US Stocks Rebound as Bond Yields Retreat, Moderna Shares Soar 150%

US stock indices bounced back on Wednesday after suffering a technology-led selloff in the previous session. The recovery came as government bond yields retreated, improving investor sentiment.

The S&P 500 rose 0.4%, the Dow Jones Industrial Average was up 0.5%, and the Nasdaq Composite remained virtually unchanged at 10:30 am Eastern Time.

Moderna shares jumped over 150% after the vaccine maker reported that its personalised mRNA cancer treatment, developed with Merck, reduced the risk of melanoma recurrence and disease spread in a late-stage clinical trial. Merck shares also rallied 9.6%, while other biotechnology companies followed higher.