Moderna and Merck shares soared on Wednesday after the companies said a personalized mRNA treatment hit its target of preventing skin cancer from recurring or spreading in a late-stage clinical trial.
Why it matters: The results come at a pivotal moment for Moderna and mRNA research, after Trump administration health officials cut federal funding for new vaccines and asserted the technology poses more risks than rewards.
Many Federal Reserve officials believed that the central bank would have to raise interest rates if inflation did not ease, according to the minutes released on Wednesday from the Fed's July 28-29 policy meeting.
Why it matters: Some of the nation's top policymakers worried that interest rates weren't doing enough to restrain the economy and bring down inflation. They warned that waiting too long to raise rates could mean bigger, more painful increases down the line.
Treasury Secretary Scott Bessent will host finance ministers and economic leaders from around the world, plus heavy-hitting U.S. CEOs, for the G20 Finance Ministerial in historic Asheville, N.C., from Aug. 29 to Sept. 1.
Why it matters: In America's 250th anniversary year, Bessent will use the summit in the Blue Ridge Mountains to emphasize the resilience of the American spirit — and push his global counterparts to focus on growth and prosperity, showcasing results of President Trump's agenda.
The focus on economic growth will be a stark change of tone and topic from climate change, which often dominates global gatherings.
Stripe on Wednesday told investors that January 1st marked the "beginning of the singularity," which it refers to as a major inflection point in longterm trends, according to a letter obtained by Axios.
Why it matters: The payments giant believes that being privately held is the best structure for such a consequential moment, which suggests that any IPO remains on indefinite hold.
Washington is mounting its biggest effort yet to fight the rise in borrowing costs that are hitting homebuyers, businesses and the government's own finances.
What's new:Treasury said Wednesday morning that it would put more muscle behind an effort to steady the long-term bond market — a surprise announcement that immediately drove borrowing costs down.
Why it matters: The timing underscores how central lower interest rates have become to the Trump administration's definition of a strong economy.
Stocks have been behaving oddly recently, with downright dull moves for the S&P 500 index, even as companies within it swing like mad.
Why it matters: This dynamic — individual stocks posting large, uncorrelated moves that cancel each other out — is another way the AI boom is reshaping the markets.
Billionaire Mark Walter's surprise sale of the Los Angeles Lakers is drawing attention to, of all things, a once-staid corner of finance: life insurance.
Why it matters: Over the past decade or so, big Wall Street firms like Apollo Global Management and KKR have jumped into the business, buying life insurance companies that have been putting money into opaque private-credit investments that are harder for regulators to track.
Target's turnaround shows signs of accelerating under its new CEO as the retailer reported a sharp uptick in grocery sales and online delivery.
Why it matters: The big-box chain had been mired in a slowdown, struggling to keep up with rival Walmart on price and with other competitors on merchandise mix.
