Moderna Stock Boosted by Cancer Vaccine Study

Major U.S. equities indexes were mixed to open the trading week as stocks fluttered ahead of Tuesday’s Consumer Price Inflation (CPI) report. After the previous CPI print revealed steeper-than-expected price increases in January, investors will be on the lookout for reassurances that inflation remains on a steadily declining path.

The S&P 500 slipped 0.1% on Monday. The Nasdaq was down 0.4%, but the Dow eked out a 0.1% gain.

Shares of EQT (EQT) plunged 7.8%, marking the widest losses on the S&P 500, after the natural gas producer announced plans to repurchase its former unit Equitrans Midstream (ETRN) in an all-stock deal worth around $5.5 billion. By reuniting with the midstream pipeline provider, EQT aims to reestablish itself as a vertically integrated player. Equitrans Midstream shares gained 1.5% following the news.

Shares of Meta Platforms (META) fell 4.4% after former President Donald Trump referred to the social media giant’s Facebook platform as “an enemy of the people.” Trump recently spoke out against banning China-based social network TikTok, arguing that such a prohibition would benefit Facebook. The comments raised concerns that Meta could be subject to additional scrutiny in Washington.

Advanced Micro Devices (AMD) shares slipped 4.3% on Monday, despite receiving a price target boost from Melius Research. Enthusiasm about semiconductor companies and their potential to benefit from artificial intelligence (AI) trends has ebbed since last Friday, when Broadcom (AVGO) issued an underwhelming full-year forecast. Other chip stocks joined AMD in negative territory to start the week.

Vaccine manufacturer Moderna (MRNA) was the top performer on the S&P 500 on Monday. Shares jumped 8.7% amid reports that the firm is launching a mid-stage study of its experimental cancer vaccine, a collaboration with Merck (MRK), to treat patients with cutaneous squamous cell carcinoma, a form of skin cancer. Analysts have also expressed optimism about Moderna’s cytomegalovirus (CMV) vaccine, with Phase 3 data possibly coming this year.

Shares of Paramount Global (PARA) advanced 6.3%, recovering some of the losses posted over the past month as merger talks with Warner Bros. Discovery (WBD) stalled. Paramount announced in February that it would eliminate around 750 jobs in the U.S. The entertainment firm is increasingly focused on maximizing the impact of its programming across streaming and linear TV platforms.

Albemarle (ALB) stock gained 5.4% on Monday. Shares of the world’s largest lithium producer posted significant losses a week ago when the company said it would issue shares worth nearly $2 billion to cover expenses and debts. Argus analysts view the recent downturn as an opportunity, predicting a stabilization in lithium prices amid higher electric vehicle (EV) demand.