 9 basis points to 5.196%.

Investors remained focused on inflation, government borrowing, and geopolitical risks after global bond yields reached multidecade highs in the previous session. Moderna shares surged more than 91% after interim results showed its experimental cancer vaccine met both primary goals in a late-stage melanoma trial.

Other major gainers included Merck, which rose over 8%, biotech companies Novavax and BioNTech, which gained 3.8% and 16.4%, respectively, and Estée Lauder, which climbed 15% after forecasting annual profit above Wall Street expectations.