Moderna soared 177% after its cancer vaccine with Merck cleared a Phase 3 trial.

Merck and Moderna's personalized mRNA vaccine met its primary endpoint in the Phase 3 INTerpath-001 melanoma trial — 1,137 patients, randomized, first positive Phase 3 for any individualized neoantigen therapy. MRNA closed up 177%, MRK up 12.6%, and short sellers lost roughly $4.8 billion.

We also get into the software trade finding a floor: Silver Lake's reported $51B takeover talks at Workday have the street rethinking Figma, GitLab and the entire AI-disruption discount.

Then the bond market. Treasury doubled its buyback size to $4B per operation, pulling the 30-year off 5.28% — right before July's Fed minutes revealed three officials voted to raise rates.

We close with the calendar and earnings still ahead this week.

📅 New episodes e ...