Equities Mixed Midday; Nasdaq Futures Up 0.08%, S&P Futures Up 0.39%; Gold Jumps 3.01%

Lead US equity futures are mixed at midday. Nasdaq futures are up 0.08% and S&P futures are up 0.39%. Gold is up 3.01% and silver is up 3.07%. The VIX is down 4.36%. The US 10-year yield is down 0.94% and the US Dollar Index is down 0.79%. WTI crude is up 1.71%. Moderna shares surged 157% after positive late-stage melanoma vaccine results. The US Treasury announced increased long-end bond buybacks. Session narrative Equity futures show a mixed picture at midday. S&P futures are up 0.39% and Nasdaq futures are up 0.08%. The Dow ETF is up 0.18% and the Russell 2000 ETF is up 0.65%. The VIX is down 4.36%. In commodities, gold is up 3.01% to $4553.6 and silver is up 3.07% to $66.01. WTI crude is up 1.71% to $85.5. The US 10-year yield is down 0.94% to 4.66% and long-duration Treasuries are up 1.43%. The US Dollar Index is down 0.79% to 98.87. EUR/USD is up 0.83% and USD/JPY is down 0.76%. Top headlines include Moderna's stock rallying 157% after positive late-stage melanoma vaccine results. Merck shares also hit a 54-year high at $147.00. The US Treasury announced it will increase the size of nominal long-end bond buybacks, which contributed to a weaker dollar and lower yields. Geopolitically, Trump commented on potential negotiations with Iran and North Korea. Russia claimed to have hit a cargo ship at Ukraine’s Chornomorsk port. EIA reported crude oil inventories at 4.405M, higher than the 0.2M forecast. Cross-asset check Equity futures are mixed, with S&P futures up 0.39% and Nasdaq futures up 0.08%. The VIX is down 4.36%. In fixed income, the US 10-year yield is down 0.94% and long-duration Treasuries are up 1.43%. The US Dollar Index is down 0.79%. Gold is up 3.01% and silver is up 3.07%. WTI crude is up 1.71%. Platinum is also up, reaching a 9-week high at $1,798 an ounce. Themes & continuing stories The biotech sector is seeing a rally, led by Moderna's significant surge following positive melanoma vaccine trial results. This has also lifted other biotech stocks like Novavax. Geopolitical tensions remain a key theme, with Trump's comments on potential talks with Iran and North Korea, and ongoing reports from the Russia-Ukraine conflict. Treasury policy is also in focus, with the announcement of larger long-end bond buybacks impacting yields and the dollar. Earnings season continues with Home Depot reporting upbeat results and TJX raising its global store target. What’s ahead Looking ahead, Walmart is set to report second-quarter results on Thursday, with analysts anticipating $186.8 billion in revenue. CrowdStrike Holdings will also release its fiscal second-quarter 2027 earnings, with focus on net new ARR around $285 million. SPCX shares are trading down ahead of an IPO-related lock-up release tomorrow, August 20, involving up to ~319M shares. The CFTC is seeking public comment on a proposed listing of computing-power derivatives contracts.