Stock Market Update

[BRIEFING.COM] The S&P 500 (-0.5%), Nasdaq Composite (-0.6%), and DJIA (-0.8%) are moving back toward their session lows as crude oil spikes, currently up $4.00 (+4.7%) to $89.77 per barrel.

Even so, the health care sector (+0.5%) is holding onto its early gain, benefiting from today's rotation out of growth stocks as well as several company-specific developments.

Medtronic (MDT 92.69, +2.04, +2.25%) is trading higher after beating Q1 expectations and raising its FY27 organic revenue growth outlook to 7.25-7.75% from 6.75-7.25%. The results provided further evidence that the company's newer growth platforms are reaching commercial scale, although a limited increase to earnings guidance and the benefit of an extra selling week tempered some of the enthusiasm.

Moderna (MRNA 149.03, +8.69, +6.19%) is the top-performing S&P 500 component as the stock continues to experience sharp swings following its massive surge on positive melanoma-vaccine results.

Outside the S&P 500, Novartis AG (NVS 161.08, +9.02, +5.93%) is also sharply higher after remibrutinib met the primary endpoint in both Phase III REMODEL trials for relapsing multiple sclerosis and demonstrated superiority across key secondary endpoints. The results reduce development risk for the treatment, although detailed efficacy data have yet to be disclosed.