Market Close: Stocks Rise, Gov't Action Lowers Yields, Positive Cancer Drug Trial • 8/19/26

Summary

CNBC Business News update covering a winning day for stocks after Treasury announced a larger debt buyback program that pulled yields lower. BlackRock and UBS guests interpreted the move as a signal the administration is focused on containing long-end interest rates. The update also highlighted a positive Merck/Moderna cancer vaccine trial, elevated diesel prices, and Walmart's retail outlook ahead of earnings.

• Treasury to double debt buyback program; bond yields fell and stocks rose.
• Rick Rieder sees Treasury Secretary Bessent watching long-end rates, but says the move is not huge.
• Alan Rechtschaffen calls the buyback announcement historic and focused on inflation and rates.
• Merck and Moderna rallied on positive Phase 3 mRNA cancer vaccine data with Keytruda.
• Analysts see potential multi-billion-dollar cancer vaccine product.
• Crude oil above $85 and diesel near multi-month highs, with inflation implications.
• Morgan Stanley's Simeon Gutman says July retail softness reflects Prime Day pull-forward; Walmart healthy but retail spread narrowing.