S&P 500 Ends Winning Streak as Pharma Stocks Surge

The S&P 500 ended a three-week winning streak with a 1.4% weekly loss. The decline followed a broad market sell-off on Thursday triggered by a rise in long-dated Treasury yields.

Despite the general downturn, several stocks entered overbought territory. Moderna surged 129% and Merck gained 12% after the companies announced positive initial results from a late-stage trial of an experimental personalized cancer vaccine designed for high-risk melanoma patients.

In the cosmetics sector, Estée Lauder shares rose over 18%. The company surpassed fourth-quarter earnings expectations and raised its adjusted operating margin outlook for fiscal year 2027 to a range of 12.7% to 13.5%. Other stocks that reached overbought status included Agilent Technologies and Thermo Fisher Scientific.