Welcome to Markets Desk, your midday read on what's moving markets and the stories behind them.
Moderna and Merck are reporting a significant breakthrough in oncology — their personalized mRNA cancer vaccine, combined with Keytruda, has shown it can meaningfully extend the time melanoma patients live without their cancer returning. This is the first positive late-stage trial result for this approach, and it validates years of investment in mRNA technology beyond COVID, with serious implications for both companies' pipelines and valuations.
Shifting to retail, Target is raising its full-year outlook after a stronger-than-expected quarter, helped by a grocery overhaul that is pulling customers back into stores. The chain leaned into snacks and refreshed its food presentation, and it also received a substantial tariff refund that padded the bottom line. The turnaround narrative is gaining traction on Wall Street.
Meanwhile, Lowe's told a different story this morning, offering a muted outlook as it acknowledged continued pressure in home improvement spending. Consumers are clearly still hesitant to take on big discretionary projects, and that caution is showing up in the numbers. The contrast between Lowe's and Target underscores just how uneven this consumer environment remains heading into the back half of the year.
That's the tape. Markets Desk, signing off the floor.
