U.S. stocks finished broadly higher on Wednesday, August 19, as a pullback in long-dated Treasury yields improved risk appetite, a pause in proposed Canadian tariffs reduced a near-term trade overhang, and a landmark oncology update sparked an extraordinary biotech rally. The S&P 500 rose 0.21%, the Dow added 0.22%, the Nasdaq gained 0.16%, and the Russell 2000 led major benchmarks with a 0.50% advance. The trading day underscored an increasingly important market distinction: investors welcomed bond-market relief and constructive company-specific catalysts, but semiconductor leadership remained uneven amid renewed sensitivity to AI spending, valuation and interest-rate risk.

Market Performance

Index / Asset	Aug. 19 Close	Daily Change	Market Readthrough
S&P 500	7,707.98	+16.22 / +0.21%	Broad U.S. large-cap equities advanced
Dow Jones Industrial Average	53,463.05	+119.65 / +0.22%	Blue chips were supported by rate-sensitive and defensive leadership
Nasdaq Composite	26,331.09	+41.38 / +0.16%	Technology-heavy stocks ended higher, though semiconductor performance diverged
Russell 2000	3,032.94	+15.05 / +0.50%	Small caps led, signaling improved appetite for domestically focused cyclical equities
CBOE Volatility Index	14.86	-0.96 / -6.06%	Implied equity volatility declined as risk sentiment improved
Gold	$4,568.00	+$147.40 / +3.33%	Demand for hard assets persisted amid fiscal and inflation concerns
Bitcoin	$68,698.69	+$4,160.21 / +6.45%	Digital assets rallied alongside improved risk appetite
Crude Oil	$84.21	+$0.15 / +0.18%	Oil prices were modestly firmer

What Moved Markets

The Treasury Department provided the session’s principal macro catalyst by announcing plans to at least double repurchases of longer-dated government debt. The policy move helped ease selling pressure in a bond market that had been strained after the 30-year Treasury yield moved above 5.33% earlier in the week, its highest level in approximately 19 years. The resulting decline in long-term yields aided duration-sensitive equities, home-improvement retailers and smaller domestic companies. The iShares 20+ Year Treasury Bond ETF (NASDAQ: TLT) gained 1.65% to $83.01, illustrating the scale of the move in long-duration bonds. Still, a larger Treasury buyback program alters the maturity composition and liquidity of government debt; it does not reduce the federal government’s total debt burden. Markets also welcomed President Donald Trump’s three-day pause on new tariffs targeting certain Canadian imports. The proposed 50% duties, covering roughly $20 billion of Canadian goods, had been scheduled to begin at 12:01 a.m. Wednesday. The temporary pause signals progress toward an agreement with Canada, although key policy and implementation details remain unresolved.

Biotech, AI and Consumer Stocks

Biotechnology dominated individual-stock action after Moderna, Inc. (NASDAQ: MRNA) reported positive preliminary data from its Phase 3 melanoma trial of a personalized mRNA cancer vaccine in combination with Merck & Co., Inc.’s (NYSE: MRK) Keytruda. Moderna (NASDAQ: MRNA) surged 176.97% to $174.38, while Merck (NYSE: MRK) climbed 12.61% to $152.22. The trial enrolled more than 1,100 patients with higher-risk or advanced melanoma after surgical removal of detectable cancer. The investigational combination met major endpoints by extending the time before recurrence relative to Keytruda alone and reducing the risk of distant metastasis. Overall-survival data remain in progress, and the companies have not yet established a U.S. submission timetable.

Company	Ticker	Aug. 19 Move	Primary Catalyst
Moderna, Inc.	NASDAQ: MRNA	+176.97%	Positive Phase 3 data for its personalized mRNA melanoma vaccine combination
Merck & Co., Inc.	NYSE: MRK	+12.61%	Keytruda’s role in the Moderna-led cancer-vaccine program
Marvell Technology, Inc.	NASDAQ: MRVL	+9.85%	Agreement connected with Alphabet Inc.’s (NASDAQ: GOOG) tensor processing-unit strategy
Target Corporation	NYSE: TGT	+4.30%	Earnings and consumer-spending sentiment
Lowe’s Companies, Inc.	NYSE: LOW	+2.35%	Long-term yield relief aided home-improvement shares
The Home Depot, Inc.	NYSE: HD	+2.02%	Rate-sensitive housing and renovation sentiment improved
McDonald’s Corporation	NYSE: MCD	+0.17%	Defensive consumer positioning
Alphabet Inc.	NASDAQ: GOOG	+0.12%	Related AI infrastructure and tensor processing-unit developments
Advanced Micro Devices, Inc.	NASDAQ: AMD	-3.71%	Weakness in high-multiple semiconductor shares
Broadcom Inc.	NASDAQ: AVGO	-4.61%	Semiconductor selling amid AI-investment concerns
The TJX Companies, Inc.	NYSE: TJX	-4.21%	Retail-specific weakness despite positive index performance

