Stock Market Update

[BRIEFING.COM] The major averages continue to steadily tick higher at midday. 

Moderna (MRNA 54.08, +4.25, +8.53%) is among the best-performing S&P 500 names today after the company entered into a $2.5 billion global settlement with Genevant Sciences, a nucleic acid delivery company and a subsidiary of Roivant Sciences (ROIV 28.50, +0.65, +2.32%), and Arbutus Biopharma (ABUS 4.58, -0.11, -2.30%) to resolve all US and international enforcement actions involving Moderna's unauthorized use of Genevant's and Arbutus' LNP delivery technology in its COVID-19 vaccines, including Spikevax.

Moderna's gain leads the health care sector (+0.2%), which trades just modestly higher amid a flat showing from defensive sectors today. Managed care names such as Molina Healthcare (MOH 151.13, +6.32, +4.36%) and Centene (CNC 45.02, +1.20, +2.74%) are among the other outperformers.