US stocks: US market rises as yields ease, Moderna lifts healthcare stocks

U.S. stock market indexes finished slightly higher on Wednesday, driven by lower government bond yields and a surge in Moderna shares. Investors showed little reaction to the Federal Reserve's July meeting minutes, which indicated growing worries about inflation with several officials considering rate hikes. Nevertheless, a decline in 30-year and 10-year Treasury yields after the U.S. Treasury doubled support buyback operations for longer-dated bonds prompted a risk-on trade.

Market strategist Carol Schleif noted that while investors were initially delighted by the support, they later took profits, and the longer-term issue of higher rates remained unresolved. The S&P 500 closed at 7,709.91 points, up 0.24%, while the Nasdaq Composite added 0.15% to 26,331.09. The Dow Jones Industrial Average rose 0.23% to 53,467.34.

Moderna's shares skyrocketed following the approval of its personalized mRNA cancer therapy, developed in collaboration with Merck, which demonstrated a significant reduction in melanoma recurrence and spread in a late-stage trial. This positive news also lifted healthcare peers like Novavax and U.S.-listed BioNTech. The S&P 500 healthcare sector experienced a record-high rally, further boosting the index's performance.

Technology stocks, particularly those in the information technology sector, saw a decline, with Marvell Technologies being among the few gainers. Lowe's and Estee Lauder also rose after announcing optimistic sales forecasts. Meanwhile, crude oil futures rose as tensions with Iran remained unresolved.