Editorial companion

What stands out

Moderna plunged 24% the day after a 177% surge tied to a personalized cancer vaccine win that involved Merck & Co.'s Keytruda, a perfect example of how a single clinical headline can vaporize, or create, billions of market value overnight. At the same time Ross Stores raised full-year profit guidance again, signaling steady demand at the discount end of retail, while Flower Foods cut its earnings forecast and slid. Bloomberg’s rundown captures that contrast: steady consumer beats versus biotech theater, both worth paying attention to for different reasons.