Globe Mail

• Moderna and Merck are developing personalized cancer vaccines designed to train the immune system to target mutations specific to an individual's tumor. • The treatment represents a potential breakthrough in oncology by shifting toward highly tailored immunotherapy rather than one-size-fits-all approaches. • Clinical trial results for colon cancer are anticipated in 2027, with data for pancreatic cancer trials expected to follow by 2031.

• Moderna and Merck announced that a personalized mRNA cancer vaccine, used alongside the immunotherapy drug Keytruda, successfully reduced the risk of recurrence and spread of melanoma in a late-stage trial. • The positive interim analysis caused Moderna’s shares to surge by as much as 160 per cent on Wednesday. • This development marks a significant milestone in the emerging field of personalized cancer treatment, potentially benefiting thousands of high-risk patients who have undergone tumor removal surgery.

• Global markets remained muted as prospects for a deal to end the conflict in the Middle East continued to recede. • TSX futures trended positive following an announcement from U.S. President Donald Trump regarding a trade agreement with Canada. • As part of this development, Trump has agreed to postpone his latest round of threatened tariffs for a period of three days.

• Global markets remained muted as efforts to resolve the U.S.-Iran conflict reached an impasse, discouraging investors from taking high-risk positions. • Market volatility was further compounded by an uncertain inflation outlook, contributing to a general sense of caution among traders. • While U.S. markets closed lower on Monday, Wall Street futures turned higher on Tuesday morning, signaling a potential shift in momentum.

• The Globe and Mail is tracking several key business developments this week, including potential trade negotiations with the U.S. and efforts to attract global high-net-worth investors. • A major focus is on the automotive sector, where upcoming Unifor negotiations with GM are expected to center on enhancing job security for workers. • The briefing also highlights the financial impact of recent cinematic blockbusters and monitors geopolitical tensions involving Iran.

• The TSX and S&P 500 both closed at record highs, with the Canadian benchmark achieving its largest weekly gain in four months. • Market optimism is driven by strong corporate performance, as 85.1% of the 436 S&P 500 companies reporting results so far have exceeded analyst expectations, surpassing the historical average of 68%. • This rally persists despite contradictory economic signals, including weak job numbers and higher inflation, which typically suggest a need for rate hikes rather than cuts.

• The Dow Jones Industrial Average plummeted more than 1,100 points and long-term U.S. bond yields surged after the Federal Reserve decided to keep interest rates unchanged. • Internal division was revealed within the Federal Open Market Committee (FOMC), as three of the 12 members had preferred a quarter-point rate hike during the meeting. • Fed official Kevin Warsh suggested that while forward guidance is crucial during financial crises, the approach should be revisited during more stable economic periods.

• South Korea's stock market experienced a record-breaking $2-trillion rout as investors reacted to disappointing results from chipmaker SK Hynix. • The sell-off is driven by a broader "market reckoning" in the AI sector, with traders derisking ahead of hyperscaler earnings and an upcoming U.S. Federal Reserve rate decision. • Despite the crash, the KOSPI remains the year's best-performing major market, gaining 41.5 per cent in U.S. dollar terms year-to-date.