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Macroeconomic Commentary

The August 19 market action was constructive, but not necessarily a clean “all-clear” signal. The rise in the S&P 500 and Dow, decline in the VIX, strength in the Russell 2000, and gains in Bitcoin together suggest risk appetite improved. At the same time, gold’s 3.33% rally to $4,568 and the modest rise in crude oil reinforce that investors continue to hedge against fiscal uncertainty, inflation risk and potential policy volatility. Latest U.S. macro data show headline CPI inflation at 3.4% year over year in July, easing from 3.5% in June. Core inflation was 2.5%, down from 2.6%, while the unemployment rate improved to 4.1% from 4.2%. These figures point to an economy that remains resilient but still carries above-target inflation pressure.The fiscal backdrop remains a defining issue for bond and equity markets. July’s federal budget deficit reached $432.3 billion, pushing the year-to-date deficit toward $1.8 trillion. With federal debt near $40 trillion and annualized interest costs around $1.2 trillion, the market will remain highly sensitive to Treasury supply, term premiums and inflation expectations. The Treasury buyback announcement relieved immediate bond-market stress, but it does not eliminate the longer-term concerns surrounding borrowing needs and debt servicing.

A Few Takeaways

• Broad-based risk appetite improved. The S&P 500, Dow, Nasdaq and Russell 2000 all rose, while the VIX fell more than 6%.
• Small caps outperformed. The Russell 2000’s 0.50% gain suggests investors were more willing to rotate toward domestic cyclical and rate-sensitive companies.
• Long bonds gained support. Treasury buyback plans helped reduce immediate pressure on long-term rates, providing a tailwind to duration-sensitive equity groups.
• Gold and Bitcoin rallied together. Gold’s 3.33% gain and Bitcoin’s 6.45% increase reflected demand for alternative stores of value alongside improved risk-taking.
• Biotech produced the day’s defining stock-specific catalyst. Moderna (NASDAQ: MRNA) and Merck (NYSE: MRK) delivered a major oncology milestone, but clinical progress should not be confused with regulatory approval or commercial certainty.
• Semiconductor leadership remains uneven. Marvell Technology, Inc. (NASDAQ: MRVL) gained sharply, while Advanced Micro Devices, Inc. (NASDAQ: AMD) and Broadcom Inc. (NASDAQ: AVGO) declined, underscoring a more selective AI-investment environment.

VP Watchlist Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL) a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $12.40, +1.64%. Amwell® (NYSE: AMWL) announced (Aug. 4) financial results for the second quarter ended June 30, 2026. Dr. Ido Schoenberg, Chairman and CEO of Amwell stated, “The DHA’s intent to make Amwell a prime contractor is a powerful endorsement of our platform and our people. With subscription revenue now approaching half our total revenue, independently validated behavioral clinical outcomes, no debt, and positive cash flows from operations projected for the fourth quarter this year, we have never been better positioned to lead the era of AI-powered care.”

Amwell Second Quarter 2026 Highlights:

• Recorded Total Revenue of $52.0 million at the top end of the previously provided financial guidance range for Q2
  • Achieved subscription revenue of $25.7 million
  • Recorded Amwell Medical Group (“AMG”) visit revenue of $24.4 million
• Reported gross margin of 53%
• Net loss was ($9.6) million, compared to ($10.3) million in the first quarter of 2026, continuously moving from quarter to quarter in a favorable trajectory
• Adjusted EBITDA of ($1.2) million compared to ($3.1) million in the first quarter of 2026
• Total visits on the platform were 0.8 million.
  

Financial Outlook

The Company is significantly improving Adjusted EBITDA, reaffirming its AMG visit guidance, and raising the low end of its 2026 revenue outlook:

• Revenue in the range of $200 million to $205 million increased from $195 million to $205 million
• AMG visits between 1.32 million and 1.37 million
• Adjusted EBITDA in the range between ($9) million to ($7) million increased from ($16) million to ($12) million. 
  

The Company also provided financial guidance for Q3 2026 Revenue and adjusted EBITDA:

• Q3 revenue in the range of $46 million to $48 million
• Q3 adjusted EBITDA expected to in the range of ($5) million to ($3) million.

