The US Treasury Department said it would increase buybacks of long-dated government debt "by at least double" for securities from the 10-year to 30-year sector, triggering a bond rally and sending yields lower. The Dow Jones Industrial Average and the S&P 500 gained 0.2% and 0.4%, respectively, while the tech-heavy Nasdaq Composite rose 0.3%. Moderna is the stock of the day after posting successful results from its phase 3 trial for its personalized cancer vaccine.
→ Global government bonds stabilized following the steep selloff before the release of minutes from the Federal Reserve's July meeting, scheduled for release at 2 p.m. EDT
→ Oil prices rose for a fourth straight day as supply concerns grew, with Brent crude trading around $92.40 a barrel and WTI crude near $85.70 a barrel amid Strait of Hormuz tensions
→ Tech sector sensitivity to yield moves—monitor chipmakers and high-growth stocks into the close as bond market stabilizes