Moderna shares rose 3.5% Thursday after an advisory committee voted to recommend the U.S. Food and Drug Administration approve the biotech’s proposed new flu shot for people 50 and older. The FDA had initially declined to consider Moderna’s application for the shot’s approval but then agreed to review it after Moderna amended it. The advisory committee vote in favor of the vaccine isn’t binding, but the FDA generally follows such recommendations. A decision is expected by early August. Shares of Moderna, which is trying to expand beyond Covid-19 vaccines, closed at their highest level since September 2024. The stock is up 39% over the past six trading days.

Losses among defensive blue-chip stocks weighed on the Swiss stock market on Thursday. Traders cited an improved risk appetite following the signing of a memorandum of understanding to end the war in Iran. This development led to declines among blue-chip stocks such as Nestlé (-0.2%), Roche (-2.7%), and Novartis (-2.5%). In line with confirmed interest rate levels in the U.S. yet surprisingly hawkish statements, the Swiss National Bank (SNB) also left its key interest rate unchanged, as expected. The SMI lost 0.4 percent to 13,766 points. Richemont rose 1.7 percent, and Swatch gained 0.5 percent. In May, domestic watch exports stabilized following a slump. Kühne+Nagel gave up 1.3 percent—weighed down by concerns over falling freight rates following the end of the Middle East war. UBS climbed 2.7 percent based on a positive comment from Jefferies. Idorsia shares jumped 25.7 percent. The biopharmaceutical company had recently announced a successful debt restructuring. Schindler (+0.4%) increased the volume of its ongoing share buyback program. Straumann jumped 2.6 percent in response to positive analyst assessments.

Europe
European stock markets closed mixed on Thursday. The Stoxx Europe 600 index fell 0.3% to 637.17 points. In Paris, the CAC 40 and the SBF 120 rose 0.4% and 0.3%, respectively. In Frankfurt, the DAX 40 climbed 0.4%, while the FTSE 100 fell 1.1% in London. CAPGEMINI (-8.9%): Shares of digital services group Capgemini plummeted following a revenue warning issued by its competitor Accenture. CARREFOUR (-6.2%): On Thursday, JPMorgan placed Carrefour on its “Negative Catalyst Watch” list, which includes stocks offering the worst short-term risk-reward ratio. EDENRED (+17.2%): The employee benefits specialist confirmed on Thursday that it had been approached by private equity funds regarding a potential takeover. FORVIA (-4.2%): The automotive parts supplier reported on Thursday having signed an agreement to sell its German plant in Augsburg to the Spanish defense group General Dynamics European Land Systems (GDELS).

United States
In Thursday trading, the S&P 500 gained 1.1% after the U.S. and Iran signed an interim peace agreement to wind down the war, capping a holiday-shortened week on a high note. The Dow Jones Industrial Average added 0.1%, or 72 points. The tech-heavy Nasdaq advanced 1.9%. All three indexes ended the week 0.7% higher or more, led by the Nasdaq, which was up 2.4%. The U.S. stock market is closed on Friday in observance of Juneteenth. The PHLX Semiconductor Index, stuffed with highfliers like Nvidia NVDA, Intel and Micron, gained 6.4%. Shares of Intel jumped 11% Thursday after Trump said Apple agreed to work with the company to design and build chips in the U.S. Intel stock has surged since the federal government announced a 10% stake in it last August. In contrast, shares of Elon Musk company SpaceX SPCX fell 3.6%, extending losses after the rocket maker’s stock had its first down day Wednesday following its historic Nasdaq debut last week. Micron Technology climbed 8.7 percent to a record high. Accenture plummeted 17.8 percent after the consulting firm reported mixed third-quarter results. Growth expectations for the fiscal year were lowered. The company also announced three acquisitions. Rumble rose 1.0 percent; the video platform is changing its name and adjusting its corporate structure as part of an AI-focused realignment. Kroger plunged 8.4 percent after the supermarket chain reported lower-than-expected earnings. Smith & Wesson Brands surged 17.1 percent. Thanks to new products, the firearms manufacturer increased revenue by 27 percent in the fourth fiscal quarter and reported higher profits.

Asia
Stocks in Asia mostly fell on Friday. In Tokyo, the Nikkei 225 index is down 0.2 percent. The broader Topix index has lost 1 percent. On the Seoul Stock Exchange, the Kospi has fallen 0.9 percent. Chinese stock markets are closed on Friday for the Dragon Boat Festival.

Bonds
Long-dated U.S. government debt yields were mixed on Thursday. The 10-year Treasury note yield eased slightly, partially reversing Wednesday’s spike and helping lift stocks. The key barometer for borrowing costs across the economy inched lower to 4.450% from 4.462% on Wednesday. However, the 2-year Treasury note yield, which tends to rise and fall with changes in short-term interest-rate expectations, edged higher to 4.177% from 4.160% the day before. It was the highest yield since February 2025. Traders now see a roughly 50% chance that rates will go up 0.5 percentage point or more by the end of the year, versus roughly 16% a week ago, before yesterday’s Fed meeting, according to CME data.

Analysis
Straumann price target: Barclays upgrades to CHF 120 (115) - Overweight
UBS price target: Jefferies raises to CHF 60 (55) - Buy
Swatch price target: Citigroup increases to CHF 211 (193) - Neutral

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