The Company also reiterated its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Hudson Pacific Properties (NYSE: HPP)

Hudson Pacific Properties (NYSE: HPP, $14.53, +4.83%) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. HPP turned in a quarter ( Aug. 5) that suggests the office malaise is not over, but it may finally be meeting resistance. Revenue came in above Wall Street’s expectations, occupancy moved higher for a fourth straight quarter, and management raised full-year guidance — a combination that does not make for a triumphant victory lap, but it does make for a more credible turnaround narrative. Learn more.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $6.85, +.44%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (Aug. 13) positive results from a new analysis of the RESOLVE study examining the effect of EP-104GI on symptom severity, including for the first time an analysis of the effect of EP-104GI on odynophagia (pain when swallowing). This is important because odynophagia scoring is a component of Dysphagia Symptom Questionnaire (DSQ), a commonly used patient reported outcome used in pivotal clinical trials in EoE patients.

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $3.32, +9.57%), a commercial-stage medical device company preparing for the commercial launch of its next-generation Pivot™ tubeless patch pump, announced (Aug. 3) plans to initiate the first phase of commercialization of its Pivot tubeless patch pump across five strategically selected U.S. markets beginning in October 2026. The initial rollout will include Atlanta, Cincinnati/Lexington, Dallas, Houston, and Philadelphia, representing a foundational step in the Company’s capital efficient commercialization strategy with its mission to expand access to simplified insulin delivery solutions for all people living with diabetes.

MODD recently (July 22) announced the formation of its Pivot Innovation Council, a cross-functional group of leading clinicians and healthcare experts established to help guide the company’s clinical and commercial strategy. Diabetes care expert Robert Gabbay, MD, PhD, FACP was appointed as chair of the Pivot Innovation Council. The council will provide insights on target patient populations, support optimization of clinical workflows, inform evidence-generation initiatives, and help refine the Pivot product roadmap and go-to-market approach, as the Company continues to scale its differentiated offering.

Modular released findings (July 15) from an independent market research study demonstrating positive receptivity to its FDA-cleared Pivot™ tubeless patch pump due to its differentiated design, streamlined user experience, and potential for reimbursement through the pharmacy channel.

Similarweb Ltd. (NYSE: SMWB)

Similarweb Ltd. (NYSE: SMWB) delivered the sort of second-quarter report investors tend to enjoy: revenue and profitability exceeded guidance, full-year expectations moved higher, and AI demand translated into contracts rather than merely conference-call poetry. On Wednesday, August 12, SMWB shares climbed roughly 17% in premarket trading after the release; during the regular session, the stock closed at $8.35. Learn More.

LG Display Co., Ltd. (LPL)

LG Display Co., Ltd. (NYSE: LPL, $3.37, +2.12%) has spent the last few years doing something many hardware companies talk about but few execute well: turning a technology pivot into a full‑blown business transformation that everyday investors can actually follow. Instead of chasing commoditized LCD TV panels in a race to the bottom, LPL is leaning into Gaming OLED, CES‑worthy innovation, and premium automotive displays – and the press trail tells a surprisingly investor‑friendly story.

Yatsen Group (NYSE: YSG)

Yatsen Group (NYSE: YSG, $2.96), a world-class beauty innovation pioneer, announced (July 8) a landmark collaboration to bring its flagship brand, Perfect Diary, to Sephora in China. This partnership integrates Yatsen’s rigorous scientific infrastructure with the world’s leading prestige beauty retailer, marking a significant milestone in Yatsen’s continuing evolution into a global beauty technology powerhouse.

Doximity, Inc. (NYSE:DOCS)

Doximity (NYSE: DOCS, $25.75, +3.25%) is the leading digital platform for U.S. medical professionals. The company’s network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.

Doximity, Inc. (NYSE: DOCS) announced (Aug. 6) results of its fiscal 2027 first quarter ended June 30, 2026. Jeff Tangney, co-founder and CEO of Doximity, “We’re proud that our clinical AI assistant, Doximity Ask, was the top-performing U.S.-based model in the NOHARM benchmark while we delivered another quarter of record engagement. In Q1 we had accelerated revenue growth along with workflow active prescriber growth of more than 30% year-over-year and AI Search query growth of over 25% quarter-over-quarter.”

Fiscal 2027 First Quarter Financial Highlights

All comparisons, unless otherwise noted, are to the three months ended June 30, 2025.

• Revenue: Revenue of $156.6 million, versus $145.9 million, an increase of 7% year-over-year.
• Net income and non-GAAP net income: Net income of $24.3 million, versus $53.3 million, representing a margin of 15.5%, versus 36.5%. Non-GAAP net income of $55.0 million, versus $71.9 million, representing a margin of 35.1%, versus 49.2%.
• Adjusted EBITDA: Adjusted EBITDA of $74.8 million, versus $79.8 million, a decrease of 6% year-over-year, representing adjusted EBITDA margins of 47.7%, versus 54.7%.
• Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.13, versus $0.27, while non-GAAP diluted net income per share was $0.29, versus $0.36.
• Operating cash flow and free cash flow: Operating cash flow of $42.0 million, versus $62.1 million, a decrease of 32% year-over-year, and free cash flow of $39.6 million, versus $60.1 million, a decrease of 34% year-over-year.

Financial Outlook

Doximity is providing guidance for its fiscal second quarter ending September 30, 2026 as follows:

• Revenue between $170 million and $171 million.
• Adjusted EBITDA between $80.5 million and $81.5 million.

Doximity is updating guidance for its fiscal year ending March 31, 2027 as follows:

• Revenue between $671 million and $681 million.
• Adjusted EBITDA between $309 million and $329 million.

Sable Offshore Corp. (SOC)

Sable Offshore Corp. (NYSE: SOC, $4.78, +19.80%) has moved from the awkward “pre-revenue restoration project” phase into something much more recognizable to Wall Street: a company selling meaningful volumes of oil, generating operating cash flow, and building momentum into a potentially larger 2027 earnings base. The second-quarter report on Monday was not a polished victory lap—midstream bottlenecks and one-time costs made sure of that—but it offered something potentially more valuable: proof that the Santa Ynez Unit restart is translating into barrels, revenue, and operational traction. Learn more.

T1 Energy Inc. (NYSE: TE)

T1 Energy Inc. (NYSE: TE, $4.55) offers a different type of growth story: one rooted in domestic production, trade-policy tailwinds and execution on solar manufacturing capacity. T1 reported second-quarter net sales of $250.1 million, produced 935 megawatts of solar modules at its G1_Dallas facility and generated adjusted EBITDA of $10.7 million. The company also monetized $39.1 million of 2025 Section 45X tax credits and ended the quarter with $156.4 million in cash, cash equivalents and restricted cash, including $79.1 million unrestricted. The headline loss should not be ignored: T1 reported a $36.9 million net loss from continuing operations, while its adjusted EBITDA benefited from $24.4 million in tariff refunds recognized in cost of sales. Yet the more interesting investor question is whether the company is creating a viable U.S. solar-manufacturing platform at a time when supply-chain security and domestic energy capacity carry unusually high strategic value. The company expects its first solar cells from a planned 2.1-gigawatt manufacturing facility in the first quarter of 2027. With 3 gigawatts of firm contracts, a 641-megawatt offtake agreement with Clearway and 2026 output expected toward the upper end of its 3.1-to-4.2-gigawatt range, T1’s story is increasingly about turning production capacity into contracted revenue. For investors, TE is less a conventional earnings multiple story than an execution-and-optionality story. If domestic solar demand remains durable and manufacturing milestones stay on schedule, the market may ultimately value the company less like a troubled commodity producer and more like a strategically positioned industrial platform.

Nvidia (NVDA, $217.56)

NVDA continues to expand its influence in AI with the launch of the Alpamayo model and a new $2 billion investment in AI infrastructure.

Amylyx Pharmaceuticals, Inc. (NASDAQ: AMLX)

Amylyx Pharmaceuticals, Inc. (NASDAQ: AMLX, $38.60, +9.94%) has delivered the kind of Phase 3 result biotechnology investors wait patiently—and, on occasion, not so patiently—for. The company reported that avexitide reduced the composite rate of severe and clinically meaningful post-bariatric hypoglycemia events by 55% versus placebo in its pivotal LUCIDITY study, positioning the company for a planned NDA submission by year-end. Learn more.

The Sources

1. Yahoo Finance — Stock Market Today: Dow, S&P 500 and Nasdaq
2. CNBC — Stock Market Today Live Updates
3. CNBC — Moderna and Merck Cancer Vaccine Late-Stage Melanoma Data
4. CNBC — Trump’s Canada Tariff Deal: What We Know
5. CNBC — Treasury Yields Retreat After Government Debt Repurchase Plan
6. U.S. Bureau of Labor Statistics — Consumer Price Index
7. U.S. Bureau of Labor Statistics — Employment Situation
8. U.S. Department of the Treasury — Daily Treasury Statement

Disclosure: This market commentary is for informational and educational purposes only and does not constitute investment advice, an offer, or a solicitation to buy or sell securities. Past performance is not indicative of future results.